Core Viewpoint - Multiple regions in China, including Beijing, Shenzhen, Fujian, and Suzhou, have issued warnings about the risks of illegal fundraising activities disguised as "stablecoins" and other digital assets [1][2]. Group 1: Illegal Fundraising Risks - Authorities have noted that certain illegal organizations are exploiting the public's lack of understanding of financial concepts by promoting "financial innovation" and "digital assets" to attract investments [1]. - These activities are characterized by a lack of legal qualifications, as the involved entities have not received approval from the State Council's financial management departments to solicit public deposits or issue securities [1]. - Common tactics include false promises of guaranteed returns and high fixed income, which prey on the public's desire for high yields [1]. Group 2: Legal Status and Public Awareness - The issuance and promotion of so-called "virtual currencies," "virtual assets," and "digital assets" for public fundraising are illegal activities, and any economic benefits derived from illegal fundraising are prohibited [2]. - Virtual currencies do not hold the same legal status as fiat currencies, and activities related to them are classified as illegal financial activities [2]. - Public awareness campaigns emphasize that promises of "capital preservation and high returns" are indicative of financial fraud, urging individuals to adopt rational investment perspectives and avoid illegal token offerings and unapproved digital asset projects [2].

Core Viewpoint - Under the backdrop of normalized global geopolitical risks, weakened dollar credit system, and rising economic uncertainty, gold has emerged as a "yardstick" for measuring asset value [1] Asset Performance - Since March 2018, only a few cryptocurrencies have recorded positive returns when priced in gold, while other asset classes have generally underperformed [2] - The report highlights that the performance of cryptocurrencies is driven by payment convenience, technological innovation premiums, and supply scarcity, particularly Bitcoin's halving mechanism, which reinforces its "digital gold" status [4] - Equity assets have shown nominal growth but remain weak when priced in gold, primarily relying on liquidity injections, with a peak growth rate of 26.7% in the US M2 money supply [4] - Real estate in the US and India has underperformed relative to gold, despite benefiting from economic resilience and demographic dividends [4] Industry Performance - All major industries have underperformed gold since 2018, but resource sectors and new momentum industries, such as high-dividend coal and banking, have shown relative strength [6] - New momentum industries, represented by electric new energy and TMT, have outperformed traditional sectors like real estate [7] - In the secondary industry, precious metals have been the standout performer since 2018, with emerging technologies like semiconductors outperforming traditional tech [8] Style and Strategy - Small-cap stocks have emerged as the absolute winners, with the micro-cap index outperforming gold since 2018 due to a reverse investment mechanism, low valuations, and liquidity premiums [10][13] - The report indicates that small-cap factors have significantly outperformed gold, while large-cap stocks have lagged, reflecting a preference for emerging small-cap industries [14]

Core Viewpoint - The rise of "stablecoins" has led to an increase in illegal activities, with fraudulent entities using the concept to attract investments under the guise of financial innovation and high returns [1][2][3]. Regulatory Concerns - Financial regulatory bodies in multiple regions have observed that some illegal institutions are exploiting terms like "financial innovation," "digital currency," and "blockchain technology" to promote investment projects that promise high returns, thereby luring the public into trading and speculation [2][4]. - These activities are seen as potential illegal financial operations that can lead to illegal fundraising, fraud, and money laundering, which disrupts economic and financial order [3][4]. Risk Warnings - Regions such as Henan and Zhejiang have issued risk warnings regarding illegal fundraising under the guise of stablecoins, urging the public to avoid such financial activities [4][5]. - The Beijing Internet Finance Industry Association has identified characteristics of illegal fundraising projects involving "virtual currencies" and "stablecoin investment projects," including lack of qualifications, misleading promises, and risk overflow [4]. Legal Framework - The illegal institutions lack the necessary qualifications to publicly solicit deposits, as they operate without approval from national financial management departments [5]. - There are no legal venues for virtual currency trading within China, and engaging in overseas virtual currency transactions poses risks to investors, who bear the losses themselves [5][6]. Judicial Challenges - The prohibition of virtual currency financial transactions in China has led to exchanges relocating overseas, complicating law enforcement and evidence collection [7]. - Courts face challenges in executing cases involving virtual currencies due to insufficient legal frameworks, necessitating improved judicial collaboration and execution mechanisms [7]. Regulatory Developments - As the market value and circulation of stablecoins increase, discussions on their regulation are becoming more urgent, with countries like the U.S. and Hong Kong implementing relevant regulations [8]. - There is a pressing need to explore regulatory pathways for stablecoins that align with China's national context to ensure financial security and stability [8].

