Core Viewpoint - The Hong Kong Special Administrative Region government has released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to establish Hong Kong as a global innovation center in the digital asset sector, with a focus on stablecoins and tokenized real-world assets (RWA) as core pillars of the policy [1][2][4] Group 1: Policy Upgrades - The new declaration represents a systematic upgrade from the 2022 version, transitioning from a "testing ground" for digital assets to a more institutionalized, scaled, and global approach [1] - The declaration is structured around the "LEAP" strategy, focusing on compliance regulation, asset tokenization, scenario expansion, and talent development [1] Group 2: Terminology Shift - A significant change in terminology from "virtual assets" to "digital assets" reflects a broader regulatory perspective and a shift in focus, encompassing cryptocurrencies, stablecoins, and various forms of tokenized real assets [2] Group 3: Stablecoin Regulation - The declaration emphasizes support for stablecoins and other tokenized projects, particularly exploring the use of stablecoins as payment tools, which could revolutionize payment systems, supply chain management, and capital market activities [2] - A regulatory framework for stablecoin issuers will be implemented starting August 1, 2025, establishing requirements for reserve asset management, stability mechanisms, redemption processes, and prudent risk management [2][4] Group 4: Tokenization of Assets - The Hong Kong government plans to regularize the issuance of tokenized government bonds and promote the tokenization of a wider range of assets and financial instruments, including precious metals and renewable energy [3] - The declaration positions the tokenization of RWA as a key industry development direction, aiming to bridge the gap between the virtual economy and the real economy [4] Group 5: Institutional Innovations - The declaration outlines a clear timeline for stablecoin regulation, with Hong Kong set to become one of the few jurisdictions to provide a "landing pass" for stablecoins, facilitating their legalization and standardization [4] - Tokenized ETFs and digital asset funds, if legislated, will enjoy the same stamp duty and profits tax exemptions as traditional ETFs, significantly reshaping financial market rules and attracting international capital to Hong Kong [4]

Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index down by 0.22% to 3448.45 points, the Shenzhen Component down by 0.48% to 10,343.48 points, and the ChiNext Index down by 0.66% to 2114.43 points. The total trading volume in the A-share market was 1.58 trillion RMB, with net purchases from southbound funds amounting to 5.285 billion HKD. Over 3400 stocks in the A-share market declined [1][6] - In terms of industry performance, the banking, telecommunications, and defense industries led the gains, while the automotive and non-bank financial sectors saw the largest declines. Concept sectors such as military restructuring and electronic ID concepts showed significant gains, while sectors like photolithography and shared bicycles faced declines [1][6] - Internationally, the US stock indices collectively rose, with the Dow Jones up by 0.94% to 43,386.84 points, the S&P 500 up by 0.8% to 6141.02 points, and the Nasdaq up by 0.97% to 20,167.91 points. European and major Asia-Pacific indices generally rose [1][6] Important News - The National Development and Reform Commission announced that the third batch of funds for the consumption upgrade program will be distributed in July 2025. The focus will be on ensuring the sustainable and balanced implementation of the program throughout the year [2][6] - The Bank for International Settlements reported that stablecoins have not met the three key tests required to become a pillar of the monetary system, despite showing some potential in the tokenization landscape [2][7] Retail Sales Data - In May 2025, China's total retail sales of consumer goods reached 413.26 billion RMB, showing a year-on-year increase of 6.4%, with growth rates improving both year-on-year and month-on-month. Retail sales of goods and catering services both saw increases compared to the previous month [8][12] - Online retail sales from January to May 2025 totaled 604.02 billion RMB, reflecting a year-on-year increase of 8.5%, with physical goods online retail sales growing by 6.3% [11] Solid-State Battery Equipment - The solid-state battery industry is entering a rapid development phase, driven by national policy support and accelerated enterprise layouts. Solid-state batteries are seen as a key direction for upgrading lithium battery technology due to their high safety and energy density [15][19] - The market structure for lithium battery equipment shows that the front-end and mid-stage equipment hold significant value, with coating and winding machines being core components. The front-end equipment market accounts for 44.05%, while mid-stage equipment accounts for 35.71% of the total market [16][19] - The introduction of dry electrode technology in the front-end process is expected to enhance efficiency and reduce costs, while the use of isostatic presses in the mid-stage process can improve material density and performance [17][18] Home Appliance Industry - The home appliance industry is benefiting from the consumption upgrade policy, with sales expected to continue growing. The real estate sector's recovery is also contributing to increased demand for home appliances as the market stabilizes [21][22] - The industry has seen a decline in performance due to tariff wars, but the valuation of home appliance stocks is currently at a historical low, presenting a good investment opportunity [21][22] - The export of home appliances is expected to remain resilient despite tariff uncertainties, supported by the growing demand in emerging markets [23]

