Core Insights - The article discusses the strategic shift in global finance due to gold custody arrangements, particularly involving Southeast Asian countries moving their gold reserves to China, specifically the Shanghai Gold Exchange [1][3]. Group 1: Gold Custody and Strategic Implications - Southeast Asian countries are secretly transferring gold reserves to China, with Laos already storing 3 tons in Shanghai, indicating a significant shift in asset management strategies [1]. - The move is driven by the realization of risks associated with storing assets in foreign countries, highlighted by the U.S. freezing of Russian reserves during the Ukraine conflict [1]. - The price of gold has surged from $1,800 per ounce before the conflict to $3,800 per ounce by 2025, reflecting increased demand and strategic importance [1]. Group 2: Market Advantages of Shanghai Gold Exchange - The Shanghai Gold Exchange has become the world's largest spot gold trading market, with a trading volume of 68,000 tons in 2024, allowing for direct refining and storage in China, thus reducing costs for Southeast Asian gold producers [3]. - The integration of gold custody with the internationalization of the Renminbi (RMB) creates a cycle where countries can use gold as collateral to obtain RMB for trade settlements, enhancing trade efficiency [3]. Group 3: Digital Currency and Transaction Efficiency - The introduction of digital RMB has significantly improved transaction efficiency, allowing for instant payments without fees, contrasting with traditional systems that took hours and incurred high costs [4]. - The combination of digital RMB and gold custody further reduces transaction costs and enhances the overall efficiency of cross-border trade [4]. Group 4: Energy Sector Implications - China has established agreements with Saudi Arabia and the UAE for energy transactions in RMB, allowing Southeast Asian countries to use gold stored in China to pay for energy, bypassing the U.S. dollar [6]. - If 30% of oil trade in Southeast Asia adopts this model, it could reduce annual dollar demand by up to $120 billion [6]. Group 5: Broader Economic Impact - The shift towards RMB for cross-border transactions is already benefiting ordinary consumers by reducing currency exchange costs, exemplified by savings on imported goods [7]. - Despite the U.S. dollar still holding 58% of global foreign exchange reserves, the decline in gold reserves at the New York Federal Reserve indicates a potential shift in global financial dynamics [7].

Core Insights - Recent financial initiatives in Hong Kong, including stablecoin development, gold tokenization, and the establishment of a digital RMB international center in Shanghai, have garnered significant attention as part of China's strategic response to the digital transformation of the global monetary system [1][3]. Group 1: Financial Initiatives - The three initiatives are interconnected: gold tokenization serves as the "breakthrough pioneer," Hong Kong stablecoin acts as the "intermediary bridge," and digital RMB represents the "ultimate core" [3]. - The global stablecoin market is projected to reach a payment transaction scale of $27.6 trillion in 2024, with a total market value of approximately $270 billion, highlighting its substantial influence [4]. Group 2: Strategic Positioning - The dominance of USD stablecoins poses risks due to their reliance on U.S. Treasury bonds, which can transmit credit volatility and weaken USD credibility over time [6]. - Gold tokenization aims to counter USD stablecoins by providing a digital gold alternative, leveraging China's 2,100 tons of gold reserves to create a circulating digital certificate [6][8]. Group 3: Role of Hong Kong Stablecoin - Hong Kong stablecoin is positioned as an "experimental field" for offshore RMB, facilitating global capital and trade settlement needs while enhancing compliance [9]. - The stablecoin can expand offshore RMB usage within a compliant framework, reducing exchange rate risks and increasing the frequency of RMB's international use [11]. Group 4: Digital RMB International Center - The Shanghai digital RMB international center is set to operate by September 26, 2025, marking a critical phase in the internationalization of digital RMB [11]. - The center will establish platforms for cross-border payments, blockchain services, and digital asset transactions, creating infrastructure for digital RMB's international application [16]. Group 5: Challenges and Future Outlook - Challenges include competing for pricing power in gold tokenization against established markets in London and New York, and addressing the limited offshore liquidity and free convertibility of RMB [18]. - Despite challenges, the "three-pronged approach" follows a principle of "controlled openness and phased advancement," aiming to reshape the international monetary landscape within ten years [20].

