Market Performance - The Hang Seng Technology Index saw an increase of up to 1% in the afternoon, with semiconductor and gold jewelry sectors performing strongly, particularly Hua Hong Semiconductor and SMIC, which rose nearly 5% [1] - On June 23, all three major A-share indices closed higher, with the Shanghai Composite Index up 0.65%, the Shenzhen Component Index up 0.43%, and the ChiNext Index up 0.39%. The North Star 50 index rose over 1.5%, with Long Rainbow Energy and Air China Ocean leading the gains [2] - The FTSE China A50 index futures also turned positive [3] AI and AR Glasses Sector - The AI glasses concept saw a significant rise in the afternoon, with Dayu Optoelectronics hitting the daily limit, and companies like Huazang Optoelectronics, Mingyue Lens, Weida Optoelectronics, Guoxing Optoelectronics, and Zhongjing Electronics also experiencing gains [5] - Institutions predict a positive outlook for AI/AR glasses in the second half of the year, with the upcoming release of Rokid Glasses and the Meta Connect 2025 event focusing on advancements in AI glasses and related technologies [7] - The smart glasses market is heating up due to the integration of AI models and augmented reality technology, leading to increased sales and a boost in the entire industry chain [7] Stablecoin and Cross-Border Payment Sector - Stablecoin-related stocks surged in the afternoon, with Sifang Precision hitting the daily limit and companies like Ubo Technology and Hailian Jinhui also seeing significant gains [7] - The cross-border payment concept stocks expanded their gains, with Lakala and Advanced Communication rising over 10%, following the launch of the Cross-Border Payment System, which allows real-time remittances between mainland China and Hong Kong [8] Innovative Drug and Medical Device Sector - The innovative drug sector saw a rebound, with companies like Saily Medical hitting the daily limit and Microchip Bio rising nearly 15%, following new regulatory measures to expedite clinical trial approvals [8][10] - The medical device sector continued to rise, with Haobo Bio hitting the daily limit and companies like Kangwei Century and Kangzhong Medical also experiencing gains, supported by new measures to promote innovation in high-end medical devices [10]

6月23日，A股主要指数午后拉升转涨，沪指收涨0.65%报3381点，深证成指涨0.43%，创业板指涨0.39%。 全天成交1.13万亿元，较前一交易日增量552亿元，全市场超4400股上涨。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 上证指数 | | 3381.58 | +21.69 | +0.65% | | 000001 | NA | | | | | 创业板指 | | 2017.63 | +7.74 | 40.39% | | 399006 | mann | | | | | 深证成指 | | 10048.39 | +43.36 | +0.43% | | 399001 | min | | | | 盘面上，数字货币、跨境支付板块走高；伊朗议会批准在必要时关闭霍尔木兹海峡，港口航运板块爆发，油气股反复活跃；银行股、软件开发、 数据安全及华为昇腾等板块涨幅居前。另外，酿酒板块普跌，猪肉板块走弱。 具体来看： | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | ...

Market Performance - The Shanghai Composite Index rose by 0.65%, the Shenzhen Component Index increased by 0.43%, and the ChiNext Index gained 0.39% on June 23 [1] - The total trading volume in the two markets reached 1.12 trillion yuan [2] Stock Movement - Over 4,400 stocks in the market experienced gains, indicating a bullish sentiment [4] - Sectors such as cross-border payment, port shipping, military information technology, digital currency, and oil & gas saw significant increases, while a few sectors like liquor experienced declines [5] Sector Highlights - Cross-border payment stocks showed strong performance, with companies like UboXun and Sifang Jingchuang hitting the 20% daily limit, and others like Shenzhou Information and Jida Zhengyuan also reaching the limit [6] - The port shipping sector performed robustly, with stocks such as Ningbo Shipping and Ningbo Ocean hitting the daily limit [6] - Oil and gas stocks were active, with Huai Oil hitting the daily limit and others like Beiken Energy and Tongyuan Petroleum rising by 7% [6] Capital Flow - Main funds saw net inflows in sectors like electronics, electric equipment, basic chemicals, and computers, while there were net outflows in food and beverage, public utilities, and steel sectors [7] - Specific stocks such as Tianyuan Dike and Rongfa Nuclear Power received net inflows of 626 million yuan and 477 million yuan respectively, while stocks like Tianfu Communication faced net outflows of 678 million yuan [7] Institutional Insights - CITIC Securities noted that the external environment remains turbulent, leading to high market rotation and a preference for certainty, suggesting a focus on sectors with potential earnings surprises [8] - China Galaxy Securities projected a potential upward trend in the A-share market by the second half of 2025, driven by supply-side reforms and capital market reforms [8]

