华夏时报（www.chinatimes.net.cn）记者 卢梦雪 北京报道 美国《GENIUS法案》通过，香港《稳定币条例》正式成为法例，英国发布稳定币监管提案……近期稳定币监管 环境不断迎来新变化，也带动了稳定币概念股的大幅波动。 近日，二级市场上的稳定币概念股大幅波动，6月3日，多只稳定币概念股暴涨。其中，翠微股份、恒宝股份、御 银股份涨停。 相关分析人士指出，近期国内外稳定币监管等层面的相关动态频出，提升了投资者对数字货币的信心，形成全球 资金对相关资产的再度聚集。但数字货币板块历来波动剧烈，题材炒作背后的"兑现能力"仍需时间检验。 稳定币概念股暴涨 5月27日，英国金融行为监管局（FCA）发布针对稳定币发行、加密资产托管及相关企业财务稳健性的监管提案， 旨在为加密行业建立更明确的合规路径。该提案要求受监管的稳定币维持价值稳定，并向用户明确披露储备资产 管理方式。 5月20日，美国参议院通过《GENIUS法案》，标志着美国稳定币立法过程中迎来重要进展。 与此同时，西班牙桑坦德银行（BancoSantanderSA）表示，正考虑扩大其在数字资产方面的业务，包括推出稳定 币的初步计划，以及为其数字银行的零 ...

[Table_Message] 2025-06-02 行业周报 看好/维持 传媒互联网 [Table_Title] 传媒互联网 游戏 看好 ◼ 相关研究报告 《国产多模态模型持续加速迭代》 《即梦 3.0 文生图开启灰度测试，VAST 开源两大 3D 生成模型》 ◼ 证券分析师：郑磊 E-MAIL：zhenglei@tpyzq.com 执业资格证书编码：S1190523060001 ◼ 联系人：李林卉 E-MAIL：lilh@tpyzq.com 执业资格证书编码：S1190123120023 DeepSeek R1 版本更新，稳定币监管落地 (2025.05.26-06.01) ◼ 走势对比 ◼ 子行业评级 [Table_Summary] 报告摘要 ➢ DeepSeek-R1 完成版本更新，深度思考能力显著提升 DeepSeek-R1 完成小版本升级，最新版本号 DeepSeek-R1-0528。该 版本沿用 V3 Base 模型作为基座，通过改进后训练方法并投入更多 算力，实现多能力提升：1）深度思考能力强化：模型在解题过程中 进行更详尽深入的思考，显著提升思维深度和推理能力。在数学、编 程与通用逻辑等多个 ...

Core Viewpoint - The digital economy theme index and related ETFs are experiencing positive performance, indicating a growing interest and investment in the digital economy sector, particularly following the introduction of regulatory frameworks for stablecoins [1][2][3]. Group 1: Digital Economy ETF Performance - The digital economy ETF (560800) has seen a recent increase of 0.96%, with a latest price of 0.74 yuan [1]. - Over the past week, the digital economy ETF's scale has grown by 968.70 million yuan, ranking it in the top half among comparable funds [2]. - The latest share count for the digital economy ETF reached 1.026 billion shares, marking a three-month high and also placing it in the top half of comparable funds [3]. Group 2: Fund Inflows and Index Composition - The digital economy ETF recorded a net inflow of 441.44 million yuan, with a total of 1.468 billion yuan net inflow over the last four trading days, averaging 367.03 million yuan per day [3]. - The index tracks companies involved in digital economy infrastructure and high digitalization applications, with the top ten weighted stocks accounting for 50.98% of the index [3]. - The top ten stocks in the index include Dongfang Caifu (300059), Zhongxin International (688981), and others, with their respective weightings and recent performance detailed [4].

