稳定币浪潮正向全球袭来，成为各国急需解决的重要课题——放任稳定币在监管外围无序发展会对本国金融体系造成负面影响，放弃一个高效的 结算工具更将错失货币全球化新机遇。 对于正在积极提升人民币国际化地位的中国，主动监管稳定币并顺势而为加速人民币国际化或许是更优解。接受记者采访的专家与业内人士普遍认为，作为新兴支 付工具，稳定币的独特优势和潜在风险均不容忽视，发展人民币稳定币"宜早不宜迟"。基于数字人民币和离岸人民币稳定币"双轨并进"参与国际货币体系竞争，或 是时代变局下人民币国际化的新路径。 不容忽视的支付工具 今年5月以来，美国和中国香港地区相继通过稳定币相关法案，将法币支持型稳定币（以下简称"法币稳定币"）定位为支付工具，与证券类代币等严格区分，加强反 洗钱、反恐融资监管等。英国、韩国等多个国家也纷纷明确将稳定币纳入立法计划。 稳定币合规化进程提速的背后，是其在全球支付系统的重要性不断提升，成为各国不得不重视的新工具。 目前，全球稳定币的市场规模已经超过2500亿美元。Visa 监测数据显示，截至2025年6月，经调整后的稳定币支付交易次数高达16亿次，交易金额高达7.3万亿美元。据花旗银行研究报告测算，203 ...

稳定币产业跟踪：迎政策拐点，关注三大受益环节 20250622 摘要 稳定最初被创设起来主要目的是什么？近年来使用方式有何变化？ 稳定币产业进入提速期，美国和香港相继推动立法，标志着稳定币正式 纳入监管框架，有利于产业健康发展。国内政策对后续发展影响重大， 人民币稳定币有望拓展至企业间支付、银行对公、国际贸易等场景，助 力人民币国际化。 稳定币在跨境支付方面具有显著优势，结算时间短（不到一小时 vs. 银 行五个交易日），交易成本低，尤其适用于货物价值波动大的国家。支 付功能成为未来重要看点，或重构跨境支付生态。 USDT 和 USDC 是体量最大的两种美元稳定币。USDT 由 Tether 发行， 供应量约为 1,500 亿，80%储备资产为美债；USDC 由 Circle 发行， 供应量约为 600 亿，超过 92%储备资产为美国国债和逆回购协议。 稳定币商业模式主要依赖发行方通过储备资产生息获取收益，如 Circle 在 2024 年通过储备资产获得 16.6 亿美元利息收入，占总收入的 99%。产业链上还有托管方和审计方，通过手续费和建设费获益。 Q&A 什么是稳定币？它的分类和支持资产有哪些？ 稳定 ...

策略周观点：波动上升，后市如何看？20250622 摘要 港股上半年表现强劲，受益于资金回流和关税趋缓，但当前估值较高， ERP 指数较低。然而，中国资产在全球估值中仍具洼地效应，人民币升 值将增强中国股票类资产弹性，中长期仍有重估空间。 预计美联储 9 月可能首次降息，但降息幅度有限，或为应对式而非大幅 宽松。美国债务上限解决后，大规模发债可能导致实体经济流动性抽离， 美债利率上升，短期内对美股形成挤压。 港元汇率及利率对香港市场有重要影响，资金回流带动港元升值。香港 联系汇率制度透明，但 HIBOR 利率下降可能扩大套息交易空间，对港 股影响边际且局部，核心仍取决于经济基本面。 港股未来一年的核心影响因素是经济修复，目前股权风险溢价处于历史 低位，恒生指数与中美制造业 PMI 相关性高。预计今年财政力度将托举 经济，香港非金融海外中资股盈利增速或超预期。 三季度是解禁高峰期，市场波动可能较高，高股息加必须消费品配置偏 防御。若非基本面因素造成回撤，将提供增配香港核心资产空间，包括 科技、大众消费、传统消费及大金融领域。 Q&A 2025 年下半年海外市场的整体展望是什么？ 2025 年下半年，海外市场预计 ...

