6月11日，A股三大指数集体上涨。主流宽基ETF中，截至发稿，A500指数ETF（159351）截至发稿涨 0.93%，成交总额超15亿元，换手率10.29%，盘中交投活跃。成分股中杉杉股份涨超5%，新宙邦、生 益科技涨超4%。 截至6月10日，该ETF年内份额增长和增幅分别为19.02亿元和14.48%，均居同标的首位。 消息面上，多家外资看好中国资产。据智通财经，近日，摩根士丹利发布报告表示，目前全球投资者对 中国的投资敞口仍相对较低。但随着国际投资者正寻求加大投资组合的多元化，并担心错过中国的科技 进步红利，国际投资者对中国股票的配置意愿已经明显加强。 瑞银全球财富管理的新兴市场策略师Xingchen Yu认为，全球投资者应继续战略性地投资中国股票。瑞 银表示，在基本面改善、现有及潜在政策支持、以及人工智能的长期增长前景推动下，中国科技股具有 进一步上涨的潜力；与美国同行相比，估值仍具吸引力。瑞银对中国科技股维持"有吸引力"的评级。 A500指数ETF（159351）紧密跟踪新一代标杆指数中证A500指数，该指数优选各行业市值代表性强、 表征行业龙头的500只股票，兼顾大市值的同时均衡覆盖A股各行业核心 ...

Group 1: Market Dynamics - Recent international events indicate a subtle shift in the financial landscape, highlighted by a lackluster US Treasury auction with a bid-to-cover ratio dropping to 2.46, the lowest in six months [1] - Concurrently, Hong Kong's Legislative Council passed the Stablecoin Regulation Bill, with major companies like JD.com and Standard Chartered applying for licenses, signaling a significant regulatory shift in the stablecoin market [1] Group 2: Stablecoin Definition and Functionality - Stablecoins are defined as digital currencies that maintain a stable value, typically pegged to fiat currencies or commodities, making them more suitable for daily transactions compared to volatile cryptocurrencies like Bitcoin [3][9] - They facilitate faster and cheaper cross-border transactions, appealing to individuals such as overseas workers and students who require efficient remittance options [4] Group 3: Investment and Economic Implications - The global market for stablecoins has surpassed $150 billion and continues to grow rapidly, indicating strong demand and adoption [7] - The US government mandates that all dollar-pegged stablecoins must be backed 100% by US Treasury reserves, effectively linking stablecoin investments to US debt [8][10] Group 4: Competitive Landscape - The passage of Hong Kong's Stablecoin Regulation Bill emphasizes a commitment to asset-backed stablecoins, requiring a 100% collateralization with real assets, contrasting with the US approach [12][13] - China's trade surplus and its position as the largest exporter globally suggest that the strength of its currency, including the digital yuan, will increasingly be tied to trade volumes, potentially enhancing its global influence [14][15]

Core Viewpoint - The relationship between RMB internationalization and offshore finance is mutually reinforcing, but the strength of the two-way effect is asymmetrical, primarily reflecting offshore finance's role in promoting RMB internationalization through a "local breakthrough driving overall leap" model [1][5]. Group 1: Offshore Finance and RMB Internationalization - The development of offshore finance is crucial for expanding non-resident RMB transactions, which is a key aspect of RMB internationalization [2]. - The relationship between RMB internationalization and offshore finance is not merely reciprocal but resembles a "local breakthrough driving overall leap" model, where a prosperous offshore RMB market provides a solid foundation for broader global usage of RMB [2][5]. - The international use of RMB is a significant indicator of its internationalization, primarily encompassing cross-border finance and offshore finance [5]. Group 2: Transaction Types and Financial Systems - Transactions involving non-residents can be categorized into two types: non-resident to non-resident (offshore RMB transactions) and non-resident to resident (cross-border RMB payments) [3]. - The normal operation of these transaction types is supported by different financial systems: onshore finance, cross-border finance, and offshore finance [3]. Group 3: Development Trends - While cross-border RMB payments have seen significant growth, the development of offshore RMB finance has been relatively slow, with the focus shifting towards both domestic and international aspects [6][7]. - The offshore RMB index has shown substantial growth, increasing from 0.32 in Q4 2011 to 2.1 in Q2 2024, reflecting a 556.25% increase, although this growth may not align with the economic scale of China [8]. Group 4: International Payment Coverage - A currency's international payment coverage ratio indicates its global payment share relative to the country's GDP share, with RMB's coverage ratio at 0.25, suggesting a mismatch between its international payment level and China's economic status [9]. - Compared to other major currencies, RMB's international payment share remains low, indicating that offshore RMB transactions are underdeveloped relative to China's economic size [9]. Group 5: Mechanisms of Offshore Finance in Promoting RMB Internationalization - The offshore RMB market serves as a "liquidity reservoir" for RMB internationalization, requiring the establishment of RMB liquidity centers to meet global demand for RMB services [11]. - The offshore RMB market acts as a "testing ground" for RMB pricing power, helping to stabilize the currency's use and mitigate financial risks associated with significant deviations between onshore and offshore pricing [11]. - The offshore RMB market provides investment and financing channels, facilitating RMB's role as a capital vehicle for global investment opportunities [12].

