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]

Core Insights - The report emphasizes that not all assets are suitable for RWA tokenization, which refers to the tokenization of real-world assets through blockchain technology to enhance liquidity and lower investment barriers [2] - The RWA industry is transitioning from concept validation to practical application, with a total locked value (TVL) of RWA reaching $12.5 billion by June 2025, a 124% increase from 2024 [2] - The integration of RWA with stablecoins signifies an upgrade in the "on-chain finance" paradigm, addressing issues of "transaction idleness" and "token rootlessness" in the crypto ecosystem [3] Industry Developments - The report outlines three key criteria for successful RWA tokenization: value stability, clear legal rights, and verifiable off-chain data [2] - Major financial institutions like Citibank and Standard Chartered are exploring RWA applications in payment settlements, asset management, and cross-border transactions [2] - Ant Group has launched a blockchain platform, Jovay, designed for institutional-level RWA transactions, significantly improving throughput and reducing user response time [2] Challenges and Risks - The development of RWA faces significant challenges, including regulatory discrepancies across countries, insufficient transparency of off-chain data, and low liquidity of certain assets [3] - Technical security vulnerabilities and contract complexity are also potential risks that need to be managed alongside technological innovation [3]

Core Insights - Ant Group's launch of the Layer2 blockchain platform Jovay significantly enhances the digitalization of renewable energy assets, boasting a transaction throughput of up to 100,000 TPS and an on-chain response time of just 100 milliseconds [1] - The XBIT decentralized exchange platform showcases strong technical adaptability, focusing on innovation and user experience, enabling seamless multi-chain asset trading and achieving millisecond-level transaction confirmations with low Gas fees [3][6] - The concept of "炒币" (speculating on cryptocurrencies) has evolved, requiring investors to understand technological innovations and market trends, as XBIT and Ant Group's Jovay work together to create a superior trading ecosystem [5][6] Technology and Efficiency - Jovay's dual proof system and seamless integration with Layer1 blockchains like Ethereum revolutionize transactions involving complex asset verification and privacy protection, particularly for Real World Assets (RWA) [1] - XBIT's smart liquidity aggregation technology optimizes trading paths, keeping slippage at minimal levels, which aligns with Jovay's vision of enhancing efficiency and reducing costs [3] - The platform's recent performance indicates a significant increase in trading activity, with a 87% year-on-year surge in perpetual contract trading volume over the past three months [6] Market Trends and Investment Strategies - The digital asset trading landscape is shifting from speculative trading to value investing, driven by technological advancements and the growing RWA ecosystem [6] - Investors are encouraged to adapt to new technologies and rules, as the definition of "炒币" now encompasses a deeper understanding of market dynamics and technological innovations [5][6] - The combination of Layer2 technology and innovative trading mechanisms positions XBIT and Jovay as leaders in the evolving digital asset market, promoting a transition towards more efficient and secure trading practices [6]