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枣亿恒
08-19
这篇文章不错，转发给大家看看
美股异动 | 美股太阳能概念上涨，第一太阳能涨超9%
枣亿恒
08-04
这篇文章不错，转发给大家看看
民生证券：构建稳定币-RWA生态闭环 相关资产上链有望成为拉开Web3.0时代大幕
枣亿恒
06-02
$遊戲驛站(GME)$
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style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-08-18 22:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>8月18日，美股<a href=\"https://laohu8.com/S/000591\">太阳能</a>概念上涨，<a href=\"https://laohu8.com/S/RUN\">Sunrun</a>涨超10%，<a href=\"https://laohu8.com/S/FSLR\">第一太阳能</a>涨超9%，<a href=\"https://laohu8.com/S/ARRY\">Array Technologies</a>、<a href=\"https://laohu8.com/S/NXT\">Nextracker</a>涨超8%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b21fb5fd52de6bffbb466c2f9baf1167\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/096e374818f94a1d385200d65a9cc2aa","relate_stocks":{"BK4588":"碎股","ARRY":"Array Technologies 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Technologies、Nextracker涨超8%。","news_type":1,"symbols_score_info":{"ARRY":1.1,"FSLR":1,"NXT":1.1}},"isVote":1,"tweetType":1,"viewCount":226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":464031196758424,"gmtCreate":1754314445270,"gmtModify":1754315390712,"author":{"id":"3511174623406089","authorId":"3511174623406089","name":"枣亿恒","avatar":"https://static.tigerbbs.com/8a2049476193f0e8d006b445fd41f43c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3511174623406089","authorIdStr":"3511174623406089"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/464031196758424","repostId":"2554716974","repostType":2,"repost":{"id":"2554716974","kind":"news","pubTimestamp":1753523435,"share":"https://www.laohu8.com/m/news/2554716974?lang=&edition=full","pubTime":"2025-07-26 17:50","market":"us","language":"zh","title":"民生证券：构建稳定币-RWA生态闭环 相关资产上链有望成为拉开Web3.0时代大幕","url":"https://stock-news.laohu8.com/highlight/detail?id=2554716974","media":"智通财经","summary":"民生证券主要观点如下：稳定币侧重“法币代币化”，RWA聚焦“资产代币化”。政府与企业的强强联合，构建出以中国优质资产为锚定的稳定币—RWA 的生态闭环，而该行认为，相关资产上链有望成为拉开 Web3.0 的时代大幕，以蚂蚁数科与朗新集团及协鑫能科的新能源RWA资产为起点，再到潜在的算力租赁等方向，助力中国优质资产成为链上多元化资产核心基石。","content":"<html><body><p>智通财经APP获悉，民生证券发布研报称，政府与企业的强强联合，构建出以中国优质资产为锚定的稳定币—RWA 的生态闭环，相关资产上链有望成为拉开 Web3.0 的时代大幕，以蚂蚁数科与<a href=\"https://laohu8.com/S/300682\">朗新集团</a>(300682.SZ)及<a href=\"https://laohu8.com/S/002015\">协鑫能科</a>(002015.SZ)的新能源RWA资产为起点，再到潜在的算力租赁等方向，助力中国优质资产成为链上多元化资产核心基石。