2025-08-11 01:21Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the rapid development of the tokenization industry in the US stock market, driven by regulatory improvements and increased participation from traditional financial institutions [2][4]. - The virtual asset trading services in Hong Kong are expanding, with over 41 financial institutions upgrading to the 1st license and more than 40 asset management firms upgrading to the 9th license [4][6]. Core Insights and Arguments - Tokenization Technology Routes: Three main technology routes for tokenization in the US market are identified: 1. Third-party issuance with exchange access, where crypto exchanges facilitate trading [5]. 2. Licensed brokers building their own chains for self-issuance, suitable for stricter regulatory environments [5]. 3. Contract for difference (CFD) methods allowing users to trade without holding physical stocks [5]. - Market Potential: The IT transformation space for virtual asset trading systems in Hong Kong is estimated to be between 30 billion to 180 billion RMB, indicating significant growth potential [6]. - Beneficiaries of Virtual Assets: Key beneficiaries of the rapid development of virtual assets include stablecoin issuers, cryptocurrency exchanges, and companies involved in RWA (Real World Asset) services, such as Langxin Group and cross-border payment firms [7]. - AI Infrastructure Growth: Companies like NVIDIA are experiencing significant growth in AI infrastructure, with the GB200 series reaching peak production and the GB300 series expected to contribute to revenue growth [9][10]. Additional Important Content - Liquid Cooling Technology: The adoption of liquid cooling technology is expected to rise significantly, with projections indicating high penetration rates in both overseas and domestic markets by 2026-2027 [11][12]. - Impact of US-Vietnam Tariff Agreement: The US-Vietnam tariff agreement is seen as beneficial for consumer electronics companies like Luxshare Precision, with lower tariffs than expected [13][14]. - Market Sentiment on Supply Chain Companies: The market sentiment towards supply chain companies, particularly those linked to Apple, is currently low due to uncertainties in tariffs and shipment expectations [15]. - Emerging Opportunities in the Gaming Industry: The gaming industry is experiencing a resurgence, driven by favorable EPS and PE trends, with companies like NetEase and 37 Interactive Entertainment showing strong potential [25][26]. - Investment Opportunities in Small Cap Companies: Small cap companies in the Hong Kong market, such as IGG and Youyi Time, are highlighted for their strong cash flow and low valuations, presenting potential investment opportunities [29][30]. - Future of Liquid Cooling and Power Supply: The transition from traditional cooling methods to liquid cooling in GPU servers is emphasized, with significant changes expected in power supply requirements as server power consumption increases [34][35][37]. This summary encapsulates the key points discussed in the conference call, providing insights into the evolving landscape of the tokenization industry, virtual asset trading, AI infrastructure, and emerging opportunities across various sectors.