交易提示 交易咨询：0571-85165192，85058093 2025 年 6 月 6 日星期五 16519 新世纪期货交易提示（2025-6-6） | | | | 铁矿：本期全球铁矿石发运总量环比回升，主流矿山发运量保持平稳回升 | | --- | --- | --- | --- | | | | | 态势，需求端铁水产量环比回落 0.1 万吨至 241.8 万吨，连续四周下行， | | | | | 基本面供需逐步宽松。铁矿港口库存仍旧在去库，说明当前 240 的高铁水 | | | 铁矿石 | 反弹 | 仍旧能驱动港口去库，关注后续铁水持续回落状况。特朗普再次提高钢铁 | | | | | 关税至 50%，资金和情绪端表现出偏空，关注市场对关税的消化反应以及 | | | | | 减产的推进程度，短期受煤焦带动呈现反弹走势，策略上，前期空单建议 | | | | | 继续持有，情绪性反弹可酌情加仓。 | | | | | 煤焦：网传外蒙古宣布将对煤炭出口征收 20%资源税，以及中国三西地区 | | | | | 部分煤矿因完成月度生产任务而停产或减产，煤焦盘面受此利好大幅拉 | | | 煤焦 | 反弹 | 涨。焦煤 ...

近年来，随着区块链技术的日益成熟以及全球数字化进程的加速，加密货币逐渐从边缘小众领域走向主 流视野。稳定币作为加密货币与传统金融体系之间的关键纽带，发挥着不可替代的作用。它既能提供加 密货币的便捷性与高效性，又具备与法定货币挂钩的稳定性，广泛应用于支付、跨境汇款、去中心化金 融（DeFi）等多个场景。 市场研究机构的数据显示，过去几年稳定币市场规模呈现出爆发式增长态势，预计未来几年仍将保持高 速增长。Circle作为稳定币领域的领军企业，无疑将充分受益于这一行业红利。然而，加密货币市场向 来波动剧烈，Circle在未来的发展道路上也并非一帆风顺，市场竞争的加剧以及技术安全风险等因素， 都可能对股价和业务发展产生影响。 2014年，Circle正式推出首款产品，允许用户使用比特币进行跨境支付和转账，旨在打破传统跨境支付 的高成本、低效率壁垒。这一创新举措在当时引起了不小的轰动，尽管面临着监管政策不明确、用户接 受度低等诸多挑战，但Circle依然坚定地迈出了探索加密支付的第一步。 随着业务的逐步推进，Circle意识到单纯依靠比特币支付存在价格波动大、监管风险高等问题。为了提 供更稳定、更可靠的支付解决方案，公 ...

Group 1 - The book "Kangxi's Red Ticket" by Sun Litian has gained significant attention and success, becoming a representative work of original historical literature by Chinese scholars [3][4] - The book's initial success was aided by a recommendation from a popular Bilibili content creator, which led to a surge in sales and highlighted the impact of decentralized internet promotion [4] - The editor, Hu Xiaokai, set a sales target of 10,000 copies, which was quickly surpassed after the book's initial print run of 5,000 copies sold out [4] Group 2 - "The Homeland Once Was" has gained popularity as a debate resource amid renewed media focus on the Israeli-Palestinian issue, filling a gap in perspectives from the Palestinian side [6] - The book's publication was influenced by cultural scholar Liang Wendao's high praise and the anticipation built from its introduction in a reading program [6] - The editor, Xu Xiaoyu, emphasized the book's role in promoting critical thinking among readers, which is a significant achievement for editors [6] Group 3 - "Daqing: For the Construction of Oil" is recognized as a unique contribution to the literature on China's industrial cities, providing a readable account of the construction period [8] - The book addresses a gap in the market for literature reflecting the construction era, which has been underrepresented compared to revolutionary and reform narratives [8] - The editor, Wei Chun, noted that the book appeals to readers with experience in the petrochemical industry and those with emotional ties to energy cities [8] Group 4 - The "AI+X" strategy by CITIC Publishing Group focuses on integrating AI with various fields, including education and economics, reflecting a trend in contemporary publishing [10] - The book "The Coming Wave" discusses the intersection of AI and biotechnology, addressing both technological content and its societal implications [10] - The editor, Zhang Yingjie, highlighted the book's comprehensive approach and the author's forward-looking perspective on future developments [10] Group 5 - The book "Everything is Computation" by Stephen Wolfram showcases his extensive interests and contributions to science, particularly in computing and mathematics [12] - The publisher, Turing Culture, recognized Wolfram's influence and relevance in the tech field, leading to the acquisition of multiple works by him [12] - Wolfram's unique approach to exploring scientific concepts and his involvement in popular culture, such as his role in the film "Arrival," illustrate the intersection of science and creativity [12] Group 6 - The book "Sahara Sea Project" by the China Science and Technology Publishing House explores ambitious climate engineering projects and their historical context [14] - The publication aligns with the new brand "Zhongke Book Institute," which aims to bridge science and modern society through interdisciplinary approaches [14] - The editor, Song Zhuqing, noted the book's engaging premise and its relevance to contemporary discussions on technology and environmental challenges [14]