同时，参考<a href=\"https://laohu8.com/S/HOOD\">Robinhood</a>等海外股票代币发行方发展历程，国内互联网券商、金融科技公司、股票或数字货币交易所都有望在该浪潮下实现价值重估，而“牌照效应”或是国内相关厂商的核心竞争力。</p><p><strong>民生证券主要观点如下：</strong></p><p><strong>稳定币侧重“法币代币化”，RWA聚焦“资产代币化”。</strong>稳定币的核心作用与真实世界法币相似，更专注于交易与支付等方面。而相较于锚定法币、不产生收益的稳定币，RWA涵盖了更广泛的资产类型和应用场景，能够提高资产流动性，促成实体资产在web3.0领域内的定价，并在web3.0世界中为投资者提供低风险、收益稳定的金融产品。在政策端，中国香港是全世界推动稳定币立法的领先地区，持续追赶美国相关立法进度。</p><p><strong>联盟链→公链Layer2→公链Layer1，三链层层递进</strong><strong>。</strong>联盟链具备准入可控、高效协作和隐私保护三大优势，能够兼容监管机构的KYC/AML合规框架，因此成为早期RWA资产上链的主要技术路径。Layer2公链凭借极高的交易性能，实现了低门槛、实时、高频交易，为RWA活跃的二级市场流通创造了条件，构筑了资本流动的高速公路。Layer 1（底层公链）则构成了区块链世界的基石，承担着底层共识、数据存储和智能合约执行的核心功能，并凭借去中心化的开放性和通用性，打造了和CUDA生态战略高点类似的Layer1生态。而作为性能扩展层的公链Layer2，往往基于安全性、流动性和迁移成本的考量，需要与Layer1的公链生态实现兼容。</p><p><strong>基础构建→流动性激活→全球资产网络融合打造的三步走。</strong>RWA的第一阶段聚焦“基础构建”，不同资产通过RWA上链，以固定收益面向投资者，与一级投资和债券投资的模式高度相似。在RWA的第二阶段，联盟链+ Layer1 + Layer2的分层架构，使二级市场交易的流动性得到激活，呈现标准化、碎片化特征，RWA上链后“融资-拆分-流通”的价值闭环得以实现。而RWA进入第三阶段后，全球范围内将构建起成熟的RWA生态系统，跨链交易成为常态，交易所和发币集团成为链上真正的核心分发及触达平台。</p><p><strong>投资建议：</strong>从美国率先立法稳定币法案，到中国香港稳定币条例即将落地，全球各国在政策端正在试探乃至拥抱web3.0的到来；蚂蚁数科等科技领军企业通过 RWA 不断助力国内优质资产上链，直接面向全新的链上增量资金。政府与企业的强强联合，构建出以中国优质资产为锚定的稳定币—RWA 的生态闭环，而该行认为，相关资产上链有望成为拉开 Web3.0 的时代大幕，以蚂蚁数科与朗新集团及协鑫能科的新能源RWA资产为起点，再到潜在的算力租赁等方向，助力中国优质资产成为链上多元化资产核心基石。同时，参考Robinhood等海外股票代币发行方发展历程，国内互联网券商、金融科技公司、股票或数字货币交易所都有望在该浪潮下实现价值重估，而“牌照效应”或是国内相关厂商的核心竞争力。</p><p>对于三个阶段：<strong>阶段一资产上链是基础，</strong>建议关注RWA 资产端：<a href=\"https://laohu8.com/S/600666\">奥瑞德</a>、朗新集团、协鑫能科、<a href=\"https://laohu8.com/S/600570\">恒生电子</a>、<a href=\"https://laohu8.com/S/688158\">优刻得</a>、<a href=\"https://laohu8.com/S/000967\">盈峰环境</a>、<a href=\"https://laohu8.com/S/002229\">鸿博股份</a>、<a href=\"https://laohu8.com/S/603300\">海南华铁</a>、<a href=\"https://laohu8.com/S/688327\">云从科技</a>、<a href=\"https://laohu8.com/S/688159\">有方科技</a>、<a href=\"https://laohu8.com/S/001339\">智微智能</a>、<a href=\"https://laohu8.com/S/300857\">协创数据</a>、<a href=\"https://laohu8.com/S/GDS\">万国数据</a>、<a href=\"https://laohu8.com/S/VNET\">世纪互联</a>、<a href=\"https://laohu8.com/S/600845\">宝信软件</a>、<a href=\"https://laohu8.com/S/603881\">数据港</a>、<a href=\"https://laohu8.com/S/300738\">奥飞数据</a>、<a href=\"https://laohu8.com/S/600602\">云赛智联</a>、<a href=\"https://laohu8.com/S/002152\">广电运通</a>、<a href=\"https://laohu8.com/S/603496\">恒为科技</a>、<a href=\"https://laohu8.com/S/002929\">润建股份</a>、<a href=\"https://laohu8.com/S/300657\">弘信电子</a>、<a href=\"https://laohu8.com/S/000034\">神州数码</a>、<a