Core Insights - Standard Chartered Bank's executive director highlighted four macro changes observed in international finance, including supply chain enhancements, global capital reallocation, increased risk aversion, and advancements in financial technology [1] Group 1: Macro Changes - Supply chains are accelerating and adjusting, leading to significant increases in regional trade and changes in trade and capital flows [1] - Global capital is being reallocated, with substantial potential for both overseas funds investing in Chinese assets and Chinese capital investing in overseas assets [1] - There is a notable increase in risk aversion, reflected in the demand for currency diversification and the need for the renminbi in transaction settlements and investment hedging [1] - Financial technology is creating new trade payment systems and operational models [1] Group 2: Financial Sector Role - Financial institutions are becoming key drivers of supply chain innovation and industrial upgrades, providing funding support to startups and technology projects through equity investments, venture capital, and green bonds [1]

Group 1 - The article discusses the development characteristics of global fixed income platforms over the past decade, emphasizing that the evolution of electronic trading platforms impacts liquidity discovery, trading behavior, and regulatory approaches in the fixed income market [1] - Electronic trading in the bond market has rapidly evolved since the late 1990s, becoming the mainstream trading method, with platforms transitioning from offline processes to self-structured online trading workflows [1] Group 2 - Over the past decade, electronic platforms have expanded their business scope, leading to the integration of various sub-markets to enhance liquidity and diversify investment products [2] - Major acquisitions include CME's purchase of NEX Group in 2018 and ICE's acquisition of TMC Bonds, which have transformed them into comprehensive trading service providers [2][3] - Data services have become a significant revenue source for trading platforms, with many focusing on index services that combine data and bond trading [3] Group 3 - The implementation of MiFID II has increased the demand for transaction reporting services, prompting platforms like Bloomberg and MarketAxess to expand their reporting capabilities through acquisitions [4] - The electronicization of the issuance market remains underdeveloped compared to the secondary market, indicating future growth potential for service providers [5] Group 4 - The trend in the fixed income market shows a contraction of single-dealer platforms and an expansion of multi-dealer platforms, with many single-dealer platforms closing down [6][7] - Multi-dealer platforms are favored due to their ability to provide liquidity from multiple sources, which is crucial for bond investors [7] Group 5 - Global trading platforms are increasingly attractive to investors, with emerging market bonds yielding higher returns than developed market counterparts, leading to a preference for platforms that offer a wide range of tradable assets [8][11] - The dominance of platforms like Bloomberg, MarketAxess, and Tradeweb among EMEA-based institutions highlights the trend towards global trading solutions [8][11] Group 6 - Control over data rights is critical for trading platforms' success, with comprehensive platforms like Bloomberg leveraging proprietary data to enhance their competitive edge [12][13] - The integration of multiple functionalities, such as communication tools and transaction cost analysis, makes platforms more appealing compared to those with limited capabilities [14] Group 7 - Trading platforms are increasingly focusing on technological advancements and geographic expansion, with significant investments in fintech and acquisitions to enhance their service offerings [19][20] - New entrants in the market are targeting niche areas, such as data sharing networks and user-friendly technology solutions, to meet the evolving demands of asset management firms [21][22][23] Group 8 - The article suggests that domestic trading platforms can learn from international trends by focusing on core asset classes to attract participants and enhance service offerings [25] - Emphasizing data rights and technological integration will be essential for platforms to remain competitive in a rapidly evolving market [27]

Group 1: Market Overview - The Federal Reserve has maintained interest rates between 4.25% and 4.5% for the fourth consecutive time since January, with potential rate cuts expected later this year, which is seen as a slight positive for global markets [3] - U.S. stock indices showed mixed reactions, with the Nasdaq slightly up while the Dow and S&P 500 experienced minor declines, impacting the sentiment of Chinese concept stocks, which mostly fell, including JD.com and iQIYI, both down over 2% [3] - Geopolitical tensions in the Middle East, particularly between Israel and Iran, have led to rising international oil prices, with WTI crude reaching $74.84 and Brent crude at $76.70, presenting opportunities for A-share oil and gas sectors [3] Group 2: Policy and Technical Analysis - The Lujiazui Forum has indicated favorable signals for financial technology and brokerage sectors through discussions on digital RMB cross-border payments and optimization of the Sci-Tech Innovation Board, although market reactions have been muted as investors await concrete policy implementations [3] - The Shanghai Composite Index is currently fluctuating between 3378 and 3403 points, with a critical level at 3393 points; a significant increase in trading volume could lead to a breakout above 3400 points [4] - Recent trading volume has been weak, with a net outflow of 3.8 billion from northbound funds and 22.45 billion from domestic institutional investors, indicating a cautious market sentiment [4] Group 3: Investment Strategy - The market is expected to continue in a volatile state on June 19, with a breakthrough above 3400 points reliant on both policy support and increased trading volume [5] - It is suggested to maintain a 30% position to capitalize on structural opportunities, focusing on technology and energy sectors, while adjusting positions based on the Federal Reserve's future decisions [5]

