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。 ...

日前，北京市互联网金融行业协会发布风险提示，直指部分不法分子借"稳定币"等新型概念实施非法集 资。这类行为往往披着"金融创新""区块链技术""数字资产"的外衣，通过编造"虚拟货币投资项目""稳定 币理财计划"等话术，以"高额回报"为诱饵吸引公众投入资金，其本质已涉嫌违法犯罪，需引起社会高 度警惕。 面对层出不穷的诈骗手段，公众需建立三道"防线"：一是强化认知，明确稳定币的支付工具属性，警 惕"稳定币=稳赚币"的偷换概念；二是坚守常识，牢记"高收益必然伴随高风险"，对"保本保息""稳赚不 赔"等话术保持本能怀疑；三是认准资质，选择具有合法资质的持牌金融机构并通过正当渠道进行投资 理财，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。 金融创新的边界是合规，技术进步的前提是安全。稳定币作为区块链技术的应用探索，其价值在于提升 支付效率，而非成为诈骗分子的"敛财工具"。唯有公众提高警惕、监管持续发力、行业加强自律，才能 遏制此类违法活动蔓延，为真正的金融创新营造健康环境。也只有投资者提高风险防范意识，才能切实 保护个人财产安全，避免上当受骗。 （文章来源：证券时报） 一方面，不法机构以"前 ...

Core Viewpoint - The recent surge in small-cap stocks in the Hong Kong market, particularly those related to stablecoin concepts, has attracted investor attention despite ongoing market consolidation. The stocks exhibit characteristics such as small market capitalization, concentrated ownership, and a history of low trading activity [1][4]. Group 1: Market Activity - On July 10, stablecoin concept stocks in Hong Kong saw significant gains, with Delin Holdings rising over 70% at one point and closing up 18%. Jinyong Investment experienced a dramatic increase of over 650% on July 8, followed by a sharp decline of nearly 47% on July 9 [2][3]. - Jinyong Investment announced a strategic cooperation framework with AnchorX to explore applications of the AxCNH stablecoin in various financial transactions, including securities and foreign exchange [2][3]. Group 2: Industry Concerns - Industry insiders express skepticism regarding the profitability of the cooperation between Jinyong Investment and AnchorX, citing a lack of transparency in their banking custody and auditing mechanisms. The stability of AxCNH remains unverified, and traditional financial institutions are hesitant to adopt stablecoin settlements [3][4]. - The recent trading activity of several Hong Kong stocks linked to stablecoin concepts has raised concerns about speculative trading, as many of these stocks have small market capitalizations and concentrated ownership, leading to potential manipulation [4][6]. Group 3: Company Profiles - Jinyong Investment, listed since October 2007, has a high ownership concentration, with 69.16% of its shares held in the central clearing system and 95.79% of the top ten brokerage positions. The company has a history of unstable profitability, with a projected pre-tax profit of 72.16 million HKD for 2024, up 53% from 2023 [4][5]. - Puxing Energy, listed in 2009, primarily engages in natural gas power plant operations. As of July 10, its market capitalization was under 700 million HKD, and its stock price had been below 1 HKD for an extended period before the recent surge [5].

大金融板块再度走强 房地产开发板块指数日K线图张大伟制图 7月10日，A股震荡攀升，沪指重新站上3500点，盘中最高涨至3526.59点创9个月新高。截至收盘，上证 指数报3509.68点，涨0.48%；深证成指报10631.13点，涨0.47%；创业板指报2189.58点，涨0.22%。全市 场当天成交额为15150亿元，较上个交易日缩量124亿元。 盘面上，全市场超2900只个股上涨，大金融、地产板块成为助推沪指站上关键点位的重要力量。银行股 延续强势表现，工商银行、农业银行、中国银行、建设银行等股价续创历史新高；"牛市旗手"发力走 高，中银证券午后开盘1分钟封板涨停；光伏产业链热度依旧，拓日新能收获3连板，京运通、协鑫集 成、晶澳科技等个股涨停。 昨日，以银行、保险、证券为首的大金融板块集体走强。银行板块内，工商银行、农业银行、中国银 行、建设银行等股价续创历史新高。 华福证券称，对银行板块维持看多观点。当前A股上市银行股息率中位数在4%左右，仍然有下行空 间。随着净息差行业性企稳、资产质量稳中向好，银行业净资产收益率触底回升的预期也有望逐步兑 现。投资者对银行股仍有较强的配置需求，增量资金有望持续流入 ...