中国在全球经济中的角色早已超越 "世界工厂 " ，成为供应链的核心枢纽和贸易网络的中心节 点。 2023 年，中国对 "一带一路 " 共建国家的进出口占比达 47.4% ，几乎占据半壁江山。中国 与新兴市场经济体贸易往来比重不断增加，为人民币跨境结算提供了基础支撑。 2023 年 1-9 月， 中国与 "一带一路 " 共建国家人民币跨境收付金额达 6.5 万亿元，同比增长 19% 。 如此庞大的贸易网络本应支撑起相应规模的货币使用。然而现实是：尽管人民币已是全球第四大 支付货币、第三大贸易融资货币，但其在国际支付中的份额仅为 3.79% ，在全球外汇储备中的占 比仅 2.4% 。在全球对美元单一体系安全性担忧加剧的背景下，这种错位使中资企业额外承受了 本可避免的成本与风险。 文/ 中央财经大学绿色金融国际研究院首席经济学家 刘锋 当下正值美元信用根基动摇之际，美债作为传统安全资产锚的地位 因美联储推动发行稳定币试点而受到前所未有质疑，正是人民币国 际化突破困局的绝佳历史契机。 当今全球金融体系呈现一个巨大悖论：中国作为全球第一大贸易国、第二大经济体，支撑着全球 近 30% 的制造业产出和供应链网络，人民币在全 ...

Core Insights - The emergence of stablecoins, particularly USD Coin (USDC), has raised alarms among global central banks as they begin to influence the U.S. Treasury market, indicating a shift in the underlying financial order [2][7] - The regulatory landscape for stablecoins is evolving rapidly, with the U.S. introducing the GENIUS Act, the EU implementing the MiCA regulation, and Hong Kong establishing a comprehensive regulatory framework for fiat-referenced stablecoins [2][6][9] Group 1: Stablecoin Overview - Stablecoins are categorized into four types: fiat-collateralized (e.g., USDT, USDC), crypto-collateralized (e.g., DAI), algorithmic (e.g., UST), and hybrid [2] - The total transaction volume of stablecoins reached $27.6 trillion in 2024, surpassing the annual transaction volumes of Visa and Mastercard [7] Group 2: Regulatory Developments - The U.S. GENIUS Act mandates that non-U.S. issuers must demonstrate regulatory comparability to enter the U.S. market, potentially reshaping global financial order [6] - Hong Kong has become the first major financial center in Asia to legislate stablecoin regulations, establishing a legal framework for fiat-referenced stablecoins [6][9] Group 3: Market Dynamics - The combined market capitalization of USDT and USDC exceeds $210 billion, accounting for 86% of the global stablecoin market [7] - Stablecoins are increasingly seen as a "shadow Federal Reserve," influencing U.S. Treasury yields through their high-frequency circulation and anchoring to U.S. debt [7][8] Group 4: Implications for Digital Currency - The rise of stablecoins is prompting a new monetary policy transmission mechanism that could replace traditional interbank systems [8] - Hong Kong's regulatory framework for stablecoins is viewed as a potential model for the internationalization of the digital yuan, with plans for offshore RMB stablecoin initiatives [9][10][14]

Group 1 - The core event is the signing of the Indonesia Guangqing Nickel-Cobalt Hydrometallurgy Project by Guangxin Group, marking a significant milestone in deepening cooperation with ASEAN in the industrial chain [1][3] - Guangxin Group is a wholly state-owned enterprise of the Guangdong provincial government, focusing on manufacturing, capital investment, and market-oriented operations, ranking 414th in the Fortune Global 500 in 2024 [1] - The group has increased its international presence, with overseas revenue accounting for 36%, and ASEAN being a primary market, contributing 54.2 billion yuan, which is 86.3% of its overseas revenue [1][2] Group 2 - The Indonesia Guangqing project, initiated in 2014, is a key Belt and Road Initiative project with a total investment of 1.031 billion USD, generating approximately 35 billion USD in revenue since its inception [2] - Guangxin Group is expanding its manufacturing and supply chain projects in ASEAN, including investments in aluminum, steel, and textile industries across Vietnam, Thailand, and Cambodia [2] - The new nickel-cobalt project has a total investment of about 2 billion USD, expected to start trial production by the end of 2026, with an anticipated annual profit of 2 billion yuan [3]

