Group 1 - The "Stop Killing Games" movement has gathered over 1.3 million signatures, compelling the European Commission to discuss legislative changes regarding game shutdowns [3][33]. - The movement was sparked by the shutdown of Ubisoft's racing game "The Crew," which had been operational for 10 years, leading to player outrage over the loss of access to purchased games [6][9]. - The movement's key demands include ensuring that games remain playable after official support ends and that players do not need to maintain a connection with the game company to access their games [15][33]. Group 2 - The movement reflects a growing discontent among players regarding the perceived "tyranny" of game companies, which often dictate the terms of game access and ownership through user agreements [8][11]. - Critics of the movement, such as streamer Thor, argue that imposing regulations could stifle innovation and increase operational costs for game developers, potentially leading to fewer new games being created [24][26]. - The movement has highlighted the broader issue of user rights in the digital space, where players often do not own their games or accounts, raising questions about data ownership and the implications of centralized control by game companies [37][40]. Group 3 - The success of the movement has prompted the European Games Industry Association to view it as a significant threat, indicating a potential shift in the balance of power between players and game developers [33]. - Ubisoft has responded to the movement by adding offline modes to its upcoming titles, suggesting that player activism can influence corporate decisions [33]. - The movement signifies a critical moment in the gaming industry, where players are uniting to challenge long-standing practices and advocate for their rights [20][33].

Summary of Conference Call Industry or Company Involved - The discussion primarily revolves around the blockchain industry, specifically focusing on Ant Group and its ecosystem, as well as the broader virtual asset landscape. Core Points and Arguments 1. **Ant Group's Blockchain Position**: Ant Group is highlighted as a leading player in the blockchain space, with significant market potential and development trends. The focus is on its capabilities in transaction management and material management within the blockchain ecosystem [1][2][4]. 2. **Ecosystem Strength**: The strength of Ant Group's ecosystem is emphasized, particularly its international collaborations and partnerships, which enhance its blockchain capabilities [2][5]. 3. **Traditional Internet Companies**: There is a mention of traditional internet giants in China that are quietly entering the virtual asset space, leveraging their cross-border payment capabilities and consumer-facing scenarios [6][7]. 4. **Regulatory Environment**: The evolving regulatory landscape in Hong Kong is noted, with potential for traditional cryptocurrency firms to re-enter the financial sector and possibly undergo IPOs [8][9][11]. 5. **Focus on Brokerages**: Companies like Futu and Tiger Brokers are identified as key players in the market, with their ability to obtain licenses globally being a significant advantage [12][15]. 6. **Web 3.0 Integration**: The discussion touches on the integration of blockchain technology within the Web 3.0 framework, highlighting the competitive edge of internet brokerages over traditional firms [13][14]. 7. **Market Dynamics**: The call suggests that the current market dynamics favor internet brokerages due to their established user base and trading capabilities, which are crucial in the evolving landscape of virtual assets [15][16]. Other Important but Possibly Overlooked Content 1. **Material Management Importance**: The significance of material management in Ant Group's overseas operations is underscored, indicating its critical role in the blockchain ecosystem [4][5]. 2. **Potential Collaborations**: There is an expectation of new collaborations emerging within the traditional internet sector and the cryptocurrency space, which could lead to innovative developments [6][11]. 3. **Licensing Developments**: The upcoming changes in licensing regulations are anticipated to create opportunities for various companies to enhance their operational capabilities in the blockchain sector [16][17].

