Core Insights - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou, focusing on the theme "New Pattern, New Path" and gathering global elites from politics, business, and academia to explore development opportunities amidst changing circumstances [1] Group 1: Digital Currency and Stablecoins - Hong Kong University Vice President Wang Yang delivered a keynote speech on the impact of the recently passed "Genius Act" on the stablecoin landscape [3] - The act has sparked global interest in stablecoins, driven by curiosity about their potential and concerns about missing opportunities if the U.S. aggressively promotes them [3] - Wang Yang identified two core strategic intentions behind the U.S. push for stablecoins: 1. To create a new demand market for the massive national debt, which has surpassed $31 trillion and is expected to reach $34 trillion within the year, thereby alleviating debt pressure through stablecoin issuance [3] 2. To establish a "Dollar Hegemony 2.0" by legalizing and strictly regulating dollar-backed stablecoins, which currently dominate over 99% of the on-chain stablecoin market, reinforcing the dollar's global dominance [3]

凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局·新路径"为主题，汇聚全球政商学界精 英，共同洞察变局脉络、探寻发展新机。 "例如，在星巴克购买一杯咖啡，你无法直接用稳定币支付。"汪扬解释道，"即便通过某些支持泰达币（USDT）的信用卡，其背后流程也是先将稳定币兑换 成美元等法定货币，再完成交易。这意味着，稳定币至今仍需依赖法币作为流通中介。" 然而，汪扬认为，一个关键的"拐点"已经出现。美国"天才法案"的通过，不仅让稳定币获得全球前所未有的关注，更让许多人开始相信，稳定币有望成为未 来的主流支付手段，完全无需法币作为中介。这就像在拉斯维加斯赌场里人们可以直接用筹码购物，无需事先兑换成美元。而在这个前提下，汪扬提出了一 个"合成美元稳定币"的战略性概念。他指出，后续有些美元的稳定币很可能是美联储和美国政府监管不了的。 他举例说："中国完全可以利用自身持有的美 债等资产，发行一种与美元并无直接关联的'合成美元稳定币'。同理，其它国家和机构也可以发行锚定黄金或石油的稳定币。这些创新性的稳定币，本质上 不受美元体系的监管与限制，这构成了一个至关重要的 ...

Core Insights - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou, focusing on the theme "New Pattern, New Path" to explore development opportunities amidst changing circumstances [1] Group 1: Digital Asset Regulation in Hong Kong - The Hong Kong digital asset industry has been under regulatory development since 2018, with 3 licensed virtual asset exchanges currently operating and 8 more awaiting licenses [3] - The three key focuses for the Hong Kong market by 2025 are expected to be stablecoins, Real World Asset (RWA) tokenization, and the implementation of OTC (over-the-counter) virtual asset trading and custody licenses [3] - Hong Kong's approach to digital assets is characterized as "Web 3.0," emphasizing "de-intermediation" rather than the commonly referenced "Web3," which focuses on decentralization [3] Group 2: Stablecoin Regulations - The recently introduced Stablecoin Regulation in Hong Kong was legislated within a year after consultation, highlighting the rapid regulatory pace [4] - Key requirements of the regulation include that issuers must hold 100% or more of high-quality, liquid assets as reserves, which must be pegged to the same fiat currency as the stablecoin [4] - Independent audits are mandated for issuers, and users must be able to redeem their stablecoins within one day, ensuring stability and reliability as a payment tool rather than as an investment tool [4] Group 3: Financial Sovereignty Implications - The development of stablecoins is expected to impact core aspects of financial sovereignty, including currency sovereignty, payment sovereignty, digital sovereignty, and regulatory sovereignty [5]

