Group 1 - The Hang Seng Index rose by 0.12%, gaining 31 points to close at 26,576 points, while the Hang Seng Tech Index increased by 0.62%. The early trading volume in Hong Kong stocks reached HKD 179 billion [1] - Gaming stocks led the gains, with Macau's August gambling revenue slightly exceeding expectations, and gaming companies anticipating strong demand during the National Day holiday. Wynn Macau rose by 5.41%, Melco International Development increased by 5.85%, and Sands China gained 5% [1] Group 2 - Weimob Group surged over 10% as the company plans to raise over HKD 1.5 billion through a share placement, with Wujie Capital becoming the largest single shareholder [2] - Ganfeng Lithium saw an increase of over 10%, stating that its energy storage cell production capacity is currently at full capacity [2] - Longi Green Energy's optical fiber business rose over 12%, reaching a new high, with the market favoring hollow-core optical fibers, although the related business has not yet significantly impacted financial data [2] Group 3 - Hongteng Precision rose over 16% as the company plans to build an electric vehicle charging station factory in Saudi Arabia, accelerating its AI multi-product layout [3] Group 4 - China Rare Earth Holdings increased by nearly 9% due to an increase in reserves at the Mt Bundy project, with plans to spin off its gold business for a listing in Hong Kong [4] - The stablecoin concept saw most stocks rise, as Hong Kong is implementing a stablecoin issuer system, potentially benefiting third-party payment institutions. Duodian Smart rose by 4%, Yaocai Securities Financial increased by 5.85%, and OSL Group gained 5% [4] Group 5 - Haijia Medical rose over 6% after the founder Zhu Yiwen increased his stake by 1.6648 million shares [5] Group 6 - SenseTime rose over 3% after Goldman Sachs raised its expectations for the company's ToC business expansion, driven by generative AI promoting innovation in its business development [6] Group 7 - Tesla's robot order rumors were denied by Elon Musk, leading to a drop of over 7% for Sanhua Intelligent Controls [7] Group 8 - Fortior fell nearly 5% as shareholder Shanghai Huaxin plans to reduce its stake by no more than 3% [8]

Group 1: Market Performance - The Hang Seng Index rose by 0.12%, gaining 31 points to close at 26,576 points, while the Hang Seng Tech Index increased by 0.62% [1] - The early trading volume in the Hong Kong stock market reached HKD 179 billion [1] Group 2: Notable Stock Movements - Gaming stocks saw significant gains, with August Macau gaming revenue slightly exceeding expectations, and strong demand anticipated for the upcoming National Day holiday. Wynn Macau rose by 5.41%, Melco International Development increased by 5.85%, and Sands China gained 5% [1] - Weimob Group surged over 10% as the company plans to raise over HKD 1.5 billion through a share placement, with Wujie Capital becoming the largest single shareholder [1] - Ganfeng Lithium rose over 10%, stating that its energy storage cell production capacity is currently at full capacity [1] - Changfei Optical Fiber and Cable increased over 12%, reaching a new high, driven by market enthusiasm for hollow-core fiber, although the related business has not yet significantly impacted financial data [1] - Hongteng Precision surged over 16% after announcing plans to build an electric vehicle charging station factory in Saudi Arabia, with accelerated AI product layout [1] - China Rare Earth Holdings rose nearly 9% as the Mt Bundy project reported increased reserves, and the company plans to spin off its rare earth gold business for a Hong Kong listing [1] - Stablecoin-related stocks mostly rose, as Hong Kong implements a stablecoin issuer system, potentially benefiting third-party payment institutions. Duodian Smart rose by 4%, Yaocai Securities Financial increased by 5.85%, and OSL Group gained 5% [1] Group 3: Company-Specific Developments - Haijia Medical rose over 6% after founder Zhu Yiwen increased his stake by purchasing 1.6648 million shares [2] - SenseTime-W increased over 3% as Goldman Sachs raised its expectations for the company's ToC business expansion, driven by generative AI innovations [3] - Musk denied rumors of Tesla receiving an order for 10,000 robots, leading to a decline of over 7% in Sanhua Intelligent Controls [4] - Fortior fell nearly 5% as shareholder Shanghai Huaxin plans to reduce its stake by up to 3% [4]

