Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - Amid tariff policies and geopolitical events causing global financial market volatility, the value of gold as a traditional safe - haven asset is increasingly prominent. Blockchain technology has spurred the rise of cryptocurrencies and given birth to gold - backed stablecoins, which combine gold's safe - haven nature with the high liquidity and decentralization of cryptocurrencies, offering new investment and risk - management tools for the traditional gold market and creating new buyers for gold [1][7]. - The report analyzes tokenized gold models represented by Pax Gold and Tether Gold, as well as the PGI scheme proposed by the World Gold Council in September 2025, and explores the differences and complementarities among the traditional gold market, tokenized gold models, and the PGI model [1][7]. - Gold - backed stablecoins, represented by XAUt and PAXG, have advantages such as low investment thresholds and low fees, with relatively low margin occupancy, but also face regulatory compliance issues due to decentralization and currently have a small scale. The PGI scheme shows the ambition to combine compliance and flexibility, with unique advantages in pledge and lease convenience, but its specific performance and market impact need further observation after implementation [3][45]. Summary According to the Directory 1. Blockchain and Cryptocurrency Basics: The Technological Foundation for Understanding Gold - Backed Stablecoins 1.1 Core Features of Blockchain - Blockchain has two core features: non - tamperability and decentralization. Non - tamperability means that each transaction record on the blockchain is stored in a chained manner through encryption algorithms. To modify a historical transaction record in a block, one must modify a series of blockchain records and their cryptographic proofs, making the transaction records on the blockchain non - tamperable and non - forgeable [8]. - Decentralization means that the entire blockchain network has no single centralized server but consists of numerous nodes with equal rights, connected peer - to - peer. Transaction records are broadcast to the whole network, and all nodes can verify and store the complete transaction ledger, which helps build a trust mechanism and makes the network more secure and stable [11]. 1.2 Classification of Cryptocurrencies and the Positioning of Gold - Backed Stablecoins - Cryptocurrencies can be classified into three categories based on value anchoring: native cryptocurrencies (e.g., Bitcoin and Ether), stablecoins (e.g., USDT), and real - world assets (RWA). Gold - backed stablecoins are positioned between stablecoins and RWA, mainly as "convenient on - chain gold investment products" rather than "on - chain currencies" [15][17][18]. 2. Overview of Mainstream Gold - Backed Stablecoins: Pax Gold and Tether Gold 2.1 Pax Gold (PAXG): A Compliance Benchmark with Priority on Regulation - PAXG is an ERC - 20 standard gold token issued by Paxos in September 2019 on the Ethereum blockchain, with excellent compatibility. Paxos actively seeks higher - level financial regulation. Each PAXG token corresponds to 1 ounce of LBMA - certified physical gold stored in London vaults, and token holders can trace the corresponding gold. PAXG can be redeemed for legal tender, other cryptocurrencies, or physical gold. As of late October 2025, its market value has increased by 153.16% in the past year to about $1.35 billion, and the number of investment gold ounces has grown from 196,700 ounces to 332,000 ounces [22][24][25]. 2.2 Tether Gold (XAUt): A Late - Comer Dominator Backed by Tether - XAUt is issued by Tether, the issuer of the largest US dollar stablecoin USDT. It has become the leader in the gold - backed stablecoin market. Technically and in terms of reserves, it is similar to PAXG, but its compliance process is relatively slow. Tether is not a licensed financial institution, and its financial compliance risk is more uncertain. As of late October 2025, its market value has increased by 215.61% in the past year to about $2.14 billion, and the number of investment gold ounces has grown from 246,300 ounces to 521,800 ounces [27][28][29]. 2.3 Price Difference between Gold - Backed Stablecoins and Spot Gold - The quotes of mainstream gold - backed stablecoins represented by XAUt and PAXG are basically the same as the London gold spot price, but there are still price differences, with the premium or discount fluctuating within ±$100 per ounce [30]. 3. The World Gold Council's PGI Scheme: A Revolutionary Framework Combining Law, Technology, and Regulation 3.1 Background of the PGI Proposal - The traditional physical gold investment market has two trading models: allocated and unallocated gold models, both of which have pain points. The allocated gold model has a high investment threshold, poor liquidity, and holding costs, while the unallocated gold model has prominent counter - party risks. The PGI scheme is designed to address these issues [37]. 3.2 Core Design of PGI - The core design of PGI includes legal, technological, and regulatory aspects. Legally, it solves the legal difficulty of "divisible ownership" of physical gold, defining PGI as an "intangible movable property" with an account - isolation - like risk - control mechanism. Technologically, it is "technology - neutral", does not require physical delivery, and supports a minimum trading unit of one - thousandth of an ounce, with high liquidity. In terms of regulation, it meets the requirements of mainstream financial regulatory regulations in the US and Europe and can be used as a compliant collateral [38]. 4. Comparison of Gold Investment Tools - In terms of investment thresholds, gold - backed stablecoins and PGI have significantly lower thresholds. Gold - backed stablecoins have an advantage in holding costs. In terms of regulation, gold - backed stablecoins are weakly regulated due to decentralization, while PGI tries to balance blockchain technology and regulation. In terms of market scale, gold - backed stablecoins currently have a small scale, and the performance of PGI remains to be seen [43][44][45].

