Group 1: Economic Strategy and Investment Focus - The core focus for China in the next five years will be on three key sectors: circular economy, AI computing power chips with advanced processes, and new materials such as solid-state batteries and rare earths [3][14][16] - A significant amount of capital will be invested in AI computing, emphasizing the need for breakthroughs in the processing system to achieve independence in the entire semiconductor industry [3][14] - China has a strategic advantage in the supply chain, particularly in rare earths, which are critical for modern industrial systems [16][18] Group 2: Currency and Financial Strategy - The competition between the Renminbi and the US Dollar is inevitable, with a focus on establishing a new financial ecosystem that could potentially allow the Renminbi to capture 20% of the Dollar's market share in five years [5][21][30] - The establishment of a stablecoin based on the Renminbi is seen as crucial for creating a new financial cycle, leveraging China's trade and supply chain strengths [26][29] - The transformation of data into a new economic factor is essential for restructuring China's fiscal foundation and tax base, moving away from reliance on land as a production factor [31][34] Group 3: Circular Economy and Resource Management - China aims to develop a circular economy to reduce dependency on non-renewable resources, particularly oil, by finding technologies that can convert waste back into usable resources [10][12][13] - The focus on circular economy is not just an environmental strategy but also a means to overcome geopolitical vulnerabilities related to resource supply [12][13] Group 4: Market Dynamics and Future Outlook - The upcoming five years will see a systematic approach to understanding and capitalizing on the strategic initiatives outlined in the "15th Five-Year Plan," which will influence market sentiment and investment opportunities [9][36] - The shift towards a digital economy and the capitalizing of data as a new production factor will create significant opportunities in the market [34][36]

#CryptoEthena 是做了充足准备，并且这次也被验证有效的。但其他杂牌稳定币呢？他们不需要做准备，只需要等惨案发生，然后自己吃客损。这里的区别是 USDe 我敢接，因为机制合理、准备金充足，其他的不敢。这个行情了，建议撤吧。 ...

市场概述 受特朗普关税威胁影响，美股重演4月暴跌，标普收跌近3%、纳指跌超3%，均创半年最大跌幅，道指五连跌。 芯片指数跌超6%，AMD跌近8%，高通跌超7%，英伟达跌近5%。特斯拉跌超5%，苹果跌超3%。稀土矿股USA Rare Earth盘中涨超20%，盘后曾涨超10%。 中概指数收跌超6%，阿里、百度跌超8%。 美元跌，日元扭转五连跌，反弹超1%。加密货币重挫，美股盘后一度加速跌， 比特币曾跌超13%，以太坊曾跌超20%。 避险资产美债和黄金拉升。 10年期美债收益率跳水超10个基点。 期金一度涨近2%，连涨八周。 盘中美油和纽铜跌超5%。原油收创五个月新低，并创三个多月最大日跌幅。伦钴涨超2%，刚果宣布出口配额制以来，本周涨超20%。 华见早安之声 亚洲时段，AH股大调整， 创业板跌超4%，芯片半导体、锂电池集体调整， 恒科指跌逾3%，科网股普跌，国债、商品齐跌。 要闻 商务部新闻发言人就 中方宣布针对美对华造船等行业301调查限制措施实施反制答记者问。 交通运输部：对美船舶收取船舶特别港务费。 高通公司 涉嫌违反反垄断法，市场监管总局依法决定立案调查。 报道： 美联储主席候选人名单缩小至五人， 贝莱 ...

