【导读】香港特区政府及监管部门稳步推进稳定币相关准备工作 中国基金报记者 郭玟君 香港《稳定币条例》8月1日将生效，为此，香港特区政府部门及相关监管机构正紧锣密鼓地 推进相关准备工作，以确保建立可持续且具有竞争力的数字资产生态系统。 近期，以稳定币为代表的数字货币受到市场广泛关注，有不法分子利用社会公众对稳定币等 了解不足的特点，实施违法犯罪行为。针对此现象，深圳市于7月7日发布风险提示，提醒市 民警惕以稳定币等名义实施非法集资。 香港证监会 召开第二次数字资产咨询小组会议 7月7日，香港证券及期货事务监察委员会（以下简称香港证监会）召开第二次数字资产咨询 小组会议。 据香港证监会介绍，本次与持牌虚拟资产交易平台的会议涵盖了香港数字资产领域中有关市 场及监管发展的广泛议题，尤其是香港证监会ASPIRe路线图中的支柱A（Access连接）及支 柱P（Products产品）的相关举措，包括建议引入虚拟资产交易服务和托管服务提供商的监管 制度，以及市场参与和产品供应的措施。 证监会就虚拟资产制定的 "A-S-P-I-Re"路线图 连接(ACCESS) 提供清晰监管以促进市场参与 建立适用于场外交易和 吸引全球平台、 ...

Group 1 - The Shanghai Stock Exchange and China Securities Index Company announced the launch of the Shanghai Stock Exchange's specialized index for innovative small and medium-sized enterprises on July 21 [2] - The Shenzhen Stock Exchange will also release its specialized index for innovative small and medium-sized enterprises on the same date [2] - A new mandatory national standard for passenger car braking systems will be implemented starting January 1, 2026, introducing new requirements for electric transmission braking systems and emergency braking signals [2] Group 2 - XinYada's cross-border payment business is expected to account for less than 5% of the company's total revenue in 2024 [3] - BlueDai Technology is planning a change in company control, leading to a stock suspension [3] - Xingye Co. confirmed that there is no significant information that should have been disclosed but was not [3] Group 3 - Ruixin Microelectronics expects a year-on-year net profit increase of 185% to 195% for the first half of the year [4] - Four-dimensional Map New Technology will develop parking software products for two models of BAIC New Energy [3] - Yinglian Co. anticipates a year-on-year net profit increase of 360.57% to 460.7% for the first half of the year [4]

圆桌讨论环节，嘉宾们围绕中国企业经济出海展开讨论。上海钇远私募基金管理有限公司执行董事 杨玉成指出，当前企业出海已从单一产品输出拓展为投资、技术、文化、并购等多元形态。 科大讯飞有限公司高级副总裁兼CFO段大为认为，出海是世界经济合作与中国改革开放逻辑的共 振，企业竞争力提升源于产业链位置升级与长期基建投资积累，如中国在互联网、人工智能领域的场景 实践经验。 从微观与宏观双视角分析，上海益研投资咨询有限公司研究员饶钢指出，微观层面，企业因国内内 卷和地缘政治压力被动出海，宏观层面则是中国制造业能力外溢与全球布局的时代必然。 以"宏观视野：投资机遇、挑战及区域经济发展的破局"为主题，2025年度上海国家会计学院企业家 高层论坛近日举行。 上海国家会计学院党委副书记、院长卢文彬表示，在数字经济时代，投资机遇、挑战及区域经济发 展的破局，更需要企业家们具备全球化视野和创新思维。当前中国企业正经历从"贸易出海"到"品牌出 海"的转型升级，在新能源、智能装备等领域展现"智造"的同时，也面临跨国文化差异、本地化运营等 深层挑战。 美国亚利桑那州立大学凯瑞商学院院长奥哈德・卡丹强调，大数据与人工智能推动投资决策从传统 财务 ...

