"更值得我们关注的是泡沫化趋势。近期随著稳定币概念的热炒，市场出现了过度亢奋的情绪。一些上 市公司，只要宣称有意开拓稳定币业务即'点石成金'，股价即应声上涨。" "至今已经有数十家机构主动接触金管局团队，有的明确表示有意申请稳定币牌照，有的属于初步探路 性质。" 随着香港《稳定币条例》即将于2025年8月1日生效，香港金融管理局总裁余伟文再次撰文对稳定币市场 的"过度炒作"发出警示，强调需要为这股热潮"降温"。余伟文在不到一个月内第二次发文为稳定币"降 温"，足以显示出监管层对当前市场情绪的警惕。 数十家机构蜂拥而至，多数"只停留在概念阶段" 尽管香港金管局此前已明确表示，在初阶段只会批出"数个"稳定币牌照，但余伟文透露，至今已有数十 家机构主动接触金管局团队。余伟文表示，这些机构中，有的明确表示有意申请稳定币牌照，有的则属 于初步探路性质。 余伟文直言，在这些接触的机构中，许多机构的计划"只停留在概念阶段"。他们提出的愿景宏大，例 如"提升跨境支付效率"、"支持Web3.0发展"、"提升外汇市场效率"等，但却普遍缺乏实际的应用场景、 切实可行的具体方案和落实计划，更遑论具备管控风险的意识和能力。 对于那些声 ...

【导读】中金黄金股价大跌，券商股早盘强势拉升 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 7月24日早盘，A股三大指数开盘涨跌不一，截至发稿，沪指涨0.16%，深成指涨0.37%，创业板指涨0.63%。 7月24日，中金黄金股价一度跌超8%，截至发稿，报14.93元/股，总市值为724亿元。 | 中金黄金(600489) < W | | | | | | --- | --- | --- | --- | --- | | 交易中 07-24 10:15:07 融 通 | | | | | | 14.93 | 额 30.93亿 | 股本 48.47亿 市盈 19.9 | | 万得 | | 换 4.31% | -0.96 -6.04% | 市值1 724亿 市净 2.72 | | 聲■ | | 分时 | 五日 日K | 周K | 月K 更多 © | | | 壹加 17.17 | | | 均价:14.80 | 福 资金 | | | | | 8.06% 卖五 14.99 535 | | | | | | 变叫 | 14.98 1672 | | | | | 工 | 14.97 359 | | | | | I Dal ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 7月24日早盘，金融科技板块延续强势，截至10点05，全市场稳定币含量最高的金融科技ETF华夏 （516100）涨0.65%，持仓股涨多跌少，指南针涨超4%，财富趋势、大智慧、古鳌科技等纷纷走强。值 得注意的是，金融科技ETF华夏（516100）近20日获资金净申购6.8亿，规模增长超2倍。 消息面上，近日香港金管局总裁余伟文发文再谈稳定币，他表示下周将发布"稳定币发行人发牌制 度"摘要说明，阐述金管局接受和处理牌照申请的安排。近一个月以来市场和社会上对稳定币的讨论热 度及降温力度仍需加强，并谈及如何按照稳妥、可持续的原则落实《稳定币条例》。 相关分析指出，在监管护航与市场理性中，稳定币才能真正实现其"重塑全球支付体系"的愿景，成 为连接传统金融与数字经济的重要桥梁。随着技术迭代与监管协同的深化，稳定币有望在跨境支付、供 ...

