Macro News - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan [1][5] - The National Export Control Work Coordination Mechanism Office has organized a meeting to advance the crackdown on strategic mineral smuggling and export, emphasizing increased law enforcement efforts and the establishment of a joint enforcement coordination center [4][5] Industry News - The State Administration for Market Regulation has interviewed major platform companies including Ele.me, Meituan, and JD.com, urging them to engage in rational competition and promote a healthy ecosystem for consumers, merchants, delivery riders, and platform enterprises [3][7] - The Ministry of Industry and Information Technology and other departments held a meeting to further regulate competition in the new energy vehicle industry, focusing on product price monitoring and quality supervision [7][8] - The Central Fourth Guidance Group is conducting research and discussions on addressing irrational competition issues in the new energy vehicle sector [7] - The Ministry of Industry and Information Technology announced plans for a new round of growth stabilization work in key industries such as steel, non-ferrous metals, and petrochemicals, with specific plans to be released soon [8][9] Company News - Yushu Technology has initiated its listing guidance process [10] - The State-owned Assets Supervision and Administration Commission announced the establishment of China Yajiang Group Co., Ltd. with government approval [10] - Dongfang Fortune announced that shareholder Shen Yougen plans to transfer 1% of the company's shares [11] - Nuo Tai Bio announced it will be subject to other risk warnings upon resuming trading on July 22 [11] - China Shipbuilding announced that the merger with China Heavy Industry has received approval from the Securities Regulatory Commission [11] - Chip Union Integration plans to acquire 72.33% equity of Chip Union Yuezhou for 5.897 billion yuan [11] - Nanjing High-Tech reported a contract sales amount of 1.021 billion yuan in the first half of the year, a year-on-year increase of 729.83% [11] - Qidi Design announced a pre-bid win for the 860 million yuan Henan Airport Intelligent Computing Center project [11] - Great Wall Motors reported a net profit of 6.337 billion yuan in the first half of the year, a year-on-year decrease of 10.22% [11] - Hongbao Li announced that its largest shareholder and actual controller plan to reduce their holdings by no more than 2% of the company's shares [11]

中央第四指导组围绕综合整治新能源汽车行业非理性竞争问题开展专题调研座谈，要求龙头企业要依法 合规理性竞争，联合抵制行业非理性竞争，共同维护公平公正的市场竞争秩序(央视新闻)；18日市场监 管总局约谈饿了么、美团、京东三家平台企业，要求相关平台企业严格遵守《中华人民共和国电子商务 法》《中华人民共和国反不正当竞争法》《中华人民共和国食品安全法》等法律法规规定，严格落实主 体责任，进一步规范促销行为，理性参与竞争(央视新闻)；美国总统特朗普在白宫正式签署《指导与建 立美国稳定币国家创新法案》(简称《天才法案》)，标志着美国稳定币监管立法进入实施阶段(央视新 闻)。 ...

Domestic News - The Yarlung Tsangpo River downstream hydropower project officially commenced on July 19 in Nyingchi, Tibet, with a total investment of approximately 1.2 trillion yuan, aiming to construct five tiered power stations primarily for power transmission and local consumption [2] - The Ministry of Finance's Deputy Minister Liao Min announced at the G20 finance ministers and central bank governors meeting that China will implement a more proactive fiscal policy in the second half of the year and expand high-level opening-up [2] Industry News - The State-owned Assets Supervision and Administration Commission (SASAC) released the list of A-level enterprises for the 2024 annual performance assessment, including major companies such as State Grid Corporation of China and China National Petroleum Corporation [3] - The Lixun Robot Headquarters project broke ground in Changshu with a total investment of 5 billion yuan, expected to achieve an annual output value of 10 billion yuan upon completion [4] - FAW Qiji New Power Technology Co., Ltd., a wholly-owned subsidiary of FAW Group, held its inaugural conference in Changchun, focusing on developing leading technologies in new energy powertrains [4]

Market Overview - The cryptocurrency market experienced a significant downturn, with Bitcoin dropping to $117,000 and Ethereum losing the $3,600 support level, resulting in a total liquidation of $814 million across 180,000 accounts [1][3] - The contract market saw $542 million in long positions liquidated and $272 million in short positions, indicating a severe impact on traders [3] Causes of the Decline - Regulatory changes in the U.S. have led to panic selling, particularly among leveraged traders, following the passage of a stablecoin regulation bill and internal conflicts among Republican lawmakers [4] - The total open interest in the cryptocurrency market reached a historical high of $86 billion, which, combined with high leverage, triggered a cascading liquidation effect [5] - Technical analysis indicates a bearish "M-top" pattern for Bitcoin, with a warning that a drop below $90,000 could lead to further declines towards $80,000 [5] Investment Insights - Short-term trading is cautioned against due to fragile market sentiment and potential for increased volatility, with technical indicators suggesting a possible further decline of 10% [6] - Long-term fundamentals remain strong, with institutional buying continuing, as evidenced by MicroStrategy's recent $5.4 billion purchase, which is seen as a critical support factor [6] - Ethereum is emerging as a potential new focal point for investment, with a recent 17% increase in futures and a recovery in the ETH/BTC exchange rate [7]

