Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the development of compliant stablecoins in Hong Kong, with the legislation set to take effect on August 1, 2023, allowing for license applications by the Financial Management Authority [1][3]. Core Insights and Arguments - **Stablecoin Issuance**: Round Coin Technology plans to issue a Hong Kong dollar stablecoin first, with considerations for other types based on different scenario needs [1][4]. - **Demand for Compliant Stablecoins**: There is significant demand for compliant stablecoins in cross-border trade, payments, virtual asset trading, and high-frequency trading scenarios, offering advantages over traditional payment methods like SWIFT [1][5]. - **RWA Settlement**: The settlement and clearing of Real World Assets (RWA) in Hong Kong require the use of compliant stablecoins to achieve high efficiency and low costs in on-chain transactions [1][6]. - **Regulatory Framework**: Hong Kong's legal framework does not restrict the underlying blockchain for stablecoins, but issuance requires regulatory approval. Ethereum is preferred for its stability, while multi-chain solutions are considered for future scalability [1][7]. - **Asset Backing Requirements**: The law mandates that stablecoins must be fully or over-collateralized with low-risk, high-liquidity assets, such as bank deposits or government bonds [1][9][10]. - **Market Competition**: The stablecoin market faces homogenization pressures, with regulations prohibiting interest-bearing stablecoins in compliant jurisdictions [1][11]. - **Market Potential**: The potential for stablecoin issuance is vast, with expectations that traditional payment systems will increasingly adopt compliant stablecoins, particularly in the B2B payment sector, which is projected to exceed $12 trillion in 2024 [1][18]. Additional Important Content - **Distribution Channels**: Round Coin Technology has established partnerships with various traders and payment institutions, enhancing its distribution capabilities for stablecoins [1][13][14]. - **User Wallet Requirements**: Users do not need customized wallets to use stablecoins; any wallet that can accept smart contract-based stablecoins will suffice [1][8]. - **Liquidity Assurance**: Market liquidity for stablecoins is primarily maintained by market makers who hold significant amounts of stablecoins to meet immediate trading demands [1][20]. - **Regulatory Compliance**: The requirement for 100% reserves means that for every unit of stablecoin issued, an equivalent amount of fiat must be held in reserve, ensuring transparency and compliance [1][21]. - **Technological Challenges**: Round Coin Technology faces technical challenges in implementation and is committed to ongoing research and exploration to adapt to emerging payment landscapes [1][27]. This summary encapsulates the key points discussed in the conference call, highlighting the opportunities and challenges in the stablecoin market in Hong Kong.

