香港稳定币及 RWA 最新进展交流 20250602 摘要 香港政府积极推动区块链和数字金融发展，已投入 5,000 万港币，批准 交易所发行 ETF，并通过稳定币草案三读，预计年底发布，旨在解决流 动性问题，促进资金在不同市场间流通。 RWA（真实世界资产）通过代币化传统资产，提高融资途径，但目前主 要集中在一级市场发行，与美国标准化程度高、数据实时动态的二级市 场 RWA 产品形成对比，中国主要集中于光伏和充电桩等基础设施类资 产。 充电桩收益权作为融资底层资产面临收益不固定、需要物联网系统实时 监测数据等挑战，要求基础设施具备实时数据支持和数据连网，以确保 投资者能够评估底层资产的预期收益。 适合 RWA 的资产应具备数字化程度高、具有实时数据支撑、以及拥有 原生价值的特征，如光伏和充电桩等基础设施类资产，同时需要建立一 整套评估方法来确保这些资产能够成为优质上市产品。 RWA 市场面临黑盒操作的问题，缺乏透明度和规范性，需要依赖大机构 按照规范程序推进，加强法律、资管、托管银行及评估机构等多方协作， 提高透明度和标准化水平。 Q&A 香港在稳定币和 RWA（Real World Assets）方面的最 ...

Core Viewpoint - Zhongqi Yunlian has submitted its prospectus to the Hong Kong Stock Exchange, planning to go public as a digital financial platform focused on industrial sectors since its establishment in 2015 [1] Financial Performance - The core business of Zhongqi Yunlian, which includes rights confirmation and factoring services, has shown exceptional performance with gross margins exceeding 90% for three consecutive years, making it a leader in the industry [1] - Despite high gross margins, the company's overall profitability remains modest, with net profit margins fluctuating between 7% and 17% during the reporting period, raising concerns about its profitability [1] - High operating expenses, particularly selling expenses, are identified as the main obstacle to profit growth, with over 70% of annual revenue allocated to cover these costs, and selling expenses alone accounting for nearly 50% of total revenue [1] Revenue and Cost Structure - The revenue from the core business reached approximately RMB 9 billion, but the profit level remains insufficient compared to this high revenue figure [5] - The company has achieved over 2 times growth in profit in 2023, yet the profit level is still considered inadequate relative to its substantial revenue [5] - The breakdown of expenses shows that marketing costs have become the dominant part of the expense structure, significantly limiting profit margins [5][6] Shareholding Structure - Zhongqi Yunlian's prospectus reveals changes in its shareholding structure, particularly highlighting the activities of its third-largest shareholder, Huayu Guochuang Fund, which has engaged in a series of capital operations that appear suspicious [2] - The fund's transactions include acquiring shares at a low price and subsequently selling them at a significantly higher price, raising questions about the valuation of Zhongqi Yunlian's equity [3] Future Outlook - The market is keenly observing whether Zhongqi Yunlian can optimize its expense structure while effectively enhancing its profitability quality, which will be a focal point for investors [5]

Core Insights - The digital economy in China has shown strong growth in Q1 2023, significantly supporting the macroeconomic outlook, with the core industries' added value growth rate exceeding 10%, notably higher than GDP growth [3][4] - Investment in core industries of the digital economy has also performed well, driven by policies and market demand recovery, particularly in emerging fields like artificial intelligence and humanoid robots [3][4] Digital Consumption - Digital consumption has experienced steady growth, with innovations in digital technology improving consumer experiences and driving online consumption, particularly in food and trade-in models [4] - The eastern region of China leads in digital economy metrics, contributing over 90% of revenue and net profit from A-share listed companies in core digital industries, indicating strong industrial clustering effects [4] Digital Finance - The emergence of AI models like DeepSeek has democratized access to AI capabilities for small and medium financial institutions, enhancing innovation and efficiency in the financial sector [5] - Financial institutions are focusing on optimizing technology investments, with a slowdown in growth for banking tech investments but increased intensity in securities sector investments [5] Policy Outlook - Recommendations for future development include improving the digital economy ecosystem, fostering collaboration between technology, industry, and finance, and establishing governance frameworks for generative AI applications in finance [6] - Emphasis on consumer rights protection in the AI era is crucial, with financial institutions needing to ensure the safety and compliance of AI technology usage [6]