Market Overview - The stock indices showed narrow fluctuations in the morning and surged in the afternoon, with the North Securities 50 Index rising over 1% and more than 4,400 stocks gaining [1] - By the close, the Shanghai Composite Index increased by 0.65% to 3,381.58 points, the Shenzhen Component Index rose by 0.43% to 10,048.39 points, and the ChiNext Index climbed by 0.39% to 2,017.63 points [1] - The North Securities 50 Index saw a gain of 1.54%, with a total trading volume of 1,147.1 billion yuan across the three markets [1] Sector Performance - The oil sector showed strong performance, while logistics, chemicals, semiconductors, non-ferrous metals, coal, pharmaceuticals, and brokerage sectors also experienced gains [1] - Emerging themes such as digital currency, cross-border payments, shipping concepts, and solid-state battery concepts were active [1] Economic Outlook - External uncertainties and insufficient domestic demand remain challenges for the second half of the year, but sustained policy efforts are expected to showcase strong resilience in the domestic economy [1] - With the expansion of equity public funds, the influx of medium to long-term capital, and supportive policy tools, the A-share market is likely to maintain a stable and improving trend [1] - Current A-share valuations are at a historical medium level and are relatively low compared to mature overseas markets, indicating a higher investment cost-performance ratio [1] - Overall, the A-share market is anticipated to exhibit a trend of oscillating upward by the second half of 2025 [1] Structural Investment Opportunities - Safe assets with low valuations and high dividend characteristics align with the medium to long-term capital allocation needs, providing both safety margins and yield certainty in an uncertain external environment and low-interest rate context [2] - The theme of technological innovation is crucial for accelerating the cultivation of endogenous growth momentum and should be monitored for breakthroughs in industrial trends [2] - The large consumption sector is showing bright domestic consumption data under policy support, with new consumption trends emerging, particularly in pet economy, IP economy, and domestic beauty and personal care [2] - Mergers and acquisitions in sci-tech enterprises, central state-owned enterprises, and traditional industries are also a focus area [2]

市场全天震荡反弹， 沪指领涨。沪深两市全天成交额1.12万亿，较上个交易日放量549亿。盘面上，市 场热点快速轮动，个股涨多跌少，全市场超4400只个股上涨。从板块来看，稳定币概念股再度大涨， 优博讯等涨停。港口航运股维持强势， 宁波海运等涨停。固态 电池概念股震荡走高， 金龙羽等涨停。 板块方面， 跨境支付、港口航运、 军工信息化、 油气等板块涨幅居前， 白酒等少数板块下跌。截至收 盘，沪指涨0.65%， 深成指涨0.43%， 创业板指涨0.39%。 ...

Group 1 - Cross-border payment platform officially launched on June 22, enabling interconnectivity between mainland China and Hong Kong's rapid payment systems, leading to an increase in cross-border payment concept stocks and a nearly 2% rise in software ETF (515230) [1] - Current state of the computer and software development industry is described as relatively chaotic, with products awaiting breakthroughs in large models and further refinement, indicating a theme-driven investment approach influenced by risk appetite [1] - Expectations for improved operating performance in the second half of the year due to base effect, new technologies/products, and policy support, with a focus on the upcoming Q2 earnings disclosures in June and July [1] Group 2 - The software ETF (515230) tracks the software index (H30202), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in software development and information technology services to reflect the overall performance of the software industry [2] - The index serves as an important barometer for China's software industry, with constituent stocks exhibiting significant technological attributes and growth characteristics, effectively measuring the level of technological innovation and market development in the domestic software sector [2]