Group 1: Core Insights - Gold has emerged as a strong asset since 2018, outperforming most other asset classes due to factors like weakening dollar credit, normalized global geopolitical risks, and rising economic uncertainty [1] - Since 2018, only a few assets, such as certain cryptocurrencies and small-cap stocks, have managed to yield positive returns compared to gold, highlighting the challenges faced by traditional investments [1][14] Group 2: Major Asset Classes - In the equity market, U.S., Indian, and European stocks have underperformed gold, with nominal growth driven by liquidity rather than intrinsic value [2][16] - Fixed income assets, including U.S. and Chinese government bonds, have shown no advantage against gold, with significant declines in returns when priced in gold [2][37][38] - Commodities have generally underperformed gold, with precious metals leading, followed by industrial metals and energy products [2][44] - Virtual assets, particularly cryptocurrencies, have outperformed gold due to their advantages in payment convenience, technological innovation, and limited supply [2][54][55] - Real estate prices in major economies have also lagged behind gold, with the U.S. and India showing relatively smaller declines [2][21] Group 3: Industry Performance - Among primary industries, resource and new economy sectors have performed relatively well, while traditional consumer goods and old economy sectors have struggled against gold [3] - In the past year, financial and technology sectors have outperformed gold, while resource, consumer, and real estate sectors have underperformed [3][4] - Within secondary industries, emerging technologies have outperformed traditional sectors, and financial services have benefited from favorable market conditions [4][5] Group 4: Investment Styles - The micro-cap stock index has significantly outperformed gold since 2018, driven by a natural "contrarian investment mechanism" and liquidity premiums [5] - In the past year, micro-cap and financial styles have outperformed gold, while dividend styles have lagged [5][6] Group 5: Strategy Indices - Small-cap factors have shown strong performance since 2018, with pre-announcement and positive surprise indices performing relatively well [6] - In the past year, small-cap factors have remained strong, while large-cap factors have underperformed gold [6]

Group 1 - The concept of "stablecoins" has recently gained attention, leading to an increase in illegal activities using this term as a lure [1][2] - Financial regulatory authorities in multiple regions, including Henan and Zhejiang, have issued risk warnings regarding illegal fundraising activities disguised as stablecoin investments [2][3] - These illegal institutions often lack proper qualifications and use misleading concepts to attract public investment, promising high returns and creating information asymmetry [2][4] Group 2 - There are currently no legal virtual currency trading venues in China, and engaging in overseas virtual currency trading lacks consumer protection, leaving investors to bear their own losses [3] - The People's Bank of China and other departments have clarified that virtual currencies do not have the same legal status as fiat currencies and should not be circulated as money [4][6] - The exploration of regulatory pathways for stablecoins that align with China's national conditions is deemed urgent and necessary due to the increasing market value and circulation of stablecoins [6] Group 3 - A new channel for handling overseas virtual currencies has been established by the Beijing Municipal Public Security Bureau, allowing for the disposal of seized virtual currencies through the Beijing Stock Exchange [5] - This process involves professional service institutions for detection and transfer, followed by public sale through compliant overseas exchanges, ensuring adherence to foreign exchange management regulations [5]

