Group 1 - The core viewpoint of the articles highlights the significance of the recently passed "GENIUS Act" in the U.S. Senate, which aims to establish a regulatory framework for stablecoins, potentially reshaping the global monetary system [1] - The U.S. government is positioning itself to maintain the dollar's dominance in the global economy through the introduction of stablecoins backed by U.S. Treasury securities [15][16] - The total global economic scale is projected to reach $110 trillion in 2024, with the U.S. and China being the largest economies, accounting for 25% and 16.6% of the global economy, respectively [5][6] Group 2 - In 2024, global trade is expected to total $65 trillion, with China and the U.S. having nearly equal trade volumes, each accounting for approximately 11% of global trade [6][7] - The global capital flow is projected to reach $250 trillion in 2024, with stablecoin transactions surpassing $27.6 trillion, indicating a significant role in the financial ecosystem [6][9] - The U.S. national debt has exceeded $36 trillion, with interest payments projected to surpass $1 trillion, raising concerns about fiscal sustainability [9][10] Group 3 - The U.S. Treasury's recent actions, including the repurchase of $10 billion in U.S. debt, reflect the urgency to manage national debt pressures [10][11] - The Federal Reserve's adjustments to regulatory policies, including changes to leverage ratios for banks, aim to enhance liquidity and support the financial system [11][12] - The proposed stablecoin regulations will require all issued stablecoins to be directly pegged to U.S. dollars or short-term Treasury securities, ensuring high liquidity and regulatory oversight [15][16] Group 4 - The emergence of stablecoins is seen as a response to technological advancements, particularly in blockchain, which allows for the tokenization of real-world assets [18][19] - The U.S. strategy emphasizes a centralized approach to stablecoin issuance, contrasting with the decentralized nature often associated with cryptocurrencies [19] - The regulatory framework for stablecoins is expected to challenge other nations, necessitating coordinated international policy responses [19]

港股德林控股盘初一度涨超70%，公司拟代币化整体价值最高为5亿港元资产，包括位于香港中环威灵 顿街92号"德林大厦"的若干权益。 ...

重要消息 特朗普威胁对铜和药品征收高额关税 国务院办公厅印发的《关于健全"高效办成一件事"重点事项常态化推进机制的意见》对外发布 今日（7月9日）上午10时，国务院新闻办公室将举行"高质量完成'十四五'规划"系列主题新闻发布会 重要的消息有哪些 1．当地时间7月8日，美国总统特朗普在社交媒体平台"真实社交"上发文表示，根据7日发给各国的信 函，以及接下来一段时间内将要发送的信函，关税将于2025年8月1日开始实施，"该日期没有变化，以 后也不会改变"。 2．当地时间8日，美国总统特朗普在内阁会议上表示，"我们很快将在医药领域宣布一些重要举措"。特 朗普称："我们会给相关企业大约一年到一年半的时间来调整，之后他们将面临关税。"他补充说："如 果他们必须将药品和其他相关产品进口到国内，关税将高达200%。"此外，特朗普还表示，将对所有进 口到美国的铜征收50%的新关税，但没有透露新关税生效具体时间。 6．国家卫健委、国家发改委等七部门联合发布《关于加快推进普惠托育服务体系建设的意见》。其中 提出，统筹考虑经济发展、人口结构和托育实际需求等因素，科学规划，精准供给，加快构建以托育综 合服务中心为枢纽，以托育机构、社 ...

沪指于7月9日持续走强，盘中拉升涨近0.1%，重新站上3500点关口，为自2024年11月8日以来首次。截 至07月09日09:40，证券ETF龙头(159993.SZ)上涨0.57%，其关联指数证券龙头(399437.SZ)上涨0.59%； 主要成分股中，广发证券上涨1.87%，东方财富上涨0.60%，中信证券上涨0.61%，招商证券上涨 0.57%，华泰证券上涨0.44%。 关联产品： 证券ETF龙头（159993） 关联个股： 东方财富（300059）、中信证券（600030）、华泰证券（601688）、招商证券（600999）、广发证券 （000776）、国泰海通（601211）、兴业证券（601377）、东方证券（600958）、光大证券 （601788）、财通证券（601108） 此外，稳定币合规化提速，资产代币化迎来"权益时代"。全球稳定币监管框架加速成型，当前市场焦点 已从跨境支付拓展至资产代币化（RWA），其背后是流动性释放和结算效率提升的核心价值驱动。重 点关注证券板块和金融科技板块。 国泰海通证券指出，稳定币未来规模有望达到3.5万亿美元。通过加密资产、跨境支付、日常消费支 付、传统资本 ...

