Core Viewpoint - Citigroup's CEO stated that the company is exploring the possibility of issuing a stablecoin [1] Group 1 - The exploration of stablecoin issuance indicates Citigroup's interest in digital currencies and blockchain technology [1]

Group 1 - The core viewpoint is that all Republican members should vote in favor of the stablecoin legislation draft, as digital assets represent the future [1]

Group 1 - The core viewpoint is that every Republican should support the stablecoin legislation proposed by Trump [1] Group 2 - The statement emphasizes the importance of stablecoins in the financial ecosystem [1] - It suggests that bipartisan support is crucial for the successful implementation of the stablecoin framework [1]

智通财经7月15日电，据央视新闻报道，法国总理贝鲁公布了法国政府2026年度财政预算计划。法国政 府计划在国家预算和社会保障预算中节省438亿欧元，用四年时间缓解财政赤字危机、恢复公共财政的 稳定。不过，总统马克龙日前提出需为国防追加35亿欧元的预算，使得本就复杂的财政方案更加棘手。 贝鲁表示，冻结部分政府支出、削减公务员人数、减少社会福利、缩减公共假期、对高收入者征收临时 性税收等节省预算的措施已经被列入计划内。另外，此次预算计划的公布还考虑到多重复杂且不确定因 素：美国政府恢复征收关税带来的国际贸易不确定性、俄乌冲突引发的地缘政治动荡等。 法国总理公布2026年度财政预算计划 聚焦缓解财政赤字危机 当天上午，贝鲁就这一预算计划前往总统府爱丽舍宫与总统马克龙会谈。据报道，贝鲁过去几天与总统 马克龙有多次沟通。上周六，他在总理府与相关部长召开协调会议商讨这一议题。 ...

摩根大通(JPM.N)CEO戴蒙：我们将参与稳定币和摩根大通存款币的相关业务。 ...

Market Overview - The market experienced fluctuations with mixed index performances, where the Shanghai Composite Index fell by 0.42%, while the Shenzhen Component Index rose by 0.56% and the ChiNext Index increased by 1.73% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.61 trillion yuan, an increase of 153.3 billion yuan compared to the previous trading day [1] AI Sector Performance - AI-related stocks, including optical modules, liquid-cooled servers, and AI applications, led the market gains [1] - The China Securities Index reported that the AI-focused ETF from Guotai (159388) surged by 6.97%, and the communication ETF (515880) rose by 6.14%, both reaching historical highs [3] Nvidia's Market Impact - Nvidia announced it received permission from the Trump administration to resume sales of the "special version" H20 chips to China, following a meeting between CEO Jensen Huang and President Trump [5] - The introduction of a new GPU based on the Blackwell architecture, compliant with U.S. export regulations, is expected to enhance investments in AI infrastructure [5][7] - The easing of U.S.-China trade tensions since June has alleviated concerns over chip shortages in China, benefiting AI data centers and related sectors [5][6] Optical Module Sector Growth - New Yi Sheng, a leader in optical modules, projected a significant profit increase for the first half of 2025, estimating a net profit of 3.7 billion to 4.2 billion yuan, representing a year-on-year growth of 327.68% to 385.47% [6] - The North American cloud service providers' capital expenditure reached 77.1 billion USD in Q1 2025, a 59% increase, indicating a strong demand for optical modules [6] Innovation Drug Sector Developments - The innovation drug ETF from Guotai (517110) rose by 1.74%, supported by favorable policies from the National Healthcare Security Administration and the National Health Commission [9] - The domestic innovation drug market is expected to see significant growth, with a projected increase in the number of innovative drugs entering clinical trials [9][10] - AI is anticipated to enhance the pharmaceutical industry across various stages, including drug development and production [10]

河南省防范和打击非法金融活动工作机制办公室提示，近期有不法机构利用"稳定币"进行非法集资、赌 博、诈骗等非法活动。稳定币并不是投资或投机的工具，参与非法集资受到的损失由集资参与人自行承 担。请广大群众增强理性投资意识，提高风险意识，避免上当受骗。若发现相关机构以投资稳定币等名 义从事非法集资行为，请及时向各地处非牵头部门或公安部门举报。(河南发布) ...

