Group 1 - Circle's stock surged 19% in the US market, reflecting global recognition of stablecoin compliance development, which is beneficial for China's Xinchuang (information technology application innovation) industry [1] - Circle's collaboration with domestic Xinchuang companies has resulted in practical applications, such as a blockchain-based cross-border payment system developed with Dongxin HePing, certified by the central bank and piloted in six cities [1][2] - The integration of Circle's USDC stablecoin technology with domestic blockchain solutions is expected to accelerate the application of Xinchuang technology in cross-border payments and digital identity in Southeast Asia [1][2] Group 2 - The Xinchuang industry is accelerating the autonomous and controllable process of blockchain technology, with companies like Dongfang Securities completing a full-stack domestic replacement of their blockchain platform [2] - Circle's success validates the feasibility of blockchain technology in finance, promoting domestic Xinchuang companies to iterate on technology architecture and security standards [2] - China Mobile's "Zhongyi Chain" achieved a transaction throughput of over 56,000 CTPS in a trusted blockchain performance evaluation, setting a benchmark for high-concurrency applications [2] Group 3 - Circle's application in cross-border payments aligns with China's strategy to internationalize the digital yuan, with the central bank establishing an international operation center for the digital yuan [3] - The efficiency of Circle's USDC in cross-border settlements provides a reference model for the digital yuan, which is expected to reach a cross-border payment amount of 64.1 trillion yuan in 2024 [3] - The market enthusiasm for Circle may further encourage policy support for cross-border scenarios of the digital yuan, benefiting payment system service providers and financial IT companies within the Xinchuang industry chain [3] Group 4 - Chinese policies explicitly support blockchain technology breakthroughs, with initiatives like Beijing's "reveal the list and take the lead" mechanism promoting the construction of the Xinchuang chain technology ecosystem [4] - Circle's compliance path offers a reference for domestic regulation, potentially accelerating the exploration of stablecoin-related technologies within the Xinchuang framework [4] - As of June 30, the digital currency concept stocks accounted for over 15% of the Xinchuang ETF fund's index, indicating significant investment interest in this area [4] Group 5 - The Xinchuang industry is transitioning from policy-driven to a dual-driven approach of policy and market, with significant growth expected in the financial and energy sectors [6] - The market scale is projected to grow at rates of 17.84% and 26.82% in 2025 and 2026, respectively, surpassing 2.6 trillion yuan by 2026 [6] - The expansion of special national bonds and the implementation of debt reduction plans provide funding support for Xinchuang procurement [6] Group 6 - The Xinchuang ETF fund (562030) tracks the CSI Xinchuang Index, covering core segments of the Xinchuang industry chain, which is characterized by high growth and elasticity [7] - The current geopolitical environment and the urgent need for self-control drive the development of the Xinchuang sector, supported by government initiatives [7] - The upcoming key time nodes for Xinchuang advancement and the refinement of procurement standards are expected to enhance market dynamics [7]

Group 1 - The development of stablecoins faces challenges but has a profound impact on the monetary financial system, necessitating China to learn from stablecoin technologies and accelerate the digital RMB process to enhance its internationalization [1][3] - Global trends indicate that stablecoins are being regulated, with regions like the US and Hong Kong beginning legislative measures, prompting China to expedite its own regulatory framework for stablecoins, particularly for the RMB stablecoin [3][4] - Post-regulation, stablecoin issuance will require licensing and compliance with anti-money laundering, anti-terrorism financing, and consumer protection regulations, leading to a shift from decentralization to increased centralization [3][4] Group 2 - Regulatory measures will impose strict limits on the issuance of stablecoins, mandating full reserves and independent audits, while prohibiting their use for lending or paying interest, thus reinforcing their role as payment tools [3][4] - The regulation of stablecoins will necessitate enhanced oversight of cryptocurrency trading platforms, particularly in the exchange of crypto assets with fiat currencies, leading to a more standardized development phase in the crypto asset sector [4] - The development of stablecoins provides significant insights for the advancement of China's digital RMB, which should be expedited and designed in both domestic and overseas versions to facilitate internationalization [4]

