稳定币专题报告解读 20250710 摘要 全球稳定币市场规模达 2,500 亿美元，主要应用于加密货币交易，未来 跨境支付和跨境贸易将成为核心增长点，稳定币支付能显著降低成本并 实现实时到账，推动跨境零售发展。 Meta、沃尔玛、亚马逊、Shopify 等公司正积极探索稳定币支付，预示 着随着法律体系完善，更多企业将进入该领域，推动稳定币更广泛应用。 全球稳定币监管框架逐步成型，欧盟已出台《加密资产市场监管法案》， 香港《香港稳态货条例》将于 8 月 1 日实施，美国《Genius 法案》则 对稳定币发行商提出更严格的监管要求。 USDT 以 1,600 亿美元市值占据市场主导地位（62.5%），其储备金制 度灵活，盈利能力强，但合规性有待提升。USDC 规模超 600 亿美元 （24%），合规性较高但盈利性相对较弱。 渣打银行预测未来三年全球稳定币市场将增长至 2 万亿美元规模，其他 机构预测未来 5-10 年可达 3-4 万亿美元，跨境支付场景将加速市场扩 张。 Ripple 和 Solana 等区块链技术逐渐被广泛支持，其高频交易能力满足 跨境支付需求，成为加密市场与传统金融衔接的重要桥梁。 稳定币市 ...

Core Viewpoint - The story of Ding XZ, a highly educated individual working as a food delivery rider for Meituan, has sparked widespread discussion about the employment landscape and the educational background of gig economy workers in China [1][2]. Group 1: Company Response - Meituan has stated that the educational qualifications of riders must be verified through official channels such as the National Student Information Center and relevant overseas universities, indicating that they cannot confirm Ding XZ's claims [1]. - Following the viral nature of Ding XZ's videos, Meituan clarified that many claims regarding the number of graduates working as delivery riders, such as "30% of riders are undergraduates," are unfounded and lack factual basis [2]. Group 2: Employment Data - Ding XZ registered as a Meituan delivery rider on February 15, 2023, in Xiamen, and worked for approximately four months, completing a total of 34 deliveries with an income of 174.3 yuan [1]. - The average daily working time for Ding XZ was about 2 hours, with delivery volumes ranging from 3 to 10 orders per day [1].

深交所公开信息显示，7月4日， 捷安高科 监事杜艳齐在竞价交易公司股票，减持股数28.72万股，成交均 价10.88元，变动金额312.47万元，变动后持股数为732.45万股。 从主营业务构成来看，截至2024年12月31日，公司 轨道交通 仿真实训系统收入3.03亿元，占比78.98%，安 全作业仿真实训系统收入3867.05万元，占比10.07%，船舶装备领域仿真产品收入2460.43万元，占比 6.41%，技术服务收入1439.09万元，占比3.75%，其他(补充)收入301.24万元，占比0.78%。 | 日期 | 变动人 | 变动股数 | 成交均价 | 变动金额(万) | 变动原因 | 变动后持股数 | 变动人与董监高的关系 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-07-04 | 杜艳齐 | -287200.00 | 10.88 | -312.47 | 竞价交易 | 732.45万 | 本人 | | 2024-02-07 | 宋阳 | 2.16万 | 8.29 | 17.91 | 竞价交易 | 5.76万 | 本人 | ...

美国白宫：相关关税信函将在真实社交平台上公布。 ...