Core Insights - The total U.S. national debt has officially surpassed $38 trillion, increasing by $1 trillion in just two months, indicating an average daily debt increase of $16 billion and nearly $70,000 per second [1][10][21] - The dominance of the U.S. dollar in global transactions remains strong, with its share in foreign exchange trading reaching 89.2%, significantly higher than the euro at 28.9% and the yuan at 8.5% [3][4][5] Debt Dynamics - The U.S. national debt has shown unprecedented growth, with projections indicating that interest payments alone could reach $1.2 trillion in 2024, leading to a total of $14 trillion in interest payments over the next decade [10][21] - The structure of U.S. debt holdings has revealed vulnerabilities, with the Cayman Islands emerging as the largest foreign holder of U.S. debt, surpassing traditional holders like China and Japan [12][16] Global Trust and Currency Dynamics - The decline in the dollar's share of global foreign exchange reserves to 57.74% from 68% a decade ago highlights a shift in global asset allocation, with central banks reducing their holdings of U.S. debt while increasing gold reserves [6][14] - The recent surge in gold prices and the reversal of the traditional correlation between U.S. debt yields and the dollar index signal growing concerns over the dollar's credibility [14][22] International Monetary System - The ongoing attempts by various countries to reduce reliance on the dollar, including the establishment of local currency settlement mechanisms, indicate a gradual shift in the international monetary landscape [16][22] - The potential for a new international monetary system, possibly inspired by Keynes' Bancor concept, is being explored as a means to address the inherent contradictions of reserve currencies [19][22]

Group 1 - The event "25th Investment Fair · Phoenix Network Wutong Night Talk" focused on high-level discussions about investment opportunities and industry trends in the context of global dynamics [1] - The core requirement of the US Stablecoin Act mandates that globally issued US dollar stablecoins must be 1:1 backed by US dollars or short-duration US Treasury bonds, which has significant implications for the market [3] - The decentralization of US Treasury bond holdings to billions of global users through stablecoins poses a risk of sudden capital flight, making it harder for the US government and Federal Reserve to intervene in times of crisis [3] Group 2 - The development path of the Chinese Renminbi stablecoin is gaining attention as it aims to establish a digital financial system that relies on real assets rather than the traditional dollar system [4] - The concept of a gold-backed stablecoin is emerging as a potential global consensus choice, with advantages such as high standardization and the ability to avoid geopolitical risks [5] - The trend of dollar stablecoins and the digitization of traditional finance could lead to the marginalization of sovereign currencies in smaller countries, highlighting the need for these nations to adapt quickly [6]

Group 1: Stock Market Insights - The technology sector in the Hong Kong stock market has seen a significant increase in trading volume, surpassing 800 billion HKD in August, indicating a complex capital market environment [1] - Emerging technology companies are becoming the backbone of the stock market, with a quantum computing firm experiencing a 127% increase in share price and a market cap exceeding 200 billion HKD due to breakthroughs in room-temperature superconducting chips [1] - Traditional real estate stocks are under pressure due to new REITs regulations, while space resource development stocks are experiencing soaring valuations, highlighting a clear market divergence [1] Group 2: Bond Market Developments - Following the Federal Reserve's pause in interest rate hikes, the bond market is entering a favorable allocation period, with the 10-year U.S. Treasury yield stabilizing between 3.2% and 3.5% [2] - Chinese offshore bond indices have shown a year-to-date return of 5.8%, outperforming similar products, while green infrastructure bonds are offering a yield premium of 120 basis points over government bonds [2] - High-yield bonds present hidden opportunities, with a Southeast Asian data center project bond yielding 8.9% and a hydrogen industry park bond receiving an upgraded outlook from international rating agencies [2] Group 3: Gold Market Dynamics - Global central banks are increasing their gold holdings, with gold prices maintaining high levels above 2500 USD per ounce, and physical gold ETF holdings reaching record highs [3] - The derivatives market is experiencing increased volatility in gold prices, while new gold mines are being discovered in West Africa, and nano-gold plating technology has achieved production breakthroughs [3] - Digital gold assets are evolving, with a gold-backed stablecoin achieving a weekly trading volume exceeding 1 billion USD and a gold NFT product completing its first round of financing [3]