Market Overview - On July 7, A-shares saw a decline across all three major indices, with total trading volume at 1.23 trillion yuan, a decrease of 227.4 billion yuan from the previous trading day [1] - The market focus shifted towards sectors such as electricity, cross-border payments, stablecoins, and digital currencies, while pharmaceuticals, CROs, innovative drugs, and biological products experienced significant declines [1] Stock Performance - A total of 67 stocks hit the daily limit up, with 12 stocks achieving consecutive limit ups, and 10 stocks failed to maintain their limit up status, resulting in a limit up rate of 87% (excluding ST and delisted stocks) [3] - Key stocks included: - Huayin Electric: 5 consecutive limit ups, driven by mid-year report pre-increase and new energy installations [4] - Changcheng Electric: 6 consecutive limit ups, focusing on nuclear power and electrical products [4] - Jinyi Culture: 7 consecutive limit ups, linked to digital RMB and AI models [4] Top Gainers and Losers - Notable gainers included: - Qingdao King: +9.99%, with a trading volume of 169.71 million shares and a turnover of 15.33 billion yuan, attracting institutional net buying of 944.943 million yuan [21] - Xinling Electric: +20.00%, with a trading volume of 4.88 million shares [24] - Significant losers included: - Liugang Co.: -7.95%, with a trading volume of 235.86 million shares and institutional net selling of 1 billion yuan [21] - Xiangxin Technology: -8.32%, with a trading volume of 20.58 million shares [21] Institutional Activity - The top three net buying stocks by institutions were: - Qingdao King: 1.95 billion yuan [6] - Jingbeifang: 1.61 billion yuan [6] - Rongfa Nuclear Power: 1.35 billion yuan [6] - The top three net selling stocks were: - Liugang Co.: 751.583 million yuan [7] - Xiangxin Technology: 659.155 million yuan [7] - Longyang Electronics: 501.416 million yuan [7] Sector Highlights - Qingdao King is positioned in the cross-border payment sector, benefiting from the People's Bank of China's new rules on the CIPS system, with a projected 41.43% increase in overseas revenue for 2024 [10] - Jingbeifang focuses on digital currency and stablecoin concepts, with significant involvement in blockchain and AI technologies [13] - Rongfa Nuclear Power is a key supplier in the nuclear power sector, recently winning a contract worth 189.24 million yuan for a major project [16]

Core Viewpoint - After a significant price increase of nearly 80% over two months, the controlling shareholder of Yuyin Co., Ltd. (御银股份) has announced another share reduction plan [2]. Group 1: Shareholder Actions - The controlling shareholder, Yang Wenjiang, plans to reduce his holdings by up to 22,835,700 shares, representing no more than 3% of the company's total shares, between July 29 and October 28, 2025 [2]. - As of the announcement date, Yang holds 115,029,774 shares, accounting for 15.11% of the total share capital [2]. - Yang previously announced a similar reduction plan on November 14, 2024, where he intended to reduce 22,835,700 shares from December 6, 2024, to March 5, 2025, and successfully sold 7,611,800 shares at an average price of 5.97 yuan per share, cashing out approximately 45.44 million yuan [2][3]. Group 2: Stock Performance - Since the beginning of 2025, Yuyin Co., Ltd. has seen its stock price increase by over 50%, with a nearly 80% rise in the last two months, particularly influenced by the digital currency market [2]. - The stock price closed at 7.30 yuan per share on July 7, 2025, indicating that Yang's current reduction could yield approximately 166.7 million yuan [3]. Group 3: Company Performance - Despite the stock price surge, Yuyin Co., Ltd. has experienced poor financial performance, with a reported revenue of 66.87 million yuan in 2024, a decline of 4.55% year-on-year, and a net profit of 10.91 million yuan, down 29.40% year-on-year [4]. - The company has seen a continuous decline in revenue over the years, with a drop from nearly 1.1 billion yuan in 2015 to 68.06 million yuan in 2022, although there was a slight recovery in 2023 [4]. - In the first quarter of 2025, the company reported a revenue of 15.34 million yuan, a year-on-year decrease of 9.73% [4]. Group 4: Research and Development - Yuyin Co., Ltd. has not invested in research and development for three consecutive years, with R&D expenses dropping from 100 million yuan in 2015 to zero from 2022 to 2024 [5]. - Currently, rental income constitutes 89.27% of the company's revenue, while the once-main ATM-related business has dwindled to only 0.45% of total revenue [5].

金十数据7月7日讯，今日，A股三大指数早盘走低，午盘维持低位震荡。截至收盘，上证指数收涨 0.02%，深证成指收跌0.7%，创业板指收跌1.21%。受用电预期与午盘政策的共同催化，电力板块全天 强势，华银电力5天4板，韶能股份、豫能控股等多股涨停；跨境支付概念涨幅居前，中亦科技20cm涨 停；多元金融板块走强，永安期货涨停；除此以外，IP经济、冰雪经济等新消费概念今日走高，房地 产、数字货币、新能源、跨境支付等概念收涨。大医药板块集体低迷，生物制品、创新药等概念收跌； 英伟达、苹果概念连日走低。资金面上，今日沪深两市成交额达1.2万亿，较昨日缩量约2200亿，主力 资金净流出超170亿元。 A股收评：沪指收涨0.02%，电力板块午后再冲高 ...

