29日盘中，稳定币概念股局部回暖，恒生电子涨停封板，封单超50万手，带领金融科技"V"型回暖，中 证金融科技主题指数早盘一度下挫逾2%，现逼近翻红。其他热门成份股方面，拓尔思、金证股份、税 友股份、顶点软件等多股涨逾1%。 数据来源：沪深交易所等。 风险提示：金融科技ETF被动跟踪中证金融科技主题指数，该指数基日为2014.6.30，发布日期为 2017.6.22，该指数2020-2024年年度涨跌幅分别为：10.46%、7.16%、-21.40%、10.03%、31.54%，指数 成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。文中指数成份股仅作 展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基 金管理人评估的该基金风险等级为R3-中风险，适宜平衡型（C3）及以上投资者。任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人 须对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投 资建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金投资有 ...

Core Viewpoint - The company Guofu Quantum (00290) has made a strategic investment in Rtree Tech Service Co., Limited to strengthen its position in the Real World Assets (RWA) sector and enhance its digital asset ecosystem [1][10]. Group 1: RWA and Rtree's Role - RWA refers to the tokenization of traditional assets (such as bonds, real estate, and commodities) through blockchain technology, which enhances liquidity, reduces transaction costs, increases transparency, and expands asset categories [3]. - Rtree is positioned as a rapidly growing RWA technology company focused on the tokenization of real-world assets, providing a solid technological foundation for Guofu Quantum's RWA business [3][4]. - Rtree has already launched RWA services such as art collateral lending and on-chain fixed-income bonds, with plans to expand into various asset classes including gold, stocks, ETFs, and futures [4]. Group 2: Strategic Dual-Track Approach - Guofu Quantum's board believes that RWA and stablecoins represent breakthrough directions for the scalability of fintech, with significant potential to reshape asset value [5]. - The company has previously gained market attention by strategically investing in Yuan Coin Technology, which became one of the first participants in the Hong Kong Monetary Authority's stablecoin sandbox [5]. - Guofu Quantum plans to tokenize high-value assets such as art, trade receivables, and letters of credit to improve liquidity ratios and enhance capital returns [6]. Group 3: Compliance and Licensing Advantages - Guofu Quantum possesses a comprehensive licensing matrix, including licenses from the Hong Kong Securities and Futures Commission, which supports its digital asset business [8]. - The company aims to leverage RWA to merge traditional and new financial assets, facilitating the activation of traditional wealth into the new financial ecosystem [9]. - The investment in Rtree and the focus on RWA are seen as strategic moves to capitalize on current market trends while preparing for future opportunities in quantum technology [10].

稳定币概念局部回暖 恒生电子涨停 智通财经7月29日电，稳定币概念盘中局部回暖，恒生电子涨停，国投智能涨超10%，东信和平涨超5% 续创历史新高，中油资本、金证股份、拓尔思等冲高。消息面上，民生证券认为，《稳定币条例》于 2025年8月1日正式生效后，蚂蚁集团、京东等大厂依托深厚的区块链技术沉淀和丰富的内循环应用场 景，有望第一批获得香港金管局批准的稳定币牌照，构筑实质的稳定币及RWA的相关产业链。 ...

每经编辑：叶峰 截至上周五（7月25日），伦敦现货黄金报收3336.22美元/盎司，上周累计下跌13.44美元/盎司，跌幅 0.40%。上周金价继续横盘震荡， 金价最高上行至3,431.20美元/盎司，最低下探至3,336.22美元/盎司。 美国6月耐用品订单环比大幅下降，但7月标普全球服务业PMI持续扩张，至25年底降息预期有所降温； 特朗普与多国商谈贸易协议，部分政策仍具不确定性。降息预期小幅降温叠加市场不确定性仍高的情形 下，金价继续横盘震荡。短期市场对于金价走向的分歧进一步加大，需继续关注美国关税情况、后续伊 以冲突进展以及美联储货币政策走向。中长期 "美联储开启降息周期+海外宏观政策不确定性加剧+ 全 球去美元化趋势" 对于金价构成一定支撑，回调时或可考虑逢低分批布局。 特朗普的政策主张来看，关税对通胀影响尽管避免了极端情形，但由于"基础关税"已经普遍加征，目前 的关税税率仍然高于之前，激进的关税政策依然放大了美国经济陷入"通货膨胀与经济停滞并存"的"滞 胀"风险。同时政策的反复加剧了市场不确定性，对于金价也有一定支撑。特朗普"逆全球化"关税政策 主张也可能会一定程度上促进央行购金趋势。 回顾上周以 ...