Market Overview - On July 24, A-shares opened mixed with the Shanghai Composite Index up by 0.16%, Shenzhen Component Index up by 0.37%, and ChiNext Index up by 0.63% [1] - The brokerage sector saw significant gains, with Hainan Free Trade Port, rare earth permanent magnets, and restaurant tourism sectors leading the rise, while precious metals, banking, and electricity sectors experienced fluctuations [2][3] Company Specifics - Zhongjin Gold's stock price dropped over 8% on July 24, closing at 14.93 CNY per share, with a total market capitalization of 72.4 billion CNY [5][6] - The decline in Zhongjin Gold's stock was attributed to a tragic incident where six students drowned during a visit to a mining facility, prompting the company to activate emergency protocols and express condolences [4][7][8] Brokerage Sector Performance - The brokerage stocks surged in early trading, with Jinlong Co. hitting the daily limit, followed by gains in Guosen Securities, Bank of China Securities, and Zhongyuan Securities [10][12] - The brokerage index rose by 1.81%, with a trading volume of 256.49 billion CNY [11] - Recent performance announcements from newly listed brokerages indicate a sustained growth trend, with recommendations to focus on leading brokerages, flexible mid-small brokerages, and financial technology sectors [14]

Core Viewpoint - The article highlights the innovative strategy of Huajian Medical (01931) in leveraging Web3 technology and real-world asset (RWA) tokenization to revolutionize the liquidity of innovative drug assets, marking a significant shift in the global financial landscape [1][2]. Group 1: Market Dynamics - The RWA market, excluding stablecoins, is projected to reach $245.5 billion by June 2025, with expectations to expand to $16.1 trillion by 2030, representing 10% of global GDP [2]. - The total market capitalization of global stablecoins has reached $263.6 billion, supported by regulatory frameworks such as the U.S. "Genius Act" and Hong Kong's "Stablecoin Regulation" [2]. Group 2: Strategic Initiatives - Huajian Medical is pursuing a dual listing in Hong Kong and the U.S. to enhance financing channels and promote capital synergy [1]. - The company aims to create a "NewCo + RWA" Web3 exchange ecosystem centered around high-tech medical innovation assets, issuing a proprietary stablecoin (IVDD) and applying for a stablecoin license in the U.S. [1][6]. Group 3: Innovative Financing Model - The RWA tokenization allows for the fragmentation and digitalization of physical assets, enabling 24/7 trading and global liquidity, which is particularly beneficial in the medical innovation sector [2][4]. - By tokenizing assets, Huajian Medical can lower investment thresholds, attracting global capital and improving financing efficiency in the innovative drug industry [4][6]. Group 4: Compliance and Regulatory Strategy - Huajian Medical's strategy includes establishing a fully owned subsidiary in New York for stablecoin license applications while participating in Hong Kong's regulatory sandbox for stablecoins [7]. - The company is developing three foundational infrastructures: an RWA tokenization platform, an IVDD stablecoin issuance and clearing system, and a "coin-stock linkage" mechanism with dual listings [7]. Group 5: Capital Market Signals - The company has executed a stock buyback of 141,000 shares at an average price of HKD 3.16 per share, signaling management's confidence in the strategic direction and market outlook [1][8]. - The IVDD stablecoin holders will have preferential rights to subscribe for Huajian Medical's shares, creating a value cycle between crypto capital and traditional equity markets [8].

Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating. For specific products: The investment outlook for stock index futures is "volatile and bullish"; for stock index options, it is "volatile"; for treasury bond futures, it is "volatile and cautious" [6]. Core Viewpoints - The stock market should be treated positively. There's no need to overly worry about the market adjustment. The policy is being implemented, there is potential for unentered funds to enter, and global stock market sentiment is positive. The bond market sentiment remains weak, with many short - term negative factors, especially for the long - end [1][6][8]. Summary by Relevant Catalogs 1. Market Views Stock Index Futures - Yesterday, the Shanghai Composite Index failed to hold above 3600 points, and the CSI 2000 Index pulled back nearly 1%. The adjustment was due to factors like large profit - taking and limited imagination for certain sectors. However, it's not the start of a market downturn. Policy is being implemented, unentered funds will enter, and global stock markets are positive. The operation suggestion is to hold positions, specifically the IM contract [1][6]. Stock Index Options - Yesterday, the option market turnover was 8.96 billion yuan, a 27.48% increase from the previous trading day. The trading volume of call options increased, and both buyers and sellers did not price in many negative factors. They saw the intraday pullback as a chance to bet on an up - move. The short - term strategy is to set up a bull spread, and the medium - term is to maintain a covered call strategy and add positions during the volatility increase [2][6]. Treasury Bond Futures - Yesterday, treasury bond futures closed down. The bond market sentiment is weak due to the rising risk appetite in the market and the stock - bond seesaw effect. The afternoon stock market adjustment may have boosted the bond market, but the bullish sentiment is unstable. The capital cost increased, and the bond market should be treated with caution, especially the long - end. Attention should be paid to long - end short - hedging operations and the signals from the Politburo meeting at the end of July [7][8]. 2. Economic Calendar - On July 21, 2025, China's 1 - year and 5 - year loan prime rates remained unchanged at 3% and 3.5% respectively. China's June全社会用电量 annual rate was 5.4%, higher than the previous value of 4.4% [10]. 3. Important Information and News Tracking - **Food Delivery**: Shanghai market regulators interviewed food delivery platforms. The platforms have implemented three rectifications. The new Anti - Unfair Competition Law will be implemented on October 15, and the Shanghai market regulator has carried out legal publicity [10]. - **Anti - Involution**: The Guangzhou Futures Exchange will adjust the price limit, margin, and trading fees for industrial silicon, polysilicon, and lithium carbonate futures contracts from July 25, 2025 [11]. - **Artificial Intelligence**: The Shanghai Stock Exchange conducted a special research on Shanghai's "Model Speed Space" and held a symposium on Shanghai's artificial intelligence industry chain enterprises [11]. - **Stablecoins**: The Chief Executive of the Hong Kong Monetary Authority wrote about stablecoins, emphasizing the need to strengthen the discussion and implement the Stablecoin Ordinance [11]. 4. Derivatives Market Monitoring - The report mentions the monitoring of stock index futures, stock index options, and treasury bond futures data, but specific data summaries are not provided in the content [12][16][28].

Group 1 - The brokerage sector is experiencing a strong performance, with several leading firms seeing significant stock price increases, including Jinlong Co., which hit the daily limit, and Zhongyin Securities, which rose over 4% [1][2] - The A-share brokerage ETF (512000) opened with a rapid increase of over 2%, marking a strong six-day upward trend and reaching a new high for the year, with trading volume exceeding 250 million yuan within the first half hour [2][3] - Analysts suggest that the valuation recovery window for brokerages has opened due to supportive policies, market recovery, and mergers and acquisitions, recommending attention to the performance and valuation opportunities in the brokerage sector [3][4] Group 2 - The brokerage industry is in a favorable period with multiple benefits: a 33% year-on-year increase in new A-share accounts in the first half of 2025 and a significant rise in IPO numbers and financing scale in the Hong Kong market, benefiting leading brokerages with overseas business advantages [4] - Recent performance forecasts from listed brokerages indicate a continued rapid growth in overall performance, with active market trading expected to sustain the performance recovery trend [4] - Investment opportunities in the brokerage sector are categorized into three main lines: selecting top brokerages with strong comprehensive capabilities, investing in flexible small and medium-sized brokerages, and focusing on financial technology and stablecoin concepts [4]

金融界7月24日消息，周四，港股小幅低开，恒生指数跌0.04%报25528.22点，恒生科技指数跌0.26%报 5730.8点，国企指数跌0.17%报9225.35点，红筹指数跌0.07%报4292.31点。 盘面上，大型科技股多下跌，腾讯控股涨0.27%，小米集团跌0.26%，网易跌1.71%，美团跌0.15%，快 手涨0.58%；创新药概念活跃，云顶新耀涨超4%；保险股普涨，中国太平涨超1%；稳定币概念多股上 涨，德林控股涨超4%。 企业新闻 西部水泥(02233.HK)：发布盈喜，预期上半年净利约6.96-7.74亿元，同比增长约80%-100%。 中康控股(02361.HK)：发布盈警，预计上半年净利润同比减少约36%-46%。 深圳控股(00604.HK)：上半年总合同销售额约68.14亿元，同比上升10.3%。 中广核矿业(01164.HK)：2025二季度已签订但尚未交付的天然铀销售量达4256tU，同比下降约7.7%。 宜搜科技(02550.HK)：联手超算科技成立Novus Infusion，主攻非物质文化遗产RWA平台。 金涌投资(01328.HK)：与圣贝拉订立战略合作备忘录，探索海外业 ...

