Core Viewpoint - The A-share market shows a recovery in capital sentiment, with significant gains in various sectors, particularly in steel and photovoltaic industries, driven by a new wave of "de-involution" and capacity reduction initiatives from the government [2]. Group 1: Market Performance - During the week of June 30 to July 4, the Shanghai Composite Index rose by 1.40% to close at 3472.32 points, while the Shenzhen Component Index increased by 1.25% and the ChiNext Index by 1.50% [2]. - The steel and photovoltaic sectors experienced a surge, with photovoltaic glass prices rising over 10% during the week [2]. Group 2: Institutional Research - A total of 158 listed companies disclosed institutional research minutes, with over 70% of the researched stocks achieving positive returns [2]. - Taotao Automotive was the most favored stock by institutions, achieving a remarkable gain of 29.82% during the week [3]. Group 3: Company Highlights - Taotao Automotive, a leader in the North American leisure vehicle market, reported an expected net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year growth of 70.34% to 97.81% [3]. - Shunwang Technology, a core supplier in the esports service sector, discussed its multi-layered computing power service system and AI computing power platform during institutional interactions [4]. - Xinjie Electric, focused on industrial automation, highlighted its advancements in core components for humanoid robots, including hollow cup motors and high-performance optical encoders [5]. - Xiamen Tungsten New Energy is developing new profit growth points, including high-stability lithium supplement materials and a new structure cathode material with improved energy density and performance [6].

Market Overview - A-shares showed a recovery in capital sentiment during the week of June 30 to July 4, with the Shanghai Composite Index rising by 1.40% to close at 3472.32 points, the Shenzhen Component Index increasing by 1.25%, and the ChiNext Index up by 1.50% [1] Sector Performance - Various sectors experienced a surge, particularly steel and photovoltaic industries, which saw a wave of limit-up trading. The photovoltaic glass sector rose over 10% during the week, while themes such as CRO (Contract Research Organizations), innovative drugs, and vitamins also performed actively [1] - The central financial committee's sixth meeting emphasized the need to address "involution" competition and promote the orderly exit of backward production capacity, initiating a new round of "anti-involution" and capacity reduction actions, particularly in the photovoltaic, steel, and cement industries [1] Institutional Research - A total of 158 listed companies disclosed institutional research minutes during the week, with over 70% of the researched stocks achieving positive returns. Taotao Vehicle emerged as the most favored stock by institutions, achieving a remarkable gain of 29.82% [1] - Taotao Vehicle, which has seen its stock price double since early June, received attention from 137 institutions, including Bosera Fund and China Universal Asset Management. The company anticipates a net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year growth of 70.34% to 97.81% [2] - Another company, Shunwang Technology, also attracted over a hundred institutional researchers, focusing on its core services in the esports sector and its advancements in computing power and AI capabilities [2] Company Developments - Xinjie Electric, specializing in industrial automation, was researched by 92 institutions, with a focus on its developments in core components for humanoid robots, including hollow cup motors and frameless torque motors [3] - Jingbeifang, which had previously engaged with multiple institutions, highlighted the advantages of stablecoins over traditional cross-border payment methods and its focus on the development of RWA (Real World Assets) [3] - Xiamen Tungsten New Energy, which received attention from 76 institutions, is developing new profit growth points, including high-stability lithium supplement materials and a new structure cathode material that offers significant improvements in energy density and performance [4]

Group 1: Strategic Cooperation and Business Model - The company has signed a strategic cooperation agreement with Guofu Quantum, a cross-border financial technology investment platform based in Hong Kong, which holds multiple licenses from the Hong Kong Securities and Futures Commission [4] - The collaboration aims to focus on virtual assets and digital currency businesses, leveraging both parties' resources in capital markets and financial technology [4] - The company plans to explore various business models with Guofu Quantum, including consulting services and asset tokenization technology services [6] Group 2: Stablecoin Applications and Market Potential - Stablecoins are expected to be widely used in cross-border payments, settlement, and RWA (Real World Assets) financing, offering advantages such as higher efficiency and lower costs compared to traditional methods [5] - The company aims to integrate stablecoins into the virtual asset ecosystem and explore potential cooperation opportunities in stablecoin issuance and virtual asset exchanges [5] Group 3: Technological Advantages and Experience - The company has accumulated significant technical experience in the digital renminbi system and possesses a mature technology framework in blockchain, smart contracts, and privacy computing [7] - It has established a localized delivery team for digital currency in the Greater Bay Area, enhancing its capability to support clients in various aspects of digital asset management [7] Group 4: Competitive Advantages and Client Base - The company has developed a diverse client base primarily consisting of banks, insurance, securities, trust, and asset management firms, creating a robust resource layout [8] - Its extensive industry experience, combined with a systematic R&D organization and innovative capabilities, forms a sustainable competitive advantage [8] Group 5: International Business Expansion - The company has established business relationships with Chinese clients in Hong Kong and is actively pursuing collaborations in Southeast Asia [9] - It plans to optimize its business delivery model in Hong Kong and gradually expand into Southeast Asia and countries along the Belt and Road Initiative [9]

