Core Viewpoint - The discussion around stablecoins has cooled down, and further measures are needed to prevent market overheating and speculation [1][3][4] Group 1: Market Sentiment and Regulation - The Hong Kong Monetary Authority (HKMA) emphasizes the need for rationality among investors and warns against excessive hype surrounding stablecoins, which could lead to market bubbles [3][4] - The HKMA's president, Yu Weiwen, has previously expressed concerns about the over-excitement in the market and the necessity of a balanced regulatory approach [3][4][9] - The International Bank for Settlements (BIS) has also highlighted the uncertainty regarding the role of stablecoins in future monetary systems, indicating that they have not yet met the necessary criteria to be considered foundational to the monetary system [4][8] Group 2: Market Dynamics and Company Responses - Several companies have seen significant stock price increases due to announcements related to stablecoin initiatives, such as Prostar Energy's investment in HashKey Holdings, which resulted in a 141.38% stock price increase [5][6] - Companies are increasingly interested in applying for stablecoin licenses, but many proposals remain at the conceptual stage without practical applications or risk management capabilities [5][6][9] Group 3: Challenges and Future Outlook - Stablecoins face several challenges, including reliance on high-quality reserve assets, potential for bank runs, and the need for improved security and regulatory frameworks [7][8] - The lack of a unified global regulatory framework for stablecoins poses risks, including regulatory arbitrage and potential threats to macro-financial stability [8][9] - Analysts suggest that the maturation of stablecoins will take time, with a critical window for development expected between 2025 and 2030, during which practical applications and regulatory frameworks will evolve [8][9]

7月，美国总统特朗普签署《指导与建立美国稳定币国家创新法案》(简称《天才法案》)，正式将稳定 币纳入监管，近期市场对于稳定币的关注热度很高。 稳定币是一种与法定货币或资产挂钩的加密货币，基于区块链、分布式账本技术支持点对点、支付即结 算的交易，从底层重塑了传统支付体系，大幅缩短跨境支付链条，改善跨境支付体验。 不过，稳定币在未来货币体系中将扮演何种角色仍然有待观察。根据国际清算银行的报告，稳定币在单 一性、弹性、完整性三个关键测试中，均未达到国际货币体系支柱的要求，报告称稳定币的未来角色尚 不明朗，充其量只能扮演辅助角色。 值得注意的是，美国通过《天才法案》把稳定币纳入监管，实质是限制了央行发行数字货币，鼓励和规 范私人发行数字货币，中国则选择了央行数字货币发行的渠道，路径选择不同。 中国一直是拥抱新兴支付技术、支付工具的先行者，很早就开始推动央行数字货币。央行数字货币项目 也是基于区块链/分布式账本技术，采取区块链点对点交易模式，简化跨境支付环节，保证交易安全性 和可追溯性。中国实际是以最小摩擦成本实现了新兴支付技术与现有监管规则的对接。 目前，数字人民币已扩展至17个省市的26个试点地区，截至2024年7 ...