数字资产交易所运营商Bullish已向美国证券交易委员会提交IPO申请，成为特朗普正式签署稳定币法案后第一家寻求公开上市的加密货币公司。 华尔街见闻提及，周五特朗普通过并签署的旨在监管稳定币的《天才法案》，旨在为加密公司的公开上市创造了更为有利的环境。 首席执行官Farley表态对行业未来充满信心，但Bullish的财务表现构成了最直接的挑战。截至2025年3月31日，公司总流动资产达到19.62亿美元， 其中现金仅有2800万美元，而数字资产占据绝对主导地位。 根据其招股书文件，公司持有的超过2.4万枚比特币分布在不同用途：2.096万枚作为无形资产、库存和金融资产持有，2600枚用于放贷和其他应收 款，780枚通过比特币基金和ETP持有。 周五，根据IPO申请文件，数字资产交易所Bullish坐拥2.4w万枚BTC，2024年净利润8000万美元，但2025年一季度净亏损3.49亿美元，尽管调整后 EBITDA仍维持在1300万美元的正值，调整后净利润也只有200万美元。 | | Three months ended | | | | | | --- | --- | --- | --- | --- | -- ...

《数字资产市场清晰法案》：众议院当天还以294票对134票的结果通过法案，此后将提交参议院审议。该法案旨在明确美国证券和交易委员会和商品期货交 易委员会的监管范围，为加密货币市场提供明确规则。 当地时间7月18日，美国总统特朗普在白宫正式签署《指导与建立美国稳定币国家创新法案》（简称《天才法案》），标志着美国首次正式确立数字稳定币 的监管框架。 特朗普开启第二任期以来，推出多项举措支持加密货币。美国近期快马加鞭推动《天才法案》的相关立法进程，背后有何盘算，又将对美国和全球市场产生 什么影响？ 快马加鞭推动立法进程 6月17日，美国参议院以68票对30票的结果通过《天才法案》，标志着该院首次批准主要的加密货币立法。 7月17日，美国众议院经表决通过三项有关稳定币等加密数字货币的法案。 《指导与建立美国稳定币国家创新法案》：该法案旨在为"锚定"美元的稳定币制定监管框架。法案要求稳定币受美元或美国短期国债等流动资产支持，同时 要求发行商每月披露稳定币储备明细。 《反中央银行数字货币监控国家法案》：法案由众议院共和党人凭借多数席位优势通过。该法案要求禁止美联储今后发行中央银行数字货币，理由是央行数 字货币将让美国联邦 ...

智通财经APP获悉，周五，三大指数涨跌不一。本周道指累计下跌0.07%，纳指上涨1.51%，标普500指 数上涨0.59%。美国总统特朗普在白宫正式签署《指导与建立美国稳定币国家创新法案》（GENIUS 法 案），标志着美国稳定币监管立法进入实施阶段。 【美股】截至收盘，道指跌142.30点，跌幅为0.32%，报44342.19点；纳指涨10.01点，涨幅为0.05%，报 20895.66点；标普500指数跌0.57点，跌幅为0.01%，报6296.79点。纳指连续第五个交易日上涨，并创盘 中与收盘历史新高。加密概念股涨跌互现，Robinhood(HOOD.US)涨4.07%、Coinbase(COIN.US)涨 2.2%、Circle(CRCL.US)跌4.71%、Hut 8(HUT.US)跌2.26%。3M(MMM.US)跌3.63%，奈飞(NFLX.US)跌 5.10%。 【欧股】德国DAX30指数跌80.57点，跌幅0.33%，报24286.90点；英国富时100指数涨17.38点，涨幅 0.19%，报8990.02点；法国CAC40指数涨0.67点，涨幅0.01%，报7822.67点；欧洲斯托克50 ...