href=\"https://laohu8.com/S/603296\">华勤技术</a>、<a href=\"https://laohu8.com/S/600186\">莲花控股</a>、<a href=\"https://laohu8.com/S/301396\">宏景科技</a>等；</p><p><strong>阶段二流动性激活是核心，</strong>建议关注：1）交易平台与铲子型公司：<a href=\"https://laohu8.com/S/01428\">耀才证券金融</a>、<a href=\"https://laohu8.com/S/02388\">中银香港</a>、<a href=\"https://laohu8.com/S/601696\">中银证券</a>、<a href=\"https://laohu8.com/S/002657\">中科金财</a>；2）互联网券商：<a href=\"https://laohu8.com/S/300059\">东方财富</a>、<a href=\"https://laohu8.com/S/300033\">同花顺</a>、<a href=\"https://laohu8.com/S/601519\">大智慧</a>、<a href=\"https://laohu8.com/S/300803\">指南针</a>、<a href=\"https://laohu8.com/S/09636\">九方智投控股</a>；3）配套产业链：<a href=\"https://laohu8.com/S/600446\">金证股份</a>、<a href=\"https://laohu8.com/S/06060\">众安在线</a>、<a href=\"https://laohu8.com/S/02598\">连连数字</a>、<a href=\"https://laohu8.com/S/00165\">中国光大控股</a>、<a href=\"https://laohu8.com/S/300674\">宇信科技</a>、<a href=\"https://laohu8.com/S/300872\">天阳科技</a>、<a href=\"https://laohu8.com/S/002987\">京北方</a>、<a href=\"https://laohu8.com/S/02586\">多点数智</a>等稳定币牌照相关公司；</p><p><strong>阶段三全球资产网络融合是星辰大海，</strong>建议关注：<a href=\"https://laohu8.com/S/JD\">京东</a>、<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>等互联网巨头。</p><p><strong>风险提示</strong><strong>：</strong>RWA政策落地不及预期；行业发展不及预期。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>民生证券：构建稳定币-RWA生态闭环 相关资产上链有望成为拉开Web3.0时代大幕</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n民生证券：构建稳定币-RWA生态闭环 相关资产上链有望成为拉开Web3.0时代大幕\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-26 17:50 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1322273.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，民生证券发布研报称，政府与企业的强强联合，构建出以中国优质资产为锚定的稳定币—RWA 的生态闭环，相关资产上链有望成为拉开 Web3.0 的时代大幕，以蚂蚁数科与朗新集团(300682.SZ)及协鑫能科(002015.SZ)的新能源RWA资产为起点，再到潜在的算力租赁等方向，助力中国优质资产成为链上多元化资产核心基石。同时，参考Robinhood等海外股票代币发行方发展历程，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1322273.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161027":"证券","BK4023":"应用软件"},"source_url":"http://www.zhitongcaijing.com/content/detail/1322273.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2554716974","content_text":"智通财经APP获悉，民生证券发布研报称，政府与企业的强强联合，构建出以中国优质资产为锚定的稳定币—RWA 的生态闭环，相关资产上链有望成为拉开 Web3.0 的时代大幕，以蚂蚁数科与朗新集团(300682.SZ)及协鑫能科(002015.SZ)的新能源RWA资产为起点，再到潜在的算力租赁等方向，助力中国优质资产成为链上多元化资产核心基石。同时，参考Robinhood等海外股票代币发行方发展历程，国内互联网券商、金融科技公司、股票或数字货币交易所都有望在该浪潮下实现价值重估，而“牌照效应”或是国内相关厂商的核心竞争力。民生证券主要观点如下：稳定币侧重“法币代币化”，RWA聚焦“资产代币化”。