Core Viewpoint - The approval of virtual asset trading licenses for brokerage firms in Hong Kong marks a significant expansion into the digital finance market, allowing for the integration of virtual assets into diversified investment portfolios and innovative strategies [2][15]. Group 1: License Approvals and Market Impact - On July 14, 2023, China Merchants Jinling International became the first Chinese bank-affiliated brokerage to receive a virtual asset trading license from the Hong Kong Securities and Futures Commission [2]. - Following the approval of licenses, brokerage stocks have experienced significant price increases, with China Merchants Jinling's stock rising over 4.43% on July 15, 2023, after the announcement [3]. - The approval of licenses has led to a surge in stablecoin concept stocks, with a notable 5.18% increase in this sector on the same day [3]. Group 2: Regulatory Framework and License Types - Hong Kong operates a dual-track licensing system for virtual assets, differentiating between security-type and non-security-type assets, with specific licenses required for various business models [5]. - As of July 2025, there are 11 licensed Virtual Asset Trading Platforms (VATPs) in Hong Kong, including OSL and HashKey, with a growing number of firms applying for licenses [6][8]. - By July 2025, 42 brokerages are expected to have upgraded their licenses to provide virtual asset trading services, while 37 firms will offer investment consulting for virtual assets [11]. Group 3: Market Growth and Future Prospects - The total market size for Real World Assets (RWA) has reached approximately $24.4 billion, with significant competition emerging in the stablecoin market as Hong Kong's policies continue to evolve [16][19]. - The "LEAP framework" proposed in the latest policy declaration aims to establish Hong Kong as a global digital asset innovation center, focusing on regulatory optimization, expanding tokenized product types, and fostering cross-sector collaboration [17][18]. - The ongoing trend of compliance in virtual assets is reshaping the non-bank financial industry, creating a collaborative ecosystem for asset issuance, circulation, management, and application [23].

Core Insights - Political factors and policy decisions have become the core drivers of investment strategies for sovereign investors, leading to a fundamental reassessment of portfolio construction and risk management [1] - Sovereign wealth funds and central banks are increasingly concerned about geopolitical tensions and inflation pressures, with 88% and 64% of respondents identifying these as major short-term risks respectively [1] - A significant shift towards active investment strategies is observed, with over 70% of sovereign wealth funds adopting active strategies in fixed income and equities [2] Group 1: Investment Strategies - 59% of respondents express heightened concerns about excessive volatility in financial markets, a significant increase from 28% in 2024 [1] - 52% of sovereign wealth funds plan to increase their active equity holdings in the next two years, while 47% intend to boost active fixed income positions [2] - Among sovereign wealth funds with over $100 billion in assets, 75% have shifted towards more active equity strategies in the past two years [2] Group 2: Focus on Emerging Markets - 59% of respondents prioritize China as a key emerging market, marking a significant shift since 2024 [3] - 71% of respondents cite attractive local returns as a driving factor for increasing allocations to Chinese assets, with 88% of Asia-Pacific sovereign funds planning to do so [3] - The most attractive sectors for investment in China include digital technology and software (89%), advanced manufacturing and automation (70%), and clean energy and green technology (70%) [3] Group 3: Central Bank Strategies - 64% of central banks plan to increase their reserves in the next two years, up from 53% in 2024 [4] - 47% of central banks expect to increase their gold allocations over the next three years, viewing gold as a strategic hedge against geopolitical and financial uncertainties [5] - Interest in digital assets is growing, with 11% of sovereign wealth funds investing directly in digital assets, a slight increase from 7% in 2022 [5]

Group 1: Company Developments - Anta Group has officially onboarded over 1,000 fresh graduates for the 2025 intake, aiming to recruit over 100,000 young talents by 2030 [1] - Moonlight Dark Side has released the Kimi K2 model with a total parameter count of 1 trillion, engaging multiple engineers in a Q&A on Zhihu about its development [2] - BMW has announced a collaboration with Chinese tech company Momenta to develop new intelligent driving assistance solutions for the Chinese market [3] - Tabo has entered into an exclusive operational partnership with Ciele Athletics to manage its brand and market presence in China [4] - ByteDance is reportedly developing a lightweight mixed reality headset, although the company has not officially responded to inquiries [5] - Tesla has set the on-road price for the Model Y in India at 6.1 million rupees (approximately $70,919) [6] - Panasonic has commenced mass production at its Kansas battery plant, targeting an annual capacity of 32 GWh and plans to employ around 4,000 people [7] - Nvidia has received U.S. government approval to begin selling H20 chips in China, with the Chinese Foreign Ministry commenting on the implications of such technology sales [8] Group 2: Investment and Financing - Huayi Quantum has completed a multi-hundred million yuan Series A financing round, with funds aimed at accelerating the development of core quantum computing technologies [11] Group 3: Regulatory and Standards Updates - The Financial Regulatory Bureau has released interim measures for the supervision of local asset management companies to enhance industry regulation and risk management [12] - New national standards for power banks are being developed, focusing on stricter safety and technical requirements [13]