► 三、投资建议 [Table_Title2] 计算机行业周报 [Table_Summary] 本周观点: ► 一、稳定币：合规提速与应用破局并行 韩国通过《数字资产基本法》草案，大幅降低稳定币 发行门槛至 5 亿韩元，激发 Kakao Pay 等支付巨头及 银行联盟加速布局韩元稳定币；中国香港则发布《数 字资产发展宣言 2.0》，明确将于 2025 年 8 月实施稳 定币发牌机制；同时国泰君安国际获批成为首家拥有 虚拟资产全牌照的中资券商。两地政策驱动与头部机 构行动清晰表明，稳定币正深度嵌入主流金融体系， 这标志着亚洲本币稳定币生态加速成型，传统金融与 加密生态的融合进入规模化落地新阶段。 ► 二、代币化生态延伸，RWA 应用加速 中国移动通信联合会设立"RWA 联合实验室"，强化 标准与场景协同；国家数据局"数据要素×"行动联 合多部委，打通数据确权、跨域流通机制，为 RWA 提 供制度锚点。全球市场同步爆发，广发中国香港试水 离岸人民币代币化证券，拉美完成首笔链上能源资产 并购，Canton 获 1.35 亿美元融资凸显隐私合规基建 价值。RWA 通过资产上链重构传统金融效率，其"制 度设计+技术验证 ...

事关稳定币。 香港财政司司长陈茂波6月29日发表司长随笔《亚洲新时代》。陈茂波表示，金融科技在跨境贸易应用 的潜力巨大，目标是解决跨境支付速度慢、成本高等长期存在的痛点，在支付领域更好地服务实体经 济。而上周发布的《数字资产发展政策宣言2.0》，四个支柱之一便是"推进应用场景及跨界别合作"， 当中提到稳定币是在传统金融系统以外提供具成本效益的替代方案，有潜力为支付及资本市场活动带来 变革，包括跨境支付。 陈茂波表示，《稳定币条例》将在今年8月1日生效，香港特区政府及金融监管机构将致力营造有利的市 场环境，配以必要的监管措施，推动发行人把稳定币应用推展至不同场景，助力解决企业经商以至市民 生活中的实质痛点。 当前全球政治经济格局正在重塑、新兴经济体的发展仍面临不少挑战，香港在投资和创科领域的资源、 知识、经验和网络等方面优势，也能助力亚洲新兴经济体以科技和创新加快实现更繁荣和更普惠包容的 发展。 陈茂波表示："我们将进一步加强与亚投行的协作，通过金融创新，例如发行更多币种和不同年期的债 券、把基建抵押贷款证券化和发行巨灾债券等，支持区内经济体的基建和其他发展的资金需要。" 责编：李丹 值得一提的是，陈茂波此前在 ...

Core Viewpoint - Hong Kong has upgraded its digital asset policy framework to 2.0, aiming to establish itself as a global innovation center in the digital asset field [1][3]. Group 1: Policy Framework Overview - The new framework is summarized by the acronym "LEAP," which stands for Legal optimization, Expend tokenized product categories, Advance application scenarios and cross-industry collaboration, and People development [1][4]. - The policy emphasizes stablecoins and Real World Asset (RWA) tokenization as key application areas [1][5]. Group 2: Transition from 1.0 to 2.0 - The previous 1.0 phase focused on introducing innovative products like digital asset ETFs and expanding investor channels through retail participation [3]. - The transition to 2.0 reflects the need for a new framework to adapt to compliance requirements and balance investor interests with competitiveness [3][4]. Group 3: Key Innovations in 2.0 - The regulatory framework will see the Hong Kong Securities and Futures Commission as the main regulator for digital asset service providers and custodians [4]. - The government plans to regularize the issuance of tokenized government bonds and incentivize RWA tokenization to enhance liquidity and accessibility [4][5]. - A clear timeline for stablecoin regulation is established, with implementation starting on August 1 [5][7]. Group 4: Market Implications - The policy aims to attract international capital by offering tax exemptions for tokenized ETFs and digital asset funds, aligning them with traditional ETFs [7]. - Companies like Lakala and major internet firms are exploring opportunities in stablecoin issuance and digital currency applications in cross-border scenarios [7].

