Core Insights - The recent surge in interest around "stablecoins" is driven by the Hong Kong Legislative Council's passage of the "Stablecoin Ordinance" on May 19, which establishes a licensing regime for fiat-backed stablecoins, marking Hong Kong as the first jurisdiction to do so [1][14][17] - Major financial institutions, including CITIC Securities and CICC, are actively publishing research reports and conducting roadshows related to stablecoins, highlighting the regulatory benefits and industry opportunities presented by the new law [1][6] - The stablecoin market is projected to grow significantly, with estimates suggesting a market cap exceeding $250 billion by May 2025, driven by increasing adoption in cross-border payments and e-commerce [10][11] Industry Developments - Stablecoins are defined as cryptocurrencies that maintain a stable value by being pegged to fiat currencies, with USDT and USDC being prominent examples [2][4] - The total market capitalization of stablecoins reached nearly $200 billion as of November 2024, with USDT accounting for over $130 billion and USDC for over $39 billion [2] - The introduction of the Stablecoin Ordinance is expected to enhance the development of the digital financial ecosystem in Hong Kong, facilitating the transition of stablecoins from mere transactional mediums to essential financial infrastructure [1][6] Market Reactions - Stablecoin-related stocks have experienced significant volatility, with some Hong Kong-listed companies seeing daily gains exceeding 80% [4] - Investment firms are increasingly conducting research and analysis on stablecoin-related stocks, indicating a growing recognition of the sector's potential [5][6] - The demand for stablecoins in cross-border trade is rising, as companies seek efficient and compliant payment solutions, with many businesses already inquiring about the acceptance of USDT or USDC for transactions [5][8] Regulatory Landscape - Global regulatory bodies are accelerating the legislative process for stablecoins, with frameworks being established in regions such as Europe and the United States, alongside Hong Kong's new regulations [14][16] - The Hong Kong regulatory framework emphasizes the importance of stablecoins as a key component of the digital financial system, aiming to mitigate risks associated with traditional financial markets [16][20] - The licensing requirement for stablecoin issuers in Hong Kong includes a minimum registered capital of HKD 25 million, ensuring a level of financial stability and compliance [17]

但稳定币自诞生之日起就遭受众多质疑。其中，稳定币发行机构的储备资产透明度不足是重要隐患；流 动性管理风险也是常见隐患，发行机构须确保有足够的高流动性资产应对用户赎回。2018年，号称与美 元1∶1锚定的稳定币Basis就因监管压力被迫关停；2022年，和美元挂钩的稳定币UST因为发行机构缺乏 真实资产支撑而在72小时内价值归零，造成投资者巨大损失。 此外，由于稳定币的匿名性，反洗钱难度会大于传统金融机构。目前各国和地区已经或即将通过的法 律，也主要针对这些问题。如中国香港地区的《稳定币条例》就对稳定币储备资产的充足性有严格要 求，并要求发行人建立完善的反洗钱制度，确保稳定币不被用于非法金融活动。 从更高层面看，如果稳定币和法币挂钩，使用将更加广泛，其背后的资产影响力就越大。因此，稳定币 被视为未来数字金融基础设施的重要组成部分。美国政府就希望通过联邦法律确保美元稳定币成为全球 标准，继续在数字货币时代保持对国际金融的影响力。中国香港地区希望将稳定币立法视为强化其国际 金融中心地位的战略举措，并有望通过抢先构建完善的监管体系，在区域乃至全球稳定币发展中占据主 动。 中国香港地区的《稳定币条例》近期刊宪并将于8月 ...

Group 1 - The core viewpoint of the article is that Hong Kong has become the first jurisdiction globally to establish a comprehensive regulatory framework for fiat-backed stablecoins, with the implementation of the Stablecoin Ordinance on August 1 [1][10][11]. Group 2 - Stablecoins are defined as a type of digital currency that maintains a stable value by being pegged to real-world assets, such as the US dollar, to avoid the volatility seen in cryptocurrencies like Bitcoin [5][6]. - There are three main types of stablecoins: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, each with different mechanisms and risks [7]. - The adoption of stablecoins is reshaping everyday life by making cross-border payments cheaper and faster, significantly reducing transaction costs compared to traditional banking methods [8][12]. Group 3 - Hong Kong's proactive regulatory approach, including licensing requirements and regular audits for stablecoin issuers, aims to attract institutional investment while mitigating risks associated with stablecoin failures [10][13]. - The need for stablecoins is driven by Hong Kong's role as a global trade hub, where they can facilitate low-cost remittances for unbanked populations and streamline cross-border transactions [12]. - Institutions view the establishment of a regulatory framework for stablecoins as a critical step towards integrating them into the financial market, enhancing liquidity, and fostering innovation in tokenized assets [13][14].