Core Viewpoint - The launch of the Cross-Border Payment System marks a significant step in enhancing financial cooperation between mainland China and Hong Kong, addressing the efficiency and cost issues of traditional cross-border payments while promoting the internationalization of the Renminbi [1][4]. Group 1: Launch and Implementation - The Cross-Border Payment System officially went live on June 22, following a launch ceremony held by the People's Bank of China and the Hong Kong Monetary Authority on June 20 [1]. - Agricultural Bank of China was one of the first institutions to implement the system, starting a pilot in Shenzhen and planning to expand to Guangdong and Hainan in July, with further nationwide rollout [2]. Group 2: Usage Scenarios - The system facilitates various cross-border remittance scenarios, including personal remittances from mainland residents to Hong Kong and vice versa, as well as payments for education, public utilities, and salaries [3]. - Compared to traditional methods, the Cross-Border Payment System offers advantages such as real-time transactions, lower costs, and ease of use [3]. Group 3: Benefits for Residents and Financial Integration - The introduction of the system is seen as a response to both policy initiatives and market demand, enhancing the efficiency and affordability of cross-border payment services for residents [4]. - It is expected to promote regional financial integration and support the development of the Guangdong-Hong Kong-Macao Greater Bay Area, reinforcing Hong Kong's status as an international financial center [4]. Group 4: Opportunities and Challenges for Banks - The Cross-Border Payment System presents new business opportunities for participating banks, allowing them to expand their cross-border services and improve customer experience through mobile and online banking [6]. - Banks are encouraged to leverage this opportunity to enhance their financial services, focusing on high-frequency consumer scenarios such as education and healthcare [7]. Group 5: Continuous Improvement and Innovation - Several participating banks, including Agricultural Bank of China and China Construction Bank, have committed to ongoing optimization of cross-border payment services to support economic activities and personnel exchanges between mainland China and Hong Kong [8].

宏观研究 证 券 研 究 报 告 【宏观快评】 高层密集调研，聚焦哪些问题？ ——政策周观察第 35 期 近一周，国务院高层密集在地方考察调研，关注方向如下： （一）经济：关注基建、"以旧换新"、外贸、经济大省"挑大梁"。 6 月 16 日至 18 日，总理在江苏调研，涉及基建（要求高标准推进工程建设）、 消费品"以旧换新"效果、外贸（详细询问中国和中亚国家经贸合作情况）。 并指出，"江苏经济底子好实力强，也有更高的发展要求……更好发挥经济大 省挑大梁作用，为全国发展大局多作贡献"。 6 月 17 日至 18 日，副总理何立峰在山东调研外经贸工作，"深入了解企业接 单、生产、技术创新和开拓国际市场情况，听取企业主要关切诉求"。 （二）产业：聚焦科技、新质生产力；以及平台经济监管 6 月 16 日至 18 日，总理在江苏调研江苏汇智高端工程机械创新中心有限公司、 深地科学与工程云龙湖实验室、南京原子制造研究所，提及工程机械、技术装 备、人工智能、清洁能源、未来科技和产业发展等领域。 6 月 15 日至 17 日，国务院副总理张国清在广东调研先后来到宝钢湛江钢铁有 限公司、巴斯夫一体化基地（广东）有限公司和粤港澳 ...

1. 据央视新闻，以色列国防军当地时间 20 日表示，当天上午，以色列空军对 伊朗西北部的大不里士和西部的克尔曼沙阿地区的军事目标实施了一系列打击。 地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层 （100020） 资讯早间报 制作日期： 2025/06/23 隔夜夜盘市场走势 1. 国际油价走势分化，美油主力合约收涨 0.22%，报 74.04 美元/桶，周涨 1.45%；布伦特原油主力合约跌 1.94%，报 77.32 美元/桶，周涨 4.16%。市场关 注中东局势及美国对伊朗政策动向，花旗银行指出若霍尔木兹海峡被封锁，油 价可能飙升至 90 美元。 2. 国际贵金属期货普遍收跌，COMEX 黄金期货跌 0.09%报 3384.4 美元/盎司， 本周累计下跌 1.98%。COMEX 白银期货跌 1.13%报 35.95 美元/盎司，本周累计下 跌 1.11%。美联储官员释放降息信号，中东局势紧张加剧市场避险情绪，全球 贸易政策不确定性持续影响经济前景。 3. 伦敦基本金属收盘全线上涨，LME 期锡涨 2.13%报 32690.00 美元/吨，本周 累计下跌 0.01%；LME 期铝涨 ...

