Core Insights - The article highlights the successful implementation of the "免申即享" (No Application Required) subsidy program in Shanghai's Jing'an District, which utilizes blockchain technology to streamline the process of delivering financial support to businesses [1][2][3] Group 1: Policy Implementation - The "免申即享" program allows businesses to receive subsidies automatically based on their blockchain usage costs, calculated at 30% of the actual costs, with a maximum subsidy of 1 million yuan [2] - This initiative aims to eliminate the cumbersome application process that often burdens small and medium-sized enterprises, allowing funds to be deposited directly into their accounts without the need for extensive paperwork [2][3] Group 2: Technological Integration - The program leverages blockchain's immutable and traceable characteristics to ensure efficient and secure policy execution, reducing the need for manual verification and documentation [3] - The system automatically identifies eligible businesses and calculates their subsidies using real-time data recorded on the blockchain, with funds potentially reaching businesses within three working days [3] Group 3: Business Impact - Companies like Shanghai Xinyi Technology and Shanghai Beibei Notary Office have expressed their satisfaction with the program, noting that it allows them to focus on core business activities rather than administrative tasks [4][5] - The financial support received is expected to be reinvested into enhancing services and technological development, demonstrating a positive impact on operational efficiency and innovation [4][5] Group 4: Future Prospects - Jing'an District plans to expand the "免申即享" model beyond the blockchain industry to other sectors such as talent and scientific innovation, aiming to create a more supportive business environment [5]

Group 1 - The U.S. Department of Commerce has begun publishing GDP data on public blockchains, including Bitcoin, Ethereum, and Solana, as part of a broader initiative to enhance economic data distribution [1][3] - This initiative is linked to the Trump administration's push for cryptocurrency, with the aim of making the U.S. a global hub for crypto [1][3] - The Department of Commerce is collaborating with Chainlink and Pyth networks to verify and distribute economic data on these blockchains, enhancing transparency and accessibility [3][4] Group 2 - The initiative will initially provide quarterly GDP data for the past five years, with plans to expand the range of economic data available [3] - Chainlink will act as an oracle to provide macroeconomic data from the Bureau of Economic Analysis (BEA), including actual GDP data and personal consumption expenditures (PCE) price index [4] - The data will be updated monthly and quarterly, and will be distributed across multiple blockchain networks, including Arbitrum, Avalanche, and Ethereum [4]

Core Viewpoint - Shanghai Tonglu Chain Digital Technology Co., Ltd. has received subsidies under the "No Application, Immediate Enjoyment" policy, which simplifies the process for companies to obtain blockchain-related subsidies without complex applications [1][2] Group 1: Policy Implementation - The "No Application, Immediate Enjoyment" reform trial in Jing'an District aims to streamline the subsidy process for blockchain enterprises, allowing them to receive support without submitting application forms [1] - The policy provides a subsidy of 30% of actual blockchain usage costs, with a maximum limit of 1 million yuan [1] - The system automatically identifies relevant blockchain costs, ensuring data integrity and security through real-time on-chain verification [1] Group 2: Impact on Companies - The subsidy has strengthened the confidence of companies in using blockchain technology, with funds being reinvested into public service optimization [2] - Shanghai Beifang Notary Office, a pilot unit for "Blockchain + Notary," has migrated various services to the blockchain, incurring approximately 200,000 yuan in node resource fees annually [2] - Shanghai Xinyi Technology Co., Ltd. is developing a transparent process for traditional Chinese medicine using blockchain, highlighting the significant financial support from the government [2] Group 3: Future Developments - The Jing'an District plans to expand the "No Application, Immediate Enjoyment" model beyond the blockchain industry to include talent and technological innovation sectors [2]

Core Insights - Hong Kong is emerging as a significant global digital asset observation point, with potential to lead industry direction in the future [1] - The implementation of the Hong Kong Stablecoin Regulation aims to establish a licensing system for fiat-backed stablecoin issuers, addressing regulatory gaps in virtual asset activities [2] - The regulatory framework in Hong Kong is seen as a balanced approach, avoiding excessive leniency or strictness, which is crucial for fostering innovation while ensuring financial stability [3] Regulatory Developments - The Hong Kong Stablecoin Regulation came into effect on August 1, aiming to fill regulatory voids in virtual asset activities [2] - Issuers of fiat-backed stablecoins must obtain a license from the Hong Kong Monetary Authority and comply with strict asset management and redemption mechanisms [2] - The regulation reflects a significant step in digital asset oversight, balancing financial security with innovation opportunities [2][3] Market Trends - There is a rising global demand for stablecoins, with discussions within Hong Kong's industry increasing in intensity [2] - The trend of integrating stablecoins into payment systems is gaining traction, with predictions of a shift towards fully on-chain banking services [4] - Innovations in the credit card sector, such as Ethereum cards, are emerging, allowing users to transact using digital currencies [4] Industry Development - The virtual asset industry in Hong Kong is described as highly developed, but further efforts are needed to achieve widespread acceptance of stablecoins [5] - Attracting top digital asset companies and professionals to Hong Kong is essential for creating an industry cluster [5] - Regulatory bodies must ensure that stablecoin benefits are effectively passed to end-users and enhance the usage of stablecoins in payment scenarios to achieve widespread adoption [5]