Core Viewpoint - The article emphasizes the transformative impact of blockchain technology on various industries, particularly in enhancing cross-border payment systems and data sharing, while highlighting the leadership of QuChain Technology in this domain [1][20][21]. Group 1: Blockchain Technology and Its Applications - Emerging technologies like blockchain and distributed ledger are reshaping traditional payment systems, significantly shortening cross-border payment chains and posing challenges for financial regulation [1]. - QuChain Technology has developed a comprehensive ecosystem utilizing its Hyperchain platform, enabling secure data flow and low-cost applications across sectors such as finance, government, and healthcare [5][20]. - The Chongqing Housing Fund Information Sharing Alliance Chain exemplifies practical applications of blockchain, facilitating efficient cross-regional loan processing and enhancing user experience [5][7]. Group 2: Leadership and Achievements of QuChain Technology - QuChain Technology, under the leadership of CEO Qiu Weiwei, has become a key player in the blockchain sector, serving over 300 national institutions and major enterprises, with a business scale reaching trillions of yuan [2][20]. - The company has successfully led the development of national and international blockchain standards, with two projects recently approved by the International Organization for Standardization (ISO) [10][11]. - QuChain's strategic focus on "domestic, independent, and controllable" technology has positioned it as a leader in the blockchain industry, contributing to the global output of Chinese standards [13][21]. Group 3: Gender Diversity and Workforce Dynamics - QuChain Technology maintains a balanced gender ratio, with women comprising approximately 50% of the workforce, and notable representation in technical and management roles [18]. - The company does not implement specific training programs for female employees, emphasizing equal opportunities based on individual capabilities rather than gender [16][18]. Group 4: Future Prospects and Global Engagement - QuChain Technology is actively expanding its international presence, participating in global initiatives and conferences to promote sustainable development and blockchain innovation [13][21]. - The company aims to leverage its technological advancements to address societal needs, particularly in areas like digital finance and smart cities, thereby creating new value [20].

Investment Rating - The report maintains a positive outlook on the virtual asset sector and trading platforms, indicating a sustained focus on these areas [1][8]. Core Insights - The report highlights the ongoing trend of virtual assets, with increasing regulatory frameworks and institutional involvement, suggesting a favorable long-term outlook for the sector [1][8]. - The Hong Kong government has released a new digital asset development policy, reinforcing its commitment to becoming a global innovation center for digital assets [48]. - The report emphasizes the importance of quality assets in the Hong Kong stock market, particularly in light of the influx of mainland Chinese companies going public [8]. Industry Summary Education - The K12 education sector remains robust, with leading institutions like New Oriental showing positive enrollment feedback for summer programs [3][18]. - The education index rose by 7.41% during the week, outperforming major indices [9][11]. Luxury Goods - The luxury goods sector is experiencing slight pressure due to macroeconomic factors, but brands with strong innovation capabilities are still seeing growth [3][22]. - Notable stock movements include a 6.10% increase for Samsonite and a slight decline for Prada [22][29]. Coffee and Tea - The coffee sector continues to thrive, with net increases in store numbers and positive same-store sales growth for leading brands [3][31]. - The tea beverage sector faces increased competition due to supply growth driven by delivery platform subsidies [3]. E-commerce - The e-commerce sector is under pressure, with a slowdown in overall growth and intense competition, particularly in instant retail [3][30]. - Key players like JD.com and Pinduoduo have shown positive stock performance during the week [30]. Streaming Platforms - Music streaming platforms are highlighted as quality internet assets driven by domestic demand, with continued profitability growth [3][37]. - The report notes a 4.5% decline in the media index, with Spotify and Netflix showing significant gains [37]. Virtual Assets & Trading Platforms - The report emphasizes the positive trend in virtual assets, supported by regulatory developments and institutional interest [1][8]. - The global cryptocurrency market capitalization reached $337.24 billion, with Bitcoin and Ethereum prices increasing [41][48]. Automotive Services - The automotive maintenance sector is monitored, with key players identified and ongoing changes in the aftermarket ecosystem [3][50]. - The report notes a 3.10% increase in the automotive services index, with mixed performances among key companies [50].

