内地经济学家宋清辉表示，内地还有不少城市已经具备研究和探索稳定币、加密货币的潜 力。比如，作为粤港澳大湾区核心引擎及社会主义先行示范区，深圳在金融科技、创新产 业、跨境贸易方面具独特优势，且也是数字人民币重要试点城市。未来深圳可聚焦跨境贸易 结算、大湾区金融互联互通，以及在数字贸易、数字资产方面的探索，并利用与香港的紧密 联系，探索人民币稳定币在区域内的应用。 稳 中评社北京7月12日电／据文汇网报导，稳定币的话题已进入内地不少地方政府的政策研究视野。除上 海市国资委近日围绕稳定币发展和趋势召开学习会外，据不完全统计，包括江苏省无锡市、四川省成都 市、山东省青岛市近期亦官宣探索稳定币。 江苏省无锡市近日召开重点改革任务专题推进会提出，探索稳定币赋能外贸发展的实践路径。据成都发 布消息，6月26日，成都市锦江区区长缪晓波走访某金融科技机构并召开座谈会，探索春熙路商圈稳定 币与数字人民币结合运用路径。7月10日，山东省青岛市崂山区工商联组织全体机关干部参加稳定币相 关培训。 内地经济学家宋清辉表示，内地还有不少城市已经具备研究和探索稳定币、加密货币的潜力。比如，作 为粤港澳大湾区核心引擎及社会主义先行示范区，深圳 ...

WLFI 来之前有哪些可能可以炒的叙事炒作标的？能想到的相关概念是稳定币，前两天 $ENA 刚上韩国所，韩国兄弟们连这个市值这个筹码都能冲起来，按带哥的话来说就是辣是真的牛逼 ...

Core Insights - Temasek's investment portfolio net worth reached SGD 434 billion for FY2025, marking an increase of SGD 45 billion from the previous fiscal year, achieving a historical high [1] - The one-year shareholder return rate for Temasek was 11.8%, with 20-year and 10-year annualized returns at 7% and 5% respectively [1] Investment Strategy - Temasek has maintained a long-term investment philosophy, focusing on resilient assets with good cash flow that can withstand market cycles [2] - The company has consistently overweighted Chinese assets, with a slight decrease in the proportion of Chinese assets in the portfolio from 19% to 18%, but the net value of these assets increased by over SGD 4 billion [2][3] Market Outlook - Temasek emphasizes the importance of long-term investment returns over short-term performance, especially in a complex market environment [2] - The company believes that the global trend of globalization will not reverse, and that trade protectionism reflects economic imbalances that need to be addressed [4] Chinese Market Focus - Temasek's investment focus in China includes sectors such as TMT (Technology, Media, and Telecommunications), life sciences, advanced manufacturing, and new consumption [3][5] - The company recognizes the significant shift in Chinese companies' competitive advantages, moving from labor to engineering and now to research and development [3] Consumer Brand Development - Temasek views the rise of new Chinese consumer brands as a significant trend, noting that Chinese products are entering a new era of brand premium [5] - The emotional value of brands is highlighted, with examples of Chinese brands gaining international recognition and establishing a strong market presence [5] Policy Impact on Consumption - Recent macroeconomic policies in China have positively influenced consumer confidence and spending, with direct and indirect effects on consumption [6] - The company notes that a robust capital market and a high-quality development framework are essential for sustaining consumer growth [6] Valuation Perspective - Current valuations of Chinese assets are considered reasonable, with potential for further recovery as corporate fundamentals improve [7] - Temasek continues to invest in early-stage companies, particularly in China, while focusing on quality projects rather than broad diversification [8] Investment Vehicle Development - Temasek established a dedicated team for early-stage investments and launched a private equity fund,淡明资本, to focus on early investments in life sciences in China [8][9] - The fund aims to expand its currency base from USD to RMB, maintaining a strategy aligned with Temasek's investment philosophy [9]

Economic Growth and Stability - The core focus is on balancing "stabilizing growth" and "preventing risks" in the Chinese economy amid external demand shocks and real estate market adjustments [1][3][18] - 73% of economists predict that the GDP growth rate for Q2 2025 will be between 5.0% and 5.2%, while 60% believe the annual growth rate can reach 5.0% to 5.3% [1][3][4] Debt Concerns - Local government debt is identified as the most pressing issue, with 44% of respondents highlighting it, followed by private enterprises (28%) and household debt (19%) [1][5][18] - The need for a long-term mechanism to prevent risks in key areas such as real estate and finance is emphasized [17][18] Real Estate Market - The real estate market is showing signs of stabilization, with various strategies proposed to reinforce policy effects, including improving economic expectations (28%) and increasing household income (25%) [1][7][18] - The People's Bank of China has lowered policy rates to support the housing market, indicating ongoing efforts to stabilize real estate [7][9] Currency Stability - 90% of economists believe the USD to RMB exchange rate will fluctuate between 7.1 and 7.5, with a focus on maintaining stability to support cross-border capital flow and exports [9][10] - The potential for RMB appreciation exists if the Federal Reserve's interest rate cuts exceed expectations, which could impact exports negatively [9][10] Fiscal and Monetary Policy - Fiscal policy has played a significant role in stabilizing growth, with measures such as accelerated special bond issuance and targeted spending in key areas [14][15][18] - Monetary policy is shifting towards "moderate easing," with expectations for continued support through rate cuts and structural tools to enhance financial support for SMEs and green projects [15][16][18] Consumer Behavior and Investment Focus - Income is the primary factor influencing consumer spending, accounting for 75%, while investment is concentrated in large infrastructure (40%) and technology (37%) [5][18] - The need for direct stimulus to enhance consumer confidence is highlighted, alongside the importance of addressing structural issues in the economy [16][17][18]

