点击图片▲立即试听 " 全球加速推动稳定币立法的背后，是希望利用稳定币来巩固美元主导地位的美国，和尝试 ' 去美元化 ' 的其他国家。 " 文 / 巴九灵（微信公众号：吴晓波频道） 最近，身边很多人都在讨论一个新东西：稳定币。 尤其进入5月，中美欧好像排练好了一样，先后抛出稳定币监管重磅文件。 5月20日，美国参议院通过了《指导和确立美国稳定币国家创新法案》关键程序性投票，即"天才法案"，可能在年底前完成立法。 仅仅过了一天，中国香港通过了《稳定币条例草案》，前两天经过宪报刊登，该草案正式成为法例，叫做《稳定币条例》。中国香港成为全球首个 对法币稳定币实施全链条监管的司法管辖区，随后引发一波相关题材的港股暴涨。 看似香港"光速"立法，但如果把时间轴往前拉，这股"风暴"已经在多个国家酝酿多时—— 5月，英国发布了关于稳定币发行、加密资产托管及加密资产公司财务稳健性的监管提案；3月，日本细化了加密资产及稳定币的监管调整；去年 12月，欧洲《加密资产市场监管法案》正式成为法律…… 问题来了：稳定币到底是什么？这背后是币圈的热潮，还是大国博弈的新战线？ 美国财政部长贝森特在3月的白宫首次数字资产峰会上"透露"了意图： ...

Core Viewpoint - The announcement reveals that Chen Rongfa, a director and senior executive of Sifang Jingchuang (300468), plans to reduce his shareholding in the company due to personal financial needs, involving a maximum of 276,300 shares, which represents 0.05% of the total share capital [1] Summary by Relevant Sections - **Shareholding Reduction Plan** - Chen Rongfa intends to reduce his holdings by up to 276,300 shares within three months following the announcement, through centralized bidding [1] - This reduction accounts for 0.05% of the company's total share capital [1] - **Reason for Reduction** - The reason for the share reduction is stated as personal financial needs [1] - **Source of Shares** - The shares to be reduced are sourced from the equity incentive plan granted to Chen Rongfa [1] - **Compliance and Disclosure** - Chen Rongfa will strictly adhere to relevant laws and regulations during the reduction process and will fulfill information disclosure obligations in a timely manner [1]

证券代码：300468 证券简称：四方精创 公告编号：2025-024 深圳四方精创资讯股份有限公司 关于董事兼高级管理人员减持股份预披露公告 董事兼高级管理人员保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有深圳四方精创资讯股份有限公司（以下简称"公司"）股份 1,105,501 股（占本公司总股本比例 0.21%）的董事兼高级管理人员陈荣发先生计划在自本 公告披露之日起 15 个交易日后的 3 个月内以集中竞价方式减持公司股份不超过 276,300 股（占本公司总股本比例 0.05%）。 一、股东的基本情况 （一）股东名称：陈荣发（公司董事兼高级管理人员） 2、股份来源：股权激励计划所授予的股份； 3、减持数量及占公司总股本的比例： 拟减持本公司股份数量不超过 276,300 股，占本公司总股本比例 0.05%； 4、减持方式：集中竞价方式； 5、减持期间：自本公告披露之日起 15 个交易日后三个月内（2025 年 6 月 26 日-2025 年 9 月 25 日）以集中竞价方式减持。 ...

沪深两市今日成交额合计11530.48亿元，中际旭创成交额居首 6月4日，沪深两市全天成交额合计11530.48亿元，较上一日增量116.38亿元。其中，沪市成交额为 4468.45亿元（上一交易日为4682.93亿元），成交量为3.86亿手（上一交易日为3.98亿手）；深市成交额 为7062.03亿元（上一交易日为6731.17亿元），成交量为5.88亿手（上一交易日为5.61亿手）。中际旭创 成交额居首，为59.02亿元。其次是新易盛、比亚迪、东方财富、四方精创，成交额分别为58.33亿元、 53.11亿元、51.68亿元、43.56亿元。 ...