Core Viewpoint - The cross-border payment sector has seen a collective surge, with multiple stocks hitting the daily limit up, driven by the increasing relevance of cross-border payment solutions and digital currency initiatives in China [1][3][4][7]. Company Summaries - **Jida Zhengyuan (003029.SZ)**: Latest price at 26.16 yuan (+10.01% limit up). The company has financial-grade certification products applied in the RMB cross-border payment system (CIPS), collaborating with the central bank and six major state-owned banks [1]. - **Hailian Jinhui (002537.SZ)**: Latest price at 9.47 yuan (+9.99% limit up). It holds both cross-border RMB/foreign currency payment licenses and Hong Kong MSO licenses, serving over 200 countries. The business highlights include supporting 15 currencies across 8 major scenarios such as airline tickets and study abroad [3]. - **Youbo Xun (300531.SZ)**: Latest price at 21.14 yuan (+19.98% limit up). The company has seen a surge in overseas revenue from smart payment terminals and has participated in the design of digital RMB cross-border scenarios, with notable breakthroughs in the Russian market [4]. - **ST Rindong (002647.SZ)**: Latest price at 5.87 yuan (+5.01%). Its subsidiary, Heli Bao, holds cross-border RMB payment records, with expectations of turning losses into profits and lifting the company’s delisting risk [5]. - **Sifang Jingchuang (300468.SZ)**: Latest price at 47.39 yuan (+19.97% limit up). The company is deeply involved in the central bank's "Multilateral Digital Currency Bridge" project, with successful cross-border payment technology cases implemented in Hong Kong [7]. - **Lakara (300773.SZ)**: Latest price at 31.90 yuan (+13.04%). As a fully qualified payment institution, it has a cross-border network covering over 100 countries, with scarce qualifications registered with the foreign exchange administration [9]. - **Advanced Shuton (300541.SZ)**: Latest price at 15.79 yuan (+12.87%). The company provides CIPS interface solutions for commercial banks, focusing on transaction and clearing security control across the entire chain [11]. - **Huafeng Superfiber (300180.SZ)**: Latest price at 8.77 yuan (+9.08%). Its subsidiary, Weifutong, has delivered an overseas digital RMB cross-border system and is exploring cooperation models with CIPS [13].

Key Points - The core viewpoint of the article revolves around the recent economic data releases and geopolitical tensions affecting market dynamics, particularly in China and the U.S. [2][3] Economic Data Summary - In May 2025, China's industrial added value increased by 5.8% year-on-year, slightly above the expected 5.7%, but down from the previous value of 6.1% [2] - From January to May 2025, fixed asset investment in China grew by 3.7% year-on-year, below the expected 4.0% and the previous value of 4.0% [2] - In May 2025, China's retail sales increased by 6.4% year-on-year, surpassing the expected 4.9% and the previous value of 5.1% [2] - In the U.S., retail sales fell by 0.9% month-on-month in May, worse than the expected decline of 0.7%, indicating a weakening consumer momentum [2][6] Monetary Policy and Market Reactions - The U.S. Federal Reserve decided to maintain the federal funds rate target range at 4.25% to 4.50%, aligning with market expectations, while indicating a potential for two rate cuts in 2025 [2] - The People's Bank of China conducted a 400 billion yuan reverse repurchase operation, maintaining a loose monetary environment amid economic challenges [4] - The geopolitical tensions, particularly the conflict between Israel and Iran, have led to increased uncertainty in global markets, impacting risk assets negatively [5][6] Market Performance Overview - The bond market in China saw slight gains due to the economic data indicating a need for enhanced domestic demand [4] - A-shares experienced a pullback during the Lujiazui Forum, as the anticipated policy benefits did not resonate with the market, compounded by external geopolitical tensions [5] - U.S. stock markets remained volatile, influenced by the escalating conflict in the Middle East and disappointing retail sales data [6]

