Core Viewpoint - The report from CITIC Securities emphasizes that "stable return" assets exhibit low volatility, low drawdown, and continuous income, with a focus on the dual stability of earnings and dividends, drawing parallels from the US market [1] Group 1: Characteristics of Stable Return Assets - Stable return assets are characterized by low volatility, low drawdown, and sustained income [1] - The core logic behind these assets is the dual stability of earnings and dividends, with business models often featuring weak economic cycle attributes, franchise operations, customer stickiness, and stable capital expenditures [1] Group 2: Financial Conditions in A-Share Market - Over the past 15 years, the financial conditions of four major industries in the A-share market, including banks and power sectors, have been most aligned with the characteristics of stable return assets [1] - The banking sector's foundation for stable returns has been further solidified due to macroeconomic and regulatory policies that contribute to earnings stability [1] Group 3: Investment Trends - There is an increasing trend of institutional investors, including insurance funds, public offerings, and AMC companies, enhancing their holdings in stable return assets, thereby reinforcing their stability [1] - In the upcoming phase, trading funds are expected to focus on undervalued stocks, while allocation funds will continue to favor beta stocks [1]

7月3日，复旦大学经济学院举行南土国际金融政策圆桌会第3期，也是稳定币问题系列讨论的第2场，主 题为"跨学科视野下的稳定币问题"。复旦大学法学院教授、数字经济法治研究中心主任许多奇从法律角 度概述了稳定币的全球监管现状。 许多奇指出，稳定币是锚定法币、通过抵押或算法维持币值稳定的数字资产。其法律属性模糊，既非法 定货币，也难以完全归入证券、信托或电子支付工具等传统范畴，不同类型差异显著，易引发监管真空 与套利风险。2023年 USDC因硅谷银行事件短暂脱锚，凸显其跨法币与数字资产的双重属性带来的风险 传导效应。 她表示，当前全球主要法域正在加速立法，但监管体系对稳定币的适配性仍然不足。美国推动GEIUS法 案，试图将稳定币发行纳入美联储监管；欧盟通过《加密资产市场管理条例》（MiCA），建立统一执 照与跨区域监管机制；中国香港于2025年5月通过《稳定币条例草案》。中国内地从2013年起政策逐步 趋严，但尚未形成系统性回应。 当前世界主要大国都在推动稳定币的合法化，引发广泛的关注。我国选择以香港为试验场，推动传统机 构参与，部分银行已经关注到这一机遇。关于稳定币监管，我国大陆目前的法律体系尚未形成系统性回 应 ...

Core Viewpoint - The recent surge in small-cap stocks in the Hong Kong stock market, driven by the stablecoin trend, has attracted investor attention despite an overall market consolidation [1] Group 1: Market Trends - Several small-cap stocks have experienced significant price fluctuations, with some doubling or increasing over five times in a single day [1] - These stocks share common characteristics: small market capitalization, concentrated shareholding, and a long history of lacking investor attention [1] Group 2: Industry Insights - Multiple companies are planning to apply for stablecoin licenses in Hong Kong, indicating a growing interest in this sector [1] - There remains considerable debate within the industry regarding the profitability models of stablecoin issuers and their partners, suggesting potential challenges ahead [1]

