Core Viewpoint - The Beijing Internet Finance Industry Association warns the public to be highly vigilant against investment projects that promise high returns and capital protection, emphasizing that "high returns are always accompanied by high risks" [1][3] Group 1: Characteristics of Illegal Fundraising Activities - Lack of Qualification: These institutions or individuals lack the legal qualifications to absorb deposits, sell financial products, or issue securities, as they are not approved or registered by the State Council's financial management departments [2] - Concept Packaging: They exploit emerging and complex concepts like "stablecoins," "decentralized finance (DeFi)," and "Web 3.0" to create information asymmetry and confuse investors [2] - False Promises: There is a prevalence of exaggerated claims and false promises, such as "guaranteed profits," "high fixed returns," and "capital protection," which prey on the public's desire for high returns [2] Group 2: Operational Risks and Consequences - Fund Pool Operation: Their operational model often relies on attracting new investors' funds to maintain operations or pay returns to earlier investors, leading to significant risks if the funding chain breaks or the project fails [2] - Risk Spillover: Such activities can easily evolve into illegal fundraising, financial fraud, pyramid schemes, and money laundering, severely disrupting the economic and financial order and harming public property safety [2] Group 3: Consumer Warnings and Recommendations - The association urges consumers to recognize the nature of these investment projects and to verify the legal qualifications of related institutions and products through official channels before investing [3] - Consumers are advised to understand the complexity and volatility of "stablecoins" and related innovations, and to adopt a rational investment mindset [3] - The public is encouraged to resist and stay away from any form of virtual currency speculation, illegal token issuance, and unapproved "digital asset" investment projects to protect personal property [3]

Core Viewpoint - The Beijing Internet Finance Industry Association has issued a warning regarding the risks of illegal fundraising through the use of "stablecoins" and other new financial concepts, highlighting the exploitation of public interest in digital currencies and related technologies [1] Group 1 - The recent market attention on various digital currencies, particularly "stablecoins," has led to the emergence of fraudulent entities that misrepresent themselves as innovative financial institutions [1] - These fraudulent organizations leverage public naivety towards new financial concepts, promoting schemes that promise high returns through the issuance or speculation of so-called "virtual currencies," "digital assets," and "stablecoin investment projects" [1] - The warning emphasizes the need for public awareness and caution against investing in these misleading financial products [1]

Group 1 - The People's Bank of China has increased its gold reserves for eight consecutive months, with the latest figures showing a rise of 70,000 ounces to a total of 73.9 million ounces as of the end of June [2] - By the end of 2027, China aims to have over 100,000 high-power charging facilities nationwide, focusing on local economic development and the promotion of new energy vehicles [2] - The Shanghai Stock Exchange and the China Securities Index Company will launch several specialized indices on July 21, including the Shanghai Stock Exchange Specialized New Index and the China Securities Specialized New 100 Index [3] Group 2 - A new mandatory national standard for passenger car braking systems will take effect on January 1, 2026, introducing requirements for electric transmission braking systems and emergency braking signals [3] - An international standard for testing scenarios of autonomous vehicle systems has been officially released, detailing evaluation processes and testing methods [4] - The U.S. President has signed an executive order extending the delay for "reciprocal tariffs" until August 1, affecting imports from 14 countries with varying tariff rates [8][5] Group 3 - The U.S. stock market saw declines across major indices, with the Dow Jones down 0.94%, the Nasdaq down 0.92%, and the S&P 500 down 0.79%, impacting stocks of Japanese and Korean companies listed in the U.S. [5] - Companies such as Nissan and Toyota experienced significant stock drops, with Nissan down over 7% and Toyota down nearly 4% [5] - The market sentiment is shifting towards a balanced approach, with a focus on large-cap stocks and potential inflows of incremental capital in July [8][9]

Core Viewpoint - The DGCX Xin Kang Jia financial pyramid scheme has collapsed, affecting approximately 2 million investors and involving hundreds of billions in funds, with a significant amount of assets transferred offshore just before the collapse [1][15][19]. Group 1: Scheme Overview - DGCX Xin Kang Jia was initially launched as a "China Petroleum" app in May 2023, falsely claiming a partnership with China National Petroleum Corporation and later transitioning to the DGCX trading platform [1]. - The scheme promised high returns of 1%-2% daily and over 300% annually, attracting investors with misleading claims about its legitimacy [2][19]. - The platform operated as a centralized trading venue without any legitimate qualifications, manipulating market data behind the scenes [8][19]. Group 2: Operational Structure - The scheme utilized a "militarized" pyramid structure, dividing the country into four major "battle zones" and incentivizing participants to recruit others through commissions and rewards [10][19]. - Participants were required to pay a minimum entry fee of 1,000 USDT, with funds directly controlled by the platform [9][19]. - The internal reward system included various levels of compensation based on recruitment, with significant bonuses for higher ranks [12][19]. Group 3: Investor Impact - Approximately 2 million victims, primarily from lower-tier cities and older demographics, are estimated to have lost hundreds of billions, with 18 billion USDT transferred offshore [15][18]. - Despite multiple official warnings about the scheme's illegitimacy, investor enthusiasm surged, leading to a 217% increase in new registrations within three months of the alerts [16][19]. Group 4: Trends in Financial Fraud - The DGCX Xin Kang Jia case highlights new trends in virtual currency scams, including a combination of Ponzi schemes and pyramid structures, high-return promises, and the use of virtual currencies for transactions [19][20]. - The scheme's operations were characterized by a closed, familiar network approach, making it easier to recruit new participants [21]. - The targeting of small towns and older individuals reflects a growing trend in scams, as these groups often lack information and are more susceptible to influence [22].

