Core Viewpoint - The U.S. has officially regulated stablecoins through the "Genius Act," while China continues to promote its central bank digital currency (CBDC) initiative, highlighting differing approaches to digital currency regulation and innovation [1][2]. Group 1: Stablecoins and Regulation - The "Genius Act" signed by President Trump incorporates stablecoins into regulatory frameworks, reflecting a growing focus on stablecoins in the market [1]. - Stablecoins are defined as cryptocurrencies pegged to fiat currencies or assets, which aim to enhance cross-border payment efficiency and user experience [1]. - According to the Bank for International Settlements, stablecoins have not met the key requirements for a robust international monetary system, suggesting their future role may be limited to a supportive function [1]. Group 2: China's Digital Currency Initiatives - As of July 2024, the digital yuan has been implemented in 26 pilot areas across 17 provinces, with 180 million personal wallets opened and a total transaction volume of 7.3 trillion yuan [2]. - China is a founding member of the "Multi-Central Bank Digital Currency Bridge" project, which aims to enhance cross-border payment scenarios using blockchain technology [2]. - The project has transitioned from sandbox testing to formal operations, involving multiple central banks and commercial banks across various jurisdictions [2]. Group 3: Cross-Border Payment Innovations - Third-party payment institutions in China have made significant advancements in cross-border payments since the pilot program began in September 2013, enabling 24/7 rapid transactions [2]. - The "Cross-Border Payment Link" launched in June 2023 connects mainland China's online payment systems with Hong Kong's rapid payment system, improving transaction efficiency and reducing costs [4]. - There is an openness to exploring stablecoin payment tools, with a focus on leveraging their advantages while ensuring compliance and fostering competition in the cross-border payment sector [4].

Group 1 - The core viewpoint emphasizes the importance of adopting a "pay after learning" model in training institutions to alleviate the financial burden on parents and students [1][2] - Guangdong Province has implemented measures to regulate off-campus training, enhancing the quality of education resources available to students [1][2] - The "pay after learning" model aims to address long-standing issues of refund difficulties and financial misconduct in the training sector, ensuring consumer rights are protected [2] Group 2 - In 2023, multiple government departments in Guangdong jointly developed a plan to encourage the adoption of the "pay after learning" model, with a goal of significantly increasing the number of institutions using this model over the next five years [2] - Over 5,000 training institutions in Guangdong have adopted either the "pay after learning" or digital currency payment models, with total transaction amounts exceeding 20 billion [2] - Zhuhai City has established a mediation center for training disputes, utilizing a collaborative approach involving various stakeholders to provide legal support and conflict resolution services [3] Group 3 - Zhuhai is exploring a new "credit + regulation" model for non-academic training institutions, incorporating a credit rating system to promote industry standards and accountability [4] - The credit system involves voluntary participation from institutions, third-party evaluations, and a comprehensive regulatory framework to enhance the overall governance of the training sector [4]

Market Performance - A-shares experienced a strong upward trend on July 24, with the Shanghai Composite Index closing above 3600 points, marking a new annual high [1] - The total trading volume in the Shanghai and Shenzhen markets reached 184.47 billion, a slight decrease of 19.9 billion from the previous day [1] - The number of rising stocks approached 4400, with nearly 80 stocks hitting the daily limit [1] Sector Performance - Key sectors that saw significant gains included energy metals, film and television, securities, Hainan Free Trade Zone, rare earth permanent magnets, and genetically modified organisms [2] - Conversely, sectors that experienced declines included precious metals, banking, civil explosives, F5G, and CPO [2] Institutional Insights - Market trends remain upward, driven by "anti-involution," mid-year performance forecasts, and policies related to Hainan Free Trade Zone [3] - The securities sector is expected to benefit from ongoing policies aimed at stabilizing growth and boosting the capital market, with an optimistic outlook for medium to long-term capital inflow [3] - The coal sector is anticipated to recover due to seasonal demand increases, with a focus on companies with stable profitability and high dividend ratios [3]

