Core Viewpoint - The report from CITIC Securities emphasizes that "stable return" assets exhibit low volatility, low drawdown, and continuous income, with a focus on the dual stability of earnings and dividends, drawing parallels from the US market [1] Group 1: Characteristics of Stable Return Assets - Stable return assets are characterized by low volatility, low drawdown, and sustained income [1] - The core logic behind these assets is the dual stability of earnings and dividends, with business models often featuring weak economic cycle attributes, franchise operations, customer stickiness, and stable capital expenditures [1] Group 2: Financial Conditions in A-Share Market - Over the past 15 years, the financial conditions of four major industries in the A-share market, including banks and power sectors, have been most aligned with the characteristics of stable return assets [1] - The banking sector's foundation for stable returns has been further solidified due to macroeconomic and regulatory policies that contribute to earnings stability [1] Group 3: Investment Trends - There is an increasing trend of institutional investors, including insurance funds, public offerings, and AMC companies, enhancing their holdings in stable return assets, thereby reinforcing their stability [1] - In the upcoming phase, trading funds are expected to focus on undervalued stocks, while allocation funds will continue to favor beta stocks [1]

Core Viewpoint - The discussion on stablecoins highlights the need for a comprehensive regulatory framework to address their unique legal attributes and risks, as well as the ongoing global efforts to establish such regulations [1][2][4]. Regulatory Landscape - Stablecoins are defined as digital assets that maintain value stability by being pegged to fiat currencies, yet their legal classification remains ambiguous, leading to regulatory gaps and risks [1][3]. - Major jurisdictions are accelerating legislation on stablecoins, with the U.S. pushing the GEIUS Act to bring stablecoin issuance under Federal Reserve oversight, while the EU has enacted the MiCA regulation for unified licensing and cross-border oversight [1][6][7]. - China is testing stablecoin regulations in Hong Kong, with a draft law set to be implemented in May 2025, while the mainland has yet to establish a systematic response to stablecoin regulation [4][7]. Trends in Global Regulation - Three key trends in global stablecoin regulation are emerging: 1. Homogeneity in regulation based on function rather than entity to prevent regulatory arbitrage [8]. 2. Emphasis on technology neutrality and functional penetration in regulatory frameworks [8]. 3. Recognition of the cross-border nature of stablecoins, necessitating international cooperation and coordination [9]. Risks and Challenges - Stablecoins face various risks, including credit, liquidity, and market manipulation risks, as well as significant de-pegging risks, as evidenced by the USDC incident during the Silicon Valley Bank crisis [3][4]. - The current market for stablecoins is characterized by a speculative mentality among participants, with a notable portion of the virtual currency market being driven by the pursuit of high returns [3].

Core Viewpoint - The recent surge in small-cap stocks in the Hong Kong stock market, driven by the stablecoin trend, has attracted investor attention despite an overall market consolidation [1] Group 1: Market Trends - Several small-cap stocks have experienced significant price fluctuations, with some doubling or increasing over five times in a single day [1] - These stocks share common characteristics: small market capitalization, concentrated shareholding, and a long history of lacking investor attention [1] Group 2: Industry Insights - Multiple companies are planning to apply for stablecoin licenses in Hong Kong, indicating a growing interest in this sector [1] - There remains considerable debate within the industry regarding the profitability models of stablecoin issuers and their partners, suggesting potential challenges ahead [1]

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， ...

Core Viewpoint - The rise of stablecoins has led to an increase in illegal fundraising activities, with fraudulent entities exploiting public ignorance about stablecoins to attract investments through misleading claims and scams [1][2]. Group 1: Characteristics of Illegal Fundraising - Lack of qualifications: Entities involved in illegal fundraising do not have the necessary approvals or registrations from the State Council's financial management departments [2]. - Conceptual packaging: Fraudsters use terms like "stablecoin," "decentralized finance," and "Web 3.0" to create confusion and mislead investors [2]. - False promises: These entities often make exaggerated claims of guaranteed returns, high fixed income, and capital protection to lure investors [2]. - Fund pool operation: The operational model relies on attracting new investors to pay returns to earlier investors, creating a risk of significant losses if the funding chain breaks [2]. Group 2: Regulatory and Preventive Measures - Continuous monitoring: Authorities need to strengthen dynamic supervision of illegal fundraising and fraud activities, providing early warnings [2]. - Administrative enforcement: There is a need to explore administrative enforcement models to eliminate illegal fundraising at an early stage [2]. - Criminal prosecution: Regulatory bodies should enhance the connection between financial regulation and criminal prosecution, ensuring timely legal action against suspected criminal activities [2]. Group 3: Investor Awareness - Caution against false advertising: Investors should be wary of high-return promises and remember that high returns are often associated with high risks [3]. - Verification of legitimacy: It is crucial for investors to verify the legal qualifications of institutions and products through official channels before investing [3]. - Reporting illegal activities: Investors are encouraged to report any illegal fundraising activities related to stablecoins to law enforcement to protect their assets [3].

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].

Core Viewpoint - The Federal Reserve, represented by Daly, asserts its capability to gently restore price stability under the current economic conditions [1] Group 1 - The Federal Reserve is focused on achieving price stability while navigating the existing economic landscape [1] - Daly emphasizes a moderate approach to monetary policy adjustments to support economic stability [1]