1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report predicts that the proportion of medium - and long - term funds in the capital market will gradually increase, which is beneficial to reducing stock market volatility. In the medium - to long - term, A - shares are considered to have a high investment cost - performance ratio. Specifically, CSI 500 and CSI 1000 are expected to bring higher returns due to more science and innovation policy support, while SSE 50 and CSI 300 have more defensive value in the current macro - environment [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts for different terms increased, with the increase ranging from 22.20 to 36.40. The trading volume of IF next - quarter contracts was the highest at 59,958.00, and the position of IF current - month contracts decreased by 23,303.00 [1] - **IH Contracts**: The prices of IH contracts also rose, with an increase of 17.80 - 28.80. The trading volume of IH next - quarter contracts was 35,272.00, and the position of IH current - month contracts decreased by 12,236.00 [1] - **IC Contracts**: The prices of IC contracts increased, with an increase of 8.60 - 28.80. The trading volume of IC next - quarter contracts was 41,183.00, and the position of IC current - month contracts decreased by 19,812.00 [1] - **IM Contracts**: The prices of IM contracts went up, with an increase of 9.60 - 32.00. The trading volume of IM next - quarter contracts was 104,691.00, and the position of IM current - month contracts decreased by 28,897.00 [1] - **Inter - month Spreads**: The inter - month spreads of IF, IH, IC, and IM contracts all changed compared to the previous values [1] 3.2 Stock Index Spot Market - **Major Indexes**: The CSI 300, SSE 50, CSI 500, and CSI 1000 indexes all rose, with the SSE 50 having the highest increase of 0.74%. The trading volume and total trading amount of each index also changed [1] - **Industry Indexes**: Among the CSI 300 industry indexes, the raw materials industry had the highest increase of 2.73%, while the information technology industry decreased by 0.33% [1] 3.3 Futures - Spot Basis - The futures - spot basis of IF, IH, IC, and IM contracts for different terms changed compared to the previous two days' values [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index all rose, with the Shanghai Composite Index increasing by 0.50% [1] - **Overseas Indexes**: The Hang Seng Index increased by 1.33%, while the Nikkei 225, S&P, and DAX Indexes all decreased [1] 3.5 Macro Information - 16 central enterprises signed 75 industrial project investment agreements with the Tibet Autonomous Region, with a total investment of 317.537 billion yuan, focusing on key areas such as clean energy and infrastructure [2] - In the first half of 2025, the main economic indicators in the industrial and information technology fields showed steady growth, and multiple policy measures will be taken to strengthen the industrial economy [2] - 9 provinces have released their H1 GDP data, with 4 provinces in central China outperforming the national average, and Hubei having the highest growth rate of 6.2% [2] - As of July 18, 1540 A - share listed companies disclosed their H1 2025 performance forecasts, with a pre - happy ratio of about 43.77%, and the performance was quite differentiated [2] 3.6 Industry Information - The 3rd China International Supply Chain Promotion Expo closed in Beijing, with over 1200 exhibitors and more than 210,000 on - site and online visitors, a 5% increase from the previous session, and over 6000 cooperation agreements and intentions signed [2] - In H1 2025, the Beijing real estate market showed an upward trend, but the market heat was uneven, with some high - quality properties having high sales and others having low sales [2] - Hong Kong will implement a stablecoin regulatory system on August 1, aiming to promote the digitalization of payment infrastructure and asset markets [2]

当地时间7月18日，美国总统特朗普在白宫正式签署《指导与建立美国稳定币国家创新法案》，标志着 美国稳定币监管立法进入实施阶段。据路透社7月17日报道，《GENIUS法案》通过后，美国银行、花 旗集团和摩根大通均表示已将发行稳定币提上日程。 开源证券分析指出，稳定币的应用场景从加密货币交易向更广泛的支付领域扩展，市场规模及交易活跃 度迅速提升。美国稳定币法案的签署标志着美国首次正式确立数字稳定币的监管框架，稳定币迈向合规 化发展阶段。此外，香港稳定币条例将于8月1日正式实施，牌照成为入局关键，继续看好稳定币及 RWA市场投资机遇。 金融科技ETF华夏（516100）紧密跟踪中证金融科技主题指数，涵盖软件开发、互联网金融及数字货币 产业链，兼具金融属性与科技属性，指数重仓股包括同花顺、东方财富、润和软件、恒生电子等行业龙 头股，又不乏东信和平、赢时胜、拉卡拉、京北方、四方精创等稳定币热门个股，稳定币含量达 23.43%，位居全市场指数榜首，助力投资人一键布局稳定币、数字货币等热门概念。 7月21日早盘，三大指数集体延续强势，水利水电、西部基建概率领涨，金融科技板块延续回调，截至 11:15，全市场稳定币含量最高的 ...