Group 1 - Morgan Stanley predicts that the stablecoin market will only grow to $500 billion by 2028, stating that the previous forecast of $1 trillion was overly optimistic due to a lack of mainstream adoption of dollar-pegged cryptocurrencies [1][2] - Stablecoins are designed to maintain a constant value, typically pegged 1:1 to the US dollar, and are backed by physical assets such as US Treasury bonds or gold [1] - The application of stablecoins has expanded beyond cryptocurrency trading, attracting interest from fintech companies and banks looking to accelerate payment and settlement speeds [1] Group 2 - Currently, stablecoins account for only 6% of overall demand, approximately $15 billion, with most usage still concentrated in cryptocurrency trading, decentralized finance (DeFi), and as collateral [2] - The idea that stablecoins will replace traditional currencies as everyday payment tools is still far from reality [2] - The promotion of stablecoins outside the crypto market faces obstacles, primarily due to limited use cases and a fragmented regulatory framework [2]

Group 1 - The forum held at Shanghai National Accounting Institute focused on investment opportunities, challenges, and regional economic development, gathering top scholars and industry leaders to discuss global economic trends and corporate strategies [1] - Chinese enterprises are transitioning from "trade going global" to "brand going global," showcasing advancements in sectors like new energy and intelligent equipment while facing challenges such as cultural differences and localization [1] - The integration of digital technologies like AI and blockchain into business education is aimed at helping entrepreneurs seize opportunities in the digital transformation wave [2] Group 2 - The investment landscape for Chinese companies going global has evolved from single product exports to diverse forms including investment, technology, culture, and mergers and acquisitions [4] - The ASEAN region is highlighted as a significant choice for Chinese enterprises' international development, with an emphasis on understanding the differences among ASEAN countries and the importance of compliance management [2][4] - Companies face compliance challenges such as market access, data security, and tax structures when expanding internationally, necessitating clear strategic positioning and leveraging professional institutional capabilities [4]

Core Viewpoint - The article highlights the risks associated with illegal fundraising activities disguised as stablecoin or digital asset investments, emphasizing the need for public awareness and caution in financial dealings [1] Group 1: Risks of Illegal Fundraising - Recent monitoring indicates that some illegal entities are using terms like "financial innovation" and "digital assets" to attract investments from the public, exploiting their lack of understanding of stablecoins [1] - These entities are engaging in activities such as illegal fundraising, gambling, fraud, pyramid schemes, and money laundering, which pose significant threats to public financial security [1] - The article stresses that these organizations lack the necessary licenses from national financial regulatory bodies to publicly solicit deposits, making their operations illegal [1] Group 2: Regulatory Framework - The "Regulations on the Prevention and Handling of Illegal Fundraising" explicitly prohibit any form of illegal fundraising, and participants in such schemes bear the risk of losses incurred [1] - The article calls for the public to enhance their rational investment awareness and to avoid blindly trusting extravagant promises made by these illegal entities [1] - It encourages the establishment of correct monetary concepts and investment philosophies to improve risk awareness and prevent falling victim to scams [1]

Market Overview - The three major A-share indices experienced declines, with the Shanghai Composite Index down by 0.21%, the Shenzhen Component down by 0.7%, and the ChiNext Index down by 1.25% [1] Sector Performance - The electricity sector showed resilience, with stocks such as Shaanxi Energy, Huayin Electric, and Shimao Energy hitting the daily limit up [1] - The real estate sector rebounded, with stocks like Chongqing Development and Shahe Shares also reaching the daily limit up [1] - The digital currency concept saw initial gains, with Beijing North achieving two consecutive limit ups [1] - New consumption concepts, including IP economy and ice and snow economy, experienced upward movement, with sectors like lottery, sports, cross-border e-commerce, and cultural media showing early gains [1] - The large pharmaceutical sector faced collective weakness, with concepts such as CRO, recombinant proteins, and biological products declining in early trading [1] - Stocks related to Nvidia and Apple continued to decline for several consecutive days [1]