Core Viewpoint - The International Monetary Fund (IMF) warns that tariffs are not a solution to global economic imbalances, highlighting the risks associated with excessive trade deficits and surpluses [2][3]. Group 1: Global Economic Assessment - The IMF's 2025 External Sector Report evaluates the trade status of 30 major economies, which account for approximately 90% of global GDP [2]. - In 2024, the global current account balance as a percentage of world GDP is expected to increase by 0.6 percentage points, reversing a trend of decline since the 2008-2009 financial crisis [2]. - The report indicates that the U.S. trade deficit will expand by $228 billion in 2024, reaching $1.13 trillion, reflecting macroeconomic imbalances within the U.S. [2]. Group 2: Tariffs and Trade Wars - The IMF asserts that tariff barriers have minimal impact on improving trade imbalances and warns that escalating trade wars could significantly affect the global macroeconomy [2]. - Short-term effects of higher tariffs may reduce global demand and exacerbate inflationary pressures by increasing import prices [2]. Group 3: Currency and Financial Stability Risks - The report expresses concerns about the stability of the international monetary system due to rising geopolitical tensions, which could disrupt financial stability [2][3]. - The U.S. dollar has depreciated by 8% since January, marking the largest semi-annual decline since 1973, prompting global investors to reassess their exposure to dollar risks [3]. - The rise of stablecoins and innovations in cross-border transactions may reinforce the dollar's dominance but could also introduce financial stability risks [3].

Core Insights - The roundtable discussion on stablecoins highlighted their commercial opportunities and regulatory challenges in the global financial landscape [1] - Recent U.S. legislation, including the "Genius Act" on stablecoins, the Clarity Act, and a ban on CBDCs, is expected to significantly shape the future of Web3 and cryptocurrency [4][6] Regulatory Developments - The U.S. House of Representatives passed three key bills that will impact the future of Web3, including a stablecoin bill, which is anticipated to be signed by Trump [4] - The Clarity Act clarifies that tokens on mature blockchains are classified as commodities, regulated by the CFTC rather than the SEC, and provides certain regulatory exemptions for decentralized finance (DeFi) [4][6] - The third bill prohibits the issuance of Central Bank Digital Currencies (CBDCs) in the U.S., establishing a regulatory framework for cryptocurrencies [4][6] Stablecoin Characteristics - Stablecoins are not considered traditional currency; they function as a peer-to-peer payment system without a balance concept, serving as a bridge between Web2 and Web3 [2][7] - The issuance of stablecoins is relatively accessible, allowing various assets to be pegged, including fiat currencies, gold, and receivables [2][7] - The potential for stablecoins to revolutionize financial transactions lies in their ability to facilitate low-cost, high-speed transactions, with costs as low as one-thousandth of a cent [10] Market Potential and Challenges - The market for Real World Assets (RWA) is projected to reach trillions of dollars by 2030, indicating significant investment opportunities [3][12] - Hong Kong's efforts to issue stablecoins and create a robust on-chain financial ecosystem are underway, despite challenges in attracting users to local stablecoins compared to USD-pegged options [3][8] - The concept of tokenization is seen as a transformative force, enabling instant settlement and reducing friction costs in traditional finance [11][12] Future Outlook - The development of cross-chain technology and data integration is crucial for the evolution of the blockchain ecosystem, with significant market opportunities anticipated [13][14] - The ongoing interest in "coin-stock linkage" and "chain-stock linkage" reflects a growing trend in capital markets, driven by the potential of blockchain technology [14]