香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 ELATE HOLDINGS LIMITED 誼礫控股有限公司 （ 於香港註冊成立之有限公司） （ 股份代號： 076） 自願公告 業務發展最新情況 誼礫控股有限公司董事會欣然知會市場有關本集團之最新業務發展。 此乃由誼礫控股有限公司（「本公司」）作出之自願性公告，使其股東及潛在投 資者知悉本公司及其附屬公司（合稱「本集團」）之最新業務發展。 本公司董事會（「董事會」）謹此宣布，本公司之全資附屬公司誼礫石墨有限公 司（「子公司」）於二零二五年六月十二日與 Goldpay Limited（「Goldpay」）已訂 立商業合作合約（「該合約」）。根據該合約，將由子公司擔任顧問方、Goldpay 擔任發行方，為一批有需求且合適的公司發行各種實用性的加密代幣。雙方將 把上述業務作為開展 web3 項目的主要內容。作為顧問方的子公司將涉及的顧 問工作僅限於在區塊鏈的技術問題以及實用代幣的應用場景事宜。 董事會認為 ...

Core Viewpoint - The report by Zhonghang Securities highlights the role of stablecoins in the Real World Assets (RWA) framework, emphasizing their functions in stabilizing pricing, enhancing liquidity, connecting DeFi, optimizing compliance, and attracting institutional funds [1][2] RWA Business and Regulation - RWA business involves the digitization of real-world assets into tokenized products, requiring clarity on asset value, ownership, and legal status [2] - The digitization process must comply with government regulatory frameworks if it involves securities [2] - Revenue sources are diversified, covering issuance, trading, and operational aspects, including issuance service fees, liquidity management returns, asset operation shares, and compliance pricing [2] - Hong Kong has proactively established a regulatory framework for virtual assets and stablecoins, with the Securities and Futures Commission releasing guidelines as early as 2018 [2] RWA Technology, Market, and Ecosystem - RWA utilizes blockchain technology to convert physical assets into tradable digital tokens, supported by a three-layer technology architecture: core architecture, middleware, and application layers [3] - According to Citibank's forecast, the market for tokenized digital securities could reach $4-5 trillion by 2030, while trade finance based on distributed ledger technology (DLT) may reach $1 trillion [3] - The industry forms a closed-loop ecosystem through collaboration, with asset issuers providing underlying value, technology service providers enabling digitization, liquidity providers activating markets, compliance parties ensuring legality, investors injecting funds, and support service providers maintaining operational safety [3] Investment Recommendations - Zhonghang Securities suggests focusing on three growth themes: blockchain + fintech, renewable energy + RWA, and cross-border payments [4] - Specific companies to watch include: - Blockchain + Fintech: Zhongke Jin Cai (002657.SZ), Sifang Jingchuang (300468.SZ), Shenzhou Information (000555.SZ), Yuxin Technology (300674.SZ), Hengbao Co., Ltd. (002104.SZ) [4] - Renewable Energy + RWA: Langxin Group (300682.SZ), GCL Energy Technology (002015.SZ) [4] - Cross-Border Payments: Hailian Jinhui (002537.SZ), Newland (000997.SZ), Lakala (300773.SZ), Xinguodu (300130.SZ), Tianyang Technology (300872.SZ) [4]

Core Viewpoint - The article discusses the significant impact of Trump's $3 trillion economic plan on the U.S. political landscape, particularly focusing on the implications for traditional industries and the blockchain sector, highlighting how XBIT decentralized exchange could serve as a safe haven for investors amidst the turmoil [1] Tax and Healthcare Legislation - The core of the controversy revolves around the SALT deduction cap, with the House version proposing to increase the cap from $10,000 to $40,000, resulting in a $350 billion fiscal gap, while the Senate aims to reduce this cost [1] - The House's plan to cut $600 billion from green energy tax credits poses a direct threat to renewable energy financing, causing anxiety in banks and manufacturing sectors [1] XBIT Decentralized Exchange - XBIT utilizes blockchain technology to create a policy immunity barrier for users, ensuring transparent and immutable transactions through smart contracts, allowing for seamless 24/7 asset flow even amidst traditional market volatility [3] - The platform employs zero-knowledge proof technology, providing military-grade protection for user privacy and asset security, surpassing traditional financial institutions' firewall systems [3] Business Survival Strategies - A key point of contention in the tax reform proposal is the limitation on "pass-through entities" (like partnerships and sole proprietorships) from claiming SALT deductions, which could lead to double taxation for small business owners [3] - XBIT's tax advantages are highlighted, as its smart contracts enable precise tax cost planning, helping businesses avoid gray areas in traditional accounting systems [3] - The platform's cross-chain interoperability allows users to switch assets freely among major public chains without centralized approval, with one manufacturing user reporting a 40% dilution of cash flow pressure due to dollar volatility hedging using stablecoins on XBIT [3] Blockchain Legitimacy and Compliance - XBIT addresses the ongoing debate about the legality of blockchain by demonstrating through technology that it can meet regulatory compliance while preserving user anonymity [4] - The proposed permanent corporate tax reductions by the Senate Finance Committee have already been automated within the XBIT ecosystem through DeFi protocols, enhancing tax filing efficiency by 80% [4] Innovative Financial Mechanisms - XBIT's liquidity mining mechanism creatively transforms tax reform costs into profits, allowing users to stake assets for governance participation, earning transaction fee dividends while influencing platform tax strategies [6] - The essence of the tax reform battle is framed as a confrontation between traditional fiscal systems and the blockchain economy, with XBIT proving that legitimacy is determined by user choice rather than legal text [6]