Core Insights - The global cross-border e-commerce market is continuously expanding, with a steady increase in the share of goods trade, and China remains a dominant player in the global cross-border e-commerce landscape, reinforcing an export-oriented structure [1][11][17]. Group 1: Global Cross-Border Trade Market Data - From 2020 to 2024, global import and export trade is expected to achieve an average annual compound growth rate of approximately 8%, driven by service trade, which is becoming the core force behind global trade expansion [2][7]. - The World Trade Organization (WTO) has adjusted its forecast for global merchandise trade growth from +2.7% to -0.2% for 2025, indicating rising systemic risks in global trade [2]. Group 2: China's Cross-Border Trade Market Scale - China's goods and services import and export trade is projected to grow at an average annual compound growth rate of about 8% from 2020 to 2024, maintaining a stable global trade share of around 11% [7]. - The diversification of China's export markets is evident, with significant growth in Asia, Europe, and North America, despite ongoing trade tensions with the U.S. [7]. Group 3: Global Cross-Border E-Commerce Market Data - The global cross-border e-commerce market is expected to grow at a compound annual growth rate of 17% from 2020 to 2024, driven by consumer demand for diverse products and the digital transformation of traditional trade [11][17]. - Social e-commerce is rapidly rising, with content-driven marketing and short video sales models reshaping user acquisition and decision-making processes [11]. Group 4: Global Cross-Border Payment Market Size and Forecast - The global cross-border payment market is projected to grow from approximately $141.1 trillion to nearly $194.6 trillion between 2020 and 2024, with personal cross-border payments experiencing a growth rate exceeding 30% [26]. - The shift towards consumer-centric payment solutions is expected to drive the evolution of the cross-border payment industry into a more diversified ecosystem [26]. Group 5: Cross-Border Third-Party Payment Service Value - Cross-border third-party payment service providers are increasingly recognized for their value in enhancing operational efficiency, transaction speed, and currency support, particularly for high-frequency transactions in cross-border e-commerce [28][29]. - The market for cross-border third-party payment services is anticipated to grow significantly, reaching over $1 trillion by 2029, driven by the diversification of trade participants and the expansion of digital transaction scenarios [33]. Group 6: Competitive Landscape of Cross-Border Payment Services - The cross-border third-party payment service market is showing a trend of increasing concentration, with leading firms leveraging technology and scale to enhance payment efficiency and security [38]. - The competitive advantages of top-tier service providers are being reinforced through a deep understanding of the cross-border e-commerce ecosystem and localized operational experience [38]. Group 7: Emerging Market Opportunities - The expansion of China's cross-border e-commerce into emerging markets such as Southeast Asia, Latin America, and Africa presents both opportunities and challenges, necessitating enhanced local payment capabilities from service providers [47][49]. - Key countries to focus on in emerging markets include Singapore, Indonesia, Thailand, Brazil, Mexico, Saudi Arabia, UAE, Nigeria, and South Africa [49].

香港金管局最新提醒。 9月24日，香港金融管理局（以下简称"香港金管局"）发布提醒称， 社交媒体最近流传，全球首个与离岸人民币挂钩的稳定币已经在香港发行。 请留意，相关消息为假新闻。 香港金管局表示，《稳定币条例》于2025年8月1日正式生效，任何人在业务过程中于香港发行法币稳定币，或向香港公众积极推广其发行活动， 均需要获得金管局发出的稳定币发行人牌照。 目前金管局尚未发出任何稳定币发行人牌照。因此，任何人进行稳定币发行或宣传推广行为，均属 违法。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 利好！八部门，重磅部署！ 丨 6000亿 元！央行，明日操作！ 丨 尾盘异动！002475，冲击涨停 丨 大涨！阿里大消息：联手英伟达！ 丨 半导体，集体爆发！科创50指数，表现亮 眼！ 丨 阿里巴巴，盘中重大宣布！股价拉升！ 丨 深夜！中概股大跌！美联储，大消息！ 丨 15连板！605255，停牌核查！ 丨 "9.24"一周年！ A股十大变化，一图看懂→ 丨 刚刚！ ...