国金证券：新能源车2025年4月持续超预期，中国和欧洲销量走势强劲。储能国内同比增速放缓，美国 维持相对高增。2025年，锂电板块景气度与新技术双轮驱动。格局角度细分赛道龙头仍是最佳配置策 略，成长角度看好固态电池等新技术，关注相关标的。 盘面上，贵金属、通信服务、贸易、民爆、草甘膦、算力租赁等板块和概念股涨幅居前；美容护理、医 疗服务、游戏、足球、体育产业、兵装重组等板块和概念股跌幅居前。 机构观点 银河证券：从用户侧来看，有助于满足终端用户，尤其是出口型企业的绿电消费、溯源需求，同时或可 在一定程度上助力企业降低用电成本。从发电侧来看，绿电直连有助于拓宽绿电，尤其是新能源的消纳 方式，同时有望通过签署多年期购电协议稳定收益预期。从配置上看，建议把握新能源发电拐点性机 会。 消息面上 新华财经北京6月6日电（胡晨曦）沪深两市三大股指6月6日早盘震荡调整，创业板指走势稍弱。盘面 上，算力概念股延续反弹，南凌科技、美利云、宁波建工等涨停；农药股继续走强，苏利股份、先达股 份、长青股份涨停；海南板块异动，海南瑞泽等涨停。下跌方面，体育概念股走低，金陵体育、康力源 跌超10%。 至午间收盘时，上证指数报3382.1 ...

作为锚定于传统资产的加密货币，稳定币正发展为法币和数字资产间的关键桥梁。近期，美国 《GENIUS法案》、香港《稳定币条例草案》相继出台，立法以及产业的实质进展有望推动稳定币迎来 更快的发展。 Circle上市且首秀亮眼，作为全球第一大挂钩美元的稳定币USDT的发行商Tether同样备受瞩目。相比 Tether，Circle的显著优势在于其合规性，USDT储备资产含商业票据、比特币等，USDC的储备资产采 用现金+短期国债储备，持有美国FinCEN、欧盟EMI等牌照，符合美国新稳定币法案对"高质量流动资 产"的要求。 招商证券最新研报称，从Circle和Coinbase这两家产业链典型公司的财务经营情况可见这一产业的蓬勃 发展。RWA(现实世界资产)与稳定币生态协同，有更广阔的发展前景。 华兴新经济基金在2018年即参与对Circle的投资并认为，稳定币作为数字金融领域的重要创新，具有巨 大的发展潜力和市场前景，Circle凭借其领先的技术优势、严格的合规管理和强大的生态构建能力，将 进一步成就稳定币行业的领军企业。作为赋能创新经济的金融机构，华兴以前瞻性战略眼光坚定投资 Circle，并长期陪伴Circle ...

【头条要闻】 习近平同美国总统特朗普通电话 6月5日晚，国家主席习近平应约同美国总统特朗普通电话。习近平指出，校正中美关系这艘大船的航 向，需要我们把好舵、定好向，尤其是排除各种干扰甚至破坏，这尤为重要。根据美方提议，两国经贸 牵头人在日内瓦举行会谈，迈出了通过对话协商解决经贸问题的重要一步，受到两国各界和国际社会普 遍欢迎，也证明对话和合作是唯一正确的选择。双方要用好已经建立的经贸磋商机制，秉持平等态度， 尊重各自关切，争取双赢结果。对此，中方是有诚意的，同时也是有原则的。 万亿利好袭来！央行打破惯例释放哪些信号？机构：下半年或进一步全面降息 6月5日，央行打破月末公告操作惯例，于月初公告将开展10000亿元买断式逆回购操作，引发市场关 注。与此同时，央行官网开设新栏目《中央银行各项工具操作情况》，首次披露各项工具流动性投放情 况。综合来看，5月合计净投放11196亿元。受访分析人士认为，央行月初打破惯例，或与近月银行同业 存单到期规模持续处于高峰期有关，有助于控制资金面波动，增强与市场的沟通，稳定市场预期。利好 股市基本面。月初超预期操作，释放出明确的宽松货币政策信号，可以有效提升投资者信心。 点评：数据 ...

券商们也在研报中纷纷表示看好该行业的发展。其中，国信证券、开源证券、长江证券等多家机构从计 算机行业视角出发，强调香港稳定币新规将加速数字货币、数字资产相关产业链发展。这些机构建议关 注技术研发、交易所平台等环节的投资机会，认为政策红利将带来显著的产业机遇。 国盛证券、华创证券则将稳定币与RWA结合分析，认为二者联动将推动金融科技变革，助力实体经济 资产链上化；银河证券研究报告称，香港《稳定币条例》出台，标志全球首个法币稳定币监管架构体系 的落地，一方面稳定币为RWA提供了低成本、高效的计价与结算工具，另一方面增强RWA流动性并催 化更多RWA产品创新与应用场景；中信证券在美股加密货币、银行业等多篇研报中指出，全球稳定币 监管提速可能重构跨境支付格局。 近期，香港《稳定币条例》正式生效，不仅引爆了资本市场，券商们也纷纷展现出前所未有的研究热情 ——三天内，22家券商集中发布30篇研报，超过20场电话会议相继召开，8场路演活动蓄势待发。这些 研究报告主要覆盖计算机、区块链、金融科技、跨境支付等多个维度，券商们普遍认为香港新规将推动 稳定币从交易媒介升级为关键金融基础设施，加速数字金融产业链发展。 "香港《稳定币 ...