Market Overview - The stock indices experienced fluctuations with the Shenzhen Component Index and ChiNext Index dropping over 1% at one point, closing with the Shanghai Composite Index down 0.47% at 3347.49 points, Shenzhen Component Index down 0.85% at 10040.63 points, and ChiNext Index down 0.96% at 1993.19 points, with total trading volume in the Shanghai and Shenzhen markets at 11646 billion, a decrease of 490 billion from the previous day [1] Economic Indicators - Industrial profits improved in April, supported by the effective implementation of "two new" and consumption incentive policies, which boosted downstream consumption and supported the midstream equipment manufacturing sector [1] - The manufacturing PMI showed overall recovery in May, with a rebound in export orders and strong performance in new momentum and consumer goods, indicating resilience in China's economic fundamentals [1] Investment Opportunities - The rise in trading activity of micro-cap stocks indicates a high level of congestion, suggesting a need to be cautious of trading crowding risks [1] - The focus remains on "new quality domestic demand growth" characterized by geopolitical isolation, domestic demand-driven growth, and growth elasticity, with an emphasis on service consumption, new consumption, and anti-tariff strategies [1] Stablecoin Legislation - The U.S. Senate passed a procedural vote on the "Stablecoin Innovation Act," and Hong Kong's Legislative Council approved the "Stablecoin Regulation Draft," which will enhance the regulatory framework for stablecoins [2] - Stablecoins are expected to provide a stable trading method for Real-World Assets (RWA), enhancing market liquidity and facilitating the issuance of RWA projects by mainland enterprises in Hong Kong [2] Power Equipment Export - The International Energy Agency predicts global electricity consumption will grow at nearly 4% annually until 2027, driven by increasing demand in industrial sectors and applications like electric vehicles and AI [3] - Export barriers are relatively low in markets such as the Middle East, Europe, and Africa, with high demand and fast growth rates, making power equipment exports a promising area for companies with strong alpha [3] Lithium Price Trends - As of May 2025, domestic lithium carbonate spot prices have dropped to 60,000 yuan/ton, with the industry facing increased losses and expectations of price stabilization and rebound [4] - The long-term outlook suggests that lithium prices will continue to operate at the bottom due to oversupply, with a revised price range of 60,000 to 70,000 yuan/ton for the second half of 2025 [4] Automotive Industry Regulation - The Ministry of Industry and Information Technology supports initiatives to maintain fair competition in the automotive industry and will intensify efforts to address "involution" competition [5][6] Green Electricity Development - The National Development and Reform Commission and the National Energy Administration issued a notice to promote the development of green electricity direct connection projects, aiming to meet corporate green energy needs and enhance the consumption of renewable energy [7] BYD Charging Infrastructure - BYD announced partnerships to build 15,000 megawatt fast charging stations, including 10,000 with Xiaojucharging and 5,000 with Xindian Road, in addition to its own construction of 4,000 stations [8] Import Tariff Changes - President Trump announced plans to increase import tariffs on steel from 25% to 50%, effective June 4, indicating a significant shift in trade policy [9]

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [4] Core Viewpoints - Hong Kong's introduction of the "Stablecoin Regulation Draft" on May 30 marks a significant step in the digital asset sector, potentially positioning Hong Kong as an international Web3 and digital finance hub, which may also aid in the internationalization of the Renminbi and the development of offshore financial services [4] - The upcoming summer blockbuster season is highlighted, with a focus on the performance of quality content products, including new game launches and film releases [4] Summary by Sections Industry Performance - From May 26 to May 30, 2025, the Shanghai Composite Index decreased by 0.03%, while the Shenzhen Component Index fell by 0.91%. The media sector, however, saw a positive change of 1.74%, ranking 6th among all industries [13][14] Game Sector - The launch of quality products continues to significantly contribute to company performance, as seen with the game "Chaotic Chef" from Friendship Time, which boosted its market value after its release on May 28 [6] - Recommendations include focusing on leading gaming companies exploring AI+ gaming paradigms, as well as monitoring the performance of new game product cycles [6] Film Sector - The summer film season is approaching, with key films like "Liao Zhai: Lan Ruo Si" and "Chang'an's Lychee" being scheduled for release, which is expected to drive steady growth in box office revenues [6] Card and Trendy Toys - The sector shows high growth potential, with companies increasingly focusing on the "Guzi Economy" and expanding into trendy toy markets [7] Internet Sector - Major companies like Tencent and Alibaba have reported stable business development, emphasizing the optimization of business efficiency through AI [8] AI Applications - Companies embracing new technologies with data, user, and application advantages are recommended for continued observation, as AI applications are expected to undergo a paradigm shift [9] State-Owned Publishing - State-owned media companies are actively pursuing mergers and acquisitions, with some exploring new business models in education [9] Market Overview - The report notes that the media industry continues to experience an upward trend, suggesting ongoing investment in new channels and content directions [10]

