结合外部环境来看，港股市场以国际机构投资者为主，容易受到国际环境影响，造成市场大幅波动。南 向资金的流入，一方面能够有效应对外资流出风险，平滑市场波动，稳定市场预期；另一方面也能推动 港股市场走出与中国经济基本面联动的独立行情，优化市场定价逻辑，强化价值发现功能，提升对全球 资本的吸引力。 其二，南向资金重点流向科技、新消费等领域，促进两地产业协同发展，推动新质生产力发展。 ■邢萌 今年上半年，南向资金净流入港股超7300亿港元，创下历史同期最高纪录，显示出内地投资者对于港股 市场的青睐。 南向资金是内地投资者通过港股通投资港股市场的资金，其波动轨迹直观反映出内地投资者对于港股市 场投资价值的动态判断，也是观察两地资本市场联动效应的重要窗口。 今年以来，两地资本市场政策不断优化，引导南向资金流入港股，促进两地产业协同发展，巩固中国香 港国际金融中心地位，释放出多重积极效应。 其一，南向资金为港股市场输入大量资金，增强内地资金定价权，缓解市场流动性压力，提升市场交易 活跃度，提高市场定价效率。 在此之前，由于流动性不足、投资者结构差异等原因，港股市场长期估值偏低、交易情绪低迷，南向资 金买入优质资产后，能够推动 ...

Core Viewpoint - The recent issuance of a total of $3.08 billion in QDII (Qualified Domestic Institutional Investor) quotas by the State Administration of Foreign Exchange represents a significant step in supporting cross-border investment by qualified institutions, reflecting China's commitment to financial market openness and enhancing investor confidence [1] Group 1: Impact on Financial Market - The expansion of QDII quotas promotes the two-way opening of China's financial market, enhancing its influence in the global financial system and signaling China's determination to integrate into the global financial landscape [2] - The QDII system, alongside the QFII (Qualified Foreign Institutional Investor) system, facilitates the dual flow of capital, optimizing global capital allocation and creating a new pattern of coordinated development between "bringing in" and "going out" [2] Group 2: Internationalization of Renminbi - Certain QDII products allow for investments in offshore RMB-denominated assets, which helps expand the use and acceptance of the Renminbi abroad, enhancing its attractiveness as an international investment currency [3] - The healthy development of the QDII system contributes to the steady rise of the Renminbi's status in the international monetary system [3] Group 3: Investor Demand and Asset Management - The growing demand for cross-border investment has led to an increase in the scale of QDII funds, with the latest net asset value reaching 654.28 billion yuan, reflecting investor recognition and demand for QDII products [4] - The issuance of new QDII quotas provides strong support for asset management institutions to meet the increasing global asset allocation and risk diversification needs of domestic residents [4] Group 4: Competitiveness of Domestic Financial Institutions - The recent QDII quota expansion allows financial institutions, particularly fund companies and brokerages, to enhance their international competitiveness and global asset management capabilities [5] - The expansion is not merely about increasing scale; it aims to guide domestic funds to invest abroad, fulfilling various investor needs while strengthening the integration of the Chinese economy into the global financial system [5]

Group 1 - The recent announcement of a tax credit policy for foreign investors in China aims to reduce their tax burden and optimize the investment environment, potentially leading to a trend of foreign capital returning to the country [1][2] - The tax credit policy is expected to enhance China's attractiveness for foreign direct investment (FDI) by lowering the overall tax burden on foreign investors, thus promoting sustained inflows of FDI [2][3] - The policy specifically encourages foreign investors to engage in direct investments in real enterprises and the primary market, rather than the secondary stock market, to prevent short-term speculative activities [2][3] Group 2 - The influx of foreign capital is seen as a significant variable for the A-share market, with the movement of northbound capital having a notable impact on market performance [3][4] - The bond market is also expected to benefit from the trend of increased foreign investment, with foreign institutions continuing to increase their holdings of RMB-denominated bonds [3][4] - The policy is anticipated to inject new momentum into the internationalization of the RMB, enhancing its use in international capital markets amid a trend of "de-dollarization" [3][4] Group 3 - Since September 2024, foreign capital has begun to trend back into China, supported by various policies aimed at boosting market confidence [4][5] - Foreign investors are showing improved sentiment towards Chinese assets, with a growing willingness to diversify their investment portfolios to include Chinese stocks [4][5] - Future foreign investment is expected to be selective, focusing on sectors where China has competitive advantages, such as advanced manufacturing, new energy, and innovative pharmaceuticals [5][6]