Core Viewpoint - Chinese assets have experienced a significant surge, with foreign investment institutions increasingly optimistic about the outlook for these assets due to stable economic performance and improving corporate earnings [2][10][12]. Group 1: Market Performance - The Nasdaq Golden Dragon China Index rose over 2% at one point, while the three-times leveraged FTSE China ETF surged over 6%, and the two-times leveraged China Internet Stocks ETF increased by over 5% [4]. - Popular Chinese concept stocks saw substantial gains, with Luida Technology soaring over 33% and Xinyang rising over 17% [4]. - KraneShares China Overseas Internet ETF (KWEB) recorded a nearly 7% increase this week, while iShares MSCI China ETF (MCHI) rose over 4%, marking the largest weekly gains since early March [5]. Group 2: Foreign Investment Sentiment - A survey by Invesco revealed that international investment institutions are showing renewed interest in the Chinese market, with a total asset management of approximately $27 trillion [10]. - HSBC's chief economist for Greater China noted that international investors, especially from Europe and the U.S., are increasingly interested in Chinese assets due to ongoing capital market reforms and technological innovation [11]. - BlackRock's chief equity investment officer expressed optimism about the macro environment and corporate earnings, anticipating a positive performance for Chinese A-shares in the second half of the year [12]. Group 3: Company-Specific Insights - Futu Holdings has seen strong customer growth, with a client base of 2.7 million and assets under management exceeding $100 billion, growing at an annual rate of 20%-25% [7][6]. - Barclays highlighted Futu's potential for accelerated growth in the coming years, driven by the recovery of the Asian capital markets [6]. - Revenue projections for Futu indicate a growth of 48% to HKD 18.9 billion by 2025, with an expected EPS of $60.94 for the same year [8].

Group 1: Market Performance - US stock indices opened slightly higher, with the Dow Jones up 0.16%, Nasdaq up 0.35%, and S&P 500 up 0.25% [1] - Chinese concept stocks saw significant gains, with New Oxygen rising over 9%, Kingsoft Cloud up over 7%, and JD.com and Bilibili both up over 5% [1] Group 2: Economic Policy and Currency - The Bank of England has requested financial institutions to assess their resilience against potential dollar shocks, indicating a decline in global trust in the US dollar due to current economic policies [2] - The US dollar is considered the "lifeline" of the global financial system, but recent actions by the Trump administration have prompted a reevaluation of reliance on the US for emergency dollar liquidity during financial stress [2] Group 3: Oil Market - International oil prices are in a dangerous zone, threatening the profitability of oil producers, as stated by a top energy investor [3] - Current price trends indicate that oil prices are "dangerously close" to levels where producers may operate at a loss [3] Group 4: Cryptocurrency Regulation - The US House of Representatives has passed significant legislation regarding stablecoins, establishing clear regulatory rules for the cryptocurrency industry [4] - The "Genius Acts" requires stablecoin issuers to maintain a 1:1 reserve with short-term government bonds or similar regulated products [4] Group 5: Company News - Yushu Technology has initiated its listing guidance with CITIC Securities as the advisory institution, with the controlling shareholder holding 34.763% of the company [5] - Apple is participating in the China International Supply Chain Promotion Expo for the third consecutive year, showcasing collaboration with Chinese suppliers to promote local innovation and green transformation [6] Group 6: Technological Advancements in Media - Netflix has utilized AI for the first time to create visual effects for a series, aiming to reduce production costs while enhancing content quality [7] - The Argentine sci-fi series "The Eternaut" is the first project to feature AI-generated visual effects [7]

Group 1 - US stock index futures are showing slight gains, with Dow futures up 0.08%, S&P 500 futures up 0.06%, and Nasdaq futures up 0.06% [1] - Cryptocurrency-related stocks are rising following the US House passing three legislative proposals regarding stablecoins and cryptocurrency regulation, with Circle up 2.94% and Coinbase up 1.89% [1] - Chinese concept stocks are also experiencing gains, with Bilibili up 3.37%, Alibaba up 2.37%, and NetEase up 1.96% [1] - Nvidia's H20 chip sales to China have been approved, leading to a 7.01% increase in Kingsoft Cloud's stock [1] - Charles Schwab is set to release its Q2 earnings report, with expectations of $5.723 billion in revenue, a 22.03% year-over-year increase, and an EPS of $1.05, a 59.09% increase year-over-year, resulting in a 2.15% stock rise [1] Group 2 - GlaxoSmithKline's cancer drug Blenrep faced a setback as the FDA advisory panel voted against its use for treating relapsed or refractory multiple myeloma, causing the stock to drop 1.4% [2] - Barclays raised TSMC's target price from $249 to $275 while maintaining an "overweight" rating on the stock [2] - Mark Zuckerberg has reached a settlement with Meta shareholders regarding an $8 billion privacy lawsuit, although the final compensation amount remains unclear [2] Group 3 - Netflix reported Q2 earnings exceeding $3 billion, with revenue of $11.08 billion, a 16% year-over-year increase, and a profit of $3.1 billion, a 46% year-over-year increase [3]