Group 1: Industry Insights - The Hong Kong government aims to establish the region as a global innovation center for digital assets, as stated in the "Hong Kong Digital Asset Development Policy Declaration 2.0" [1] - The concept of Real World Asset (RWA) tokenization is gaining traction, allowing tangible and intangible assets to be converted into digital tokens on the blockchain, facilitating investment in fixed-income products and asset diversification [1] - Major financial institutions like BlackRock, Citigroup, and JPMorgan are actively participating in RWA projects, promoting the on-chain representation of diverse assets [1] Group 2: Market Trends - Analysts suggest that computing power leasing, similar to charging piles, could become the next integration point in the RWA industry chain, given its characteristics of market growth, clear yield transparency, and defined financing needs [2] - The RWA assets need to possess three key traits: being in a growth phase, having stable and visible yields, and a vibrant market with numerous participants to facilitate trading [1] Group 3: Company Developments - Xichuang Data has established 25 supercomputing centers globally and has signed contracts with major companies like China Mobile International and Yubida, providing services in cloud gaming and cross-border e-commerce [3] - Yitian Intelligent is deeply engaged in the computing power service industry, creating a comprehensive ecosystem that includes "smart hardware + computing power foundation + intelligent services" [4]

Group 1 - The digital currency sector is experiencing positive developments, with the A-share market showing strong performance in military and stablecoin-related stocks [1] - China Mobile Communication Association is seeking partners to establish the "RWA Joint Laboratory" to promote the digitalization and capitalization of real-world assets (RWA) [2] - The integration of stablecoins and RWA is expected to enhance compliance and programmability, facilitating automation and globalization in areas like green finance and supply chain finance [2] Group 2 - Stablecoins have become a market focus, with major institutions like JD.com and Ant Group applying for stablecoin licenses, and Huatai Securities International announcing an upgrade to provide virtual asset trading services [3] - Huaxing Capital Holdings has approved a budget of $100 million for the development of web3.0 business and investment in cryptocurrency assets over the next two years [3] Group 3 - A total of 23 stablecoin concept stocks are listed in the A-share market, with Guotai Haitong having the largest market capitalization of 317.624 billion yuan [4] - Guotai Haitong International has received approval to upgrade its securities trading license to include virtual asset trading, allowing clients to trade cryptocurrencies and stablecoins directly [4] - Several stablecoin concept stocks have seen significant price increases this year, with Sifang Chuangxin and Hengbao shares doubling in price [4] Group 4 - This week, 15 stablecoin concept stocks received increased leverage funding, with Guotai Haitong, Sifang Chuangxin, and Hengsheng Electronics leading in net purchases exceeding 100 million yuan [4][5] - The table lists stablecoin concept stocks with their total market value, year-to-date price changes, and net leverage funding amounts, highlighting significant gains for several companies [5]

Group 1: Virtual Assets and Stablecoins - The trend of virtual assets is continuously improving due to the enhancement of regulatory frameworks and increased institutional participation, with expectations of liquidity easing [2][18][25] - The global stablecoin market is projected to grow significantly, from approximately $5 billion in 2020 to around $200 billion by the end of 2024, indicating a clear expansion path for trading scenarios [25][26] - Various regions are implementing stablecoin policies, such as the U.S. passing the "Genius Act" and Hong Kong enacting the "Stablecoin Ordinance," which will take effect on August 1, 2025 [25][29] Group 2: Streaming Platforms - Music streaming platforms are identified as high-quality internet assets driven by domestic demand, with continuous scale effects driving profit leverage [2] - The market for music subscriptions is expected to grow, with major players like Spotify and Tencent Music holding significant market shares [33] Group 3: O2O Service Platforms - The trend of strong players becoming stronger is evident, with major platforms like Beike and Tuhu expected to increase market share amid a shrinking real estate and automotive aftermarket demand [2][39] - The used housing transaction volume in key cities showed a month-on-month decline, indicating a buyer's market, which may benefit established platforms [39] Group 4: Coffee, Tea, and E-commerce Delivery Platforms - The online retail sales of physical goods grew by 6.3% year-on-year from January to May 2025, indicating a competitive landscape where marketing expenses are rising [2][56] - The coffee and tea segment is highlighted as a key beneficiary in the delivery battle, with significant growth in order volumes and city coverage [68][75] Group 5: K12 Education and Training - The K12 education sector is experiencing a resurgence in non-subject training demand, with a significant reduction in subject-based training institutions, leading to a scarcity of quality compliant products [2][86] - Major players in the K12 sector, such as New Oriental and TAL Education, are showing strong performance with revenue growth exceeding 20% year-on-year [91]