Core Viewpoint - The Hong Kong Special Administrative Region government aims to establish Hong Kong as a global innovation center in the digital asset sector through the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" [2][3]. Regulatory Framework - The government is constructing a unified and comprehensive regulatory framework for digital asset service providers, which includes digital asset trading platforms, stablecoin issuers, and custodians [5]. - The Securities and Futures Commission will be the main regulatory body for licensing digital asset trading and custody service providers [5]. - A comprehensive review of laws will be conducted to facilitate the tokenization of real-world assets and financial instruments, including the issuance and trading of tokenized bonds [5]. Tokenization Product Expansion - The government plans to regularize the issuance of tokenized government bonds and support the tokenization of real-world assets to enhance liquidity and accessibility [5]. - There will be initiatives to promote the trading of tokenized exchange-traded funds on licensed digital asset trading platforms [5]. - The government aims to showcase the diverse applications of tokenization technology across various sectors, including precious metals and renewable energy [5]. Application Scenarios and Cross-Sector Collaboration - A licensing mechanism for stablecoin issuers will be implemented on August 1, which will help advance practical application scenarios [6]. - The government is committed to enhancing collaboration among regulatory bodies, law enforcement agencies, and technology providers to develop digital asset infrastructure [6]. - A funding program will be launched to support blockchain and digital asset pilot projects with significant market impact [7]. Talent and Partnership Development - The government is focused on collaborating with industry and academia to foster talent development, aiming to build a sustainable talent pool of entrepreneurs, researchers, and technical experts [7]. Industry Insights - The policy declaration signifies a new phase in building a digital asset ecosystem in Hong Kong, establishing a benchmark for "compliance innovation" in the sector [10]. - Major financial institutions and companies are entering the digital asset space, with firms like Guotai Junan International and Ant Group actively pursuing licensing for virtual asset services [10]. - JD Group has already obtained a sandbox entry qualification for stablecoin issuance from the Hong Kong Monetary Authority, indicating a proactive approach to digital asset integration [10].

Core Viewpoint - The Hong Kong government has released the "Hong Kong Digital Asset Development Policy Declaration 2.0," outlining a new roadmap for the development of digital assets, emphasizing the importance of tokenization, particularly for Real World Assets (RWA) [2][3][4]. Group 1: Policy Framework - The declaration aims to position Hong Kong as a global innovation center for digital assets, transitioning from "virtual assets" to "digital assets," reflecting the industry's maturation [3][4]. - The "LEAP" framework introduced in the declaration focuses on optimizing legal and regulatory aspects, expanding tokenized product categories, promoting application scenarios and cross-sector collaboration, and developing talent and partnerships [3][4]. Group 2: Tokenization and Regulation - The government is establishing a comprehensive regulatory framework for digital asset service providers, including trading platforms and custodians [4][7]. - The declaration includes plans to normalize the issuance of tokenized government bonds and provide incentives for RWA tokenization, such as clarifying stamp duty arrangements for tokenized ETFs [4][7]. Group 3: Market Development and Innovation - The government supports stablecoins and other tokenized projects, exploring the use of stablecoins as payment tools, which is expected to enhance the digital asset ecosystem [5][8]. - The total value of tokenized RWAs on public blockchains has reached nearly $23.4 billion, representing about 10% of the stablecoin market, indicating significant market potential [6][8]. Group 4: Future Directions - The Hong Kong government is actively promoting the tokenization of various assets, including green bonds and carbon credits, to enhance market accessibility and investor confidence [8][9]. - The declaration emphasizes the need for regulatory clarity to facilitate the growth of RWA projects, which are crucial for establishing Hong Kong as a digital asset hub [9].