很多事情不是看到希望才去坚持，而是坚持了才会看到希望。各位朋友，新的一周，早安！ 人民币近期迎来重大利好。 6月22日，跨境支付通上线。据了解，为深化内地与 香港金融合作，满足两地居民安全、高效、便捷的跨境汇款需求，中国人民银行、香港金融管理局共 同推动并支持由中国人民银行清算总中心和香港银行同业结算有限公司开展内地与香港快速支付系统互联互通合作（以下简称跨境支付通）。 跨境支付通支持两地快速支付系统参与机构为两地居民提供经常项下人民币、港币便利化汇款服务，支持两地参与机构在落实相关政策的基础上， 为薪 酬发放、留学缴费、医疗缴费等惠及两地民生融合的业务场景提供快速汇款服务，有利于提升两地跨境支付效率和服务水平，便利两地经贸活动和人员往 来。同时，也有利于支持 香港提升竞争优势，巩固香港国际金融中心及离岸人民币业务枢纽地位。 中国人民银行有关部门负责人介绍， 与传统跨境汇款相比，跨境支付通具有以下几方面优势： 一是支持用户通过参与机构的手机银行、网上银行等渠 道，依托手机号码、银行账户等，线上发起内地与 香港间人民币和港币的跨境汇款； 二是支持经常项目项下一定金额内的便利化汇款实时到账； 三是相 关支付基础设 ...

证监会拟进一步优化证券公司分类评价制度 证监会就《证券公司分类评价规定（修订草案征求意见稿）》公开征求意见。此次修订重点修改完善四 方面内容。包括：突出促进证券公司功能发挥的导向，完善评价框架；适当整合、优化业务发展指标， 引导行业机构聚焦高质量发展，支持中小机构差异化发展、特色化经营等。 跨境支付通上线 全国首笔业务落地深圳 重要的消息有哪些 财政部：1—5月全国一般公共预算收入96623亿元 同比下降0.3% 财政部数据显示，1—5月，全国一般公共预算收入96623亿元，同比下降0.3%。其中，全国税收收入 79156亿元，同比下降1.6%；非税收入17467亿元，同比增长6.2%。分中央和地方看，中央一般公共预 算收入41486亿元，同比下降3%；地方一般公共预算本级收入55137亿元，同比增长1.9%。 6月22日，跨境支付通正式上线，标志着内地与香港快速支付系统已实现互联互通，今后两地居民可实 时办理跨境汇款。当日，全国首笔跨境支付通内地居民南向、港人北向汇款业务落地深圳。业内人士对 智通财经记者表示，跨境支付通上线有助于提升人民币在跨境零售场景中的使用便利度，进一步推动人 民币国际化进程。从技术角 ...

