重要提示：本材料不构成淡水泉任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩 不预示未来表现。投资须谨慎。 香港的金融基因可以追溯到19世纪中叶，外资银行的进入是香港金融业务发展的雏形。1997年回归祖国 后，香港作为国际金融中心的地位得到空前发展。值此7月1日香港回归纪念日，淡水泉梳理香港金融市 场在发展演变过程中的一些事实，并分享我们对当前港股的观察。 19世纪香港开埠 01 数字解码香港金融实力 香港依托开放市场、背靠内地等独特优势，构建起完善的金融生态体系。最新一期《全球金融中心指 数》排名中，香港是全球第三和亚太第一的金融中心，仅次于纽约和伦敦，领先新加坡。 以资本市场为例，截至2025年5月，今年港股市值达40.9万亿港元，居全球前列；IPO融资规模超过600 亿港元，居全球第一。此前2014-2024的11年间，港股IPO累计募资规模同样位居世界首位。 资产管理方面，香港的资产及财富管理业务超过30万亿港元，私募基金管理规模超过2300亿美元，位列 亚洲第二（仅次于内地）。香港也是亚洲最大的对冲基金中心和跨境财富管理中心，市场估算香港有超 过2700家家族办 ...

与传统跨境汇款路径相比，跨境支付通大幅压缩了汇款链路和 中介成本，降低了交易手续费，减少了处理时间，显著提升了 汇款效率和用户体验。 作者：欧阳晓红 封图：图虫创意 场景实践 当数字人民币持续推进场景应用时，上海地铁悄然完成了一次具有象征意义的升级。自6月28日 起，乘客可在上海轨道交通全线网使用数字人民币硬钱包以及银联、维萨（Visa）、万事达 （Mastercard）、美国运通（American express）等银行卡，刷卡进站。 当房女士掏出手机，仅用数秒便将1万元人民币从深圳实时汇至在香港求学的女儿账户时，她或许 没有意识到，自己已站在一间支付网络重构的"前沿实验室"里。 "过去要换港币，还得等半天。"房女士回忆起昔日跨境汇款的烦琐。2025年6月22日，"跨境支付 通"正式上线当天，她只需手机号和姓名，就能通过招商银行App（移动应用程序）向香港快速支 付系统"转数快"（FPS）账户实时汇款人民币。作为首批用户之一，她的体验，正是深港数字支付 互联落地的真实写照。 这项尚未直接嵌入数字人民币钱包的服务，其清算逻辑与技术接口，已被视作数字人民币（e- CNY）未来国际化落地的"前置跑道"。 同 一 ...

Group 1: Cross-Border Payment Innovations - The launch of the "Cross-Border Payment Link" allows real-time RMB transfers from Shenzhen to Hong Kong, significantly improving the efficiency of cross-border remittances [2][6] - As of June 26, 2025, the "Cross-Border Payment Link" has facilitated 2,506 transactions in Fujian Province, amounting to 8.34 million RMB, demonstrating its practical utility for residents [6] - The service simplifies the remittance process, requiring only a phone number and name, thus eliminating traditional complexities such as currency exchange and waiting times [6][7] Group 2: Hong Kong's Digital Asset Development - The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," marking a shift towards a comprehensive regulatory framework for digital assets [3] - The declaration emphasizes the integration of blockchain technology to enhance financial transactions, aiming to create a more inclusive financial ecosystem [3] - Hong Kong's regulatory advantages position it as a leader in transitioning traditional finance into the digital asset era, fostering a sustainable digital asset ecosystem [3] Group 3: Digital Currency Features and Infrastructure - Digital RMB is characterized by features such as programmability, controllable anonymity, and integration with traditional banking systems, which are essential for its future internationalization [8] - The underlying infrastructure of the "Cross-Border Payment Link" is designed to meet compliance requirements, including anti-money laundering and anti-terrorism financing, thereby establishing a reliable framework for digital RMB trials [9] - The digital RMB's cross-border capabilities are still in early pilot stages, primarily utilizing platforms like mBridge, indicating a need for further development to achieve global circulation [5][8] Group 4: Competitive Landscape and Challenges - The competition between sovereign currencies like digital RMB and market-driven stablecoins, such as USDT, highlights the challenges in achieving efficiency and cost-effectiveness in cross-border payments [13] - Hong Kong serves as a testing ground for the integration of digital RMB into the global digital asset ecosystem, with the potential to bridge traditional finance and digital assets [14] - The future of digital RMB's internationalization is likened to a marathon, suggesting a long-term strategy rather than a quick rollout [15]