Core Viewpoint - The regulatory framework for stablecoins in Hong Kong may provide compliant channels for mainland companies to issue RMB-pegged stablecoins for cross-border trade and investment, enhancing their competitiveness in global markets and attracting incremental capital into A-shares [1] Group 1: Market Impact - The stablecoin framework is expected to create short-term structural opportunities in the stock market, particularly benefiting sectors such as digital currency, cross-border payments, blockchain, and RWA (Real World Asset tokenization) [1] - Despite the potential for structural opportunities, the likelihood of large-scale incremental capital entering A-shares remains low due to the stringent virtual currency policy environment [1] Group 2: Strategic Implications - Stablecoins may serve as a strategic tool for the U.S. to defend the dollar's position, potentially alleviating some selling pressure on the dollar and U.S. Treasuries [1] - However, the limited scale of stablecoins and increasing competition may restrict their short-term positive impact on the dollar and U.S. Treasuries [1]

Group 1: Consumer Goods and Market Trends - The sales volume of consumer goods through the old-for-new program has exceeded 1 trillion yuan as of June 1, indicating a strong recovery in consumption [1] - As of May 31, the old-for-new program has driven a total sales volume of 1.1 trillion yuan across five major categories, with approximately 175 million subsidies issued to consumers [1] - The automotive sector has seen 4.12 million subsidy applications, while 49.86 million consumers purchased 77.62 million units of 12 major categories of home appliances [1] Group 2: Stock Market Analysis - The A-share market is experiencing rapid shifts in hotspots, with technology sectors leading the gains, although uncertainties remain due to ongoing overseas tariff issues [2] - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are at 13.69 times and 35.8 times, respectively, indicating a suitable environment for medium to long-term investments [3] - The market is expected to continue a pattern of oscillation and rotation of hotspots, with a focus on technology and consumer sectors [4] Group 3: Stablecoin Industry Developments - Circle, the issuer of the USDC stablecoin, plans to go public on the NYSE, aiming to raise up to $624 million with a total valuation of $6.7 billion [5] - The global stablecoin market is projected to reach nearly $240 billion by April 2025, with USDT and USDC dominating the market with a combined share of nearly 90% [5] - Stablecoins are increasingly being utilized in various payment and transaction scenarios, with a total transfer volume expected to reach $27.6 trillion in 2024, surpassing traditional payment giants [6] Group 4: Industrial Software and Investment Opportunities - The inclusion of industrial software in the "two new" policy is expected to stimulate investment and development in the sector, with a projected market size of 333.2 billion yuan by 2024 [8][9] - The government aims to update approximately 200,000 sets of industrial software and 80,000 sets of operating systems by 2027, focusing on key industries such as petrochemicals and aerospace [8] - Companies like Saiyi Information and Dingjie Zhizhi are recommended for investment due to their involvement in the industrial software sector [9] Group 5: Solid-State Battery Market Insights - Solid-state batteries are anticipated to play a crucial role in the global energy market, with expected shipments reaching 614.1 GWh by 2030 [10][11] - The market for solid-state batteries is driven by demand from electric vehicles, low-altitude economy, and robotics, with significant advantages over traditional lithium-ion batteries [10] - Investment opportunities in the solid-state battery sector include companies such as Sanxiang New Materials and Shanghai Xiba [12]