证券研究报告 |行业点评 gszqdatemark 2025 06 04 年 月 日 区块链 稳定币+RWA：下一个金融科技的大变革 近期随着美国《GENIUS 法案》及香港《稳定币条例》陆续立法通过， 市场对稳定币主题的关注度快速提升。考虑到 Circle 上市在即，结合 Tether 的财报，稳定币主题亦有可对照研究的商业模式，作为金融科技 领域的大变革，值得重视。 稳定币某种程度上充当了加密货币市场"计价工具"的作用，这是对传统 法币交易的一种补充甚至替代。稳定币诞生后不久，加密货币市场最主要 的交易对是稳定币交易对，因此，稳定币在交易工具、价值流通等方面， 充当着"法币"的作用。主流交易所（包括 DEX 去中心化交易所），比 特币现货、期货交易对以 USDT 等稳定币为主，尤其是交易量更为大的期 货合约，主流交易所正向合约（以美元稳定币为保证金的期货合约）几乎 都是 USDT 交易对。 技术上看，稳定币代表着新一代支付技术。USDT 由 Tether 公司于 2014 年推出，1 USDT 锚定 1 美元，是市场较早的一批稳定币，此后逐渐成 为市场上使用最广泛的稳定币产品，当前发行规模超 1500 亿 ...

证券研究报告 |行业点评 gszqdatemark 2025 06 04 年 月 日 区块链 稳定币+RWA：下一个金融科技的大变革 近期随着美国《GENIUS 法案》及香港《稳定币条例》陆续立法通过， 市场对稳定币主题的关注度快速提升。考虑到 Circle 上市在即，结合 Tether 的财报，稳定币主题亦有可对照研究的商业模式，作为金融科技 领域的大变革，值得重视。 稳定币某种程度上充当了加密货币市场"计价工具"的作用，这是对传统 法币交易的一种补充甚至替代。稳定币诞生后不久，加密货币市场最主要 的交易对是稳定币交易对，因此，稳定币在交易工具、价值流通等方面， 充当着"法币"的作用。主流交易所（包括 DEX 去中心化交易所），比 特币现货、期货交易对以 USDT 等稳定币为主，尤其是交易量更为大的期 货合约，主流交易所正向合约（以美元稳定币为保证金的期货合约）几乎 都是 USDT 交易对。 技术上看，稳定币代表着新一代支付技术。USDT 由 Tether 公司于 2014 年推出，1 USDT 锚定 1 美元，是市场较早的一批稳定币，此后逐渐成 为市场上使用最广泛的稳定币产品，当前发行规模超 1500 亿 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The stablecoin market is becoming a bridge between traditional finance and the crypto world, with a total market capitalization exceeding $240 billion, accounting for 8% of the entire cryptocurrency market as of May 20, 2025 [3][4] - The Hong Kong Stablecoin Regulation has officially become law, establishing a licensing system for fiat-backed stablecoin issuers, which aims to balance financial innovation and risk prevention [4] - Circle, a major player in the stablecoin market, is set to go public on June 5, 2025, which is expected to enhance awareness and recognition of stablecoins, potentially expanding the market size [5] Summary by Sections Stablecoin Market Overview - Stablecoins are categorized into three main types: centralized, algorithmic, and decentralized, with centralized stablecoins currently dominating the market [3] - As of May 20, 2025, there are 232 types of stablecoins with a total market value exceeding $240 billion [3] Regulatory Developments - The Hong Kong government has implemented the Stablecoin Regulation to improve the regulatory framework for virtual asset activities and maintain financial stability [4] - The regulation requires any entity issuing fiat-backed stablecoins in Hong Kong to obtain a license from the financial management authority [4] Market Opportunities - Circle's upcoming IPO is anticipated to increase market interest in stablecoins, with plans to issue 24 million shares at a price range of $24 to $26, aiming to raise $600 million [5] - The report recommends several companies that could benefit from the digital currency market opportunities, including Langxin Group and others [6]