Core Insights - The digital economy in China continues to show strong growth, with core industries maintaining a growth rate of over 10% in the first quarter of this year [1] - Eastern regions are leading in the digital economy, contributing over 90% of the revenue and net profit from A-share listed companies in the core digital economy sector [1] - Financial institutions are increasingly adopting AI models like DeepSeek, which has democratized access to AI capabilities for many small and medium-sized financial institutions, significantly transforming the financial industry [1] Recommendations for Future Development - There is a need to further enhance the digital economy ecosystem to foster a virtuous cycle of "technology-industry-finance" and eliminate constraints on digital economy consumption [1] - Accelerating the establishment of a governance framework for generative AI applications in finance is essential, focusing on detailed implementation guidelines and risk management related to AI misuse [1] - Building a high-quality financial data market is crucial, exploring and refining theoretical and practical pathways for data ownership, pricing, valuation, trading circulation, and integration into financial statements [1]

21世纪经济报道记者 周妙妙 深圳报道 5月18日，中国证券监督管理委员会原主席肖钢在2025年清华五道口全球金融论坛表示，今年一季度我 国数字经济持续保持良好发展态势。其中数字经济核心产业增势良好，增长速度保持在10%以上（两位 数增长）。 他介绍，从数字制造业增加值情况来看，数字制造业同比增长了11.5%，高于同期工业和高技术制造业 增幅；从数字服务业增加值情况看，如信息传输、软件和信息技术服务业的增加值的同比增长也达到了 两位数。 同时，数字经济投资也实现了高增长。在固定资产投资中，数字经济核心产业投资增速也实现了两位数 增长，特别是电子信息制造业、信息服务业的投资分别增长了10.1%和10.5%。 数字消费也实现稳中有升。肖钢介绍，当前数字产业和数字消费已经形成了供需协同局面，数字技术的 协同发展，不断推动着数字消费场景的拓展。如网上食品消费的增长快于整个消费增长，特别是今年以 来，以旧换新模式快速发展，进一步拉动了线上消费。由于数字技术不断创新，消费场景和体验得以改 善。通过互联网、人工智能、元宇宙等构建"内容+体验"的新场景不断涌现，也极大促进了数字消费的 发展。 从区域分布、企业总量来看，东部地 ...

Group 1 - The article highlights the diverse roles and skills acquired by the journalist, transitioning from a financial reporter to a multifaceted researcher and content creator in the digital finance sector [2][3] - The journalist has produced 15 research reports in the digital finance field over seven years, starting from a focus on internet finance supervision and evolving into broader industry insights [3][6] - The journalist emphasizes the importance of continuous learning and adaptation in the rapidly changing financial and technological landscape, engaging in various research topics including aging, digital life, and artificial intelligence [8][9] Group 2 - The journalist's work includes in-depth investigations into illegal practices in the financial sector, contributing to significant reports that have been referenced by peers and industry professionals [5][6] - The journalist has also ventured into video content creation, launching several short video series aimed at educating the public on financial topics and industry trends, showcasing a blend of serious journalism with creative outreach [9][10] - The upcoming video series "AI又整啥?" aims to address AI risks and trends in an engaging manner, reflecting the industry's shift towards integrating technology in content delivery [10][11]

点击蓝字，关注我们 主要逻辑： 电商+游戏+数字金融，三大业务板块协同驱动业绩高增；公司早期"以价换量"的货币化措施开始 放量，并在竞争中取得阶段性胜利，利润率得到有效提升；市场或低估其在东南亚的垄断地位。 股价近一年涨幅达140%，截至5月15日收盘，远期市盈率达45x。 鉴于东南亚及巴西的高增长属性， 市场对其未来增速的预期显著高于同在电商领域的eBay、京东和纯数字金融的PayPal、block，亦高于 一直被拿来对标的腾讯。 | | 宮号 | 证券代码 | 让券简称 | 预测PE(NTM) | 销售利润率(N年,增长率) | 营业收入(同比增长率) | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | [交易日期] 最新收祭日 | [报告期] 最新一期(MRQ) | [报告期] 今年一季 | | | | | | | [单位] 倍 | [年数] 3 | [单位] % | | | | | | | | [单位] % | | | | | 1 2 | SE.N SHOP.O | SEA SHOPIFY | 44.7151 100.0758 ...