为探讨技术驱动下资管业务新趋势特征，解析全球资管中心的竞争优势演进图景，9月23日，中欧国际 工商学院、中欧陆家嘴国际金融研究院联合陆家嘴金融城、上海金融业联合会、上海证券报·中国证券 网、中国金融信息中心共同主办"2025全球资管中心评价指数发布暨CLF50秋季会议"。 现场发布的《2025全球资产管理中心评价指数报告》显示，从整体格局来看，2025年全球资产管理中心 的竞争态势呈现出明显的"一超多强"特征。纽约继续位居首位，其"一体化优势"不仅体现在资金来源和 底层资产的强大吸附力上，更在于其对技术要素的快速整合和在资管科技赛道上的系统性领先。 中国城市展现了巨大的增长潜力。上海升至第五，尤其在资管科技、底层资产和增长率上均有较大提 升，其数字基础设施、AI风投和专利产出方面已进入全球前列，显示出其基于综合优势的追赶潜力。 上海首次进入全球前五 最新一期指数报告显示，纽约继续位居全球资产管理中心首位，巴黎升至第二，伦敦退居第三。值得关 注的是，上海今年首次进入全球前五，从去年的第七位上升至第五位。其中，在底层资产和增长率指标 上，上海均位列第三，在资金来源和资管科技方面则排名第六。 2025全球资管中心评 ...

中经记者 郝亚娟 夏欣 上海 北京报道 9月23日，在"2025全球资管中心评价指数发布暨CLF50秋季会议"上，中国人民银行研究员、上海黄金 交易所原总裁王振营指出，黄金代币作为基于区块链技术的新兴资产类别，目前虽处于发展早期，但其 战略价值显著。 王振营表示，对于中国而言，发展黄金代币更具特殊意义：依托中国黄金市场的高流动性与高效性，有 望加速全球黄金向中国汇聚，加快"西金东移"的趋势，提升上海国际金融中心和资管中心的地位。此 外，利用黄金的超主权信用构建以黄金代币为核心的"1+N"国际贸易清算新体系，可有效绕开美元主导 的现有体系。"相信古老的黄金在现代数字技术的加持下，正重振雄风，王者归来。"王振营说。 （编辑：朱紫云 审核：何莎莎 校对：翟军） ...

Core Viewpoint - The strategic investment by Chow Tai Fook (周六福) in Gao Ying Securities (高盈证券) marks a significant move into the RWA (Real World Asset) sector, leveraging its asset attributes and channel advantages to explore compliant development paths in Hong Kong's digital asset market [1][3][11] Group 1: Strategic Investment and Partnerships - Chow Tai Fook, through its wholly-owned subsidiary, has completed a strategic investment in Gao Ying Securities, acquiring a 15% stake indirectly [1] - SwiftPass Hong Kong Limited, a subsidiary of Weifutong Technology, has also invested in Gao Ying Securities, holding an 18% stake [1] - This collaboration lays the foundation for long-term strategic synergy in the digital finance sector, focusing on cross-border payments, precious metals, and capital markets [3] Group 2: RWA Market Potential - The RWA sector is gaining attention as traditional industries face growth slowdowns and virtual asset regulations improve, with a projected tokenized asset scale reaching $16 trillion by 2030 according to Boston Consulting Group [3] - Major institutions like BlackRock and Franklin Templeton entering the market indicate a trend towards tokenizing real assets such as gold, bonds, and real estate [3] Group 3: Business Model and Growth Strategy - Chow Tai Fook's entry into the RWA market is not merely opportunistic but a strategic choice aligned with its asset characteristics and regulatory environment [4] - The company plans to establish hundreds of overseas stores in the next 2-3 years, which will serve as both sales terminals and sources of high-quality assets for RWA issuance [6] - Each new store will contribute to a growing pool of stable, globally recognized assets, enhancing the company's ability to issue RWA [6] Group 4: Competitive Advantages - The company's RWA products, anchored by gold and jewelry, provide inherent value stability and are easier to evaluate and custody [4] - Chow Tai Fook can leverage Gao Ying Securities' compliance licenses and financial capabilities to enhance asset liquidity and financing channels, supporting its overseas expansion [4] - The regulatory framework in Hong Kong requires virtual asset issuers to have practical application scenarios, which Chow Tai Fook's overseas operations naturally fulfill [6] Group 5: Financial Performance and Market Position - The overseas stores have demonstrated a return on equity (ROE) 2-3 times higher than domestic operations, validating the profitability of the business model [7] - The combination of supply chain advantages and cultural differentiation creates a structural competitive edge, ensuring high success rates for new stores [8] - The strategic partnership with leading commercial real estate firms reduces site selection risks and market entry costs, enhancing the feasibility of expansion [8] Group 6: Future Outlook and Valuation - Chow Tai Fook's dual strategy of overseas expansion and RWA development creates a self-reinforcing growth cycle, positioning the company as a pioneer in the RWA space [9][11] - The company is expected to enjoy valuation premiums as the first in the domestic jewelry industry to achieve systematic and scalable issuance of gold RWA products [10] - As the platform matures, Chow Tai Fook could transition from a product supplier to an industry infrastructure service provider, broadening its valuation metrics [10]