稳定币的核心作用与真实世界法币相似，更专注于交易与支付等方面。而相较于锚定法币、不产生收益的稳定币，RWA涵盖了更广泛的资产类型和应用场景，能够提高资产流动性，促成实体资产在web3.0领域内的定价，并在web3.0世界中为投资者提供低风险、收益稳定的金融产品。在政策端，中国香港是全世界推动稳定币立法的领先地区，持续追赶美国相关立法进度。联盟链→公链Layer2→公链Layer1，三链层层递进。联盟链具备准入可控、高效协作和隐私保护三大优势，能够兼容监管机构的KYC/AML合规框架，因此成为早期RWA资产上链的主要技术路径。Layer2公链凭借极高的交易性能，实现了低门槛、实时、高频交易，为RWA活跃的二级市场流通创造了条件，构筑了资本流动的高速公路。Layer 1（底层公链）则构成了区块链世界的基石，承担着底层共识、数据存储和智能合约执行的核心功能，并凭借去中心化的开放性和通用性，打造了和CUDA生态战略高点类似的Layer1生态。而作为性能扩展层的公链Layer2，往往基于安全性、流动性和迁移成本的考量，需要与Layer1的公链生态实现兼容。基础构建→流动性激活→全球资产网络融合打造的三步走。RWA的第一阶段聚焦“基础构建”，不同资产通过RWA上链，以固定收益面向投资者，与一级投资和债券投资的模式高度相似。在RWA的第二阶段，联盟链+ Layer1 + Layer2的分层架构，使二级市场交易的流动性得到激活，呈现标准化、碎片化特征，RWA上链后“融资-拆分-流通”的价值闭环得以实现。而RWA进入第三阶段后，全球范围内将构建起成熟的RWA生态系统，跨链交易成为常态，交易所和发币集团成为链上真正的核心分发及触达平台。投资建议：从美国率先立法稳定币法案，到中国香港稳定币条例即将落地，全球各国在政策端正在试探乃至拥抱web3.0的到来；蚂蚁数科等科技领军企业通过 RWA 不断助力国内优质资产上链，直接面向全新的链上增量资金。政府与企业的强强联合，构建出以中国优质资产为锚定的稳定币—RWA 的生态闭环，而该行认为，相关资产上链有望成为拉开 Web3.0 的时代大幕，以蚂蚁数科与朗新集团及协鑫能科的新能源RWA资产为起点，再到潜在的算力租赁等方向，助力中国优质资产成为链上多元化资产核心基石。同时，参考Robinhood等海外股票代币发行方发展历程，国内互联网券商、金融科技公司、股票或数字货币交易所都有望在该浪潮下实现价值重估，而“牌照效应”或是国内相关厂商的核心竞争力。对于三个阶段：阶段一资产上链是基础，建议关注RWA 资产端：奥瑞德、朗新集团、协鑫能科、恒生电子、优刻得、盈峰环境、鸿博股份、海南华铁、云从科技、有方科技、智微智能、协创数据、万国数据、世纪互联、宝信软件、数据港、奥飞数据、云赛智联、广电运通、恒为科技、润建股份、弘信电子、神州数码、华勤技术、莲花控股、宏景科技等；阶段二流动性激活是核心，建议关注：1）交易平台与铲子型公司：耀才证券金融、中银香港、中银证券、中科金财；2）互联网券商：东方财富、同花顺、大智慧、指南针、九方智投控股；3）配套产业链：金证股份、众安在线、连连数字、中国光大控股、宇信科技、天阳科技、京北方、多点数智等稳定币牌照相关公司；阶段三全球资产网络融合是星辰大海，建议关注：京东、阿里巴巴等互联网巨头。风险提示：RWA政策落地不及预期；行业发展不及预期。","news_type":1,"symbols_score_info":{"161027":1}},"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":441644849300344,"gmtCreate":1748862142784,"gmtModify":1748866346876,"author":{"id":"3511174623406089","authorId":"3511174623406089","name":"枣亿恒","avatar":"https://static.tigerbbs.com/8a2049476193f0e8d006b445fd41f43c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3511174623406089","authorIdStr":"3511174623406089"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$遊戲驛站(GME)$ </a> ","listText":"<a 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","text":"$遊戲驛站(GME)$","images":[{"img":"https://static.tigerbbs.com/0ad73dcb6126d633aa50f722bf6cf8f2","width":"1044","height":"1682"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/441644849300344","isVote":1,"tweetType":1,"viewCount":839,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":469087500251568,"gmtCreate":1755554255109,"gmtModify":1755555892517,"author":{"id":"3511174623406089","authorId":"3511174623406