Core Viewpoint - The article discusses the internationalization of the Renminbi (RMB) and its potential to increase its share in global reserves, currently at 2%, by leveraging China's economic growth and expanding foreign investment opportunities in RMB-denominated assets [3][9]. Group 1: RMB Internationalization Progress - Since 2009, China's efforts to internationalize the RMB have shown limited progress, with its international usage still less than half that of the British pound and significantly lower than the US dollar [4]. - China's GDP share in global GDP has increased from 6% in 2000 to 19% in 2023, highlighting its growing economic influence [3]. - The RMB's internationalization could be accelerated by emerging market central banks diversifying their assets, especially in the context of geopolitical changes post-2022 [4]. Group 2: Determinants of Reserve Currency Status - Key factors influencing the choice of reserve currency include inertia, economic size, financial market depth, currency credibility, and increasingly, geopolitical considerations [5]. - A panel regression model from 1986 to 2022 reveals that reserve currency status exhibits strong inertia, with adjustments to reserve composition being slow and minimal in the short term [6]. - Economic size is identified as the most significant determinant of reserve currency share, with potential critical points where further GDP increases could lead to disproportionate growth in reserve share [6][7]. Group 3: Historical Insights on Currency Dominance - Historical transitions of currency dominance, such as the shift from the pound to the dollar, illustrate that becoming a dominant currency is a lengthy process, often taking decades [8]. - The policies and actions of both the challenger and the incumbent currency significantly impact the international use of currencies [8]. - Major economic downturns can hinder the internationalization process of a currency, as seen in past instances with the dollar and other currencies [8]. Group 4: Unique Aspects of RMB Internationalization - China's approach to RMB internationalization may focus on expanding the offshore market (CNH) while keeping the onshore market (CNY) relatively stable [10]. - The RMB's internationalization is expected to play a more significant role in foreign direct investment (FDI), particularly towards Belt and Road Initiative countries [11]. - The development of a cross-border payment system (CIPS) and RMB-denominated commodity trading is part of China's strategy to enhance the RMB's global standing [12]. Group 5: Challenges and Opportunities - The growing manufacturing strength of China and geopolitical changes present new opportunities for RMB internationalization, but challenges remain in balancing market stability with foreign investor demands [13]. - The rise of stablecoins and financial innovations poses regulatory challenges, necessitating urgent strategies from Chinese authorities to address potential risks and ensure effective oversight [13].

Market Overview - The Hang Seng Index faces resistance around 27,200 points, with a projected P/E ratio of approximately 13 times over the next 12 months, as the market reacts positively to the easing of trade tensions between China and the US and the Federal Reserve's interest rate cuts [1] - The market remains active with a risk appetite that is relatively positive, as capital rotates among different sectors [1] Short-term Sector Outlook - The focus is on the US jobless claims and the Bank of England's interest rate decision, with expectations of further rate cuts by the Federal Reserve [2] - The macroeconomic environment indicates a potential for two more rate cuts by the Federal Reserve by the end of the year, with the latest cut being a risk management decision [2][7] Corporate News - Zijin Mining is reportedly set to launch an IPO in Hong Kong, while Alibaba's AI chip development is noted to be competitive with Nvidia's offerings [3] - HSBC is rumored to be seeking to sell a real estate mortgage loan portfolio valued at 7.8 billion [3] Economic Indicators - The US Federal Reserve's recent rate cut of 0.25% aligns with market expectations, with projections for two additional cuts by year-end [3][7] - The unemployment rate in China for youth aged 16-24 has risen to 18.9%, marking a new high [8] Industry Developments - The Chinese government is pushing for leading companies to accelerate the development of self-controlled secure chips, indicating a shift towards risk-driven cybersecurity needs [7] - The Ministry of Commerce plans to expand service consumption and introduce high-quality development measures for the accommodation industry [8] Stock Market Performance - The Hang Seng Index closed at 26,908 points, up 1.78%, with a significant increase in trading volume to 360.3 billion [5] - The performance of various indices shows a year-to-date increase of 34.14% for the Hang Seng Index and 41.77% for the Hang Seng Tech Index [4] Regulatory Changes - The Chinese government has instructed major tech companies to halt purchases of Nvidia AI chips, indicating a focus on domestic chip production capabilities [7] - The Ministry of Industry and Information Technology is seeking public opinion on mandatory safety standards for intelligent connected vehicles [7]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 在加密货币领域发展最快的平台之一上，一场稳定币"竞标大战"正为该行业的下一阶段，以及谁可 能掌控这一阶段提供了预览。这场竞争发生在快速发展的交易平台Hyperliquid上，争夺的核心奖励是： 发行USDH的权利。USDH是一种原生于该平台网络、与美元挂钩的全新代币。参与竞标的均为加密支 付领域的关键机构：Paxos、Agora、Ethena，以及知名度较低的初创公司Native Markets（该公司与 Stripe公司旗下稳定币部门Bridge达成了合作）。这场竞争不仅关乎"荣誉"，更关乎生存层面的经济逻 辑。稳定币发行商并非简单地"铸造"数字美元，他们还能从支撑这些代币的资产中获取利息收入。例 如，发行USDC稳定币的Circle互联网集团通过一项协议与Coinbase全球公司共享这部分收入，该协议帮 助两家公司抵御市场波动。由于市场预期本周利率将下降 ...