Group 1 - The visit to Lee Kum Kee highlighted the company's transformation from a traditional sauce workshop established in 1888 to a global brand with over 300 products available in more than 100 countries, focusing on digital transformation and global supply chain management [2] - The Nantong Shanghai Chamber of Commerce aims to leverage Lee Kum Kee's international advantages to assist local food products in expanding globally, emphasizing collaboration in supply chain coordination and sharing digital transformation experiences [2] - Lee Kum Kee's strategy combines traditional roots with technological advancements, utilizing automated production lines and big data analysis to enhance production standardization and global market responsiveness [2] Group 2 - The visit to Matrixport showcased its comprehensive services in crypto finance, including asset trading, investment, custody security, and gold token business, presenting a one-stop service model [4] - The Nantong Shanghai Chamber of Commerce expressed the need for digital finance to enhance the international competitiveness of its member enterprises, seeking collaboration in expanding digital finance applications and talent development [4] - Discussions included the integration of crypto finance with green energy projects and cross-border asset allocation for Shanghai and Hong Kong enterprises, recognizing Matrixport's expertise and innovation in the crypto finance sector [4]

Core Insights - The U.S. cryptocurrency market is experiencing significant dynamics, including institutional interest in spot ETFs, accelerated tokenization of real-world assets (RWA), and increased market risk aversion due to policy changes [1][3]. Group 1: Institutional Investment Trends - The U.S. spot Bitcoin ETF saw a net inflow of $216.29 million, indicating a steady trend of institutional capital entering the market [3]. - The proportion of Bitcoin transfers labeled as "institutional wallets" increased from 15% to 28% over the past 30 days, reflecting a structural shift in institutional investment strategies [3]. Group 2: RWA Tokenization Developments - The total value locked (TVL) in the Aptos network for RWA increased by 56.28% to $538 million, with U.S. Treasury bonds accounting for $86.93 million [5]. - BioSig's merger with Streamex aims to raise $1.1 billion to advance RWA tokenization, particularly in commodities like gold [5]. Group 3: XBIT's Role and Market Outlook - XBIT's decentralized platform aligns with institutional needs for asset security during policy fluctuations, as users maintain control over their private keys [3][7]. - The demand for compliant RWA tokenized products is surging, with XBIT facilitating this through its transparent and censorship-resistant trading mechanisms [5][7]. - The ongoing transformation of the cryptocurrency market towards institutionalization, compliance, and practicality highlights XBIT's increasing value as a decentralized trading infrastructure [7].

Group 1: Introduction to RWA - RWA stands for Real World Assets, which refers to tangible or intangible assets from the real world [1] Group 2: Background and Development of RWA - Traditional asset markets face pain points such as low liquidity, lack of transparency, high entry barriers, and high intermediary costs [2] - The rise of blockchain technology provides a decentralized, immutable, and smart contract-based foundation for the digitization and circulation of traditional assets [3] Group 3: Value and Significance of RWA - RWA enhances liquidity by tokenizing large assets into smaller units, thus lowering transaction barriers and increasing market liquidity [3] - It improves transparency by ensuring asset information and transaction records are traceable, reducing information asymmetry [3] - RWA lowers transaction costs through automated execution of trades via smart contracts, minimizing intermediary involvement [3] - It facilitates global investment by enabling cross-border asset circulation, attracting international investors [3] - RWA contributes to the digital transformation of the global economy, providing more financing and investment opportunities for SMEs and individuals [3] Group 4: Integration of RWA and Blockchain - The core role of blockchain in RWA includes asset confirmation, segmentation of large assets into smaller tokens, management through smart contracts, and ensuring data transparency and security [3] Group 5: Challenges and Future Outlook for RWA - Current challenges include legal and regulatory compliance, technical limitations of blockchain, market acceptance of new technologies, and reliance on stablecoins for settlement [4][6] - The future outlook suggests that as blockchain technology matures and policies improve, RWA will become a significant growth area in the blockchain sector, accelerating the transition from traditional to digital finance [6]