去年8月，中国人民银行与香港金管局签署谅解备忘录，正式启动内地-香港跨境支付互联互通计划。 经过10个月的筹备，这一系统于今年6月22日正式上线，标志着两地金融基础设施互联互通迈入新阶段。 跨境支付通，是内地的网上支付跨行清算系统（IBPS）与香港快速支付系统"转数快"的互联，为两地居民及机构提供安全、高效和便捷的实时跨境支付服 务。两地居民可以透过输入收款方的手机号码或账户号码，进行实时小额跨境汇款。 根据香港金管局介绍，在个人对个人的汇款过程中，对于香港身份证持有人，每人每日上限1万港元，每年上限20万港元（以每家参与机构计算），此限额 独立于现时每日8万元人民币的同名汇款限额；对于内地身份证持有人，现行个人年度购汇便利化额度为5万美元。 | | 北向(香港至內地) | 南向(內地至香港) | | --- | --- | --- | | 匯款人 | 香港身份證持有人 | 内地身份證持有人 | | 上限 | · 每人每日上限港幣10,000元,每年上限港幣 200,000元(以每家參與機構計算) | · 現行個人年度購匯便利佔額度50,000美元 | | | · 此限額獨立於現時每日人民幣80,000元的同 ...

Core Viewpoint - The discussion on stablecoins highlights their role in enhancing global monetary policy coordination, innovating cross-border payments, and constructing regulatory frameworks, with a focus on the implications of dollar-pegged stablecoins and the need for careful consideration of their impact on economic sovereignty and financial stability [5][6][7]. Group 1: Introduction and Definition - Stablecoins are a special type of cryptocurrency designed to maintain price stability by pegging to fiat currencies, physical assets, or algorithmic mechanisms, making them suitable for payment mediums and value storage tools [14][15]. - The global stablecoin market has seen significant growth, with a total market value exceeding hundreds of billions, and USDT and USDC accounting for nearly 90% of the market share [19][19]. Group 2: Market Environment and Demand - Traditional cross-border payments face challenges such as long processing times and high fees, while stablecoins can facilitate near-instantaneous and low-cost transactions, enhancing global supply chain efficiency [20]. - The decentralized finance (DeFi) ecosystem relies heavily on stablecoins as core assets for lending, trading, and derivatives, directly affecting the health of the DeFi market [21]. - Traditional financial institutions are exploring stablecoin issuance to improve payment efficiency and expand business boundaries, as seen with JPM Coin [22]. Group 3: Types of Companies Issuing Stablecoins - Financial technology companies, such as SFJC and XD Technology, are well-positioned to issue stablecoins due to their expertise in blockchain and digital currency technologies [23]. - Cross-border payment companies, like HLJH and LKL, have the necessary licenses and technology to support stablecoin circulation in international transactions [24]. - Companies with relevant licenses or compliance qualifications, such as the issuer of USDC, are also capable of issuing stablecoins [25]. Group 4: Positive Impacts of Issuing Stablecoins - Stablecoins can significantly enhance cross-border payment efficiency and reduce costs, as they allow for real-time transactions without relying on traditional banking systems [31]. - They provide a stable trading medium in the volatile cryptocurrency market, allowing investors to mitigate risks associated with price fluctuations [32]. - The issuance of stablecoins can drive financial inclusion by lowering barriers to entry for financial services, particularly in underserved regions [33]. - Stablecoins can attract new participants and capital into the financial market, bridging traditional finance and cryptocurrency [34]. - Companies can generate revenue through interest on reserves, as demonstrated by Circle's USDC, which significantly contributes to its overall revenue [35]. Group 5: Regulatory Environment and Challenges - The regulatory landscape for stablecoins varies significantly across jurisdictions, with the U.S. and Hong Kong implementing specific requirements for issuance, including licensing and reserve management [86][91]. - Companies must navigate complex compliance requirements, including maintaining high liquidity reserves and adhering to anti-money laundering regulations [108][109]. - The potential for regulatory changes poses risks to stablecoin projects, as seen in instances where sudden policy shifts have impacted market confidence [39]. Group 6: Future Trends and Considerations - The future of stablecoins is likely to involve stricter regulations and a focus on compliance, as well as the expansion of application scenarios beyond traditional finance [115]. - Companies must consider market demand and operational capabilities when planning stablecoin issuance, ensuring alignment with existing business models [66][67]. - The competitive landscape will require companies to differentiate their stablecoin offerings and stay informed about regulatory developments to ensure sustainable operations [70][71].