7月9日，港股三大指数集体低开，截至发稿，恒生指数跌0.36%，恒生科技指数跌0.48%，国企指数跌 0.44%。 盘面上，科网股跌多涨少，京东微涨0.23%，小米等股纷纷飘绿；蓝思科技首日挂牌上市高开近4%、 3、据央视新闻报道，当地时间8日，特朗普在内阁会议上表示，"我们很快将在医药领域宣布一些重要 举措"。特朗普称："我们会给相关企业大约一年到一年半的时间来调整，之后他们将面临关税。"他补 充说："如果他们必须将药品和其他相关产品进口到国内，关税将高达200%。"此外，特朗普还表示考 虑对进口到美国的铜征收50%的附加税。 关于港股后市 中国银河证券分析指出，近期全球宏观风险再次升温预期，市场的风险偏好受到影响。在全球权益市场 中，港股绝对估值处于相对低位水平、估值分位数处于历史中上水平，中长期配置价值仍然较高。展望 后市，科技板块依然具备较高投资机会。主要由于科技板块政策支持力度较大，盈利增速居前，估值处 于历史中低水平，第二，在国内促消费政策刺激下，消费行业业绩增速预期改善，估值相对较低的港股 消费股有望上涨，重点关注医药行业和可选消费行业。而在海内外不确定性因素的扰动下，高股息标也 可以为投资者提 ...

Group 1 - Trump threatens to impose high tariffs on copper and pharmaceuticals, with a potential 200% tariff on imported drugs and a 50% tariff on copper starting from August 1, 2025 [3][4] - The State Council issued an opinion on enhancing the mechanism for efficiently completing key tasks, emphasizing the management of key task lists and inter-departmental collaboration [3][4] Group 2 - GAC Fiat announced bankruptcy, marking a significant event in the automotive industry [9] - Huayin Electric has seen a significant trading volume, with an 80.95% turnover rate over the past six trading days, indicating heightened investor interest [10] - Juhua Co. expects a net profit increase of 136% to 155% year-on-year for the first half of the year, reflecting strong financial performance [13] - Shenhua Development anticipates a net profit increase of 732.89% to 830.88% year-on-year for the first half of 2025, indicating robust growth [20]

Macro Strategy - The report emphasizes the strategic significance of stablecoin policies and the potential opportunities in the cryptocurrency market, particularly in Hong Kong [1][6][8]. Regulation of Cryptocurrency Assets in Hong Kong - The regulation of virtual asset trading licenses has become a core catalyst for brokerages in Hong Kong, with Guotai Junan International being one of the first to receive approval for comprehensive virtual asset trading services, leading to significant stock price fluctuations [12][9]. - The report outlines various types of intermediaries involved in digital asset activities, including virtual asset trading platform operators and fund managers, highlighting the regulatory framework established by the Hong Kong Securities and Futures Commission [17][21]. Classification of Digital Tokens - Digital tokens are classified based on their use and function, including payment tokens, security tokens, utility tokens, native tokens, asset-backed tokens, and platform tokens, providing a comprehensive framework for understanding the market [30][31]. Catalysts for Cryptocurrency - The report identifies several potential catalysts for the cryptocurrency market, including the increasing adoption of digital assets by institutional investors and the ongoing development of regulatory frameworks that support innovation while ensuring financial stability [12][40]. Bitcoin Characteristics and Investment Cycle - Bitcoin has shown a remarkable price performance, reaching historical highs and attracting significant attention from institutional investors, who view it as a potential digital gold and reserve asset [77][89]. - The report discusses Bitcoin's halving mechanism, which historically leads to significant price increases approximately 18 months after each halving event, indicating a cyclical investment opportunity [89]. Tokenization of Real-World Assets (RWA) - The report highlights the growing trend of asset tokenization, with over $24 billion in various RWA assets currently held on-chain, indicating a strong demand for innovative financial products in emerging markets [35][40]. - Predictions suggest that the market for tokenized assets could reach $187 trillion by 2030, with significant portions of traditional assets being tokenized to enhance liquidity and transparency [36][40]. Stablecoin Developments - The report compares Hong Kong's stablecoin regulations with the U.S. GENIUS Act, noting that Hong Kong's framework supports multi-currency stablecoins while the U.S. focuses solely on dollar-pegged stablecoins [46][48]. - The increasing importance of stablecoins in facilitating cross-border payments and their potential to enhance the reserve currency status of local currencies are emphasized [56][49]. Digital Asset Industry Trends - The report outlines various applications of blockchain technology, including the development of stablecoins and the tokenization of traditional financial assets, indicating a shift towards integrating digital assets into mainstream finance [68][66]. - The ongoing exploration of use cases for digital assets, particularly in cross-border payments and supply chain financing, reflects the industry's innovative potential [68][66].

