2025 年 06 月 20 日 双融日报 ▌ 华鑫市场情绪温度指标：（较冷） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 27 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：储存、机器人、稳定币 1、储存主题：据《科创板日报》报道，继韩系两大存储 原厂先后放出 DDR4 停产时间，美光确定已向客户发出信件通 知 DDR4 将停产，预计未来 2~3 个季度陆续停止出货。Trend Force 数据显示，5 月 DDR4 单月涨幅 53%，创 2017 年以来最 大涨幅。相关标的：江波龙（ 301308 ）、兆易创新 （603586） 2、机器人主题：据"中科院之声"消息，中国科学院沈 阳自动化研究所日前研发了一套"刚柔耦合"的下肢多关节 康复外骨骼机器人，有望为下肢偏瘫患者提供运动功能重建 与行为辅助服务。结果显示，该研究方法有效实现了运动学 重塑、步态模式自然性与对称性等关键康复目标。相关标 的：振江股份(603507)、光大同创(301387) 相关研究 3、稳定币主题：在 2025 年陆家嘴论坛上，中国人民银 行行长潘功胜发表主题演讲，谈及央行货 ...

美国参议院通过《稳定币法案》意义重大，标志着加密货币领域迎来重要的监管突破，这是全球稳定币 市场发展的重要里程碑。该法案不仅为美国加密资产提供了更清晰的监管框架，也为全球稳定币政策发 展带来了深远影响和启示。6月18日，中国人民银行行长潘功胜在2025年陆家嘴论坛中发表演讲，在谈 到国际货币体系时，提出"如何弱化对单一主权货币的过度依赖和负面影响，形成少数强势主权货币的 良性竞争和激励约束机制"；在谈到新兴技术在跨境支付领域加速应用时，强调"区块链和分布式账本等 新兴技术推动央行数字货币、稳定币蓬勃发展，实现了'支付即结算'，从底层重塑传统支付体系，大幅 缩短跨境支付链条"。因为发哪个币种的稳定币将加强挂钩货币在国际货币市场的地位，中国如果不发 展离岸人民币稳定币将不利于人民币国际化，所以应该考虑鼓励在香港发行离岸人民币稳定币。 美国参议院通过《稳定币法案》的四大意义 一是标志着美国稳定币监管政策从"模棱两可"转向"支持创新发展"的主线，加密货币市场空间进一步打 开。 今年年初，特朗普在行政命令《加强美国在数字金融技术领域领导地位》中，明确了新一届政府加密货 币和稳定币监管政策的整体基调是支持负责任发展——" ...

每经记者｜杨建 每经编辑｜肖芮冬 ｜2025年6月19日 星期四｜ NO.1 人民币跨境支付系统（CIPS）与6家外资机构签约 据央视新闻报道，6月18日，人民币跨境支付系统（CIPS）跨境银企合作专场活动在上海举行，人民币 跨境支付系统（CIPS）与6家外资机构举行直接参与者签约仪式，与泰国盘谷银行举行直接参与者上线 仪式。其中，标准银行、非洲进出口银行、阿布扎比第一银行、吉尔吉斯斯坦Eldik Bank、大华银行成 为CIPS直接参与者，标志着CIPS境外外资直接参与者首次覆盖非洲、中东、中亚及新加坡离岸人民币 中心，将进一步便利跨境人民币使用。 NO.2 央行行长潘功胜：区块链等新型技术将推动央行数字货币稳定币蓬勃发展 6月18日，据《智通财经》报道，央行行长潘功胜在2025陆家嘴论坛上表示，新型技术在跨境支付领域 加速应用，区块链和分布式账本等新型技术推动了央行数字货币稳定币的蓬勃发展，实现了支付及结算 从底层重塑传统的支付体系，大幅缩短跨境支付的链条，同时对金融监管也提出了巨大的挑战。智能合 约、去中心化金融等技术，也将持续推动跨境支付体系的演进和发展。 NO.3 央行行长潘功胜：人民银行已与30多 ...

华夏时报（www.chinatimes.net.cn）记者 卢梦雪 北京报道 6月18日，在2025年陆家嘴论坛上，中国人民银行行长潘功胜宣布了八项金融开放举措，其中包括，将设立数字人 民币国际运营中心，推进数字人民币的国际化运营与金融市场业务发展，服务数字金融创新。 上海金融与发展实验室首席专家、主任曾刚向《华夏时报》记者分析指出，设立数字人民币国际运营中心是增强 人民币国际化，推动跨境支付和跨境贸易发展的重要举措，对于设立地上海的金融市场发展将起到积极作用。 今年4月21日，中国人民银行、上海市人民政府等4部门联合印发的《上海国际金融中心进一步提升跨境金融服务 便利化行动方案》指出，支持在沪数字人民币运营试点银行积极参与多边央行数字货币桥项目，探索创新特色场 景；支持外汇交易中心为多边央行数字货币桥提供外汇流动性管理及兑换服务。 "中国经济已经走到了资本输出和人民币国际化的关键时点，离岸贸易看似是单一试点，实则牵动人民币国际化、 全球供应链重组、金融开放三盘大棋。"张林向《华夏时报》记者分析认为，在上海开展的离岸贸易金融服务综合 改革试点也将成为数字人民币跨境应用的良好试验田，比如在试点内探索比如用数字货 ...

