Group 1 - The big data industry continues to show activity, with companies like Aofei Data and Kehua Data rising over 5% [1] - The big data industry ETF (516700) is actively trading, with a morning increase of 1.02%, aiming for a third consecutive day of gains [1] - The People's Bank of China plans to develop a new stage financial technology development plan to enhance financial digitalization and intelligence [3] Group 2 - CITIC Construction Investment Securities notes that the domestic third-party payment industry is experiencing a continuous improvement in industry prosperity due to supply-side clearing and demand-side warming [4] - The payment sector is expected to see new growth points from service expansion and infrastructure development, particularly in cross-border payment systems [4] - The "golden triangle" of the Xinchuang industry is being built through policy support, AI empowerment, and the urgent need for domestic alternatives [4] Group 3 - The big data industry ETF (516700) tracks the CSI Big Data Industry Index, focusing on sectors like data centers and cloud computing [6] - Investors interested in technology self-reliance should pay attention to three catalysts: high-level calls for technology leadership, the activation of digital productivity, and the acceleration of the Xinchuang 2.0 wave [7] - The Xinchuang ETF (562030) covers core segments of the Xinchuang industry chain, including hardware, software, and information security, and is characterized by high growth and elasticity [7]

Core Viewpoint - The article discusses the rising prominence of stablecoins and their relationship with Real World Assets (RWA), highlighting the potential for significant growth in the RWA market driven by stablecoin adoption and regulatory developments [1][3]. Summary by Sections Stablecoin Market Overview - The global stablecoin market reached a total market capitalization of $232 billion by March 2025, with USDT holding a dominant 70% market share, followed by USDC at 20% and DAI at 3% [3][4]. - Major companies like Ant Group, Xiaomi, and JD.com are accelerating their stablecoin initiatives, with JD.com planning to launch its stablecoin by Q4 2024 [3][5]. RWA and Its Growth Potential - RWA refers to the tokenization of real-world assets using blockchain technology, with a projected on-chain RWA value of approximately $15.4 billion by the end of 2024, reflecting an 80% year-over-year growth [1][3]. - Citigroup predicts that RWA could drive the blockchain industry into a multi-trillion dollar market, with the saying "everything can be RWA" in the Web3 space [1][3]. Stablecoin's Role in RWA - Stablecoins are expected to enhance the stability and liquidity of RWA transactions, allowing for easier buying and selling of RWA tokens [10][11]. - The integration of stablecoins into the RWA market is seen as a bridge connecting the Web3 economy with the real-world economy, with projections indicating that the global RWA market could exceed $16 trillion by 2030 [11][12]. Industry Developments and Collaborations - Companies like Goldman Sachs and BlackRock are actively exploring RWA applications, with various projects underway, including tokenized bonds and real estate assets [12]. - In China, Ant Group and other firms are collaborating on RWA projects, such as the first domestic RWA based on renewable energy assets, raising 100 million RMB [12][13]. Investment Opportunities - The article highlights several companies involved in the stablecoin and RWA sectors, noting significant stock price increases and institutional holdings in related firms [7][8][15]. - The potential for stablecoin legislation to accelerate RWA adoption is emphasized, with predictions of substantial market growth in the coming years [13].

Group 1 - The event "Web3.0 New Journey - Digital Cultural Tourism Innovation Summit and Global Launch of Panda Cultural Tourism Ambassador" was held in Hong Kong, introducing the "Panda Cultural Tourism Ambassador" digital IP [1][3] - The "Fencing Panda" character serves as a tourism ambassador, utilizing Web3.0 technology and AI to promote tourism across various districts in Hong Kong [1][3] - The digital IP will be established in major tourist attractions in China, combining AI and interactive technology to enhance the appeal of cultural tourism sites and stimulate new vitality in the cultural tourism economy [3] Group 2 - The event was supported by China Media Group Zhongchuang Cultural Investment Co., Ltd. and the "Digital China" series working committee, organized by Tiensheng Capital Co., Ltd. [3] - The "Fencing Panda" digital IP was collaboratively developed by Zhongchuang Cultural Investment, Tiensheng Capital, and Wanhui Jinrong Artificial Intelligence Technology Co., Ltd. [3] - The General Manager of Zhongchuang Cultural Investment emphasized that digital cultural tourism is a crucial engine for the high-quality development of the cultural industry, aiming to create a new model for cultural digital communication through innovative projects like the Panda Cultural Tourism Ambassador [3]

