探底回升缩量行，三千四百绿盘惊。 算力硬科掀涨停，军工长啸贯虹声。 AI眼镜浮光跃，稀土磁材坠叶轻。 CPO连营烽火炽，草甘膦畔落花横。 市场解析： 今天市场下探回升，能否再次突破3400？从技术面来看，沪指90分钟级别，短期出现的序列消失。更值得注 意的是，收盘站上了短期趋势带，这意味着指数有继续进攻的可能。 不过，两市成交额不足1.2万亿，缩量明显，市场进攻动能不足，依旧是场内资金轮动博弈，场外资金仍处于 观望状态。 仅从指数来看，市场仍处于震荡区间。箱底在3340附近，箱顶在3400—3450区间。操作上，继续控制仓位， 维持在五成左右，确保进可攻退可守，待行情方向明朗后再增仓不迟。 板块方向： 昨天刚刚分析过，最近盘面的表现可以关注科技板块，资金可能回流做补涨。今天科技板块集体异动，恭喜 第一时间关注的朋友们。 科技板块异动的原因主要有以下几点： 一是政策方面，重启科创板未盈利企业上市，陆家嘴论坛强调强化资本市场对科技企业的支持，试点IPO预先 审阅机制，吸引内资加速布局半导体设备、通信设备等核心领域。这一消息对相关板块有直接的提振作用。 二是产业消息方面，近期存储、光模块、智能眼镜等领域都有不少利好 ...

经营范围含区块链技术相关软件和服务；数据处理和存储支持服务；软件外包服务；云计算设备销售； 智能机器人销售；工业自动控制系统装置销售；云计算装备技术服务；计算机软硬件及辅助设备零售； 计算机及通讯设备租赁；计算机软硬件及辅助设备批发；业务培训（不含教育培训、职业技能培训等需 取得许可的培训）；大数据服务；互联网数据服务；信息系统集成服务；信息系统运行维护服务；信息 技术咨询服务；网络与信息安全软件开发；人工智能双创服务平台；技术服务、技术开发、技术咨询、 技术交流、技术转让、技术推广；日用品销售；互联网销售（除销售需要许可的商品）；销售代理；集 成电路设计；数字文化创意内容应用服务；数字内容制作服务（不含出版发行）；网络技术服务；电子 产品销售；五金产品零售；通讯设备销售；农业生产托管服务；农副产品销售；包装服务；会议及展览 服务；食品销售（仅销售预包装食品）；工业设计服务；工业工程设计服务；规划设计管理；专业设计 服务；咨询策划服务；铁路机车车辆配件销售；铁路机车车辆销售；高铁设备、配件销售；招投标代理 服务；广告制作；广告发布；货物进出口；人工智能应用软件开发；物联网技术研发；物联网技术服 务；物联网应用 ...

6月18日，由世界品牌实验室（World Brand Lab）主办的2025年（第二十二届）"世界品牌大会"在北京举行，会上发布了2025年《中国500最具价值品 牌》分析报告（以下简称"报告"）。在这份基于财务数据、品牌强度和消费者行为分析的年度报告中，中国汽车报以217.89亿元的品牌价值再度荣登榜 单，也是唯一入榜的汽车类媒体。 据悉，今年是世界品牌实验室编制中国品牌报告的第22个年头，入选门槛从2004年的5亿元升至今年的42.91亿元，前500名品牌的平均价值也从22年 前的49.43亿元提高至840.53亿元，增幅达1600.45%。世界品牌实验室学术委员会主席、牛津大学(Oxford)营销学荣誉教授斯蒂芬·沃格(Steve WOOLGAR) 博士表示:"在过去的20多年中，我目睹了中国品牌的快速成长，有的已经具有强大的世界影响力。" 从行业分布来看，本年度《中国500最具价值品牌》排行榜中，共有来自食品饮料、轻工业、建材、通信电子IT、传媒、金融、汽车、机械等在内的 24个相关行业的品牌入选，入选数量位居前五的行业分别是食品饮料业（77个）、轻工(41个)、建材(36个)、通信电子IT（35个） ...