Core Viewpoint - The People's Bank of China Shanghai Headquarters is actively exploring the application of digital RMB in offshore trade settlements while promoting financial reform tasks in a steady and orderly manner [1] Group 1 - The Shanghai headquarters will continue to promote comprehensive reform pilot projects for offshore trade financial services involving banks and enterprises as conditions mature, aiming to expand the benefits of policies [1] - The headquarters plans to revise and improve the "Implementation Measures for the Function Upgrade of Free Trade Accounts in the Shanghai Free Trade Zone" based on public feedback, which will be submitted for approval to the central bank before official release [1]

【沪港通锦囊】沪港应加速推进数字资产市场互联互通 继中国人民银行行长潘功胜6月18日在"2025陆家嘴论坛"上首次提及"稳定币"话题之后，上海市国资委党委日前召开中心组学习会，专题聚焦"加密货币与稳 定币的发展趋势及应对策略"，另外，多地也纷纷官宣启动对稳定币的探索。在笔者看来，这股自上而下、多点开花的探索热潮绝非偶然，它深刻反映了中 国在全球数字经济浪潮中积极寻求战略主动的决心。尽管当前中国内地对加密货币交易始终保持严监管态势，但对于其底层技术——区块链以及更具应用潜 力的稳定币，中国则正展现出审慎而积极的研究姿态。 香港作为中国的对外窗口和离岸枢纽，应积极构建符合国际标准的数字资产和稳定币监管体系，以吸引国际资本和技术，进一步探索人民币离岸 稳定币的国际应用。 著名经济学家 宋清辉 笔者认为，上海在稳定币、加密货币领域，更强调服务实体经济、内部可控和金融稳定，其重点在于区块链技术应用，以及数字人民币的推广和应用；对于 稳定币的探索，目前主要围绕锚定法币、合规可控的模式，通过提升现有金融体系效率，服务人民币国际化和数字经济发展。香港则聚焦国际化、市场化和 金融创新，其《稳定币条例》的制定及后续生效，表明香港 ...

Core Viewpoint - Agricultural Bank of China Fujian Branch focuses on supporting the real economy, enhancing financial services for the public, and maintaining prudent development to drive economic growth in Fujian province [1][3]. Group 1: Support for the Real Economy - Fujian Agricultural Bank has strengthened its partnership with Fuyao Group, a leading private enterprise in the global automotive glass industry, by increasing credit support and fostering technological innovation [2]. - The bank has also played a crucial role in the development of Xiamen Airlines, providing various financial services including aircraft leasing and cash management, which have significantly contributed to the airline's growth [2]. Group 2: Focus on Local Economic Development - The bank has prioritized credit allocation to key sectors such as major projects, small and micro enterprises, rural areas, and green low-carbon initiatives, promoting high-quality economic development in Fujian [3]. - In collaboration with local farmers, the bank has established "Huinong Service Flagship Stores" to provide convenient financial services, resulting in over 100 billion yuan in loans for farmers [4]. Group 3: Innovative Financial Products - Fujian Agricultural Bank initiated the "Financial Support for Agriculture Alliance" and introduced specialized loan products like "Dragon Fruit Loan" and "Carrot Loan" to assist rural residents in increasing their income [5]. - The bank has also leveraged digital currency to create new models for rural revitalization, enhancing carbon credit income for villagers [5]. Group 4: Risk Management and Sustainable Development - The bank emphasizes maintaining a low risk profile, with a non-performing loan rate significantly below the provincial average of 1.19% [6]. - A "Credit + Finance" innovation laboratory was established to enhance financial service precision and reduce credit risk by utilizing shared credit data [7]. - The bank employs digital risk control measures for dynamic management of credit operations, contributing to a stable financial environment [7].