089","name":"枣亿恒","avatar":"https://static.tigerbbs.com/8a2049476193f0e8d006b445fd41f43c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3511174623406089","authorIdStr":"3511174623406089"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/469087500251568","repostId":"1101769524","repostType":4,"repost":{"id":"1101769524","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1755527653,"share":"https://www.laohu8.com/m/news/1101769524?lang=&edition=full","pubTime":"2025-08-18 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style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-08-18 22:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>8月18日，美股<a href=\"https://laohu8.com/S/000591\">太阳能</a>概念上涨，<a href=\"https://laohu8.com/S/RUN\">Sunrun</a>涨超10%，<a href=\"https://laohu8.com/S/FSLR\">第一太阳能</a>涨超9%，<a href=\"https://laohu8.com/S/ARRY\">Array Technologies</a>、<a href=\"https://laohu8.com/S/NXT\">Nextracker</a>涨超8%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b21fb5fd52de6bffbb466c2f9baf1167\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/096e374818f94a1d385200d65a9cc2aa","relate_stocks":{"BK4588":"碎股","ARRY":"Array Technologies 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INC","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101769524","content_text":"8月18日，美股太阳能概念上涨，Sunrun涨超10%，第一太阳能涨超9%，Array Technologies、Nextracker涨超8%。","news_type":1,"symbols_score_info":{"ARRY":1.1,"FSLR":1,"NXT":1.1}},"isVote":1,"tweetType":1,"viewCount":226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":464031196758424,"gmtCreate":1754314445270,"gmtModify":1754315390712,"author":{"id":"3511174623406089","authorId":"3511174623406089","name":"枣亿恒","avatar":"https://static.tigerbbs.com/8a2049476193f0e8d006b445fd41f43c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3511174623406089","authorIdStr":"3511174623406089"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/464031196758424","repostId":"2554716974","repostType":2,"repost":{"id":"2554716974","kind":"news","pubTimestamp":1753523435,"share":"https://www.laohu8.com/m/news/2554716974?lang=&edition=full","pubTime":"2025-07-26 17:50","market":"us","language":"zh","title":"民生证券：构建稳定币-RWA生态闭环 相关资产上链有望成为拉开Web3.0时代大幕","url":"https://stock-news.laohu8.com/highlight/detail?id=2554716974","media":"智通财经","summary":"民生证券主要观点如下：稳定币侧重“法币代币化”，RWA聚焦“资产代币化”。