三十载，砥砺前行、耕耘不辍。华夏银行南京分行积极践行金融工作的政治性、人民性，在总行引领下不断深化战略布 局，坚持"以人民为中心"价值取向，紧扣江苏发展主线，锚定"五篇大文章"向"新"求"质"，在10.72万平方公里的江苏大 地上深烙"华夏印记"。 三十载，励"金"图治、行棋谋远。华夏银行南京分行精工细绘"强富美高"新江苏画卷，目前拥有9家二级分行、63家营业 机构，系统内率先实现设区市机构全覆盖，总资产2200亿元、存款规模超1800亿元、贷款规模超2000亿元。 三十载，载誉江苏、"新"领未来。以自身高质量发展助力金融强国建设，在推进中国式现代化中彰显责任担当。华夏银 行南京分行先后获评"全国五一劳动奖状""全国精神文明建设先进单位""全国金融系统文明建设先进单位"，连续多年被 评为"江苏省文明单位"，荣膺南京市"助推引领性国家创新型城市建设有功单位"，连续两年获评南京市"绿色金融示范团 队"。 1995年6月6日，金陵沃土上，一朵"金融之花"悄然绽放。作为总行设立的首家外埠分行，华夏银行南 京分行应运而生，成为最早进入江苏的股份制商业银行之一。 培根铸魂 初心如磐 ——砥砺奋进"华夏新征程" "圆满实现 ...

交通银行股份有限公司 资 料 目 录 （三）2024 年度《股东大会对董事会授权方案》执行情况报告......... 119 股东大会议程 现场会议开始时间：2025 年 6 月 27 日（星期五）9:30 现场会议地点：上海市银城中路 188 号交银金融大厦 网络投票（适用于 A 股）：采用上海证券交易所股东大会网络 投票系统 召集人：交通银行股份有限公司董事会 会议议程： 一、大会主席宣布开会 二、审议各项议案 （一）关于 2024 年度董事会工作报告的议案； （二）关于 2024 年度监事会工作报告的议案； （三）关于 2025 年度固定资产投资计划的议案； （四）关于聘用 2025 年度会计师事务所的议案； （五）关于修订《公司章程》的议案； （六）关于不再设立监事会的议案。 三、股东提问 四、投票表决 五、计票，休会 六、宣布表决结果 七、宣读法律意见书 八、大会主席宣布闭会 释义 在议案中，除非文义另有所指，下列词语具有如下含义： 本行/交行/本公司 交通银行股份有限公司 财政部 中华人民共和国财政部 汇丰银行 香港上海汇丰银行有限公司 社保基金会 全国社会保障基金理事会 人民银行 中国人民银行 ...

Core Insights - A significant cross-border collaboration has emerged in Southeast Asia, with OCBC Bank partnering with Ant Group to launch embedded financial services for SMEs in Indonesia, marking Ant Group's first deep collaboration with the Indonesian banking system [1][3] - This partnership represents a new model of "technology integration + scenario embedding" for Chinese tech firms in global southern markets, while also validating Singapore's role as a financial hub serving ASEAN [1][4] Group 1: Embedded Finance - Embedded finance emphasizes seamless integration of credit, payment, and insurance services into users' daily operations, reducing barriers and enhancing efficiency, contrasting with traditional financial services that rely on physical branches and static credit models [3] - Ant Group's expertise in AI-driven data modeling and dynamic risk control enables it to create accurate profiles of small and micro-businesses that traditional credit systems often overlook, addressing the substantial informal financial needs in Indonesia [3][4] Group 2: Market Context - Indonesia is the largest economy in Southeast Asia and the sixth-largest e-commerce market globally, with e-commerce transaction volume projected to surge from $58.4 billion to $95.8 billion over the next five years, driven by millions of micro-entrepreneurs relying on platforms like Shopee and Tokopedia [3] - The collaboration targets a vast market of small businesses that have been marginalized by traditional banking due to a lack of collateral and financial records [3][4] Group 3: Strategic Implications - OCBC's transformation into a regional, technology-driven financial services group has seen success in Singapore and Malaysia, with nearly $200 million in loans issued to small businesses in the e-commerce ecosystem since 2023 [4] - The partnership is characterized by a "dual-track collaboration" where OCBC integrates Ant Group's data capabilities and AI risk management with its local credit channels and customer networks in Indonesia [4][6] Group 4: Future Outlook - This collaboration may serve as a template for reshaping banking functions across Southeast Asia, addressing structural challenges in SME financing and regulatory environments in countries like the Philippines, Vietnam, and Malaysia [8] - The evolving narrative of financial globalization is shifting from mere capital cross-border flows to deep integration around "digital financial ecosystem governance," with the potential for a replicable and scalable digital credit model emerging from this partnership [8]