Group 1: Market Overview - The Hang Seng Index rose by 0.73%, gaining 177 points to close at 24,676 points, while the Hang Seng Tech Index increased by 0.76% [1] - The early trading volume in the Hong Kong stock market reached HKD 136.1 billion [1] Group 2: Cryptocurrency and Stablecoin Developments - The approval of the stablecoin bill by the U.S. Congress has led to increased activity in cryptocurrency and stablecoin concepts, with global regulatory policies becoming more refined [1] - Companies such as Blue Ocean Interactive (涨4%), OSL Group (涨7.7%), New Fire Technology Holdings (涨2.76%), Yike (涨5.87%), and Zhong An Online (涨2.12%) experienced significant stock price increases [1] Group 3: Company Performance Highlights - Meitu Inc. saw a 3.7% increase in stock price, with institutions optimistic about the company's performance potential due to its AI Agent validation product [1] - Yidu Tech (医渡科技) rose by 5.75%, driven by the ongoing implementation of AI solutions in the healthcare sector, indicating robust growth prospects [2] - Dongfang Zhenxuan (东方甄选) surged over 11% with the upcoming launch of a second sanitary napkin product, suggesting further development potential for its self-operated products [3] - Jinli Permanent Magnet (金力永磁) increased by 3.64%, with a projected net profit increase of up to 180% year-on-year for the first half of the year, as institutions anticipate a revaluation of rare earth strategic metals [4] - October Rice Field (十月稻田) saw an over 8% rise following a profit warning, expecting adjusted net profit growth of no less than 90% year-on-year [5] - NIO Inc. (蔚来-SW) rose by 4.3%, with the pre-sale price of the L90 model exceeding expectations, and Morgan Stanley forecasting monthly sales to surpass 5,000 units [6] - Huajian Medical (华检医疗) increased by 8.98%, actively advancing its Web3 exchange ecosystem and preparing to apply for a stablecoin license [7] - Guoquan (锅圈) rose over 10%, with significant year-on-year growth in net profit and core operating profit, validating its community central kitchen strategy [8] Group 4: Negative Performance Indicators - Yancoal Australia (兖煤澳大利亚) fell over 7%, despite a 15% year-on-year increase in coal production, due to port closures affecting sales during the period [9] - Jiantao Laminated Board (建滔积层板) dropped over 10% after its major shareholder, Jiantao Group, raised HKD 785 million through a placement [10]

2025年7月18日星期五 ➢ 美国国会通过稳定币法案；美对 中国石墨征高关税。A股午后拉升。 上证指数涨0.37%报3516.83点，深 证成指涨1.43%，创业板指涨1.76%。 航天航空、制药板块涨幅居前。 港股弱势震荡。香港恒生指数收 跌0.08%报24498.95点，恒生科技 指数涨0.56%，恒生中国企业指数 跌0.09%。创新药高歌猛进。大盘 成交额2364.125亿港元。外盘方面， 欧洲三大股指收盘全线上涨。美 国三大股指全线收涨，道指涨 0.52%，标普500指数涨0.54%，纳 指涨0.74%。美国国会通过稳定币 法案。美国商务部拟对中国产石 墨征收93.5%的反倾销关税，电动 汽车供应链料受影响。 | 24498.95 | -0.08 | 23.24 | | --- | --- | --- | | 8853.10 | -0.09 | 22.64 | | 5448.85 | 0.56 | 23.51 | | 127.65 | 0.16 | -11.29 | | 3516.83 | 0.37 | 5.08 | | 10873.62 | 1.43 | 4.72 | | 4034.49 | 0. ...

从宏观角度来看，根据上半年国内经济数据，生产端在出口的支撑下表现超预期，但是投资端、消费端 表现略显疲软，行业发展呈现结构化，与国家补贴相关的行业表现偏强。 短期来看，题材交易机会仍然较多，半导体及国产算力板块利多IM及IC合约。从中长期角度看，货币 政策方向不变，叠加证监会倡导上市公司提高分红比例等政策引导，长期资金连续流入高股息板块，利 好IF及IH合约。 6月以来，伴随着市场情绪的好转及多因素催化，沪指连续突破前高，最高攀至3555.22点，虽近两日有 所回落，但是3500点存在较强支撑。目前股指整体表现偏强，热点题材交替出现，多重因素对行情起到 提振作用。 其一，稳定币板块6月出现了两轮上涨行情。第一轮行情源于市场对2025陆家嘴论坛的预期，叠加5月21 日香港立法会通过《稳定币条例草案》，6月5日"稳定币第一股"Circle在纽交所上市，助推股指小幅上 行。第二轮行情源于国泰君安国际正式获得香港证监会批准，将其现有证券牌照升级为可提供虚拟资产 交易及相关意见服务的综合牌照，成为首家获此全方位虚拟资产交易服务资格的香港中资券商，此消息 助推股指突破年内高点。 目前来看，稳定币的发展势在必行。美国正在推 ...