Core Viewpoint - The combination of gold and stablecoins has advantages, but future development needs to overcome certain obstacles. If mechanisms are improved, gold-backed stablecoins can serve as a store of value and, under specific conditions, as a means of payment and settlement [1][5]. Group 1: Gold Stablecoin Overview - Gold stablecoins are emerging as a new favorite in the cryptocurrency market, following the popularity of dollar-backed stablecoins. They are cryptocurrencies pegged to gold, sharing characteristics such as value stability and decentralization [2]. - The gold stablecoin market is currently dominated by two main players: Tether's XAUT and Paxos' PAXG, each holding nearly half of the market share. As of June 2025, the market capitalization of gold stablecoins is projected to reach $1.6 billion, accounting for approximately 0.67% of the total stablecoin market [2]. Group 2: Advantages of Gold Stablecoins - Compared to gold ETFs and futures, stablecoins enhance the convenience of gold trading through their decentralized nature: - They eliminate time and space constraints, allowing for global transactions at any time via blockchain technology. - They lower investment barriers by enabling fractional ownership of gold bars, with the ability to split ownership down to six decimal places (approximately 0.02 yuan). - They reduce transaction costs, with low fees (e.g., PAXG charges 0.02%) [3]. Group 3: Challenges Facing Gold Stablecoins - There are three main challenges that gold stablecoins must overcome: - The inherent conflict between the monetary functions of gold and stablecoins. Stablecoins primarily enhance payment and settlement functions, while gold serves more as a store of value, making their combination somewhat forced [4]. - Gold stablecoins have not fully realized their potential for value stability. The low number of holders leads to low trading turnover, shallow market depth, and significant deviations from London gold prices [4]. - There are issues with credit verification that contradict the decentralized and trustless nature of blockchain. Regulatory frameworks for physical collateral-backed stablecoins are still lagging, with existing legislation primarily covering fiat-backed stablecoins, leaving gold stablecoins facing compliance uncertainties [4].

Group 1: Core Insights - The report emphasizes the importance of accounts receivable management in the property industry, highlighting its significant impact on cash flow and potential dividend sustainability for companies [1][17] - The analysis of 30 sample companies reveals a notable increase in accounts receivable from 291.8 billion to 753.7 billion from 2020 to 2024, with growth rates declining significantly in recent years [2][17] - The report indicates a shift towards greater business independence, with the proportion of accounts receivable from related parties decreasing from 47% to 39% over five years, while third-party receivables increased from 53% to 61% [2][18] Group 2: Financial Trends - The average collection period for accounts receivable has lengthened, with the proportion of receivables due within one year dropping from 89% in 2019 to 58% in 2024, indicating increased difficulty in collection [3][18] - The provision for bad debts has risen sharply, with the ratio of provisions to trade receivables increasing from 4% in 2019 to 26% in 2024, reflecting heightened credit risk [3][18] - The overall collection rate for the sample companies has decreased from 90% to 78% between 2019 and 2024, with companies linked to distressed parent firms experiencing even lower rates [3][18] Group 3: Investment Recommendations - The report recommends focusing on property companies with strong independent business capabilities and low reliance on related transactions, as these are critical indicators of financial health [19][20] - Specific companies highlighted for their strong parent company backgrounds and effective risk management include China Overseas Property, Poly Property, and China Merchants Jinling [19][20] - Companies like Wanwu Cloud, Country Garden Services, and Sunac Services are noted for their manageable accounts receivable risks, while China Resources Mixc Life is recognized for its advantageous business model [19][20] Group 4: Market Strategy - The report tracks monthly strategies for small-cap and growth styles, suggesting that small-cap stocks are likely to outperform in July based on historical data and quantitative models [5][6] - The growth style is also expected to perform well in July, with a recommendation to overweight growth stocks based on the analysis of market factors [6]

