如何理解比特币和稳定币？20250612 摘要 比特币与黄金在稀缺性、无国界属性和去中心化方面存在共性，两者均 对冲国际支付体系风险，但比特币的成长性、支付便利性优于黄金，同 时面临更严格的监管。 比特币和黄金的定价逻辑均对流动性敏感，并在全球流动性宽松时相对 法币升值，流动性紧缩时相对贬值；两者均可对冲主权货币不稳定风险， 但比特币的风险补偿和对监管的敏感度远高于黄金。 2009-2021 年比特币与黄金价格同向趋势主要由国际流动性宽松驱动， 2022 年至今则更多受国际支付体系脱钩推动；2012-2018 年两者走势 背离主要由于成长性差异及强监管影响。 在金融秩序重构情景下，比特币与黄金作为替代货币资产表现优越，尽 管比特币波动率较高，但其市场规模小、成长潜力大，使其成为优质避 险资产。 稳定币的发展趋势受到美国和香港政策的推动，旨在促进其扩张，从而 支持美元和美国短债，但其底层逻辑在于修补美元国际支付体系逐渐脱 钩的迹象。 Q&A 比特币和黄金在贸易战以来表现良好的原因是什么？ 比特币和黄金在贸易战以来表现良好，主要是因为它们作为国际流行的代货币， 在全球金融秩序尤其是主权货币信用层面受到贸易战影响时 ...

在美国总统特朗普宣布征收大规模关税并由此引发的市场波动致使交易活动停滞数周之后，一些公司如 今终于找到了达成交易的有利时机。分析人士表示，企业或许也正借此机会进军英国市场，因为若美元 进一步贬值或英镑升值，未来交易成本将会增加。 IonQ首席执行官Niccolo de Masi表示，除了英国的人才资源外，地缘政治背景也让这笔交易更具吸引力 ——因为各国政府都希望建立更多的"主权量子网络"。该公司于周一宣布以10.8亿美元收购英国量子计 算公司Oxford Ionics。de Masi表示："人们希望产品能就地供应，也希望产品能来自本地。" 据Peel Hunt称，今年截至目前，已有30家英国公司接受了收购要约，这些公司的估值均超过1亿英镑(约 合1.3544亿美元)，而去年同期这一数字为26家，2024年全年则为45家。 截至目前已公布的交易总额达240亿英镑，而去年同期的交易总额为360亿英镑。去年同期的交易总额之 所以较高，是因为其中包含了一些规模较大的交易，比如国际纸业公司(IP.US)以71亿美元收购D.S Smith。 多年来英国股票市场的资金大量外流，导致英国公司的估值低于在其他欧洲或美国交易所上 ...

新华财经上海6月12日电（张天源）受10年期美国国债招标需求复苏，CPI数据低于预期等多因素影响，周三美国国债市场止跌回暖，10 年期美债收益率下行4.95个基点报4.420%，但部分机构投资者近期的交易行为显示市场对美国长期国债的未来仍存担忧。 美国财政部周三公布的数据显示，最近备受瞩目的10年期美债招标结果出人意料地显示了市场的强劲需求。该期10年期国债的中标收益 率为4.421%，低于拍卖前市场收益率约0.6个基点。此前有多家机构表示，本次美国10年期国债招标是重要的情绪测试。摩根大通就在招 标开始前警告，长期国债已非无风险资产，6月12日的390亿美元的招标或成市场"风暴眼"。 从历史数据来看，2020年1月至2025年5月，美国国债月度拍卖发行规模在9490亿至27120亿美元之间，期间呈现先上升后下滑然后再回升 的趋势，2024年达到27120亿美元的发行高峰。2025年1-5月，总拍卖发行规模117200亿美元，相较2024年同期增长0.10%。2023-2025 年，美国长债投标倍数波动下行，主权信用风险成为核心变量。2025年5月，穆迪下调美国主权评级、众议院通过特朗普减税法案、债务 限额悬 ...