来源：铁血_青衫老祖 美国这么干，显然是为了加速推进美元数字化，巩固美国在全球支付结算体系中的主导地位。 与中国路径不同的是： 中国以人民币及支付体系、数字人民币及支付体系为主导，核准若干拥有全球贸易和支付需求的头部数 字公司发行稳定币，角逐全球稳定币体系构建。本质上是政府-央行-法币-稳定币一体化。 美联储在美国的治理架构中拥有相对独立性，可以通过金融工具独立调控利率和市场。这与特朗普的独 裁品性与操作不合拍，因此也被特朗普视为眼中钉肉中刺。在多次逼迫鲍威尔辞去美联储主席职务、多 次呼吁美联储降息未果之后，迅速抛出美国稳定币监管法案——《天才法案》，对美联储实施釜底抽 薪，从货币发行权上与美联储分庭抗礼，彻底废掉美联储。 《天才法案》将稳定币定义为"支付稳定币"： 一是与固定货币价值挂钩。即为与固定货币价值挂钩的数字资产。要求发行人必须持有与稳定币挂钩的 流动资产（如美国国债或现金等）作为储备，即每飞行一美元稳定币，需持有至少1美元的合规储备。 二是主要用于支付或结算。即不同于比特币这类数字赌局。必须接受监管。 三是发行人有义务以固定金额赎回或回购。即发行人必须履行最终代偿责任。这确保稳定币具备法定货 币的 ...

Core Insights - The strategic partnership between Fourth Paradigm and Jiuyang Technology aims to develop a "Stablecoin Underlying Asset Management Solution" to enhance the stability and compliance of stablecoin investments [1][2] - The collaboration is a response to the growing regulatory framework surrounding stablecoins, particularly following the implementation of Hong Kong's Stablecoin Regulation [2][12] Group 1: Partnership Overview - Fourth Paradigm leverages its AI capabilities and extensive experience in serving top financial institutions to support stablecoin asset management [3][12] - Jiuyang Technology specializes in fixed income portfolio management and risk control, providing a robust foundation for the partnership [3][12] Group 2: Solution Features - The solution includes intelligent risk warning systems that utilize AI to monitor market signals and predict potential risks [3][5] - Dynamic optimization of collateral assets is achieved through AI algorithms, enhancing capital efficiency and risk resilience [3][7] - A compliance and risk monitoring engine is established to improve regulatory transparency and investor trust [5][9] Group 3: Market Context - The stablecoin market is transitioning towards compliance and institutional development, necessitating effective asset management solutions [2][6] - The partnership addresses the critical need for a secure asset management framework that mitigates risks associated with market volatility and fraud [2][6] Group 4: Future Outlook - The collaboration aims to create a closed-loop operational mechanism encompassing asset allocation, risk warning, and compliance verification [5][10] - Short-term goals include launching an integrated SaaS solution for compliance and portfolio management to facilitate regulatory sandbox projects [11] - Long-term aspirations involve building a national-level stablecoin technology infrastructure to support cross-border digital currency interoperability [11][12]

