以下文章来源于太辉研究 ，作者沈建光、朱太辉 太辉研究 . 本平台主要发布朱太辉博士关于金融发展与宏观经济、金融科技与数字经济、金融监管与货币政策等领域的研究观点。所发成果均为个 人学术观点，与任何单位无关！ 文/京东集团首席经济学家 沈建光 ，京东集团高级研究总监 朱太辉 2025年以来，稳定币的市场规模节节攀升，比特币价格一度突破10万美 元，去中心化金融业态不断丰富，全球加密货币市场步入了规范创新和快 速发展期。 更为重要的是，加密货币与金融体系展现出了全面融合发展的趋势，稳定 币与支付体系的融合创新快速推广，银行机构积极拓展加密货币服务、资 本市场与加密市场融合全方位推进。 在 此过程中，美国引 领全球主要 国家加快 制定稳 定 币和加 密货币监 管 法 规、加大对比特币等加密货币的战略储备投资等，加快了加密货币的正规 化、大众化发展，也为加密货币与金融体系的融合创新提供了政策保障。 展望未来，稳定币、加密货币与传统金融体系的融合发展趋势难以逆转， 其中稳定币在重塑全球支付体系、加密货币在升级全球金融基础性设施、 代币化在改造资产交易结算体系方面的表现，值得重点关注。 趋势一：稳定币与支付体系的融合创 ...

Group 1: Cryptocurrency Market Developments - President Trump asserts that the U.S. will maintain its dominant position in the cryptocurrency and Bitcoin sectors [3][4] - Kraken exchange plans to offer tokenized U.S. stocks to global users, allowing non-U.S. customers to trade popular stocks like Apple and Tesla [5][7] - The introduction of tokenized stocks aims to provide international investors with a more accessible and cost-effective way to invest in U.S. equities [8][9] Group 2: Legislative and Regulatory Context - The market is focused on the progress of the U.S. stablecoin legislation, particularly the GENIUS Act, which may impact Trump's financial interests [3][4] - Critics express concerns that without anti-corruption amendments, Congress may inadvertently endorse Trump's potential profit from stablecoins [4] Group 3: Economic Indicators and Market Sentiment - Recent economic data shows an acceleration in U.S. business activity, with the composite PMI rising from 50.6 to 52.1, indicating resilience in the private sector [10] - The U.S. House narrowly passed a tax bill that could increase the federal deficit by nearly $3 trillion over the next decade, raising concerns about the country's debt burden [10] Group 4: Technical Analysis of Financial Instruments - The dollar index is currently in a corrective phase, with key resistance levels identified at 100.40 and potential support at 99.50 [11] - Gold prices have shown volatility, with a recent high of $3345 before a decline, indicating potential bearish reversal patterns [13][14] - Bitcoin's market behavior near historical highs suggests a lack of volatility and profit-taking, with significant resistance at the $111,000 level [16][18]

以太坊正在进行一场公开的"自我重塑"，希望通过"万亿美元安全计划"来巩固其作为未来结算层的地 位，并押注现实世界资产的代币化。 5月14日以太坊在其官方博客中宣布万亿美元安全计划，旨在将以太坊定位为个人和机构的未来结算 层，以此迎接现实世界资产代币化（RWA）的主流趋势。这一举措的核心在于强调以太坊十年来的稳 定运行时间和去中心化的验证者集合，以此来证明其有能力保障万亿美元级别的价值。 根据以太坊官宣内容来看，"万亿美元安全计划"包含三个部分： 然而，这种雄心勃勃的愿景也引发了质疑。Arca的研究主管Katie Talati认为： 这更像是一种市场营销策略，而非真正的技术创新。仅仅依靠这一声明不足以重新吸引开发 者和用户的注意力。尽管如此，以太坊的长期发展仍然值得关注，尤其是在用户体验和用户 界面方面做出改进之后，或许能吸引更多的开发者。 有媒体指出，机构投资者对此是否买账也仍未可知。美国现货以太坊ETF目前尚未获得机构的广泛认 可，截至5月15日净流出近4000万美元，同期12只现货比特币基金则净流入80亿美元。 尽管ETF和质押收益有望提升以太坊的吸引力，但机构买家是否会被抽象的安全叙事所打动仍有待观 察 ...

Group 1 - Kraken plans to launch over 50 tokenized versions of US stocks and ETFs for non-US customers in Europe, Latin America, Africa, and Asia, including well-known companies like Apple, Tesla, and Nvidia [1][2] - The tokenized stocks, referred to as "xStocks," will operate on the Solana blockchain and allow for 24/7 trading, aiming to provide a more convenient investment channel for global investors [1] - Kraken collaborates with Backed Finance, which will purchase and custody the actual shares and ETFs, ensuring that the tokens remain aligned with their corresponding stock prices and can be redeemed for cash value [1] Group 2 - The service will not be available to US users to avoid potential regulatory issues, as previous attempts by other exchanges to offer similar services faced regulatory pressure [2] - Kraken is actively working with regulatory bodies in various countries to ensure the xStocks product is launched legally and compliantly [2] - The xStocks initiative represents a significant step towards the integration of traditional finance and cryptocurrency, allowing investors to trade flexibly without traditional market hour restrictions and enabling the tokens to be used in decentralized finance (DeFi) strategies [2]

