计算机行业 行业研究 | 深度报告 RWA：真实资产走向链上世界，开启数字 金融新时代 核心观点 投资建议与投资标的 RWA 通过区块链技术将实体资产转化为链上数字资产，是金融科技领域的创新变革，有 望迎来跨越式发展。我们建议投资者关注区块链+金融科技、支付解决方案商以及 RWA 发行方等领域标的。 风险提示 监管政策风险；技术漏洞与安全风险； 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 07 月 13 日 看好（维持） | 浦俊懿 | 021-63325888*6106 | | --- | --- | | | pujunyi@orientsec.com.cn | | | 执业证书编号：S0860514050004 | | 陈超 | 021-63325888*3144 | | | chenchao3@orientsec.com.cn | | | 执业证书编号：S0860521050002 | | 宋鑫宇 | songxinyu@orientsec.com.cn | | | 执业证书编号：S0860524090002 | 香港《稳定币条例》正式成为法例，行业 生态加速构建 2025-06-0 ...

What I thought being rich meant at 23:– Porsche– Luxury condo– Home cinema– Rolex– Business class flights- $ADA, $ETH, Polkadot– Retired by 35What rich looks like at 36:– Lamborghini– Resort-style villa– Patek Philippe– Personal chef and chauffeur- Strategic Bitcoin Reserve– Private jetIt's the golden bull run mfer.Stop being a pussy and believe in something.Hyperliquid. ...

Core Insights - The U.S. housing market is experiencing a significant recovery in active inventory, with 22 of the 50 largest metros showing more listings than pre-pandemic levels, led by Denver, Austin, and Seattle [1][2] Inventory Growth - Denver has seen a 100% increase in available homes compared to pre-pandemic averages, followed by Austin at 69% and Seattle at 60.9% [1][4] - Other notable metros include Dallas-Fort Worth (+55.5%), San Antonio (+58.3%), and San Francisco (+53.5%) [4] Market Dynamics - The increase in inventory is attributed to a combination of affordability concerns slowing buyer demand and a rise in new housing construction over the past six years [2][5] - Longer selling times in many Western and Southern metros are contributing to the accumulation of active inventory, indicating a cooling demand [6] Buyer Market Conditions - Although the U.S. housing market is not officially in a buyer's market, conditions are shifting favorably for buyers, with more options and increased willingness from sellers to negotiate [7] - The current supply stands at 4.6 months, still below the 6-month threshold typically defining a buyer's market, but the landscape is evolving towards a more balanced market [7] Regional Variations - The recovery in inventory is not uniform across all metros, with some markets normalizing rapidly while others remain constrained by low supply [2][5] - The nationwide shortage of nearly 4 million homes continues to impact local market conditions, making regional trends critical for buyers and sellers [7]

RT Flood (@ThinkingUSD)***Q2 Kingmaker Trade Results***Long Bucket (60/40):HYPE: $39.55 (+50.38%)BTC: $107,000 (+13.11%)Long Bucket Weighted Return: +35.47%Short Bucket (20/20/20/20/20):ARB: $0.3449 (-54.01%)ONDO: $0.764 (-47.67%)TIA: $1.388 (-71.44%)WLD: $0.898 (-59.68%)SEI: $0.2812 (-33.13%)Short Bucket Weighted Return: -53.19%Net return YTD (not including funding): +88.66% ...