智通财经6月10日电，嘉楠科技5月份比特币产量增长25%达到109枚。 ...

近日，拉斯维加斯举办了全球区块链领域具有重要影响力的年度会议。波场TRON的创始人孙宇晨作为 重要参会者，与来自Bitwise和BitGo的两位高管共同参与了关于区块链资产生态发展及金融体系演进方 向的专题研讨。这场由多位行业领军者共同参与的交流活动，吸引了大量线下参与者及线上关注者，成 为本次活动的重要组成部分。 在专题研讨环节，孙宇晨阐述了区块链资产价值形成的底层逻辑。他结合波场TRON的实践案例指出， 相关资产价格的持续攀升与机构资本的介入、监管框架的明确性以及支付系统的适应性密切相关。通过 技术迭代与应用场景的拓展，这类资产的价值基础正在得到强化。这一观点与其他参会嘉宾形成了良好 互动。 来自Bitwise的高管从市场动态角度补充说明，当前相关资产投资基金的每日资金流入规模已达到五亿 美元量级，金融机构在资产配置中对该类资产的关注度正在提升。而BitGo的代表则强调了安全体系的 重要性，指出其机构服务方案正通过多重验证机制保障资产的妥善保管。 关于区块链技术与现有金融体系的关系，孙宇晨提出了协同发展的思路。他展示了波场TRON与大型科 技企业的合作成果，说明区块链技术如何在传统金融领域创造新价值。另一 ...

证 券 研 究 报 告 【资产配置快评】 西荡东稳——总量"创"辩第 104 期 以增长解决困境：科技突破带动生产力提升。 ❖ 宏观 张瑜：黄金的新视角 当下黄金价格的异常表现颠覆了传统认知，实际利率、通胀预期、美元指数等 经典因子无法充分解释黄金的上涨动力，我们认为黄金价格的异常涨幅隐含了 投资者对全球金融和政治秩序重构的强烈预期。央行购金热潮、地缘政治风险 升温、美元体系的潜在压力共同构成了这一秩序重构的复杂图景。为了度量全 球秩序重构交易的水平，我们提出黄金隐含"秩序重构"指数（Gold Implied Order Reconstruction Index，GIORI），旨在量化黄金价格中显性变量无法解 释的波动，揭示全球金融和政治秩序重构的市场预期。当前 GIORI 指数已经 达到 20 世纪 70 年代以来的最高水平，或说明市场对全球秩序重构的预期已经 超越了传统的周期性视角。此外，我们将 GIORI 指数与 GPR 指数、EPU 指数 进行对比，发现 GIORI 指数在 1979~1980 年和 2021~2025 年与衡量地缘风险 的 GPR 指数相关性较高，而与衡量美国经济政策不确定性的 EP ...

行业报告: RWA 2025年6月6日 中航证券有限公司 AVIC SECURITIES CO., LTD. RWA：为现实世界资产开启数字金融之门 行业评级： 增持 分析师：卢正羽 证券执业证书号：S0640521060001 分析师：刘牧野 证券执业证书号： S0640522040001 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 ■ 行业概览: RWA (Real World Assets)，即现实世界资产代币化。核心为通过区块链技术将传统实体资产（如房产、设备、债券、新能源设施 等）转化为可以线上交易的数字通证（Token），助力现实世界资产实现在区块链数字网络上的实时交易与流转。其有效破解了逆全球化寒潮冲 击之下的传统资产流动性不足、信任缺失、交易成本高等现实难题、为全球经济及金融数字化创新带来全新发展机遇。稳定币，既属于广义的 RWA范畴之一，也是RWA资产实现数字化交易的基础支付、结算媒介。 ■ RWA业务与监管:RWA业务,首先、在将现实世界资产转化为数学化代币产品的过程中,必须要明确标的资产的价值、所有权和法律地位。其 次，通过数字化信息桥把真实资产世界和数字资产世界连 ...