Core Viewpoint - The European Central Bank (ECB) warns that a dollar-dominated digital currency system poses a strategic challenge to European monetary sovereignty, potentially undermining financial stability and monetary autonomy if no strategic response is implemented [1] Group 1: Impact of Dollar Stablecoins - Dollar stablecoins dominate the global market, accounting for approximately 99% of the total stablecoin market capitalization, while euro stablecoins remain marginal with a market cap of less than €350 million [1][5] - The potential widespread use of dollar stablecoins in the Eurozone could weaken the ECB's control over monetary policy, especially as stablecoins are increasingly adopted for mainstream payments and commercial transactions [6][7] Group 2: Financial Stability Risks - The ECB has previously warned that stablecoins could pose financial stability risks, particularly if a mainstream stablecoin were to collapse, potentially causing widespread disruption in the financial system [5] - Major U.S. payment organizations like Visa and Mastercard are integrating stablecoins into their global products, which could lead to significant transactions bypassing traditional banking systems [6] Group 3: Strategic Responses for Europe - The ECB has several policy options to counter the challenges posed by dollar stablecoins, including supporting well-regulated euro-denominated stablecoins to meet legitimate market demand and enhance the euro's international role [8] - The digital euro project and private sector innovations should be viewed as complementary elements of a broader European digital payment strategy, with the digital euro potentially serving as a strong defense of European monetary sovereignty [8] - Strengthening global coordination on stablecoin regulation is crucial to avoid a fragmented regulatory landscape that could exacerbate financial instability and the dominance of the dollar [8]

Summary of Conference Call Industry or Company Involved - Focus on the Chinese economy and its macroeconomic policies, particularly regarding supply-side reforms and the concept of "anti-involution" [1][2][4][5][6][19][21] Core Points and Arguments 1. **Supply-Side Reform and Anti-Involution**: The discussion centers around the ongoing supply-side reforms in China, particularly the government's initiative to combat "involution" and promote structural adjustments in various industries [1][5][19][21] 2. **Market Sentiment and Liquidity**: Recent discussions with private and public investors indicate a warming sentiment in the stock market, with some investors perceiving signs of a bull market, although the fundamental economic situation remains challenging [4][6][19] 3. **Policy Expectations**: The expectation for the second half of the year is that policies will focus on structural adjustments and gradual support, with a recognition that initial measures may only address surface issues rather than deeper structural problems [5][21] 4. **Economic Data Trends**: There is an anticipation of economic activity peaking in the first half of the year, followed by a potential decline in the latter half, influenced by previous policy measures and external factors [5][21] 5. **Impact of U.S.-China Relations**: Ongoing negotiations between the U.S. and China are expected to continue without significant breakthroughs, with tariffs likely remaining at current levels for an extended period [12][13][15][18] 6. **Real Estate Market Dynamics**: The real estate sector is under scrutiny, with expectations for policies to support it, but challenges remain due to mismatches in supply and demand across different cities [25][26] 7. **Social Security and Welfare Reforms**: There are indications of gradual reforms in the social security system, including potential nationwide birth subsidies and free preschool education, aimed at enhancing consumer spending and social welfare [27][28][29] 8. **Inflation and Economic Growth**: The discussion highlights the potential for inflationary pressures in certain sectors, but overall demand remains weak, complicating the path to sustainable economic growth [35][36] Other Important but Possibly Overlooked Content 1. **Historical Context**: The current reform efforts are compared to previous supply-side reforms from 2015 to 2018, with an emphasis on the need for a more profound structural change rather than just addressing superficial issues [22][24][31] 2. **Market Reactions**: There is a caution against overly optimistic market expectations, particularly regarding the speed and effectiveness of policy implementations [45][56] 3. **Investment Opportunities**: The call suggests that while the immediate outlook may be cautious, there are potential long-term investment opportunities arising from structural changes in various industries, particularly those that have previously undergone supply-side reforms [40][44][55]

Core Viewpoint - The company has established a new international headquarters in Singapore, focusing on AI and supply chain technology, aiming to support small and medium-sized enterprises (SMEs) in China to expand globally and enhance supply chain resilience and sustainable growth [1][2] Group 1 - The new Singapore-based subsidiary, SY INTELLECTHUB PTE.LTD., will serve as the core hub for exploring Web3.0 and stablecoin applications [1] - Singapore is recognized as a key global financial, trade, and shipping hub, providing a robust financial system and extensive business network, making it an ideal location for Chinese companies to expand into Southeast Asia and beyond [1][2] - The company has received strategic investment from Singapore's sovereign wealth fund, Temasek, and has been actively exploring international business through partnerships in Singapore, the Philippines, and Indonesia since 2018 [1] Group 2 - The decision to establish the international headquarters in Singapore is based on its unique geographical advantages and mature technology ecosystem that supports global business expansion [2] - Singapore's status as a top financial center, with strong financial infrastructure and regulatory frameworks, has made it a thriving environment for Web3.0 development [2] - The company plans to leverage Singapore as a launchpad for international business, integrating stablecoins and tokenization of real-world assets with traditional supply chain assets to innovate and connect with global markets [2]