Core Insights - Hong Kong is positioning itself as a "super connector" for Chinese enterprises seeking to expand into the Middle East, facilitating deeper cultural and market integration [1][2][3] - The Hong Kong Investment Promotion Agency is focusing on building a comprehensive service system that includes cultural adaptation, market research, and resource integration to support business collaborations [1][2] Group 1: Market Opportunities - The Middle East is becoming a strategic pivot for Chinese companies due to its economic transformation and substantial sovereign wealth funds, creating significant demand across various sectors such as insurance, construction, and entertainment [3][6] - The region's population, while smaller compared to Southeast Asia, is approximately 60 million, yet it presents vast opportunities for growth and investment [6] Group 2: Cultural and Business Practices - Cultural differences pose challenges for Chinese enterprises in the Middle East, where trust and long-term relationships are crucial for business success [3][4] - Chinese companies often use a "dense" communication style in marketing, which contrasts with the Western preference for simplicity and visual appeal, highlighting the need for adaptation in promotional strategies [4][5] Group 3: Strategic Initiatives - The Hong Kong Investment Promotion Agency is actively facilitating connections between Chinese firms and Middle Eastern partners, evidenced by successful collaborations and licensing agreements during recent visits [7][8] - A new trust platform has been established to enhance trade security, allowing for verified transactions between buyers and sellers, thereby addressing the trust deficit that hampers trade expansion [8] Group 4: Future Directions - The agency plans to extend its focus beyond the Middle East to Southeast Asia, targeting markets such as Indonesia, Malaysia, and Thailand for future growth opportunities [9]

美国参议院通过《稳定币法案》意义重大，标志着加密货币领域迎来重要的监管突破，这是全球稳定币 市场发展的重要里程碑。该法案不仅为美国加密资产提供了更清晰的监管框架，也为全球稳定币政策发 展带来了深远影响和启示。6月18日，中国人民银行行长潘功胜在2025年陆家嘴论坛中发表演讲，在谈 到国际货币体系时，提出"如何弱化对单一主权货币的过度依赖和负面影响，形成少数强势主权货币的 良性竞争和激励约束机制"；在谈到新兴技术在跨境支付领域加速应用时，强调"区块链和分布式账本等 新兴技术推动央行数字货币、稳定币蓬勃发展，实现了'支付即结算'，从底层重塑传统支付体系，大幅 缩短跨境支付链条"。因为发哪个币种的稳定币将加强挂钩货币在国际货币市场的地位，中国如果不发 展离岸人民币稳定币将不利于人民币国际化，所以应该考虑鼓励在香港发行离岸人民币稳定币。 美国参议院通过《稳定币法案》的四大意义 一是标志着美国稳定币监管政策从"模棱两可"转向"支持创新发展"的主线，加密货币市场空间进一步打 开。 今年年初，特朗普在行政命令《加强美国在数字金融技术领域领导地位》中，明确了新一届政府加密货 币和稳定币监管政策的整体基调是支持负责任发展——" ...

Market Performance - The market experienced a rebound with the ChiNext leading the gains, closing at 2057.32, up by 0.66% [2][4] - The Shanghai Composite Index closed at 3388.73, up by 0.35%, while the Shenzhen Component Index closed at 10163.55, up by 0.41% [2][4] - The total trading volume in the Shanghai and Shenzhen markets was 1.22 trillion yuan, a decrease of 252.2 billion yuan compared to the previous trading day [7] Sector Performance - The top-performing sectors included Media (up 2.70%), Communication (up 2.11%), and Computer (up 1.99%) [3][4] - The sectors with the weakest performance were Agriculture, Forestry, Animal Husbandry, and Fishery (down 0.76%) and Beauty and Personal Care (down 0.49%) [3][4] - Concept indices that performed well included Digital Currency (up 4.72%) and Ant Financial Concept (up 4.40%) [3][4] Economic Indicators - In May, the total retail sales of consumer goods reached 41,326 billion yuan, a year-on-year increase of 6.4% [6] - The industrial added value for large-scale enterprises grew by 5.8% year-on-year in May, with a month-on-month increase of 0.61% [6] - The average sales price of new residential properties in first-tier cities decreased by 0.2% month-on-month in May [6] Future Outlook - The market is expected to maintain a range-bound trend in the short term, but overall is in a healthy operating condition [7] - Mid-term prospects remain positive due to economic resilience and supportive policy measures, indicating potential upward movement in the market [7] - Recommended sectors for attention include Finance, Non-ferrous Metals, Consumer Goods, and TMT (Technology, Media, and Telecommunications) [7]

| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 数字货币 | 4.72 | 毛发医疗 | -0.99 | | 蚂蚁金服概念 | 4.40 | 青蒿素 | -0.92 | | 电子身份证 | 4.07 | 金属锌 | -0.92 | | 跨境支付(CIPS) | 3.83 | 金属铅 | -0.71 | | Web3.0 | 3.64 | 兵装重组概念 | -0.63 | | 移动支付 | 3.29 | 黄金概念 | -0.59 | | 数据确权 | 3.24 | 共享单车 | -0.48 | | 智谱AI | 3.20 | 金属钴 | -0.41 | | 快手概念 | 3.07 | 培育钻石 | -0.38 | | 小红书概念 | 3.05 | 禽流感 | -0.35 | 截至6月16日收盘，Web3.0概念上涨3.64%，位居概念板块涨幅第5，板块内，58股上涨，四方精创20% 涨停，中科金财、元隆雅图、遥望科技等涨停，正元智慧、德马科技、科蓝软件等涨幅居前，分别上涨 11.81%、6.82%、6.24%。跌幅居前的有荣泰健康、观想 ...

