智通财经APP在《2025年维信金科(02003)中期业绩：持续夯实数字金融生态 战略升级驱动高质量发 展》中指出，维信金科也在积极拓展在新兴技术领域的业务，战略投资了EXIO集团，该企业是香港证 券及期货事务监察委员会(SFC)首批批准设立的11家虚拟资产交易平台(VATP)之一，EXIO集团致力于构 建传统金融与Web3.0生态之间的桥梁，此项投资有助于维信金科探索传统金融体系与新兴数字资产领 域的协同价值，推动复杂场景下的解决方案创新，并在资产安全与用户体验方面建立更高标准的行业实 践。 智通财经APP获悉，维信金科(02003)绩后涨近7%，截至发稿，涨6.82%，报3.6港元，成交额30.53万港 元。 消息面上，8月25日，维信金科发布2025年度上半年业绩公告。公告显示，维信金科期内录得总收入25 亿元(人民币，下同)，同比增长43.8%;净利润为2.16亿元，同比增长79.5%。公司通过深耕主业、精进经 营，实现韧性成长，同时，董事会建议向本公司股东派发每股5港仙的中期股息，持续回馈股东长期信 任与支持。2025年上半年，维信金科积极调整业务策略，加强风险控制，提升运营效率，通过一系列战 略性 ...

维信金科也在积极拓展在新兴技术领域的业务，战略投资了EXIO 集团，该企业是香港证券及期货事务 监察委员会(SFC)首批批准设立的11家虚拟资产交易平台(VATP)之一，EXIO集团致力于构建传统金融与 Web3.0生态之间的桥梁，此项投资有助于我们探索传统金融体系与新兴数字资产领域的协同价值，推 动复杂场景下的解决方案创新，并在资产安全与用户体验方面建立更高标准的行业实践。 智通财经APP获悉，2025年8月25日，维信金科(02003)发布2025年度上半年业绩公告。公告显示，维信 金科期内录得总收入25亿元(人民币，下同)，同比增长43.8%；净利润为2.16亿元，同比增长79.5%。公 司通过深耕主业、精进经营，实现韧性成长，同时，董事会建议向本公司股东派发每股5港仙的中期股 息，持续回馈股东长期信任与支持。 核心业务聚焦"优质化"，战略投资新兴技术应用构建协同生态 2025年上半年，维信金科积极调整业务策略，加强风险控制，提升运营效率，通过一系列战略性举措以 增强业务韧性、巩固业务架构，并构建一个安全合规的数字金融生态系统。期内，公司系统性地升级了 风控框架，将客户组合结构向更优质的借款人调整，在积 ...

在聚焦内地信贷服务的同时，维信金科持续推进新市场的战略扩展，并优化营运模式以配合长远发展愿 景。我们的香港业务"CreFIT"不断深化与高质量的跨行业平台合作，以拓宽用户来源，并持续优化产品 运营以增强用户粘性。我们仍致力于收购在葡萄牙银行注册的信贷机构Banco Português de Gestão, S.A，并正积极拓展东南亚市场。 2025年8月25日，维信金科(2003.HK)发布2025年度上半年业绩公告。公告显示，维信金科期内录得总收 入25亿元(人民币，下同)，同比增长43.8%；净利润为2.16亿元，同比增长79.5%。公司通过深耕主业、 精进经营，实现韧性成长，同时，董事会建议向本公司股东派发每股5港仙的中期股息，持续回馈股东 长期信任与支持。 核心业务聚焦"优质化"，战略投资新兴技术应用构建协同生态 2025年上半年，维信金科积极调整业务策略，加强风险控制，提升运营效率，通过一系列战略性举措以 增强业务韧性、巩固业务架构，并构建一个安全合规的数字金融生态系统。期内，公司系统性地升级了 风控框架，将客户组合结构向更优质的借款人调整，在积极拓展新客户的同时，持续优化对现有客户的 服务，通过整 ...

8月20日，香港主板上市公司大洋集团（HK1991）在港成功举办"Web 4.0战略发布会暨RWA生态启动仪 式"，正式对外发布Web 4.0转型蓝图，并启动RWA生态建设。 大洋集团董事会主席施琦表示，Web 4.0不仅是技术的演进，更是生态的重构。大洋集团将以AI数字人 为引擎，以RWA为价值通道，以全球流量为纽带，构建智能、自主、可持续的数字经济新范式。 转自：经济参考网 RWA通过区块链等技术将不动产、供应链资产、基础设施收益权等传统资产映射为链上数字资产，有 效破解了实体经济中资产流动性不足、融资门槛高、资金供需匹配难等痛点。 总的来看，RWA契合"发展数字经济"的战略方向。通过将实体资产转化为可分割、可交易的数字凭 证，不仅提升了要素配置效率，更形成了穿透式监管的技术基础，助力构建"安全、规范、透明、开 放、有活力、有韧性"的资本市场，与"健全资本市场功能"的深化改革目标同频共振。 大洋集团于1991年成立，2007年在港交所上市，是兼具三十年产业积淀与前瞻数字视野的多元化企业。 随着全球数字化转型浪潮的深化，大洋集团敏锐洞察数字经济时代的战略机遇，果断启动向Web4.0 领 域的全方位战略转型， ...