Core Insights - Quantum computing is a transformative technology with potential across various industries, with IonQ and IBM as key players in this field [1][2] Company Overview - IonQ is a pure-play quantum computing company focused on commercializing quantum technology, while IBM is a diversified tech giant with a significant quantum computing division [2][7] IonQ's Positioning - IonQ has established itself as a leader in quantum computing, developing advanced trapped-ion quantum computers with high qubit fidelity and all-to-all connectivity [3] - The flagship system, IonQ Forte, has demonstrated superior performance over classical computing in specific tasks, such as simulating a medical device 12% faster than a classical supercomputer [3] - IonQ's growth is driven by securing high-value government contracts, including over $75 million with the U.S. Air Force, and international partnerships with companies like Toyota Tsusho and Hyundai [4] - The company has made strategic acquisitions in quantum networking, holding nearly 400 patents, and plans to launch a quantum computing and networking hub in early 2025, generating $22 million in revenues [5] Financial Performance of IonQ - IonQ reported first-quarter 2025 revenues of $7.6 million, with expectations of $75–$95 million for the full year, indicating strong growth momentum [6] - Despite a first-quarter net loss of $32.3 million, IonQ has a solid financial foundation with $697.1 million in cash and investments as of March 31, 2025 [6] IBM's Positioning - IBM has been investing in quantum computing for over two decades and operates one of the largest quantum fleets, integrating quantum capabilities into its broader enterprise ecosystem [7][8] - In first-quarter 2025, IBM reported revenues of $14.5 billion, with a 0.6% year-over-year increase, and $2 billion in free cash flow, supporting its investments in quantum and AI [9] Financial Performance of IBM - IBM's high-margin software segment grew by 7%, and the company maintained a gross margin of 55.2% [9] - The Zacks Consensus Estimate for IBM's 2025 earnings per share indicates a 6% growth from the previous year, with revenue growth of 5.5% expected [22] Investment Outlook - IonQ is positioned as a high-risk, high-reward investment with strong near-term upside potential, reflected in its Zacks Rank 2 (Buy) [25] - IBM offers a balanced investment with reliable income and proven execution in cloud and software, categorized as a Zacks Rank 3 (Hold) [26]

Group 1 - Toll Brothers, Inc. is set to launch the final collection of luxury homes in the Metro Heights community, named Ironridge, which will feature four-story homes with resort-style amenities [1][3] - Ironridge will offer three distinct floor plans ranging from 1,400 to over 2,800 square feet, with 3 bedrooms and 2 to 3.5 bathrooms, each including an attached two-car garage [2] - The Metro Heights community includes a gated entry, a 10,000-square-foot recreation center with multiple pools and spas, fitness center, and various social gathering spaces, enhancing the living experience [3] Group 2 - Toll Brothers provides a state-of-the-art Design Studio for customers to personalize their homes with a wide array of selections, supported by professional Design Consultants [5] - The company has been recognized as one of Fortune magazine's World's Most Admired Companies for over 10 years and has received multiple awards, including Builder of the Year [8] - Toll Brothers operates in over 60 markets across 24 states and the District of Columbia, offering a diverse range of housing options for various buyer segments [6][7]

Core Insights - Adidas has launched the F50 TAEKWONDO PACK series, creatively merging classic football boots with taekwondo elements, appealing to both trendsetters and sports enthusiasts [1] - The F50 series, introduced in 2004, has gained significant attention for its innovative design and technology, focusing on speed, agility, and ball control [1] - The new taekwondo shoes maintain the classic streamlined silhouette of the F50 football boots while incorporating a smooth synthetic upper and a unique grip sole for stability [1] Design and Aesthetics - The series features three visually striking colorways: "Purple/ Lemon Yellow/ Royal Blue," "Royal Blue/ Footwear White/ Dark Blue," and "Bright Yellow/ Bright Blue/ Royal Blue," each reflecting the dynamic nature of sports and taekwondo belt colors [3] - The design choices emphasize both performance and cultural significance, enhancing the shoes' appeal [3] Brand Strategy - Adidas, with a 76-year history, continues to innovate by blending classic styles with contemporary trends, aiming to integrate sports fashion into everyday life [5] - The company's strategy is to create a cycle of products that transition from the sports field to streetwear and fashion shows, as articulated by CEO Gulden [5]