今天决定创业板指数继续新高，来自两方面。一个是宁王，盘中一度大涨8%，单票成交金额超过200亿。 美联储降息前夕，A股再度创出新高。创指一骑绝尘，自4月7号以来，上涨幅度已经超过70%，冠压全球。 那量能呢？维持在2.4万亿，对比昨天温和放量359亿，其实上午的时候一度量能是萎缩的，盘中经历了一波跳水。 关键时候，还得看大金融。 另外就是多元金融，预计9月下半旬香港方面就会发放新一轮的稳定币牌照，稳定币概念再度袭来。其中像交易软件类的个股价格再度大涨。 双创另外一个科创，则是在中芯国际新高的带领下维持强势。据说中芯测试国产光刻机的消息引爆全场，半导体板块再度受到资金青睐。 看到盘面稳住之后，资金才敢继续进攻。毕竟今晚美联储议息靴子落地，有不少资金是准备先落袋为安，先观望观望，架不住行情太过火热又冲进来了。 发现没有，资金反复炒作的还是那些熟悉的概念，AI、芯片、机器人、固态、多元金融等等大科技们。个股是不断新高再新高，而双创指数在第一权重 股的裹挟下，一轮不回头。 对于今晚的议息会议，我们需要关心什么？ 首先，降息25基点，是大概率的事情，至于说50基点概率很低。虽然去年9月17号美联储同样是"预防式"降息5 ...

Core Viewpoint - The article emphasizes the growing importance of stablecoins in the digital finance landscape, highlighting their advantages over traditional cryptocurrencies due to their price stability and regulatory compliance, which makes them increasingly integrated into the mainstream financial system [3][4][5]. Summary by Sections Current Status and Characteristics of Stablecoins - Stablecoins are digital assets based on blockchain technology that maintain price stability through a "anchoring mechanism" to fiat currencies. They have evolved from being used primarily in cryptocurrency exchanges to being integral in decentralized finance (DeFi) activities such as lending and staking, as well as in cross-border payments and trade settlements due to their fast settlement speeds and low transaction costs [5][6]. Development History of Stablecoins - The development of stablecoins has transitioned from exploration to regulation. The launch of USDT in 2014 marked the introduction of fiat-collateralized stablecoins, which quickly gained traction. The introduction of DAI in 2017 pioneered decentralized stablecoins. The demand for stablecoins surged during the DeFi boom in 2020, but the collapse of algorithmic stablecoin UST in 2022 raised regulatory concerns. Recent regulations, such as the U.S. GENIUS Act and Hong Kong's Stablecoin Regulation, have laid a foundation for compliant development [6][7]. Market Characteristics - The stablecoin market is characterized by concentration, with the total market cap exceeding $280 billion as of August 2025, where USDT holds about 60% market share. The majority of stablecoin transactions occur on major public blockchains like Ethereum, Tron, and Solana, with Ethereum alone accounting for over $137 billion in stablecoin market cap [7]. Technical Principles of Stablecoins - The stability and security of stablecoins rely on blockchain and smart contract technologies. They can be categorized into three types based on their anchoring mechanisms: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins. Each type has distinct technical implementations, with fiat-collateralized stablecoins like USDT and USDC relying on off-chain reserves, while crypto-collateralized stablecoins like DAI use over-collateralization and automated liquidation mechanisms [10][11]. Trust Logic of Stablecoins - The core competitive advantage of stablecoins lies in trust, which is built on reliable anchoring and reserve mechanisms, verifiable technology, and regulatory frameworks. The trust in fiat-collateralized stablecoins is derived from the transparency and liquidity of their reserves, while crypto-collateralized stablecoins depend on over-collateralization and automated liquidation for stability. Algorithmic stablecoins face structural challenges due to their reliance on supply-demand algorithms without actual asset backing [15][16]. Challenges and Future Outlook - Stablecoins face challenges in regulatory technology, price stability, and governance. The lack of a global regulatory framework for stablecoins and blockchain transactions complicates compliance. Additionally, past incidents of reserve opacity have led to market instability. However, the future of stablecoins looks promising, with potential growth in cross-border payments and tokenization of real-world assets, supported by evolving regulatory environments and technological innovations [17][18][19].

