Market Overview - A-shares exhibited mixed performance with major indices showing limited volatility on July 2 [1][3] - The marine economy concept stocks surged, becoming one of the strongest sectors in the A-share market, with the sector overall rising over 6% [3] Sector Performance - Leading sectors included engineering machinery, non-ferrous metals, trade agency, shipbuilding, steel, and home appliances, while sectors such as components, communication equipment, semiconductors, and software services saw declines [3] Marine Economy Development - The Central Financial and Economic Commission emphasized the importance of high-quality development in the marine economy, focusing on innovation, efficient collaboration, and industry updates [5] - Key initiatives include enhancing marine technology innovation, fostering leading marine technology enterprises, and promoting sustainable marine industry growth [5] Hong Kong Market Highlights - The Hong Kong market performed well, with the Hang Seng Index rising over 1% at one point, and individual stocks like Galaxy Entertainment and Sands China leading with gains exceeding 7% [6] - Notably, the stock of Leading Pharmaceutical Biotechnology experienced a dramatic increase, with a peak rise of over 200% during trading [6] Acquisition Announcement - Leading Pharmaceutical Biotechnology announced a memorandum of understanding regarding a potential acquisition, which involves acquiring the entire equity of a target company contingent upon the completion of asset acquisition from Conflux [8] - The acquisition aims to diversify the company's revenue sources and expand into the digital innovation sector, particularly blockchain technology [9]

Core Insights - Sun Yuchen delivered a speech on "Driving Decentralized Finance Scale with Stablecoins" at Istanbul Blockchain Week (IBW2025), highlighting TRON's latest achievements in the stablecoin ecosystem [1][3] - The dual approach of compliant stablecoin USD1 and decentralized stablecoin USDD is creating a comprehensive stablecoin ecosystem, providing diverse financial infrastructure for global Web3 users [1][4] Group 1 - USD1, issued by World Liberty Financial, has been natively minted on TRON, backed by 100% USD assets and short-term U.S. Treasury bonds, showcasing high standards of security, transparency, and compliance [3] - USD1's choice of TRON as its primary issuance platform is due to TRON's high throughput, low cost, and reliable on-chain performance, along with Sun Yuchen's influence in global blockchain policy [3] - USDD has rapidly expanded, with total locked value surpassing $400 million, making it one of the leading decentralized stablecoins globally [3] Group 2 - The integration of USD1's compliance and USDD's on-chain governance reflects TRON's mature capabilities in technology integration and scenario deployment [4] - Sun Yuchen emphasized that a single form of stablecoin cannot meet the diverse market demands, advocating for a financial system that accommodates various types of digital assets [4] - TRON is evolving from a traditional public chain platform to a core hub of global digital financial infrastructure, aiming to enhance the usability, security, and compliance of its stablecoin system [4]

Group 1 - The resurgence of RWA (Real World Asset tokenization) in 2024 is driven by the dual transformation of financial infrastructure and macroeconomic environment, particularly in a high-interest and liquidity-constrained global context [1] - RWA enhances the tradability and inclusivity of traditionally illiquid assets like bonds, real estate, and public service facilities by digitizing and fragmenting them through blockchain technology [1][5] - The maturation of underlying blockchain technology enables the entire process of asset confirmation, registration, custody, and circulation to be conducted on-chain, making RWA a key tool for reshaping global financial infrastructure [1] Group 2 - The current RWA trend is fundamentally a competition over global financial infrastructure standards, which define how assets are registered, confirmed, traded, and custodied [2] - RWA technology allows for the digital fragmentation of public service assets, enabling broader participation from individuals and small businesses in the benefits of these traditionally centralized assets [2] - Major players are vying for control over the digital registration, circulation, and settlement standards of these assets, positioning themselves as future gateways and pricing centers in the digital finance landscape [2] Group 3 - The globalization of RWA faces significant challenges from regulatory and technological dimensions, with varying standards across countries regarding cross-border regulation, data sovereignty, and privacy protection [3] - Recent regulatory developments in the US, EU, and Hong Kong have laid the groundwork for RWA, but a unified global compliance framework is still needed to facilitate international circulation [3] - The interoperability of multiple blockchain ecosystems presents a new challenge, requiring mature and secure cross-chain protocols for efficient asset transfer and settlement [4] Group 4 - RWA represents a revolutionary shift beyond being merely the "next ETF," as it reconstructs the underlying protocols for asset confirmation, registration, custody, and cross-border circulation [5] - This transformation allows traditionally centralized and high-barrier asset classes to be fragmented and standardized for global circulation and co-management, establishing a more open and inclusive "value internet" [5] Group 5 - In China, RWA presents a unique opportunity to integrate digital finance with real industries, supported by regulatory encouragement for compliant innovation [6] - The exploration of RWA in China is closely tied to practical applications in areas like supply chain finance, green finance, and urban infrastructure, enhancing liquidity and value realization of traditional assets [6] - To capitalize on this transformation, China needs a multi-faceted approach involving policy improvements, technological advancements, and innovative applications in public assets and industry rights [7]