Core Insights - WISeKey's WISe.ART 3.0 is one of the world's first and largest Web3 marketplaces for digital art, NFTs, and crypto collectibles, showcasing Faben's MLove at NFC Lisbon [2] - Since its launch in 2021, WISe.ART has led numerous pioneering NFT projects, emphasizing trusted digital identity, robust cybersecurity, and environmental consciousness [3] - WISe.ART ensures secure digital identity and compliance with international standards, making it a trusted platform for institutional and philanthropic NFT use cases [4] Company Overview - WISeKey International Holding Ltd is a global leader in cybersecurity, digital identity, and IoT solutions, operating through several subsidiaries focused on specific technology areas [10][11] - The WISe.ART platform redefines the digital art experience by providing a secure, traceable, and intelligent environment for trading and authenticating digital assets, empowering creators worldwide [6] Project Highlights - Faben's holograms are part of a significant project that includes NFTs, NFCs, physical pieces, and an AI community-building app aimed at promoting global beauty and peace [5] - The holograms will be identifiable with WISeKEY chips and linked to their respective NFTs on the WISe.ART blockchain, with a complete NFT collection set to drop in July during ARTMONACO week [8] Event Information - NFC Summit is an annual event where the creative economy intersects with Web3, featuring live performances, conferences, and exhibitions, gathering major web3 players, investors, and media [9]

这两者结合起来，威力可不小。稳定币为RWA交易提供了价格锚定和流动性支持，而RWA又拓展了稳定币的应用场景。比如说，华夏基金在香港金管局 沙盒里发行的零售代币化港币货币基金，第一天规模就超过了贝莱德的同类产品，这说明市场对这种合规的数字金融产品需求很大。还有北京最近发布 的RWA新政，明确要在金融、医疗等领域打造20多个示范案例，充电桩上链融资1个亿，这种玩法以后会越来越多。 不过，这里面也有挑战。比如稳定币的合规性问题，虽然香港和美国都在立法，但不同国家的监管政策不一样，可能会影响稳定币的跨境流通。还有 RWA的技术标准，虽然中国信通院牵头制定了《可信区块链实体资产可信上链技术规范》，但全球统一标准还没形成，这可能会限制RWA的国际化发 展。 各位朋友，我是帮主郑重，做了20年财经记者，现在也是个专注中长线的投资者。最近数字经济圈里有两个词特别火，RWA和稳定币。这俩玩意儿可不 简单，它们正在悄悄重塑整个金融世界的底层逻辑。今天咱们就来聊聊，这背后藏着什么样的数字经济大局。 先给大家打个比方，RWA就像是数字经济的地基。什么意思呢？以前咱们买房子、买债券，这些实体资产交易起来麻烦得很，流程长、门槛高。现在有 ...

Group 1: Tianyang Technology - Tianyang Technology ranks first in the domestic credit card sector and is actively expanding into overseas markets [1] - The company has launched credit card products that allow for stablecoin top-ups, benefiting from mature technology and favorable regulatory policies [1] - Stablecoin cross-border payments do not require the SWIFT system, offering faster transactions, transparent fees, and lower costs, making them popular among cross-border trade enterprises [1] - Financial technology companies need blockchain development capabilities and market sensitivity, with RWA still growing, and non-performing assets can be used as underlying assets in the short term [1] - Stablecoin payments are decentralized, eliminating intermediary banks and reducing costs, with transactions completed within 30 seconds [1] - The issuance of stablecoins has high thresholds, with liquid stablecoins like USDT and USDC expected to dominate the market [1] - Not all countries have a demand for stablecoin issuance, as stablecoins represent the digitization of fiat currency, reinforcing the dominance of the US dollar [1] - Tianyang Technology collaborates with leading manufacturers to expand into Southeast Asia and provide credit card migration and technical support [1] Group 2: Optoelectronics - Optoelectronics is experiencing strong growth in the semiconductor and automotive industries, with projected revenues of 50.81 million and 32.10 million in 2024, representing year-on-year growth of 44.08% and 89.95% respectively [2] - The company is optimizing its sales model, focusing on buyout sales while gradually increasing the sales of standardized products, with plans to expand regional distribution models [2] - To enhance product standardization, the company is promoting the transformation of technological achievements into standardized and modular products, improving scalability and replicability [2] - The core product lines in visual software, including SciVision, Smart3, and DeepVision3, have undergone multiple technological upgrades and product iterations [2] - The future development strategy aims to establish the company as a leading international supplier of core automation components, focusing on key areas of perception and decision-making [2] - Key growth drivers include increased penetration of machine vision across industries, enhanced customer awareness, advancements in industrial AI technology, and global expansion supporting domestic substitution [2]