Group 1: International Monetary System - The international monetary system is evolving towards a multipolar structure, which can enhance the resilience of the system and maintain global economic stability [2][3] - Discussions on reforming the monetary system focus on reducing reliance on a single sovereign currency and exploring the use of a supranational currency, such as the IMF's Special Drawing Rights (SDR) [2][3] - SDR is seen as a potential solution to the inherent issues of a single sovereign currency, offering greater stability and the ability to better fulfill global public goods functions [3] Group 2: Cross-Border Payment System - The cross-border payment system is crucial for international trade and financial stability, but traditional systems face challenges such as inefficiency and high costs [4][5] - There is a growing trend towards diversification in the cross-border payment system, with more countries using local currencies for settlements and new payment systems emerging [4] - Emerging technologies like blockchain and distributed ledger technology are reshaping the payment landscape, enabling faster and more efficient cross-border transactions [5] Group 3: Global Financial Stability System - The global financial stability system has evolved post-2008 financial crisis, but it faces new challenges such as fragmented regulatory frameworks and insufficient oversight of emerging financial sectors [6][7] - There is a need for stronger international cooperation to prevent regulatory arbitrage and enhance the stability of the financial system [6] - Strengthening the IMF as a core institution for global financial safety is essential for crisis prevention and resolution [7] Group 4: Governance of International Financial Organizations - Calls for reform in international financial organizations are increasing, as current governance structures do not reflect the economic realities of emerging markets and developing countries [8] - Adjusting the voting rights and quotas in organizations like the IMF is crucial for enhancing the representation and voice of these countries [8] - The legitimacy and effectiveness of international financial organizations depend on their ability to adapt to the changing global economic landscape [8]

Group 1: International Monetary System - The discussion on reforming the international monetary system has two main directions: reducing reliance on a single sovereign currency and promoting a few strong sovereign currencies to create healthy competition [2] - The second direction involves the potential for a supranational currency, such as the IMF's Special Drawing Rights (SDR), to become the international dominant currency, though it faces political consensus challenges and limited market depth [3] Group 2: Cross-Border Payment System - There is a growing demand for improvements in the cross-border payment system, with emerging payment infrastructures and settlement methods driving it towards greater efficiency, security, inclusiveness, and diversity [4] - The cross-border payment system is diversifying, with more countries using local currencies for settlement, and new payment systems emerging alongside traditional models [4] - The interoperability of payment systems is improving, with countries extending operational hours and adopting international messaging standards to enhance efficiency and reduce costs [5] Group 3: Global Financial Stability System - The global financial stability system faces new challenges, including fragmented regulatory frameworks and insufficient oversight in emerging digital finance sectors [6] - A strong IMF is essential for building a diverse and efficient global financial safety net, maintaining consistency and authority in global financial regulatory rules [6] Group 4: Governance of International Financial Organizations - The IMF plays a central role in global economic governance, with its quota system determining crisis response capabilities and member voting rights [7] - Current IMF quotas do not reflect the relative positions of member countries in the global economy, and adjusting these quotas is crucial for enhancing the IMF's governance legitimacy and representation [8]

6月18日，2025陆家嘴论坛正式开幕。中国人民银行潘功胜行长出席论坛的开幕式，致开幕辞并作主题 演讲。 潘功胜宣布八项重磅金融开放举措 一是设立银行间市场交易报告库。高频汇集并系统分析银行间债券、货币、衍生品、黄金、票据等各金 融子市场交易数据，服务金融机构、宏观调控和金融市场监管。 二是设立数字人民币国际运营中心。推进数字人民币的国际化运营与金融市场业务发展，服务数字金融 创新。 三是设立个人征信机构。为金融机构提供多元化、差异化的个人征信产品，进一步健全社会征信体系。 四是在上海临港新片区开展离岸贸易金融服务综合改革试点。创新业务规则，支持上海发展离岸贸易。 五是发展自贸离岸债。遵循"两头在外"的原则和国际通行的规则标准，拓宽"走出去"企业及"一带一 路"共建国家和地区优质企业的融资渠道。 六是优化升级自由贸易账户功能。实现优质企业与境外资金高效融通，提升跨境贸易投资自由化便利化 水平，助力上海高水平对外开放。 七是在上海"先行先试"结构性货币政策工具创新。包括开展航贸区块链信用证再融资业务、"跨境贸易 再融资"业务、碳减排支持工具扩容等试点。积极推动上海首批运用科技创新债券风险分担工具，支持 私募股权 ...