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9月24日，香港金融管理局发布通知强调，当前没有离岸人民币稳定币在香港发行。 "请注意，目前金管局尚未发出任何稳定币发行人牌照。因此，任何人进行稳定币发行或宣传推广行为，均属违法。如果有人向你宣传推广稳定币，请必 须保持警惕。"香港金管局表示，会监察市面上涉及稳定币交易的情况，若发现有涉嫌违反《稳定币条例》的行为，会根据相关事实和证据，考虑采取进 一步跟进行动。 香港金融管理局表示，社交媒体最近流传，全球首个与离岸人民币挂钩的稳定币已经在香港发行。相关消息为假新闻！ 香港金管局同时称，公众可密切留意金管局的正式公告，核实有关稳定币发行人的牌照状况。金管局也会于网站持续更新持牌发行人名单。 香港金管局提醒，《稳定币条例》于2025年8月1日正式生效，任何人在业务过程中于香港发行法币稳定币，或积极向香港公众积极推广其发行活动，均需 要获得金管局发出的稳定币发行人牌照。 | 持牌人名称及主要营业地点的地址 | 电子邮箱地 | 牌照编号 | 生效日期 | | --- | --- | --- | --- | | (按笔划及英文字母排序) 址 | | | (日/月/年) | | 现时尚未有持牌的稳定币发行人,此列表将会适 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has issued a warning regarding false news circulating on social media about the issuance of the world's first offshore renminbi-linked stablecoin in Hong Kong, urging the public to be cautious and not to trust misleading information [1]. Group 1 - The HKMA emphasized that the Stablecoin Regulation will officially take effect on August 1, 2025, and any entity issuing fiat stablecoins or actively promoting stablecoin issuance to the public in Hong Kong must obtain a stablecoin issuer license from the HKMA [1]. - Currently, the HKMA has not issued any stablecoin issuer licenses, making any related issuance or promotional activities illegal [1]. - The HKMA will continue to monitor the market for stablecoin trading activities and will consider further actions if any violations of the Stablecoin Regulation are detected [1]. Group 2 - The HKMA encourages the public to closely monitor its official announcements and verify the licensing status of stablecoin issuers through the HKMA's official website to avoid losses due to false information [1].

9月24日，香港金融管理局发布重要提示，明确指出近期社交媒体流传的"全球首个与离岸人民币挂钩的稳定币已在香港发行"消息为假新闻，提醒公众提高 警惕，切勿轻信不实信息。 金管局强调，《稳定币条例》于2025年8月1日正式生效，任何在香港发行法币稳定币或向香港公众积极推广稳定币发行活动的主体，均需获得金管局发出的 稳定币发行人牌照。而截至目前，金管局尚未发出任何稳定币发行人牌照，因此任何相关发行或宣传推广行为均属违法。 金管局表示，将持续监察市面上涉及稳定币交易的情况，若发现涉嫌违反《稳定币条例》的行为，会根据事实和证据考虑采取进一步跟进行动。同时，金管 局呼吁公众密切留意其正式公告，通过金管局官方网站持续核实稳定币发行人的牌照状况，避免因不实信息遭受损失。 | 持牌人名称及主要营业地 | 电子 | 開原 | 生家 | | --- | --- | --- | --- | | 点的地址 | 邮箱 | 编号 | 日東 | | (按笔划及英文字母排序) | 地址 | | (日) | | | | | 月/ | | | | | 年) | （文章来源：第一财经） ...

转自：新华财经 新华财经香港9月24日电（记者林迎楠）24日，港股主要指数低开高走，截至收盘，恒生指数上涨 1.37%至26518.65点，恒生科技指数上涨2.53%至6323.15点，国企指数上涨1.64%至9442.99点。 当日恒指低开85.43点，开盘后一路震荡向上，最终恒指涨359.53点，主板成交超2887亿港元。当日，港 股通（南向）净流入超过137亿港元。 整体来看，多数板块涨跌互现，科网、芯片、风电、稳定币概念等股多有上涨，房地产、银行、保险、 券商、创新药、港口运输等股有涨有跌，生物医药、黄金、有色金属、燃气等股多有下跌。 成交额前三的个股中，阿里巴巴涨9.16%，成交超440亿港元；腾讯控股涨2.05%，成交超118亿港元； 中芯国际涨5.72%，成交超114亿港元。 编辑：罗浩 个股方面，蓝思科技涨6.38%，巨子生物跌11.96%，大众公用跌12.50%，TCL电子涨6.87%，中国光大 控股涨8.90%，中国重汽涨7.03%，中创智领涨5.05%，极兔速递涨3.48%，快手涨3.78%，蔚来涨 3.16%，小鹏汽车跌0.72%，中国中药涨16.28%，国泰君安国际跌5.76%，商汤 ...