证券研究报告 |行业点评 gszqdatemark 2025 06 04 年 月 日 区块链 稳定币+RWA：下一个金融科技的大变革 近期随着美国《GENIUS 法案》及香港《稳定币条例》陆续立法通过， 市场对稳定币主题的关注度快速提升。考虑到 Circle 上市在即，结合 Tether 的财报，稳定币主题亦有可对照研究的商业模式，作为金融科技 领域的大变革，值得重视。 稳定币某种程度上充当了加密货币市场"计价工具"的作用，这是对传统 法币交易的一种补充甚至替代。稳定币诞生后不久，加密货币市场最主要 的交易对是稳定币交易对，因此，稳定币在交易工具、价值流通等方面， 充当着"法币"的作用。主流交易所（包括 DEX 去中心化交易所），比 特币现货、期货交易对以 USDT 等稳定币为主，尤其是交易量更为大的期 货合约，主流交易所正向合约（以美元稳定币为保证金的期货合约）几乎 都是 USDT 交易对。 技术上看，稳定币代表着新一代支付技术。USDT 由 Tether 公司于 2014 年推出，1 USDT 锚定 1 美元，是市场较早的一批稳定币，此后逐渐成 为市场上使用最广泛的稳定币产品，当前发行规模超 1500 亿 ...

Core Viewpoint - The digital economy is emerging as a key driver of global economic growth, characterized by digital industrialization, industrial digitization, and digital trade, reshaping industrial structures and enhancing economic efficiency [1] Group 1: Digital Economy Foundation in Hainan - Hainan has favorable conditions for digital economy development, including policy incentives like data cross-border flow trials and low tax rates [2] - The establishment of digital economy industrial clusters, such as the Haikou Revitalization Internet Information Industry Park, has begun to form competitive industry chains in areas like blockchain and smart tourism [2] - Hainan is actively engaging in international cooperation to enhance data flow, technology collaboration, and trade innovation, positioning itself as a significant player in the global digital economy [2] Group 2: Strategies for Digital Economy Development - Promoting the marketization of data elements is essential, including establishing an international data trading center and developing data asset trading mechanisms [3] - Enhancing digital infrastructure, such as 5G and cloud computing, is crucial for Hainan to become an international data hub [4] - Encouraging digital financial innovation through the application of blockchain technology and exploring digital currency in international trade can foster integration with the real economy [5] Group 3: Digital Transformation of Traditional Industries - Hainan aims to digitize traditional industries like tourism and agriculture, utilizing technologies such as AI and IoT to improve operational efficiency and market competitiveness [6] - The development of smart tourism and agricultural practices, including blockchain for product traceability, is a focus area for enhancing industry competitiveness [6] Group 4: Institutional Framework and Business Environment - Establishing a comprehensive digital economy regulatory framework is necessary to optimize the business environment, including data governance and intellectual property protection [7] - Strengthening international cooperation and aligning with global standards can enhance Hainan's influence in the global digital economy governance system [7]

Core Insights - TRC20-USDT has established a dominant position in the market, with a circulation of 77.7 billion tokens, accounting for 51% of the total USDT supply, reaffirming its leadership since surpassing 50% in 2024 [1] - The number of TRC20-USDT addresses surged from 42 million to 130 million over the past year, with daily transaction volumes exceeding 47 million, which is eight times higher than that of ERC20 [1] - TRC20-USDT represents 63% of the global cross-border digital dollar transaction volume, highlighting its significant role in international payments [1] Group 1: Competitive Advantages - The rapid growth of TRC20-USDT is attributed to its low transaction fees of $0.001, near-instant transaction confirmation times, and the high throughput of the TRON network, which can handle 2,000 transactions per second [3] - TRC20-USDT has expanded its market share alongside the global expansion of the TRON ecosystem, now covering 127 countries with over 70 million accounts and 2.8 billion transactions [3] - In emerging markets like Brazil, Argentina, and Turkey, TRC20-USDT is widely used for daily payments and asset storage, helping users avoid currency devaluation risks [3] Group 2: Technological Innovations - The DPoS consensus mechanism chosen by the founder, Justin Sun, allows for rapid block confirmation (3 seconds) and reduces energy consumption to less than 1% of traditional blockchains, aligning with the vision of empowering inclusive finance [6] - Since 2025, TRC20-USDT has seen an issuance increase of nearly 18 billion tokens, representing 65% of the total USDT issuance, driven by its adaptability to high-frequency trading scenarios [6] - The upcoming "Gas Free" feature will enable users to pay on-chain fees directly with USDT, further lowering participation barriers [6] Group 3: Applications and Market Impact - TRC20-USDT has become a preferred choice for various financial applications, including financial trust, communication transfers, travel settlements, and cross-border payments, demonstrating its practical value [7] - The average daily transfer volume of TRC20-USDT in cross-border payments exceeds $20 billion, covering high-frequency needs such as trade settlements and international remittances [7] - In the Middle East, TRC20-USDT is utilized for digital identity verification and asset custody, providing unsecured credit services to SMEs, while in Latin America, it integrates with Telegram for peer-to-peer transfers at significantly lower costs [7] Group 4: Future Outlook - The continuous growth of TRC20-USDT validates the effectiveness of Justin Sun's strategy of "technology as the foundation, ecosystem as the wings" [9] - Future plans include AI-driven smart contract optimization to enhance transaction efficiency and security, as well as RWA projects to integrate traditional assets into the blockchain ecosystem [9] - The goal is to enable TRC20-USDT to serve the global population of 8 billion, evolving from a cryptocurrency tool to a component of global financial infrastructure [10]