【南粤银行迎首位女掌门！】 6月24日，徐茹斌正式出任广东南粤银行董事长，她是粤财控股体系内培养的'70后'女将，此前在粤财 资管任职多年，具备丰富的金融与不良资产处置经验。近年来，粤财控股通过增资扩股和受让股权，持 股比例增至75.57%，逐步取代民营企业股东，加强对南粤银行的控制。前任董事长骆传朋同样来自粤 财系，二人职位对调凸显粤财控股对南粤银行人事布局的深度影响。 【四川银行或将控股长城华西银行】 【两部门联合发布《银行业保险业普惠金融高质量发展实施方案》】 国家金融监督管理总局、中国人民银行联合发布《银行业保险业普惠金融高质量发展实施方案》。《实 施方案》强调，实现普惠金融高质量发展，必须加强党中央集中统一领导，供给多层次、多样化的普惠 金融服务，持续提升覆盖面和可得性，推动降低综合成本，不断提升普惠金融服务人民群众生产生活的 能力和水平。 【首批12家银行全线铺开跨境支付通相关服务】 6月22日，跨境支付通正式上线，实现内地与香港快速支付系统互联互通，支持居民实时办理跨境汇 款。首批12家银行已全面铺开服务，具备高效、便捷、低成本三大优势，适用于留学缴费、医疗支付、 薪酬发放等场景。分析认为，该系 ...

Core Viewpoint - The article discusses the historical and current challenges faced by currencies like the Ruble, Yen, Euro, and the potential for the Renminbi to challenge the dominance of the US dollar in the global financial system [1][2][3][4][5][6][9][10]. Group 1: Historical Context of Currency Competition - The Ruble was once considered a competitor to the dollar until the economic weaknesses of the Soviet Union became apparent [1]. - The Plaza Accord in 1985 led to a rapid appreciation of the Yen, which contributed to Japan's asset bubble, but did not result in the Yen becoming a major global reserve currency [2][3]. - The Euro has faced significant challenges since its inception, particularly during the Eurozone debt crisis, which highlighted the lack of a unified fiscal policy among member states [3][4]. Group 2: Characteristics of Global Reserve Currencies - A global reserve currency typically requires military power to ensure its dominance, as seen with historical currencies of Spain, the Netherlands, and the UK [5]. - The US has maintained its position as the global reserve currency due to its military spending and the favorable external environment post-World War II [5][6]. Group 3: Current and Future Prospects for the Renminbi - The increasing global attention on the Renminbi is partly due to the erosion of trust in the US dollar under Trump's administration, leading to a search for alternative reserve currencies [6][9]. - The Renminbi's potential as a reserve currency is hindered by its limited circulation and the lack of liquid Renminbi-denominated assets [7][9]. - For the Renminbi to challenge the dollar, it must establish a settlement network, particularly in Asia, and build trust in its stability and convertibility [10].

来自报告 《 货币重构，资产重估——2025年下半年全球资产配置投资策略 》 美元稳定币本质既是美国政府对新兴加密货币"再中心化"的努力，又是对传统美元"去中 心化"的默许与妥协。 资料来源： Coinindex （货币指示网）、申万宏源研究 图表：美元稳定币的推出的意图是稳定美元在加密货币与资产领域的主导地位 美元信用面临挑战，美元稳定币未必稳定，继续战略看好比特币等去中心化数字货币和多 元化稳定币的中期发展空间。 图表：美元稳定币的背后依然是"美元信用" 资料来源： Coinindex （货币指示网）、申万宏源研究 未来我们认为贸易结算、货币互换流动性、离岸债券融资、香港等离岸金融市场建设是未 来人民币国际化的重要方向，尤其是香港作为全球最大人民币离岸市场，其核心价值在于 提供高质量的人民币底层资产，战略地位正在提升。 特朗普关税政策反复凸显美元面临的"特里芬难题"，全球金融货币秩序新一轮重构拉开序 幕，美元资产中期仍面临再平衡压力。 图表：美元资产吸引力是美国平衡双赤字的关键，而这一脆弱平衡正在被打破 资料来源： Wind ，申万宏源研究 历史报告 货币重构，资产重估——2025年下半年全球资产配置投资 ...

