智通财经7月16日讯（记者 吴雨其）6月以来，数字资产板块重新走高，成为A股市场最受关注的主题之 一。尤其是6月3日万得稳定币概念指数正式发布后，板块整体走势明显提速，仅一个多月内，该指数累 计上涨达35.13%，涨幅远超多数主流赛道，迅速引发各方关注。随着资金加速流入、个股轮动提速， 稳定币板块正从边缘题材跃升为市场主线之一。 市场热度的背后，是技术范式与产业逻辑的双重驱动。尤其是"RDA（真实数据资产）"概念的爆发，更 为稳定币行情注入新的催化剂。这一由上海数据交易所提出的新概念，通过区块链技术，将真实世界的 数据（例如钢材交易记录、光伏发电量、物流信息等）和对应的实体资产绑定，变成可交易、可融资的 数字资产。 随着概念的快速扩散，A股中涉及稳定币与RDA的相关公司股价持续攀升，资金层面频现超大单集中流 入。而在表层行情之下，公募基金的重仓动向与券商研究逻辑也正在同步变化。这一轮由政策趋势、技 术基础与市场热情共同推动的结构性行情，正重新定义数字资产在A股定价体系中的位置。 主力资金持续加码RDA概念股 稳定币概念的扩容起初来源于数字货币行业的底层结构变化，随后随着政策与产业共振，其在A股的映 射愈发清晰 ...

大家好欢迎参加国金金融工程拆GBT6.YPR稳定币产业链与零涨股目前所有参会者均处于静音状态下面开始播放面子声明声明完毕后主持人可以开始发言本次电话会议仅面向国金证券的专业投资机构客户或受邀客户仅供交流研究观点专家发言内容仅代表其个人观点会议内容并不构成对任何人的投资建议未经国金证券事先书面许可 任何机构或个人严禁以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改解读等涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 各位投资者大家下午好我是国际证券及应用工程组研究员胡振扬本次电话会议的主题主要是介绍一下稳定币它的产业链的情况以及相关投资标的一个情况 那么结算的时间的话也是能够加快到一分钟计的这样的一个速度那么同时呢稳定币也是能够推动比方说像这种资产代币化这样的一些方面的一些进展能够带来一些新的投资机会那所以说稳定币产业链的话也是受到了这个其中市场的一个关注 我们团队的话就是针对稳定币去进行的这个产业链图谱以及概念股的一个自动的生成就是使用我们刚刚那一套agent的一个模型那么我们这次就是从这个模型角度出发首先给出稳定币产业链的一个图谱的一个结果再同时给到这个概念股的一个相关标的的情 ...

Group 1 - RWA (Real World Assets) represents a transformative concept that connects traditional finance with digital assets through tokenization, enhancing asset liquidity and lowering investment barriers [10][11][12] - The global on-chain RWA asset value surpassed $23.3 billion by June 2025, indicating rapid growth and adoption of this technology [2][16] - RWA tokenization allows for the fractionalization of traditionally illiquid assets, enabling broader participation in investment opportunities [21][22] Group 2 - In China, Hong Kong is leading the way in RWA implementation, with regulatory frameworks supporting the tokenization of government bonds and other assets [3][11] - Notable projects in China include the tokenization of charging station data and photovoltaic assets, demonstrating the potential for RWA in green energy and agriculture [3][11] - The "East Data West Computing" initiative and the emergence of data center REITs are paving the way for the tokenization of computing power assets [4][11] Group 3 - Globally, major asset management firms like BlackRock and Franklin Templeton are pushing for the tokenization of government bonds and private debt, with individual projects managing over $2 billion [5][12] - The real estate sector in the U.S. has seen platforms like RealT tokenize thousands of properties, lowering the minimum investment to $50, thus democratizing access to real estate investments [5][12] - Regulatory challenges, such as inconsistent cross-border compliance and the reliance on centralized custodians, pose significant hurdles for the widespread adoption of RWA [6][12] Group 4 - The global asset tokenization market is projected to reach $16.1 trillion by 2030, representing 10% of global GDP, highlighting the vast potential of RWA [7][12] - RWA's ultimate goal is to democratize finance, allowing for seamless integration between traditional and digital economies, thus enabling every asset to be liquid [7][12] - The collaboration between technology and regulatory frameworks will be crucial for the successful implementation and scaling of RWA [7][12]