Summary of Multi-Point Intelligence Conference Call Company Overview - Multi-Point Intelligence, established in 2015, is the largest retail digital solution provider in China and a leading player in Asia, offering comprehensive operational solutions for retail enterprises [6][9] - The company has served 591 clients, including major retailers like Metro China and Lawson, showcasing its expansion capabilities and potential in digital solutions [4][15] Industry and Market Dynamics - The global retail market exceeded 100 trillion yuan by 2023, with significant growth potential for Multi-Point Intelligence as a key participant [9] - The retail digitalization market in Asia is projected to reach nearly 100 billion yuan by 2029, indicating substantial future market space for Multi-Point Intelligence [10] Financial Performance - For 2024, Multi-Point Intelligence reported revenue of 1.859 billion yuan, a year-on-year increase of nearly 20% [2][7] - The company recorded a net loss of 2.19 billion yuan, but after excluding non-operating losses, it achieved a turnaround to profitability [7][8] - The gross margin has been steadily increasing, and the cost structure has significantly improved, laying a solid foundation for sustained performance growth [8] Strategic Initiatives - Multi-Point Intelligence has formed a strategic partnership with HASTK to explore digital asset trading, Web 3 technology, and blockchain ecosystem development, which may benefit from the overall market performance of virtual currencies [2][3] - The company is planning to apply for a renminbi license to enhance cross-border payment efficiency and reduce costs, aligning with its retail payment systems [2][4] - The company has introduced AI technology solutions, such as the AI agent series, which have been successfully implemented in clients like Wumart, resulting in significant cost savings and improved client attraction [2][12] Collaborations and Partnerships - A deep collaboration with the well-known retail brand Fat Donglai has integrated its management philosophy into Multi-Point Intelligence's systems, creating a replicable model for digital transformation in retail [2][13] - The company has also partnered with notable international clients, including DFI and SM Group, and is expanding its presence in Southeast Asia and Europe [17][18] Future Outlook - Multi-Point Intelligence is optimistic about its future growth, particularly in the stablecoin sector, which is expected to synergize with its business development [5][20] - The company aims to enhance its international business, focusing on Asia and Europe, where the retail industry's digitalization is relatively underdeveloped [19] - The subscription and commission-based SaaS model has shown strong customer retention, with a net revenue retention rate of 114% in 2024, indicating robust future growth potential [10][11] Investment Highlights - The company is well-positioned in the retail SaaS sector, leveraging AI technology to enhance product competitiveness and market influence [9][10] - Multi-Point Intelligence's strategic initiatives and partnerships are expected to drive significant growth and investment value in the coming years [20]

Group 1 - The article discusses the U.S. government's consideration of using Bitcoin as a means to address its $36 trillion debt, highlighting the absurdity of this approach [1][3] - It emphasizes skepticism regarding Bitcoin's legitimacy as a currency or asset for debt repayment, noting that its value is largely driven by speculative trading rather than intrinsic worth [3][5] - The article critiques the concept of stablecoins, arguing that despite their claims of being dollar-pegged, they lack the necessary backing to effectively address the massive debt burden [5][7] Group 2 - The underlying issue is identified as the declining trust in the U.S. dollar, with concerns that if this trend continues, it could lead to a significant financial crisis [7][9] - The article contrasts the U.S. approach to digital currencies with China's strategy of developing a stable digital yuan, suggesting a more cautious and grounded approach to financial innovation [7][9] - It concludes that while the U.S. may attempt to use financial gimmicks to delay addressing its debt crisis, the fundamental economic realities cannot be ignored indefinitely [9]

2025.06. 27 本文字数：2195，阅读时长大约4分钟 作者 | 第一财经 安卓 稳定币立法、发表《香港数字资产发展政策宣言2.0》、提出"LEAP"框架……近段时间，香港数字资产监 管架构及生态正在加速完善，香港对全球Web3人才、资金及项目的吸引力有望大幅提升。 不过，内地投资者并不在上述数字货币交易服务范围内。早在2017年、2021年，央行等多部门先后发 文，叫停各类代币发行融资活动，明确虚拟货币和相关业务活动本质属性，并加强虚拟货币交易炒作风险 监测预警。 2021年，虚拟货币交易炒作活动抬头，当年9月24日，中国人民银行等十部委发布《关于进一步防范和 处置虚拟货币交易炒作风险的通知》（下称《通知》），强调虚拟货币不具有与法定货币等同的法律地 位，不能作为货币在市场上流通使用。 但第一财经发现，目前仍有小范围币圈群体持有虚拟货币或参与虚拟资产投资，那么，如何界定这样的持 有行为和投资行为？ 对此，炜衡律师事务所、衡财保团队律师张鹏在接受采访时表示，虚拟货币（如比特币、以太坊、USDT 等）不具有与法定货币等同的法律地位，不能作为货币在市场上流通使用，我国对虚拟货币相关活动采取 严格限制甚至禁 ...