Group 1 - The core viewpoint is that stablecoins are gaining significant attention both domestically and internationally, with the U.S. Senate passing the GENIUS Act to establish a federal regulatory framework for stablecoins, while Hong Kong has enacted its own stablecoin regulations [1][2] - Stablecoins have seen rapid growth, with their total market size reaching $247.7 billion by June 2025, a 190-fold increase from $1.3 billion in June 2019, with 99% of stablecoins pegged to the U.S. dollar [2][3] - The main function of stablecoins is to tokenize existing money within the banking system, allowing for a new method of currency circulation without creating new money [3][4] Group 2 - Stablecoins differ from non-bank payment systems in that they are based on distributed ledgers, allowing for open and anonymous transactions, while non-bank systems use centralized ledgers and require real-name registration [4][5] - A significant portion of U.S. dollar stablecoins (over 70%) is issued offshore, which raises concerns regarding regulatory compliance, particularly in areas like KYC and AML [4][5] - The trading volume of U.S. dollar stablecoins reached $100.7 billion by June 2025, surpassing the combined trading volume of Bitcoin and Ethereum, primarily serving as a medium for transactions in the cryptocurrency market [7][8] Group 3 - U.S. dollar stablecoins are rapidly penetrating various applications beyond cryptocurrency trading, including cross-border payments and corporate financing, driven by their efficiency and low costs [8][9] - The U.S. strategy regarding stablecoins involves a regulatory approach that allows commercial entities to promote the digitalization of the dollar while maintaining oversight as the market matures [8][9] - The relationship between U.S. dollar stablecoins and traditional payment systems like SWIFT and Visa is fundamentally different, with stablecoins not intended to replace these systems [9][10] Group 4 - There is a growing concern regarding the use of U.S. dollar stablecoins by residents and businesses in mainland China, necessitating monitoring and regulatory measures to protect monetary sovereignty [10][11] - The potential for issuing offshore renminbi stablecoins is discussed, which could be managed by Chinese financial institutions to mitigate risks associated with capital outflow [11][12] - The technology underlying stablecoins presents both opportunities for financial inclusion and challenges related to compliance with existing financial regulations [10][11]

周四晚间，全球金融市场被一则重磅消息搅得风云变色。币界网报道数据显示，因以色列袭击伊朗，美 股期货出现大幅跳水。尽管美国官方声明未参与以色列对伊朗的打击行动，但这一突发事件还是如一颗 巨石投入平静湖面，引发了轩然大波。标普500指数期货瞬间下跌1.5%至5,961.75点，纳斯达克100指数 期货更是暴跌1.7%至21,567.55点，道指期货也下滑1.3%至42,408.0点。在这样的市场动荡中，XBIT去中 心化交易所平台的表现备受关注。 加密货币市场也未能在这场风暴中独善其身，作为龙头的比特币，其价格走势一直是投资者关注的焦 点。币界网数据显示，截至2025年4月15日，比特币价格为85523.80美元，过去一年历经大幅波动， 2024年12月曾触及108077美元的历史高位，而近期受各类因素影响，价格较历史高点下跌了约 22.82%。美股期货暴跌消息传出后，比特币价格明显震荡，投资者恐慌情绪在加密货币市场蔓延，大 量投资者急于抛售资产避险，致使比特币24小时跌幅一度超过9%，一度跌破75000美元，为2024年11月 以来首次。 图片来源：币界网 地缘政治冲突向来是金融市场的"不稳定因素"。此次以色列 ...

美国政坛正因特朗普3万亿美元经济计划掀起巨浪，参议院共和党人计划本周抛出修订版税收与医疗法案，意图在 7月4日独立日前强行落地。这场财政博弈不仅牵动传统行业神经，更在区块链领域投下震撼弹——当政策风向突 变，XBIT去中心化交易所如何成为投资者穿越风暴的"数字诺亚方舟"？ SALT抵扣战与绿色能源博弈 此次争议核心直指州和地方税（SALT）抵扣限额。众议院版本将限额从1万美元猛增至4万美元，代价是3500亿美 元财政缺口，而参议院正试图削减这一成本。更激烈的是，众议院对绿色能源税收抵免的6000亿美元削减计划， 直接冲击可再生能源融资链条。银行与制造业瑟瑟发抖之际，XBIT去中心化交易所平台却悄然成为资金避险新 宠。 这场税改博弈的本质，是传统财政体系与区块链经济的正面交锋。当政策制定者还在争论"区块链是合法的吗"， XBIT去中心化交易所平台已用技术证明：合法性不在法条文字，而在用户用脚投票的选择。7月4日钟声敲响前， 这场静默的数字革命，或许才是华盛顿最该关注的"独立宣言"。 来源：凤凰网 免责声明：蓝咖评论发布此内容旨在传播更多信息，与本站立场无关，不构成投资建议。据此操作，风险自担。 投资有风险，选择 ...