FICC日报 | 2025-06-04 欧元区通胀放缓超预期，关注美国5月ADP数据 市场分析 关注经济事实验证。4月国内数据好坏参半，4月出口整体略超预期，但转口支撑的特征明显，叠加中美关税缓和， 短期出口有支撑；但4月投资数据有所走弱，尤其是地产边际压力再增；4月财政收入和支出同步回升，收入主要 收到土地出让金的支撑；同时消费也略有承压。面对关税的下外需压力和内部的稳增长述求，关注财政进一步加 码的可能。中国央行5月23日将开展5000亿元MLF操作。5月9日—12日何立峰副总理于瑞士访问期间与美方举行会 谈，中美日内瓦经贸会谈取得实质进展，双方承诺暂停部分加征关税并建立协商机制。7月前宏观预计更多围绕经 济事实验证展开，尤其关注关税和谈后是否出现新一轮的"抢出口"。香港特别行政区政府于5月30日在宪报刊登《稳 定币条例》，6月3日A股稳定币概念股开盘大涨。 特朗普关税再反转。5月28日，美国国际贸易法院裁定，特朗普政府依据《国际紧急经济权力法》实施的加征关税 行政令越权，判定总统无权以贸易失衡为由对多国加征全面关税，该行政令将被撤销并禁止执行。5月30日，特朗 普表示，将把进口钢铁的关税从25%提高至5 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Companies Mentioned**: - 百利电气 (Baili Electric) - 北陆药业 (Beilu Pharmaceutical) - 中科金财 (Zhongke Jincai) - 曼卡龙 (Mankalon) - 四方精创 (Sifang Jingchuang) - 科兴制药 (Kexing Pharmaceutical) - 舒泰神 (Shutai Shen) - 华纳药厂 (Warner Pharmaceutical) - 其他相关公司 Core Points and Arguments - **Baili Electric**: - Engaged in controllable nuclear fusion and superconductivity, focusing on the R&D, production, and sales of power distribution and control equipment, wires, and pumps. - Products are used in various energy sectors including nuclear power, with electromagnetic wire products applied in nuclear power plants in Karachi, Pakistan, and other locations [3][4][5]. - **Beilu Pharmaceutical**: - Focuses on innovative drugs and traditional Chinese medicine, with significant growth driven by competitive bidding and sales of its strategic product, 九味镇心颗粒 (Jiuwei Zhenxin Granules), which treats anxiety [4][5]. - **Zhongke Jincai**: - Engaged in digital economy initiatives, focusing on digital currency applications and partnerships with banks [6]. - **Mankalon**: - Specializes in gold and jewelry products, with a notable increase in stock price [6]. - **Sifang Jingchuang**: - Involved in cross-border payment and financial technology, participating in the "mBridge" project for central bank digital currencies [6]. - **Kexing Pharmaceutical**: - Noted for its innovative drug, a key antiviral treatment, and has seen significant stock performance [6]. - **Shutai Shen**: - Focuses on innovative drugs for hemophilia, with recent regulatory approvals for its products [6]. - **Warner Pharmaceutical**: - Achieved key advancements in innovative drug development, with ongoing clinical trials for new medications [6]. Other Important but Possibly Overlooked Content - **Market Trends**: - The market showed a general upward trend with significant activity in the pharmaceutical and consumer sectors, while automotive stocks faced corrections [1][2]. - **Institutional Activity**: - Increased institutional participation with net buying exceeding 100 million yuan in several stocks, indicating strong interest in specific sectors [2][6]. - **Performance Metrics**: - Beilu Pharmaceutical reported a 36.23% year-on-year revenue growth in Q1 2025, with a net profit increase of 26.13% [5]. - **Sector Performance**: - The pharmaceutical sector, particularly innovative drugs, is highlighted as a key area of growth, while traditional sectors like automotive and steel are experiencing declines [1][2]. - **Investment Opportunities**: - Companies involved in digital currency, innovative pharmaceuticals, and energy sectors are identified as potential investment opportunities due to their growth trajectories and market positioning [6].

Group 1 - The core viewpoint of the article highlights the rapid rebound of the digital currency concept, with companies like Yuyin Co., Ltd. achieving a five-day consecutive rise in stock prices [1] - The Hong Kong Special Administrative Region government officially published the "Stablecoin Regulation" on May 30, indicating that it has become law [1] - Other companies in the digital currency sector, such as Cuiwei Co., Ltd., reached their daily price limit, while companies like Hengbao Co., Ltd., Sifang Chuangxin, Zhengyuan Zhihui, and Zhongke Jincai also saw significant price increases [1]