Core Viewpoint - The article discusses the growing attention on stablecoins from the perspective of the internet industry, highlighting their potential to bridge traditional finance and Web3.0 through blockchain technology [1]. Group 1: Blockchain as the Infrastructure - Blockchain technology serves as the foundational architecture for stablecoins and Real World Assets (RWA), providing transparency, decentralization, and immutability [3]. - Stablecoins are pegged to fiat currencies or government bonds, utilizing blockchain smart contracts for 1:1 asset mapping, thus acting as a value bridge between traditional finance and Web3.0 [3]. - Compared to traditional payment systems like SWIFT, blockchain-based stablecoins offer significant advantages in efficiency and cost [3]. Group 2: Internet Companies and Stablecoins - The proliferation of stablecoins is unlikely to significantly impact existing domestic third-party payment systems like WeChat Pay and Alipay, which already operate as "quasi-stablecoins" [4]. - Internet companies involved in cross-border payments, such as JD.com and Ant Group, are more actively exploring stablecoin applications due to their large user bases and established payment scenarios [4]. - The advantages of internet companies in the stablecoin space include user scenarios, technical capabilities, and ecosystem synergy, which can enhance the network effects of stablecoins [4]. Group 3: Stablecoins and Web3.0 Ecosystem - Stablecoins can enhance the liquidity and growth of the DeFi ecosystem, attracting compliant stablecoins to the blockchain [5]. - The programmable nature of stablecoins allows for automated yield generation, a feature difficult to achieve in traditional finance [5]. - The collaboration between stablecoins and RWAs can broaden the asset categories in DeFi, introducing significant liquidity into traditional financial markets [5]. Group 4: Cross-Border Payment Advantages - Stablecoins present notable advantages in cross-border payments, offering faster transaction times and lower costs compared to traditional systems like SWIFT [13]. - The average settlement time for SWIFT is 0.5-6 days, while stablecoins can achieve near real-time settlements [13]. - In countries facing currency volatility, stablecoins can mitigate exchange rate risks and enhance payment efficiency [13]. Group 5: Internet Companies' Strategic Moves - Major internet companies are accelerating their stablecoin strategies, with JD.com and Ant Group planning to launch compliant stablecoins for cross-border payments [23]. - Visa and PayPal have also made significant moves in the stablecoin space, indicating a broader trend among tech giants to integrate stablecoins into their payment systems [23]. - The integration of stablecoins into existing ecosystems can lower transaction costs and enhance operational efficiency for internet companies [23]. Group 6: Future Implications for Web3.0 - The adoption of stablecoins is expected to increase the penetration of Web3.0 ecosystems, potentially leading to a more prosperous DeFi landscape [31]. - As stablecoins grow, they may attract more compliant stablecoins into the blockchain market, further enriching the DeFi asset base [31]. - The synergy between stablecoins and RWAs can significantly enhance liquidity and broaden the scope of financial products available in the DeFi space [31].

Core Insights - The "RWA & AGI Global Summit 2025" held in Hangzhou focused on the integration of Real World Assets (RWA) and Artificial General Intelligence (AGI), highlighting the importance of digital transformation in the economy [1][3][5] Group 1: Event Overview - The summit attracted over 1,000 attendees, including government officials, industry experts, and media representatives, with online viewership exceeding 50,000 [3][5] - Key discussions revolved around the digitalization of assets and the integration of AGI technology, showcasing China's advancements in asset verification and digital economy [3][6] Group 2: Key Speakers and Their Insights - Jin Shubao emphasized the role of digital economy as a growth engine and the importance of RWA in reshaping asset transactions and enhancing industrial vitality [6] - Liu Shunda discussed the philosophical implications of tokens and AGI, expressing confidence in the future of innovation in the sector [8] - Miao Chengchao highlighted RWA's potential to improve asset liquidity and facilitate financing for SMEs, urging industry players to enhance their sense of responsibility and innovation [10] - Ni Jianzhong noted that the fusion of RWA and AGI marks a new phase in digital integration, providing new financing channels for SMEs [12] - Kim Beom-jang from Korea's Future Five Group expressed optimism about the revolutionary changes RWA and AGI could bring to global industries [14][15] Group 3: Future Developments and Collaborations - The collaboration between Zhejiang Suqin Technology, Future Cloud Start, and Hangzhou Wash Intelligent Technology aims to innovate RWA applications in the real economy, marking a significant step in the development of RWA systems [24][25] - Future Cloud Start plans to expand its user base significantly and launch various RWA projects, indicating a strong growth trajectory in the coming months [23]

