Core Insights - RWA (Real World Asset) is a blockchain-based digital asset securitization investment project that has seen rapid growth since the cryptocurrency bull market in 2020, with on-chain asset scale reaching $25.52 billion and 310,573 asset holders by July 16, 2025 [1][2] Group 1: RWA Overview - RWA utilizes blockchain technology to tokenize real-world physical or financial assets, significantly increasing liquidity and lowering investment thresholds [1][2] - RWA has various applications, including government bond tokenization, real estate tokenization, and stock tokenization, showcasing its versatility compared to traditional and general crypto assets [2][3] Group 2: Government Bond Tokenization - Government bond tokenization is a key application of RWA, enhancing secondary market liquidity and reducing cross-border transaction friction [3] - A notable example is BlackRock's tokenized fund BUIDL, which focuses on U.S. short-term government bonds and allows for 24/7 trading [3] Group 3: Real Estate Tokenization - RealT and Reinno are leading projects in real estate tokenization, with RealT distributing rental income to token holders and Reinno providing tokenized mortgage solutions [4] - For instance, RealT's property in Montgomery has a total price of $323,000, with individual tokens priced at $52.10 [4] Group 4: Stock Tokenization - xStocks and Robinhood are at the forefront of stock tokenization, with xStocks issuing tokens linked to actual stock prices and Robinhood adjusting token prices based on NASDAQ values [5] - Robinhood's product functions more like a price-linked financial derivative rather than granting ownership of the underlying stocks [5] Group 5: RWA Exploration in China - In 2024, Longxin Group and Ant Group completed a significant RWA financing deal in Hong Kong, marking a key step in the digitalization of China's renewable energy assets [6] - In mainland China, the Malu Grape RWA commemorative coin has been launched, integrating agriculture with the digital economy [6] Group 6: Regulatory Challenges - RWA poses significant challenges to financial regulation, particularly concerning asset ownership and collateralization [7][8] - The value of RWA relies on the clarity and stability of the underlying real-world assets, which may face legal and regulatory hurdles during the tokenization process [8]

Group 1: Market Overview - The total scale of stock ETFs reached approximately 3 trillion yuan in Q2 2025, with a market value share of 3.7%, marking a historical high [9] - Active equity public funds saw a decline in market value share from a peak of 6.2% in 2021 to 3.0% in Q2 2025 [9] - Significant increases in ETF shares were noted in sectors such as banking, liquor, semiconductors, artificial intelligence, robotics, military industry, gold, and rare earths [9] Group 2: Investment Opportunities - The RWA (Real World Asset) market has seen rapid growth, with on-chain asset scale reaching 25.52 billion USD by July 16, 2025, and 310,573 asset holders [11][12] - The global market for consumer-grade 3D printers is projected to reach 7.1 billion USD by 2028, with a compound annual growth rate of 19.2% [14] - The Low Dk electronic cloth market is expected to have an annual average market space of around 10 billion yuan by 2028, driven by the demand for high-speed transmission [19] Group 3: Sector Analysis - In Q2 2025, active equity public funds increased their holdings in sectors such as telecommunications, media, agriculture, military, and finance, while reducing exposure to automotive, food and beverage, social services, electric equipment, and steel [9] - The electronic industry maintained a high holding of 18.8%, with semiconductors comprising half of this proportion, indicating a crowded sector [10] - The pharmaceutical sector showed significant internal structural differentiation, with chemical pharmaceuticals receiving substantial increases in holdings, while other areas like medical outsourcing and hospitals saw reductions [12] Group 4: Company-Specific Insights - The company Jin Tian Titanium Industry (688750) is positioned as a leader in high-end titanium alloy technology, with a focus on aerospace and marine applications [20][22] - The company Jieput (688025) reported an earnings forecast that exceeded expectations, indicating a growing demand in consumer-grade applications [21][22] - The company is expected to achieve a revenue of 8.08 billion yuan in 2024, with a net profit of 1.52 billion yuan, reflecting a year-on-year growth of 3.04% [20]

Core Viewpoint - The article discusses the evolution of safe-haven assets in the context of a complex global economic environment, highlighting the shift from traditional assets like gold to new alternatives such as energy metals and digital currencies [2][3]. Group 1: Evolution of Safe-Haven Assets - Historical evolution of safe-haven tools has undergone three revolutions, indicating a shift from physical assets to digital consensus [2]. - The current market faces a contradiction where the collapse of the old system outpaces the establishment of a new order, forcing capital to seek temporary refuge [2]. Group 2: New Types of Safe-Haven Assets - Energy metals are emerging as hard currencies in the context of green inflation, with global clean energy investment surpassing fossil fuels at $1.8 trillion [3]. - The financial attributes of these metals are strengthening, as evidenced by the correlation of copper inventory to price dropping from 0.68 to 0.21, indicating a shift towards strategic reserve asset logic [3]. - Bitcoin's institutional holding has reached 36%, but its high annual volatility of 48% still deters conservative investors, leading to the emergence of new crypto assets that aim to differentiate between risk and safe-haven assets [3]. Group 3: Alternative Sovereign Assets - The decline of traditional safe-haven currencies like the Japanese yen and Swiss franc is noted, with small country currencies rising due to resource endowment and digital infrastructure [4]. - The total market capitalization of cryptocurrencies has surpassed $4 trillion, making it comparable to the fourth-largest stock market globally [4]. - The demand for lithium is projected to grow 42 times by 2030, with 70% of reserves concentrated in "lithium triangle" countries [4]. Group 4: Capital Flows and Sovereign Wealth Funds - Tracking global sovereign wealth funds reveals a trend of seeking new frameworks for risk diversification as traditional asset correlations rise above 0.8 [4]. - The Norwegian government pension fund has increased its copper futures allocation from 0.3% to 2.1% [5]. - Saudi Arabia's Public Investment Fund is establishing a $30 billion space technology fund, indicating a strategic shift towards innovative asset classes [5]. Group 5: Survival Strategies in the New Safe-Haven Era - Investors are advised to build a three-dimensional defense system, focusing on risk, time, and space dimensions [5]. - Short-term strategies include increasing exposure to energy metal ETFs and digital stablecoins, while long-term strategies involve investing in disruptive technologies like nuclear fusion and quantum computing [5]. - Geographic safety zones should maintain a minimum of 15% in physical assets, with digital asset wallets diversified across at least three jurisdictions [5].