Core Insights - The recent surge in interest around stablecoins is attributed to their potential to bridge traditional finance and the digital economy, with a market size exceeding $250 billion and annual transaction volume reaching $35 trillion, double that of Visa [7][10] - Regulatory frameworks are rapidly evolving, with significant legislation passed in both the US and Hong Kong, enhancing the legitimacy and operational framework for stablecoins [8][10] - The integration of stablecoins into traditional financial systems is accelerating, with major companies like Visa and PayPal adopting stablecoins for transactions, showcasing their practical utility [10][11] Group 1: Market Dynamics - Stablecoins are gaining traction as a critical component in the financial ecosystem, with their market size projected to grow significantly due to increasing demand from both retail and institutional investors [7][8] - The market experienced explosive growth post-2019, particularly during the DeFi boom, which highlighted the utility of stablecoins as both a valuation and payment tool [5][6] - The collapse of TerraUSD (UST) in 2022 raised concerns about the stability of stablecoins, prompting regulatory scrutiny and the introduction of new legislation aimed at enhancing market stability [6][12] Group 2: Regulatory Developments - The passage of the Stablecoin Regulation in Hong Kong and the introduction of the GENIUS Act in the US are pivotal in establishing a clear regulatory framework for stablecoins, which is expected to attract institutional investment [8][10] - These regulations require stablecoin issuers to maintain strict reserve requirements and undergo regular audits, thereby increasing transparency and trust in the market [7][8] - The establishment of a licensing system in Hong Kong sets a precedent for other jurisdictions, potentially leading to a more standardized global approach to stablecoin regulation [7][10] Group 3: Technological Advancements - Advances in blockchain technology, particularly the adoption of Layer 2 solutions, have significantly reduced transaction costs and improved processing speeds, making stablecoins more competitive against traditional payment systems [8][10] - The efficiency of stablecoin transactions is evidenced by the substantial increase in on-chain transaction volumes, surpassing traditional payment networks like Visa [8][10] - The technological evolution of stablecoins is expected to facilitate their integration into various financial applications, enhancing their role as a foundational component of the digital economy [13] Group 4: Market Sentiment and Investment Trends - The interest from institutional investors in stablecoins is rising, with numerous brokerages hosting discussions focused on stablecoin investments, indicating a shift towards mainstream acceptance [10][11] - Companies involved in stablecoin initiatives have seen significant stock price increases, reflecting market optimism and investor interest in the sector [11] - The potential for stablecoins to serve as a strategic asset in global monetary policy and economic strategy is becoming increasingly recognized, positioning them as a key player in the future of finance [13]

Group 1 - In 2023, over 400 international and domestic brand flagship stores have opened in Guangzhou, showcasing a vibrant consumer market driven by various cultural and culinary activities [1] - New consumption scenarios are emerging in cities like Shenzhen, where electric vertical takeoff and landing aircraft provide scenic views, and drones facilitate diverse delivery services [1] - The Guangdong consumer market is characterized by its vast potential, driven by a large population and strong consumer demand, alongside technological advancements in sectors like big data and artificial intelligence [3][4] Group 2 - The Chinese government is promoting the development of new consumption scenarios to stimulate market potential, with initiatives aimed at enhancing traditional consumption and fostering new business models [3] - Guangdong's strategy includes leveraging technology to create immersive and interactive shopping experiences, such as digital stores and smart dining [4] - The integration of new consumption scenarios with urban development and cultural branding is emphasized, with cities like Guangzhou and Shenzhen developing unique consumer experiences that reflect local characteristics [4][5]

金十数据6月16日讯，越南通过了一项法律，正式承认数字和加密资产，朝着监管和促进加密货币经济 迈出了决定性的一步。《数字技术产业法》于6月14日通过，将于2026年1月1日生效。据当地媒体报 道，该法案概述了一个管理数字资产和促进区块链创新的广泛框架。 （CoinDesk） 越南通过法律承认加密资产 ...

6月16日，久远银海今日收盘17.41元，上涨2.29%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到94.20倍，总市值71.07亿元。 最新一期业绩显示，2025年一季报，公司实现营业收入2.08亿元，同比6.25%；净利润1490.22万元，同 比17.18%，销售毛利率45.26%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13久远银海94.2097.014.2171.07亿行业平均 73.1474.225.30118.31亿行业中值82.0382.784.1961.51亿1国联股份11.9911.632.09169.25亿2新华都 17.8917.852.3746.43亿3科远智慧20.9522.452.4756.54亿4今天国际21.8219.603.0854.17亿5焦点科技 26.8928.995.39130.80亿6电科数字28.4928.653.22157.74亿7新大陆28.7030.484.32307.66亿8华胜天成 29.42415.472.20100.22亿9国网信通30.5931.233.13213.11亿10宝信软件32.3730.305.706 ...