Group 1 - The Ministry of Human Resources and Social Security and the Ministry of Finance announced a 2% increase in basic pension levels for retirees starting January 1, 2025 [1] - The National Bureau of Statistics reported that summer grain production in 2025 is expected to reach 299.48 million tons, maintaining stability [1] - The China Automobile Industry Association indicated that both production and sales of automobiles exceeded 15 million units in the first half of the year, achieving over 10% year-on-year growth [1] - The State Post Bureau revealed that the express delivery volume in China surpassed 100 billion pieces as of July 9, marking the fifth consecutive year of exceeding this milestone [1] - The National Health Commission organized the development of diagnostic guidelines for 86 rare diseases, including achondroplasia, to improve treatment standardization [1] - A visa exemption agreement between China and Malaysia will take effect on July 17, allowing passport holders to stay for up to 30 days without a visa [1] Group 2 - A-shares experienced a rally with real estate stocks hitting the limit up; major banks like ICBC and BOC reached historical highs [2] - As of July 10, 147 A-share companies have forecasted their first-half performance, with 129 expecting profits; Industrial Fulian and 19 others anticipate net profits exceeding 1 billion yuan [2] - The Guangzhou Futures Exchange announced adjustments to the price fluctuation limits and margin requirements for polysilicon futures contracts starting July 14 [2] - Active equity funds have significantly outperformed passive index funds this year, with the best-performing active fund achieving nearly 100% returns, surpassing the highest index fund by about 34 percentage points [2] - In Guangdong, major banks are investigating loan intermediaries amid efforts to combat "financial black and gray industries" [2] Group 3 - Ant Group is reportedly collaborating with Circle to use its stablecoin on Ant's blockchain platform, although Ant International stated that such plans are inaccurate [3] - BYD addressed disputes regarding smart parking liability, stating it will cover costs if its vehicle is deemed responsible by traffic authorities [3] - TSMC reported June revenue of 263.71 billion TWD, a 17.7% decrease month-on-month but a 26.9% increase year-on-year; total revenue for the first half reached 1.77305 trillion TWD, up 40% year-on-year [3] - Seres expects a net profit of 2.7 billion to 3.2 billion yuan for the first half, representing a year-on-year growth of 66.2% to 96.98% [3] - Northern Rare Earth and Baotou Steel announced an adjustment to the price of rare earth concentrate to 19,109 yuan/ton, reflecting a 14.14% increase compared to the previous year's price [3] Group 4 - iFlytek anticipates a net loss of 200 to 280 million yuan for the first half, a year-on-year increase of 30.12% to 50.08%, while maintaining a strategic focus on AI with R&D accounting for about 20% of revenue [4] - U.S. stock indices saw slight gains, with the Dow Jones up 0.43% and the S&P 500 up 0.27%, while major tech stocks also rose [4] - President Trump announced a 50% tariff on copper imports effective August 1, leading to a surge in copper futures prices [4] - Trump urged the Federal Reserve to lower interest rates, criticizing current policies as excessively high [4]

Group 1: Regulatory Developments - Hong Kong Legislative Council passed the Stablecoin Regulation Draft on May 21, becoming the first region globally to issue licenses for fiat-backed stablecoins [1] - The US Senate is also advancing stablecoin legislation, indicating a growing regulatory focus on this area [1] Group 2: Company Developments - Lakala, a company holding 237 payment licenses, is the only private player in China connected to the CIPS system and the digital RMB cross-border channel [3] - Lakala has upgraded its 5 million POS machines to accept stablecoin payments [4] - There are rumors that JD.com plans to issue stablecoins in Hong Kong, with Lakala as a potential technical partner [5] Group 3: Market Reactions - Following Lakala's announcement of plans to list in Hong Kong on June 16, its stock price hit the daily limit up [6] - The company is being referred to as the "cross-border payment dragon" due to its ability to instantly convert 36 currencies and service over 100 countries [6] Group 4: Financial Performance - Lakala's 2024 revenue is projected at 5.759 billion, a decrease of 2.96% from the previous year, with net profit down 23.26% to 351 million [9] - The Q1 2025 net profit dropped to 101 million, indicating a significant decline [10] - Total transaction volume for 2024 is expected to be 42.2 trillion, down nearly 300 billion from 2023, with a notable decline in card transactions [10] Group 5: Business Transformation Challenges - Lakala's SaaS services added 10,000 stores with a 65% increase in transaction volume, but overall revenue from technology services is declining [11] - Credit card promotion revenue plummeted by 78%, negatively impacting the technology segment [11] Group 6: Future Prospects - If the Hong Kong license is obtained, stablecoin business could yield a gross margin of 68%, potentially contributing 400 million in revenue by 2025 [13] - Based on an 8x PS for cross-border business, the market value could increase by 3.2 billion [14] - The Central Bank's first public discussion on stablecoins occurred on June 18, with Lakala executives present, indicating significant interest in the sector [14]

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数小幅收涨，纳指涨0.09%，标普500指数涨0.27%，道指涨0.43%，其中，纳指、标普 500指数均创历史新高；大型科技股涨跌互现，特斯拉涨4.7%，奈飞跌超2%；达美航空大涨12%引领旅 游股走高，比特币概念股走高，Coinbase涨超4%。中概股涨跌互现，纳斯达克中国金龙指数收涨 0.9%，阿里巴巴涨超2%，网易跌超2%，小鹏汽车、京东跌超1%。比特币盘中突破11.7万美元，继续刷 新历史新高，日内涨超5%。 2、国际贵金属期货普遍收涨，COMEX黄金期货涨0.36%，报3333.00美元/盎司；COMEX白银期货涨 2.72%，报37.63美元/盎司。国际油价走弱，美油主力合约收跌2.21%，报66.87美元/桶；布伦特原油主 力合约跌1.91%，报68.85美元/桶。欧洲三大股指收盘涨跌不一，德国DAX指数跌0.38%报24456.81点， 法国CAC40指数涨0.3%报7902.25点，英国富时100指数涨1.23%。 （二）行业掘金 1、上海市国资委党委7月10日召开中心组学习会，围绕加密货币与稳定币的发展趋势及应对策略开展 ...