Group 1 - The Guozheng Securities Leading Index (399437) has seen a strong increase of 1.58%, with constituent stocks such as Hualin Securities (002945) rising by 9.97%, Dongfang Securities (600958) by 4.26%, and GF Securities (000776) by 3.98% [1] - Robinhood has launched "stock tokens" in the European market, allowing EU users to trade over 200 US stocks and ETFs, including Nvidia (NVDA), Apple (AAPL), and Microsoft (MSFT) [1] - Minsheng Securities highlights that cross-border payment scenarios are expected to become an important application for stablecoins, which may enhance efficiency and reduce costs in cross-border payments, benefiting fintech companies related to cross-border payments [1] Group 2 - In the long term, stablecoins are anticipated to promote virtual asset trading and the tokenization of real-world assets (RWA) and security token offerings (STO), facilitating on-chain trading of traditional financial assets [2] - Major Chinese securities firms are accelerating their layout in this area, with Guotai Junan International upgrading its virtual asset trading license and GF Securities (Hong Kong) fully integrating with HashKey Chain for on-chain issuance [2] - As of June 30, 2025, the top ten weighted stocks in the Guozheng Securities Leading Index (399437) account for 78.71% of the index, including Dongfang Wealth (300059), CITIC Securities (600030), and Huatai Securities (601688) [2]

Group 1: Market Overview - The Hang Seng Index closed up by 326 points, marking a weekly increase of 686 points or 2.8%, continuing its upward trend for the second consecutive week [3] - The trading volume for the day was approximately 238.69 billion [3] - Notable stock performances included China Life Insurance rising by 5.1% and ZTO Express increasing by 6.5%, while Xinyi Solar fell by 3.4% [3] Group 2: Regulatory Developments - The Securities and Futures Commission has reappointed three executive directors for a term of three years, effective from August 1, August 28, and November 1 [6] - The total number of registered local companies in Hong Kong has surpassed 1.49 million, a historical high, with 84,293 new companies registered in the first half of the year [7] Group 3: Economic Support Measures - The National Financial Regulatory Administration emphasized the need to support economic recovery and high-quality urban development through enhanced financial supply [8] - The administration aims to strengthen consumer protection and prevent illegal financial activities while promoting effective investment financing [8] Group 4: Company-Specific News - Xinyi Glass anticipates a profit decline of 55% to 65% for the first half of the year, primarily due to decreased revenue and gross profit from its float glass business [10] - XPeng Motors' founder stated that China may surpass the U.S. in L2 and L3 autonomous driving technology due to faster market acceptance and regulatory support [11] - Huajian Medical has initiated the process for a stablecoin license in the U.S. as part of its strategy to develop a tokenization platform for real-world assets [12] - United Pharmaceutical announced a share placement at a discount of approximately 7.9%, aiming to raise about 2.2 billion for capital expenditures and R&D [13]

Market Performance - The three major US stock indices showed mixed results last week, with the Dow Jones Industrial Average down 0.07% at 44,342.19 points, the Nasdaq Composite up 1.51% at 20,895.66 points, and the S&P 500 up 0.59% at 6,296.79 points [1] - The S&P 500 index reached a new high, driven by strong performance in technology and growth sectors, with Nvidia seeing a weekly increase of 4.54% [1] Earnings Reports - As of now, 12% of S&P 500 companies have reported earnings, with 83% exceeding market expectations. Over one-fifth of S&P 500 companies are set to report earnings in the coming week, including Coca-Cola, General Motors, and IBM [5] - Alphabet's revenue is expected to grow by 10.7% year-over-year, with investors keenly observing its AI investments and their impact on its cloud business [6] Economic Indicators - The US economy remains resilient, with better-than-expected non-farm payroll data for June and moderate inflation indicated by CPI and PPI data, providing the Federal Reserve with policy space [1] - The "Big and Beautiful" legislation, which includes tax incentives, is expected to boost corporate earnings [2] Market Sentiment - Short-term market sentiment is optimistic due to the easing of US-China trade tensions and the continuation of corporate tax cuts [2] - There is a growing expectation of interest rate cuts by the Federal Reserve, which could support the market in the near term [3][4]

