哈喽哇！大家今天好呀，我是喵喵，一个喜欢旅游，喜欢时政的单身喵! CIPS（人民币跨境支付系统）的兴起，是对SWIFT的实质性替代。它不仅速度快、成本低，还能绕开美国的 金融监控体系，而"一带一路"沿线国家，越来越多地接受人民币结算。 当全球开始用人民币买油、买矿、买大豆，美国手里最大的"金融武器"就不再那么灵了。 有一次在云南瑞丽，当地边民告诉我，现在很多货物不再用美元结算，改用人民币。 那一刻，我突然明白，有些变化不是新闻头条告诉你的，而是老百姓的日常在悄悄改变。 最近在看《这就是中国》的一期节目，复旦大学的张维为教授有句话我印象特别深："支撑美国霸权的四根柱 子，正在被中国一根一根地打掉"。 这不是口号，是现实，而这种现实，或许才是我们这个时代最值得关注的地缘变化。 一、第一根柱子：美元的统治，开始松动了 美国最强大的霸权，不是航母，而是美元。 长期以来，全球能源和大宗商品交易都要靠美元结算，谁敢违逆，就有被制裁的风险。但这两年，一个重要 变化悄悄发生了：人民币国际化速度明显加快。 我曾经以为，去美元化是个遥远的话题，现在看来，它已经在路上了。 二、第二根柱子：科技霸权，被逼出国产替代路径 美国对中国的 ...

"2025年以来，在AI、机器人等科技浪潮带动下，中国资产迎来价值重估，港股关注度显著提升。"中金 公司管理委员会成员王曙光对《证券日报》记者表示，多项积极因素为优质大型IPO项目的推出提供了 窗口。蜜雪冰城、宁德时代、恒瑞医药等优质企业赴港上市，其优异的后市表现进一步提振港股IPO市 场情绪。 "小河弯弯向南流，流到香江去看一看"——这首传唱不息的旋律，其蕴含的意象恰与当下中国香港资本 市场所呈现的蓬勃发展态势形成呼应。2025年中国香港资本市场热潮涌动，中资券商作为核心参与者之 一，正积极发挥中介力量，大步迈向舞台中央。 记者注意到，在政策红利、战略深耕、技术创新等因素驱动下，中资券商逐步打破过往由国际投行主导 的市场格局，不断扩展业务版图，业务触角从IPO保荐延伸至虚拟资产交易，从传统投行业务迈向科技 金融前沿阵地，实现了从传统业务到多元领域的跨越式发展，一步一个脚印地推动香港成为"全球资本 配置中国资产的核心枢纽"，吸引国际资本加速布局。 重构港股IPO市场承销格局 港股市场凭借其成熟的资本市场环境、灵活的上市制度以及国际化的投资者群体，成为企业融资和全球 化布局的重要选择。 Wind资讯数据显示，上 ...

在CIPS运营机构（下称"运营机构"）账户开立方面，《业务规则（征求意见稿）》要求运营机构为直接 参与者在CIPS开立的账户应当为零余额账户，该账户不计息、不得透支，场终（日终）余额为零。运 营机构账户内资金属于所有CIPS直接参与者，不得在商业银行开立清算账户、不得形成清算资金沉 淀。 《业务规则（征求意见稿）》规定，运营机构应制定操作指引，明确直接参与者和间接参与者通过 CIPS处理跨境人民币业务的具体流程和相关业务、纪律要求。对于通过CIPS处理跨境港元等外币支付 业务的，运营机构另行制定相关规则。 央行拟修订CIPS业务规则，健全参与者管理机制。 为适应人民币跨境支付系统（CIPS）业务发展需要，中国人民银行拟修订《人民币跨境支付系统业务 规则》（下称《业务规则》）并于7月4日发布《业务规则（征求意见稿）》，拟进一步健全参与者管理 机制，提高CIPS参与者管理水平。 CIPS为境内外参与者的跨境人民币业务提供资金清算结算服务，是符合国际标准的重要金融基础设 施。央行通过组织建设CIPS，有力支持实体经济发展和"走出去"战略实施。近年来，人民币国际化稳步 推进，人民币国际地位显著提升，CIPS业务也同步 ...