跨链网关标准，构建多元化的统一数据流通市场 连通区块链，跨链网关亟需标准化 区块链具有去中心化、不可篡改、可溯源、安全可信等特点，在数据确权、交易、流通等场景具有不可替代的重要地位，其应用场景正在从数字货币扩展 到证券与资产交易、供应链与物流管理、能源与公用事业、公共服务等各个领域，中国、美国、欧盟等都在积极支持区块链产业的发展。 据不完全统计，全球正在运营的公有链超过100个，欧盟、中国等基于联盟链的区域级区块链基础设施也形成了较大规模。但是不同的区块链，底层架构 不同，互通难；数据结构不同，互认难；接口协议不同，互联难；安全机制不同，互信难；业务模式不同，互访难。这使得数据流通被限制在一个个的小 圈子中，难以形成多元化、开放、统一的数据流通市场。 跨链网关是区块链生态系统的重要基础设施，可以将原来孤立的区块链生态整合联通，允许区块链之间进行信息的传递、数据的共享以及功能的调用。当 前的区块链跨要实现互联互通，构建开放统一的数据市场，首先就要建立统一的跨链网关标准。 6 月 27 日，北京迎来了"区块链标准化创新发展峰会"暨 2025 年 IEEE 计算机协会 BDL 年度大会。此次活动由 IEEE C/B ...

Market Overview - The market experienced a rebound with the ChiNext Index leading the gains. The military industry sector saw significant growth, with over 20 stocks including Changcheng Military and Hunan Tianyan hitting the daily limit. The stablecoin concept also surged, with stocks like Hopu Co. and Xiexin Energy reaching their limits. Brain-computer interface stocks rose, with Xiangyu Medical and Innovation Medical hitting the limit. Overall, more than 4,000 stocks in Shanghai and Shenzhen markets were in the green, with a total transaction volume of 1.51 trillion [1]. Hot Topics Military Industry - The military sector continued its upward trend, with stocks like Changcheng Military, Feiyada, and Zhongguang Defense hitting consecutive limits. Hunan Tianyan and Beifang Navigation also saw significant rebounds [4]. RWA (Real World Assets) - The RWA sector experienced substantial gains, with stocks like Hopu Co. and Hangzhou Garden hitting their limits. The market is witnessing a rapid growth of RWA ecosystem participants, including issuers, custodial banks, and investors, which may present investment opportunities in asset operation, banking IT, and cross-border payments [6][8]. Brain Science - The brain science sector saw significant increases, with stocks like Rongtai Health and Innovation Medical hitting their limits. Recent developments from Neuralink, including clinical trials for brain-computer interfaces, have generated excitement in the market. The brain-computer interface market in China is projected to reach 3.2 billion by 2024 and exceed 5.5 billion by 2027, with global applications expected to reach between 40 billion to 145 billion by 2030-2040 [9][10][11].

Group 1 - The global stablecoin trend has raised investor caution as it has significantly boosted the stock prices of related tech companies [1][3] - Circle Internet Group Inc.'s stock price has surged approximately 500% since its listing in New York three weeks ago, with its valuation exceeding $40 billion, surpassing over 50% of companies in the S&P 500 [3] - Kakaopay Corp.'s stock has doubled in the past month, despite being sold off by global and local funds, indicating a disconnect between retail investor enthusiasm and institutional selling [3] Group 2 - Analysts from Citigroup acknowledge Kakaopay's long-term potential but express concerns about its early-stage opportunity and high valuation, assigning a "sell" rating [4] - The short interest in Circle has increased, with over 25% of its float now sold short, reflecting growing skepticism among investors [3]

Core Viewpoint - The Hong Kong Special Administrative Region government has released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to establish Hong Kong as a global innovation center in the digital asset sector, with a focus on stablecoins and tokenized real-world assets (RWA) as core pillars of the policy [1][2][4] Group 1: Policy Upgrades - The new declaration represents a systematic upgrade from the 2022 version, transitioning from a "testing ground" for digital assets to a more institutionalized, scaled, and global approach [1] - The declaration is structured around the "LEAP" strategy, focusing on compliance regulation, asset tokenization, scenario expansion, and talent development [1] Group 2: Terminology Shift - A significant change in terminology from "virtual assets" to "digital assets" reflects a broader regulatory perspective and a shift in focus, encompassing cryptocurrencies, stablecoins, and various forms of tokenized real assets [2] Group 3: Stablecoin Regulation - The declaration emphasizes support for stablecoins and other tokenized projects, particularly exploring the use of stablecoins as payment tools, which could revolutionize payment systems, supply chain management, and capital market activities [2] - A regulatory framework for stablecoin issuers will be implemented starting August 1, 2025, establishing requirements for reserve asset management, stability mechanisms, redemption processes, and prudent risk management [2][4] Group 4: Tokenization of Assets - The Hong Kong government plans to regularize the issuance of tokenized government bonds and promote the tokenization of a wider range of assets and financial instruments, including precious metals and renewable energy [3] - The declaration positions the tokenization of RWA as a key industry development direction, aiming to bridge the gap between the virtual economy and the real economy [4] Group 5: Institutional Innovations - The declaration outlines a clear timeline for stablecoin regulation, with Hong Kong set to become one of the few jurisdictions to provide a "landing pass" for stablecoins, facilitating their legalization and standardization [4] - Tokenized ETFs and digital asset funds, if legislated, will enjoy the same stamp duty and profits tax exemptions as traditional ETFs, significantly reshaping financial market rules and attracting international capital to Hong Kong [4]