Core Viewpoint - Trump is exerting pressure on the Federal Reserve to lower interest rates to 1%-2% by highlighting the burden of high interest costs on the federal government and threatening to undermine the Fed's independence if his demands are not met [1][5]. Group 1: Pressure Tactics - Public Shaming and Attacks: Trump emphasizes that a 1% increase in interest rates results in an additional $200 billion in annual interest payments for the federal government, demanding a reduction in rates [1]. - Personal Attacks on Fed Officials: Trump labels Powell as "Mr. Too Late," accusing him of incompetence and threatening to appoint a successor who supports rate cuts if Powell resigns [1]. Group 2: Data Manipulation Allegations - Questioning Data Credibility: Following a negative ADP employment report, Trump suggests that the subsequent strong non-farm payroll data is "untrustworthy," implying the Fed is using it to avoid rate cuts [2]. - Pushing for Data Revisions: Trump's team is reportedly manipulating initial employment data to create a rationale for rate cuts, exploiting the rules around data revisions [3]. Group 3: Personnel and Institutional Changes - Nominating Allies to the Fed: Trump is preemptively nominating officials like Bowman, who support rate cuts, to influence the Fed's decision-making ahead of the July meeting [4]. - Threatening Fed Independence: Trump claims he will push for legislation to weaken the Fed's decision-making power if rates are not cut by September [5]. Group 4: Market Expectations and Fed Signals - Market Expectation Adjustments: Despite strong non-farm data, Trump's pressure has led to a 75%-80% probability of a rate cut in September, down from 98% prior to the data release [6]. - Compromise Signals from the Fed: Powell's comments suggest that without tariff policies, a rate cut would have already occurred, indicating potential action in September [6]. Group 5: Political and Economic Implications - Urgency for Rate Cuts: Trump must secure a rate cut by the end of September to avoid funding risks for the "Great American Plan," which could exacerbate the U.S. debt crisis [8].

Core Insights - The game "Lushfoil Photography Sim" is recognized as one of the most realistic photography games, receiving "very positive" reviews on Steam [1] - The developer, Matt Newell, draws inspiration from his travel experiences and aims to recreate those environments using real-time 3D technology [2][4] - The game is designed to be accessible for both photography enthusiasts and traditional gamers, offering a unique experience [8] Inspiration and Development - Newell's travel experiences in countries like Italy, France, Japan, and New Zealand significantly influenced the game's design [2] - As a self-taught developer, Newell emphasizes the importance of player feedback in refining the game, which took over four years to develop [4] - The game is described as an open-ended experience, allowing for continuous iteration and improvement [2] Technical Aspects - Achieving photo-realistic depth of field was a key goal, which Newell found surprisingly manageable within the Unreal Engine [5] - The challenge lies in balancing the number of elements in a scene to ensure smooth performance while maintaining realism [5] - Newell's solo development approach required efficient workflow management to maximize strengths and minimize weaknesses [5] Gameplay Mechanics - Players use a Canon 1100D camera in a first-person perspective to explore and photograph various environments [7] - The game includes challenges and tasks that unlock new areas and collectible items, enhancing the exploration experience [7] - The game is priced at $15, making it an affordable option for those interested in photography, especially younger audiences [8] Unique Features - The game incorporates retro cameras and camcorders, allowing players to capture photos with a vintage feel [9] - Newell aims to create a cinematic experience, minimizing traditional gaming elements like maps and lists to enhance immersion [8] - The game is designed to be enjoyable for both seasoned photographers and those new to photography [8]

将投中网设为"星标⭐"，第一时间收获最新推送 "高端酒卖不动了，普通酒也不那么吃香。" 以下文章来源于快刀财经 ，作者快刀财经编辑部 快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 喝不喝白酒没关系！但白酒行业确实日子不那么好过。 先看今年618，白酒的价格那叫一个"跌跌不休"。在各大电商平台的补贴"大招"下，茅台、五粮液 等头部产品的"百亿补贴"价，直接击穿了批发价。就拿53度飞天茅台来说，限时补贴后，到手价最 低能到1840元/瓶，跟去年同期比，那可跌了不少。 往远处一点的2025年端午节，济南某经销商望着店内琳琅满目的白酒货架，却丝毫感受不到节日带 来的喜悦，尽管白酒销量勉强与去年持平，客单价却暴跌近60%，且往年备受追捧的头部酒被冷 落，300-600元的产品却成了消费者首选。 作者丨 唐纳德 来源丨 快刀财经 "高端酒卖不动了，普通酒也不那么吃香"，这是一些经销商老板最典型的感叹。 往深处讲，现象背后，透露出的是中国白酒产业的集体阵痛，作为资本市场和食品消费领域的一块核 心资产，白酒尤其是高端白酒一度被赋予消费和收藏属性。 然而，近年来白酒行业 ...