央行拟修订CIPS业务规则，健全参与者管理机制。 目前，CIPS的全球覆盖仍在持续扩大。今年6月，CIPS宣布与标准银行、非洲进出口银行、阿布扎比第一 银行、大华银行等六家全球领先外资机构正式签署合作协议，标志着CIPS系统首次成功接入非洲、中东、 中亚地区及新加坡离岸人民币中心的核心外资银行，全球服务网络覆盖实现历史性跨越。 央行等部门已在近日印发的《上海国际金融中心进一步提升跨境金融服务便利化行动方案》中明确，将持 续提升CIPS功能和全球网络覆盖，推动更多银行加入CIPS。中央财经大学绿色金融研究院首席经济学家刘 锋建议，加速CIPS与俄罗斯银行金融信息系统（SPFS）、欧洲央行的目标即时支付结算系统（TIPS）等 对接，同时大力探索区块链技术在跨境支付中的应用，构建分布式替代方案。 责编：万健祎 校对：姚远 版权声明 为适应人民币跨境支付系统（CIPS）业务发展需要，中国人民银行拟修订《人民币跨境支付系统业务规 则》（下称《业务规则》）并于7月4日发布《业务规则（征求意见稿）》，拟进一步健全参与者管理机 制，提高CIPS参与者管理水平。 CIPS为境内外参与者的跨境人民币业务提供资金清算结算服务，是符 ...

Market Overview - The market experienced a significant reversal on July 4, with a notable intraday high of 35 points for the Shanghai index and 0.7 for Shenzhen, but closed with Shenzhen in the red and Shanghai up only 11 points, primarily driven by bank stocks [1][4]. Reasons for Market Surge - The surge was influenced by the recent performance of US stocks reaching historical highs, creating positive sentiment that could translate to the domestic market [2]. - The revival of stablecoins also contributed to the upward movement, indicating a warming sentiment in the cryptocurrency sector [3]. - Speculation regarding potential interest rate cuts by banks, with discussions about the implications of rates dropping to zero, led to increased interest in bank stocks as an investment alternative [3][4]. Reasons for Market Decline - The market's decline was attributed to a lack of follow-through buying after the initial surge, as many investors were cautious due to the underlying fundamentals not supporting a sustained rally [4][5]. - A significant number of stocks, approximately 3,900, declined during the day, indicating a broader market weakness despite the initial gains [5]. Future Market Outlook - The market is expected to remain stable with a potential upward movement towards 3,800 points, driven by low interest rates making stocks more attractive than bank deposits [6]. - Certain sectors, such as PCB, are anticipated to attract investment due to their strong earnings potential, while stablecoins are seen as a strategic long-term investment opportunity [7]. - The likelihood of breaking through the 3,500-point level in July is considered high, with current levels around 3,472 [7].

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The global stablecoin market is expected to grow explosively from a market cap of $3.95 billion in 2019 to $230.7 billion by 2025, with a compound annual growth rate (CAGR) of 97.0% [11][12] - USDT and USDC dominate the market, holding approximately 86.8% of the total market share, with USDT projected to reach a market cap of $150.3 billion by 2025 and USDC expected to grow to $60.8 billion [11][12] - Hong Kong has established a regulatory framework for stablecoins, which includes licensing, full reserves, timely redemption, strict auditing, and anti-money laundering (AML) measures [17][20] - The introduction of a stablecoin sandbox by the Hong Kong Monetary Authority (HKMA) allows institutions to test their operational plans in a controlled environment [21] Summary by Sections Mainstream Stablecoin Mechanisms and Market Size - USDT and USDC are the two main stablecoins in the U.S., with market shares of 61.3% and 25.5% respectively [8][10] - The market cap of USDT is expected to reach $150.3 billion by 2025, while USDC is projected to grow to $60.8 billion, benefiting from its transparency in reserves [11][12] Hong Kong's Stablecoin Regulation Framework - The U.S. Senate passed the GENIUS Act on June 17, 2024, establishing a regulatory framework for stablecoins, which includes full backing by liquid assets and annual audits for issuers with a market cap over $50 billion [17][18] - Hong Kong's Stablecoin Ordinance was enacted on May 30, 2025, focusing on licensing, reserve management, and compliance with AML and counter-terrorism financing (CFT) regulations [20] Potential for RMB Internationalization - The HKMA's stablecoin sandbox allows for testing in various applications, including payments and supply chain management [21] - Stablecoins offer advantages in cross-border payments, such as low costs and fast transaction speeds, which could enhance the international use of the RMB [25][28]