Core Insights - The combination of gold and stablecoins presents advantages, but future development requires overcoming certain obstacles [2][5] - The gold stablecoin market is currently dominated by two main players: Tether's XAUT and Paxos' PAXG, each holding nearly half of the market share [3][4] Market Overview - As of June 2025, the market capitalization of gold stablecoins is projected to reach $1.6 billion, accounting for approximately 0.67% of the total stablecoin market, making it the third-largest category after USD stablecoins and crypto-collateralized stablecoins [3][4] Advantages of Gold Stablecoins - Gold stablecoins enhance the convenience of gold trading due to their decentralized nature, allowing for global transactions at any time [4] - They lower investment barriers by enabling fractional ownership of gold bars, with the ability to split ownership down to six decimal places (approximately 0.02 units) [4] - Transaction costs are reduced, with PAXG charging a minimal fee of 0.002% [4] Challenges Facing Gold Stablecoins - There is a natural conflict between the monetary functions of gold and stablecoins, as stablecoins emphasize payment and settlement, while gold primarily serves as a store of value [5] - Gold stablecoins have not fully realized their value stability attributes, resulting in low trading turnover and shallow market depth [5] - Regulatory uncertainties exist regarding the compliance of gold-backed stablecoins, as current frameworks primarily address fiat-backed stablecoins [5]

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Group 1 - The core point of the article is the growing interest in stablecoins due to the upcoming implementation of the Hong Kong Stablecoin Regulation and the recent IPO of a stablecoin company in the US, which has seen its stock price rise significantly [1][2][90]. - Stablecoins are a type of cryptocurrency that is pegged to a fiat currency, providing stability in value, which has led to their increased adoption in the cryptocurrency market [49][55][66]. - The emergence of stablecoins was driven by the need for a reliable medium of exchange in the cryptocurrency space, especially after regulatory crackdowns on direct fiat-to-crypto transactions [66][94]. Group 2 - The article discusses the historical context of stablecoins, noting that they gained popularity after 2017 when traditional fiat channels for purchasing cryptocurrencies were restricted [66][94]. - The lack of regulatory oversight initially allowed for rapid expansion of stablecoin issuance, leading to concerns about the adequacy of reserves backing these coins [71][73]. - Recent enforcement actions against stablecoin issuers highlight the need for clearer regulations to ensure compliance and protect investors [82][86]. Group 3 - The article mentions that large institutions are now investing in cryptocurrencies and require stablecoins for transactions, emphasizing the importance of regulatory clarity for their participation [88][90]. - The Hong Kong Stablecoin Regulation is seen as a significant step towards legitimizing stablecoins as a financial service, encouraging more companies to engage in the market [94][97]. - There is speculation that stablecoins could play a role in alleviating the US debt crisis by indirectly supporting the purchase of US Treasury bonds through their backing [99][102].

Core Insights - The new Federal Reserve Vice Chair, Michelle Bowman, presents a conflicting stance on "looser bank access to crypto" and "tighter regulation of non-bank institutions" [1] - Bowman's policies are expected to intensify competition for XBIT, as banks may lower their capital requirements for crypto custody services, potentially leading to user migration from XBIT to traditional banks [1][2] - The regulatory landscape for stablecoins is shifting, with banks likely to gain market share at the expense of non-bank stablecoin issuers like XBIT [2] - Enhanced anti-money laundering scrutiny poses challenges to XBIT's privacy mechanisms, increasing compliance costs significantly [2] Impact on XBIT - XBIT faces user diversion risks due to increased competition from banks, which may offer lower-cost crypto custody services [1] - The market share of bank-issued stablecoins is projected to rise from 37% to over 60%, impacting XBIT's stablecoin offerings [2] - XBIT's cross-chain hedging tools are under pressure, with daily exchange volumes dropping from $50 million to $32 million as trust in non-bank stablecoins declines [2] XBIT's Response Strategies - XBIT has launched a "Chain on KYC 2.0 system" to enhance compliance, resulting in an increase in institutional investor holdings from 45% to 52% within 24 hours [3] - To counter bank custody services, XBIT introduced a "Meme Coin Perpetual Contract Zone," achieving a trading volume of over $1.2 billion in its first week [3] - XBIT has formed a "Decentralized Finance Security Alliance" with other protocols, attracting 27 institutions and increasing multi-chain wallet activations by 179% [3] Future Outlook - Despite short-term pressures from regulatory changes, XBIT's non-custodial advantages may remain competitive, especially if Bitcoin's hedging demand rises [4] - The potential for the Federal Reserve to lower interest rates could further enhance the appeal of decentralized assets [4] - XBIT must remain vigilant regarding regulatory uncertainties and compliance costs to avoid compromising user experience [4]