Core Viewpoint - Stablecoins have become a focal point in the global financial sector, especially following regulatory developments in Hong Kong and the U.S. The International Bank for Settlements (BIS) has highlighted that while stablecoins show potential in tokenization, they currently fail to meet the requirements to be a pillar of the monetary system, performing poorly in three key tests: singularity, elasticity, and integrity [1][2][4]. Group 1: Performance in Key Tests - Stablecoins exhibit structural flaws in singularity, elasticity, and integrity, limiting their role to that of an auxiliary rather than a foundational currency [2][4]. - In terms of singularity, asset-backed stablecoins resemble digital promissory notes, lacking the necessary attributes to pass the singularity test, as they are tied to specific issuers and do not guarantee uniform value [2][3]. - The elasticity test reveals that stablecoins cannot flexibly adjust supply based on market demand due to their prepayment mechanism, which restricts their ability to provide liquidity in times of need [4][5]. Group 2: Integrity and Compliance Issues - Stablecoins face significant integrity challenges, particularly in compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations, as they can easily be used for illicit activities due to their anonymous nature [5][6]. - The reliance on decentralized wallets and mixing services complicates the enforcement of KYC regulations, making it difficult to monitor transactions effectively [5][6]. - While some measures exist to freeze accounts and track illicit transactions, these are insufficient for the scale of daily transactions, leaving stablecoins vulnerable to misuse by criminal organizations [6]. Group 3: Future of Tokenization - The report emphasizes that tokenization of central bank reserves, deposits, and government securities could serve as a foundation for the next-generation monetary and financial system, with central banks playing a catalytic role [1][9]. - The "Pine Project" initiated by the New York Federal Reserve and BIS showcases the potential advantages of a fully tokenized financial system, including improved operational efficiency and automated backend processes [9][10]. - However, transitioning to a fully tokenized system presents challenges, particularly in ensuring interoperability between existing account-based systems and new tokenized infrastructures [10].

Group 1 - The Hong Kong government aims to establish itself as a global innovation hub in the digital asset sector through the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" [1] - The declaration emphasizes building a trustworthy and innovative digital asset ecosystem, prioritizing risk management and investor protection while delivering tangible benefits to the real economy and financial markets [1] - A unified and comprehensive regulatory framework for digital asset service providers is being developed, covering exchanges, stablecoin issuers, trading service providers, and custodians [1] Group 2 - The government plans to regularize the issuance of tokenized government bonds and clarify stamp duty arrangements for tokenized exchange-traded funds to enhance liquidity and accessibility [2] - A licensing mechanism for stablecoin issuers will be implemented on August 1, facilitating the development of practical application scenarios [2] - The government is committed to collaborating with industry and academia to foster talent development, positioning Hong Kong as a center for digital asset knowledge sharing and international cooperation [2]

【导读】稳定币热度持续飙升，国际清算银行发出"降温"信号 根据国际清算银行的定义，稳定币被设计为通往加密生态系统的门户，承诺在公链上运行， 并相对于法定货币（主要是美元）保持稳定的价值。 国际清算银行认为，稳定币未能通过构建货币体所需的三项关键测试，因此无法达到成为货 币体系支柱的要求。 这三项关键测试分别是：货币的单一性、弹性和完整性。 报告称，作为无边界公链上的数字不记名工具，稳定币缺乏央行提供的结算功能，因此，稳 定币的交易汇率经常变化，从而破坏了单一性。 在弹性方面，稳定币通常由名义上等值的资产支持，任何额外发行都需要持有人全额预付 款，这通过施加预付现金的限制而破坏了弹性。 中国基金报记者 王思文 在稳定币市场热度持续飙升的背景下，素有"央行的央行"之称的国际清算银行发出了"降 温"信号。 近日，国际清算银行发布年度经济报告称，建议各国央行加快推动代币化进程，稳定币在代 币化方面展现出一些前景，但在单一性、弹性和完整性这三个关键测试中表现不佳，未能达 到成为货币体系支柱的要求。 与此同时，国际清算银行认为稳定币引发了许多其他担忧。稳定币的不记名性质使其能够在 不受发行人监管的情况下流通，这引发了人们 ...