Core Viewpoint - The company has decided to establish an international headquarters in Singapore to enhance its international business development and explore Web3 ecosystem and stablecoin innovation applications [1] Group 1: International Headquarters - The establishment of the Singapore international headquarters aims to leverage local financial and technological advantages [1] - This move is expected to accelerate the company's globalization process [1] Group 2: Digital Strategy and Innovation - The company aims to enhance its technological capabilities and business expansion through the exploration of the Web3 ecosystem [1] - The initiative is anticipated to support future innovative projects in the digital field [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SY HOLDINGS GROUP LIMITED 盛業控股集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6069） 自願性公告 設立新加坡國際總部及探索Web3.0生態和 穩定幣創新應用場景 本 公 告 乃 由 盛 業 控 股 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願作出。 本 公 司 董 事 會（「董事會」）欣 然 宣 佈，本集團正式將一家名為SY INTELLECTHUB PTE.LTD.的 新 加 坡 公 司（本 集 團 的 一 家 非 全 資 附 屬 公 司）確 立 為 新 加 坡 國 際 總 部（「國 際總部」）。本 集 團 作 為 一 家「AI+產 業 供 應 鏈」的 數 智 科 技 公 司，將 以 國 際 總 部 為 核 心樞紐，積極探 索Web3.0與 穩 定 幣 ...

Group 1 - The China-US economic teams held talks in Stockholm on July 28, aiming to translate the consensus reached by the leaders of both countries into specific policies and actions [2] - The National Childcare Subsidy Scheme will provide an annual subsidy of 3,600 yuan per child starting from January 1, 2025, applicable to all eligible children under three years old [2] - Hong Kong's CK Hutchison is considering inviting a major Chinese strategic investor to join a US-led consortium for negotiations regarding the Panama Canal port business [2] Group 2 - The Ministry of Agriculture and Rural Affairs emphasized the need to promote urban-rural integration and protect the rights of farmers moving to cities [3] - The Ministry of Industry and Information Technology outlined eight key tasks for the second half of the year, including enhancing consumer goods supply and promoting new industrial growth [3] Group 3 - The State Administration for Market Regulation called for improvements in market regulation systems and the elimination of local protectionism [4] - The Ministry of Ecology and Environment, along with nine other departments, issued a plan to address heavy metal environmental safety issues by 2027 [4] - The State Taxation Administration reported over 360 cases of tax evasion by online influencers since 2021, recovering over 3 billion yuan in taxes [4] Group 4 - A-shares saw collective gains on Monday, with the Shanghai Composite Index rising 0.12% to 3,597.94 points, and a total market turnover of 1.77 trillion yuan [5] - The Hong Kong Hang Seng Index increased by 0.68% to 25,562.13 points, with significant inflows from southbound funds [5] Group 5 - The Hong Kong Stock Exchange announced a reduction in the minimum price fluctuation for certain securities, effective August 4 [6] - Goldman Sachs raised its 12-month target for the MSCI China Index from 85 to 90 points, indicating an approximately 11% potential upside [6] - As of July 25, the A-share market's financing balance reached 1.933841 trillion yuan, marking a four-month high [6] Group 6 - A total of 620 listed companies received institutional research in July, with nearly 80% of them achieving positive returns [7] - Ten A-share companies have successfully listed in Hong Kong this year, raising about 70% of the total funds from IPOs in the Hong Kong market [7] Group 7 - The 2025 World Artificial Intelligence Conference concluded with over 300 procurement demands announced, totaling an expected procurement amount of 16.2 billion yuan [10] - Shanghai launched a 3 billion yuan AI enterprise venture capital fund and introduced policies to enhance its AI industry [10] Group 8 - The China Society of Finance and Economics reported a surge in the global stablecoin market, particularly for US dollar stablecoins, urging China to explore regulatory frameworks [11] - Ant Group released a financial reasoning model that outperformed several existing models in evaluations [11] Group 9 - Heng Rui Pharmaceutical announced a significant agreement with GlaxoSmithKline to co-develop up to 12 innovative drugs, with an upfront payment of 500 million USD [12] - The company also launched a new flagship model, GLM-4.5, which has been recognized for its performance [12] Group 10 - Tesla's CEO Elon Musk projected the company's valuation could reach 25 to 30 trillion USD if it successfully executes its plans in humanoid robots and autonomous driving [13] - Samsung Electronics secured a 16.5 billion USD chip manufacturing contract with Tesla, marking a significant order for its semiconductor division [13]