Core Viewpoint - The emergence of IXUS represents a pivotal moment for gold as it adapts to the accelerating digitalization of assets, merging traditional value systems with decentralized finance [1][3][10] Group 1: Market Context - The global digitalization of assets is rapidly evolving, creating new opportunities for gold as a long-standing value anchor [1] - Gold, historically viewed as a stable and inflation-resistant asset, faces challenges in the digital age, including high investment barriers and limited cross-border usability [4][5] Group 2: IXUS Overview - IXUS is strategically initiated by HEX TRUST, a licensed digital asset custodian in Asia, which manages over $5 billion in assets for more than 300 institutions [6] - The platform aims to reconstruct the mechanisms and functions of gold, enhancing its efficiency and accessibility in the digital landscape [5][6] Group 3: Technological Integration - IXUS leverages blockchain technology to transform gold into a more accessible and efficient asset, allowing for fractional ownership and participation without traditional banking requirements [8][9] - The platform targets over 2.5 billion unbanked individuals globally, providing them with a breakthrough in financial access and wealth preservation [8] Group 4: Future Vision - IXUS envisions gold not just as a store of wealth but as an integral part of the global digital economy, facilitating asset digitization and value circulation [10] - The initiative aims to evolve from a platform to a collaborative ecosystem, enhancing cross-border settlement and decentralized governance [10]

Summary of Key Points from the Conference Call Industry Overview - The stablecoin industry is experiencing rapid development and is entering practical application stages, with significant recognition from official entities regarding its potential in payment and settlement [1][4] - The total market capitalization of stablecoins is currently $250 billion, with USDC accounting for 25% of this market [3][9] Core Insights and Arguments - The establishment of the Gibus Act in the U.S. provides a compliance framework for stablecoin development, which is crucial for the industry's growth [1][4] - Circle's revenue is heavily reliant on its partnership with Coinbase, with 60% of its income derived from the distribution of USDC through Coinbase [1][5][6] - The global cross-border payment market is projected to reach $350 trillion by 2030, with stablecoins potentially capturing 25% of this market, translating to an $80 trillion market size [11][12] - The expansion of stablecoin applications into areas such as cross-border payments and decentralized finance (DeFi) is expected to drive significant market growth [2][7] Financial Performance and Projections - Circle's business model involves issuing USDC, backed by U.S. dollars, and investing the received dollars in low-risk assets to generate returns [6][8] - By 2024, 20% of USDC distribution is expected to occur on the Coinbase platform, a significant increase from 5% in 2022, indicating a growing reliance on this partnership [5] - The overall cryptocurrency market capitalization is anticipated to exceed $30 trillion by 2030, with stablecoins' share potentially rising to 25%, leading to a market valuation of $5 to $7.5 trillion [14] Potential Risks and Considerations - The profitability of Circle is influenced by the yields from short-term U.S. Treasury securities and the distribution costs associated with USDC [8] - The competitive landscape is evolving, with USDC gaining market share from non-compliant stablecoins like USDT due to regulatory advancements [3][9] Additional Important Insights - The integration of stablecoins into traditional payment systems is gaining traction, as evidenced by partnerships with platforms like Shopify and Visa [10][5] - The innovation in Real World Assets (RWA) on-chain is expected to enhance asset liquidity, with the RWA market potentially reaching $16 trillion to $30 trillion by 2030, largely denominated in stablecoins [13]

Core Insights - The concept of "stablecoins" is gaining significant attention, with major companies like Ant Group, JD.com, and Xiaomi actively exploring opportunities in this space [3][4] - The Hong Kong "Stablecoin Ordinance" is set to take effect on August 1, which will regulate the issuance of stablecoins and is expected to open new avenues for financial innovation [3][5][8] Group 1: Company Developments - Ant Group is planning to apply for stablecoin licenses in Hong Kong and Singapore, emphasizing its commitment to global financial management and the application of AI, blockchain, and stablecoin innovations [3][4] - JD.com has already participated in the Hong Kong Monetary Authority's (HKMA) first batch of stablecoin issuers, focusing on providing applications for retail and institutional clients [4] - Xiaomi's Tianxing Bank has announced a partnership with JD.com’s stablecoin initiative, indicating a collaborative approach among major tech firms in the Web3 space [4] Group 2: Market Reactions - The implementation of the Hong Kong "Stablecoin Ordinance" has triggered a surge in research reports from 22 brokerage firms, with nearly 30 reports published within three days, covering various sectors including technology and finance [5][6] - Brokerages are focusing on the policy impacts and industry opportunities presented by the new regulations, suggesting investment opportunities in technology development and trading platforms [5][6] Group 3: Regulatory Landscape - Global regulatory bodies are accelerating the legislative process for stablecoins, with recent laws passed in the U.S. and Hong Kong establishing clear frameworks for reserve assets and issuance mechanisms [8] - The market for stablecoins is rapidly expanding, with a reported global market cap exceeding $250 billion as of May 31, 2025, reflecting a significant increase from the previous year [7][8]

Core Insights - The introduction of the US "GENIUS Act" and Hong Kong's "Stablecoin Ordinance" marks a significant step towards the mainstream acceptance of stablecoins in the financial market [1][5]. Regulatory Developments - Recent regulations in the US and Hong Kong are pushing for the compliance of stablecoins, indicating a competitive race for dominance in the future monetary system [2][5]. - The "GENIUS Act" mandates that stablecoin reserves must be backed by high liquidity assets, such as cash and short-term US Treasury securities, at a minimum ratio of 1:1 [5][7]. - Hong Kong's "Stablecoin Ordinance" establishes a licensing system for fiat-backed stablecoin issuers, with notable participants including JD.com and Standard Chartered Bank [5][6]. Market Dynamics - Stablecoin-related stocks have experienced significant volatility, with companies like ZhongAn Online and Circle seeing substantial price increases following regulatory news [3][4]. - The total market capitalization of stablecoins is projected to exceed $230 billion by June 2025, with Tether (USDT) and USD Coin (USDC) accounting for approximately 90% of this market [4][7]. Future Projections - Analysts predict that the total supply of stablecoins could reach $2 trillion by the end of 2028, creating a demand for $1.6 trillion in short-term Treasury securities [7][8]. - The market for Real World Assets (RWA) is expected to grow significantly, potentially reaching $16 trillion by 2030, as stablecoins facilitate the integration of traditional finance with the crypto world [9][10].