6月23日，A股早盘震荡分化，三大指数涨跌不一，半日成交额6706亿，较上个交易日缩量4.92亿。截至 午间收盘，沪指涨0.15%，深成指跌0.16%，创业板指跌0.33%。 消息面上，地缘局势继续升级，美国轰炸伊核设施，伊朗议会赞成关闭霍尔木兹海峡，原油一度涨近 6%。东方证券认为，整体来看，近期市场明显受到外部地缘政治利空扰动，但下跌幅度有限，显示场 内护盘力量实力不俗，预计短期市场仍将维持类似局面，市场或将转向科技成长风格。 盘面上，市场热点聚焦中东局势相关概念，其中，港口航运股卷土重来，宁波海运、连云港等多股涨 停；军工板块表现亮眼，长城军工斩获4连板；油气股持续走强，带动化工板块大面积补涨，兴化股份 走出7天3板，中毅达等多股涨停；核污染防治概念走高，中电环保涨超10%。其他热点方面，银行板块 探底回升，工行、农行、建行等多股续创历史新高；芯片股强势，大为股份等涨停；跨境支付概念拉 升，吉大正元涨停；此外，有色钴、固态电池等板块均有所表现。下跌方面，大消费、地产、汽车等方 向跌幅居前。 展望后市，国泰海通认为，短期风险释放后，中国股市的核心矛盾仍在内而不在外，对行情的看法仍比 共识更乐观。 热门板块 ...

Summary of Stablecoin Industry Conference Call Industry Overview - The stablecoin industry is entering a rapid growth phase, with the U.S. and Hong Kong advancing legislation to regulate stablecoins, which is beneficial for healthy industry development [1][4] - Domestic policies will significantly impact future developments, with the potential for RMB stablecoins to expand into inter-enterprise payments, bank-to-business transactions, and international trade, aiding in the internationalization of the RMB [1][4] Core Insights and Arguments - Stablecoins offer significant advantages in cross-border payments, with settlement times under one hour compared to five business days for traditional bank transfers, and lower transaction costs, making them particularly suitable for countries with volatile commodity values [1][5] - The two largest USD stablecoins are USDT, issued by Tether with a supply of approximately $150 billion, and USDC, issued by Circle with a supply of around $60 billion, with over 80% and 92% of their reserves in U.S. Treasury securities, respectively [1][6] - The business model of stablecoin issuers primarily relies on earning interest from reserve assets, with Circle projected to earn $1.66 billion in interest income in 2024, accounting for 99% of its total revenue [1][8][9] Key Players and Market Dynamics - Key segments in the stablecoin industry include licensed issuers, virtual asset distributors, and cryptocurrency exchanges, with Hong Kong serving as a significant testing ground for stablecoin initiatives [3][10] - Traditional financial institutions are exploring new stablecoin applications, with companies like Walmart, Amazon, and JPMorgan collaborating on stablecoin issuance [3][12] - Notable companies in the secondary market include Yuanbi Technology, which is linked to the USDC project, and JD.com, which has shown market performance [11] Future Directions and Regulatory Landscape - The Hong Kong Monetary Authority is expected to release stablecoin issuance guidelines and open license applications by Q3 2025, with regulations likely to take effect in Q4 2025 [3][13] - Ant Group is actively exploring Real World Assets (RWA) and has partnered with various companies to advance asset digitization, which could revitalize China's computing power industry [14] Risks and Considerations - Potential risks include policy changes, particularly with upcoming regulations expected in Q3 2023, which may lead to volatility in stablecoin-related assets during the transitional period [19] - Technological changes related to distributed ledgers and cryptocurrencies may also pose risks, along with the pace of implementation not meeting expectations [19] Investment Opportunities - Three key areas to focus on for investment include issuers with scarce license advantages, infrastructure service providers, and the cross-border payment ecosystem [18]