数字货币概念股午后进一步拉升，信安世纪、科创信息（300730）20cm涨停，拉卡拉（300773）、长 亮科技（300348）、新晨科技（300542）涨超10%，楚天龙（003040）、格尔软件（603232）、京北方 （002987）多股涨停。香港特区政府今日（26日）发表《香港数字资产发展政策宣言2.0》，重申特区 政府致力将香港打造成数字资产领域中的全球创新中心。 暗盘资金正涌入这些股票，点击速看>>> ...

Group 1: ETF Performance and Market Trends - The Xinchang ETF (562030) experienced a rapid increase, rising by 1.45% on June 26, marking a four-day consecutive gain [1] - Key constituent stocks such as Geer Software and Hengsheng Electronics saw significant gains, with Geer Software hitting the daily limit and Hengsheng Electronics rising over 6% [1] - The ETF's trading volume reached 290,900 hands, with a total transaction value of approximately 28.26 million CNY [2] Group 2: Industry Insights and Developments - The digital currency and cross-border payment sectors require robust support from data, cloud computing, and software service providers, as traditional brokers or banks cannot complete the closed loop alone [3] - The demand for AI model training and inference is growing, with a shift towards larger cluster infrastructures, indicating potential for domestic GPU chip companies to catch up with overseas products [3] - The "golden triangle" of the Xinchang industry is formed by policy support, AI empowerment, and the urgent need for domestic alternatives, with significant growth in orders from the financial and government sectors [3][5] Group 3: Investment Logic in Xinchang Industry - The Xinchang ETF covers core segments of the Xinchang industry chain, including hardware, software, application software, information security, and external devices, showcasing high growth and elasticity [5] - The urgency for self-sufficiency in the Xinchang field is driven by geopolitical tensions and the need for national, information, and industrial security [5] - The macroeconomic environment is expected to improve government procurement in the Xinchang sector, while domestic manufacturers are achieving breakthroughs in new technologies [5] Group 4: Data Security and Technological Independence - The big data industry ETF (516700) focuses on data centers, cloud computing, and big data processing, with leading stocks including Zhongke Shuguang and Keda Xunfei [6] - The call for "technology to take the lead" from higher authorities is expected to drive new productivity directions [6] - The acceleration of the domestic replacement process is anticipated as part of the digital China initiative, with a broad outlook for technological self-reliance [6]

Core Viewpoint - The article discusses the restructuring of the global financial and monetary order, emphasizing the challenges faced by the US dollar and the potential for rebalancing in dollar assets due to ongoing trade policies and the emergence of stablecoins [1][3]. Group 1: Dollar and Stablecoins - The essence of dollar stablecoins reflects the US government's effort to re-centralize emerging cryptocurrencies while tacitly allowing the decentralization of traditional dollars [3][5]. - Dollar credit is under pressure, and the stability of dollar stablecoins is uncertain, leading to a strategic outlook favoring decentralized digital currencies like Bitcoin and diversified stablecoins [6]. Group 2: Renminbi Internationalization - Future directions for the internationalization of the Renminbi include trade settlement, currency swap liquidity, offshore bond financing, and the development of offshore financial markets, particularly in Hong Kong, which is positioned as the largest offshore Renminbi market [8][9]. Group 3: Strategic Asset Allocation - The article highlights the importance of re-evaluating non-dollar assets, gold, and Bitcoin as alternative investment opportunities during periods of dollar depreciation [10]. - Tactical asset allocation for the next 3-6 months suggests a standard allocation to equities, underweighting oil and US Treasuries, while overweighting gold; for the next 6-12 months, global equities and risk assets like copper may present trend opportunities [10].