Core Viewpoint - A long-standing land sale dispute in Xi'an has resurfaced due to a civil judgment, revealing issues of illegal land sales and unauthorized constructions in a busy urban area [1][4] Group 1: Legal Proceedings and Financial Implications - Shaanxi Zhiyi Industrial Co., Ltd. was ordered by the court to deliver 10 housing units and pay 29.88 million yuan in damages to Xi'an Lanjiji Property Management Co., Ltd. [1][12] - The land in question, originally sold by Xi'an Rongkang Real Estate Co., Ltd. to Zhiyi Company in 2012, was meant for public green space according to the community's master plan [14][15] - The total compensation received by Rongkang from the sale includes 21.5 million yuan in cash and 3,197 square meters of housing, alongside the potential 29.88 million yuan in damages [13][24] Group 2: Community and Regulatory Concerns - Residents of the community have raised alarms regarding the illegal constructions and the sale of land designated as public green space, which they believe infringes on their rights [4][24] - The existence of unauthorized buildings within the community has been confirmed, with residents asserting that these structures occupy public land and pose safety risks [21][26] - Legal experts emphasize that the unauthorized sale and alteration of land use violate national regulations regarding state-owned land [15][30] Group 3: Developer and Property Management Actions - Rongkang Real Estate's decision to dissolve the company and transfer rights to Lanjiji Property Management is viewed as an attempt to evade responsibility for the illegal transactions [3][11] - The ongoing legal disputes and community actions have prompted residents to form a homeowners' committee to better advocate for their rights and address the issues with the property management [31][33]

Core Insights - The report highlights that the US May CPI year-on-year is at 2.4%, which is lower than expected [4] - The US recorded a record high in tariff revenue for May, contributing to a narrowing deficit for the month [4] - The report mentions significant developments in the AI sector, including a new AI model from ByteDance with a price drop of 63% [4] - Tesla is set to launch an autonomous taxi service on June 22 [4] - Oracle's performance exceeded expectations, although its cloud infrastructure slightly missed forecasts [4] Economic Data Summary - The Baltic Dry Index closed at 1680.00, down 0.65% [5] - The Nasdaq Index closed at 19615.88, down 0.50% [5] - The Dow Jones Industrial Average closed at 42865.77, unchanged [5] - The S&P 500 closed at 6022.24, down 0.27% [5] - The ICE Brent Crude closed at $70.78, up 5.85% [5] - The USD/CNY exchange rate (CFETS) was 7.19, down 0.02% [5] - The Hang Seng Index closed at 24366.94, up 0.84% [5] - The Shanghai Composite Index closed at 3402.32, up 0.52% [5]

欧洲央行表示，各国央行继续以创纪录的速度增持黄金。2024年全球央行黄金净购买量连续第三年突破1000吨，相当于全球年矿产量的五分之 一，较2010年代年均水平翻倍。世界黄金协会数据显示，中国、印度、土耳其和波兰成为最大买家，其中中国央行全年增持规模达289吨，创下自 2015年以来的最高纪录。 根据欧洲央行的数据，1965年全球央行黄金储备曾达到3.8万吨的历史峰值，而2024年这一数字已回升至3.6万吨，接近60年前的水平。欧洲央行在 报告中强调："黄金的储备地位几乎恢复到1965年的水平，反映出各国对非主权信用资产的战略需求。"世界黄金协会数据显示，新兴市场央行增 持的黄金中，约60%用于替代美债持仓，这一比例较2020年提升22个百分点。 6月12日，据欧洲央行发布的最新报告，在全球购金潮与金价飙升的双重驱动下，黄金已正式超越欧元，成为全球央行第二大储备资产。报告显 示，2024年黄金占全球官方储备的比例达到20%，首次超过欧元的16%，仅次于美元的46%。 而金价的飙升进一步放大了黄金的储备价值。2024年国际金价累计上涨30%，2025年上半年再度攀升27%，一度突破3500美元/盎司的历史高位。 ...

21世纪经济报道记者倪雨晴 深圳报道 在德国，英伟达和上下游正在为欧洲制造商构建全球首个工业AI云，将配备10000个Blackwell GPU，主 要面向欧洲制造产业。在意大利，英伟达正与Domyn和政府合作，使用Grace Blackwell超级芯片开发 Domyn Large Colosseum推理模型。 所以，欧洲自身加码AI的同时，英伟达加速欧洲的战略布局，通过与政府、科研机构、电信运营商和 企业伙伴的合作，推动欧洲的AI算力基础设施。 如此密集的合作，透露了哪些信号？ 首先，对于欧洲市场而言，其正在加快AI步伐。在中国和美国的人工智能产业迅猛进化的当下，欧洲 也在探讨如何发展自己的AI模式和路径。众所周知，欧洲对于数据监管、隐私保护的相关法规颇为严 苛，面对科技迭代和伦理监管双重诉求，目前欧洲更加强调的是"主权AI"。 主权AI的出现，是为了应对数据隐私保护、国家安全、产业竞争等多方面需求，尤其在欧盟等高度重 视数字主权的地区尤为重要。 今年以来，欧洲市场开始巨资投入AI。法国就计划投资1090亿欧元建设欧洲版"星际之门"，推动AI发 展；欧盟宣布了"InvestAI计划"，规划约2000亿欧元用 ...