Core Viewpoint - Recently, Jingwei TianDi announced its entry into the cryptocurrency payment sector by launching the stablecoin platform "Fopay," which led to an 18% surge in the company's stock price. This move reflects the strategic ambitions of Zhejiang businessman Qian Fenglei, who is building a Web3 ecosystem and has become the largest shareholder of Jingwei TianDi [1][2][3]. Group 1: Company Developments - On July 21, Jingwei TianDi officially announced its entry into the cryptocurrency payment market and launched the mobile payment application "Fopay," which is based on stablecoin concepts and aims to provide a one-stop payment platform [2][4]. - The company has partnered with several licensed institutions to offer stablecoin custody and prepaid card payment services through "Fopay," which is expected to create more business opportunities for the company and its shareholders [4][5]. - Since its listing in January 2024, Jingwei TianDi's stock price has increased over fourfold, closing at 9.07 HKD per share with a market capitalization of 8.74 billion HKD [5][6]. Group 2: Strategic Investments - Qian Fenglei's investment firm, Hengfeng International, completed a $100 million financing round last year to build the Web3 ecosystem FO.COM, which includes the stablecoin payment platform "Fopay" as a key component [3][11]. - Qian Fenglei has invested over 1 billion HKD in Jingwei TianDi, increasing his shareholding to 29.9%, making him the largest shareholder [3][6]. - The strategic acquisition of shares in Jingwei TianDi aligns with Qian Fenglei's broader goal of establishing a Web3 ecosystem, indicating a significant shift in the company's business direction [6][7]. Group 3: Market Context - The stablecoin market is experiencing heightened interest, particularly following the successful IPO of Circle, which saw a nearly 170% increase on its first day of trading [13]. - The competition for stablecoin licenses is intensifying, with several companies, including Ant Group and JD.com, actively seeking to enter the market as regulations evolve [15][16]. - The upcoming implementation of Hong Kong's stablecoin regulations is expected to further fuel competition, as only a limited number of licenses will be issued, creating a "supply-demand" imbalance [15][17].

Core Viewpoint - The company is expected to achieve a significant net profit growth of 870% year-on-year in 1H25, reaching 540 million RMB, driven by improvements in underwriting profitability and strong growth in health and auto insurance premiums [1][2]. Group 1: Insurance Business Performance - Total premium income for the company in 1H25 is projected to increase by 9% year-on-year, with health insurance expected to grow by over 40%, primarily due to the popularity of the Zhongminbao series products [1]. - The auto insurance segment is anticipated to see a growth of over 30% year-on-year, supported by the introduction of new compulsory insurance products and proactive development efforts by the company [1]. - The consumer finance segment is expected to grow by 17% year-on-year, aligning with industry recovery trends, while the digital life segment may decline by 16% due to adjustments in certain products [1]. Group 2: Profitability and Investment Outlook - The company’s combined cost ratio (CoR) is expected to improve by 1.0 percentage point to 96.9% in 1H25, leading to an estimated underwriting profit exceeding 500 million RMB [1]. - The technology and virtual banking sectors are projected to continue reducing losses in 1H25, with an overall profitability expected for the year [2]. - The company has received permission to provide reserve banking services for stablecoin issuers, which may lead to various revenue opportunities through partnerships with digital asset exchanges [2]. Group 3: Valuation and Market Sentiment - The company is currently trading at a price-to-book (P/B) ratio of 1.3x, with a target price increase of 31% to 21 HKD, reflecting a potential upside of 14.13% based on a revised P/B of 1.5x for 2025 [2]. - The overall sentiment in the Hong Kong stock market is expected to improve, which may support the company's valuation recovery [2].

币界网7月24日讯，市场数据异动，区块链资产普遍回调：艾达币(ADA)日内下跌10.25%至0.8002美 元，市值缩水至287.9亿美元；XRP同步下行10.66%，较月内高点回落13.1%；比特币与以太坊分别下跌 1.53%和4.01%，报117,805美元与3,552美元。此番波动正值特朗普签署《天才法案》第五日，该法案赋 予传统金融机构发行稳定币的权限。Tether CEO Paolo Ardoino宣布加速建设美国机构支付通道，并出席 白宫签署仪式。 监管框架深度优化。SEC推进ETF机制改革：要求ARK 21Shares、富达等5家发行方将比特币/以太坊 ETF的结算模式，从现金赎回转向实物交割。彭博分析师James Seyffart指出：此举使加密ETF与黄金 ETF达成监管对齐，预计减少40%的运营摩擦成本。链上数据印证变革：Tron网络月均手续费升至1.29 美元创历史记录，首次超越以太坊；BNB突破804美元创新高，背后是币安比特币储备未实现利润达 60,000 BTC的财务支撑。 币界网报道，传统资本链上迁移：标普成分股持币破局与机构级链上基建崛起。支付巨头Block（原 Square） ...