近年来，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，也对各国金融监管工 作提出巨大挑战。今年以来，美国和中国香港陆续推出稳定币相关规则，引发社会各界对稳定币发展 与监管的广泛关注。 在世界经济论坛第十六届新领军者年会（以下简称"2025夏季达沃斯论坛"）期间，世界经济论坛金融服 务技术与创新主管德鲁・普罗普森（Drew Propson）接受证券时报记者专访时表示，尽管当下关于数字 货币和区块链技术对全球经济影响的讨论难以得出确切结论，但来自加密货币尤其是稳定币对各国金融体 系的影响不容忽视，各国需要将稳定币风险作为金融安全防范的首位。 证券时报记者：您认为当前全球金融创新的主要趋势是什么？哪些领域或技术正在引领金融创新的方向？ 德鲁・普罗普森： 这听起来像是老生常谈，但我认为金融创新的最大趋势以及真正引领潮流的技术就是 人工智能（AI），AI处于所有不同利益相关者关注的最前沿，已获得大量技术投资。 过去一年，金融行业在AI方面的投入超过了其他行业，在全球范围内投入大约450亿美元，并且这一数字 预计以每年30%的速度迅速增长。所以，我认为AI将是未来金融创新的最大驱动力。 证券时报记者：金融 ...

Important Market News - The Federal Reserve proposed reforms to relax key capital rules for major banks, reducing the capital requirement for holding companies from 5% to a range of 3.5% to 4.5%, and for bank subsidiaries from 6% to the same range [1] - The U.S. stock market showed mixed results, with the Nasdaq up 0.31%, the S&P 500 flat, and the Dow down 0.25%. Nvidia's stock rose over 4%, reaching a market cap of $3.77 trillion, making it the highest valued company globally [1] - International gold prices increased, with spot gold rising 0.28% to $3332.10 per ounce, and COMEX gold futures up 0.37% to $3346.40 per ounce [2] Industry Insights - Shenzhen's Commerce Bureau issued measures to promote high-quality service consumption, including easing restrictions on service trade and encouraging the use of digital currency in consumption [3] - The storage market is experiencing a surge, particularly in DDR4 memory prices, driven by reduced production and increased demand from AI devices. Price increases are expected to continue into the second half of 2025 [4] - The National Medical Products Administration is seeking public opinion on standards for non-invasive medical devices using brain-computer interface technology, indicating a growing focus on this innovative field [5][6] Stock Movements - Heatgen Bio announced that a shareholder plans to reduce their stake by up to 180,000 shares, representing 1.94% of the total share capital [7] - Tianyu Co. disclosed that a major shareholder intends to reduce their holdings by up to 10.44 million shares, not exceeding 3% of the total share capital [7] - Yuxing Co. reported a plan by a significant shareholder to reduce their stake by up to 375,000 shares, accounting for 1% of the total share capital [7]

Core Viewpoint - The rise of blockchain and distributed ledger technologies has significantly impacted the development of central bank digital currencies (CBDCs) and stablecoins, posing challenges for financial regulation globally [1][4] Group 1: Financial Innovation Trends - Artificial Intelligence (AI) is identified as the leading trend in financial innovation, with the financial sector investing approximately $45 billion in AI over the past year, expected to grow at a rate of 30% annually [2][6] - China's fintech, particularly in digital payment technologies, is recognized as highly advanced, with widespread adoption of mobile payment methods like Alipay and WeChat Pay [3][4] Group 2: Impact of Digital Currencies and Blockchain - The influence of digital currencies and blockchain on the global economy is still under exploration, with traditional financial institutions increasingly participating in digital payment and currency sectors [3][4] - Regulatory environments play a crucial role in shaping the impact of digital currencies and blockchain technologies, necessitating close monitoring of regulatory developments [3][4] Group 3: Stablecoins and Sovereign Currency - The risks posed by stablecoins are acknowledged, with a call for jurisdictions to remain vigilant regarding their development and impact on sovereign currencies [4][5] - The choice of residents to use stablecoins over sovereign currencies depends on the trustworthiness and cost-effectiveness of the available options [5] Group 4: Regulatory Framework for Digital Currencies - Establishing a global regulatory framework for digital currencies is suggested, with references to the Financial Action Task Force (FATF) guidelines to combat money laundering and financial fraud [5][6] - Enhanced cooperation among countries is essential to address the risks associated with the development of digital currencies [6] Group 5: AI Applications in Finance - AI is being utilized to streamline operations and reduce costs in financial institutions, with applications in fraud detection and customer service customization [6] - The regulatory approach to AI varies across regions, reflecting different priorities between fostering innovation and managing financial risks [6]