Group 1 - The core viewpoint of the article highlights the strong financial performance of Sea Group in Q1 2025, with significant revenue growth and a turnaround in net profit [1][2][3] - Sea Group reported a revenue of $4.841 billion, representing a year-on-year increase of 29.6%, and a net profit of $411 million, reversing a loss of $23 million in the same period last year [1] - The company's three main business segments showed improved profitability, with the e-commerce platform Shopee achieving a gross merchandise value (GMV) of $28.6 billion, up 21.5%, and total orders reaching 3.1 billion, an increase of 20.5% [1] Group 2 - The digital financial services segment, rebranded as "Monee," generated revenue of $787 million, a year-on-year growth of 57.6%, with a stable non-performing loan rate of 1.1% [1] - The digital entertainment segment benefited from collaborations with popular games, resulting in 662 million active users and 64.6 million paying users, with revenue of $496 million and a booking revenue of $775 million [2] - The total EBITDA for the company reached $947 million, doubling compared to the previous year, driven by growth across all three business segments [3]

Group 1 - The core objective of the "2025 Digital Rural Development Work Points" is to ensure that by the end of 2025, over 90% of administrative villages in China will have access to 5G networks, enhancing digital technology's role in food security and poverty alleviation [1] - The work points outline 26 key tasks across 9 areas, focusing on improving rural network infrastructure, accelerating the digital transformation of rural facilities, and promoting the integration and sharing of agricultural data resources [1][2] - The initiative aims to enhance the digital governance efficiency and information service levels in rural areas, thereby narrowing the urban-rural gap and promoting integrated development [1] Group 2 - The work points emphasize the acceleration of smart agriculture development, promoting the innovation and application of smart agricultural technologies, and enhancing the digitalization of the entire agricultural supply chain [2] - It includes the implementation of subsidies for purchasing advanced agricultural machinery and the integration of digital technologies such as 5G, big data, and artificial intelligence into agricultural equipment [2] - The initiative also encourages the development of new rural industries and business models, supporting high-quality rural e-commerce and the integration of agriculture with culture and tourism [2] Group 3 - The work points highlight the need to improve digital inclusive services in rural areas, focusing on enhancing digital education, health services, and financial services for rural populations [3] - It promotes the digital upgrade of agricultural financial products and services, aiming to improve accessibility and coverage of inclusive financial services in rural areas [3] - The initiative calls for a diversified funding mechanism to support digital rural projects, leveraging existing financial channels and encouraging participation from both state-owned and private enterprises [3]

Group 1 - The core viewpoint of the articles emphasizes the integration of digital economy and real economy through a new paradigm of government-enterprise collaboration, focusing on "value co-creation" rather than traditional resource exchange [1][3] - The company aims to create a spiral growth chain that links enterprise capability enhancement, industrial ecosystem evolution, and regional economic quality improvement [1] - The strategy involves transforming data assets into value carriers and utilizing smart platforms and cutting-edge technologies to upgrade government-enterprise cooperation from short-term projects to long-term ecosystems [1][4] Group 2 - The company reconstructs the "value distribution rules" of industrial capital by turning financial elements into "value hubs," driving the integration of financial, industrial, and innovation chains through strategic investments and capital empowerment [3] - It provides financing solutions that share risks and rewards with local platform companies while also offering resources like technology and data to shift enterprises from "single profit" to "ecosystem profit" [3] - The company enhances financing accessibility for small and medium-sized enterprises by creating a "data credit enhancement" financing model through supply chain finance [3] Group 3 - The company has developed a trade information platform and big data center that serves as a "data middle platform" for government-enterprise collaboration, enabling data rights and sharing across different sectors using blockchain technology [4] - This platform transforms fragmented data into quantifiable, traceable, and tradable "industrial digital assets," allowing for algorithm-based decision-making rather than experience-based [4] - By making the "implicit value" of local platform companies explicit through data asset transactions, the company aims to enhance the value of state-owned assets and improve regional economic competitiveness [4] Group 4 - The company employs cutting-edge technology to implement a "gene-level transformation" of the e-commerce supply chain, creating a transparent process for product traceability, warehouse collateral, and cross-border settlement [6] - It offers "full-cycle financial services" that cover all aspects of the supply chain, significantly enhancing the digital operational capabilities of its partners [6]