本文转载自21世纪经济报道 值班 编辑｜ 宝珠 视觉 | 顾芗 王健林，再次甩卖资产，这次是互联网金融领域的快钱金融。 7月22日，中国儒意（00136.HK）公告称，公司的间接全资附属公司上海儒意星辰企业管理有限公司、 上海万达网络金融服务有限公司及快钱金融服务（上海）有限公司订立股权转让协议。 根据公告显示，上海儒意星辰企业管理有限公司（买方）、万达金融（卖方）及快钱金融已订立股权转 让协议。买方有条件同意受让而卖方有条件同意转让目标公司30%股权，现金代价为2.4亿元，分三期支 付。按此估算，快钱金融估值约8亿元。 交易完成后，中国儒意将成为快钱金融单一最大股东，但快钱并不会成为中国儒意的附属公司。 天眼查显示，快钱金融服务（上海）有限公司的大股东为上海万达网络金融服务有限公司，隶属于大连 万达集团。 快钱金融服务（上海）有限公司实控人为王健林，持股比例约27%。 快钱的价值与风险 据深圳商报报道，博通咨询金融行业资深分析师王蓬博指出，快钱的核心价值不仅在于全牌照资质，更 在于近几年来支付全牌照展现的稀缺性与政策窗口期。近年来支付行业监管趋严，儒意此时收购，既以 较低成本获取全国性支付资质，又能够卡位数 ...

2025 年 7 月 24 日 行业研究/行业周报 非银行金融行业近一年市场表现 资料来源：最闻 相关报告： 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 风险提示 【山证非银行金融】科创板改革配套规 则发布，券商上半年业绩预喜-行业周报 （20250707-20250713）： 2025.7.16 【山证非银行金融】程序化交易细则实 施 ， 行 业 多 项 排 名 出 台 - 行 业 周 报 （20250630-20250706） 2025.7.9 非银行金融 行业周报（20250714-20250720） 领先大市-A(维持) 券商上半年业绩预喜，北交所执业质量评价公布 投资要点 券商估值及业绩支撑性较强。截至 7 月 20 日，26 家上市券商 公布业绩预告，归母净利润增速均超过 40%，其中，24 家 ...

Group 1: Stablecoin Market Overview - As of July 2025, the total market capitalization of stablecoins reached $260 billion, with over 98% being dollar-pegged stablecoins like USDT and USDC[2][15] - Tether (USDT) and Circle (USDC) dominate the market, accounting for approximately 86% of the total stablecoin market[12][15] - The stablecoin market has shown strong growth, with a 22% increase in the first half of 2025 alone[15] Group 2: Impact on U.S. Treasury Bonds - Stablecoins have created new demand for U.S. Treasury securities, particularly short-term bonds, with Tether being the seventh-largest U.S. Treasury buyer globally, holding over $120 billion[3][21] - The "GENIUS Act" mandates that stablecoin issuers maintain a 1:1 reserve with high-quality liquid assets, primarily short-term U.S. Treasury securities[3][17] - The focus on short-term bonds may exacerbate the steepening of the U.S. Treasury yield curve, as stablecoins have minimal impact on long-term bonds[3][37] Group 3: Strengthening the Dollar's Position - Stablecoins have not undermined the dollar's global dominance; instead, they have enhanced its efficiency and usage, particularly in high-inflation countries[4][51] - The regulatory framework in the U.S. and Hong Kong supports the growth of stablecoins, with the latter allowing multi-currency pegging, potentially challenging the dollar's supremacy[5][62] - Stablecoins facilitate cross-border transactions, significantly reducing costs and increasing the speed of transfers compared to traditional banking methods[58] Group 4: Risks and Considerations - The reliance on stablecoins poses risks, including potential loss of control over the dollar's monetary policy and vulnerabilities highlighted by events like the Silicon Valley Bank incident[4][60] - The long-term credit risk of the U.S. dollar remains a concern, as increasing national debt could undermine confidence in stablecoins[5][60] - Regulatory changes and market volatility present ongoing risks to the stability and growth of the stablecoin market[68]