Group 1: Economic Indicators - The Ministry of Finance reported that from January to May, the national general public budget revenue was 96,623 billion yuan, a year-on-year decrease of 0.3% [2] - Tax revenue was 79,156 billion yuan, down 1.6% year-on-year, while non-tax revenue increased by 6.2% to 17,467 billion yuan [2] - Central government budget revenue was 41,486 billion yuan, a decline of 3% year-on-year, while local government budget revenue increased by 1.9% to 55,137 billion yuan [2] Group 2: Regulatory Developments - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the revised draft of the Securities Company Classification Evaluation Regulations, focusing on enhancing the evaluation framework and promoting high-quality development [3] - New guidelines for designated trading business by the Shanghai Stock Exchange will take effect, requiring brokers to process investor requests for unbinding designated trading on the same day without delay [5] Group 3: Industry Innovations - The National Medical Products Administration has approved measures to support the innovation of high-end medical devices, including optimizing special approval processes and enhancing post-market supervision [6] - The launch of the Cross-Border Payment Platform facilitates real-time cross-border remittances between residents of mainland China and Hong Kong, promoting the internationalization of the renminbi [4] Group 4: Corporate News - Shaoyang Hydraulic is planning a major asset restructuring and will be suspended from trading starting June 23 [7] - ST Hetai will have its delisting risk warning and other risk warnings lifted starting June 24 [7] - Xinhong Optoelectronics plans to transfer 100% equity of its wholly-owned subsidiary to Luxshare Precision [8] - Osai Kang's subsidiary has obtained a drug registration certificate for Methotrexate injection [8] - Tianrong Tianyu's shareholder plans to reduce their stake by no more than 3% [9] Group 5: Market Insights - Galaxy Securities emphasizes investment opportunities in the food and beverage sector, particularly in new categories and channels, predicting slow recovery in traditional food and beverage markets [15] - CITIC Securities highlights the growth of domestic beauty and personal care brands, suggesting that local brands are gaining market share and moving towards high-end markets [16]

Group 1 - The core viewpoint emphasizes the importance of accurately identifying and assessing the innovative attributes and commercial prospects of technology enterprises, which is a key aspect of the STAR Market reform [1] - The introduction of seasoned professional institutional investors is proposed to enhance the evaluation of companies' innovative attributes and commercial potential, thereby facilitating better decision-making for review agencies and retail investors [1] - The efficient integration of technology and capital is expected to further unlock the development space for new productive forces [1] Group 2 - Multiple companies listed on the Beijing Stock Exchange are actively pursuing cash acquisitions to expand their business areas, with several announcements made since 2025 [2] - The Beijing Stock Exchange has revised its rules regarding major asset restructuring to enrich the tools available for mergers and acquisitions for innovative SMEs [2] - The exchange aims to continue implementing policies to optimize market mechanisms and stimulate market vitality, thereby supporting innovative SMEs in enhancing their development quality and investment value [2] Group 3 - Satellite communication technology is becoming a focal point in the mobile communication sector, particularly highlighted at the 2025 Shanghai World Mobile Communication Conference [3] - Industry experts believe that satellite communication is reshaping network access in remote areas and connecting populations that lack internet access, thus opening a new chapter in the digital economy [3] - The satellite industry is expected to lead revolutionary changes in the communication sector over the next decade [3] Group 4 - The new classification evaluation rules for securities companies are set to reshape industry positioning by shifting the focus from scale to value creation, with net asset return rate as a core efficiency metric [4] - The adjustments aim to enhance operational efficiency and deter major illegal activities within the securities industry, promoting a virtuous cycle of compliance, rating, and business [4] Group 5 - The A-share market is expected to experience a rebound in the second half of the year, supported by ongoing policy efforts and capital market reforms [5] - Despite short-term pressures from overseas factors, the technology sector, backed by industry trends and strong performance in semi-annual reports, is recommended for investor attention [5] Group 6 - A significant number of newly established fund products, particularly initiator funds, are facing challenges in growth, with 41 funds having been liquidated this year due to persistent low scales [6] - The majority of these funds were created to chase market trends but failed to perform, leading to investor withdrawals and subsequent liquidation [6] Group 7 - The launch of the "Cross-Border Payment Link" aims to enhance the efficiency and cost-effectiveness of traditional cross-border payments, facilitating real-time remittance services between mainland China and Hong Kong [12] - This initiative is seen as a strategic move to promote the internationalization of the Renminbi and deepen financial cooperation between the two regions [12] Group 8 - The first batch of floating rate funds has been established, with a total scale exceeding 12.6 billion yuan, indicating strong investor interest in performance-linked fee structures [14] - The average subscription for these funds has surpassed 10,000 households, with the highest single fund attracting over 47,000 subscriptions, reflecting the appeal of the management fee model tied to performance [14]