Group 1 - Zhongke Jincai has experienced a decline for four consecutive trading days, with a cumulative drop of -9.81% [1] - Zhongke Jincai Technology Co., Ltd. was established in December 2003 and focuses on financial technology solutions, data center solutions, and core technology research in AGI, WEB3.0, digital currency, and data elements [1] - Huashang Fund's Huashang Advantage Industry Mixed Fund has entered the top ten shareholders of Zhongke Jincai, marking a new investment in the second quarter of this year [1] Group 2 - The Huashang Advantage Industry Mixed Fund has achieved a year-to-date return of 26.47%, ranking 168 out of 2294 in its category [1] - Zhang Mingxin, the fund manager of Huashang Advantage Industry Mixed Fund, has an extensive background in finance and investment management, having worked at various financial institutions since 2009 [4] - Huashang Fund Management Co., Ltd. was established in December 2005, with major shareholders including Huaylong Securities Co., Ltd. (46%), Shenzhen Wuzhou Xiehe Investment Co., Ltd. (34%), and Jinan Steel Group Co., Ltd. (20%) [5]

Core Viewpoint - The acquisition of a 30% stake in Kuaiqian Financial Services (Shanghai) Co., Ltd. by Shanghai Ruyi Starry Enterprise Management Co., Ltd. is expected to enhance China Ruyi's business expansion into the third-party payment and fintech sectors, leveraging synergies with its existing operations in online streaming and gaming services [2][5][6]. Group 1: Acquisition Details - China Ruyi announced the signing of a share transfer agreement involving its indirect wholly-owned subsidiary, Shanghai Ruyi Starry, and Kuaiqian Financial Services [1]. - The acquisition price for the 30% stake in Kuaiqian Financial Services is set at 240 million yuan [2]. - The completion of the transaction is subject to several preconditions, including approval from the central bank [3]. Group 2: Strategic Implications - Following the acquisition, China Ruyi will become the largest single shareholder of Kuaiqian Financial Services, although the latter will not become a subsidiary of China Ruyi [4]. - The acquisition is anticipated to facilitate the expansion of China Ruyi into the fintech sector, with potential long-term growth benefits [5][6]. - Kuaiqian Financial Services is recognized as one of the first partners of the People's Bank of China for digital currency research, indicating its capability to process digital yuan and its active role in cross-border payment solutions [5][6]. Group 3: Historical Context - China Ruyi has previously engaged in multiple acquisitions of assets under the Wanda Group, including a recent acquisition of a 49% stake in Beijing Wanda Investment Co., Ltd. for 2.262 billion yuan [7]. - This acquisition positions China Ruyi as the second-largest shareholder in Wanda Investment, indirectly holding 9.8% of Wanda Film [7][8]. - The series of transactions has resulted in a shift in control of Wanda Film from Wang Jianlin to the Ruyi Group, marking a significant change in ownership dynamics [8].

Group 1 - The company announced a conditional agreement to acquire 30% equity in a target company for a cash consideration of RMB 240 million, to be paid in three installments [1] - The target company is a licensed third-party payment institution in China, providing comprehensive payment solutions and actively expanding into overseas markets [1][2] - The acquisition is expected to enhance the company's business expansion into the third-party payment and fintech sectors, contributing to long-term growth and development [2] Group 2 - The target company holds multiple payment business licenses, including internet payment, mobile payment, and cross-border RMB payment, and has established a solid market position and business foundation [2] - The acquisition is anticipated to create synergies with the company's existing businesses, including online streaming and gaming services, as well as its indirect investment in Wanda Film [2] - The target company is one of the first cooperative institutions with the People's Bank of China for digital currency, indicating strong potential for policy alignment and technological innovation [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 China Ruyi Holdings Limited 本公司欣然宣佈，近日，本公司的間接全資附屬公司上海儒意星辰企業管理有限公司（「買 方」）、上海萬達網絡金融服務有限公司（「賣方」）及快錢金融服務（ 上海 ）有限公司（「目標公 司」）訂立股權轉讓協議（「協議」）。據此，買方有條件同意受讓而賣方有條件同意轉讓目標 公司30%股權（「收購事項」），現金代價為人民幣240,000,000元，分三期支付。 目標公司於2011年首批獲得中國人民銀行（「央行」）頒發的第三方支付牌照，主要為大中型 企業提供綜合支付解決方案，同時積極佈局海外，發展數字人民幣，推出跨境收付款、全 球收單、跨國人民幣結算、海外購等多種跨境產品，大力拓展跨境業務，為跨境多場景提 供綜合支付解決方案。 中 國 儒 意 控 股 有 限 公 司 （ 於百慕達註冊成立之有限公司） （股份代號：136） 自願公告 收購目標公司的30%股權 本公告由 ...