凌子昂不仅是区块链领域的学术先锋，更是一位杰出的行业实践者。作为 NFTGo 的联合创始人，他推动了 NFT（非同质化代币）技术的发展与应用，为数 字资产的流通和价值实现提供了新的思路和解决方案。 在 5 月 25 日于杭州龙禧福朋喜来登酒店成功举办的亚洲品牌经济峰会 2025 杭州会议上，NFTGo 联合创始人凌子昂（笔名龙野）凭借其在区块链和数字货 币领域的杰出贡献，荣获第八届斯贝瑞奖 2025年度科技创新人物。这一殊荣不仅是对他过去九年在区块链行业深耕的肯定，更是对其未来潜力的高度期 待。 本次活动以 "创新无界，大浪淘沙始见金" 为主题，吸引了来自中国香港、迪拜、泰国、新加坡以及全国各地的 300 多位企业家、行业专家及品牌创始人。 活动旨在探讨品牌经济的创新趋势与数字化生态下的商业机遇，为企业领袖及创新实践者提供了一个高端对话与资源整合的平台。在众多优秀候选者中脱颖 而出，凌子昂的获奖充分彰显了他在区块链领域的卓越实力与行业影响力。 九年深耕，铸就行业标杆 凌子昂在区块链和数字货币行业拥有 9 年的研究和从业经验，是最早涉足比特币定价研究的学者之一。他著有多篇相关论文，并出版了《解锁新密码——从 区 ...

Group 1 - The market is experiencing a structural bull market, with significant capital flowing from A-shares to Hong Kong stocks, particularly in sectors like pharmaceuticals and consumption [1][5] - Traditional consumption sectors such as liquor and large technology are underperforming, indicating a shift in market sentiment and investment focus [1][5] - The current market is characterized by a lack of new capital inflow, with trading volumes remaining around 1.2 trillion, suggesting a stock game among existing players [3][5] Group 2 - The buying power has decreased despite a broad market rally, indicating a potential risk of profit-taking in the near future [3][5] - The number of stocks hitting the daily limit up has decreased, with only 55 stocks reaching this threshold today, compared to higher numbers in previous days [4][6] - The market is showing signs of weakness despite the apparent strength in stock prices, suggesting that without new capital or themes, the upward momentum may not be sustainable [5][6]

Market Overview - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index increasing by 0.42% to close at 3376.20 points [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.15 trillion yuan, an increase of 116 billion yuan compared to the previous day [1] - The market exhibited a broad-based rally, indicating a favorable profit-making environment [1] Sector Performance - Brokerage stocks experienced a rebound, contributing to the overall market uptrend [1] - The innovative drug sector showed signs of divergence, with leading stock Shuyatian experiencing a pullback [1] - Blockchain concept stocks, particularly Yuyin Co., faced volatility, with multiple instances of price fluctuations during trading [1] Investment Competition Insights - In the ongoing simulated stock trading competition, participants capitalized on new consumer concept stocks, with Mankalon achieving over 20% profit in two days [2] - The competition allows participants to win cash rewards based on positive returns, with specific prizes allocated for top performers [4][5] - Participants are encouraged to operate at least three stocks per competition period to maximize their scoring potential [7]

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]