Domestic News - The first batch of pilot programs for long-term investment reform of insurance funds is set at 50 billion yuan, with a second batch of 112 billion yuan and a third batch of 60 billion yuan, totaling 222 billion yuan [1] - The People's Bank of China announced a 500 billion yuan MLF operation to be conducted on Friday, with a term of one year [1] - Xiaomi launched its flagship processor, the Xuanjie O1, utilizing second-generation 3nm advanced process technology, and introduced the YU 7, positioned as a "luxury high-performance SUV" [1] International News - BYD's pure electric vehicle sales in Europe surpassed Tesla for the first time in April [2] - The U.S. Senate voted to terminate California's ban on the sale of fuel vehicles, sending the bill to President Trump for signing [2]

Group 1: Market Overview - The US stock market showed mixed results with the Dow Jones down by 0.15%, the Nasdaq up by 0.52%, and the S&P 500 down by 0.01% [1] - Popular Chinese concept stocks experienced varied performance, with Li Auto and Xpeng Motors both dropping over 1%, while Weibo rose by over 7% [1] - Major tech giants mostly saw gains, with Google increasing by over 2%, and the cryptocurrency sector rising nearly 2% [1] Group 2: Company News - Xiaomi - Xiaomi Group's chairman Lei Jun announced the launch of the first SUV, Xiaomi YU 7, positioning it as a "luxury high-performance SUV" [2] - The Xiaomi YU 7 features the Xiaomi Super Electric Motor V6s Plus, with a maximum horsepower of 690PS, 0-100 km/h acceleration in 3.23 seconds, and a top speed of 253 km/h [2] - The SUV will have three versions, with the standard version offering a range of 835 kilometers, and the official price will not be disclosed until July [2] Group 3: Company News - Kraken - Kraken, a cryptocurrency exchange, plans to allow non-US customers to trade popular stocks like Apple, Tesla, and Nvidia in tokenized form [3] - These "tokenized stocks" will enable easier investment in US stocks for non-Americans and will support continuous trading, even when the US stock market is closed [3] Group 4: Company News - Bawang Tea - Bawang Tea plans to expand its store presence significantly by 2025, targeting over 1,000 new stores in mainland China, 50 in Hong Kong, and over 100 in Southeast Asia, along with 10 in the US [4] - The company has not provided further comments on this expansion plan [4]

Core Insights - Kraken plans to allow non-U.S. customers to trade tokenized stocks of popular companies like Apple, Tesla, and Nvidia through a digital ledger [1] - This initiative aims to make it easier for non-U.S. investors to access U.S. stocks, with trading available 24/7, similar to Bitcoin [1] - The launch of tokenized stocks is expected in the coming weeks, targeting markets in Europe, Latin America, Africa, and Asia, while U.S. customers will be excluded from trading these stocks [1]

据华尔街日报：加密货币交易平台Kraken计划向非美国客户推出超过50只股票/交易所交易基金 （ETFs）的代币化版本，首先将在欧洲、拉丁美洲、非洲和亚洲地区推出。 ...

Core Viewpoint - Apple, Tesla, and Nvidia stocks will be traded in tokenized form on the cryptocurrency exchange KRAKEN, which plans to allow non-U.S. customers to trade these stocks [1] Group 1 - KRAKEN is introducing a new trading feature that enables the trading of major stocks like Apple, Tesla, and Nvidia in a tokenized format [1] - The initiative targets non-U.S. customers, expanding the accessibility of these stocks through cryptocurrency trading [1]

Company Overview - SMIC (981) is rated as "Buy" with a target price of HKD 50.00, indicating a potential upside of 16.27% from the current price of HKD 43.00[5][9]. - The company has a market capitalization of HKD 339.79 billion and has issued 7.99 billion shares[5]. Financial Performance - In Q1 2025, SMIC reported revenue of USD 2.25 billion, a year-on-year increase of 28.4%, but below the consensus estimate of USD 2.36 billion[6]. - The gross margin for Q1 2025 was 22.5%, remaining stable compared to the previous quarter[6]. - Net profit attributable to shareholders increased by 161.9% year-on-year to USD 190 million, with earnings per share of USD 0.02[6]. Production and Capacity - The company's production capacity increased by 26,000 wafers to 974,000 equivalent 8-inch wafers, with a utilization rate of 89.6%, up 4.1 percentage points from the previous quarter[6]. - The ASP (Average Selling Price) of wafers reached USD 933, reflecting a year-on-year increase of 2.9% but a quarter-on-quarter decline of 9.0%[6][8]. Market Demand and Guidance - Demand from consumer electronics and automotive sectors remains strong, contributing 40.6% and 9.6% to revenue, respectively[7]. - For Q2 2025, the company expects revenue to decline by 4%-6% to USD 2.12-2.16 billion, with a gross margin forecasted between 18%-20%[6]. Growth Projections - The company anticipates a revenue CAGR of 23.7% and a net profit CAGR of 75.4% over the next three years[9]. - The urgency for domestic semiconductor substitution and government subsidies for consumer electronics are expected to drive capacity utilization recovery in the coming quarters[9]. Risks - Potential risks include underperformance in capacity expansion, semiconductor cycle downturns, and slower-than-expected recovery in downstream demand[10].