｜2025年6月19日 星期四｜ 免责声明：本内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 华西证券指出，整体来看，地缘冲突造成的情绪波动缓和后，市场再度回归震荡格局，向上有一定的兑 现压力，而向下有做多思维作为支撑。结合近期行情来看，市场已开始交易政策预期，体现在金融科 技、稳定币概念大涨，意味着相关品种的获利筹码可能存在兑现倾向。而证券、保险等非银品种小幅上 涨，若相关行业出现超预期利好政策，有望推动其走强。 NO.3中信建投：端侧AI爆发可期 国产高端产能亟需突破 中信建投研报称，年初DeepSeek发布R1，性能媲美OpenAI o1，并通过诸多优化手段实现了算力成本的 大幅降低，成本降低为推理应用突破提供了基础，AI在云侧、端侧的赋能开始显现。英伟达GB200、 CSP自研ASIC放量，GB300、HBM4商业化酝酿中，算力基础设施持续迭代。端侧AI应用商业化提速， AI手机、AI PC渗透率快速提升，智能车、机器人、可穿戴（XR、AI眼镜、耳机）、智能家居等正进 行AI化升级。AI快速迭代带来算力需求快速增长，先进制程、先进封装、先进存储需求高涨，相关厂 商 ...

华西证券：市场再度回归震荡格局，向上有一定兑现压力 金十数据6月19日讯，华西证券指出，整体来看，地缘冲突造成的情绪波动缓和后，市场再度回归震荡 格局，向上有一定的兑现压力，而向下有做多思维作为支撑。结合近期行情来看，市场已开始交易政策 预期，体现在金融科技、稳定币概念大涨，意味着相关品种的获利筹码可能存在兑现倾向。而证券、保 险等非银品种小幅上涨，若相关行业出现超预期利好政策，有望推动其走强。 ...

据港交所6月18日披露，北京宇信科技（300674）集团股份有限公司(简称：宇信科技(300674.SZ))向港 交所主板递交上市申请，华泰国际、法国巴黎银行为联席保荐人。 根据灼识谘询报告，按收入计算，公司于往绩记录期间连续三年在银行类金融科技解决方案市场的中国 上市公司中排名第一且市场份额居于首位。根据赛迪报告，公司于2023年在中国上市公司中于客户关系 管理解决方案市场排名第一，市场占有率为12.0%；公司于2023年在中国上市公司中于商业智能解决方 案市场排名第一，市场占有率约为10.0%。 根据赛迪报告，宇信科技于2023年在中国上市公司中于管理与监管类IT技术解决方案市场排名第一，市 场占有率为7.9%；公司于2023年在网络银行解决方案市场中排名第一，市场占有率为35.7%；公司于 2023年在互联网贷款解决方案市场中排名第一，市场占有率为21.7%；公司于2023年在信贷管理系统解 决方案市场中排名第一，市场占有率约为14.7%。。 业绩方面，于2022年度、2023年度、2024年度，宇信科技实现收入分别约为42.81亿元、51.99亿元、 39.54亿元人民币；同期，年内溢利分别约为2.5 ...

备忘录协议显示，这款代币将以储存在全球水库中、经过验证的饮用水为支撑，通过区块链技术实现资 产化，将使投资者、套期保值者、交易员和普通大众能够像交易商品一样买卖、持有和提取淡水。项目 启动后，机构、对冲基金、交易商和普通投资者都将能够在迪拜市场上将淡水作为商品进行买卖、持有 及交割。 【 导读】全球首个淡水数字资产代币将在阿联酋推出 见习记者 储是 当地时间6月17日，迪拜多种商品交易中心（DMCC）与全球水商品交易先驱AQUA-INDEX签署谅解备 忘录，双方推出全球首个直接由淡水资源支持的数字资产代币的倡议，将彻底改变全球范围内水资源的 交易、估值和管理方式。此举标志着迪拜将水资源纳入可交易商品体系，是将金融科技与水资源管理融 合的一次尝试。 全球首创淡水数字资产代币 根据合作框架，AQUA-INDEX将通过DMCC的全球业务网络、基础设施和商品交易平台，开展淡水资 产相关的交易与投资业务，为DMCC及其服务的企业提供相应的交易和对冲工具，DMCC自身不直接持 有或管理该代币。 金融科技与水资源管理融合的一次尝试 AQUA-INDEX董事长Yaacov Shirazi表示，通过将水资源分级、定价并引入金融 ...

