今日，A股三大指数调整。截至收盘，上证指数跌0.07%，深证成指跌0.47%，创业板指跌0.84%。全市 场成交额10916亿元。 本周，上证指数累计下跌0.51%，深证成指跌1.16%，创业板指跌1.66%。 今日13:15，蚂蚁数科在其微信公众号上发表声明称，注意到市场上有关于蚂蚁数科与海南华铁就RWA 及稳定币探讨合作的消息，引发市场关注。 公司特此澄清，双方仅就RWA进行了非常初步的、探索性 的交流，未达成任何形式的正式合作协议、商业安排或实质性项目落地。 从盘面上看，保险、银行等大金融板块今日盘中走强，浦发银行（600000）、杭州银行、农业银行、交 通银行、南京银行、邮储银行、中信银行、光大银行、江苏银行等多只银行股股价创历史新高。 港口航运板块今日表现活跃。 截至收盘，宁波海运、兴通股份涨停。 可燃冰、脑机接口、油气开采板块今日调整 ，新锦动力、爱朋医疗、科力股份等人气股跌幅居前。 楚天龙尾盘上演"地天板" 数字货币概念股楚天龙，早盘一度触及跌停，尾盘上演"地天板"。 楚天龙今日成交额超30亿元，换手 率超31%，涨停板封单金额超7385万元。楚天龙因此冲上东方财富股吧A股市场人气排名第1名。 ...

报 告 摘 要 乘势而起：市场新高趋势追踪 触及新高的个股、行业和板块可被视为市场的风向标。越来越多的研究表明动量、趋势跟踪策略的有效性。本报告旨在定期跟踪市场中创新高的个股及其 分布，以追踪市场趋势、把握市场热点。 截至2025年6月20日，上证指数、深证成指、沪深300、中证500、中证1000、中证2000、创业板指、科创50指数250日新高距离分别为3.72%、 12.96%、9.62%、10.92%、9.26%、7.07%、21.19%、14.99%。中信一级行业指数中银行、有色金属、综合金融、农林牧渔、通信行业指数距离 250日新高较近，煤炭、房地产、食品饮料、消费者服务、建材行业指数距离250日新高较远。概念指数中，银行精选、银行、数字货币、黄金、万得微盘 股日频等权、创新药等概念指数距离250日新高较近。 见微知著：利用创新高个股进行市场监测 截至2025年6月20日，共816只股票在过去20个交易日间创出250日新高。其中创新高个股数量最多的是医药、基础化工、机械行业，创新高个股数量占 比最高的是银行、综合金融、纺织服装行业。按照板块分布来看，本周制造、周期板块创新高股票数量最多；按照指数分 ...

智通财经6月20日电，英国央行行长贝利表示，不反对稳定币，但它们必须满足货币单一性的考验。商 业银行需要加紧应对数字货币供应的挑战。 ...

英国央行行长贝利：仍未信服我们需要创造新的货币形式，比如央行零售数字货币。 ...

英国央行行长贝利：商业银行需要迎接数字货币提供的挑战。 ...

Core Viewpoint - Lakala is planning to issue H-shares and list on the Hong Kong Stock Exchange, which has led to a significant increase in its stock price, but the company faces challenges such as declining revenue and compliance risks [1][3][11]. Company Overview - Lakala Payment Co., Ltd. was established in 2005 and became the first digital payment company listed on the A-share market in April 2019 [4]. - The company holds a payment license issued by the central bank and operates various payment services [4]. Recent Developments - Lakala announced its plan for overseas share issuance and listing on the Hong Kong Stock Exchange, with discussions ongoing with relevant intermediaries [3][4]. - Following the announcement, Lakala's stock price surged, with a peak increase of 16.16% on June 17, but later experienced a decline of 6.28% by June 19 [3]. Financial Performance - In Q1, Lakala reported a revenue of 1.299 billion yuan, a year-on-year decrease of 13.01%, and a net profit of 101 million yuan, down 51.71% [11]. - For the full year 2024, the company expects a revenue of 5.759 billion yuan, a decrease of 2.96%, and a net profit of 351 million yuan, down 23.26% [11]. - The company’s cross-border payment transaction volume reached 49.2 billion yuan in 2024, a year-on-year increase of 14% [4]. Market Position and Challenges - Lakala's cross-border payment transactions accounted for only about 1.2% of its total payment transaction volume of 4.22 trillion yuan last year, indicating limited contribution to overall performance [4]. - The company faces intense competition from major players like PingPong, Alipay, and WeChat Pay, which dominate the market [4][11]. - Lakala's efforts to transition from traditional payment services to comprehensive financial technology services have encountered significant challenges [11]. Compliance and Governance Issues - Lakala has been reducing its registered capital, with a decrease from 788.08 million yuan to 776.66 million yuan in April 2023, marking the second reduction this year [7]. - The company has faced multiple compliance issues, including fines for regulatory violations, which could pose challenges for its future listing in Hong Kong [9][11]. - The company’s major shareholder has been frequently reducing their stake, raising concerns about governance and stability [8][9]. Shareholder Structure - The largest shareholder of Lakala is Legend Holdings, holding 26.54% of shares, followed by Chairman Sun Taoran with 7.01% [5].