Core Viewpoint - Sea, the Southeast Asian e-commerce giant, reported a record high revenue of $5.3 billion for Q2 2025, marking a significant year-on-year growth of 38.2%, surpassing market expectations of $5.12 billion. This is the strongest revenue growth for Sea in the past 12 quarters, driven by the synergy of its three main business segments: e-commerce, digital finance, and digital entertainment [1][3]. Financial Performance - Gross profit increased by 52.1% to $2.4 billion, with a gross margin improvement to 45.3% from 39.8% in the same period last year [3]. - Net profit soared to $414 million, a 418% increase from $79.9 million year-on-year, achieving the best quarterly profit in history. Diluted earnings per share rose to $0.65, a 364% increase, but fell short of analyst expectations of $0.99 [3]. - Adjusted EBITDA reached $760 million, up 71% year-on-year, with an adjusted EBITDA margin of 15.3%, a historical high [3]. Main Business Segments - E-commerce segment Shopee generated $3.8 billion in revenue, a 33.7% year-on-year increase, with adjusted EBITDA of $227.7 million, marking a historic turnaround from a loss of $9.2 million in the same period last year [4]. - Digital finance service Monee became the fastest-growing segment, with total revenue of $882.8 million, a 70% increase year-on-year. Adjusted EBITDA reached $255.3 million, up 55% [7]. - Digital entertainment segment Garena reported revenue of $559.1 million, a 28.4% increase year-on-year, with adjusted EBITDA of $368.2 million, up 21.6% [9]. Strategic Direction - Sea's management announced a strategic shift to prioritize growth while maintaining profitability, indicating the company has successfully transitioned from a restructuring phase to a new stage of growth and profitability [10]. - The company plans to establish 10 automated sorting centers in Southeast Asia by the end of 2025, aiming to increase the proportion of two-day delivery orders from 45% to 60% and reduce logistics costs by 10% [11]. Market Outlook - Following the earnings report, several analysts raised their target prices for Sea, with Macquarie initiating coverage with a "Buy" rating and a target price of $219.9, while Citigroup raised its target price to $206 [12]. - Despite short-term challenges such as competition from TikTok Shop and currency fluctuations, the long-term growth potential remains strong, with e-commerce penetration in Southeast Asia at only 6.5% compared to 27% in China [13].

文/ 国信证券股份有限公司投资银行事业部执行总经理 邵鹤令 RWA将现实世界中的实体资产与数字世界中的数字资产相链接，为实体 经济数字化转型和金融服务创新提供新的途径。中国香港率先探索RWA 创新实践，为中国内地企业借助离岸国际金融中心发布RWA通证创造了 条件。在数实融合的浪潮中，中国内地企业已开始探索合规化的RWA跨 境融资模式，为数字金融提供全新的解决方案。 实体经济与数字经济的融合发展，已成为经济发展的重要趋势。随着数实融合的深化，数字金融的创新模式不断涌现， RWA（Real World Assets，真实世 界资产）是其中备受关注的一种路径。RWA将现实世界中的实体资产与数字世界中的数字资产相链接，为实体经济数字化转型和金融服务创新提供新的 途径。在Web3.0的数字生态系统中，RWA是指将现实世界中的房地产、基础设施、收益权、艺术品、贵金属、大宗商品、知识产权、股票、债券、基金 等有形资产或无形资产，通过区块链等数字技术进行数字化映射和上链，以数字化、代币化的方式来表示、融资和交易的一种新型资产形式，从而实现数 字经济时代更透明、更高效、更安全的资产管理和交易。 做好数字金融大文章，对于建设金融 ...

Group 1 - The rise of technology is profoundly reshaping the financial landscape, with the integration of technology and finance driving innovation and providing strong support for real economy exploration [1] - The Hong Kong Stablecoin Regulation came into effect on August 1, establishing a clearer regulatory framework that is expected to boost confidence in the stablecoin market [4][5] - The initial issuance of licenses will likely favor companies with strong compliance capabilities and Chinese backgrounds, enhancing the overall credibility of stablecoins [4][10] Group 2 - Stablecoins differ from cryptocurrencies like Bitcoin in that they are pegged to fiat currencies, resulting in lower price volatility [5] - Stablecoins are increasingly being used as payment tools, particularly in cross-border transactions, although they will not disrupt the existing payment systems entirely [6] - The internationalization of the RMB is seen as a structural process, with its usage in cross-border transactions exceeding 30% despite recent depreciation [8] Group 3 - Stablecoins carry two core risks: the credit risk of the issuer and the risk associated with the underlying assets they are pegged to [10] - The emergence of stablecoins is seen as a response to the increasing demand for dollar-denominated assets, especially in light of the U.S. debt situation [11][12] - The future financial ecosystem may evolve into a layered structure with central bank digital currencies (CBDCs), compliant stablecoins, and digital government bonds [13]