Group 1: G20 Summit and Africa's Role - The G20 summit in South Africa marks the first time the event is held on the African continent, highlighting Africa's growing importance in the global economy [1][4] - The theme of the summit is "Unity, Equality, and Sustainability," aiming to integrate African development issues into the G20 agenda [1] - Nonkululeko Nyembezi emphasizes that South Africa's presidency signifies a shift from passive acceptance of decisions to active participation in rule-making and policy formulation [1][4] Group 2: Africa's International Influence - Africa is no longer a mere observer in global issues like climate change and debt crises, but is becoming a decision-making participant [2][4] - The African Union's permanent membership in the G20 and the presence of three African countries in BRICS enhance Africa's international influence [5] - The integration of African perspectives into global discussions is crucial, especially regarding issues like climate change, where Africa faces unique challenges [5] Group 3: Economic Collaboration and Trade - The B20 advocates for the African Continental Free Trade Area (AfCFTA) to ensure inclusive economic growth, particularly focusing on the participation of small and medium enterprises (SMEs) [6] - Regulatory coordination is essential for the effective implementation of AfCFTA, aiming to reduce trade barriers and promote regional integration [6] - The B20 also emphasizes the importance of including women entrepreneurs in the benefits of the AfCFTA [6] Group 4: Resource Management and Economic Growth - The concept of "resource curse" is evolving, with African governments seeking to add value through local processing rather than merely exporting raw materials [7][8] - Key challenges for Africa include securing affordable energy, financing difficulties, skill shortages, and infrastructure deficits [8][9] - Addressing these challenges is vital for unlocking Africa's potential and promoting sustainable growth [9] Group 5: Public-Private Partnerships (PPP) - PPPs face unique challenges in infrastructure development due to the distinct nature of infrastructure projects [10][11] - Successful PPP models require thorough project preparation, stable management, and a clear regulatory environment to attract private investment [11] - The Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) in South Africa is cited as a successful example of a PPP model [11] Group 6: Innovative Financing Mechanisms - The B20 suggests mixed financing as a means to address current global challenges, emphasizing the need for collaboration between private and public sectors [12] - Deepening capital markets and developing sustainable financial tools are crucial for addressing climate change and supporting economic growth [13] - The B20's recommendations are set to be submitted to G20 leaders for consideration [13] Group 7: China-Africa Relations - The trade relationship between China and Africa is evolving, with a focus on local processing and industrialization rather than just raw material exports [14] - China's involvement in infrastructure development in Africa has created significant employment opportunities [14] - The collaboration between China and Africa is seen as a key factor in achieving Africa's industrialization goals [14] Group 8: Renminbi Internationalization - The use of the Renminbi in Africa is increasing, particularly in trade between China and South Africa, facilitated by the Cross-Border Interbank Payment System (CIPS) [15] - This trend is expected to enhance efficiency and reduce costs for businesses engaged in cross-border transactions [15]

Core Viewpoint - The pilot program for digital RMB is expanding into high-frequency scenarios, particularly in Shanghai's public transportation system, enhancing payment efficiency and convenience for users [1][2][3]. Group 1: Digital RMB Implementation - The digital RMB "tap and go" feature has been successfully implemented across the entire Shanghai metro network, allowing passengers to use various digital wallets for seamless entry [1]. - The Shanghai metro system operates over 896 kilometers with 21 lines and 517 stations, handling more than 77% of the city's public transport volume daily [2]. - The implementation involved extensive testing and collaboration among multiple stakeholders, including the Shanghai Municipal Financial Office and various banks [3]. Group 2: Cross-Border Payment Advantages - Digital RMB offers advantages in cross-border payments, such as reduced intermediary costs, low fees, and near real-time transactions, which are particularly beneficial for foreign visitors [4][7]. - The design of the digital RMB wallet ensures user privacy and simplifies the account opening process, which could enhance the internationalization of the RMB [4][7]. - The People's Bank of China has announced plans to establish a digital RMB international operation center to promote its global use [4]. Group 3: Expansion and Challenges - The digital RMB pilot has expanded to 26 regions across 17 provinces, with applications in various sectors, including retail, healthcare, and public services [7]. - Despite rapid development, challenges remain in achieving widespread adoption, including the need for a viable business model and user habit formation [8][9]. - The digital RMB's success will depend on overcoming barriers related to scene coverage, user acceptance, and the establishment of unified technical standards [9].

国外 1. 美银：美股创新高之际遭遇客户10周来最大净卖出 美国银行汇总的数据显示，标普500指数创出新高的同时美国股市录得了10周以来最大规模的净卖出。 美国银行策略师Jill Carey Hall指出，卖出由机构客户主导，对冲基金则是第二周卖出，私人客户是六周 以来第一次。他表示，客户在八个板块卖出股票，其中工业和房地产居首；这两个板块已连续四周出现 资金流出。 2. 瑞银：下调10年期美债收益率预测至4.10% 瑞银下调10年期美国国债收益率预期，因美国就业市场前景趋弱。该行预计10年期国债收益率将从此前 预测的4.20%降至4.10%，止损位为4.40%。策略师Reinout De Bock表示，如果本周公布的美国就业数据 疲弱，包括6月初请失业金人数和非农就业数据，美债收益率可能下跌。"如果失业率意外上升，利率将 走低。"瑞银押注美国国债曲线趋陡，即短期和长期收益率之差扩大。Tradeweb的数据显示，10年期美 国国债收益率最新报4.199%，早些时候曾触及两个月低点4.191%。 3. 荷兰银行：债券期限溢价上升是全球现象 主要市场的债券期限溢价有所上升。荷兰银行分析师在一份报告中表示，自去年初 ...