Core Insights - The article highlights the significant involvement of TRON as a top sponsor at the ETH Beijing conference, emphasizing its commitment to ecosystem collaboration and innovation in blockchain technology [1][3]. Group 1: TRON's Ecosystem and Technological Advancements - TRON has established a dedicated exhibition area at ETH Beijing, offering a $500,000 incentive fund focused on smart contract development, cross-chain technology optimization, and DApp innovation [1]. - As of May 2025, TRON's ecosystem has accumulated over 307 million user accounts and completed 10.3 billion on-chain interactions, with a locked asset scale of $23 billion, reinforcing its competitive position in the global public chain sector [3]. - The platform utilizes a DPoS consensus algorithm designed by founder Justin Sun, achieving a block generation speed of 3 seconds and a theoretical transaction processing capacity of 2,500 transactions per second, while supporting fee-free transfers [3]. Group 2: Cross-Chain Infrastructure and Developer Engagement - TRON's cross-chain infrastructure, BitTorrent Chain (BTTC), facilitates multi-chain connectivity and has completed the mapping of over 100 digital assets, serving more than 37 million users [5]. - The collaboration with Peking University Blockchain Association aims to enhance interaction between students and the Web3 industry, supported by a $100 million AI fund and a Grand Hackathon competition [5]. Group 3: International Expansion and Compliance - TRON's international strategy has evolved it into a global payment infrastructure, with stablecoin projects in Brazil and Dominica, integrating deeply into national digital economy plans [7]. - The network's stablecoin payment services in Africa and Southeast Asia have connected millions of SMEs, processing daily settlements exceeding $25 billion [7]. - TRON has established a smart regulatory network in collaboration with T3 Financial Crime Unit, successfully freezing over $126 million in illicit funds, and has achieved blockchain technology certification from Hong Kong's Digital Port [8]. Group 4: Future Vision and Strategic Framework - Justin Sun announced the "Chain-Network Integration" strategic framework at the ETH Beijing hackathon, focusing on using zero-knowledge proof technology to enhance data interaction layers [8]. - This strategy aims to merge blockchain's privacy features with AI computing networks, establishing a new generation of digital trust mechanisms [8].

Summary of Key Points from Conference Call Industry and Company Involved - The conference call discusses the developments in the **stablecoin** and **Real World Assets (RWA)** sectors in **Hong Kong**. - **China JinDian Group** is highlighted for its active involvement in stablecoin and RWA business. Core Insights and Arguments - The **Hong Kong government** has invested **HKD 50 million** to promote blockchain and digital finance, approved ETF issuance, and passed the stablecoin bill, expected to be released by the end of the year, aiming to address liquidity issues and facilitate capital flow across markets [1][2][3]. - RWA is focused on tokenizing traditional assets to enhance financing avenues, primarily in the primary market, contrasting with the more standardized and dynamic secondary market in the U.S. [1][3]. - The **charging pile revenue rights** face challenges such as variable income and the need for IoT systems for real-time data monitoring, which are essential for investors to assess expected returns [1][6]. - Suitable RWA assets should be highly digitalized, supported by real-time data, and possess intrinsic value, with infrastructure assets like solar power and charging piles being prime examples [1][7]. - The RWA market suffers from a lack of transparency and standardization, necessitating collaboration among major institutions to enhance legal, asset management, custody, and evaluation processes [1][8]. Additional Important Content - The **differences between RWA in China and the U.S.** are notable, with the U.S. having a more developed secondary market and higher standardization, while China focuses on infrastructure assets like solar and charging piles, which are not yet ready for secondary market trading [3][4]. - The **"everything can be RWA"** perspective is debated, with suitable assets needing high standardization and low risk, while agricultural products are deemed unsuitable due to their inherent risks [7]. - The **current RWA application scenarios** are primarily in real estate, financial products, and renewable energy, with potential for expansion into cross-border transactions [10]. - **Stablecoins** are viewed as critical assets in the crypto ecosystem, facilitating global payments and mitigating price volatility risks, with a projected market size of **USD 2 trillion** [11][33]. - The **Hong Kong market** has three main players in stablecoins: JD.com, Standard Chartered Bank, and Yuanbao, with a focus on both B2B and B2C applications [13]. - Future innovations in Hong Kong may include the use of stablecoins for large remittances and the establishment of a comprehensive regulatory framework for OTC trading [16][35]. - **China JinDian Group** plans to apply for a stablecoin license in Hong Kong and is exploring asset securitization of high-quality assets like futures contracts and local government bonds [31][32]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future potential of stablecoins and RWA in Hong Kong and beyond.

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]