Investment Rating - The industry investment rating is "Overweight" [3] Core Insights and Investment Recommendations - RWA (Real World Assets) refers to the tokenization of traditional physical assets through blockchain technology, enabling real-time trading and circulation of these assets in a digital network. This innovation addresses issues such as liquidity shortages, trust deficits, and high transaction costs in traditional asset markets, presenting new opportunities for global economic and financial digital innovation [4][8]. - The potential market for tokenized digital securities is projected to reach $4-5 trillion by 2030, with trade finance based on distributed ledger technology (DLT) expected to reach $1 trillion [4][8]. - The report suggests focusing on three growth themes: Blockchain + Fintech, New Energy + RWA, and Cross-Border Payments, highlighting specific companies within these sectors [4]. Summary by Sections RWA Overview - RWA involves the tokenization of real-world assets, allowing for online trading of digital tokens representing these assets. This process enhances liquidity and operational efficiency while breaking down geographical barriers for investors [4][9]. RWA Business and Regulation - The tokenization process requires clear valuation, ownership, and legal status of the underlying assets. Regulatory frameworks are crucial, with Hong Kong and the U.S. leading in stablecoin regulation [4][30]. - The report outlines a four-step process for issuing RWA, emphasizing compliance, cash flow, technological mapping, and regulatory sandboxing [33][34]. Technology, Market, and Ecosystem - RWA technology is structured in three layers: core architecture, middleware, and application layer, facilitating the conversion of physical assets into tradable digital tokens [52]. - The stablecoin market, a significant component of RWA, is projected to grow substantially, with the total market capitalization expected to reach $2 trillion by 2028 [54][58]. - The RWA ecosystem is diverse, involving various stakeholders such as asset issuers, technology providers, liquidity providers, and regulatory bodies, all contributing to the operational framework [63][64]. Investment Opportunities - The report identifies key companies to watch in the RWA space, including those involved in blockchain technology, new energy projects, and cross-border payment solutions [4][27].

雷鸣于2023年年中作为创始合伙人创立追创创投，开始追觅生态基金的组建。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 北京时间2025年6月5日晚间，Circle Internet Group（以下简称"Circle"）正式以"CRCL"为股 票代码在纽交所挂牌上市，成为「全球稳定币第一股」。 两个交易日过后，Circle的股价已较发行价上涨247.42%，市值约240亿美元。事实上，在本次IPO 发行中，Circle已先后多次上调发行股数和发行价格，最终筹集11亿美元，并获得超过25倍超额认 购。 在 这一2025年迄今为止话题度最高的大型IPO背后，不乏数家中国背景的投资者。其中，时任华兴 新经济基金投资人的雷鸣于2018年投资Circle 。伴随Circle上市，这些早期投资者也收获了高倍的 投资收益。 雷鸣表示，当初他对Circle的两个核心投资判断是：其一、区块链技术未来能创造非常大的商业价值 和社会价值；其二、投资就是要投本质，金融的本质是牌照能力，而Circle恰恰是当时拥有牌照最全 的一家。 此外，雷鸣指出，区块链是2017-2018年的一个非常大 ...

Market Overview - The trading volume in the A-share market was 1.29 trillion yesterday, indicating that the market could continue to rise due to new capital influx. However, today's volume dropped to 1.5 trillion, suggesting a return to a stagnant trading environment post-holiday [1] - The market is currently experiencing low volatility, with most stocks fluctuating within a narrow range of +1% to -1%, and very few stocks showing movements exceeding 3% [1][3] - Compared to last year, the current market activity is even quieter than before the National Day holiday, raising concerns about the disconnect between market sentiment and actual performance [1] Trading Data Analysis - The number of stocks with a price increase of over 3% is only 358 out of more than 5400 stocks, while 260 stocks have declined by over 3%, indicating a lack of significant market movement [3] - The buying power today was recorded at over 400, returning to the lowest levels seen in recent statistics, despite the index showing a four-day upward trend [3] - The selling pressure remains consistent, with over 200 recorded, suggesting that if the market fails to break upward, short-term investors may start to realize profits, leading to potential selling [3] Sector Performance - The market saw a notable presence of ST (special treatment) stocks, which dominated the top gainers list, indicating a defensive stance from major funds [5] - The lack of strong sector performance is evident, with only a few sectors like computing power and innovative pharmaceuticals showing limited gains, while the majority of stocks are not participating in a collective upward movement [5][6] - The current market environment suggests that if conditions worsen, leading stocks may become safer as major funds are unable to offload their positions in a weak market [5] Conclusion - The overall market sentiment appears optimistic based on external reports, yet the actual trading data reflects a more cautious and stagnant environment, highlighting a potential misalignment between perception and reality [1][5]