（原标题：揭秘涨停 | 绑定蚂蚁集团，002015四连板） 今日（6月18日）上证指数微涨0.04%，市场全天成交1.22万亿元，连续3个交易日成交均低于1.3万亿元。电子、计算机两大行业成交额超过1000 亿元，其中电子指数涨幅1.5%，计算机指数下跌0.2%。 涨停战场：5股连续4日涨停 不含未开板新股，今日可交易A股中，收盘封死涨停的有49只，跌停有13只。另外，26股封板未遂，整体封板率为65.33%。 据证券时报•数据宝统计，收盘涨停个股中，主板有41只，创业板5只，科创板3只。以所属行业来看，涨停数量居前的行业有电子、基础化工、机 械设备行业，分别有11只、6只、4只。 从连续涨停天数看，协鑫能科、准油股份、山东墨龙、贝肯能源、金牛化工等已连收4个涨停板。 以协鑫能科(002015)为例，该股收盘股价创2024年以来新高，A股市值突破210亿元。消息面上，6月12日，在SNEC上海光伏展览会上，蚂蚁数科 与协鑫能科共同宣布成立新公司"蚂蚁鑫能"，通过深度融合蚂蚁数科在人工智能、区块链等领域的技术能力，以及协鑫能科在能源项目开发、建 设和运营管理方面的产业优势，合作打造"AI驱动的下一代新能源生态体 ...

Core Viewpoint - The integration of blockchain technology in the photovoltaic industry is accelerating, with companies like GCL-Poly Energy Holdings and Ant Group collaborating to launch innovative platforms aimed at reducing carbon emissions and enhancing transparency in the supply chain [2][3][4]. Group 1: Company Developments - GCL-Poly Energy Holdings announced the launch of the upgraded GCL Carbon Chain 3.0 at the 18th SNEC International Photovoltaic and Energy Storage Exhibition, aiming to utilize AI and blockchain to lower carbon emissions and optimize reduction pathways [2][3]. - The GCL Carbon Chain is the world's first carbon management platform based on "granular silicon technology + blockchain technology + intelligent technology," allowing for the visualization, quantification, and verification of low-carbon footprints of granular silicon components [3]. - GCL-Poly Energy Holdings has a long-standing commitment to carbon chain products, having previously launched the first GCL Carbon Chain in June 2024, in collaboration with Ant Group and GCL Technology Holdings [3]. Group 2: Market Trends - The photovoltaic industry is witnessing increased innovation and collaboration, with blockchain technology being applied more extensively [4]. - GCL-Poly Energy Holdings' subsidiary, GCL Energy Technology, signed a strategic cooperation agreement with Ant Group to tokenize real-world assets (RWA) based on photovoltaic assets, marking a significant milestone in the financialization of physical assets [4][5]. - The market is showing a growing interest in RWA, which involves mapping ownership rights of physical assets to blockchain tokens, enhancing liquidity and financing efficiency [5]. Group 3: Industry Insights - The application of blockchain in the photovoltaic sector is transitioning from concept validation to large-scale implementation, with tools like the GCL Carbon Chain addressing transparency in environmental information [5]. - Experts suggest that the true transformation in the renewable energy sector will come from asset ownership transactions rather than RWA itself, potentially leading to increased investment in the photovoltaic industry [6].

图片来源：视觉中国 有这样一种数字资产，既能媲美法币的稳定性，也能搭上区块链的"高速列车"。它的价值与美元等法币 紧紧挂钩，所以不太会像比特币那样大起大落。同时，它利用了区块链技术安全、快速转账的优势，不 受银行上下班或国界的限制。而且它还能被"编程"，预设一些规则，让付款、转账等操作在满足条件时 自动完成，让金融服务变得更聪明、更高效。 这种资产就是最近爆火的稳定币。继新加坡和欧盟推出针对稳定币的监管框架之后，中国香港和美国近 期都紧锣密鼓地对其予以"收编"：中国香港的《稳定币条例》5月30日正式刊宪，为法币稳定币发行人 设立发牌制度，并将在8月1日生效，而在十天前的5月20日，美国参议院通过了《引导和建立美国稳定 币国家创新法案》（GENIUS Act）。 抢在美国之前，中国香港成为全球首个对法币稳定币实施全链条监管的司法管辖区，宣告一场新的围绕 数字货币世界话语权的全球竞赛正式开始。同时，商业层面的机会也初露峥嵘。 在6月17日的一场分享会上，京东创始人刘强东谈及京东的六个创新项目，其中之一就是稳定币。他表 示，希望在全球主要货币国家都申请稳定币牌照，借此实现全球企业之间的汇兑，能把全球的跨境支付 成本 ...

