【导读】美国众议院通过稳定币法案，加密货币纷纷大涨 当地时间7月17日，美国稳定币监管法案通过众议院投票，距离正式生效只差特朗普的签字。 受此消息影响，加密货币市场全线大涨，以太坊突破3600美元/枚，创今年1月以来新高，XRP、狗狗币、艾达币等均涨超10%。Coinglass数据显示，过去 24小时加密货币市场共有近16万人被爆仓，爆仓总金额为5.87亿美元。 以太坊大涨超7% 近16万人爆仓 Coinglass数据显示，过去24小时加密货币市场共有近16万人被爆仓，爆仓总金额为5.87亿美元，其中多单爆仓2.2亿美元，空单爆仓3.6亿美元。 | 1小时爆仓 | 多单爆仓 | 空单爆仓 | | --- | --- | --- | | $650.3万 | $330.3万 | $319.9万 | | 4小时爆仓 | 多单爆仓 | 空車爆仓 | | $1.3亿 | $2437.9万 | $1.1亿 | | 12小时爆仓 | 多单爆仓 | 空单爆仓 | | $3.7亿 | $1.2亿 | $2.4亿 | | 24小时爆仓 | 多单爆仓 | 空单爆仓 | | $5.9亿 | $2.2亿 | $3.6亿 | 7月18日 ...

7月18日， 以太坊大涨超7%，突破3600美元 /枚 ，创今年1月以来新高。 7月18日早间， 比特币 震荡拉升，价格 突破12万美元 /枚 。 【导读】美国众议院通过稳定币法案，加密货币 纷纷大 涨 中国基金报记者 李智 当地时间7月17日，美国稳定币 监管 法案通过众议院投票，距离正式生效只差特朗普的签 字。 受此消息影响，加密货币市场全线大涨， 以太坊突破3600美元 /枚 ，创今年1月以来新高 ，XRP、狗狗币、艾达币等均涨超10%。 Coinglass数据显示，过去24小时加密货币市场共 有近1 6 万人被爆仓，爆仓总金额为5 .87 亿美元 。 以太坊大涨超7% 近16万人爆仓 | 名称 = | 价格÷ | 涨跌(24H) ; | 涨跌(7日) ÷ | 市值; | 成交量(24H) ; | 交易份额÷ | | --- | --- | --- | --- | --- | --- | --- | | 比特币 | $120,038.4 | +1.61% | +3.44% | $2.39T | $73.45B | 34.65% | | 1 BTC | | | | | | | | 以太坊 | $3,596 ...

近期突然有很多朋友问我，最近关注稳定币了吗？ 其中一位是某金融央媒的记者，另一位是资深人文学者，还有一位是在某资管公司任职的校友。甚至， 还有内地朋友咨询如何在香港兑换稳定币。可见，稳定币已成为当下热点。 6月5日在纽交所成功IPO的美股Circle深受市场追捧，其发行价为31美元，截至7月15日，收盘价为 195.33美元，在一个多月内涨幅超530%，而其股价最高点为298.99美元（6月23日）。笔者身边亦有人 参与了这场盛宴。 这家公司到底是做什么的？答案是稳定币。 Circle的IPO申请文件显示，截至3月28日，其发行的美元支持USDC稳定币高达600亿美元。自2013年以 来，其将传统金融与数字资产连接，并受到领先金融机构的信赖。 截至今年6月，全球稳定币总市值约2500亿美元，其主要用于加密交易、去中心化金融（DeFi）和抵押 品用途。去年全年交易量已突破20万亿美元。 目前全球98%的稳定币都锚定美元，但超过80%的稳定币交易发生在美国以外地区。 当前，稳定币已不再局限于加密交易用途，同时也吸引了金融科技公司和银行的兴趣，银行希望借助稳 定币加快其支付与结算流程。这也引起了美国立法者的关注。上 ...

Core Viewpoint - The Hong Kong stock market showed positive momentum with the Hang Seng Index rising by 0.73%, driven by strong performances in various sectors including agricultural products, rare earths, and SaaS concepts [1] Market Performance - The Hang Seng Index opened 258 points higher at 24,757 and maintained narrow fluctuations around 24,700 before closing with a slight increase [1] - The total market turnover reached billions of Hong Kong dollars, indicating active trading [1] Sector Highlights - Strong performances were noted in agricultural products, rare earth concepts, and SaaS stocks, while the cryptocurrency-related stocks continued to show strength for several days [1] - Insurance and precious metals stocks experienced rebounds, while electronic components and Apple-related stocks faced declines, with semiconductor stocks also giving back some gains [1] Notable Stocks - Kingdee International (00268.HK) saw an increase of nearly 5% - NIO Inc. (09866.HK) rose over 4% - China Life Insurance (02628.HK) increased by more than 3.5% - JD.com (09618.HK), Alibaba (09988.HK), and Tencent Holdings (00700.HK) all rose by over 2% [1]

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]