5月尾声之际，亚洲区块链开发者峰会ETH Beijing迎来盛大启幕，波场TRON以顶级赞助商身份深度参 与此次盛会。作为波场TRON创始人，孙宇晨持续三年推进该生态与全球头部区块链项目的协同合作， 本次对ETH Beijing黑客松的资源投入标志着其生态开放战略的进一步深化。专属展区由波场TRON搭建 并配套50万美元激励金，重点聚焦智能合约开发、跨链技术优化及DApp创新三大方向，吸引全球开发 者团队参与技术攻坚。 在2025年ETH Beijing黑客松期间，波场TRON凭借其底层技术架构获得金牌赞助商席位，向全球开发者 展示区块链基础设施创新成果。该平台基于孙宇晨主导设计的DPoS共识算法，既实现3秒级区块生成速 度，又突破理论每秒处理2500笔交易的性能指标，同时支持免手续费转账及高频应用场景需求。截至 2025年5月统计数据显示，波场TRON生态累计承载超3.07亿用户账户，累计完成103亿次链上交互，锁 定资产规模达230亿美元，持续巩固其在全球公链领域的竞争地位。 波场TRON的技术演进路径始终围绕"性能即权力"理念展开，通过协议层持续迭代将交易确认时延缩短 至两秒内，单笔费用仅需0.001美 ...

龙虎榜机构热股 今天机构龙虎榜上榜25只个股，净买入14只，净卖出11只。当日机构买入最多的个股前三位是：四创电 子（1.17亿）、久盛电气（6629万）、常山药业（4221万） | 上榜热股 | 实时涨跌幅 | | 买/卖家数 机构净买额 | | --- | --- | --- | --- | | 四创电子 | | | | | 600990.55 | +10.02% | 1/0 | +1.17 乙 | | 3日 | | | | | 久盛电气 | | | | | 301082.SZ | +19.99% | 1/1 | +6629.71万 | | 3日 | | | | | 常山药业 | | | | | 300255.SZ | +15.60% | 3/0 | +4221.48万 | | 3日 | | | | 四创电子 控股91%子公司华耀电子中标EAST受控热核聚变装置电源模块项目 龙虎榜知名游资 一、区块链 四方精创 个股龙虎榜 公司2023年推出FINNOSafe Web3.0平台，支持多种虚拟资产的发行、通证化、交易和支付，以及托管 等，能支持稳定币发行人及市场参与者相关业务的发展 雄帝科技 个股龙虎榜 公 ...

Market Overview - The market experienced a rebound with the ChiNext Index leading the gains, driven by strong performances in sectors such as autonomous vehicles and blockchain [1] - Over 4,400 stocks in the Shanghai and Shenzhen markets saw gains, with total trading volume reaching 1.21 trillion [1] Blockchain Sector - The blockchain sector surged, with stocks like Yuyin Co. and Xiongtai Technology hitting the daily limit [4] - A key catalyst for this surge was the Hong Kong Legislative Council's approval of the "Stablecoin Regulation Draft" on May 21, 2025, establishing a comprehensive regulatory framework for fiat-backed stablecoins [4] - Zhong An Bank, the first digital bank in Hong Kong to provide reserve banking services for stablecoin issuers, saw its stock rise over 70% in the last five trading days [4] Autonomous Logistics Vehicles - The autonomous logistics vehicle sector continued its upward trend, with companies like Tongda Electric and Cloud Inner Power achieving consecutive daily limits [6] - SF Express reported having over 800 customized autonomous vehicles in operation, with projections for significant growth in 2025 [6][8] - The global market for autonomous vehicles is expected to see exponential growth, with Tesla's Optimus targeting a production cost below $20,000 [8] EDA Design Software - EDA design software stocks experienced significant gains, with companies like Shentong Metro and Galun Electronics hitting daily limits [9] - The U.S. government's restrictions on semiconductor design software sales to Chinese companies have increased the difficulty for China to develop advanced chips, impacting the EDA market [9][10] - The Chinese EDA market is projected to grow from approximately 13.1 billion yuan in 2023 to 22.2 billion yuan by 2026, outpacing global growth rates [10][11] Other Active Sectors - The innovative drug sector saw renewed activity, with companies like Shutaishen hitting daily limits [11] - The nuclear fusion sector also showed strong performance, with companies like Jiusheng Electric and Huaneng Group experiencing notable gains [11] - The overall market sentiment remains positive, with various sectors including pharmaceuticals and autonomous driving showing robust activity [11]

