二、投资逻辑：三大维度筛选潜力公链 1. 技术路线：解决"不可能三角"的创新方案 2. 生态活力：开发者与用户增长是关键 3. 商业模式：收入与代币经济模型 一、公链：数字世界的"信任基建"，为何值得投资？ 公链作为Web3的底层基础设施，通过去中心化、透明不可篡改、智能合约执行三大特性，成为支撑DeFi、NFT、GameFi等应用的核心载体。其投资价值体 现在： 1. 技术壁垒高：公链是区块链创新的源头，技术迭代直接影响行业格局（如以太坊从PoW转向PoS）； 2. 生态网络效应强：开发者和用户迁移成本高，头部公链形成"护城河"（如以太坊占DeFi TVL的70%）； 3. 政策红利窗口：全球监管逐步明确，合规化公链将获得长期发展机会（如Polygon与金融机构合作）。 · 模块化架构：Celestia专注数据可用层（DA），降低Layer2开发成本，2025年市值增长超200%； · 高性能优化：Solana通过PoH共识实现万级TPS，2024年DEX交易量多次超越以太坊，成为高频交易首选； · 安全与去中心化：以太坊通过分片（Sharding）和Danksharding技术，2025年理论TPS提升至 ...

Group 1: Blockchain Architecture - Consortium blockchains emphasize performance, privacy, and governance efficiency, widely applied in finance, government, and healthcare sectors[3] - Public blockchains represent openness and decentralization, driving innovations like smart contracts, digital assets, DeFi, and NFTs[3] - The relationship between consortium and public blockchains is evolving from competition to collaboration, creating a more resilient and diverse blockchain infrastructure[3] Group 2: Technical Features - Consortium blockchains are maintained by multiple institutions with authorized nodes, typically using high-performance consensus mechanisms like PBFT and Ripple[4] - Public blockchains face structural challenges such as performance bottlenecks, high transaction costs, and insufficient privacy protection[6] - Layer 2 solutions, like Rollup, enhance public blockchain performance by processing transactions off-chain and submitting results on-chain, significantly improving efficiency and reducing costs[10] Group 3: Future Directions - A hybrid chain architecture is proposed, where consortium blockchains handle sensitive data while public blockchains manage proof and value circulation, ensuring both privacy and openness[12] - The trend towards "chain selection" indicates that future blockchain infrastructures will be diverse and modular, allowing for tailored solutions based on business needs[12] - Governance issues are becoming increasingly important as blockchain technology integrates into core sectors like finance and government, with consortium blockchains more easily meeting regulatory requirements[15]

Group 1 - The Hong Kong Stablecoin Regulation officially comes into effect on August 1, 2025, marking the establishment of a regulatory framework focused on fiat-backed stablecoins [1] - There is a growing interest in stablecoins and Real World Assets (RWA) in the Chinese-speaking world, with industry leaders expressing cautious perspectives on the hype surrounding these developments [3][5] - Hong Kong's regulatory authorities are expected to be very strict in issuing licenses for stablecoins, with a focus on anti-money laundering measures and the financial risk management capabilities of applicants [6][7] Group 2 - The regulatory environment in Hong Kong is characterized by a cautious approach, contrasting with the enthusiasm seen in the market, as authorities are concerned about potential money laundering risks associated with stablecoins [6][19] - The discussion around stablecoins in Hong Kong is influenced by international financial trends, with a recognition that the region must maintain its reputation as a global financial center [5][6] - The potential for Hong Kong to become a global center for digital finance is linked to its unique position within the context of China and its common law system, which allows for more flexibility compared to mainland regulations [51][52] Group 3 - The conversation around RWA indicates a multi-stage approach to asset tokenization, starting with fiat currencies, moving to financial assets, and eventually to physical assets, which presents significant challenges [21][24] - The successful implementation of RWA requires addressing technical issues such as ensuring the integrity of off-chain assets and their digital representations on the blockchain [22][24] - The future acceptance of RWA in mainland China is anticipated, as it aligns with the need to support the real economy and respond to global trends in digital asset regulation [17][18] Group 4 - The emergence of stablecoins is seen as a response to the volatility of cryptocurrencies, providing a stable medium for pricing and trading crypto assets [43][44] - The underlying technology of stablecoins and RWAs is based on distributed ledger technology, which offers a new method of accounting and financial infrastructure [39][40] - The potential for stablecoins to facilitate cross-border transactions and their role in the evolving global financial landscape is emphasized, highlighting their significance beyond mere payment systems [41][43]

Core Viewpoint - Dongwu Securities outlines three potential approaches for the issuance of stablecoins in China, emphasizing the importance of public chains, digital wallets, and licensing acquisition [1] Group 1: Issuance Approaches - The first approach is central issuance, where the central authority directly issues stablecoins on-chain, allowing enterprises to build a stablecoin ecosystem around this central node [1] - The second approach involves a licensing system, where companies must obtain a license to issue stablecoins, requiring them to hold a corresponding amount of fiat assets in reserve [1] - The third approach combines central wholesale with enterprise retail, where the central bank manages the public chain and wholesale issuance, while banks and tech companies are authorized to issue stablecoins [1] Group 2: Market Implications - The manufacturing sector could drive the internationalization of the RMB through stablecoins, leveraging China's strong manufacturing background to enhance the influence of public chains via cross-border trade [1] - Companies in the public chain, digital wallet, and licensing acquisition sectors are recommended for attention as potential investment opportunities [1]