Core Viewpoint - The cross-border payment sector has seen a collective surge, with multiple stocks hitting the daily limit up, driven by the increasing relevance of cross-border payment solutions and digital currency initiatives in China [1][3][4][7]. Company Summaries - **Jida Zhengyuan (003029.SZ)**: Latest price at 26.16 yuan (+10.01% limit up). The company has financial-grade certification products applied in the RMB cross-border payment system (CIPS), collaborating with the central bank and six major state-owned banks [1]. - **Hailian Jinhui (002537.SZ)**: Latest price at 9.47 yuan (+9.99% limit up). It holds both cross-border RMB/foreign currency payment licenses and Hong Kong MSO licenses, serving over 200 countries. The business highlights include supporting 15 currencies across 8 major scenarios such as airline tickets and study abroad [3]. - **Youbo Xun (300531.SZ)**: Latest price at 21.14 yuan (+19.98% limit up). The company has seen a surge in overseas revenue from smart payment terminals and has participated in the design of digital RMB cross-border scenarios, with notable breakthroughs in the Russian market [4]. - **ST Rindong (002647.SZ)**: Latest price at 5.87 yuan (+5.01%). Its subsidiary, Heli Bao, holds cross-border RMB payment records, with expectations of turning losses into profits and lifting the company’s delisting risk [5]. - **Sifang Jingchuang (300468.SZ)**: Latest price at 47.39 yuan (+19.97% limit up). The company is deeply involved in the central bank's "Multilateral Digital Currency Bridge" project, with successful cross-border payment technology cases implemented in Hong Kong [7]. - **Lakara (300773.SZ)**: Latest price at 31.90 yuan (+13.04%). As a fully qualified payment institution, it has a cross-border network covering over 100 countries, with scarce qualifications registered with the foreign exchange administration [9]. - **Advanced Shuton (300541.SZ)**: Latest price at 15.79 yuan (+12.87%). The company provides CIPS interface solutions for commercial banks, focusing on transaction and clearing security control across the entire chain [11]. - **Huafeng Superfiber (300180.SZ)**: Latest price at 8.77 yuan (+9.08%). Its subsidiary, Weifutong, has delivered an overseas digital RMB cross-border system and is exploring cooperation models with CIPS [13].

7月1日晚，复旦大学经济学院举办"稳定币与国际金融大变局"线上研讨会。 周光友通过总结学术研究的最新进展，指出"稳定币的核心不是币值，而是制度性控制权的再分配机 制。" 周光友强调，稳定币的兴起不仅代表了一种新型货币形式的崛起，更是对现有货币体系的一次重大挑 战。人民币国际化想要突破现有约束，应该加快构建自己的数字化通道和制度性框架，主动塑造全球货 币格局，以应对未来复杂多变的国际金融环境。 在此基础上，周光友建议，应推动人民币锚定型稳定币的发行，例如在上海自贸区或大湾区等尝试发行 一些稳定币。其次，需构建数字人民币的跨境制度化框架，深化多边数字货币桥项目合作，提高跨境清 算效率并降低成本。此外，还应构建以人民币计价的链上资产市场，支持绿色债券、碳信用等数字资产 的发行，进一步提升人民币的国际竞争力。最后，积极参与全球稳定币规则制定，争取更多话语权。 以下为周光友发言实录（已经发言人审定）： 各位老师、各位朋友，大家晚上好！很高兴有机会和大家分享我对稳定币的一些思考。 会上，复旦大学数字金融研究中心主任周光友指出，稳定币的兴起不仅代表了一种新型货币形式的崛 起，更是对现有货币体系的一次重大挑战。应推动人民币锚 ...