Investment Rating - The report initiates coverage on LianLian Digital with a "Buy" rating and a target price of HKD 17.3, representing a potential upside of 40% from the latest closing price of HKD 12.42 [6]. Core Insights - LianLian Digital is positioned as a leading 2B digital payment service provider, focusing on cross-border payment solutions for e-commerce merchants. The company has a strong potential for market share growth due to its established brand and merchant base [2][11]. - The company has obtained a Virtual Asset Trading Platform (VATP) license, which may open up future business opportunities in virtual asset trading and stablecoin issuance [3][12]. - The financial outlook is positive, with projected total revenue of HKD 16.3 billion in 2025, reflecting a year-on-year growth of 24% [3][5]. Company Overview - LianLian Digital primarily offers digital payment solutions, including global and domestic payment services. The company has served over 5.9 million merchants and achieved a total payment volume (TPV) of approximately HKD 3.3 trillion in 2024, with a year-on-year growth of 65% [11][45]. - The company has a diversified revenue stream, with digital payment services contributing 88% of total revenue in 2024 [18]. Financial Performance - In 2024, LianLian Digital reported total revenue of HKD 13.1 billion, a 28% increase from the previous year. The global payment segment contributed 70% of the digital payment revenue [2][18]. - The company achieved an adjusted net profit of HKD 79 million in 2024, marking its first profitable year [24][30]. Market Position and Competitive Landscape - LianLian Digital holds a significant market share in the cross-border payment sector, with its global payment TPV accounting for approximately 13.1% of China's cross-border e-commerce export value in 2024 [2][45]. - The competitive landscape in the cross-border payment industry is fragmented, with key players including Payoneer, PingPong, and others [2][11]. Future Opportunities - The company is well-positioned to capitalize on the growing demand for digital payment solutions in the cross-border e-commerce market, which is projected to reach USD 1.2 trillion by 2024 [46]. - The potential issuance of stablecoins could provide additional revenue streams, particularly in cross-border trade scenarios where traditional payment methods face challenges [3][12].

Market Overview - The financing balance has surged to 1.9 trillion, indicating a return of real capital to the market and a revival of market confidence [2] - The Shanghai Composite Index has risen above 3600 points for the first time since October 8, 2024, signaling strong market momentum [4] Brokerage Sector Performance - Nearly 4000 stocks rose today, with total trading volume reaching 1.1 trillion, reflecting a generally mild upward trend in indices [4] - Brokerage stocks are leading the market rally, with Jinlong Co. hitting the daily limit, followed by gains in Guosen Securities, Bank of China Securities, and Zhongyuan Securities [4] ETF and Investment Opportunities - The broker ETF (512000) has recently reached a scale of 25.16 billion and has seen six consecutive days of gains, reflecting a strong correlation with the rising financing balance [8] - Minsheng Securities reports that recently listed brokerages are releasing performance forecasts indicating rapid growth, suggesting a continued recovery trend in brokerage performance [8] Earnings Reports - Several brokerages have reported earnings exceeding expectations, with notable profit growth rates: - Hualin Securities: 151.4% profit growth - Caida Securities: 59.5% profit growth - Guosheng Jinkong: 315.5% profit growth [10] - The overall performance of brokerages is expected to remain strong, with recommendations to focus on leading brokerages, flexible small brokerages, and financial technology sectors [10] Valuation and Market Sentiment - The overall valuation of brokerage stocks remains low, with the CSI All Share Securities Company Index currently at a PB of 1.28, indicating potential for significant upside if the market continues to rise [11] - The current market environment is favorable for brokerages, with supportive policies and a strong likelihood of a bull market, making brokerage stocks an attractive investment [11][13]