Group 1 - Blockchain is defined as an encrypted distributed ledger technology, characterized by decentralization, immutability, and a unique reward mechanism [108][109]. - The concept of Web 3.0 is introduced as Read + Write + Own, emphasizing user ownership of data and content [110]. - NFTs (Non-Fungible Tokens) are described as unique tokens that can provide proof of ownership and traceability, but currently lack anti-counterfeiting measures [111]. Group 2 - The Metaverse is discussed as an undefined virtual world, with entry requiring the crossing of three gates: the Time Gate, the Sensory Gate, and the Choice Gate [112]. - The development stages of these technologies can be understood through the Gartner Hype Cycle, which includes five phases: Technology Trigger, Peak of Inflated Expectations, Trough of Disillusionment, Slope of Enlightenment, and Plateau of Productivity [90][91]. - The current participants in this new world are categorized into five types: idealists, scammers, adventurers, latecomers, and potential future winners [95][96][97][98].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities in the fintech sector, particularly in stablecoins and RWA (Real World Assets) [4]. Core Insights - The report emphasizes the global regulatory evolution surrounding stablecoins, highlighting the transition from a "grey area" to a "regulatory sandbox" as major economies establish frameworks to support the industry. This regulatory clarity is expected to enhance market acceptance and reduce transaction costs [9][20]. - The report suggests that the RWA market is poised for significant growth, with projections indicating that the on-chain asset scale could exceed $2 trillion by 2030, up from over $23 billion in 2025 [16][30]. - The report identifies key companies to watch in the stablecoin and RWA sectors, including Zhongke Jincai, Jinzheng Co., and Langxin Group, among others, recommending investors to focus on these entities as they navigate the evolving landscape [30]. Summary by Sections 1. Global Evolution of Stablecoins and RWA - The report outlines the overseas development of stablecoins, noting that major economies are creating regulatory frameworks to facilitate their use in cross-border payments and digital asset transactions. This shift is expected to lead to a more structured and compliant market [9]. - In China, the report discusses the Hong Kong regulatory sandbox for stablecoins, which aims to balance financial stability with innovation, allowing for the issuance of various fiat-backed stablecoins [20][21]. 2. Investment Recommendations - The report recommends focusing on the following companies involved in stablecoins: Zhongke Jincai, Jinzheng Co., Zhong An Online, Lianlian Digital, China Everbright Holdings, Yuxin Technology, Tianyang Technology, Sifang Chuangxin, and Jingbei Fang [30]. - For RWA, the report highlights Langxin Group, Xiexin Energy, and Jieshun Technology as key players, along with potential RWA assets that could be tokenized [30]. 3. Market Review - The report provides a market review for the week of June 9-13, 2025, noting a slight decline in the CSI 300 index by 0.25% and a 2.25% drop in the computer sector, with specific stocks showing significant gains and losses [38][43].

东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 以下文章来源于东四十条资本 ，作者董师傅 价值观哪去了？ 作者丨董师傅 来源丨东四十条资本 各位好，findme更新一期。刚才看见傅盛发视频支持朱啸虎，推荐大家看看，里边有几句话讲得挺好的，就是机器人公司把"做人形"，"具身智能"当成 任务了，不做就混不下去，但实际的场景，没有人做啊，连瓶水都拿不稳，估值炒这么高，有啥好处呢？ 我忽然想起来去年投中年会他俩那个panel，结束的时候我说明年甭管混得好是不好，两位都回来坐坐，咱再聊一期，他俩也答应了，但眼看4.16号今年 大会要开了，阴差阳错可能凑不成局，可惜了的。 但这话题远远没完。我今天再谈它，主要是觉得，"人形机器人的泡沫"它是"真问题"，就是跟所谓"假问题"相对的"真问题"，从商业价值还是公共价值 上，它都值得大谈特谈，但很多人基于社会角色，认为VC不配谈这种问题。 你看投中网评论区就知道了。遍地是喷子，有一个很蠢的说法，就是认为朱啸虎是做投资的，即便你笃定你说的是真话，你也没权利说。这话非常操 ...