文字早评 2025/07/21 星期一 宏观金融类 股指 宏观消息面： 1、李强出席雅鲁藏布江下游水电工程开工仪式 并宣布工程开工，工程主要采取截弯取直、隧洞引水 的开发方式，建设 5 座梯级电站，总投资约 1.2 万亿元； 行情方面：周五，TL 主力合约下跌 0.22%，收于 120.46；T 主力合约下跌 0.08%，收于 108.790；TF 主 力合约下跌 0.05%，收于 105.990；TS 主力合约下跌 0.00%，收于 102.434。 消息方面：1、中国人民银行研究起草了《中国人民银行关于修改部分规章的决定（征求意见稿）》， 现向社会公开征求意见。《决定》主要包括以下内容：一是明确上海清算所是债券登记托管结算机构的 法定地位。二是为便于公开市场买卖国债等货币政策操作和促进债券市场高水平对外开放，取消对债券 回购的质押券进行冻结的规定。三是根据现行实践，修改金融债券信息披露管理的有关规定。2、美国 7 月密歇根大学消费者信心指数初值 61.8，预期 61.5，6 月终值 60.7。 流动性：央行周五进行 1875 亿元 7 天期逆回购操作，操作利率为 1.4%。因当日有 847 亿元逆回购到期 ...

文 | 赵伟、陈达飞 赠书规则 读者只需在文末留言，点赞数最多的前10位读者，即可获赠达利欧的最新作品《国家为什么会破产》1 本。 截止时间：2025年7月23日：20:00。 写在前面的话 2025年初以来 ，在"美国例外论"阶段性被证伪的叙事之下，美元指数持续下行，最大回撤12.5% 。4月"对等 关税"冲击之后，美国金融市场接连出现"股债汇三杀"，再联想到白宫经济顾问委员会（CEA）主任斯蒂芬· 米兰（Stephan Miran）在2024年11月发表的所谓的"海湖庄园协议"报告，以及特朗普政府推动稳定币 《GENIUS》法案的积极性，引发了市场对于"去美元化"、美债"安全资产"属性和国际货币体系等问题的热 议。 关注、加星，第一时间接收推送！ 太阳底下没有新鲜事。早在1959年，特里芬（Robert Triffin）就断言布雷顿森林体系具有内在不稳定性并预 言其崩溃。他预见到，面对世界其他国家对储备资产日益增长的需求，美国终将过度扩张自身信用，以致出 现美元贬值的信心危机。这一矛盾后来被称为"特里芬两难"。60年年代中期以后，布雷顿森林体系在正式运 行不久后就麻烦不断。面对美元挤兑压力，尼克松政府先于 ...

Core Viewpoint - The article discusses the emerging competition between the U.S. and China regarding Real World Assets (RWA) and stablecoins, highlighting the significance of the "Genius Act" signed by former President Trump, which aims to solidify the dollar's status as the world's reserve currency and regulate the stablecoin market [3][4][32]. Group 1: RWA and Stablecoins - RWA stands for Real World Asset, which refers to the process of tokenizing physical assets like real estate, commodities, and bonds using blockchain technology [13][14]. - The RWA market is projected to reach $16.1 trillion by 2030, accounting for 10% of global GDP, with current RWA assets (excluding stablecoins) amounting to $245.5 billion [18][20]. - The introduction of RWA technology allows for the digitization and fragmentation of physical assets, enhancing liquidity and accessibility for ordinary investors [22][27]. Group 2: Regulatory Developments - The "Genius Act" marks a significant step in U.S. stablecoin regulation, aiming to maintain the dollar's dominance in the global financial system [7][32]. - Hong Kong's "Stablecoin Ordinance," effective August 1, represents a competing regulatory framework that could challenge U.S. dominance in the stablecoin space [8][30]. - The U.S. Treasury Secretary has projected that the stablecoin market could grow to $3.7 trillion by 2030, emphasizing the economic benefits of stablecoins [31][32]. Group 3: Market Dynamics and Challenges - Robinhood's introduction of stock tokenization has garnered attention, but it faces challenges such as liquidity issues and potential market manipulation [17][41]. - Regulatory bodies are scrutinizing Robinhood's practices, raising concerns about the distinction between real equity and derivatives in tokenized stocks [42][46]. - The article warns that while RWA technology offers efficiency, it also opens the door to potential illegal activities due to regulatory gaps [47]. Group 4: Future Outlook - Financial institutions in mainland China are accelerating their efforts to engage with the RWA and stablecoin markets, with many obtaining licenses to provide related services [48]. - The competition between the U.S. and China in the RWA space is intensifying, with the potential for significant shifts in the global financial landscape [50][51].