"今年5月，美元指数先涨后跌，全月基本收平，全球金融资产价格涨跌互现。"中国社会科学院研究生院特聘导师柏文喜表示，汇率和资产价格变动对中国 外汇储备的估值效应几乎正负相抵，但综合来看，仍使外汇储备规模有所上升。 柏文喜认为，外汇储备规模的稳定增长，向国际社会展示了我国经济的稳健性和抵御外部风险的能力，有助于增强国际投资者对我国经济的信心，提升我国 在国际金融领域的信誉和影响力。 图为消费者在北京一商场内的金店柜台选购金饰。（图片由CNSPHOTO提供） 中国商报（记者 马文博）国家外汇管理局最新数据显示，截至2025年5月末，我国外汇储备规模为32853亿美元，较4月末增加36亿美元，增幅为0.11%。 国家外汇管理局相关负责人表示，今年5月，受主要经济体财政政策、货币政策和经济增长前景等因素影响，美元指数小幅震荡，全球金融资产价格涨跌互 现。受汇率折算和资产价格变化等因素综合作用，当月外汇储备规模上升。我国经济持续回升向好，经济发展质量稳步提升，为外汇储备规模保持基本稳定 提供了支撑。 柏文喜认为，黄金作为避险资产和最后国际清偿能力的资产，在国际货币体系多极化加速的背景下，其作用仍有进一步提升空间，增持黄金 ...

Group 1 - The Hang Seng Index opened higher on June 10, with the dividend sector showing strength, as evidenced by the Hong Kong Dividend Low Volatility ETF (520550) rising 0.36% and aiming for a nine-week winning streak [1] - The fund has seen a 106.43% increase in shares this year and a 133.48% growth in scale, both reaching historical highs [1] - CICC's report highlights that Hong Kong stocks offer advantages in dividends and structural opportunities, particularly appealing to tax-exempt investors like mainland insurance funds due to the declining yield of Chinese bonds [1] Group 2 - Haitong Securities notes that the Hong Kong market has strategic allocation value in the medium to long term, fulfilling three key roles: facilitating companies' overseas expansion, enabling capital repatriation, and promoting the internationalization of the Renminbi [1] - The main drivers for the Hong Kong market in the second half of the year are expected to come from profit growth, with high dividend sectors and essential consumer goods recommended as core holdings [1] - The report suggests increasing allocations in technology, consumption, and large financial sectors, particularly in local and Chinese stocks, as part of a bottom-line strategy [1] Group 3 - The Hong Kong Dividend Low Volatility ETF (520550) features the lowest overall fee rate in the market at 0.2%, which reduces holding costs and enhances capital efficiency through its monthly dividend mechanism and T+0 trading characteristics [2] - The ETF's holding structure includes mature industries like finance and energy to provide a safety net, while a 5% weight limit on individual stocks helps to diversify risk and avoid "dividend yield traps" by excluding stocks with significant declines [2]

今天分享的是：中国银行：2025年人民币国际化白皮书 报告共计：35页 《中国银行：2025年人民币国际化白皮书》聚焦2024年人民币国际化进程，从政策支持、市场环境、跨境使用、离岸市场及多边合作等维度展开分析，展现 人民币国际化的多元进展与发展态势。 政策与市场环境：双向驱动国际化 政策层面，中国通过五大举措推动人民币跨境使用：一是在10省市试点跨国公司本外币一体化资金池业务，提升跨境收支便利化水平；二是优化"互换通"机 制，推出新利率互换合约及合约压缩服务，修订QFII跨境资金管理规定，深化金融市场开放；三是将"债券通"债券纳入香港金管局人民币流动性安排合格抵 押品，支持离岸市场发展；四是推动内地与香港支付系统互联互通，优化跨境移动支付，便利外籍人员支付；五是扩大双边本币互换合作，与29个国家和地 区签署协议，规模逾4万亿元人民币，维护区域金融稳定。 市场环境方面，2024年世界经济弱复苏，中国GDP增长5%突破130万亿元，货物贸易进出口总量增长5%至43.8万亿元，占全球12.5%，人民币汇率稳中有 升，CFETS汇率指数等温和上升，为人民币国际化奠定经济基础。 跨境使用与国际职能：规模与活跃度双提升 ...

| 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 0.24 | 0.79 | -1.82 | | 中盘指数 | 0.81 | 1.52 | -5.06 | | 小盘指数 | 0.95 | 2.03 | -0.55 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | 文娱用品Ⅱ | 4.93 | 12.3 | 10.44 | | 商用车 | 3.73 | 1.53 | 0.88 | | 化学制药 | 3.7 | 15.03 | 16.08 | | 教育 | 3.34 | 2.02 | -13.9 | | 金属新材料 | 3.21 | 6.5 | 7.35 | | 行业跌幅 | 昨日跌 | 1 个月跌 | 6 个月跌 | | 乘用车Ⅱ | -1.27 | -1.87 | 5.17 | | 专业连锁Ⅱ | -1.13 | 2.57 | -6.42 | | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名 ...