Market Overview - The U.S. stock market experienced a significant drop, with the S&P 500 index falling by 2.71% to 6552.51 points, marking the largest single-day decline since April [1] - The Nasdaq Composite index decreased by 3.56% to 22204.43 points, also the largest drop since April [1] - The Dow Jones Industrial Average fell by 1.9% to 45479.6 points [1] Commodity and Asset Performance - Crude oil and metals faced severe losses, with WTI crude oil dropping over 4%, nearing its lowest point of the year [4] - Copper prices fell by 4.5%, while spot gold rose above $4000 per ounce [4] - The yield on the 10-year U.S. Treasury bond decreased by nearly 8 basis points [4] Cryptocurrency Market - Bitcoin experienced significant volatility, with intraday losses exceeding 10% [5] Investor Sentiment and Market Risks - Analysts noted that the recent market downturn was anticipated due to prior gains since April, indicating a risk of substantial adjustments in the U.S. stock market [5] - The sentiment was further dampened by comments from the U.S. Office of Management and Budget regarding the government shutdown and employee layoffs [5] Stock Performance of Major Companies - Major tech stocks saw declines, including Nvidia down 4.89%, Microsoft down 2.19%, and Apple down 3.45% [6] - Post-market trading also reflected declines for tech giants, with Nvidia, Tesla, and Oracle all dropping over 2% [7] Chinese Stocks Impact - The Nasdaq Golden Dragon China Index fell by 6.10%, with Alibaba down 8.45% and JD down 6.24% [9] Company-Specific News - Tesla launched a lower-priced version of the Model Y in Europe, priced at €39,990 (approximately $46,304), aimed at boosting demand in a sluggish market [10] - U.S. fertilizer producer Mosaic's stock dropped by 9.24% due to operational disruptions at its phosphate plant, resulting in lower-than-expected production and sales [11] - A coalition of global banks, including Goldman Sachs and Bank of America, announced plans to explore the issuance of a stablecoin backed by reserves [12]

Core Insights - The article discusses the rising prominence of stablecoins in the context of increasing U.S. national debt and global economic challenges, highlighting their potential to reshape financial transactions and investment dynamics [3][5][12]. Group 1: Stablecoin Market Dynamics - Stablecoins, particularly those pegged to the U.S. dollar, have gained traction, with regulations requiring issuers to maintain 1:1 reserves in real dollars or short-term government bonds [5][9]. - The total market capitalization of stablecoins surged from $200 billion at the beginning of the year to $280 billion, reflecting a quarterly growth of 22% [7][9]. - Major players like Tether and Circle have significantly increased their holdings in U.S. Treasury bonds, with Tether holding $105 billion and Circle holding $55.2 billion in short-term debt [7][9]. Group 2: Regulatory and Technological Developments - The U.S. regulatory environment is becoming more favorable for stablecoins, with Texas issuing the first licenses and major firms like BlackRock and Deloitte involved in reserve management and auditing [9][10]. - The integration of stablecoins into payment systems is accelerating, with cross-border transactions now accounting for 37% of their use, benefiting various sectors including remittances and e-commerce [7][12]. Group 3: Future Projections and Risks - Analysts predict that the issuance of stablecoins could reach $1.9 trillion by 2030, with a bullish scenario suggesting it could even hit $4 trillion, surpassing the holdings of Japan, the UK, and China combined [10][18]. - While stablecoins provide benefits such as faster transactions and reduced costs, concerns about their impact on the traditional banking system and potential risks of financial instability are emerging [12][18].

由于监管不明确，且巴塞尔协议III对加密资产的资本要求严格，银行和其他大型机构基本上没有涉足加 密货币现货市场。不过，TP ICAP数字资产全球联席主管Simon Forster表示: 美国更为友好的监管立场为Fusion等平台带来了利好，并可能使大型金融机构更容易在加密 货币市场上采取行动。 Fusion于2023年推出，旨在为机构投资者提供一个加密货币平台，该平台具备其他传统资产交易所所普 遍采用的一些安全保障机制。例如，该平台配备了低延迟交易匹配引擎，且结算与托管环节相互分离， 由第三方网络机构负责提供相关服务。 TP ICAP数字资产全球联席主管Duncan Trenholme对媒体补充表示，这一举措反映了公司的观点，即随 着时间推移，跨国机构将开始直接交换不同货币计价的稳定币，从而导致平行的"链上"现货外汇市场的 出现。 数字资产的热潮由美国总统特朗普上台后的一系列举措推动。此前，特朗普出台一系列支持加密货币的 人事任命，并倡导新的稳定币规则。美国更为有利的监管环境增强了大型金融机构对加密货币和其他代 币化资产的兴趣。 得益于大量资金流入和比特币价格上涨，贝莱德旗下比特币ETF IBIT的资产规模接 ...