Investment Rating - The investment rating for the company is "Buy" [3][20]. Core Viewpoints - The company is focusing on cutting-edge technologies such as internet search, big data, AI, IoT, and blockchain, aiming to build a new growth curve after a period of business adjustment. Revenue growth is expected to rebound, with projected growth rates of +7.34% in 2023 and +15.74% in 2024, and a significant increase of +48.17% in H1 2025 [1][14]. - The revenue structure for 2024 indicates that internet media business revenue is expected to reach 1.158 billion yuan (+31.89%), accounting for 35.03% of total revenue. Digital marketing business revenue is projected at 1.983 billion yuan (+5.07%), making up 59.96% of total revenue. Other businesses, including blockchain and metaverse applications, are expected to generate 166 million yuan (+37.61%), contributing 5.01% to total revenue [1][14]. - The company is deeply integrated with Huawei's Whale Hong energy ecosystem, expanding its domestic and international cooperation. It has become a platinum service provider for Huawei Ads and is actively exploring overseas advertising agency services [2][10]. Summary by Sections Business Performance - The company experienced a revenue decline of -45.78% in 2021 and -53.31% in 2022, followed by a recovery with growth rates of +7.34% in 2023 and +15.74% in 2024. The first half of 2025 shows a robust growth rate of +48.17% [1][14]. - The revenue from the internet media business is projected to be 1.158 billion yuan in 2024, while digital marketing is expected to generate 1.983 billion yuan [1][17]. Financial Projections - The company forecasts revenues of 3.951 billion yuan, 4.701 billion yuan, and 5.682 billion yuan for 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 226 million yuan, 374 million yuan, and 563 million yuan [14][16]. - The projected PE ratios for 2025, 2026, and 2027 are 60.81X, 36.84X, and 24.44X, respectively [14][16]. Technological Advancements - The company is advancing in blockchain, AI, and metaverse technologies, with significant breakthroughs in its proprietary blockchain platform "ZhiChain 2.0" and applications in supply chain finance and digital currency [11][13]. - The integration of AI technologies, such as ChatGPT and Stable Diffusion, is enhancing content production efficiency and reducing costs, which is expected to improve advertising effectiveness [11][14].

Core Viewpoint - The investment landscape in 2023 is characterized by confusion, while 2024 is expected to be turbulent, leading to a more optimistic outlook for 2025, with the A-share market stabilizing into a "slow bull" phase and significant IPOs providing liquidity to the market [6][7]. Group 1: IPO Performance - In 2025, approximately 16% of IPOs experienced valuation discounts compared to their last financing round, marking the highest level in a decade [7]. - The second quarter of 2025 was particularly severe, with all IPOs over $1 billion completing with "market value inversion" [7]. - Four major IPOs in Q2 2025 collectively saw a market value reduction of $19.2 billion (approximately 137.5 billion RMB) [9]. Group 2: Notable IPOs - MNTN, an advertising company, went public in May 2025 with a target valuation of $1.1 billion, down from a previous valuation of $2 billion [9][10]. - Hinge Health, a digital healthcare service, had a market cap of $3 billion at IPO, down from $6.2 billion [10]. - Circle, a blockchain unicorn, completed its IPO in June 2025 with a valuation of slightly over $7 billion, down from a peak of $9 billion [10]. - Chime, a digital bank, went public with a valuation of $11.6 billion, significantly lower than its last funding round valuation of $25 billion, resulting in a market value drop of nearly $13.4 billion (approximately 96 billion RMB) [10][11]. Group 3: Market Context and Future Outlook - The total exit scale for the venture capital industry in 2025 was $67 billion, indicating a 29% reduction in expected assets for limited partners (LPs) [11]. - The term "bloody IPO" refers to the situation where companies go public at a lower valuation than anticipated, reflecting the market's cautious sentiment [11]. - Despite the challenges, companies like MNTN and Hinge Health are positioned as leaders in their respective fields, with MNTN's revenue growing tenfold since 2020 and Hinge Health showing significant improvement in financial performance [13][14].