Core Insights - The report highlights the ongoing macroeconomic adjustments aimed at addressing "involution" in corporate competition, emphasizing the need for quality improvement and orderly exit of outdated capacities [7][8][9] - The A-share market has shown resilience despite external uncertainties, with significant participation from retail investors and a focus on sectors like technology and finance [12][15][19] - The solid-state battery industry is accelerating its industrialization, with key milestones set for 2027 and 2030, indicating a robust growth trajectory [35][36] Macro Economic Analysis - Recent macro policies focus on promoting a unified national market and addressing low-price competition among enterprises, with an emphasis on enhancing product quality [7][8] - The construction and cement industries are implementing "anti-involution" measures, including production cuts to stabilize the market [8] - Consumer policies are being optimized to stimulate spending, with initiatives like tax refunds and subsidies to boost consumption [8] Market Strategy - The report identifies two main opportunities in the market: the resurgence of new stocks and thematic investments in deep-sea technology, which are expected to outperform in the current economic climate [13][19] - A suggested investment strategy includes a diversified approach focusing on technology, military, finance, and stable dividend stocks, alongside gold [19] Industry Insights - The solid-state battery sector is experiencing rapid advancements, with companies like Ningde Times and others making significant progress towards mass production [35][36] - The REITs market is showing strong performance, with environmental REITs leading the way, indicating a favorable investment environment for income-generating assets [39][41] - The non-bank financial sector is witnessing a positive outlook, particularly for brokerage firms, as they report better-than-expected mid-year results [44][45] Company Recommendations - The report recommends focusing on leading companies in the liquor industry, such as Kweichow Moutai and Shanxi Fenjiu, as they are expected to recover from recent demand pressures [32][33] - In the semiconductor sector, companies involved in probe station equipment are highlighted for their growth potential, driven by increasing domestic demand and technological advancements [29][27]

Group 1: Overview of Stablecoin Opportunities - Stablecoins represent a new financial product driven by technological advancements, offering flexibility and efficiency in cross-border payments compared to traditional methods [3] - Traditional cross-border payments can take 1 to 5 business days, while stablecoin payments enable real-time settlement, significantly reducing costs associated with intermediaries [3] - The programmability of stablecoins, combined with DeFi ecosystems, opens up diverse application scenarios and innovation potential [3] Group 2: Company's Strategic Positioning - The company has established a leading advantage in connecting banking systems with stablecoin systems, leveraging its experience with over 1,000 financial institutions [4] - The company is actively exploring the integration of stablecoins into daily retail scenarios to enhance their ecological value and liquidity [5] - The company aims to utilize its expertise in credit business to innovate in tokenized assets and RWA (Real World Assets), creating new opportunities in supply chain finance [5] Group 3: Business Model and Future Directions - The company is focused on a collaborative operational model that fosters deep relationships with clients, ensuring sustainable service and mutual value creation [6] - The comprehensive service model combining "operations + products" will be a key strategic direction for the company, moving beyond single product solutions [8] - In 2024, the company plans to upgrade its entire product line for overseas clients, with new orders expected to reach nearly 100 million yuan, indicating growth in the overseas market [8]

Group 1 - The core viewpoint of the report indicates that the market rotation is in a consolidation phase, with a focus on core assets in the Beijing Stock Exchange (北交所) related to technology and new consumption [10][15]. - The North Exchange 50 Index increased by 0.41%, while the specialized index rose by 0.07%. However, the average daily trading volume decreased by 23% [10][22]. - The report highlights a shift in A-share market hotspots from large-cap bank stocks to mid-cap core assets, with significant gains in sectors such as real estate, steel, building materials, and power equipment [10][11]. Group 2 - The report notes that 178 stocks in the North Exchange rose, while 87 fell, resulting in a rise-to-fall ratio of 2.05. The top gainers included Guoyi Bidding (+70.62%) and Benlang New Materials (+35.14%) [41][42]. - The average PE (TTM) for the North Exchange is reported at 96.79 times, with a median of 52.52 times, indicating a higher valuation compared to other exchanges [27][28]. - The trading volume for the North Exchange was 50.89 billion shares, with a trading value of 107.76 billion yuan, both showing a decrease compared to the previous week [28][22]. Group 3 - The report mentions that there were no new listings on the North Exchange this week, with a total of 268 companies currently listed [33][38]. - The new three-board market saw 6 new listings and 2 delistings, with a total of 6063 companies listed as of July 11, 2025 [52][54]. - The report emphasizes the importance of monitoring key companies such as Jinbo Biology, Norseland, and Kangbit, which are considered core assets in the North Exchange [15].