Core Viewpoint - The U.S. financial industry is undergoing a historic transformation as major banks like JPMorgan Chase, Citigroup, and Bank of America announce their plans to enter the stablecoin business, marking a strategic response to the rise of fintech and the potential disruption of the dollar's dominance in global payments [1][3]. Group 1: Legislative Developments - The U.S. Senate passed the "STABLE Act," which establishes a framework for stablecoin issuance, requiring issuers to hold equivalent reserves in dollars or government bonds and to be subject to dual regulation by the Federal Reserve and the Office of the Comptroller of the Currency (OCC) [3]. - The act mandates transparency in asset reserves, and despite initial resistance from conservative members of the House, it is expected to be signed by the President soon [3]. Group 2: Bank Strategies - JPMorgan Chase's CEO Jamie Dimon emphasized the necessity for banks to engage in the stablecoin space to maintain their understanding of payment systems, while Citigroup is developing its own "Citi Stablecoin" focused on cross-border payment scenarios [3][4]. - Bank of America has confirmed that its stablecoin project is in substantial preparation, potentially advancing through industry collaboration [3][4]. Group 3: Market Dynamics - The rise of stablecoins poses a significant threat to traditional payment systems, with 98% of stablecoins pegged to the dollar and 80% of transactions occurring outside the U.S., creating a parallel payment network that bypasses the SWIFT system [3]. - Major stablecoin issuers like Tether and Circle hold $116 billion in U.S. Treasury bonds, positioning them among the top 20 holders of U.S. debt, surpassing some sovereign nations [3]. Group 4: Competitive Landscape - The competition is not merely technological but also a struggle for monetary sovereignty, as stablecoins attract major retailers like Amazon and Walmart to consider alternatives to traditional payment channels like Visa and Mastercard [4]. - JPMorgan has launched its institutional deposit token, JPMD, and plans to expand its use in cross-border trade settlements, while Citigroup aims to integrate stablecoins into supply chain finance through a closed-loop system [4]. Group 5: Future Outlook - Dimon noted that the future will see coexistence between banks and cryptocurrencies, with the key challenge being who will define the future standards of value exchange [5].

Core Viewpoint - The global liquor stocks have experienced significant declines over the past three years, with high valuations and changing consumer preferences contributing to the downturn [7][9]. Group 1: Valuation Issues - Liquor companies were previously overvalued, with Chinese liquor leaders (e.g., Kweichow Moutai, Wuliangye) reaching price-to-earnings (PE) ratios of 40-70 times, significantly above the reasonable level of 15 times. Similarly, major Western liquor companies (e.g., Diageo, Pernod Ricard) had PE ratios of 40-50 times. The Federal Reserve's interest rate hikes and foreign capital withdrawal from emerging markets led to a substantial sell-off of high-valuation consumer stocks, including liquor, resulting in current PE ratios dropping to 10-20 times, with some companies seeing stock price declines of over 70-80% [7][9]. Group 2: Changing Consumer Trends - Post-pandemic, consumers are increasingly favoring low-alcohol beverages (e.g., beer, non-alcoholic drinks), leading to a decline in demand for high-end spirits (e.g., Moutai, whiskey), which are now viewed as "unhealthy" choices. The younger generation is drinking less, and liquor consumption has stagnated in certain countries (e.g., Japan, Western nations) [7]. Group 3: Weakening Luxury Status - Previously, high-end spirits (e.g., Moutai, Hennessy) were considered "social currency." However, during economic downturns, consumers are less inclined to maintain appearances, leading to a reduction in the perceived luxury status of these products [7].

