A new trend in the A-share market? Public funds are quietly investing in the RDA concept.
Since June, the digital asset sector has rebounded, emerging as one of the most closely watched themes in the A-share market. Especially after the official launch of the Wind Stablecoin Concept Index on June 3rd, the overall performance of the sector has accelerated significantly. In just over a month, the index has accumulated a gain of 35.13%, far outpacing most mainstream sectors and quickly catching the attention of all parties. With the accelerated inflow of funds and the faster rotation of individual stocks, the stablecoin sector has jumped from a niche theme to one of the market's main trends.
Behind the market enthusiasm lies the dual drive of technological paradigms and industrial logic. In particular, the emergence of the "RDA (Real Data Asset)" concept has injected new impetus into the stablecoin market. This new concept, proposed by the Shanghai Data Exchange, uses blockchain technology to link real-world data (such as steel trading records, photovoltaic power generation, and logistics information) with corresponding physical assets, transforming them into tradable and financable digital assets.
As the concept spreads rapidly, the stock prices of A-share companies related to stablecoins and RDA have continued to rise, with frequent large-scale capital inflows. Beneath the surface market trends, the heavyweight positions of public funds and the research logic of securities firms are also changing. This structural market trend, driven by policy trends, technological foundations, and market enthusiasm, is redefining the position of digital assets in the A-share pricing system.
Main funds continue to increase positions in RDA concept stocks
The expansion of the stablecoin concept initially stemmed from changes in the underlying structure of the digital currency industry. Subsequently, with the resonance of policies and industries, its reflection in the A-share market has become increasingly clear. In terms of industry composition, most A-share companies included in the stablecoin concept are concentrated in areas such as blockchain, data rights confirmation, industrial digitization, and fintech. Companies represented by Info - Dev, Shanghai Steel Union, DZH, and Annie shares, which have both a blockchain technology foundation and data application scenarios, have become the focus of market funds.
According to Choice data, the recent market performance of RDA-related concept stocks has been remarkable. Among them, Info - Dev led the list with an intraday gain of over 60%. The company has long promoted blockchain evidence storage in the judicial field and has high - barrier technology reserves. Shanghai Steel Union and DZH have also been sought after because their data service products are listed on the Shanghai Data Exchange.
In terms of main funds, the net inflow of main funds for individual stocks such as THL ADF, Cosco Shipping Science, and Guangdian Express for the past week has exceeded 200 million yuan, becoming the focus of capital concentration in this stablecoin boom. Especially during the market adjustment period, the increase of positions in these theme stocks by funds was more active, which can also be seen from the large - order trading volume.
It is worth noting that although most RDA concept stocks have received net inflows of main funds, some concept stocks have been sold off by funds. Among them, several companies such as GCL Energy Technology and Annie shares have been subject to large - scale net selling by main funds and large - order funds. The net outflow of main funds for GCL Energy Technology in the past week reached 757 million yuan, and the net outflow of large - order funds reached 513 million yuan.
A Shanghai - based institutional investor who has long tracked the technology sector pointed out that the current inflow of funds into stablecoin concept stocks is more of a trend - based gaming behavior. "The technological narrative of RDA is very strong. Coupled with the recent launch of the index and high popularity, many funds are attracted by the short - term elasticity. However, in terms of structure, we still need to be vigilant about the pressure of cashing out high - level chips."
Public funds quietly lurk, and quarterly reports reveal heavy - position trends
Beyond the speculation of main hot - money, the layout of public funds for stablecoin and RDA concept stocks is also worthy of attention. Although the stablecoin index has been launched for a short time, judging from the positions in the first - quarter report of 2025 and the disclosed second - quarter reports, several active equity funds have entered the relevant targets.
In the first quarter of 2025, some leading fund companies included DZH, THL ADF, and Hundsun Technologies in their top ten heavy - position stocks. For example, DZH, which has led the gains this year, is heavily held not only by several index funds such as Guojin CSI 1000 Index Enhancement, Penghua CSI 1000 Enhanced Strategy ETF, and Cathay CSI All - Index Software ETF Link, but also by the active equity fund Guangda Multi - Strategy Smart Selection.