通过此次合作，波场TRON生态内的DApp开发者将获得更灵活、多元的云服务支持，不再局限于传统 中心化基础设施的束缚。Rumble Cloud提供的虚拟机、Kubernetes编排系统、分布式存储和私有云解决 方案，将极大提升波场TRON网络在部署效率、数据安全性和服务自治方面的能力。随着开发者能够在 更加去中心化、透明和自由的环境下构建应用，波场TRON也将进一步强化其Web3生态的吸引力和竞 争力。 对于构建"用户主导"的互联网而言，去中心化云架构不仅是一种技术选择，更是制度和价值观的体现。 在此次合作中，双方将通过资源互补与系统集成，共同打造抗审查、高弹性的新型云计算架构，使 Web3应用能够真正实现从网络层到存储层的全面自治。这不仅有助于提升用户对去中心化服务的信任 度，也为Web3行业提供了可复制、可推广的基础设施样板。 真正的去中心化互联网必须从根本上摆脱对中心化算力和服务资源的依赖。Rumble Cloud的加入，为波 场TRON DAO带来了理想的基础设施伙伴，将助力构建一个更加坚固、高效的Web3技术底座。随着合 作深入展开，波场TRON将不断巩固其作为全球领先区块链平台的技术优势，并持续引 ...

先说个背景，美国国债总额已经突破34万亿美元，财政部的数据自己都没藏着掖着。债是一定会还的？不，是一定还不起的。但它可以一直滚，滚到哪天别 人不肯接棒——就像当年的中国，接过08年危机那一棒，现在呢？中美脱钩越走越深，中国还会像过去那样，买那么多美债替美国稳盘吗？ 这才是问题的关键。中国几乎已经停止增持美债。根据美国财政部的最新月度数据，到2024年末，中国持有的美债已降至8160亿美元，是14年来的最低位。 而就在2013年，这个数字还是1.3万亿。这背后的信号已经很清楚：美债没人接，游戏该换了。 就是这时候，美国政客和金融KOL开始高喊去中心化、资产多元化，像万斯这种公开支持加密货币立法的政客开始刷存在感。他是怎么说的？既然中国不 碰加密货币，我们就更要支持加密货币自由。听起来像是个战略反击，实则是试图自救。 但有意思的是，他话音刚落，就被美国自家金融圈里的大佬给架空了。 不信你去看，桥水的达里奥、摩根大通的戴蒙、还有伯克希尔的巴菲特，一个个都不站台。甚至还有不少业内资深人士反其道而行，公开喊话普通人别上 头：储存黄金、白银和实物资产，而不是数字泡沫。 你有没有发现，现在那些最爱聊自由和科技的人，开始把买 ...

证券研究报告 交通运输 | 航运港口 港股|首次覆盖报告 hyzqdatemark 2025 年 06 月 05 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 04 | | 日 | 06 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 25.25 | | | | | 一年内最高/最低（港 | | | 25.80/15.70 | | | | | | 元） | | | | | | | | | 总市值（百万港元） | | | | 68, ...

近期，香港《稳定币条例》正式生效，成为全球首个针对法币稳定币建立牌照制度的司法管辖区。这一里程碑式立法引发资本市场强烈关注，券商机构迅速 响应，掀起密集研究热潮。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。券商研究覆盖计算机、区块链、金 融科技、跨境支付等多个维度，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。 券商研究热潮空前高涨 稳定币产业价值逐步显现 稳定币是一种与法定货币、实物资产或其他特定资产挂钩的加密货币，通过锚定机制维持价格相对稳定。其本质是将现实世界法定货币或资产进行链上代币 化，是传统金融资产与区块链技术结合的产物。相较于比特币等波动剧烈的加密资产，稳定币提供可预测的价值尺度和更优的法币兑换通道，被视作传统金 融和加密生态之间的桥梁。 全球稳定币市场规模增长迅猛。截至2025年5月31日，全球稳定币市值超过2500亿美元，较2024年年底增加超过400亿美元。挂钩美元的两大稳定币USDT和 USDC市值分别超过1530亿美元和610亿美元，占全球稳定币总市值超过85%。渣打银行预测，稳定币供应量有望增至202 ...