《券商中报向好叠加公募欠配，看好 板块机会—行业点评报告》-2025.6.25 险企考核周期再拉长，券商中报超预期继续推荐 非银金融 非银金融 2025 年 07 月 13 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 60% 72% 2024-07 2024-11 2025-03 非银金融 沪深300 相关研究报告 《6 月新开户同比高增，头部券商受益 于港股高景气—行业周报》-2025.7.6 《稳定币主题催化券商板块上涨，中 报 有 望 延 续 高 景 气 — 行 业 周 报 》 -2025.6.29 ——行业周报 高超（分析师） 卢崑（分析师） gaochao1@kysec.cn 证书编号：S0790520050001 lukun@kysec.cn 证书编号：S0790524040002 周观点：险企考核周期再拉长，券商中报超预期继续推荐 7月10日上海市国资委党委召开中心组学习会，围绕加密货币与稳定币的发展趋 势及应对策略开展学习。本周券商板块上涨4.46%，交易量持续活跃、稳定币主 题和中报预告窗口均带来催化。继续看好券商板块机会 ...

Investment Rating - The report suggests a positive outlook for the securities and insurance sectors, indicating potential for significant growth in the coming months [4][48]. Core Insights - The regulatory environment in mainland China is becoming more inclusive and proactive, particularly regarding the development of cryptocurrencies and stablecoins, which may enhance the financial sector's focus on these emerging technologies [2]. - The performance of brokerage firms is expected to improve significantly, with several companies projecting substantial increases in net profit for the first half of 2025, driven by favorable capital market conditions [3][28]. - The insurance sector is anticipated to see a near trillion yuan influx of funds into the market due to relaxed restrictions on insurance capital investments, with a focus on high-dividend stocks [4]. Summary by Sections Securities Sector - Several brokerage firms have reported impressive profit growth, with companies like Huaxi Securities and Guolian Minsheng showing net profit increases of over 1000% [3][28]. - The report recommends focusing on three main investment themes: stablecoin-related brokers, multi-financial firms like Hong Kong Exchanges, and potential acquisition targets within the brokerage sector [3]. Insurance Sector - The insurance industry is expected to see a significant increase in market participation, with an estimated influx of nearly 1 trillion yuan in investment funds due to regulatory changes [4]. - The report highlights the potential for value reassessment in the insurance sector, particularly for companies with strong fundamentals and low valuations [4]. - Key investment opportunities include companies with expected strong performance in Q2, undervalued large-cap stocks, and solid defensive positions in the property and casualty insurance sector [4]. Market Dynamics - The report notes that the A-share market has shown positive performance, with the non-bank financial sector outperforming the broader market [9]. - Data tracking indicates a significant increase in trading volumes and fundraising activities in the equity and bond markets, suggesting a robust market environment [11][20].

近段时间以来，数字货币领域里以"稳定币"为代表的相关概念热度一度飙升，引发市场持续聚焦。 日前，包括北京、深圳、苏州、重庆、宁夏等在内的多地机构接连发布风险提示，严肃指出这一新兴概念正被 不法分子当作"障眼法"，肆意用于非法集资、诈骗等违法犯罪活动，危害不容小觑。 深圳：增强理性投资意识 进入7月份，最早的一份关于警惕稳定币所涉相关风险的提示出自深圳。 7月7日，深圳市委金融办官网显示，深圳市防范和打击非法金融活动专责小组办公室（"专责小组"）就稳定币 涉及的相关风险发出风险提示。 据专责小组监测发现，一些不法机构以"金融创新""数字资产"等为噱头，利用社会公众对稳定币等了解不足的 特点，通过发行所谓"虚拟货币""虚拟资产""数字资产"等方式吸收资金，诱导社会公众参与交易炒作，扰乱经 济金融秩序，滋生非法集资、赌博、诈骗、传销、洗钱等违法犯罪活动，严重危害社会公众财产安全。 深圳市防范和打击非法金融活动专责小组办公室提示：此类不法机构未经国家金融管理部门依法许可或者违反 国家金融管理规定，不具有公开吸收公众存款的资质。 该类机构利用稳定币等新概念进行炒作，编造所谓的"虚拟货币""虚拟资产""数字资产"等投资项 ...