Another example is THL ADF. As of the end of the first quarter, a total of 5 funds held heavy positions in it, including many active equity funds such as Huaxia Panli One - Year Fixed - Open and Yimi Visionary Value One - Year Fixed - Open. The total number of shares held was 3.8324 million. Hundsun Technologies was heavily held by 56 funds, the largest number of funds among RDA concept stocks.
In addition, Nuoyuan Innovation Drive, managed by Deng Xinyi and Zuo Shaoyi, held 2.3634 million shares of Tongxingbao in the first quarter. Nuoyuan Active Return, also managed by Nuoyuan Fund, held 7.0144 million shares of E - Hualu.
Some second - quarter reports of funds have been disclosed. Although most have not been fully disclosed, from the changing trend of industry allocation, some fund managers focusing on technology and the digital economy have begun to significantly increase their positions in the digital asset chain. "We believe that RDA is a narrative with actual implementation capabilities. Especially for projects with clear data verification mechanisms in the bulk trade and energy fields, there is strong room for valuation imagination." A fund manager from a leading public fund said in a communication.
When communicating with fund industry insiders, Cailian Press reporters found that different types of public funds have different attitudes towards this sector. Funds with a growth - oriented style are more inclined to quickly layout at the initial stage of the concept's popularity to obtain elastic returns, while value - oriented funds that focus on fundamental stock selection are more cautious and tend to gradually increase positions after the theme continues to ferment.
Institutional views are significantly divided
With the soaring market enthusiasm, securities research institutions have also begun to intensively release tracking and analysis reports on the RDA and stablecoin concepts. Judging from the publicly available strategy research reports, the views are polarized: on the one hand, they emphasize the potential of RDA in data rights confirmation and industrial financialization; on the other hand, they express concerns about its valuation rationality and implementation progress.
China Merchants Securities recently released a research report stating that as an RWA anchored to data assets, RDA has attracted increasing attention recently. It is recommended to continuously pay attention to investment opportunities in core stablecoin & RWA targets and data element manufacturers. With the advancement of regulatory legislation, the combination of stablecoins and RWA with traditional finance will lead to the rapid development of the industrial chain and the rapid expansion of the market scale. A global financial innovation cycle may have begun. RDA is expected to accelerate the marketization and value - realization of data elements. We are optimistic about investment opportunities in state - owned infrastructure manufacturers, vertical - field data resource providers, application service providers, and data engineering service providers.
Industrial Securities also continues to be optimistic about investment opportunities in stablecoins and RWA. "The application scenarios of stablecoins have expanded from cryptocurrency trading to a wider range of payment fields, and the market scale and trading activity have rapidly increased. NIFD said that the development model of RMB stablecoins can be a combination of 'domestic and international' to enhance the global influence of the RMB and RMB assets. In addition, the Hong Kong Stablecoin Ordinance will be officially implemented on August 1st, and obtaining a license has become the key to entering the market. We are optimistic about investment opportunities in the stablecoin and RWA markets."
Meanwhile, industry insiders have also reminded investors to pay attention to the comparison effect of the international market. A private - equity research director said: "Although some overseas RWA projects have been implemented, the overall situation is still in the early stage. The leading performance of the A - share market is partly the result of valuation repair. Whether it can have an independent market trend depends on the progress of in - depth cooperation between industries and financial institutions."
A research report from CITIC Futures also stated that in the future, stablecoins may boost the market's demand for US - dollar assets to a certain extent, but we need to be vigilant about the financial stability risks that stablecoins may bring. With the emergence of tokenized money - market funds and interest - bearing stablecoins, we especially need to be vigilant about the financial disintermediation risks brought by stablecoins. When the scale of US - dollar stablecoins is currently small, the scale of off - chain US - dollar liquidity mainly determines the scale of on - chain US - dollar liquidity. However, as the scale of stablecoins further expands, on - chain US - dollar liquidity may inversely affect off - chain US - dollar liquidity, thereby weakening the effectiveness of the central bank's monetary policy management.
This article is from the WeChat official account "Growth Enterprise Market Observation", author: Wu Yuqi. Republished by 36Kr with permission.