政府与企业的强强联合，构建出以中国优质资产为锚定的稳定币—RWA 的生态闭环，而该行认为，相关资产上链有望成为拉开 Web3.0 的时代大幕，以蚂蚁数科与朗新集团及协鑫能科的新能源RWA资产为起点，再到潜在的算力租赁等方向，助力中国优质资产成为链上多元化资产核心基石。","content":"<html><body><p>智通财经APP获悉，民生证券发布研报称，政府与企业的强强联合，构建出以中国优质资产为锚定的稳定币—RWA 的生态闭环，相关资产上链有望成为拉开 Web3.0 的时代大幕，以蚂蚁数科与<a href=\"https://laohu8.com/S/300682\">朗新集团</a>(300682.SZ)及<a href=\"https://laohu8.com/S/002015\">协鑫能科</a>(002015.SZ)的新能源RWA资产为起点，再到潜在的算力租赁等方向，助力中国优质资产成为链上多元化资产核心基石。同时，参考<a href=\"https://laohu8.com/S/HOOD\">Robinhood</a>等海外股票代币发行方发展历程，国内互联网券商、金融科技公司、股票或数字货币交易所都有望在该浪潮下实现价值重估，而“牌照效应”或是国内相关厂商的核心竞争力。</p><p><strong>民生证券主要观点如下：</strong></p><p><strong>稳定币侧重“法币代币化”，RWA聚焦“资产代币化”。</strong>稳定币的核心作用与真实世界法币相似，更专注于交易与支付等方面。而相较于锚定法币、不产生收益的稳定币，RWA涵盖了更广泛的资产类型和应用场景，能够提高资产流动性，促成实体资产在web3.0领域内的定价，并在web3.0世界中为投资者提供低风险、收益稳定的金融产品。在政策端，中国香港是全世界推动稳定币立法的领先地区，持续追赶美国相关立法进度。</p><p><strong>联盟链→公链Layer2→公链Layer1，三链层层递进</strong><strong>。</strong>联盟链具备准入可控、高效协作和隐私保护三大优势，能够兼容监管机构的KYC/AML合规框架，因此成为早期RWA资产上链的主要技术路径。Layer2公链凭借极高的交易性能，实现了低门槛、实时、高频交易，为RWA活跃的二级市场流通创造了条件，构筑了资本流动的高速公路。Layer 1（底层公链）则构成了区块链世界的基石，承担着底层共识、数据存储和智能合约执行的核心功能，并凭借去中心化的开放性和通用性，打造了和CUDA生态战略高点类似的Layer1生态。而作为性能扩展层的公链Layer2，往往基于安全性、流动性和迁移成本的考量，需要与Layer1的公链生态实现兼容。</p><p><strong>基础构建→流动性激活→全球资产网络融合打造的三步走。</strong>RWA的第一阶段聚焦“基础构建”，不同资产通过RWA上链，以固定收益面向投资者，与一级投资和债券投资的模式高度相似。在RWA的第二阶段，联盟链+ Layer1 + Layer2的分层架构，使二级市场交易的流动性得到激活，呈现标准化、碎片化特征，RWA上链后“融资-拆分-流通”的价值闭环得以实现。而RWA进入第三阶段后，全球范围内将构建起成熟的RWA生态系统，跨链交易成为常态，交易所和发币集团成为链上真正的核心分发及触达平台。</p><p><strong>投资建议：</strong>从美国率先立法稳定币法案，到中国香港稳定币条例即将落地，全球各国在政策端正在试探乃至拥抱web3.0的到来；蚂蚁数科等科技领军企业通过 RWA 不断助力国内优质资产上链，直接面向全新的链上增量资金。政府与企业的强强联合，构建出以中国优质资产为锚定的稳定币—RWA 的生态闭环，而该行认为，相关资产上链有望成为拉开 Web3.0 的时代大幕，以蚂蚁数科与朗新集团及协鑫能科的新能源RWA资产为起点，再到潜在的算力租赁等方向，助力中国优质资产成为链上多元化资产核心基石。同时，参考Robinhood等海外股票代币发行方发展历程，国内互联网券商、金融科技公司、股票或数字货币交易所都有望在该浪潮下实现价值重估，而“牌照效应”或是国内相关厂商的核心竞争力。</p><p>对于三个阶段：<strong>阶段一资产上链是基础，</strong>建议关注RWA 资产端：<a href=\"https://laohu8.com/S/600666\">奥瑞德</a>、朗新集团、协鑫能科、<a href=\"https://laohu8.com/S/600570\">恒生电子</a>、<a href=\"https://laohu8.com/S/688158\">优刻得</a>、<a href=\"https://laohu8.com/S/000967\">盈峰环境</a>、<a href=\"https://laohu8.com/S/002229\">鸿博股份</a>、<a href=\"https://laohu8.com/S/603300\">海南华铁</a>、<a href=\"https://laohu8.com/S/688327\">云从科技</a>、<a href=\"https://laohu8.com/S/688159\">有方科技</a>、<a href=\"https://laohu8.com/S/001339\">智微智能</a>、<a href=\"https://laohu8.com/S/300857\">协创数据</a>、<a href=\"https://laohu8.com/S/GDS\">万国数据</a>、<a href=\"https://laohu8.com/S/VNET\">世纪互联</a>、<a href=\"https://laohu8.com/S/600845\">宝信软件</a>、<a