市场化国资发力，投向数链。 作者 I 周佳丽 报道 I 投资界PEdaily 中完成首关，这是对上海数字经济建设的积极响应，更被视为市场化国资在数据时代中 打造的一个关键坐标。 作为中国数据要素产业链的"链主"企业，上海数据集团于2022年9月正式揭牌成立，是 由上海市委、市政府批准成立的以数据为核心业务的市属一级国有企业，创智数链基金 是其直接参与设立并出资的唯一一只产业链基金。 成立于2017年，国方创新是上海国资系统响应长三角一体化国家战略的科技产业发展重 要载体，背后站着上海国际集团、沙钢集团、上海机场等重要基石投资人。母基金策略 之外，国方创新还活跃在直投一线，去年完成集成电路、生物医药2只产业链直投基金， 构筑了总规模超过3 0 0亿元的长三角科技产业基金系列集群。 "其实我们自己也一直在想，国方立身之本是什么？抽丝剥茧，这个问题的核心是如何基 于国方1.0、2 .0、3.0的优势去跟产业产生更紧密的网状链接，从而建立一个更好的生态 圈。"国方创新管理合伙人孙忞总结。 走过八年历程，一个市场化国资样本开始浮现。 上海，一只新基金亮相 我们将视线拉长，今年De e pSe e k爆发冲击了一批国内大 ...

Group 1: Regulatory Developments - The Hong Kong Securities and Futures Commission (SFC) is actively building a virtual asset ecosystem that is compliant, risk-controlled, and sustainable, aiming to seize new opportunities for investors [1] - The SFC supports the listing of virtual asset spot ETFs and is promoting the application of blockchain technology for the tokenization of securities [1] - The approval of fee limits for securities registration institutions in the paperless securities market is seen as a significant milestone, establishing a fair and transparent fee structure that protects minority shareholders [4] Group 2: Company Listings - Suzhou Youlesai Shared Service Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange, indicating its determination to pursue capital market opportunities [2] - Youlesai's projected revenues for 2022, 2023, and 2024 are approximately 648 million, 794 million, and 838 million yuan, with net profits of about 31 million, 64 million, and 51 million yuan respectively [2] - Jinye International has submitted its initial prospectus to the Hong Kong Stock Exchange, with projected revenues of approximately 123 million and 155 million HKD for the fiscal years 2023/24 and 2024/25 [3] - The revenue growth of Jinye International over the next two fiscal years indicates a solid market position and good prospects in Hong Kong, which may attract investor interest [3] Group 3: Market Performance - The Hang Seng Index closed at 23892.56, down 0.59% on June 13 [5] - The Hang Seng Tech Index and the National Enterprises Index also experienced declines of 1.72% and 0.85% respectively [5]

香港财政司司长陈茂波就稳定币发声！ 6月15日，陈茂波在发表的名为《提速前进扬帆稳航》的网志中表示，在《稳定币条例》生效后，香港 金管局将尽快处理收到的牌照申请，以便合资格的申请人开展其业务。 他同时透露，香港即将就数字资产的发展发表第二份政策宣言，阐述下一步的政策愿景和方向，一系列 具体的措施包括让传统金融服务的优势与数字资产领域的技术创新有更好地结合、提高数字资产在实体 经济活动的安全性和灵活性，以及鼓励本地和国际企业探索数字资产技术的创新及应用。 发行人须提出具体的商业理据 《稳定币条例》已于5月21日获香港立法会通过，并于5月30日正式刊宪，为法币稳定币发行人设立发牌 制度，并将在8月1日生效。这已成为近期市场高度关注的焦点。"我们注意到不少市场参与者均对此很 感兴趣。"陈茂波说。 "按估算，全球稳定币总市值约为2400亿美元，而去年全球稳定币交易量则超过20万亿美元。"陈茂波 说，"随着数字资产市场的蓬勃发展，市场对稳定币的需求料将进一步增加。" 稳定币是一种锚定法定货币或与特定资产挂钩、具价格稳定性的数字资产。其中，法币稳定币凭借区块 链技术的安全性和高效性以及法币的稳定性，将成为结合金融体系和实 ...