摘要 稳定币作为一种加密资产，主要用于支付和交易，而非价值存储，旨在 提供低成本、高效率的交易解决方案，尤其在传统法币交易不便时。 基于法币的稳定币占据市场主导地位，如 USDT 和 USDC，它们通过区 块链技术实现去中心化记账，确保交易的可验证性和追溯性，从而保证 交易记录的可靠性和透明度。 稳定币的发行属于货币增发，与支付宝余额不同，稳定币发行机构用法 币购买国债或贵金属，同时生成等值的稳定币，共同作用于经济体，扩 大货币供应。 美国和中国香港立法监管加密资产，旨在规范 Web3.0 金融体系的发展， 该体系基于区块链技术实现点对点直接支付和交易，无需中心机构清结 算，成本低、效率高。 传统金融机构逐渐认可区块链技术和虚拟资产的价值，并开始应用，例 如美国和香港发行比特币 ETF，促进了 Web2.0 资产向 Web3.0 虚拟资 产的转移。 Q&A 什么是稳定币？ 稳定币是一种基于法币的数字货币，类似于数字化的 M0。其特点有两个：一 是有法币支撑，二是基于区块链技术。具体来说，就是将一单位的法币存入特 定账户后，在区块链上生成相应数量的虚拟货币或加密货币。这种稳定币可以 用于支付和交易，但并不具有价 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The report focuses on the innovation, capital flow, and performance of US ETFs, as well as the capital flow of US ordinary public - offering funds. It points out that new US ETF products cover various strategies and themes, cross - border products have continuous capital inflows, international interest - rate bonds perform well, and the capital flow of public - offering funds shows certain trends [1]. Summary by Directory 1. US ETF Innovation Products: KraneShares Issues Humanoid Robot ETF - Last week, there were 19 new US products, with more option - strategy products and some theme products. Option - related products were the focus of recent issuance. For example, Calamos expanded its 100% downside - protection product line, and REX issued Growth & Income series products linked to CoinBase, MicroStrategy, and Tesla [6]. - Three industry - theme ETFs were issued, focusing on energy, AI, and embodied intelligence. The AI ETF by Wedbush invests in 30 leading companies in key AI fields, with a relatively balanced weight of leading stocks like Microsoft and Nvidia. The embodied intelligence ETF by KraneShares invests in humanoid - robot - related fields [7][8]. - GMO issued a quantitative credit - bond ETF aiming to outperform the Bloomberg US corporate - bond index. Multiple single - stock leveraged and inverse ETFs were issued, and Fidelity launched a futures - strategy product [8]. 2. US ETF Dynamics 2.1 US ETF Capital: Cross - border Products Have Continuous Inflows - Last week, US stock ETFs had outflows, but cross - border products had stable inflows. International stock and bond ETFs each had inflows of over $2 billion. The top - ten inflow and outflow ETFs in the US market from May 30 to June 5 are listed, and the daily capital flow of major US ETFs in the past two weeks is also presented [9][13]. - Despite the rise in the US stock market last week, the risk preference of funds declined. Stock broad - based and credit - bond products had outflows, while comprehensive bond ETFs had more inflows, and gold ETFs maintained inflows [16]. 2.2 US ETF Performance: International Interest - rate Bonds Perform Well - Since this year, due to high global macro uncertainty, most cross - border bond ETFs listed in the US have performed better than US bonds, especially Asia - Pacific bonds, which have high product increases under the background of falling interest rates and currency appreciation. The top - five cross - border bond ETFs in the US by scale and their year - to - date returns are provided [18]. 3. Recent Capital Flow of US Ordinary Public - offering Funds - In April 2025, the total amount of non - money public - offering funds in the US was $21.06 trillion, a decrease of $0.12 trillion compared to March 2025. The scale of US domestic stock products declined by 0.88%, slightly more than the decline of stocks. From May 21 to May 28, US domestic stock funds had outflows of about $8 billion, with stable outflows, and bond products had narrowing but continuous inflows for four weeks [19].

Group 1 - The recent market conditions resemble a halftime break, with A-share earnings expected by the end of July and trade negotiations anticipated to resume in August after a 90-day cooling-off period [1] - The Hang Seng Index has shown resilience, recovering from a 3% drop without support from southbound funds, indicating a decent market risk appetite [1] - There has been a significant increase in the average daily trading volume on the Hong Kong Stock Exchange, reaching HKD 242.3 billion in the first five months of the year, compared to HKD 131.8 billion for the entire year of 2024 and HKD 104.9 billion for 2023 [2] Group 2 - Eight A-share companies have listed in Hong Kong since September last year, raising a total of HKD 98.1 billion, with nearly 50 more A-share companies planning to list soon [2] - Notable upcoming IPOs include Sanhua Intelligent Controls and Haitian Flavoring & Food [2] - The "new consumption" trend is highlighted, with stocks like Bubble Mart and Lao Pu Gold reaching new highs, with year-to-date increases exceeding 100% [4] Group 3 - The recent surge in new stocks, such as Circle, which saw a 168% increase on its first day of trading, reflects the speculative nature of the current market [6] - The concept of stablecoins is discussed, emphasizing their role in the cryptocurrency market as a means to facilitate transactions [6] - The investment landscape is compared to a casino, where understanding market dynamics is crucial for making informed decisions [8] Group 4 - The market sentiment and funding conditions are critical for identifying investment opportunities, particularly for stocks with strong market positions and attractive valuations compared to peers [9] - The importance of maintaining a balanced perspective on risk and reward is emphasized, with a caution against overconfidence in market predictions [9]

GS US TMT ... 10 只股票 + 图表 ... GS US TMT：... 10 只股票 + 图表 ... GS US TMT: All references to "we/us/our" refer to the views and observations of the desk. GS US TMT ：所有提及 " 我们 / 我们的 " 均指本部门的观点和观察。 GS US TMT ... 10 stocks + charts ... Market Insights | Markets | Equities 市场洞察 | 市场 | 股票 GS US TMT: ... 10 stocks + charts ... Happy Friday; with the NDX now up +3.5% on the year (.. tho, candidly, at times it feels like we are up +35% on the year given the vibes out there..), quick rundown of some charts and stocks th ...