Summary of YunSai ZhiLian Conference Call Company Overview - **Company**: YunSai ZhiLian - **Industry**: Blockchain Technology and Digital Assets Key Points and Arguments Industry Involvement and Collaborations - YunSai ZhiLian participates as a co-leader in the formulation of trusted blockchain standards and collaborates with YiDian XinSheng to build a blockchain platform in Pudong New District, enhancing government efficiency in various sectors such as data resources, contract storage, electronic materials, time banking, and health records [2][3] - The company has a strategic partnership with Shanghai Pudong Development Bank, although specific business operations have not yet commenced [2][6] - Collaborations with major companies like Ant Group, Alibaba, and Huawei focus on standard and technical specifications for blockchain platform construction and data storage for smart connected vehicles [2][7] Project Developments - Since 2020, YunSai ZhiLian has worked with the Pudong New District Big Data Center on blockchain technology research and applications, with significant projects initiated in 2019 [3][9] - The blockchain platform developed for Pudong has been applied in multiple areas, including over 1,000 contracts on the contract storage chain and more than 20,000 transactions processed in the electronic materials chain [3][9] - The company is involved in the Shanghai Municipal Health Commission's health data laboratory, facilitating data circulation, trading, and regulation in the medical field [3][7] Government Engagement and Market Trends - The Shanghai State-owned Assets Supervision and Administration Commission is studying the trends of cryptocurrencies and stablecoins, indicating government interest in blockchain technology's potential [5][9] - YunSai ZhiLian aims to leverage its strengths to collaborate with government departments to promote innovation in cross-border trade, supply chain finance, and asset digitization [5][9] Technical Capabilities and Future Directions - The company has solid technical reserves in blockchain and digital currency, having started relevant projects in 2022 and co-created blockchain standards with the China Academy of Information and Communications Technology [3][9] - YunSai ZhiLian is well-positioned to respond quickly to government demands, particularly in the financial sector, where it has accumulated significant technical experience [9][10] Future Opportunities - As a major player in Shanghai's big data integration, YunSai ZhiLian is expected to play a crucial role in future blockchain and cryptocurrency developments, especially in the financial sector [10][11] - The company is monitoring new project bidding opportunities and is prepared to pursue better outcomes in cryptocurrency and stablecoin projects if they arise [11] Additional Important Information - The company has not disclosed specific details about ongoing projects with Ant Group due to the early stage of participation [8] - YunSai ZhiLian's current focus remains on existing client dimensions and technical fields, with potential future exploration into financial applications based on market demand [8][9]

海南华铁 20250613 摘要 海南华铁积极布局 RWA，早在 2021 年启动资产再链化，通过专用芯片 提升数据传输效率，实现轻资产运营，并为行业提供 RDV 化服务，推动 行业发展。公司已实现业务流、物流和资金流的数字化，为 RWA 落地 奠定基础。 海南华铁与阿达威研究院签署战略合作协议，共同推进 RWA 技术落地， 探索创新业务，并计划未来可能在香港发行相关资产。同时，公司也在 积极探索 Web 3.0 金融领域，将虚拟世界的线上资产进行映射。 海南华铁计划在新加坡上市，并利用区块链技术提升资产运营能力，实 现国际化链接，为稳定币应用提供协同作用。公司致力于探索虚拟世界 中的线上资产映射，以适应全球市场需求。 海南华铁认为，适合 RWA 上链的资产应具备实时监控和记录特性，如 登高车租赁业务，通过区块链技术实时记录交易、使用情况及价格，实 现全程透明化管理。相比之下，房地产因出租过程监控难度大，上链难 度更高。 海南华铁在区块链领域多方面布局，包括与蚂蚁集团合作探讨技术对接， 参股 NFT 二级市场交易平台 Xmeta，致力于将算力上线，推动算力稳 定币发展。计划通过香港市场发行债券式 RWA，并在 ...