资金方面，该行认为板块在低利率环境下将跟随整体市场流动性，且有更高弹性(Beta)，因主动型基金 的相关配置比重极低。主题投资如AI应用、科技本土化和稳定币等，可能对股价产生显著影响，但目 前该行尚未发现到可以真正扭转行业基本面的主题。 智通财经APP获悉，摩根士丹利发布研报称，就内地软件行业基本面而言，该行仍保持谨慎态度，因预 期内地GDP增长将放缓，且通缩压力依然存在，企业对IT投资的信心仍较低，相信要待通缩结束后1至2 年才会恢复。在需求出现实质转折前，任何供应端推动的新技术趋势，都只能够促使现有的预算在市场 中重新分配。 股份方面，该行强烈建议H股多于A股;行业首选为北森控股(09669)，目标价10.3港元，评级"增持"，预 期收入将加速增长;其次为金蝶国际(00268)、中国软件国际(00354)及金山软件(03888)，目标价分别为 14.2港元、6.6港元(原本5.4港元)及38港元，均予"与大市同步"评级。 ...

股份方面，该行强烈建议H股多于A股;行业首选为北森控股(09669)，目标价10.3港元，评级"增持"，预 期收入将加速增长;其次为金蝶国际(00268)、中国软件国际(00354)及金山软件(03888)，目标价分别为 14.2港元、6.6港元(原本5.4港元)及38港元，均予"与大市同步"评级。 资金方面，该行认为板块在低利率环境下将跟随整体市场流动性，且有更高弹性(Beta)，因主动型基金 的相关配置比重极低。主题投资如AI应用、科技本土化和稳定币等，可能对股价产生显著影响，但目 前该行尚未发现到可以真正扭转行业基本面的主题。 摩根士丹利发布研报称，就内地软件行业基本面而言，该行仍保持谨慎态度，因预期内地GDP增长将放 缓，且通缩压力依然存在，企业对IT投资的信心仍较低，相信要待通缩结束后1至2年才会恢复。在需求 出现实质转折前，任何供应端推动的新技术趋势，都只能够促使现有的预算在市场中重新分配。 ...

XBIT Wallet 9月17日讯，备受关注的美联储FOMC会议召开，全球市场正屏息以待。投资者对美联储本 次降息25个基点的预期已高达95%，维持不变的概率不足1%。美国劳工部公布的8月非农新增就业人数 仅为13.4万，远低于今年上半年平均水平，就业市场降温迹象明显。随着核心通胀逐月回落，市场认为 美联储已无理由维持高利率，将通过释放流动性为经济增长注入新动能。业内分析指出，货币环境的宽 松化往往首先推动链上资金活动升温，稳定币钱包作为承载资金进出加密生态的核心通道，需求已率先 显现回升势头。 XBIT Wallet报道，业内专家强调，在资金流动性快速回升的阶段，稳定币钱包的私钥安全是投资者能 否放心进场的前提。XBIT Wallet去中心化钱包 web3经济通行证，采用的是用户侧生成私钥的设计，用 户初次创建钱包时会生成一组12个随机英文单词组成的助记词。助记词本质上是私钥的易记编码形式， 通过BIP39算法从高熵随机数派生出确定性密钥，是控制链上资产的唯一凭证。密码学研究者提醒，私 钥一旦丢失或泄露，将不可逆地导致资产失控，任何平台与机构都无法找回，这是去中心化体系的根本 特征。钱包初次生成助记词时必 ...