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes "improving the high-level open system and mechanism," with a focus on "steadily expanding institutional openness" as a key deployment for financial reform and development in China [1]. Financial Policies Overview - Eight financial opening measures will be implemented in Shanghai, including the establishment of an interbank market trading report library, a digital RMB international operation center, and a personal credit institution [3][5]. - The aim of these policies is to enhance financial market openness, reduce cross-border capital flow settlement costs, and attract more foreign investment into China [3][5]. Digital RMB International Operation Center - The establishment of the digital RMB international operation center is a first for China, aimed at promoting the international use of the digital RMB and enhancing its position in the global monetary system [7][9]. - The digital RMB leverages blockchain and smart contract technology for real-time cross-border payment settlements, significantly reducing transaction times from 3-5 days to seconds [9][11]. Personal Credit Institution - The new personal credit institution in Shanghai will complement the existing central bank credit system by incorporating a wider range of data sources, thus enriching credit profiles for consumers [11][13]. - This initiative is expected to facilitate easier access to credit for consumers, particularly benefiting young individuals and stimulating consumption [13]. Science and Technology Innovation - The China Securities Regulatory Commission announced the introduction of a "growth layer" on the Sci-Tech Innovation Board, providing a "green channel" for tech companies to access capital markets [15][17]. - This policy aims to support innovative and high-growth tech enterprises, allowing them to secure funding even if they are not yet profitable [15][17]. Shanghai International Financial Center - The Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for a comprehensive upgrade in the next 5-10 years [19]. - The shift from policy-based to institutional openness is intended to create a stable investment environment for international capital, thereby driving economic growth in China [19].

Group 1: Research Views - The performance of Chinese assets has been strong since June, with both stocks and bonds rising, pricing in possible policy changes in June. The views on stock index futures and treasury bond futures are both "volatile" [1] - For stock index futures, there are three main factors affecting the market: Sino-US communication may help resolve trade disputes; long - term consumption stimulus policies are attracting attention; and the upcoming Lujiazui Forum may bring news on capital market reform. The PPI data shows low inflation, and the market style may still favor consumption and technology. In Q1, the decline in the revenue growth rate of A - share listed companies has narrowed for three consecutive quarters, net profit has increased by about 4% year - on - year, but ROE is still at the bottoming stage [1] - For treasury bond futures, on June 18, the 30 - year main contract rose 0.09%, the 10 - year and 5 - year main contracts fell 0.01%, and the 2 - year main contract rose 0.01%. After the cross - month, the liquidity has eased marginally. In June, the bond market is unlikely to have a trending market and shows a sideways volatile pattern [1] Group 2: Daily Price Changes - For stock index futures on June 18, IH was at 2,677.4 (down 0.13% from the previous day), IF was at 3,872.2 (up 0.09%), IC was at 5,738.0 (down 0.18%), and IM was at 6,124.2 (down 0.09%) [2] - For stock indices on June 18, the Shanghai Composite 50 was at 2,679.9 (down 0.15% from the previous day), the CSI 300 was at 3,875.0 (up 0.12%), the CSI 500 was at 5,745.9 (down 0.09%), and the CSI 1000 was at 6,135.4 (down 0.10%) [2] - For treasury bond futures on June 18, TS was at 102.54 (unchanged), TF was at 106.28 (down 0.02%), T was at 109.14 (down 0.02%), and TL was at 120.90 (up 0.07%) [2] Group 3: Market News - At the 2025 Lujiazui Forum, the governor of the People's Bank of China announced eight major financial policies, including setting up an inter - bank market transaction reporting library, a digital RMB international operation center, and a personal credit investigation agency; carrying out a comprehensive reform pilot of offshore trade financial services in the Lingang New Area of Shanghai; developing free - trade offshore bonds; optimizing and upgrading the functions of free - trade accounts; innovating structural monetary policy tools in Shanghai; and promoting RMB foreign exchange futures trading [4][5] Group 4: Chart Analysis - **Stock Index Futures**: The report provides charts of the trends of IH, IF, IM, and IC main contracts, as well as the basis trends of corresponding contracts [6][7][8] - **Treasury Bond Futures**: Charts include the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and funding rates [12][13][17] - **Exchange Rates**: Charts show the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, euro - US dollar exchange rate, pound - US dollar exchange rate, and US dollar - yen exchange rate [19][20][24]

Group 1 - The establishment of an international operating center for digital RMB in Shanghai will significantly enhance the usage rate of digital RMB in cross-border finance and reduce transaction costs, marking an important step for the internationalization of the RMB [2][4] - The introduction of a "green channel" for the Sci-Tech Innovation Board allows hard-tech companies to go public even if they are not profitable, facilitating easier access to capital markets for innovative enterprises [5][7] - The optimization of free trade account functions will enhance the efficient connection between quality enterprises and foreign capital, improving the level of liberalization and convenience in cross-border trade and investment [9] Group 2 - The joint release of the "Action Plan to Support the Construction of Shanghai International Financial Center" by the Financial Regulatory Bureau and the Shanghai Municipal Government will accelerate the development of Shanghai as an international financial center, particularly in technology and cross-border finance [11] - The recent policies signal a strong commitment to financial openness in China, showcasing the country's determination to embrace the world and innovate in the financial sector [13]