Core Insights - The rise of blockchain and distributed ledger technologies has led to the rapid development of central bank digital currencies (CBDCs) and stablecoins, posing significant challenges for financial regulation globally [1][2] - The World Economic Forum's Drew Propson emphasized that while the impact of digital currencies and blockchain on the global economy is still uncertain, the influence of stablecoins on financial systems cannot be overlooked, necessitating prioritization of stablecoin risks in financial security measures [1][2] Financial Innovation Trends - Artificial Intelligence (AI) is identified as the leading trend in financial innovation, with the financial sector investing approximately $45 billion in AI over the past year, expected to grow at an annual rate of 30% [1][2] - China's digital payment technology is highlighted as a strong area of fintech development, with widespread adoption of mobile payment methods like Alipay and WeChat Pay [2] Digital Currency and Blockchain Impact - The discussion on the impact of digital currencies and blockchain on the global economy is still in its early stages, with ongoing experimentation and exploration in this field [2][3] - Regulatory environments play a crucial role in shaping the future of digital currencies and blockchain technology, with a need for close monitoring of regulatory dynamics [2][3] Stablecoins and Sovereign Currency - The risks posed by stablecoins are acknowledged, particularly in emerging economies where residents may prefer stablecoins over local currencies [3][4] - The response of countries to the rise of stablecoins will significantly influence their development, including how well sovereign currencies meet consumer needs [4] Regulatory Framework for Digital Currencies - Establishing a global regulatory framework for digital currencies is suggested, with references to the Financial Action Task Force (FATF) guidelines to combat money laundering and terrorism financing [4] - Countries are encouraged to enhance cooperation and learn from those with established digital currency regulatory environments [4] AI in Financial Services - AI is seen as having broad application potential in the financial sector, with many institutions achieving immediate benefits through operational simplification and cost reduction [5] - The regulatory approach to AI varies across regions, with some aiming to foster innovation while others prioritize risk management [5]

Core Viewpoint - The Federal Reserve Chairman Jerome Powell announced the intention to review and potentially withdraw previously issued guidance on cryptocurrencies [1] Group 1 - The decision to reassess the guidance indicates a shift in regulatory approach towards digital currencies [1] - This move may reflect growing concerns about the implications of cryptocurrencies on financial stability and consumer protection [1] - The review process could lead to new regulations or frameworks that better address the evolving landscape of digital assets [1]

但是美股coinbase和robinhood开始涨，有点走交易所逻辑了。 从那天 参议院通过稳定币法案，看到一堆零售商 亚马逊等去申请加入，就看得出 以后要拼渠道了。交 易所是个好渠道。 下午都问来问去。还是在稳定币 数字货币这条链条上再 发新芽。 今天是国君国际，这玩意香港比较好申请的，不仅仅是券商可以申请，其它主体都可以去申请。 现有的零售支付终端价值也会体现的，他们隐含了终端递推的能力在里面。 反正我一直觉得是个大主线。 ...

今天，"牛市旗手"券商股大涨，刺激股市走强。 截至收盘，上证指数上涨1.03%，创下年内新高；深证成指、创业板指数分别上涨1.72%、3.11%。 沪深两市成交额超过1.6万亿元，较昨日放量1882亿元。整个市场有3919只个股上涨，1284只个股下 跌，个股涨跌幅的中位数为0.6%。 "牛市旗手"券商股及金融科技板块的拉升，是今天市场最大的亮点。 有不少人认为，牛市主升浪来了。不过，达哥觉得，有几个疑问待解答。 首先是上证指数的表现。今天上证指数仅上涨1.03%，低于2%。这么低的涨幅，在牛市主升浪启动时的 历史案例中是比较少见的。 其次是证券板块指数的表现。从历史来看，大盘每一轮主升浪的到来，证券板块指数的均线都密集交织 在一起，且均线的间距比较小，比如2024年9月24日主升浪启动前夕、2014年7月24日主升浪启动前夕 等。当前，证券板块指数的多根均线虽然也是交织在一起，但间距略微偏大。 未来几天，上证指数有望向去年11-12月的3494点、3509点靠近。操作上，依然是轻指数，重板块个 股。 再次是个股的表现。今天有1284只个股下跌，占比23.72%，略微偏大。此外，个股涨跌幅的中位数为 上涨0. ...