Core Insights - The report by the Bank for International Settlements (BIS) expresses concerns about the risks associated with stablecoins, highlighting their potential in tokenization but indicating they do not meet the necessary criteria to become a pillar of the monetary system [1][2][3] - The future role of stablecoins in the monetary system remains uncertain, as their poor performance in key tests suggests they may only serve an auxiliary role [2] Group 1: Key Tests for Stablecoins - Stablecoins fail to meet the three critical tests of singularity, elasticity, and integrity required for a robust monetary system [2] - The lack of central bank settlement functionality undermines the singularity of stablecoins, as their exchange rates fluctuate, leading to instability [2] - The anonymity of stablecoins facilitates illegal activities due to the absence of traditional financial system standards like Know Your Customer (KYC) [2] Group 2: Concerns and Risks - Stablecoins face inherent contradictions between their promise of stable value and the demands of their business models, which involve liquidity or credit risks [2] - The potential loss of monetary sovereignty and capital flight poses significant concerns, particularly for emerging markets and developing economies [2] - The report warns that the growth of stablecoins could lead to financial stability risks, including the tail risk of safe asset sell-offs [2] Group 3: Regulatory Challenges - Effective regulation of stablecoins is complicated by their operation on permissionless public blockchains, which limits the regulatory scope compared to traditional intermediaries [3] - The cross-border nature of stablecoins presents significant challenges for national regulatory frameworks, making it difficult to manage cross-border risks without international coordination [3] - The report suggests that central banks must play a catalytic role in providing new forms of currency to meet the evolving needs of the monetary and financial system [3]

据国际清算银行消息，国际清算银行最新报告指出，稳定币未能在单一性、弹性和完整性测试中达到货 币体系支柱的要求，其未来角色仍不明朗。报告强调，稳定币在代币化方面有前景，但存在严重局限 性，可能只能充当辅助角色。报告建议，需实施技术中立的监管以确保金融体系的稳定性和完整性，同 时强调央行在代币化系统中的关键作用，提出代币化央行储备和政府证券或成未来货币体系基础。 ...

Core Viewpoint - The Hong Kong government aims to establish the region as a global innovation hub for digital assets through the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" which introduces the "LEAP" framework focusing on legal and regulatory optimization, expanding tokenized product varieties, advancing use cases and cross-sector collaboration, and talent and partnership development [1][10] Group 1: Legal and Regulatory Optimization - The policy declaration outlines a comprehensive regulatory framework for digital asset service providers, including trading platforms, stablecoin issuers, and custodians, with the Hong Kong Securities and Futures Commission (SFC) as the main regulatory body [3][5] - The government will conduct a thorough review of existing laws to facilitate the tokenization of real-world assets and financial instruments, including the issuance and trading of tokenized bonds [3][11] - Hong Kong will continue to implement international standards related to digital assets, aligning with recommendations from various global financial regulatory bodies [3][4] Group 2: Expansion of Tokenized Products - The government has issued tokenized green bonds totaling approximately HKD 6.8 billion, showcasing the benefits of tokenization and plans to regularize the issuance of tokenized government bonds [8] - Tax exemptions for tokenized ETFs will be clarified to encourage market development, with proposals for tax relief expected to take effect in the 2025/2026 tax year [8] - The government aims to promote broader tokenization of assets and financial instruments across various sectors, including precious metals and renewable energy [8] Group 3: Advancing Use Cases and Cross-Sector Collaboration - A licensing mechanism for stablecoin issuers will be implemented on August 1, aimed at fostering practical applications of digital assets [9] - The government will enhance collaboration among regulatory bodies, law enforcement, and technology providers to develop digital asset infrastructure [9] - Initiatives such as the Digital Port's blockchain and digital asset pilot funding program will support projects with significant market impact [9] Group 4: Talent and Partnership Development - The government is committed to collaborating with industry and academia to foster talent development in the digital asset space [9] - Hong Kong aims to position itself as a center for knowledge sharing in digital assets and promote international cooperation through joint research initiatives [9][12]