Group 1 - The three major indices continued to show strength, with the fintech ETF Huaxia (516100) experiencing a slight decline after a brief high opening, reflecting a mixed performance in the market [1] - The fintech ETF Huaxia (516100) has seen a net subscription of 320 million in the past five days, indicating strong investor interest despite the current dip [1] - The China Service Trade Association plans to launch a high-level training course on "Stablecoins and Innovative Development in Cross-Border E-Commerce" in August, focusing on the core concepts, underlying logic, and regulatory framework of stablecoins [1] Group 2 - The fintech ETF Huaxia (516100) closely tracks the CSI Financial Technology Theme Index, which includes major players in software development, internet finance, and the digital currency industry, with a stablecoin content of 23.43%, the highest in the market [2] - The index's top holdings include industry leaders such as Tonghuashun, Dongfang Caifu, and Runhe Software, as well as popular stablecoin stocks like Dongxin Pinghe and Yingshisheng, providing investors with a convenient way to invest in stablecoins and digital currencies [2] - According to Everbright Securities, the use of stablecoin-related technologies and platforms can facilitate cross-border transactions and reduce transaction costs for buyers and sellers [1]

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Core Viewpoint - The stablecoin concept has emerged as the largest and most sustained investment theme in the A-share and Hong Kong stock markets since late May 2025, significantly driving up the stock prices of related companies [1][11]. Market Performance - In the A-share market, companies like Hengbao Co. (002104.SZ) and Sifang Jingchuang (300468.SZ) saw increases of over 220% and 180% respectively within 31 and 23 trading days [1]. - In the Hong Kong market, Lianlian Digital (02598) surged by 125% in three trading days, while Guotai Junan International (01788) experienced a nearly 200% increase in the same period [1]. - CIRCLE, listed in the US, achieved a maximum increase of 864.52% within 12 trading days [1]. Stablecoin Industry Chain - The stablecoin industry chain is divided into three main parts: upstream (issuers, reserve asset managers, blockchain infrastructure), midstream (exchanges, market makers), and downstream (applications like cross-border payments and RWA) [1][2]. - Among 18 companies in the Hong Kong market, 7 focus on application layers, primarily in cross-border payments and RWA [2]. Company Valuations - The market capitalization of companies involved in the stablecoin industry varies significantly, with notable players including: - Guotai Junan International: 604 billion - China Everbright Holdings: 134 billion - OSL Group: 113 billion [3]. - Companies like ZhongAn Online and OSL Group have achieved full-chain layouts, covering issuance, custody, circulation, and cross-border settlement [4][5]. Recent Stock Movements - The most significant stock price increases were observed in companies like Jinyong Investment and Guotai Junan International, with increases of 653.77% and 526.55% respectively [7][8]. - However, some companies with high stock price increases may be subject to speculation, as their business developments are still in the planning stages [9]. Regulatory Environment - The upcoming implementation of the Stablecoin Regulation on August 1 is expected to influence the market dynamics, with a focus on the issuance of stablecoin licenses [11][12]. - Approximately 50 to 60 companies have expressed intentions to apply for licenses, with expectations that only 3-4 licenses will be granted initially [11]. Future Market Potential - The global stablecoin market has surpassed $250 billion as of July 2025, with projections suggesting it could reach $3.7 trillion by 2030, reflecting a compound annual growth rate of 35% [14]. - The RWA market, a key area for stablecoin applications, is projected to exceed $16 trillion by 2030, indicating significant growth potential [14].

稳定币、跨境支付概念活跃 中油资本涨停 智通财经7月18日电，稳定币、跨境支付概念盘中局部活跃，中油资本涨停，焦点科技、凯撒旅业、浔 兴股份、青岛金王、东信和平涨幅靠前。消息面上，近日，中国工业互联网研究院举办"稳定币与工业 数字资产研讨会"，围绕稳定币政策监管、工业数字资产转化、RWA与工业互联网融合发展等核心议 题，展开交流研讨。此外协鑫科技发布公告，拟就RWA的全球发行与太保资管香港达成战略合作。 ...

据新华社7月18日消息， 教育部发布2025年第2号留学预警。 责编： 王璐璐 校对：吕久彪 百万用户都在看 刚刚，稳定币法案通过！美联储，降息大消息！ 特朗普，重磅利好！突然，暴涨超45%！ 利好来了！集体宣布：上调！ 见证历史！暴跌19.4%！ 事关降息！美联储，重磅传来！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 近期，菲律宾治安不靖，针对中国公民犯罪多发。教育部提醒广大留学人员，近期选择赴菲学习时做好安 全风险评估，增强防范意识。 来源：新华社 ...