Core Viewpoint - A silent currency war has begun, highlighting the clash between national sovereignty and the borderless nature of cryptocurrencies in the new frontier of digital finance [1] Group 1: U.S. Strategy and Digital Currency - Trump's Bitcoin reserves and altcoin inventory aim to provide the U.S. with a decentralized advantage [2] - The U.S. government's new cryptocurrency policies are a strategic response to a $35 trillion debt crisis, with federal debt projected to reach 125% of GDP by the end of 2024 [6] - The establishment of a "strategic Bitcoin reserve" and the removal of regulations limiting banks' participation in the crypto market are intended to enhance market liquidity [6][8] Group 2: Global Developments in Digital Currency - Dominica has legislated seven tokens from the TRON ecosystem as legal digital currencies, creating a basket currency system to mitigate market volatility [10] - The European Union is accelerating the development of a digital euro to counter concerns over U.S. stablecoins threatening its monetary sovereignty [10] - Hong Kong aims to establish itself as an "international virtual asset center," while the Central African Republic faces challenges with its national digital currency [10] Group 3: Technological Integration and Challenges - Emerging crypto wallets are crucial for bridging the gap between fiat and crypto assets, enhancing security and facilitating transactions [13] - The volatility of cryptocurrencies poses significant challenges for fiscal management, as seen with Bitcoin's price fluctuations [14] - Regulatory gaps are widening, with the U.S. prohibiting central bank digital currencies (CBDCs) while the EU expands its digital euro system [14] Group 4: Future of Currency and Financial Regulation - The future currency landscape may consist of a three-tier structure: state-backed digital currencies, cryptocurrencies as value reserves, and stablecoins facilitating cross-border transactions [16] - The push for digital currencies will lead to a more diversified monetary system, with potential implications for international currency competition [18] - Financial regulation will face new challenges, requiring a balance between innovation and risk management in the evolving digital economy [19]

Group 1 - Xunlei has completed the acquisition of Shanghai Kuanghui Network Technology Co., which operates the sports media and data platform Hupu, for a total cash consideration of 500 million RMB [2] - Xunlei paid 400 million RMB in cash prior to the closing of the transaction and will pay the remaining 100 million RMB in two equal installments after 12 and 24 months [2] - Hupu is a well-known sports media and data platform in China, focusing on sports events and daily life, with a primary audience of male users [5] Group 2 - Xunlei, founded in 2003 and listed on NASDAQ in 2014, reported total revenue of 88.8 million USD for the first quarter ending March 31, 2025, representing a year-on-year growth of 10.5% [4] - Hupu has faced challenges with a narrow content focus and a single revenue structure primarily based on advertising, which has affected its risk resilience [7] - Hupu has attempted to go public twice in the past decade but has failed, with its highest valuation reaching 7.722 billion RMB [7]

以下文章来源于王永利 ，作者wang yongli 王永利 . 经济金融研究 文/ 神州数码信息服务集团股份有限公司联席董事长 王永利 5月19日美国参议院通过《稳定币创新法案》（还需进一步的法律程 序才能生效）；5月21日香港立法会三读通过《稳定币条例草案》， 5月30日香港特首签署后已经生效。这推动更多国家和地区加快法币 稳定币研发与立法进程，法币稳定币纳入监管成为全球大势，推动 加密资产价格大幅反弹，5月21日比特币最高价突破每个11万美元大 关（110,797），创下历史新高。 美元稳定币的出现和加快发展 2009年初，比特币及其运行的区块链正式推出，但因不能与法定货币兑换，缺乏应用场景，并未 产生多大社会影响。2010年5月22日，美国有人用10000个比特币购买了价值25美元的两张披萨 饼，成为比特币第一次与法定货币的兑换，比率仅为1比特币0.0025美元。 在比特币区块链基础上，2013年以太币及以太坊区块链问世，围绕提高运行效率，将比特币所有 节点参与的"工作量证明法"改变为少数节点参与的"权益证明法"，并加入了智能合约功能，同时 推出新币发行模型ERC20等协议标准，带动新币发行募集比特币或 ...