Minsheng Securities: Building a stablecoin-RWA ecological closed loop, the on-chain of related assets is expected to usher in the Web3.0 era.

Minsheng Securities released a research report stating that the strong alliance between the government and enterprises has built an ecological closed loop for stablecoin RWA anchored by high-quality Chinese assets. The on-chain of related assets is expected to kick off the era of Web3.0, starting from the new energy RWA assets of Ant Group, Longshine Technology Group (300682.SZ), and GCL Energy Technology (002015.SZ), and moving towards potential directions such as computing power leasing, to help high-quality Chinese assets become the core cornerstone of diversified on-chain assets. At the same time, with reference to the development process of overseas stock token issuers like Robinhood, domestic internet securities brokers, fintech companies, stock or cryptocurrency exchanges are expected to reevaluate their value in this trend, with the "license effect" potentially becoming the core competitiveness of domestic related companies. Key points from Minsheng Securities are as follows: Stablecoins focus on "fiat tokenization," while RWAs focus on "asset tokenization." The core function of stablecoins is similar to real-world fiat currencies, focusing more on trading and payments. Compared to stablecoins anchored to fiat currencies and not generating returns, RWAs cover a wider range of asset types and use cases, improving asset liquidity, enabling the pricing of real-world assets in the Web3.0 domain, and providing investors with low-risk, stable-yield financial products in the Web3.0 world. Policy-wise, Hong Kong, China is leading the world in legislation promoting stablecoins and is continuously catching up with the legislative progress in the United States. Alliance Chain Public Chain Layer2 Public Chain Layer1, progressing through three layers. The alliance chain has advantages in controllable access, efficient collaboration, and privacy protection, and can be compatible with regulatory KYC/AML compliance frameworks, making it the primary technical path for early RWA asset on-chain applications. Layer2 public chains achieve high transaction performance, facilitating low-threshold, real-time, high-frequency trading, creating conditions for active secondary market circulation of RWAs and constructing a high-speed highway for capital flow. Layer 1 (base layer public chain) forms the cornerstone of the blockchain world, with core functions including underlying consensus, data storage, and smart contract execution. It creates a Layer 1 ecosystem similar to the high points of the CUDA ecosystem with decentralization, openness, and generality. As a performance extension layer, Layer2 public chains, based on considerations of security, liquidity, and migration costs, need compatibility with Layer1's public chain ecosystem. Three-step process of Basic Construction Liquidity Activation Global Asset Network Fusion. The first stage of RWAs focuses on "basic construction," with various assets being on-chain with RWA, providing fixed income opportunities for investors similar to primary investment and bond investment models. In the second stage of RWAs, the tiered structure of Alliance Chain + Layer1 + Layer2 activates liquidity in secondary market transactions, presenting standardization and fragmentation characteristics. Value loops of "financing-splitting-circulation" can be realized after RWAs are on-chain. As RWAs enter the third stage, a mature RWA ecosystem will be built globally, with cross-chain transactions becoming the norm, and exchanges and issuing groups become truly core distribution and outreach platforms on the chain. Investment recommendations: From the first legislation of stablecoin bills in the United States to the imminent implementation of stablecoin regulations in Hong Kong, countries worldwide are exploring and embracing the arrival of Web3.0 on the policy front. Leading technology companies like Ant Group continuously support domestic high-quality assets to be on-chain through RWA, directly addressing new incremental funding on-chain. The strong alliance between the government and enterprises has built an ecological closed loop for stablecoin RWA anchored by high-quality Chinese assets. Minsheng Securities believes that asset on-chaining has the potential to open the curtain of the Web3.0 era, with the starting point being the new energy RWA assets of Ant Group, Longshine Technology Group, and GCL Energy Technology, and potential directions like computing power leasing to help Chinese high-quality assets become the core cornerstone of diversified on-chain assets. Moreover, in the wave of development, domestic internet securities brokers, fintech companies, stock or cryptocurrency exchanges are expected to reevaluate their value, and the "license effect" could be the core competitiveness of related domestic companies. For the three stages: The first stage of on-chaining assets is foundational, and attention is advised to the RWA asset side: Aurora Optoelectronics, Longshine Technology Group, GCL Energy Technology, Hundsun Technologies Inc., Wondertek, Infore Environment Technology Group, Hongbo Co., Ltd., Zhejiang Haikong Nanke Huatie Digital Intelligence & Technology, Yuncong Technology, Shenzhen Neoway Technology, Jwipc Technology, Sharetronic Data Technology, Wanguo Data, Century Interconnect, Shanghai Baosight Software, Shanghai AtHub, Guangdong Aofei Data Technology, INESA Intelligent Tech Inc., GRG Banking Equipment, EmbedWay Technologies, RunJian Co., Ltd., Xiamen Hongxin Electronics Technology Group Inc., Digital China Group, Huaqin Technology, Lotus Holdings, Glory View Technology, etc. The activation of liquidity in the second stage is crucial, and attention is advised to: 1) Trading platforms and shovel-type companies: BRIGHT SMART, BOC HONG KONG, BOC International, Sinodata Co., Ltd.; 2) Internet securities brokers: East Money Information, Hithink RoyalFlush Information Network, Shanghai DZH Limited, Beijing Compass Technology Development, JF SMARTINVEST; 3) Supporting industrial chain: Shenzhen Kingdom Sci-Tech, ZA ONLINE, LIANLIAN, CHINA EB LTD, Yusys Technologies, Tansun Technology, Northking Information Technology Co., Ltd, DMALL, and stablecoin license-related companies. The global asset network fusion in the third stage is vast, and attention is advised to: JD.com, Alibaba, and other internet giants. Risks: Unexpected delays in RWA policy implementation; Industry development falls short of expectations.