Group 1 - Rumble has announced a strategic partnership with TRON to enhance decentralized infrastructure through cloud services [1][3] - Rumble Cloud aims to provide solutions that help businesses avoid unfair pricing and vendor lock-in from traditional cloud giants [3][4] - TRON has recently become the largest issuance network for Tether (USDT), which holds over 63% of the stablecoin market share with a circulation exceeding $150 billion [3] Group 2 - The collaboration will leverage Rumble Cloud's infrastructure to reduce single points of failure and enhance censorship resistance for enterprise clients [4] - Rumble Cloud is built on Rumble.com’s video streaming technology, which has a stable user base of millions and offers excellent scalability [4] - The partnership aligns with both companies' missions to promote a decentralized and open internet ecosystem [3][4]

以下文章来源于投中网 ，作者蒲凡 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识和洞见，在私募股权投资行业和创新商业领域拥有 权威影响力。官网：www.chinaventure.com.cn 前不久，Pitchbook发布了一份忧心忡忡的前瞻报告。分析师们悲观地指出，风险投资的退出难题仍然会持续一段时间，至少在2026年上半年之前都不会 出现合适的IPO窗口期。 这纯属老生常谈，况且报告的背景估计你也能猜到，特朗普掀起的关税冲突，直接让全球股市大幅震荡，纳斯达克更是重灾区，加税的第一天就直接跳水 接近6%，创造了5年以来的单日最大跌幅。当然，估计分析师在写这篇报告的时候定没想到，一个多月时间，纳斯达克已经反弹超过20%了。 不过悲观预期下，瑞典金融科技公司Klarna和美国票务平台Stubhub先后宣布暂缓IPO计划，依然是"退出难"的例证。这两家公司，一个估值146亿美元， 另一个估值165亿美元。他们上市的传闻从2023年开始就备受关注，人们都指望着这种级别的独角兽能带动IPO市场的热度，恢复投资人们的信心。谁也 没想到几年过去了，他们仍然在担心"备 ...

作 者丨黄子潇 编 辑丨孙超逸 图 源丨IC p h o t o 据香港金管局消息，5月2 1日，香港特别行政区立法会通过《稳定币条例草案》，以在香港设 立法币稳定币发行人的发牌制度，完善对虚拟资产活动在香港的监管框架，以保持金融稳定， 同时推动金融创新。 5 月 2 3 日 ， 渣 打 香 港 向 2 1 世 纪 经 济 报 道 回 应 称 ， 一 如 较 早 前 宣 布 ， 渣 打 香 港 正 携 手 安 拟 集 团 及 香 港 电 讯 ， 共 同 成 立 合 资 公 司 。 " 随 著 相 关 草 案 获 得 通 过 ， 我 们 正 加 紧 相 关 的筹备工作，并会适时公布更多详情。" 香港金管局亦表示，条例预计将在今年内生效，让业界有足够时间了解发牌制度下的要求。发 牌制度亦设有过渡期安排。 首批5家机构参与 3家将成立合资公司 其 他 两 家 机 构 方 面 ， 圆 币 创 新 科 技 表 示 ， 未 来 计 划 于 以 太 坊 （ Et h e r e um ） 上 发 行 稳 定 币 HKDR，该公司已经和数位资产托管供应商Co b o、跨境支付公司连连国际、虚拟资产交易平 台Ha s hKe ...

据 Tether 官网最新数据显示，波场TRON网络上的 USDT 发行量已突破 757 亿美元，占据总发行量的 50.2%，正式超越以太坊，再度成为全球最大 的 USDT 发行公链。这一重要节点不仅彰显出波场TRON 在稳定币赛道中的统治力，也进一步稳固了其作为全球区块链金融基础设施中枢的地位。 USDT 作为加密市场中最主流的稳定币，发行量的网络分布是衡量公链应用价值和市场信任的重要指 标。波场TRON此次再次"反超"以太坊，意味着市场更倾向于选择成本更低、效率更高的结算网络，为 其带来了大量稳定币转账与存储需求。 技术优势凸显，波场成为结算网络首选 与以太坊长期存在的高Gas费、网络拥堵等问题相比，波场TRON网络拥有超低交易成本和高频率转账 能力，在链上资源模型设计上更具灵活性。数据显示，波场TRON链上平均每日转账量超过800万笔， 稳定币日交易金额突破250亿美元，成为众多交易平台和用户在稳定币使用中的首选网络。 稳定币在跨境支付、DeFi生态、Web3应用等场景中扮演着基础角色，波场TRON正凭借自身的技术优 势，构建起全球性的数字货币结算枢纽。 孙宇晨目标千亿，稳定币战略持续推进 波场TRON ...