区块链分析公司Chainalysis Inc.指出，稳定币面临的安全风险因其发行和管理方式的不同而有所差异。 该公司在6月的一份报告中称，冒名顶替和伪造稳定币是常见风险。 稳定币发行商Circle(CRCL.US)和区块链基础设施提供商Paxos Trust Co.已经试点了一种新方式，用于防 止仿冒并帮助企业验证其数字资产持有情况。两家公司与金融科技初创公司Bluprynt合作。试点项目利 用加密技术和区块链技术，在企业发行稳定币时提供发行方验证。根据一份声明，这一试点为代币提供 了依托Bluprynt的技术实现的一种可追溯至已验证发行方的方式。 Circle的USDC是按市值计算的第二大稳定币，而Paxos则发行并运营着支持PayPal(PYPL.US)稳定币 PYUSD的区块链基础设施。随着近期通过的《GENIUS法案》为美元支持的稳定币提供了框架，预计会 有更多公司进入稳定币发行领域。 Bluprynt创始人Chris Brummer表示，Bluprynt的技术能够"在前端提供来源证明，降低复杂性，并为监管 机构和投资者提供所需的透明度"。他指出，这有助于减少因假冒代币和仿冒攻击造成的损失。 这也是数 ...

Group 1 - EDA Group Holdings has entered into a partnership agreement with UTCPAY Limited to collaborate on digital asset transactions, Web3 technology, and blockchain applications, aiming to provide advanced digital asset payment solutions for cross-border e-commerce clients [1][2] - The Hong Kong government has implemented a series of regulatory policies regarding cryptocurrency trading since October 2022, recognizing Web3 as a potential trend for future financial and commercial development [1] - The "Stablecoin Ordinance" will come into effect on August 1, 2025, establishing a licensing system for regulated stablecoin activities in Hong Kong [1] Group 2 - The company believes that the entry of virtual assets into the Web3 space presents significant opportunities, as cryptocurrency penetration in global commerce continues to rise [2] - The favorable regulatory environment created by the Hong Kong government for the sustainable development of the Web3 industry has instilled confidence in the future of the Hong Kong Web3 sector [2] - The partnership with UTCPAY aims to enhance payment solutions, improve customer experience, and promote the widespread use of stablecoins in cross-border e-commerce logistics [2]

Core Viewpoint - The article emphasizes the increasing importance of ESG (Environmental, Social, and Governance) principles in product lifecycle management, highlighting how blockchain technology can address issues like data falsification and lack of accountability in traditional product traceability systems [1]. Group 1: Overview of Blockchain Evidence Technology - Blockchain evidence technology is defined as a system for collecting, storing, verifying, and sharing data based on blockchain architecture, ensuring data immutability and traceability through distributed consensus mechanisms [2]. - The technology consists of several layers: data layer, network layer, consensus layer, contract layer, and application layer, each serving specific functions to enhance data integrity and security [3]. Group 2: Current Development Status - The global market for blockchain evidence technology reached $8.5 billion in 2023, a 42% increase from 2022, and is projected to grow at a compound annual growth rate (CAGR) of 28.5% to $38 billion by 2028 [4]. - Governments worldwide are implementing policies to support the development and application of blockchain technology, with notable regulations from China and the EU [4]. - A report indicates that 35% of Fortune 500 companies have integrated blockchain evidence technology into their supply chain management, with adoption rates in the food and pharmaceutical sectors at 42% and 38%, respectively [4]. Group 3: ESG Empowerment in Product Traceability - Blockchain evidence technology enhances product traceability by creating a transparent and trustworthy supply chain data chain, thereby improving corporate ESG practices and facilitating the alignment of economic and social values [5]. Group 4: Green Production and Resource Circulation - The technology revolutionizes environmental data management throughout the product lifecycle by enabling real-time and accurate data collection on energy consumption, waste emissions, and pollution treatment [7]. - It allows companies to build a dynamic environmental risk prevention system by identifying key risk points through data analysis and AI models [7]. - In supply chain management, it facilitates the creation of a transparent supplier evaluation network based on various environmental metrics, promoting sustainable practices across the supply chain [7]. Group 5: Protecting Rights and Enhancing Trust - Blockchain technology effectively safeguards the rights of stakeholders, including consumers and suppliers, by providing a tamper-proof and traceable data chain [8]. - Consumers benefit from a transparent information system that allows them to access detailed product information, enhancing their decision-making capabilities [8]. Group 6: Optimizing Management and Strengthening Compliance - Blockchain evidence technology supports the establishment of standardized data collection and management processes, improving corporate compliance and management efficiency [9]. - It serves as evidence for companies to fulfill their ESG responsibilities, facilitating regulatory compliance, as demonstrated by a 92% compliance rate among EU companies using blockchain for traceability [9]. Group 7: Summary and Outlook - Blockchain evidence technology is positioned as a powerful tool for empowering ESG practices in product traceability, with rapid global development and increasing policy support [10]. - The technology is expected to contribute significantly to advancing corporate ESG practices and achieving global sustainability goals in the future [10].

Group 1 - The core inquiry from investors revolves around Wanlin Shulian's technical capabilities to engage in RWA (Real World Asset) business, questioning the viability of its IPO without strong technological advantages [2] - Hangzhou Garden (300649.SZ) responded on the investor interaction platform, clarifying that Wanlin Shulian's main business focuses on blockchain application services, specifically including product blockchain traceability and certification services, as well as digital professional technical services [2]