Core Viewpoint - The court ruled that the property management company's actions to clear the public area were legal and necessary to maintain community order and protect the rights of all homeowners, rejecting the compensation claim from Mr. Huang [1][2][3]. Group 1: Case Background - Mr. Huang planted flowers and built a "garden" on the public platform of his residence, leading to water leakage issues in Ms. Li's shop below, which she attributed to the roots of Mr. Huang's plants damaging the waterproof layer [1]. - After multiple requests for cleanup from Ms. Li, Mr. Huang refused to acknowledge responsibility, resulting in a stalemate [1]. - The property management company intervened and, with Mr. Huang's son's consent, conducted a cleanup, which Mr. Huang later contested as unauthorized [1]. Group 2: Court's Ruling - The court determined that Mr. Huang's extensive use of the public platform exceeded reasonable limits and caused neighbor disputes, obligating him to cooperate with the property management for cleanup [2]. - The property management's actions were deemed a legitimate exercise of their responsibilities, aimed at maintaining normal living conditions and protecting the rights of all residents [2]. Group 3: Legal and Community Implications - The judge emphasized the importance of property management services in ensuring the quality of life for residents and maintaining the cleanliness of shared spaces [2][3]. - The court highlighted that property management must adhere to legal regulations and contractual agreements while ensuring public interest, and homeowners must fulfill their obligations to avoid potential legal consequences [3].

优刻得 20250611 摘要 是 GPU 算力需求，由于行业模型和应用的大量增加，不管是 H 系列、A 系列还 是 4,090 系列 GPU 都处于供不应求状态，我们正在积极增加算力供应，以满 足市场需求。这主要集中在三个领域：行业模型（如同花顺）、AI 应用以及机 器人，这些领域极大地推动了算力需求增长。第三个方面是在海外市场，中国 不少 AI 公司在海外发展迅速，我们在北美部署了中国企业第一个海外 GPU 集 群，中国产品在欧美地区市场占有率和用户付费率都很高，这块业务增长也非 常好。 公司是否会扩大服务器业务以满足大客户需求？ 我们原来不太愿意做训练集群，因为训练集群周期较短且变化较大，但最近一 些大客户与我们沟通，他们使用我们的数据中心但自身无法持有这些固定资产， 因此希望我们帮助购买并持有服务器设备。这些客户风险较小、付费能力强， 而且不像巨头那样压榨性价比。因此，我们正在逐步内部沟通，并与银行及相 关金融机构洽谈，准备尝试这项业务。如果效果良好，我们会加大投入力度。 AI 技术进步和开源趋势降低了 AI 项目盈利门槛，小型创业公司通过美图 类和垂直行业产品快速商业化，技术能力提升使阿米卡等项目取 ...

Group 1: Global Sovereign Debt Outlook - Fitch Ratings has downgraded the global sovereign debt outlook for 2025 from "neutral" to "deteriorating" due to escalating global trade wars and extreme policy uncertainty [1] - The global GDP growth rate is expected to slow from 2.9% in 2024 to 2% in 2025, driven by significant adverse global economic shocks [1] - The report highlights a vicious cycle of uncertainty affecting global trade volumes, supply chains, and investment environments, which may create a more complex market environment than the trade tensions of 2018 [1] Group 2: Oil Market Impact - Fitch predicts that Brent crude oil prices will decline from $79.5 per barrel in 2024 to $65 per barrel in 2025, putting significant pressure on major oil-exporting countries' economies and finances [2] Group 3: Emerging Markets Risks - The reduction of U.S. international aid will expose already vulnerable emerging markets to additional risks [3] - However, the depreciation of the dollar may serve as a "lifeline" for some emerging markets, easing their debt burdens and providing central banks with more room to cut interest rates to stimulate their economies [4] Group 4: Structural Economic Challenges - Global public finances are expected to remain under pressure in 2025, particularly in developed markets, due to rising defense spending, high interest costs, aging populations, weak economic growth, and ongoing social pressures [5] - The median global government debt-to-GDP ratio is projected to rise from 54.1% at the end of 2024 to 54.5% at the end of 2025, indicating an increasing debt burden [5] Group 5: Geopolitical Risks - Geopolitical risks remain high, with ongoing conflicts in Ukraine and the Middle East, intensifying U.S.-China strategic competition, and fluctuating U.S. foreign policy adding complexity to the situation [6] Group 6: Rating Outlook - Despite numerous challenges, Fitch's mid-2025 rating outlook remains relatively balanced, with 13 countries receiving positive outlooks, slightly higher than the 10 countries with negative outlooks [7] - A series of rating downgrades since 2020 has created "headroom" for some countries, enhancing their resilience against deteriorating credit conditions [8] - The effectiveness of policy responses will be crucial in determining the direction of ratings, with timely interventions potentially supporting sovereign credit ratings [9]