Group 1: Cryptocurrency Market Reaction - Bitcoin dropped 2.6% to $104,823, Ethereum fell 8% to $2,539, and Solana plummeted 9.3% amid escalating tensions in the Middle East [1] - Investors are rapidly exiting risk-linked positions, with centralized exchanges experiencing a net outflow of $1.8 billion in the past 24 hours [1] - The ETH/USDC trading pair on decentralized platforms like Uniswap saw slippage increase to a rare 1.5% [1] Group 2: Derivatives and Interest Rate Speculation - SOFR futures experienced a historic inversion, with the March/June contract spread dropping to -15 basis points, indicating a bet on potential rate cuts after Powell's departure [3] - The spread inversion has surpassed levels seen during the 2019 repo crisis, highlighting significant market concerns regarding the Federal Reserve's independence [3] Group 3: Political and Financial Implications of Cryptocurrency - Trump's financial disclosure revealed $320 million in revenue from the meme coin $TRUMP, with a 24-hour trading volume of $470 million on PancakeSwap [4] - Trump's holdings in the World Liberty Financial project, valued over $5 billion, raise questions about regulatory oversight as he becomes a major player in the crypto space [4] Group 4: Banking Sector's Response to Cryptocurrency - Major banks including JPMorgan, Bank of America, Citigroup, and Wells Fargo are planning to issue a "bank chain stablecoin" to compete with tech giants [5] - The initiative aims to capture 30% of the stablecoin market share, with potential risks to small banks losing 25% of deposits if tech companies enter the space [5] Group 5: Financial Market Dynamics - COMEX gold futures surpassed $2,450, while 10-year Treasury yields dropped to 4.0%, indicating a shift in institutional hedging strategies [6] - The volume of Bitcoin put options on Deribit surged by 40%, with contracts priced at $100,000 reaching historical premium levels [6] - The ongoing financial power struggle is reshaping the landscape, with central banks and cryptocurrencies vying for dominance [6]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities in the fintech sector, particularly in stablecoins and RWA (Real World Assets) [4]. Core Insights - The report emphasizes the global regulatory evolution surrounding stablecoins, highlighting the transition from a "grey area" to a "regulatory sandbox" as major economies establish frameworks to support the industry. This regulatory clarity is expected to enhance market acceptance and reduce transaction costs [9][20]. - The report suggests that the RWA market is poised for significant growth, with projections indicating that the on-chain asset scale could exceed $2 trillion by 2030, up from over $23 billion in 2025 [16][30]. - The report identifies key companies to watch in the stablecoin and RWA sectors, including Zhongke Jincai, Jinzheng Co., and Langxin Group, among others, recommending investors to focus on these entities as they navigate the evolving landscape [30]. Summary by Sections 1. Global Evolution of Stablecoins and RWA - The report outlines the overseas development of stablecoins, noting that major economies are creating regulatory frameworks to facilitate their use in cross-border payments and digital asset transactions. This shift is expected to lead to a more structured and compliant market [9]. - In China, the report discusses the Hong Kong regulatory sandbox for stablecoins, which aims to balance financial stability with innovation, allowing for the issuance of various fiat-backed stablecoins [20][21]. 2. Investment Recommendations - The report recommends focusing on the following companies involved in stablecoins: Zhongke Jincai, Jinzheng Co., Zhong An Online, Lianlian Digital, China Everbright Holdings, Yuxin Technology, Tianyang Technology, Sifang Chuangxin, and Jingbei Fang [30]. - For RWA, the report highlights Langxin Group, Xiexin Energy, and Jieshun Technology as key players, along with potential RWA assets that could be tokenized [30]. 3. Market Review - The report provides a market review for the week of June 9-13, 2025, noting a slight decline in the CSI 300 index by 0.25% and a 2.25% drop in the computer sector, with specific stocks showing significant gains and losses [38][43].

蚂蚁旗下两家子公司官宣入局稳定币 据蚂蚁集团副总裁、蚂蚁数科区块链业务总裁边卓群透露，蚂蚁数科已经启动申请香港稳定币牌照，目 前已跟监管进行过多轮沟通。据悉，蚂蚁数科今年已经将中国香港列为全球总部，并且已经在香港完成 监管沙箱的先行先试。 【导读】蚂蚁旗下两家子公司双双官宣入局稳定币 中国基金报记者 曹雯璟 蚂蚁旗下两家子公司官宣入局稳定币。 记者从蚂蚁处了解到，近日，蚂蚁数科已经启动申请香港稳定币牌照。同时，蚂蚁集团旗下国际业务部 门也正计划在新加坡和中国香港申请稳定币牌照。 京东集团此前已率先获得香港金融管理局颁发的稳定币发行人"沙盒"准入资格，其测试方案已进入支持 多终端应用场景的第二阶段。若蚂蚁系两家公司的申请获得监管批复，其将成为继京东之后第二家在港 布局合规稳定币业务的中国内地科技企业。 业内人士表示，蚂蚁国际方面，此举旨在加速完善其全球财资管理及金融科技服务领域的战略布局。稳 定币在跨境支付、电子商务及资产管理等场景中，能够作为高效、低成本的结算工具，显著提升资金流 转效率并有效管理汇率波动风险。结合近期市场关于蚂蚁国际上市的传闻，虽然官方尚未明确表态，但 若能成功申请稳定币牌照无疑将增强其业务 ...