属于刑法意义上的财产 多位币圈投资者对第一财经表示，他们投资虚拟资产，最初就是从比特币开始的。 2017年之前，比特币曾被当成大宗商品的一种，投资比特币热极一时，尤其是2016年，比特币涨幅超过 了黄金，这轮所谓的比特币"牛市"吸引了一批投资者加入其中。据当时媒体报道，根据核算，中国的交 易量大约占全球比特币市场的30%～40%。 "牛市"之下，比特币暴涨暴跌的特性被忽视。同时，由于比特币基于区块链的去中心化技术，游离于各 国金融监管之外，于是被不法分子应用在灰色地带，诸如滋生赌博、非法集资、诈骗、传销、洗钱等违 法犯罪活动。 虚拟货币相关业务活动属于非法金融活动，参与虚拟货币投资交易活动存在法律风险。 稳定币立法、发表《香港数字资产发展政策宣言2.0》、提出"LEAP"框架……近段时间，香港数字资产 监管架构及生态正在加速完善，香港对全球Web3人才、资金及项目的吸引力有望大幅提升。 不过，内地投资者并不在上述数字货币交易服务范围内。早在2017年、2021年，央行等多部门先后发 文，叫停各类代币发行融资活动，明确虚拟货币和相关业务活动本质属性，并加强虚拟货币交易炒作风 险监测预警。 但第一财经发现，目前仍 ...

上午，一则消息直接引爆市场。国泰君安国际获得了虚拟资产交易的牌照，首家获批的中资券商。以前虚拟货币属于法外之地，现在招安，代价是实名交 易。算是给近期爆炒稳定币概念一个点燃情绪的作用，但实际上仔细想想这属于纯炒作，虚拟货币真正的作用其实是转账和支付，至于你说炒币，那不大 可能。只能算是给券商一个额外的收入。 924行情，你错过了 难道624你也要错过吗？ 一阳改不了三观，三阳总可以吧。今天开始不少不活跃的朋友开始问笔者，是不是可以做多了。 尤其是今天之后蠢蠢欲动的朋友，今天的内容一定要看完，你再思考一下究竟要不要做多。 毫无疑问，今天最强的仔是创业板，3个点的涨幅冠绝全场，上午收盘，一度要冲高回落之际，还是创业板高举高打。 为什么是创业板？因为交易软件。 昨晚，鲍威尔在国会作报告，在面对议员提问"为什么在拜登时期，通胀比现在高，可以降息50基点，现在通胀降低为什么不降息？"。鲍威尔的回答 是"如果通胀压力确实得到控制，那么我们将尽快降息"。 传到我们这里就是，美联储即将降息，如果两个字直接被忽略。 至于后续能走多远，还是昨天文章提到的三点。 券商上一次连续上涨发生在3月14和5月14日，但是每一天跳完，大盘就 ...

6月25日，券商股全线大涨。 港股中资券商指数大涨。香港中资券商指数单日大涨11.75%，国泰君安国际大涨近200%。A股市场券商板块 同样表现亮眼，Wind券商指数全天上涨5.52%，天风证券、国盛金控等多股涨停，国泰海通上涨9.09%。 东海证券非银首席分析师陶圣禹对券商中国记者表示，国泰君安国际25日的大涨，主要原因是香港证监会批准 其升级虚拟资产交易牌照，成为首家可提供全方位虚拟资产服务的中资券商，契合市场现阶段较为火热的"稳 定币"主题机会，在映射效应下，A股券商板块也实现联动。 与此同时，一些分析认为，港股IPO市场火热、市场看好中国资产后市等因素，也为更多投资者买入港股券商 提供了足够的理由。 虚拟货币"引爆"券商行情 6月24日，国泰海通集团下属公司国泰君安国际正式获香港证监会批准，将现有证券交易牌照升级为可提供虚 拟资产交易服务，以及在提供虚拟资产交易服务的基础上提供意见。此次牌照升级后，客户将可在国泰君安国 际平台直接交易加密货币、稳定币等虚拟资产。至此，国泰君安国际成为首家可提供全方位虚拟资产相关交易 服务的香港中资券商，服务覆盖提供虚拟资产交易服务、在虚拟资产交易服务过程中提供意见，以 ...