| 国际社会热点 нининининининии... 3 | | --- | | 美国总统特朗普宣布对韩国和日本征收 25%的关税. | | 特朗普签行政令延长对等关税宽限期至８月１日 | | 日本首相提出应对美关税三项措施 . | | 印尼签署五年协议 每年进口 100万吨美国小麦 . | | 人工智能 . | | 欧盟 AI 新规遭企业联盟围攻 近 50 家欧洲巨头公司要求推迟实施 | | 英国与新加坡深化数字金融合作,聚焦 AI 与资产代币化 | | 调查. 德国仅五分之一员工接受过人工智能使用培训 | | 上海促进软件和信息服务业高质量发展,加强入工智能应用撤励性政策 | | 凯捷宣布 33 亿美元收购 WNS | | 芯片 . | | 美国拟加强对马泰出口英伟达 AI 芯片限制 | | 韩国减少对日本芯片材料依赖,光刻胶进口依赖度从 93.2%降至 65. 4% | | 深圳出台 10 条举措促进半导体与集成申路产业高质量发展 ………………………… 10 | | 受美政策影响 台积电推迟日本工厂建设 . | | 受 AI 芯片销售疲软影响, 三星 Q2 利润预计重挫 39%. | | 汽车 . | ...

Market Overview - The A-share market experienced low volatility with major indices showing mixed results, where the Shanghai Composite Index fell by 0.21% and the Shenzhen Component Index decreased by 0.70% [2][3] - The total market turnover was 783.06 billion yuan, indicating a significant decrease compared to the previous day, with 2,925 stocks rising and 2,243 stocks falling [4] Sector Performance - The energy sector saw a collective rise, particularly in hydropower and thermal power stocks, with notable gains from companies like Huayin Power and Shaoneng Shares [12][13] - The stablecoin, cross-border payment, and digital currency sectors showed strong performance, with several stocks reaching their daily limit up [9][10] - Conversely, the CPO, CRO, and innovative pharmaceutical sectors experienced a pullback, while 6G and communication sectors faced declines [4][5] Hong Kong Market - The Hong Kong market also faced declines, with the Hang Seng Index dropping by 0.45% and the Hang Seng Tech Index falling by 0.15% [6][7] - Major players in the food delivery sector, such as Meituan and Alibaba, saw significant drops, with Meituan falling over 2% amid intensified competition in the food delivery market [16][17] Stablecoin and Cross-Border Payment Trends - The stablecoin market is rapidly expanding, with a projected transaction volume of $26.7 trillion in cross-border payments by 2024, and the market for Real World Assets (RWA) expected to reach $16 trillion by 2030 [11] - The upcoming implementation of the stablecoin regulations in Hong Kong is anticipated to boost the market, with at least nine institutions expressing interest in obtaining licenses [10][11] Energy Sector Insights - The National Energy Administration reported a record peak electricity load of 1.465 billion kilowatts, indicating a significant increase in demand due to high temperatures [13] - Analysts recommend focusing on hydropower and thermal power stocks that are expected to benefit from the ongoing construction of a unified electricity market [15] Food Delivery Competition - The ongoing "food delivery war" has led to aggressive marketing strategies, including substantial coupon distributions by major players, resulting in a surge in orders for Meituan [21] - Despite the short-term losses, analysts view these marketing expenditures as a long-term investment strategy that may enhance marketing efficiency in the future [21]

今年以来，市场的行情特征主要偏向主题投资，这与产业发展阶段密切相关。 产业的发展通常分为萌芽期、成长期和成熟期，分别对应主题投资范式、景气 投资范式和价值投资范式。当前主导产业 AI 的重要性不言而喻，其上游算力在 2023 年至 2024 年已经充分释放了景气度，而下游应用尚未系统性迎来景气 度投资。因此，在这种背景下，市场进入了偏向主题投资的范式。今年以来的 主要产业类主题包括人形机器人、可控核聚变、新消费以及稳定币等。 什么是主题投资？如何把握其机会？ 重磅电话会议：稳定币主题，如何把握？20250706 摘要 当前市场偏向主题投资，稳定币作为优质主题具备空间大、题材新、催 化剂多的特点，预计将持续受到关注，香港稳定币条例实施、海外加密 货币公司 IPO 等事件将成为催化剂。 稳定币投资逻辑可关注技术基础架构公司（区块链技术及发行支持）、 数字钱包及支付跨境结算公司，以及与稳定币逻辑相似的现实世界资产 代币化（RWA）公司。 金融 IT 与稳定币息息相关，类似于比特币行情及法定数字货币建设需求， 银行 IT 系统、非银机构 IT 系统及第三方支付业务值得关注，尤其是在 香港及海外有布局的公司。 金北方银 ...