Core Viewpoint - The People's Bank of China announced eight financial opening measures aimed at enhancing the internationalization of the digital renminbi and improving cross-border financial services [1][12]. Group 1: Financial Market Opening - The new measures include the establishment of a digital renminbi international operation center to promote its international use and financial market development [1]. - Initiatives such as developing offshore bonds and optimizing free trade account functions will expand financing channels for Belt and Road enterprises and improve cross-border capital flow efficiency [3]. Group 2: Cross-Border Financial Support - Increasing the usage of digital renminbi in cross-border finance will simplify transaction processes and reduce costs, providing safer and more convenient payment methods for international trade [4]. - Enhanced cross-border financial policies will offer more support to foreign trade enterprises, especially amid uncertain US-China trade policies, and attract more international capital, boosting confidence in the stock and bond markets [6]. Group 3: Product Innovation and Risk Control - The establishment of an interbank market transaction reporting database and personal credit institutions will improve the precision of financial services [8]. - These measures will provide financial institutions with better data support to create differentiated and personalized financial products, enhance transaction data transparency, and improve macroeconomic regulation and financial market supervision [10]. Group 4: Overall Impact - Overall, the eight measures will help financial institutions provide more effective services to the real economy and cross-border trade, while further enhancing the openness and international competitiveness of China's financial market [12].

Core Points - The People's Bank of China announced eight financial opening measures to be implemented in Shanghai, including the establishment of a digital RMB international operation center and a personal credit agency [1][3] - These measures aim to enhance the internationalization of the digital RMB, simplify cross-border transaction processes, and reduce costs, thereby increasing the RMB's influence in global financial markets [3][4] - The initiatives are expected to support cross-border enterprises, improve financing channels for "Belt and Road" companies, and attract more international capital, boosting confidence in the stock and bond markets [3][4] Financial Market Opening - The establishment of a bank interbank market trading report library and a personal credit agency will enhance the precision of financial services [4] - The development of offshore trade finance services and the optimization of free trade account functions will further expand financing channels for enterprises [3][4] Cross-Border Trade and Investment - The State Administration of Foreign Exchange introduced a series of facilitation policies to enhance cross-border trade and investment, including reforms in trade foreign exchange business management [5][6] - Policies aimed at supporting foreign trade enterprises will improve the efficiency of cross-border capital turnover, particularly for new trade formats like cross-border e-commerce [5][6] Technological Innovation and International Cooperation - The facilitation policies will help research institutions and technology enterprises attract international capital and advanced technology, promoting continuous technological innovation [6] - The integrated currency pool policy for multinational companies will enhance capital operation efficiency, providing more convenient financial services for foreign enterprises in China [6]

Core Viewpoint - The announcement of eight financial policies by the People's Bank of China aims to enhance the international status of the Renminbi and improve the quality of financial services in response to global economic integration and technological advancements [1][2]. Group 1: Financial Policies - The eight policies include the establishment of an interbank market trading report database, a digital Renminbi international operation center, a personal credit agency, offshore trade finance service reform pilot in Shanghai, development of free trade offshore bonds, optimization of free trade account functions, innovation of structural monetary policy tools, and promotion of Renminbi foreign exchange futures trading [1][2]. - These policies reflect China's commitment to international trade and offshore finance, aiming to broaden financing channels and facilitate international trade and investment [2]. Group 2: Economic Context - The policies are closely related to the current global economic integration, financial openness, innovation, and sustainable development [1][2]. - The emphasis on digital economy and financial innovation indicates a strategic move to enhance financial service efficiency and quality through technological means [2]. Group 3: Implementation Strategy - The implementation of these policies requires a three-step strategy: establishing a legal framework for cross-border digital Renminbi use, enhancing execution efficiency through technology, and fostering market participation [3]. - The focus on policy innovation, technology-driven solutions, and market collaboration is essential for translating policy benefits into sustained economic growth [3].