若交易达成，这将成为迄今为止规模最大的稳定币基础设施相关收购案，凸显传统金融机构与加密行业 公司之间为主导数字支付未来而展开的竞争日益激烈。 资料显示，BVNK专注于为企业客户提供稳定币支付基础设施。该公司周四表示，已获得花旗集团 (C.US)的投资，但未披露投资规模或最新估值。该公司联合创始人Chris Harmse表示，BVNK目前的估 值已超过上一轮融资时报道的7.5亿美元。 据多位知情人士透露，加密货币交易所Coinbase(COIN.US)与支付巨头万事达(MA.US)正就收购总部位 于伦敦的稳定币金融科技公司BVNK展开深入谈判。报道称，尽管谈判尚未最终敲定，但消息人士透 露，该笔潜在交易对BVNK的估值可能在15亿至25亿美元之间。其中三位知情人士表示，Coinbase目前 在竞购过程中似乎领先于万事达。 ...

• Ferion RWA平台 除Solomon VA+ 外，华赢控股还推出了自主研发的Ferion现实世界资产(RWA)平台，提供从资产代币 化、区块链底层资产发行、合规管理到覆盖资产全生命周期的端到端数字资产解决方案。 华赢控股致力于持续拓展金融科技新领域。其全资子公司 Solomon JFZ (Asia) Holding Limited("Solomon")已获得香港证券及期货事务监察委员会(SFC)批准升级持有第1类、第4类及第9类牌 照提供虚拟资产相关服务。作为香港首批比特币与以太坊现货ETF的参与券商之一，Solomon已获批分 销私募代币化基金产品， 其客户虚拟资产持仓规模显著增长。 2025年10月9日，香港 —— 华赢控股(NASDAQ: AXG) 今日宣布，公司已完成交易代码更新，其 A 类普 通股自 2025年10月10日(美国东部时间) 起，以新代码 "AXG" 于纳斯达克交易所交易。公司股票交易代 码 "SWIN"将停止使用，华赢控股将以"AXG"开启资产代币化与稳定币基础设施新征程。 "AXG"这一全新股票代码标志着华赢控股战略转型的正式落地。公司通过收购AlloyX Limited ...

Core Viewpoint - HashKey, Hong Kong's largest cryptocurrency exchange, is seeking to raise up to $500 million through an IPO in Hong Kong [1] Company Overview - HashKey was established in 2018 and is headquartered in Hong Kong, offering services in virtual asset trading, asset management, node verification (HashKey Cloud), and tokenization [1] - The exchange is currently the largest licensed virtual asset trading platform in Hong Kong and ranks 6th globally on CoinGecko as of December 11, 2024 [1] Business Performance - HashKey Group's Q2 2025 report indicates that its Omnibus account service has covered 90% of licensed brokers in Hong Kong, with a cumulative trading volume exceeding HKD 30 billion [1] - The parent company of HashKey Exchange has invested in one of Hong Kong's stablecoin sandbox issuers, Yuan Coin Technology, and has partnered with another sandbox issuer, JD, for stablecoin business [1]

以下文章来源于投中网 ，作者蒲凡 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识 和洞见，在私募股权投资行业和创新商业领域拥有权威影响力。官网：www.chinaventure.com.cn 最有诱惑性的答案，大概就是买比特币了。十年以来，比特币虽然起起伏伏不断经历着"牛市——熊 市"的轮转，但也总能兜兜转转回到一条高昂向上的曲线，一枚比特币的价格从300美元涨到了最近 的11万美元左右，在全球市场所有资产类别中堪称"最靓的仔"。 然而，这个答案在操作性上有两个非常直观的问题。首先比特币不是贵金属也不是什么等价证券，本 质上它是一段算出来的代码。想要获得比特币，就需要足够的算力和足够的电力 （也就是"挖矿"） ，对于普通人来说成本实在是有点高。其次，加密货币这个资产类别始终游走在法律监管边缘，也在 很长一段时间内没有真实的落地场景，价格波动频繁且巨大。在这个前提下，即使能找到持有比特币 的卖家，双方都应该用什么货币、什么方式来定价交易呢？ 所以有机会穿越回10年前去投资比特币——哪怕是现在去投资比特币，你会发现大部分人都遵循着 这样的流程：先在交易所里， ...