Group 1 - The core viewpoint of the articles highlights the increasing global attention and regulatory developments surrounding stablecoins, with significant legislative actions in regions like the US, UK, and Hong Kong aimed at establishing frameworks for their issuance and use [1][2][4] - Stablecoins have evolved over the past decade, with a market size of approximately $247.4 billion as of late May, where Tether (USDT) holds a 62% market share and USD Coin (USDC) accounts for 24% [1][4] - The classification of stablecoins is primarily based on their reserve assets, with fiat-collateralized stablecoins dominating the market, making up about 90% of the total [1][2] Group 2 - Stablecoins are defined as digital assets with payment and settlement functionalities, characterized by their programmability, cross-border transferability, and stability in value, distinguishing them from traditional cryptocurrencies [2][3] - The US "GENIUS Act" aims to bolster the dominance of the US dollar and address issues related to US Treasury bonds, projecting that stablecoins could significantly increase demand for short-term government debt [4][5] - The potential for stablecoins to impact the US Treasury market is notable, with estimates suggesting that by the end of 2024, stablecoins could hold around $120 billion in short-term government bonds, potentially expanding to $1 trillion by 2028 [4] Group 3 - Despite their advantages, the rapid growth of stablecoins raises concerns regarding their stability and the risks associated with potential runs on these assets, which could exert pressure on issuing institutions and the broader financial market [5][6] - The regulatory landscape for stablecoins is still developing, with challenges related to anti-money laundering and the need for transparency in the operations of issuing entities [5][6] - The emergence of stablecoins presents both challenges and opportunities for traditional payment systems, particularly in cross-border transactions, necessitating a careful evaluation of their role in the evolving digital economy [6]

金融衍生品研究所 基本面分析报告 金融衍生品日报 2025 年 06 月 19 日 研究员：孙锋 期货从业证号： F0211891 投资咨询从业证号： Z000567 ：021-65789277 ：sunfeng@chinastock.com.cn 研究员：彭烜 期货从业证号： F3035416 投资咨询从业证号： Z0015142 ：pengxuan_qh@chinastock.com.cn 研究员：沈忱 CFA 期货从业证号： F3053225 投资咨询从业证号： Z0015885 ：shenchen_qh@chinastock.com.cn 金融衍生品日报 一、财经要闻 1. 商务部谈 CPTPP 申请准备情况：中方为加入协定做好了充分准备，下一步将主动对 接 CPTPP 等国际高标准经贸规则，稳步扩大制度型开放。 2. 商务部：中国一贯高度重视维护全球产供链的稳定与安全，依法依规不断加快对稀 土相关出口许可申请的审查，已经依法批准一定数量的合规申请，并将持续加强合规申请的 审批工作。 股指期货全线回落，至收盘，主力合约 IH2506 跌 0.63%，IF2506 跌 0.8%，IC2506 跌 1.0 ...

两市成交额1.25万亿元，盘面上，采掘、石油、燃气板块逆势上涨，计算机、地产、港口等板块跌幅居前。 分析人士认为， 当前A股市场在地缘冲突干扰背景下虽承压，但展望未来， 中美关系有望进一步缓和，且国内宽松的货币政策与积极的财政政策持续 发力，对未来的市场表现不应悲观。 摘要 1、今天，A股港股均出现下跌，创业板指跌超1%，有超4600只个股下跌，发生了什么？ 2、ETF连续四天获 资金加仓，买入这些方向！后市会怎么走？ 3、A股即将进入中报业绩披露期，哪些板块机会更大？如何做好资产配置？ 真话白话说财经，理财不说违心话 --这是第1369 篇白话财经- - 今天，A股港股集体下跌，创业板指跌超1%，有超4600只个股下跌。 （图片来源：东方财富APP，统计截至2025/6/19，不作投资推荐） 超4600只个股下跌，发生了什么？ 今天，亚太市场集体跳水，日经225跌超1%，港股恒生指数跌近2%，发生了什么？ （图片来源：东方财富APP，统计截至2025/6/19，不作投资推荐） 1、 地缘政治风险升温。 有消息称，"美国高级官员正在为可能在周末对伊朗发动打击做准备"，引发市场对中东冲突直接升级的担忧。导致避险 ...

6月19日，连续等待多天的这个变盘选方向，今天终于给出来了，只不过是给到的是大部分人都不愿意 见到的向下。今天市场的话呢呃又是4000多家待涨，走得很弱。和讯投顾李炜觉得接下来可能从策略上 需要小幅度的呢降低一下交易的这个预期。前面我也跟大家聊到过，最近的这个小变盘，呢就是围绕这 个区间看看它是上方强势的这种震荡，完了之后去冲击3417，还是去寻求这个宽幅震荡的下轨3330去寻 求支撑。那么这儿既然选择向下，那接下来其实就是耐耐心心的等一等，看看到3430左右，有没有止跌 的这个低吸的机会，节奏上的话呢可能相对的难熬了一点啊难熬一点。因为他有可能他会明天就开始给 修复，给修复的话呢就是围绕中轨这儿来回再震一震，再磨一磨时间就是走得极其的慢，结构上也走得 极其的慢，上也上不去，下也下不来这种状态。所以大家也就意味着针对于一些热门板块也好，针对于 个股的这个买点定位也好，适当的呢就是又要回归到比市场节奏慢半拍，或者是慢一拍的这种状态当 中。 （原标题：和讯投顾李炜：向下变盘！明天怎么走？） 那那两个概念呢我觉得强度已经有所下降，虽然数字货币虽然稳定，币强度也有下降，但是这里面的话 呢目前还是以强势视角，啊目前还是 ...