Group 1 - The total scale of bond ETFs has exceeded 320 billion yuan, showing a significant increase of 84% compared to the beginning of the year [1] - The number of newly issued bond ETF products has reached 8, with a total scale of 21.8 billion yuan [1] - There are currently 10 bond ETFs with individual scales exceeding 10 billion yuan, indicating a trend towards index-based investment in the bond market [1] Group 2 - Bond ETFs are favored due to their low cost, high efficiency, and strong liquidity, meeting investors' needs for bond asset allocation [1] - Regulatory improvements in the bond market have created a favorable environment for the rapid development of bond ETFs [1] - Financial institutions are actively launching various themed bond ETFs to capture market share and enhance competitiveness [1] Group 3 - The development of financial technology, including big data and artificial intelligence, is expected to enhance investment efficiency and risk management in the bond market [2] - The innovation in financial products, such as convertible bonds and credit bonds, is enriching the investment options in the bond market [2] - The trend of index-based investment in the bond market is expected to continue, leading to a more robust bond market [2]

见习记者 储是 【 导读 】 全球首个淡水数字资产代币将 在 阿联酋推出 达成战略合作伙伴关系 AQUA-INDEX董事长Yaacov Shirazi表示，通过将水资源分级、定价并引入金融交易体系， 推动全球水资源管理方式转变，进而缓解淡水短缺、污染等问题。 本次合作是DMCC推动设立"水资源中心"（DMCC Water Centre）战略布局的一部分，旨 在将迪拜打造为一个集水资源技术创新、商品交易与政策协同于一体的国际平台。 DMCC表示，此举标志着迪拜将水资源纳入可交易商品体系，是将金融科技与水资源管理融 合的一次尝试。新推出的代币有望提升全球水资源的流动性、透明度和配置效率。 DMCC曾来中国 DMCC成立于2002年，是迪拜政府设立的自由贸易区，旨在推动迪拜成为中东及全球的商品 贸易和企业发展枢纽。园区集聚黄金、钻石、金属、农产品等多类商品相关企业，现已成为 迪拜吸引外资的重要平台和商业集群之一。 当地时间 6 月 17 日，迪拜 多 种 商品交易中 心 （ DMCC ） 与全球水商品交易先驱 AQUA-INDEX签署谅解备忘录 ，双方 推出全球首个直接由淡水资源支持的数字资产代币的 倡议，将彻底改 ...

Core Viewpoint - Shanghai is accelerating its transformation into a globally influential international financial center, focusing on areas such as RMB internationalization, cross-border capital flows, and financial technology innovation [1] Group 1: Policy Initiatives - Eight policy measures will be implemented in Shanghai, including the establishment of an interbank market trading report database and a digital RMB international operation center [1][2] - The establishment of a personal credit agency aims to enhance the social credit system and provide diversified credit products for financial institutions [3][4] - The development of offshore trade finance services in the Lingang New Area will support Shanghai's offshore trade [5][6] Group 2: Financial Infrastructure and Risk Management - The interbank market trading report database will serve as a crucial financial infrastructure, improving data transparency and risk monitoring [2] - The digital RMB international operation center is expected to enhance the RMB's status in the international monetary system and facilitate cross-border trade [3] - The establishment of personal credit agencies will contribute to the high-quality development of inclusive finance [4] Group 3: Economic Support and Innovation - The policies are designed to support the real economy, enhance financial resource allocation, and promote financial innovation [1][2] - The introduction of structural monetary policy tools aims to deepen financial reforms and increase market competitiveness [6][7] - The promotion of offshore bonds and the optimization of free trade account functions will broaden financing channels for enterprises [5][6] Group 4: Currency and Risk Management Tools - The research and promotion of RMB foreign exchange futures will help financial institutions and foreign trade enterprises manage exchange rate risks [7][8] - The structural monetary policy tools will provide targeted support to key sectors, avoiding systemic risks associated with traditional monetary expansion [7]