Group 1: EDA Software Market and Regulations - The U.S. Department of Commerce has lifted the requirement for Synopsys, Cadence, and Siemens to apply for government licenses when conducting business in China, following a previous ban imposed on May 23, 2025 [1] - By 2024, the global market shares for these EDA companies are projected to be 31%, 30%, and 13% respectively [1] - The lifting of the ban is linked to a framework established on June 27, 2025, where China agreed to review export applications for controlled items, leading to the U.S. canceling corresponding restrictions [1] Group 2: Rare Earth Elements and Strategic Importance - Rare earth elements consist of 17 metals and are crucial for over 200 commercial, high-tech, and military products, with China dominating the heavy rare earth separation sector [3][5] - China controls approximately 80% of the global rare earth refining capacity and produces 99% of the world's heavy rare earth elements [5] - The strategic value of rare earths has led China to implement export controls on key materials, which are essential for various industries [3][5] Group 3: U.S. Rare Earth Supply Chain Challenges - The U.S. has historically relied on outsourcing for rare earth production, leading to a significant dependency on China [6][7] - Recent U.S. initiatives aim to rebuild the domestic rare earth supply chain, with an estimated cost in the thousands of billions [7] - The U.S. Department of Defense has set a goal to establish a domestic supply chain for rare earths by 2027, covering all critical nodes from mining to magnet manufacturing [7] Group 4: Global Competition and Alternatives - Countries are investing resources to find alternatives to Chinese rare earths, but the transition will take years [9] - The EU has announced new mineral projects to diversify raw material sources, including rare earths, but faces environmental concerns and lengthy approval processes [9] - The trend of nationalizing key mineral resources is emerging in South America and Africa, as governments seek to maintain control over their mineral wealth [9]

Core Viewpoint - Newland is actively repurchasing shares and has shown strong financial performance, indicating confidence in its future prospects and commitment to returning value to shareholders [1][2][5]. Share Repurchase and Market Confidence - As of June 30, Newland has repurchased 7.5274 million shares, accounting for 0.73% of its total share capital, with a total expenditure of 188 million yuan [1][2]. - The company announced a new share repurchase plan with a total fund of no less than 350 million yuan and no more than 700 million yuan, to be executed within 12 months from the approval date [2][3]. - Newland's stock price has shown a strong upward trend, closing at 31.73 yuan per share on July 3, reflecting a year-to-date increase of approximately 60% [2]. Financial Performance - In 2024, Newland achieved total revenue of 7.745 billion yuan and a net profit attributable to shareholders of 1.01 billion yuan [5]. - For Q1 2025, the company reported revenue of 1.896 billion yuan, a year-on-year increase of 8.92%, and a net profit of 311 million yuan, up 25.16%, marking a historical high for a single quarter [5][6]. - The gross margin for Q1 2025 reached 38.95%, the highest in nearly nine years for the same period [6]. Business Strategy and Global Expansion - Newland is focusing on global expansion, particularly in the smart terminal sector, with seven global Industry 4.0 manufacturing bases and a robust supply chain management system [7]. - The company is also enhancing its AI capabilities to support the digital transformation of small and medium-sized enterprises, aiming to become a leading provider of offline digital business services globally [7][8]. - Newland has established NovaPay US Inc. to facilitate cross-border payment services, having obtained the MSB license from the U.S. Treasury Department's FinCEN [8]. Research and Development - Newland has consistently invested over 600 million yuan annually in R&D from 2019 to 2024, with 2024's investment amounting to 664 million yuan, representing 8.58% of total revenue [9].