编者按： 当美国、欧洲、中国香港等经济体相继出台稳定币监管法规，传统金融体系的边界在数字经济浪潮中加速消 融。稳定币正以"技术创新+合规发展"的双轮驱动模式，成为重构全球金融格局的核心变量。证券时报今起 推出"聚焦稳定币"栏目，持续追踪稳定币生态全链条参与主体：深度对话监管机构的政策制定逻辑，解码发 行方的合规运营路径，解读投资机构的价值判断逻辑，以多维视角全景呈现这一新兴金融业态的发展图谱。 在香港虚拟资产交易生态中，交易所扮演着关键角色。目前，已有11家企业获得香港证监会（SFC）发放的虚拟资产交易平台牌照，HashKey集团旗下HashKey Exchange为其中之一。HashKey集团为稳定币发行人"圆币科技"的投资方，且已与京东稳定币达成合作，HashKey Exchange也即将上线多种稳定币，从法币门户 扩张至稳定币门户，实现稳定币与法币的无损换汇等服务。 就香港《稳定币条例》将如何巩固和提升香港国际金融中心的地位，以及香港金融市场的生态将会发生什么变化等问题，HashKey集团董事长肖风近日接受了证券 时报记者的采访。在采访中，肖风系统阐释了稳定币在普惠金融、跨境贸易及人民币国际化进程中的核 ...

Group 1 - Hong Kong's stablecoin legislation will take effect on August 1, aiming to create a favorable market environment and necessary regulatory measures to promote the application of stablecoins in various scenarios [1] - The Hong Kong Monetary Authority signed a strategic cooperation agreement with the Asian Infrastructure Investment Bank (AIIB) to invest in risk investment funds focused on emerging markets in Asia, supporting green transformation and infrastructure development [1][2] - Hong Kong's exports increased by 15.5% year-on-year, marking 15 consecutive months of positive growth, with significant increases in exports to Vietnam (59%), Japan (20%), and mainland China (18%) [3] Group 2 - The global South, including Asia, is increasingly favoring the use of local currencies for trade settlements, with China being the world's largest trading nation since 2017, accounting for 12.5% of global trade last year [4] - Hong Kong is enhancing its role as the largest offshore RMB business hub by improving RMB liquidity and optimizing financial infrastructure to support financing, payment, investment, and fund allocation needs [4] - The potential of fintech in cross-border trade is significant, aiming to address long-standing issues of slow payment speeds and high costs, with stablecoins offering cost-effective alternatives for payment and capital market activities [4] Group 3 - The visit to Tianjin included representatives from over 20 startups in various fields such as AI, robotics, and fintech, aiming to explore collaboration and resource sharing with local enterprises [5] - The deepening integration of the Asian region is a crucial and irreversible economic development trend, presenting opportunities for Hong Kong to contribute to regional prosperity [6]

Group 1 - The establishment of the designated warehouse for the international board by the Shanghai Gold Exchange in Hong Kong marks a significant step in the internationalization of China's gold market [1][3] - The designated warehouse is operated by Bank of China (Hong Kong) and is the first offshore designated warehouse for the international board, providing both trading and custody services [3] - Two gold trading contracts have been launched for delivery at the Hong Kong designated warehouse, with specific standards for weight and purity, and both contracts are priced in Renminbi [3] Group 2 - The move to set up the designated warehouse in Hong Kong enhances China's influence in the international gold market and provides a closed-loop exchange channel for "Renminbi-gold," strengthening the credibility of Renminbi as a reserve currency [4] - The realization of offshore Renminbi gold physical delivery is expected to increase investor preference for Renminbi-denominated gold, deepening the binding relationship between gold and Renminbi [4] - The expansion of Renminbi usage in international commodity pricing and settlement is facilitated by the large offshore Renminbi liquidity pool in Hong Kong, lowering barriers for foreign capital participation [4]

【 摘要 】 方正证券指出，A股年内新高后补涨机会可能出现在券商、科创创业板、恒生科技方向。国泰海通称，全球稳定币法律规范优化与国内相关政 策推动数字货币及跨境支付升温。 一、焦点锐评 1 ．香港发布《数字资产发展政策宣言 2.0 》，稳定币获关注 6 月 26 日，香港特区政府发布《香港数字资产发展政策宣言 2.0 》，重申致力将香港打造成数字资产领域的全球创新中心。其中，稳定币被定位为推动金 融创新与实体经济融合的核心工具，政策从监管框架、应用场景、市场培育等多维度进行了系统性布局。财政司司长陈茂波表示，该宣言展现了特区政府 对数字资产发展的愿景，将推进应用场景多元化，构建更蓬勃的数字资产生态圈。稳定币概念板块成为市场热点， 6 月 23 日至 6 月 27 日当周，万得稳定 币指数大涨 16.7% 。 【解读】稳定币是一种旨在保持价格相对稳定的加密货币。它通过与某一稳定资产价值挂钩，如法币、黄金或其他资产，来解决传统加密货币价格波动较 大的问题，可理解为"数字货币的现金"。稳定币通过区块链技术实现了"支付即清算"，并锚定法币资产来保持币值稳定，是天然的全球货币。稳定币正从 加密工具演变为重塑跨境支付格局 ...