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, specifically focusing on Real World Assets (RWA) [4] Core Insights - RWA represents a transformative innovation in financial technology by converting real-world assets into digital assets on the blockchain, potentially leading to exponential growth in the sector [2][6] - The global RWA asset market reached $24.5 billion as of June 2025, with projections to exceed $16 trillion by 2030, indicating a significant opportunity for investment [6][18] - The report emphasizes the importance of regulatory frameworks being established globally to support the growth of RWA, with regions like Hong Kong and the EU leading the way [26][30] Summary by Sections RWA: Connecting Real World Assets to Blockchain - RWA involves the tokenization of tangible and intangible assets through blockchain technology, enhancing liquidity and reducing transaction costs [11][12] - The RWA market is rapidly expanding, with a diverse range of assets including real estate, bonds, and commodities being tokenized [15][16] RWA Issuance Process and Regulatory Framework - The RWA issuance process consists of five key steps: asset selection, legal and compliance framework establishment, technology implementation, token issuance, and ongoing management [21][23] - Various countries are developing regulatory frameworks for RWA, with Hong Kong adopting a sandbox approach to foster innovation while ensuring compliance [26][30] Expansion of Asset Classes and RWA Market - RWA assets can be categorized into cash flow, equity, and non-cash flow assets, with credit and bonds currently leading the market [35][36] - The report highlights the significant growth potential in the RWA sector, particularly in tokenized real estate and securities, which are becoming increasingly popular [46][53] RWA Industry Ecosystem - The RWA ecosystem is forming a collaborative industry chain involving asset providers, technology firms, platforms, compliance custodians, and investors [4][6] - Key players in the blockchain and fintech sectors are recommended for investment, including companies like 恒生电子 and 新国都 [2][6]

二、为什么会火？ 稳定币能火起来，很大程度得益于监管层面的逐步落地。像美国以及中国香港等地，都相继推出了稳定 币监管法案。这些法案要求稳定币必须有 100% 的法币储备，禁止付息并且强制披露资产状况。这一系 列规定消除了市场之前对稳定币的诸多不确定性，使得稳定币朝着合规化方向大步迈进，进而吸引了更 多机构和投资者参与进来，促使稳定币市场快速发展。 三、稳定币最新分支是什么？ 周末重磅消息来袭，内外结合之下，上海稳定币即将走入大众视野。今天这条视频，我就给大家一次性 讲清楚关于上海稳定币的 4 个关键问题，点赞收藏，咱们马上发车！ 一、什么是稳定币？ 简单来说，稳定币就是币值稳定的加密货币。就拿锚定美元的稳定币来讲，发行方会储备一笔美元现 金，你手里的一个稳定币，理论上随时都能换回一美元。在跨境支付领域，稳定币的优势尤为突出，能 够做到实时到账，手续费也非常低，极大地降低了交易过程中的摩擦成本。京东推出京东币，背后的考 量也正是基于此。稳定币最大的特点就是价格相对稳定，不过它本身并不具备明显的升值空间，主要功 能是为了在各类交易场景中提供稳定的价值尺度和支付手段。 当下稳定币的最新分支聚焦于 "数据 + 实体资 ...

Core Insights - The TON Foundation has officially announced a global recruitment for the position of Head of Marketing, seen as a crucial step to strengthen brand credibility and ecosystem development following the "UAE Golden Visa" controversy [1][5] Group 1: Strategic Focus - The new Head of Marketing will lead four strategic directions: developing global marketing strategies to enhance the TON ecosystem's influence, focusing on attracting developers and users [3] - The role will also involve advancing the brand's internationalization process to increase TON's recognition and competitiveness in the cryptocurrency market [3] Group 2: Technological Integration - The recruitment indicates a deepening of the TON Foundation's technological strategy, particularly in enhancing the AIT (AI + TON) ecosystem architecture and promoting the integration of AI large models with blockchain technology [5] - This follows the recent appointment of a former Visa executive as the Vice President of Payments, creating a talent matrix that encompasses marketing, technology, and payments [5] Group 3: Controversy and Strategic Adjustment - The recruitment announcement comes after the TON Foundation faced criticism for claiming that a $100,000 TON stake could secure a UAE Golden Visa, which was later clarified as not having formal government authorization [5] - Analysts view this executive recruitment as a brand repair measure in response to the controversy and a way to prepare core talent for the AI and blockchain integration strategy [5] - The foundation has also introduced a "bounty program" for the global developer community and traders, offering rewards for constructive feedback and vulnerability identification related to the AIT ecosystem [5] Group 4: Operational Responsibilities - The new Head of Marketing will oversee the operation and content creation for social media platforms such as TikTok and Instagram [6] - The role will also involve collaborating with the foundation's board to set budgets and optimize cross-departmental resource allocation [6]