稳定币作为数字金融领域的新兴产物，近年来在全球范围内快速发展，其对主权货币体系、跨境支付与 金融稳定的影响日益凸显。 复旦大学金融研究院执行院长王永钦从货币体系演进的历史视角分析了稳定币的定位与局限。他认为， 稳定币的发展经历了从无抵押的比特币、算法稳定币到如今以主权货币为抵押的阶段，目前的形式本质 上类似于货币市场基金。王永钦指出，稳定币无法满足货币的三大特性（单一性、弹性、诚信），其快 速发展可能加剧美国国债短缺问题，进而影响全球金融稳定。他认为，美国经济实力的相对下降和中国 的崛起和亚洲经济地位的提升将进一步凸显安全资产短缺的挑战，中国应尽快推动国债成为全球性安全 资产，来缓解全球安全资产短缺问题，进一步提高人民币的国际地位和推动人民币国际化。 上海金融发展与金融与发展实验室首席专家曾刚从货币本位演进的角度解读稳定币。他回顾了从金本 位、布雷顿森林体系到信用本位的货币体系发展历程，指出信用本位下央行与商业银行的双层货币发行 体系虽赋予了货币供给弹性，但也带来了管理挑战。曾刚认为，稳定币作为数字货币的一种形式，对传 统货币体系既有挑战也有补充，未来货币体系可能呈现多元化发展态势。他特别提到，数字原住民对资 ...

Group 1 - The historical context of the "petrodollar" system established by the U.S. and Saudi Arabia in the 1970s is paralleled with the current opportunity for China to create a "rare earth RMB" system due to its dominance in rare earth resources [1][3] - China's absolute advantage in rare earth production, accounting for 68.6% of the global market in 2023, positions it as a critical player in modern industrial supply chains, particularly in sectors like electric vehicles and AI [4][5] - The urgency of the West's "de-China" efforts is highlighted by the challenges faced in establishing alternative supply chains, with U.S. and other countries lagging significantly behind China in rare earth production capabilities [5][6] Group 2 - The concept of a "rare earth dedicated RMB stablecoin" is proposed, which would require all rare earth transactions to be settled in this currency, creating a substantial demand for RMB in the global market [6][7] - The integration of smart contracts with "payment upon delivery" clauses is suggested to enhance transaction efficiency and reinforce China's dominance in the supply chain [7] - Recent actions by global automotive manufacturers to secure rare earth supplies underscore the critical nature of China's resources, providing a strong foundation for the promotion of the rare earth RMB stablecoin [7]

信雅达 20250701 摘要 希尔达公司致力于将稳定币技术与业务场景结合，促进人民币国际化和 跨境交易，并积极参与全球支付新规则的制定，服务于发行方、托管行、 交易平台及场景用户。 通过推出与人民币或港元挂钩的稳定币，希尔达旨在维护国家货币主权， 防止美元等外币侵蚀市场份额，并创新支付系统，提升中国在全球金融 市场的话语权。 希尔达凭借丰富的金融 IT 经验、对跨境支付领军企业 Pingpong 的投资 以及在国际清算系统中的份额，具备全面服务能力和良好的政策环境， 有望在新兴市场中快速占领份额。 希尔达计划深化区块链技术研发与应用，拓展业务合作伙伴关系，扩大 市场覆盖面，尤其关注跨境支付及结算场景，以巩固其在稳定币领域的 领先地位。 希尔达通过香港子公司拓展海外业务，包括支付结算和跨境人民币清算， 并与中国人民银行深度合作，提供创新性的沙箱服务模式，积累了丰富 的国际业务经验。 Q&A 希尔达公司对稳定币的理解和布局是怎样的？ 希尔达公司认为，稳定币在当前环境下成为热点话题，是因为它作为主权货币 的自然延伸，可以维护货币主权。虚拟货币如比特币由于去中心化特性，会侵 犯国家货币主权，因此中国政府一直禁止其相 ...

金十数据7月2日讯，中信证券研报称，近年来，人民币国际化进程持续深化，支付、投资、融资和储备 功能均稳步提升，但与主流国际货币仍有差距。其中，人民币在金融资产投资、全球各国官方储备资产 等领域的提升空间较大。展望未来，扩大双边本币互换协议规模、充分挖掘"一带一路"共建国家和 RCEP成员国等跨境支付需求、保持谨慎开放态度探索数字货币和稳定币跨境支付等新方式和新技术应 用或是人民币国际化的发力重点。 中信证券：人民币在金融资产投资、各国官方储备资产等领域的提升空间较大 ...