Core Insights - Quantum Computing Inc. (QCi) has experienced a significant stock price increase of 80% in one month and over 3,000% in the last twelve months, driven by growing interest in quantum computing technology [3] - The company specializes in quantum-compatible chips and photonic hardware solutions, which have applications in high-performance computing, AI, and cybersecurity [3][4] - QCi's innovative approach includes the development of room-temperature quantum machines, which could make quantum technology more accessible and practical compared to traditional low-temperature systems [8][9] Company Overview - QCi focuses on photonics and quantum optics technology, creating quantum machines designed to operate at room temperature and low power, potentially reducing costs [7][8] - The company has introduced the Dirac 3 quantum system, which is the first to solve integer problems using quantum digits (qdits) instead of traditional qubits, marking a significant advancement in quantum computing [6] - QCi's thin-film lithium niobate (TFLN) photonic chip foundry in Tempe, Arizona, has recently become operational, enabling the fabrication of advanced photonic computing engines [9] Market Context - The quantum computing industry is characterized by high volatility and significant challenges, including error rates that increase with system complexity [5] - Major players like IBM and Google are also advancing in the field, with IBM's 1,121-qubit Condor processor and plans for 100,000-qubit systems by 2033 [6] - The positive momentum in quantum computing stocks has been influenced by industry leaders' comments, such as Nvidia CEO Jensen Huang's statement about quantum computing reaching an inflection point [3] Financial Performance - QCi reported a revenue base of $385K in the last twelve months and an operating loss of $28 million, indicating that the company is still in a developmental stage [10] - The stock of QUBT has shown extreme volatility, with significant declines during adverse market conditions, such as a 93% drop during the 2022 inflation shock [11][12] - Despite the risks, QCi has potential for growth, particularly if it can successfully sell its photonic chips to large customers like NASA and Johns Hopkins [13]

Group 1 - The cooperation between China and Latin America has reached a new level, particularly in the aerospace sector, with a joint action plan established during the China-Latin America Forum [1] - The historical context of Latin America's aerospace development is essential, highlighting early advancements and the contributions of pioneers like Ryszard Dyrgalla [2][5] - Latin America's aerospace ambitions have faced numerous challenges, including economic instability and external pressures, leading to a shift in focus towards satellite applications [20][21] Group 2 - The establishment of the China-Brazil Earth Resources Satellite (CBERS) program has been a significant example of successful cooperation in satellite technology between China and Brazil [15] - Recent developments in commercial aerospace, such as the emergence of companies like Satellogic, indicate a growing interest and capability in the region [19] - The formation of the Latin American and Caribbean Space Agency (ALCE) represents a collaborative effort among several countries to enhance regional aerospace activities, despite Brazil's absence [21][24] Group 3 - The potential for deeper cooperation between China and Latin America in aerospace includes government-level partnerships, technology sharing, and joint missions [24][25] - The article emphasizes the importance of integrating local Latin American companies into the aerospace supply chain to foster long-term growth and collaboration [25] - The evolving geopolitical landscape presents an opportunity for Latin America to redefine its aerospace ambitions and strengthen ties with emerging powers like China [20][26]

Core Insights - Rigetti Computing (RGTI) has shown a year-to-date gain but faces increasing competitive pressure from peers like IonQ and D-Wave Quantum, as well as technology giants like IBM [1][3] - IBM has advanced its 1,121-qubit Condor system and aims for practical quantum utility by 2026, while IonQ reported a 77% year-over-year revenue increase in Q1 [2] - D-Wave is establishing itself in real-world applications, particularly in logistics and optimization, contrasting with Rigetti's slower commercial traction [2][11] Financial Performance - Rigetti's Q1 revenue was $1.5 million, missing estimates and highlighting its reliance on government contracts [3][8] - In comparison, IonQ achieved a revenue surge of 77% year-over-year and has $72.5 million in forward bookings, while D-Wave is securing enterprise use cases [9][10] - Rigetti's revenue model is heavily dependent on short-term government contracts, limiting future cash flow visibility [10][11] Competitive Landscape - Rigetti's shares have underperformed compared to industry peers, with a 4% increase in the past month, while IonQ and D-Wave saw gains of 15.9% and 43.4%, respectively [4][8] - Competitors like IonQ and D-Wave are building scalable customer ecosystems, securing long-term partnerships with major cloud platforms [11][12] - Rigetti's technical advancements, such as the Ankaa-3 system, have not translated into commercial success, with a projected 3-5 year timeline for meaningful traction [12][17] Valuation Concerns - Rigetti's stock is considered overvalued, trading at a price-to-book (P/B) ratio of 16.7X, significantly higher than the industry average of 6.4X [13][14] - This high P/B ratio indicates that investors are pricing in significant growth potential, which may not be justified by current financial performance [14][18] - Revenue is expected to decline by 18.6% in 2025, with earnings per share remaining negative but improving by 86.1% year-over-year [16][18]