快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 作者： 唐纳德 来源：快刀财经（ID：kuaidaocaijing） 喝不喝白酒没关系！但白酒行业确实日子不那么好过。 先看今年618， 白酒的价格那叫一个"跌跌不休" 。在各大电商平台的补贴"大招"下，茅台、五 粮液等头部产品的"百亿补贴"价，直接击穿了批发价。就拿53度飞天茅台来说，限时补贴后，到 手价最低能到1840元/瓶，跟去年同期比，那可跌了不少。 往远处一点的2025年端午节，济南某经销商望着店内琳琅满目的白酒货架，却丝毫感受不到节日 带来的喜悦，尽管白酒销量勉强与去年持平，客单价却暴跌近60%，且往年备受追捧的头部酒被 冷落，300-600元的产品却成了消费者首选。 "高端酒卖不动了，普通酒也不那么吃香"，这是一些经销商老板最典型的感叹。 往深处讲， 现象背后，透露出的是中国白酒产业的集体阵痛 ，作为资本市场和食品消费领域的 一块核心资产，白酒尤其是高端白酒一度被赋予消费和收藏属性。 以下文章来源于快刀财经 ，作者快刀财经编辑部 然而，近年来白酒行业在宏观经济放缓和产业周期调整的双重背景下，迎 ...

智通财经6月29日讯（记者 王晨）香港证监会披露的最新数据显示，截至6月24日，共有40家金融机构成功升级了其现有的第1号 证券交易牌照，使其能够通过综合账户安排提供虚拟资产交易服务。 这份名单涵盖了38家券商、1家银行以及1家互联网公司，标志着香港作为"国际虚拟资产中心"的监管框架正吸引着传统金融力量 的广泛参与。 国泰君安国际于6月24日正式获得香港证监会批准，将其现有证券牌照升级为可提供虚拟资产交易及相关意见服务的综合牌照， 成为首家具备全方位虚拟资产交易服务资格的香港中资券商。 早在2024年10月，天风证券旗下的天风国际就已率先获得香港证监会批准，将现有证券交易牌照升级为可提供虚拟资产交易服 务，成为首家获此牌照的驻港国资背景券商。天风国际表示，未来将根据港府政策导向，为包括RWA（真实世界资产）资管、咨 询业务及产品设计等业务进行相应准备，并在适当时机推进进一步的牌照升级。 虚拟资产交易牌照为券商带来哪些想象空间？ 虚拟资产交易牌照的获取，远非简单的业务扩充 ，它正深刻改变着券商的估值逻辑、收入结构乃至商业模式，为其打开了广阔的 想象空间。 据了解，中信证券、华泰证券、招商证券等在内的多家头部中资 ...

Core Points - The Cannes Lions International Festival of Creativity is facing significant controversy regarding its award standards, particularly after the Brazilian agency DM9's project was found to use AI-generated content, raising questions about the authenticity of submissions [2][4][10] - The festival's response to the controversy includes new requirements for AI usage declarations and ethical review processes, highlighting a long-ignored issue of balancing creativity with authenticity and compliance [7][12] Group 1: Award Controversies - DM9's project, which won the Grand Prix in the creative data category, was revealed to contain AI-generated and deepfake content, leading to its withdrawal and raising doubts about the integrity of the judging process [4][10] - Budweiser's "One-Second Ad" campaign, which utilized a loophole in copyright law to create a one-second advertisement, sparked backlash from musicians and record labels, questioning the respect for creative work and the implications for the copyright industry [6][11] Group 2: Industry Reflection - The ongoing controversies have prompted a reevaluation of the Cannes Lions award system, with concerns that it may be devolving into a "packaging game" where the focus is on visually appealing submissions rather than their genuine social impact [7][11] - The advertising industry is urged to consider the authenticity of the stories being told, emphasizing the need for a shift in the judging criteria to include the value and ethical implications of creative works [11][12] Group 3: Future Directions - There is a call for the Cannes Lions to reform its judging criteria to ensure that creativity is assessed alongside authenticity, compliance, and ethical boundaries, as the reliance on technology and legal loopholes could undermine the industry's integrity [12][13] - The future of creative works is expected to face increased scrutiny from various stakeholders, necessitating a more rigorous and transparent evaluation process to promote sustainable growth in the advertising industry [12][13]