href=\"https://laohu8.com/S/603881\">数据港</a>、<a href=\"https://laohu8.com/S/300738\">奥飞数据</a>、<a href=\"https://laohu8.com/S/600602\">云赛智联</a>、<a href=\"https://laohu8.com/S/002152\">广电运通</a>、<a href=\"https://laohu8.com/S/603496\">恒为科技</a>、<a href=\"https://laohu8.com/S/002929\">润建股份</a>、<a href=\"https://laohu8.com/S/300657\">弘信电子</a>、<a href=\"https://laohu8.com/S/000034\">神州数码</a>、<a href=\"https://laohu8.com/S/603296\">华勤技术</a>、<a href=\"https://laohu8.com/S/600186\">莲花控股</a>、<a href=\"https://laohu8.com/S/301396\">宏景科技</a>等；</p><p><strong>阶段二流动性激活是核心，</strong>建议关注：1）交易平台与铲子型公司：<a href=\"https://laohu8.com/S/01428\">耀才证券金融</a>、<a href=\"https://laohu8.com/S/02388\">中银香港</a>、<a href=\"https://laohu8.com/S/601696\">中银证券</a>、<a href=\"https://laohu8.com/S/002657\">中科金财</a>；2）互联网券商：<a href=\"https://laohu8.com/S/300059\">东方财富</a>、<a href=\"https://laohu8.com/S/300033\">同花顺</a>、<a href=\"https://laohu8.com/S/601519\">大智慧</a>、<a href=\"https://laohu8.com/S/300803\">指南针</a>、<a href=\"https://laohu8.com/S/09636\">九方智投控股</a>；3）配套产业链：<a href=\"https://laohu8.com/S/600446\">金证股份</a>、<a href=\"https://laohu8.com/S/06060\">众安在线</a>、<a href=\"https://laohu8.com/S/02598\">连连数字</a>、<a href=\"https://laohu8.com/S/00165\">中国光大控股</a>、<a href=\"https://laohu8.com/S/300674\">宇信科技</a>、<a href=\"https://laohu8.com/S/300872\">天阳科技</a>、<a href=\"https://laohu8.com/S/002987\">京北方</a>、<a href=\"https://laohu8.com/S/02586\">多点数智</a>等稳定币牌照相关公司；</p><p><strong>阶段三全球资产网络融合是星辰大海，</strong>建议关注：<a href=\"https://laohu8.com/S/JD\">京东</a>、<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>等互联网巨头。</p><p><strong>风险提示</strong><strong>：</strong>RWA政策落地不及预期；行业发展不及预期。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>民生证券：构建稳定币-RWA生态闭环 相关资产上链有望成为拉开Web3.0时代大幕</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n民生证券：构建稳定币-RWA生态闭环 相关资产上链有望成为拉开Web3.0时代大幕\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-26 17:50 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1322273.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，民生证券发布研报称，政府与企业的强强联合，构建出以中国优质资产为锚定的稳定币—RWA 的生态闭环，相关资产上链有望成为拉开 Web3.0 的时代大幕，以蚂蚁数科与朗新集团(300682.SZ)及协鑫能科(002015.SZ)的新能源RWA资产为起点，再到潜在的算力租赁等方向，助力中国优质资产成为链上多元化资产核心基石。同时，参考Robinhood等海外股票代币发行方发展历程，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1322273.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161027":"证券","BK4023":"应用软件"},"source_url":"http://www.zhitongcaijing.com/content/detail/1322273.