近段时间以来，数字货币领域里以"稳定币"为代表的相关概念热度一度飙升，引发市场持续聚焦。 日前，包括北京、深圳、苏州、重庆、宁夏等在内的多地机构接连发布风险提示，严肃指出这一新兴概念正被 不法分子当作"障眼法"，肆意用于非法集资、诈骗等违法犯罪活动，危害不容小觑。 深圳：增强理性投资意识 进入7月份，最早的一份关于警惕稳定币所涉相关风险的提示出自深圳。 7月7日，深圳市委金融办官网显示，深圳市防范和打击非法金融活动专责小组办公室（"专责小组"）就稳定币 涉及的相关风险发出风险提示。 据专责小组监测发现，一些不法机构以"金融创新""数字资产"等为噱头，利用社会公众对稳定币等了解不足的 特点，通过发行所谓"虚拟货币""虚拟资产""数字资产"等方式吸收资金，诱导社会公众参与交易炒作，扰乱经 济金融秩序，滋生非法集资、赌博、诈骗、传销、洗钱等违法犯罪活动，严重危害社会公众财产安全。 深圳市防范和打击非法金融活动专责小组办公室提示：此类不法机构未经国家金融管理部门依法许可或者违反 国家金融管理规定，不具有公开吸收公众存款的资质。 该类机构利用稳定币等新概念进行炒作，编造所谓的"虚拟货币""虚拟资产""数字资产"等投资项 ...

近段时间以来，数字货币领域里以"稳定币"为代表的相关概念热度一度飙升，引发市场持续聚焦。 该类机构利用稳定币等新概念进行炒作，编造所谓的"虚拟货币""虚拟资产""数字资产"等投资项目，公开虚假 宣传并吸收公众资金，滋生非法集资、赌博、诈骗、传销、洗钱等违法犯罪活动。 "请广大群众增强理性投资意识，不要盲目相信天花乱坠的承诺，树立正确的货币观念和投资理念，切实提高 风险意识，避免上当受骗。"风险提示称，若发现相关机构以投资稳定币等名义从事非法集资行为，请及时向 市、区处非牵头部门或公安部门举报。 实际上，在深圳市防范和打击非法金融活动专责小组办公室发布风险提示之后，"宁夏防非打非办""重庆打 非"等微信公众平台陆续发布类似的关于警惕以稳定币等名义实施非法集资的风险提示。 苏州：虚拟货币相关业务活动属于非法金融 日前，包括北京、深圳、苏州、重庆、宁夏等在内的多地机构接连发布风险提示，严肃指出这一新兴概念正被 不法分子当作"障眼法"，肆意用于非法集资、诈骗等违法犯罪活动，危害不容小觑。 深圳：增强理性投资意识 进入7月份，最早的一份关于警惕稳定币所涉相关风险的提示出自深圳。 7月7日，深圳市委金融办官网显示，深圳市 ...

Core Viewpoint - The Beijing Internet Finance Industry Association has issued a risk warning regarding illegal fundraising activities disguised as "stablecoins" and other new concepts, urging society to remain vigilant against such fraudulent schemes [1][2]. Group 1: Nature of Stablecoins - Stablecoins are a special branch of cryptocurrencies designed to mitigate the price volatility of other cryptocurrencies by pegging their value to fiat currencies or physical assets [1]. - Mainstream stablecoins like USDC and USDT serve as "value anchors" in cryptocurrency trading, aimed at reducing price fluctuations rather than being investment vehicles [1]. Group 2: Fraudulent Activities - The surge in interest in stablecoins, particularly following Circle's stock price increase of 168% on its NYSE debut, has led to a rise in fraudulent schemes that misrepresent stablecoins as low-risk, high-return investment products [2]. - Fraudsters confuse the payment attributes of stablecoins with investment attributes, promoting fictitious financial products with promises of guaranteed returns and using multi-level marketing tactics to expand their reach [2]. Group 3: Regulatory Environment - Current regulations in China classify any unapproved token issuance and virtual currency trading as illegal financial activities, with strict prohibitions against illegal fundraising [3]. - Judicial cases show that fraudsters often evade regulation by using offshore servers and virtual currency for fund transfers, leaving investors with little recourse when scams occur [3]. Group 4: Public Awareness and Prevention - The public is advised to strengthen their understanding of stablecoins as payment tools and to be cautious of misleading claims equating stablecoins with guaranteed profits [3]. - Investors should maintain skepticism towards high-return promises and choose licensed financial institutions for investments, avoiding any form of virtual currency speculation or unapproved digital asset projects [3][4]. Group 5: Importance of Compliance and Safety - Financial innovation must operate within compliance boundaries, and technological advancements should prioritize safety to prevent stablecoins from being exploited by fraudsters [4]. - Continuous regulatory efforts, industry self-discipline, and heightened public awareness are essential to curb the spread of illegal activities and foster a healthy environment for genuine financial innovation [4].