1 、人社部、财政部印发通知明确，从 2025 年 1 月 1 日起，为 2024 年底前已按规定办理退休手续并按月领取基本养老金的退休人员提高基本养老金水 平， 总体调整水平为 2024 年退休人员月人均基本养老金的 2% 。 2 、 商务部回应中美是否会在 8 月初进行谈判表示，双方在多个层级就经贸领域各自关切保持密切沟通。 对于 " 英伟达 CEO 黄仁勋计划访华 " 传闻，商 务部称目前没有可以提供的信息。商务部还驳斥冯德莱恩 " 产能过剩 " 言论表示，过剩的不是中国产能，恐是欧方的过度焦虑。 3 、 美国总统特朗普在社交媒体上发文，再度敦促美联储主席鲍威尔降息。 此前一天，特朗普批评美联储当前的利率政策，称美联储设定的利率至少偏 高 3 个百分点，利率每个百分点每年给美国造成了 3600 亿美元的再融资成本。消息称特朗普正考虑在美联储主席鲍威尔明年离任前为美联储任命一位 " 影子主席 " ，以向美联储施压，迫使其降息。 1 、国务院总理李强在开罗同埃及总理马德布利举行会谈。李强指出，中方愿同埃方加强发展战略对接，在高质量共建 " 一带一路 " 框架下促进投资合作 扩容增效， 推动双边贸易优化发展， ...

投资者不要被虚假宣传所迷惑，不要相信非法集资人员编造的快速致富谎言，要高度警惕任何承诺高额 回报、保本付息的投资项目，牢记"高收益必然伴随高风险"的规律。在进行投资理财前，务必通过官方 渠道核实相关机构及产品的合法资质，选择持牌正规金融机构；自觉抵制、远离任何形式的虚拟货币炒 作、非法代币发行及未经批准的"数字资产"投资项目，保护个人财产安全。若发现不法人员与不法机构 以投资稳定币等名义从事非法集资行为，投资者应及时向公安部门报案，避免遭受个人财产损失。 （文章来源：经济日报） 非法集资与集资诈骗活动是国家坚决打击的金融犯罪行为，任何形式的非法集资与集资诈骗活动都将受 到法律制裁。未经国务院金融管理部门依法许可或者违反国家金融管理规定、以许诺还本付息或者给予 其他投资回报等方式向不特定对象吸收资金的行为均属于非法集资。 利用"稳定币"等新概念进行非法集资具有以下明显特征。一是资质缺失。这些机构或个人未经国务院金 融管理部门依法批准或备案，不具备面向社会公众吸收存款、销售理财产品或发行证券的合法资质。二 是概念包装。利用"稳定币""去中心化金融""Web3.0"等新概念进行包装和炒作，故意制造信息不对称， 迷惑 ...

Core Viewpoint - The company, Yiatong (002183), is actively engaging in cross-border supply chain digitalization and is monitoring developments in digital currency and stablecoin integration for its payment systems [2]. Group 1: Company Performance - As of July 10, 2025, Yiatong's stock closed at 4.61 yuan, reflecting an increase of 0.88% with a turnover rate of 1.33% and a trading volume of 346,400 shares, resulting in a transaction value of 159 million yuan [1]. Group 2: Digital Payment Systems - The cross-border supply chain digital platform of Yiatong supports various online payment methods for cross-border transactions but currently does not involve stablecoins [2]. - The company is closely monitoring industry trends and policy directions regarding the use of digital currencies [2]. Group 3: Market Activity - On July 10, 2025, the net inflow of funds from major investors was 422,000 yuan, while speculative funds saw a net outflow of 5.4654 million yuan, and retail investors had a net inflow of 5.0434 million yuan [2].

美联储戴利：美联储有能力在当前经济状况下温和地恢复价格稳定。 ...