Core Viewpoint - The e-commerce market in Ghana is rapidly growing, with cross-border e-commerce playing a significant role in economic development, particularly in small package delivery using Delivered Duty Paid (DDP) services. However, challenges such as complex customs processes, unstable logistics, and high costs hinder further growth in the sector [1]. Group 1: Current Challenges in DDP Services - Customs processes are cumbersome and inefficient, leading to delays in clearance due to incomplete documentation and regulatory issues, which increases logistics costs and negatively impacts user experience [4]. - The logistics infrastructure in Ghana is underdeveloped, particularly in rural areas, resulting in unreliable delivery times and increased risk of package loss during peak periods or adverse weather conditions [5]. - High costs associated with DDP services arise from complex customs and logistics processes, leading to elevated prices that may deter market penetration [6]. - There is a lack of standardization and information sharing mechanisms among logistics companies, complicating management and increasing the potential for errors [6]. Group 2: Proposed Solutions - Simplifying customs processes through electronic and information technology can enhance efficiency, such as creating a unified electronic declaration platform to streamline documentation [8]. - Investment in logistics infrastructure and expanding delivery networks in rural areas are essential for improving logistics efficiency, including partnerships with third-party logistics providers [9]. - Cost control measures, such as optimizing transportation routes and warehouse layouts, can help maintain service quality while managing expenses, alongside transparent pricing strategies to build consumer trust [10]. - Establishing an information sharing and standardization platform can facilitate communication among logistics companies, customs, and e-commerce platforms, improving operational efficiency [10]. Group 3: Future Development Directions - The integration of technologies like artificial intelligence, big data, and blockchain will enhance digital transformation in cross-border e-commerce logistics, improving inventory management and ensuring information security [12]. - Emphasizing green logistics through eco-friendly practices, such as using sustainable packaging and electric delivery vehicles, will contribute to the industry's sustainable development [13]. - Future logistics will increasingly rely on multi-channel cooperation across various sectors, enhancing service capabilities to meet diverse market demands [14]. - Industry self-regulation and the establishment of standards are crucial for the healthy development of Ghana's e-commerce logistics sector, promoting fair competition and operational norms [16]. Summary - The DDP services in Ghana's e-commerce sector are vital for its growth but face challenges like complex customs, unstable logistics, and high costs. Through technological innovation, infrastructure improvements, process optimization, and industry collaboration, the sector can achieve more efficient, stable, and cost-effective cross-border logistics services, ultimately enhancing consumer experience and creating greater business value for e-commerce companies [17].

中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》，意见提出，加强统一的融资信用 服务平台建设，支持金融机构运用区块链等科技手段发展供应链金融。服务多层次、多支柱养老保险体 系发展。高质量建设全球金融科技中心。推动金融支持长三角更高质量一体化发展。(新华社) ...

Group 1: International Monetary System - The international monetary system is evolving towards a multipolar structure, which can enhance the resilience of the system and maintain global economic stability [2][3] - Discussions on reforming the monetary system focus on reducing reliance on a single sovereign currency and exploring the use of a supranational currency, such as the IMF's Special Drawing Rights (SDR) [2][3] - SDR is seen as a potential solution to the inherent issues of a single sovereign currency, offering greater stability and the ability to better fulfill global public goods functions [3] Group 2: Cross-Border Payment System - The cross-border payment system is crucial for international trade and financial stability, but traditional systems face challenges such as inefficiency and high costs [4][5] - There is a growing trend towards diversification in the cross-border payment system, with more countries using local currencies for settlements and new payment systems emerging [4] - Emerging technologies like blockchain and distributed ledger technology are reshaping the payment landscape, enabling faster and more efficient cross-border transactions [5] Group 3: Global Financial Stability System - The global financial stability system has evolved post-2008 financial crisis, but it faces new challenges such as fragmented regulatory frameworks and insufficient oversight of emerging financial sectors [6][7] - There is a need for stronger international cooperation to prevent regulatory arbitrage and enhance the stability of the financial system [6] - Strengthening the IMF as a core institution for global financial safety is essential for crisis prevention and resolution [7] Group 4: Governance of International Financial Organizations - Calls for reform in international financial organizations are increasing, as current governance structures do not reflect the economic realities of emerging markets and developing countries [8] - Adjusting the voting rights and quotas in organizations like the IMF is crucial for enhancing the representation and voice of these countries [8] - The legitimacy and effectiveness of international financial organizations depend on their ability to adapt to the changing global economic landscape [8]

[Table_Title] 研究报告 Research Report 18 Jun 2025 VISA VISA (V US) 稳定币冲击 VISA，影响几何？ The Stablecoins Challenge to VISA 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 近日 VISA 股价出现显著波动，我们认为市场担忧大型零售平台发行稳定币可能影响支付生态，对 VISA 等传统支付 网络构成潜在冲击，是此次股价下行的主要诱因。自 6 月 13 日《华尔街日报》发布《Walmart 和 Amazon 正在探 索发行自己的稳定币》以来，市场对大型零售平台可能重构支付生态的担忧迅速升温，支付类股票集体承压。其 中，行业龙头 VISA 和 Mastercard 分别下跌 5.4%和 4.6%。投资者担心，若平台型稳定币 ...