Core Viewpoint - The launch of the rare earth-backed digital stablecoin represents a significant innovation in the digital finance sector, combining strategic resources with digital currency to enhance value stability and market resilience [1][3]. Group 1: Digital Stablecoin Overview - The rare earth stablecoin is anchored to rare earth resources, providing a tangible value basis that mitigates price volatility commonly seen in traditional digital currencies [3]. - The project leverages advanced technologies such as blockchain, big data, and artificial intelligence to create a secure, efficient, and transparent financial platform [3][4]. Group 2: Technological Applications - Blockchain technology ensures the authenticity and reliability of asset anchoring information and transaction records through its immutable and traceable characteristics [3]. - The use of big data allows for precise forecasting of rare earth resource reserves, production, and market demand, supporting the issuance and circulation of the stablecoin [3]. - Artificial intelligence enhances financial transaction monitoring and risk warning systems, ensuring the stable operation of the financial platform [3]. Group 3: Benefits for Stakeholders - The project creates a win-win situation for core state-owned enterprises and participating financial and technology institutions, showcasing their strengths and fostering resource sharing [6]. - Industry participants gain access to more convenient financing channels and lower-cost funding support through the stablecoin, addressing cash flow challenges [6]. - Institutional investors and individual users are presented with a new investment option that combines the convenience of digital currency with the stability of rare earth assets, offering potential for value preservation and appreciation [6]. Group 4: Economic Impact - The participation model encourages the formation of a new digital economy ecosystem for rare earth resources, promoting efficient utilization and deep integration of the rare earth industry with digital finance [6].

Core Viewpoint - The introduction of the rare earth-backed digital stablecoin in China represents a significant innovation in the digital finance sector, leveraging rare earth resources as a core asset to enhance the stability and recognition of the digital currency in international markets [1][3]. Group 1: Project Overview - The rare earth stablecoin pilot project is a collaboration among central enterprises, financial institutions, and technology organizations, aiming to revitalize China's digital finance landscape [1]. - The stablecoin is anchored by rare earth mineral reserves and production, providing a tangible "hard asset support" that stabilizes its value [1][3]. Group 2: Technological Framework - The project utilizes a central bank alliance blockchain to create a secure, transparent, and efficient financial system, ensuring the authenticity and reliability of asset anchoring information [3]. - Blockchain technology enables real-time monitoring of rare earth resources, linking the stablecoin's value closely to the actual value of these resources [3]. - Advanced security measures, including encryption algorithms and identity authentication, are implemented to safeguard the issuance and circulation of the stablecoin [3]. Group 3: Market Participation - The pilot phase is open to select industry participants, institutional investors, and compliant individual users, fostering deep integration between industry and finance [4]. - Participants can benefit from the stablecoin's development, enhancing their core competitiveness and achieving asset preservation and appreciation [4]. Group 4: International Trade Implications - The rare earth stablecoin can serve as a new settlement currency in international trade, reducing reliance on traditional currencies like the US dollar and mitigating exchange rate risks [6]. - It offers a fast, convenient, and low-cost solution for cross-border payments, enhancing efficiency in global trade and investment [6]. - The stablecoin is positioned to provide a stable value benchmark for digital assets, promoting healthy market development [6].

Investment Rating - The report maintains a "Strong Buy" rating for Sea (SE.N) [1][4] Core Insights - Sea's Q2 2025 performance exceeded expectations with revenue of $5.3 billion, a 38% increase year-over-year, and e-commerce revenue of $3.8 billion, up 33.7% [1] - The company has raised its growth guidance for the year, expecting a 25% year-over-year increase in Shopee's GMV for the first half of 2025 and over 30% growth in Garena's bookings for the year [1][4] - The financial services segment is experiencing rapid growth, with Sea Money's revenue reaching $883 million, a 70% increase year-over-year, and a loan portfolio growth of over 90% [4] Financial Performance - For 2025, the company forecasts total revenue of $21.7 billion, with a year-over-year growth rate of 29% [2] - Adjusted EBITDA is projected to be $3.55 billion in 2025, reflecting an 81% increase from the previous year [2] - Earnings per share (EPS) is expected to rise significantly to $4.46 in 2025, compared to $0.27 in 2023 [2][8] Business Segments - E-commerce: Shopee's GMV for Q2 was $29.8 billion, a 28.2% increase, with strong growth in advertising revenue and user engagement [4] - Digital Entertainment: Revenue for Q2 reached $560 million, a 28.4% increase, with a significant rise in active users and bookings [4] - Digital Financial Services: Sea Money's loan book reached $6.9 billion, with a healthy delinquency rate of only 1.2% [4] Market Position - Sea has established itself as a market leader in Brazil, with 25% of packages delivered the next day and 40% within two days, while also reducing logistics costs by 16% year-over-year [4] - The company is enhancing user loyalty through initiatives like the VIP membership program, which has shown promising results in Indonesia [4] Stock Performance - The stock has shown strong performance with a 160.2% increase over the past 12 months [3]