Accessible version The Flow Show The Bros, the Base & the Billionaires Scores on the Doors: gold 27.7%, stocks 6.7%, govt bonds 6.1%, IG 5.8%, HY bonds 5.0%, cash 1.8%, commodities -1.7%, US dollar -8.9%, crypto -10.0%, oil -12.4% YTD. "Bro Billionaire" stocks*vs the Base stocks (Russell 2000, RHS) Source: BofA Global Investment Strategy, Bloomberg Trump election +45% since election -7% 1700 1900 2100 2300 2500 2700 2900 3100 3300 5000 6000 7000 8000 9000 10000 11000 12000 13000 Jun'24 Aug'24 Oct'24 Dec'24 ...

Summary of Key Points from the Conference Call Industry Overview - The global cross-border payment market is substantial, nearing $200 trillion, with B2B payments accounting for 80% of this, approximately $31.6 trillion, while personal consumption scenarios like e-commerce and cross-border wages account for about $11 trillion [1][2] - Stablecoins are projected to grow from nearly zero in 2018 to around $600 billion by 2024, significantly outpacing traditional financial institutions like Visa and MasterCard [1][6] Core Insights and Arguments - Stablecoins offer advantages in cross-border payments, including speed, low fees, and user control over funds, enabling 24/7 real-time transfers [1][7] - Regulatory challenges, infrastructure gaps, and high user entry barriers currently hinder stablecoin adoption, but these issues are gradually being addressed [1][9] - USDC is positioned as a more compliant option compared to USDT, focusing on institutional users and regular audits, making it a preferred choice for a global stablecoin system [1][17] Company-Specific Insights - Circle is a key player in the stablecoin market, with its USDC product gaining traction, especially in compliant markets like North America and Europe [3][24] - Circle's potential market capitalization could reach $40-50 billion as regulatory frameworks solidify and enterprise adoption increases [3][27] Regulatory Impact - The new cryptocurrency regulations in Singapore are expected to positively influence the stablecoin market by providing clearer legal frameworks, enhancing investor confidence, and encouraging enterprise adoption [5][28] - The implementation of regulations is anticipated to accelerate stablecoin usage, as users will hold stablecoins longer due to increased compliance [25] Market Dynamics - The B2B segment is currently the largest market for stablecoins, with significant growth potential compared to the C-end user market, which faces more complexities [14][15] - The total market for stablecoins is still small relative to the B2B payment volume, indicating substantial room for growth [15] Future Trends - As regulations are implemented, stablecoin applications are expected to become more widespread, with traditional financial companies integrating crypto payment systems [10][12] - The potential for stablecoins to penetrate equity and bond markets is significant, with the possibility of using stablecoins for purchasing tokenized assets [16] Competitive Landscape - USDT has a larger transaction volume at $150 billion compared to USDC's $60 billion, but USDC's growth rate is increasing rapidly, particularly in compliant markets [18][20] - The average transaction size on Ethereum indicates a higher institutional usage of USDC, reflecting its growing acceptance among businesses [23] Conclusion - The stablecoin market is poised for significant growth driven by regulatory clarity, technological advancements, and increasing enterprise adoption, with USDC leading the way in compliance and market acceptance [10][25][27]

你能想象吗？比特币最初竟被视作专为咱中国人打造的投资利器，可谁能料到，中国政府却一纸禁令，直接给相关交易画上了句号。诡异的是，只要咱中 国人一退出比特币市场，它的价格就跟打了鸡血似的，一路狂飙。这事儿听着，简直像一场让人摸不着头脑的荒诞剧。 当年，比特币那可是被吹得天花乱坠，号称去中心化、自由交易，仿佛谁参与进来，就能走上财富自由之路。结果呢，中国这边禁令一下，比特币交易所 纷纷关门大吉，矿场也都停工停产，币圈瞬间陷入一片死寂，哀鸿遍野。然而，禁令过后，比特币价格却如同火箭发射，蹭蹭往上涨。这不，最近又快逼 近新高了，10万美元一枚都快不稀奇了。 为啥会涨得这么离谱呢？最近的形势是，美国那边动作频频。特朗普上台后，提名了好些对比特币极为推崇的官员，一个个堪称币圈的超级狂热粉。就比 如说，美国证券交易委员会（SEC）新主席候选人公开表态，要给加密货币松绑，营造宽松友好的监管环境。还有财政部那边，传言要推出将比特币纳入 金融体系的提案。 这消息一传出，华尔街的基金经理们瞬间两眼放光，跟饿狼看到肉似的，争着往比特币投资。在X平台（原推特）上，币圈的大V们天天晒收益截图，动 不动就说睡一觉资产就翻了倍，评论区全是"全 ...