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2554716974","content_text":"智通财经APP获悉，民生证券发布研报称，政府与企业的强强联合，构建出以中国优质资产为锚定的稳定币—RWA 的生态闭环，相关资产上链有望成为拉开 Web3.0 的时代大幕，以蚂蚁数科与朗新集团(300682.SZ)及协鑫能科(002015.SZ)的新能源RWA资产为起点，再到潜在的算力租赁等方向，助力中国优质资产成为链上多元化资产核心基石。同时，参考Robinhood等海外股票代币发行方发展历程，国内互联网券商、金融科技公司、股票或数字货币交易所都有望在该浪潮下实现价值重估，而“牌照效应”或是国内相关厂商的核心竞争力。民生证券主要观点如下：稳定币侧重“法币代币化”，RWA聚焦“资产代币化”。稳定币的核心作用与真实世界法币相似，更专注于交易与支付等方面。而相较于锚定法币、不产生收益的稳定币，RWA涵盖了更广泛的资产类型和应用场景，能够提高资产流动性，促成实体资产在web3.0领域内的定价，并在web3.0世界中为投资者提供低风险、收益稳定的金融产品。在政策端，中国香港是全世界推动稳定币立法的领先地区，持续追赶美国相关立法进度。联盟链→公链Layer2→公链Layer1，三链层层递进。联盟链具备准入可控、高效协作和隐私保护三大优势，能够兼容监管机构的KYC/AML合规框架，因此成为早期RWA资产上链的主要技术路径。Layer2公链凭借极高的交易性能，实现了低门槛、实时、高频交易，为RWA活跃的二级市场流通创造了条件，构筑了资本流动的高速公路。Layer 1（底层公链）则构成了区块链世界的基石，承担着底层共识、数据存储和智能合约执行的核心功能，并凭借去中心化的开放性和通用性，打造了和CUDA生态战略高点类似的Layer1生态。而作为性能扩展层的公链Layer2，往往基于安全性、流动性和迁移成本的考量，需要与Layer1的公链生态实现兼容。基础构建→流动性激活→全球资产网络融合打造的三步走。RWA的第一阶段聚焦“基础构建”，不同资产通过RWA上链，以固定收益面向投资者，与一级投资和债券投资的模式高度相似。在RWA的第二阶段，联盟链+ Layer1 + Layer2的分层架构，使二级市场交易的流动性得到激活，呈现标准化、碎片化特征，RWA上链后“融资-拆分-流通”的价值闭环得以实现。而RWA进入第三阶段后，全球范围内将构建起成熟的RWA生态系统，跨链交易成为常态，交易所和发币集团成为链上真正的核心分发及触达平台。投资建议：从美国率先立法稳定币法案，到中国香港稳定币条例即将落地，全球各国在政策端正在试探乃至拥抱web3.0的到来；蚂蚁数科等科技领军企业通过 RWA 不断助力国内优质资产上链，直接面向全新的链上增量资金。政府与企业的强强联合，构建出以中国优质资产为锚定的稳定币—RWA 的生态闭环，而该行认为，相关资产上链有望成为拉开 Web3.0 的时代大幕，以蚂蚁数科与朗新集团及协鑫能科的新能源RWA资产为起点，再到潜在的算力租赁等方向，助力中国优质资产成为链上多元化资产核心基石。同时，参考Robinhood等海外股票代币发行方发展历程，国内互联网券商、金融科技公司、股票或数字货币交易所都有望在该浪潮下实现价值重估，而“牌照效应”或是国内相关厂商的核心竞争力。对于三个阶段：阶段一资产上链是基础，建议关注RWA 资产端：奥瑞德、朗新集团、协鑫能科、恒生电子、优刻得、盈峰环境、鸿博股份、海南华铁、云从科技、有方科技、智微智能、协创数据、万国数据、世纪互联、宝信软件、数据港、奥飞数据、云赛智联、广电运通、恒为科技、润建股份、弘信电子、神州数码、华勤技术、莲花控股、宏景科技等；阶段二流动性激活是核心，建议关注：1）交易平台与铲子型公司：耀才证券金融、中银香港、中银证券、中科金财；2）互联网券商：东方财富、同花顺、大智慧、指南针、九方智投控股；3）配套产业链：金证股份、众安在线、连连数字、中国光大控股、宇信科技、天阳科技、京北方、多点数智等稳定币牌照相关公司；阶段三全球资产网络融合是星辰大海，建议关注：京东、阿里巴巴等互联网巨头。风险提示：RWA政策落地不及预期；行业发展不及预期。","news_type":1,"symbols_score_info":{"161027":1}},"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":441644849300344,"gmtCreate":1748862142784,"gmtModify":1748866346876,"author":{"id":"3511174623406089","authorId":"3511174623406089","name":"枣亿恒","avatar":"https://static.tigerbbs.com/8a2049476193f0e8d006b445fd41f43c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3511174623406089","authorIdStr":"3511174623406089"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$遊戲驛站(GME)$ </a> ","listText":"<a 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