Investment Rating - Industry Rating: Recommended [4] Core Insights - The "Web3.0 Future Summit" held in Hong Kong on August 7, 2025, emphasized the importance of standardization in promoting digital asset and stablecoin innovation, marking a significant step towards establishing a regulatory framework for stablecoins in Hong Kong [1][13][19] - The total market value of Real World Assets (RWA) is projected to exceed $12.7 billion in 2024, with strong growth in segments like stablecoins, which have surged from $4 billion in 2020 to $156 billion, reflecting a 3800% increase [2][34] - Ant Group's AntChain has made significant advancements in the RWA space, with its Layer2 chain Jovay achieving a throughput of 100,000 transactions per second and a response time of 100 milliseconds, facilitating efficient asset data management [2][15][37] Summary by Sections Section 1: Stablecoin Regulation in Hong Kong - Hong Kong implemented a comprehensive stablecoin regulatory framework on August 1, 2025, requiring issuers to obtain licenses and meet strict capital and asset reserve requirements [13][19][23] - The regulatory framework aims to ensure that stablecoins are fully backed by high-quality liquid assets and includes measures for anti-money laundering and risk management [19][25][30] Section 2: RWA Tokenization - The RWA industry is gaining global attention, with a focus on meeting three core standards: value stability, legal clarity, and verifiable off-chain data [2][14][34] - Ant Group's initiatives in RWA have been recognized as leading examples, with successful projects in renewable energy and AI server asset tokenization [15][42][47] Section 3: Investment Recommendations - Beneficial stocks include: - Licensing: Zhongyou Capital, Bank of China Hong Kong, Bank of China Securities, Guotai Junan International, and Lianlian Digital [3][16] - Stablecoins: Yuxin Technology, Zhongke Jincai, Tianyang Technology, Xinyada, Chutianlong, and Jingbeifang [3][16] - RWA: Longxin Group, Xiexin Energy, Hopu Co., Jinko Technology, Hainan Huatie, and Aori De [3][16]

蚂蚁集团副总裁、蚂蚁数科区块链业务总裁边卓群在峰会上表示："经过在新能源领域的实践验证，我们的 RWA技术平台、商业模式和生态系统逐渐成熟。基于这一前提，我们开始稳健推行算力与更广泛金融资产 的新探索。" 【导读】参与香港金管局沙盒一年，蚂蚁数科首谈RWA业务发展 2024年8月，蚂蚁数科RWA实践入选香港金管局Ensemble沙盒代表性案例，到今年8月刚好一年。8月7日， 在香港举办的"锚"定Web3.0未来峰会上，蚂蚁数科首谈一年来RWA业务发展。 香港金管局于2024年8月推出Ensemble项目沙盒，旨在探索创建基于区块链平台的创新金融市场基础设施， 通过批发层面央行数码货币（wCBDC），促进市场以代币化货币进行银行同业结算。香港金管局希望通过 沙盒试验，验证代币化资产、代币化存款和wCBDC之间的技术互操作性，也让业界参与者在实际业务场景 中，对代币化资产交易进行端对端测试。 作为全球区块链授权专利持有量最多的企业，过去一年，蚂蚁数科围绕RWA等数字资产场景，从资产可 信、高效流通、交易安全与合规等四方面入手，先后发布RWA平台"两链一桥"、资产上链方案AntChain Inside、Layer2 ...

8月7日，在香港举办的「锚」定 Web3.0 未来峰会上，蚂蚁数科宣布正在拓展算力和金融资产 RWA。此前，蚂蚁数科RWA业务主要围绕新能源资产开 展。蚂蚁集团副总裁、蚂蚁数科区块链业务总裁边卓群在会上说："经过在新能源领域的实践验证，我们的RWA技术平台、商业模式和生态系统渐成熟。基 于这一前提，我们开始稳健推行算力与更广泛金融资产的新探索。" 2024年8月，蚂蚁数科RWA实践入选香港金管局Ensemble沙盒代表性案例，到今年 8 月刚好一年。据介绍，蚂蚁数科从技术、产业、生态等层面加快布 局。 技术层面，构建了数字资产可信、高效、安全、合规的完整技术闭环；产业层面，从新能源向算力、金融等领域延展；生态层面，联合信通院及20余家 企业推行"AntChain Inside"实体资产上链标准，合作香港持牌机构搭起了"一站式代币化发行体系"，助力企业以合规、高效、低成本的方式完成RWA。 算力数据中心高度数字化，且通过云平台，算力的资源使用、计算小时数和收益分配等数据可实时监控，收益透明可验证。而伴随AI的时代浪潮，算 力市场规模节节攀升，这与RWA的要求高度契合。除此之外，金融资产具备天然的数字化基因与合规 ...