2025.06. 27 本文字数：2195，阅读时长大约4分钟 作者 | 第一财经 安卓 稳定币立法、发表《香港数字资产发展政策宣言2.0》、提出"LEAP"框架……近段时间，香港数字资产监 管架构及生态正在加速完善，香港对全球Web3人才、资金及项目的吸引力有望大幅提升。 不过，内地投资者并不在上述数字货币交易服务范围内。早在2017年、2021年，央行等多部门先后发 文，叫停各类代币发行融资活动，明确虚拟货币和相关业务活动本质属性，并加强虚拟货币交易炒作风险 监测预警。 2021年，虚拟货币交易炒作活动抬头，当年9月24日，中国人民银行等十部委发布《关于进一步防范和 处置虚拟货币交易炒作风险的通知》（下称《通知》），强调虚拟货币不具有与法定货币等同的法律地 位，不能作为货币在市场上流通使用。 但第一财经发现，目前仍有小范围币圈群体持有虚拟货币或参与虚拟资产投资，那么，如何界定这样的持 有行为和投资行为？ 对此，炜衡律师事务所、衡财保团队律师张鹏在接受采访时表示，虚拟货币（如比特币、以太坊、USDT 等）不具有与法定货币等同的法律地位，不能作为货币在市场上流通使用，我国对虚拟货币相关活动采取 严格限制甚至禁 ...

Market Overview - The market experienced a slight decline with all three major indices falling. The military industry sector showed strong performance, with stocks like Wanlima and Great Wall Military reaching their daily limit. Stablecoin concept stocks also gained traction, with Jida Zhengyuan and Jingbeifang hitting their limits. Solid-state battery concepts were active, with Tianji Co. and Shanghai Xiba reaching their limits. Bank stocks performed well, with 11 bank stocks, including Industrial and Agricultural Bank, reaching historical highs. In contrast, the innovative drug sector saw declines, with Rongchang Bio dropping over 18%. Overall, more than 3,600 stocks in the Shanghai and Shenzhen markets fell, with a total trading volume of 1.62 trillion [1]. Hot Topics RWA - The RWA concept saw significant gains, with Jida Zhengyuan achieving four consecutive limits and Jingbeifang two consecutive limits. The China Mobile Communications Association is seeking "RWA ecological partners" nationwide, planning to select 20 units to establish an "RWA Joint Laboratory" [4][5]. - RWA is viewed as a bridge between real-world assets and web3.0, facilitating financing from web2.0 to web3.0. It utilizes blockchain technology to convert tangible or intangible assets into digital tokens, allowing cryptocurrency holders to invest in fixed-income products, thus diversifying assets and sharing risks [5][6]. Military Industry - The military sector experienced a notable rise, with Long Wall Military achieving six limits in seven days, alongside stocks like Wanlima, Hunan Tianyan, and Guorui Technology also performing well. A significant event is scheduled for September 3, where a grand ceremony will be held in Tiananmen Square, showcasing domestically produced military equipment [7][8]. Computing Power - The computing power sector also showed positive performance, with stocks like Shidai Wanheng, Yanhua Intelligent, and Jingwang Electronics reaching their limits. New Yi Sheng, a leader in CPO technology, saw a 5% increase, reaching a historical high [10][11]. - CPO technology is expected to drive significant changes in the optical communication industry, with a projected compound annual growth rate of 65% from 2020 to 2032. The domestic PCB/CCL industry leaders are anticipated to benefit from the tight supply-demand situation in high-end production [12].

Core Insights - The article emphasizes the transformative power of NFT technology beyond mere speculation, highlighting its integration into physical industry chains as a core engine for digital asset management, process optimization, and user interaction innovation [1][5][13] Group 1: Use Cases of NFTs in Enterprises - NFTs can enhance supply chain transparency and product traceability by creating "digital twins" that securely record data from raw materials to logistics, significantly improving brand trust [6] - Digital rights certificates and loyalty programs can be transformed into NFTs, allowing for flexible and scarce benefits, enabling precise marketing through user preference analysis [6] - Intellectual property management can be streamlined by anchoring copyright information to NFTs, simplifying licensing processes and ensuring transparent royalty distribution [6] - Innovative brand marketing and user interaction can be achieved through limited edition NFTs that serve as community identity symbols, providing immersive experiences that deepen emotional connections with users [6] Group 2: Key Development Considerations - Successful enterprise-level NFT development requires systematic construction, including precise demand definition, rigorous smart contract design, and prioritizing user experience [8][9] - Companies must ensure compliance with regulatory requirements regarding digital assets, clearly defining the rights represented by NFTs to avoid crossing financial securities lines [9][10] - Evaluating different blockchain ecosystems for cost, speed, and compatibility with existing IT infrastructure is crucial for effective NFT implementation [10] - Long-term operational planning is essential for sustainable NFT projects, including community maintenance and rights updates [11]