Group 1 - The core viewpoint of the news highlights the resurgence of the stablecoin concept and the strong performance of the fintech sector, driven by multiple policy catalysts and the expansion of digital currency trials in China [1] - The China Securities Big Data Industry Index (930902) rose by 1.29%, with constituent stocks like Hengsheng Electronics hitting the daily limit, and other companies such as Shenzhou Information and Tianxia Show increasing by 6.00% and 5.36% respectively [1] - Ant Group-related stocks saw significant gains, with Hengsheng Electronics being a direct driver of the sector's strength, reflecting a broader trend of positive global policy towards Web3.0 and blockchain technology [1] Group 2 - The Data ETF (516000) closely tracks the China Securities Big Data Industry Index, which includes companies in big data storage, analysis technology, and operational platforms, reflecting the overall performance of the big data and computing power industry [2] - The index captures key segments of the data industry chain, including leading technology firms and innovative companies rapidly implementing applications, thus seizing development opportunities driven by "computing power foundation + scenario innovation" [2] - The big data industry is becoming a critical sector that can withstand economic cycles, supported by policy benefits and technological advancements, with the Data ETF providing investors a tool to access core assets in this field [2]

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, particularly in sectors such as AI, new consumption, and innovative pharmaceuticals, indicating a rising risk appetite among investors [2][9]. Core Insights - The Hong Kong stock market has shown significant improvement in risk appetite, with notable performance in sectors like AI, new consumption, and innovative pharmaceuticals, leading to increased investor interest, especially in small and mid-cap stocks [2][9]. - The report suggests active participation in A+H shares due to observed discount phenomena in IPOs, with a focus on new consumption and manufacturing sectors [2][9]. - There is a sustained bullish outlook on virtual assets and the Web 3.0 market, driven by stablecoin policies and IPOs, with expectations for more regulatory developments in the future [2][9]. - The valuation of overseas Chinese assets remains influenced by US-China trade relations and the broader economic environment, highlighting the need to monitor changes in US tariff policies and domestic economic strategies [2][9]. Industry Tracking Summary 1. Education - The education index decreased by 0.98% from June 9 to June 13, underperforming compared to major indices, with 51talk rising by 12.09% and Thinking Education falling by 11.55% [10][14]. 2. Luxury Goods - The luxury goods sector faced slight pressure, with key stocks like Prada declining by 6.01% while new brands like Shiseido rose by 2.02% during the same period [18][21]. 3. Coffee and Tea - The sector showed stable growth, with individual stocks like Luckin Coffee increasing by 1.87%, while others like Bawang Tea experienced declines [23][27]. 4. E-commerce - The e-commerce sector saw a slight decline, with major players like Alibaba and JD.com facing competitive pressures, while the Hang Seng Internet Technology Index rose by 3.46% [29][34]. 5. Streaming Platforms - The streaming sector outperformed, with Tencent Music and NetEase Cloud Music showing significant gains, while Netflix experienced a decline [35][38]. 6. Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization increased by 5.9%, with Bitcoin and Ethereum prices showing slight fluctuations, indicating ongoing interest in virtual assets [42][43].

Core Insights - The CT-CHAIN second industry ecological governance conference was successfully held in Hangzhou, focusing on the integration of digital economy and real industries, emphasizing the importance of technology-driven and compliance-based approaches [1][3] - The conference highlighted the release of the "Four Commons Ecological Achievements," which includes collaborative platforms, industry cooperation roadmaps, compliance governance frameworks, and technical tool applications, marking a significant transition from concept to implementation [1][2] - Keynote speeches emphasized the role of RWA technology in asset circulation and value discovery, alongside the necessity of compliance systems for the long-term development of RWA applications [1][2] Industry Developments - The conference introduced the concept of a "Web 3.0 era industry governance community," focusing on the core mechanism of rights coordination through technology participation, and facilitated discussions on cross-industry innovation models [2] - Strategic cooperation agreements were signed during the conference, including partnerships with a media organization for digital industry communication, a data service platform with Hangzhou Junyou Big Data Co., and collaboration with Zhejiang Xinghang Agricultural Technology Co. for blockchain applications in the durian industry [2] - The appointment of top industry experts as advisors was announced, enhancing the platform's intellectual resources and strategic guidance in areas such as digital economy assessment and data governance [2] Future Directions - CT-CHAIN aims to continue driving digital transformation in industries, implementing RWA applications, and building compliance governance systems, with a commitment to technological innovation and value co-creation [3]