Group 1: Federal Reserve and Economic Outlook - The Federal Reserve decided to maintain the federal funds rate target range at 4.25% to 4.5% during the June 17-18 meeting [1] - Participants noted that despite fluctuations in net exports, recent indicators suggest steady economic expansion, with low unemployment and a robust labor market, although inflation remains slightly elevated [2] - Economic uncertainty has decreased but remains high, according to the meeting participants [2] Group 2: Tariffs and Trade Relations - President Trump announced new tariffs on products from several countries, effective August 1, 2025, with rates of 25% on Brunei and Moldova, 30% on Algeria, Iraq, Libya, and Sri Lanka, 20% on the Philippines, and 50% on all Brazilian products [4] - The announcement led to a significant depreciation of the Brazilian real against the dollar, with Brazilian stocks, including Petrobras and Vale, experiencing declines [4] Group 3: Stock Market Performance - U.S. stock indices rose collectively, with the Nasdaq closing nearly 1% higher, reaching a historical high [8] - Nvidia's stock surged by 1.8%, briefly pushing its market capitalization above $4 trillion, making it the first company to reach this milestone [10] Group 4: Cryptocurrency Market - Bitcoin reached a new all-time high of $112,000, with a maximum increase of 3%, and has risen approximately 19% year-to-date [14] - Other cryptocurrencies, including Ethereum and Solana, also saw significant gains, with over 10,400 liquidations totaling $505 million in the past 24 hours [14][15]

Commodity Prices - Spot platinum (XPTUSD) is priced at 1366.054, down by 12.720 or 0.92% [2] - Spot palladium (XPDUSD) is priced at 1103.272, down by 12.866 or 1.15% [2] - Gold (COMEX) is priced at 3302.700, down by 8.300 or 0.25% [2] - Silver (COMEX) is priced at 36.835, down by 0.090 or 0.24% [2] Foreign Exchange Rates - Euro to USD (EURUSD) is at 1.170, down by 0.16% [3] - GBP to USD (GBPUSD) is at 1.358, down by 0.07% [3] - USD to JPY (USDJPY) is at 146.636, up by 0.05% [3] - AUD to USD (AUDUSD) is at 0.652, down by 0.08% [3] - USD to CHF (USDCHF) is at 0.796, up by 0.05% [3] Cryptocurrency Prices - Bitcoin is priced at 108976.260, up by 53.280 or 0.05% [4] - Litecoin is priced at 88.000, up by 0.240 or 0.27% [4] - Ethereum is priced at 2621.960, up by 6.710 or 0.26% [4] - Ripple is priced at 2.356, up by 0.045 or 1.96% [4] Treasury Bonds - The yield on the 2-year US Treasury bond is 3.895 [6] - The yield on the 5-year US Treasury bond is 3.974, down by 0.013 or 0.33% [7] - The yield on the 10-year US Treasury bond is 4.405, down by 0.011 or 0.25% [7] - The yield on the 30-year US Treasury bond is 4.930, down by 0.016 or 0.32% [7] - The yield on the 10-year UK Treasury bond is 4.635, up by 0.02% [7] - The yield on the 10-year German Treasury bond is 2.637, down by 0.007 or 0.26% [7] - The yield on the 10-year French Treasury bond is 3.356, down by 0.004 or 0.12% [7] - The yield on the 10-year Italian Treasury bond is 3.554, down by 0.007 or 0.20% [7] - The yield on the 10-year Japanese Treasury bond is 1.514, up by 0.028 or 1.88% [7]