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, indicating a strong risk appetite and suggesting investment opportunities in various sectors, particularly in virtual assets and Web 3.0 [3][10]. Core Insights - The Hong Kong stock market is experiencing a significant increase in risk appetite, with improved asset quality and trading volume, highlighting the value of asset trading platforms [3][10]. - There is a notable uptrend in multiple sectors such as AI, new consumption, and innovative pharmaceuticals, with a particular focus on small and mid-cap stocks in media and consumer sectors [3][10]. - The report emphasizes the ongoing development of virtual assets and the Web 3.0 market, driven by stablecoin policies and recent IPOs, suggesting that more regulatory frameworks will emerge [3][10]. - The trend of Chinese companies returning to Hong Kong for IPOs is gaining momentum, with increased trading of companies like NetEase and Ctrip in the Hong Kong market [3][10]. - The valuation of overseas Chinese assets remains influenced by US-China trade relations and the broader economic environment, necessitating close monitoring of trade policies and domestic economic changes [3][10]. Summary by Sections Education - The K12 education sector maintains high growth, with leading institutions reporting over 20% revenue growth during the winter training period, and an increase in non-academic course retention rates [5][11]. Luxury Goods - The luxury goods market shows slight pressure due to macroeconomic factors, but brands that align with demand trends are performing well, with cautious price increases observed [5][20]. Coffee and Tea Drinks & OTA - Coffee and tea remain key categories for delivery platforms, with strong performance from major brands like Luckin Coffee, which continues to expand its store presence [5][25]. E-commerce - The e-commerce sector faces slight pressure, but major platforms like Alibaba and JD.com are expected to benefit from ongoing promotional activities [5][26]. Streaming Platforms - Music streaming platforms are viewed as high-quality internet assets, with sustained profitability driven by scale effects [5][34]. Virtual Assets & Internet Brokers - The stablecoin leader Circle's IPO saw a 168% increase on its first day, marking a significant event in the virtual asset space [5][38]. Real Estate Transactions - Recent data shows a slight decline in second-hand housing transactions in major cities, suggesting a need for caution in the real estate market [5][50]. Automotive Services - The automotive aftermarket is under pressure, with traditional fuel vehicle service visits declining, while new energy vehicle service visits are increasing [5][45].

Investment Rating - The report does not explicitly state an investment rating for the stablecoin industry or Circle Core Insights - The global stablecoin market has a market capitalization exceeding $236.6 billion as of June 8, 2025, representing a growth of over 45 times since 2019, with expectations to reach a trillion-dollar scale in the future [3][15] - USDT and USDC dominate the stablecoin market, holding 64% and 25% of the market share respectively, indicating strong network effects and competitive barriers [4][20] - Regulatory frameworks are becoming clearer globally, with significant legislation such as the MiCA regulation in Europe and the GENIUS Act in the US, which are expected to accelerate the adoption of stablecoins [4][41] - Stablecoins are primarily used for cryptocurrency trading and DeFi activities but are increasingly penetrating the payment sector, offering advantages over traditional systems like SWIFT and ACH [4][28][31] Summary by Sections 1. Stablecoin Market Overview - Stablecoins are designed to maintain price stability by pegging their value to other assets, primarily fiat currencies [11] - The market has seen rapid growth, with stablecoins becoming a primary medium for trading on major platforms, accounting for 88% of Binance's trading volume as of June 3, 2025 [15][16] 2. Competitive Landscape - The stablecoin market is highly concentrated, with the top three stablecoins (USDT, USDC, and USDS) accounting for 92% of the market share [20] - Traditional financial institutions and governments are entering the stablecoin space, but the first-mover advantage of USDT and USDC remains significant [23][27] 3. Application Scenarios - Stablecoins are increasingly being adopted in payment systems, with transaction volumes exceeding $10.8 trillion in 2023, showing a 17% year-over-year growth [28][31] - The potential for real-world asset (RWA) tokenization is significant, with estimates suggesting a market size in the hundreds of trillions of dollars [34][35] 4. Regulatory Developments - Major economies are establishing regulatory frameworks for stablecoins, enhancing clarity and compliance, which is expected to drive market growth [41][46] - The US GENIUS Act and the EU MiCA regulation are pivotal in shaping the future of stablecoin issuance and management [41][42] 5. Circle's Position - Circle is a leading compliant dollar stablecoin issuer, with USDC being the second-largest stablecoin by market capitalization at approximately $58.8 billion [5] - The company focuses on building a comprehensive financial infrastructure around USDC, enhancing its adoption through partnerships with major exchanges and financial institutions [5][50]