据香港证监会介绍，在香港特区政府就数字资产发展的最新政策宣言的引导下草拟的监管制 度，将延展香港在建立一个安全、稳健及具有全球竞争力的虚拟资产生态系统方面的努力。 制度亦将吸引合资格的参与者赴港，增加投资者的选择，同时将香港与全球的虚拟资产流动 性结合起来，以推进香港证监会 "ASPIRe" 路线图的进展。 此次草拟的制度将赋权香港证监会向虚拟资产交易服务提供商及托管服务提供商发牌并进行 监督，并执行相关规例。香港证监会亦将负责为这两类重要服务提供商制定合规标准，根据 " 相同业务、相同风险、相同规则 " 的原则，确保稳健的投资者保障措施和维持市场诚信。这 【导读】香港财库局与香港证监会就规管虚拟资产交易服务及托管服务提供商的制度草案进 行咨询 中国基金报记者 郭玟君 《香港数字资产发展政策宣言 2.0 》发布次日，香港特区政府及监管机构便着手落实相关政 策。 6 月 27 日，香港特区政府财经事务及库务局（以下简称香港财库局）和香港证券及期货事务 监察委员会（以下简称香港证监会）宣布，展开联合咨询，以引入针对虚拟资产交易服务和 托管服务提供商的监管制度。 制作：舰长 审核：木鱼 版权声明 《中国基金报》对本 ...

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 ...

Group 1 - Tianfeng Securities' subsidiary Tianfeng International Securities has upgraded its trading license to provide virtual asset trading services, following the Hong Kong government's announcement of a licensing framework for digital asset services [1] - The A-share market has seen a surge in IPO applications, with over 100 companies applying in the first half of the year, and June alone witnessing a fourfold increase in new applications compared to May [1] - The total market capitalization of A-shares has reached a historic high of 105 trillion yuan, driven by increased trading activity and contributions from major financial sectors [1][4] Group 2 - The banking sector has shown a cumulative increase of over 40% since September 24, contributing significantly to the overall market capitalization growth [4][5] - Public fund assets have reached a new high of 33.74 trillion yuan, with significant inflows into money and bond funds, indicating a robust investment environment [7] - Foreign institutions have expressed optimism about the Chinese stock market, with several raising their growth forecasts for China's economy and predicting a potential breakthrough for the Shanghai Composite Index [7][8] Group 3 - Insurance funds are increasingly shifting towards the Hong Kong market, with 63% of surveyed institutions planning to increase their investments in Hong Kong stocks, primarily through the Stock Connect program [8][9] - The trend of insurance companies acquiring stakes in banks and Hong Kong stocks has continued, reflecting a strategic shift in asset allocation [8][9] - Large private equity firms are also increasing their investments in Hong Kong, indicating a growing confidence in the valuation of Chinese companies listed there [9][10]

1. Report Industry Investment Rating No relevant content in the provided documents. 2. Report's Core Viewpoint On June 26, 2025, equity index futures declined, while 30 - year CGB rose; metal futures trended strongly, and agricultural product futures fell. The top three gainers were coking coal, poly - silicon, and silicon metal, and the top three decliners were rapeseed meal, soybean meal, and No.2 Soybean [10][11][12]. 3. Summary According to Related Catalogs 3.1 China Futures 3.1.1 Overview On June 26, equity index futures declined, 30 - year CGB rose, metal futures were strong, and agricultural product futures fell. Coking coal, poly - silicon, and silicon metal were the top gainers, with coking coal rising 3.6% and positions increasing 7.7% month - on - month, poly - silicon rising 3.5% and positions decreasing 3.7% month - on - month, and silicon metal rising 2.7% and positions increasing 4.8% month - on - month. Rapeseed meal, soybean meal, and No.2 Soybean were the top decliners, with rapeseed meal falling 2.7% and positions increasing 8.9% month - on - month, soybean meal falling 2.4% and positions decreasing 0.8% month - on - month, and No.2 Soybean falling 1.6% and positions decreasing 12.0% month - on - month [10][11][12]. 3.1.2 Daily Rise - **Silicon Metal**: On June 26, it increased by 2.7% to 7720 yuan/ton. There was news of a furnace shutdown at an enterprise, but the supply - demand contradiction remained unrelieved, keeping silicon prices under pressure. On the supply side, northern large - scale manufacturers resumed production, and southwest China entered the wet season with reduced electricity prices and new capacity launches. On the demand side, downstream demand was weak, with polysilicon producers cutting output. Social inventories continued to accumulate, but futures prices made the market more cost - effective, and warehouse receipt inventory was liquidated faster, supporting near - month contracts [16][17][18]. - **TSR20**: On June 26, it increased by 2.6% to 12145 yuan/ton, and natural rubber increased by 2.1% to 14040 yuan/ton. External shocks subsided, and prices may follow overall commodity volatility. The trading focus may return to fundamentals, but rubber's fundamentals had limited short - term variables. Supply was affected by the rainy season, and demand was relatively stable in the short - term but weak in expectation. In the third quarter, de - stocking trades may prevent a deep decline [23][24][25]. 3.1.3 Daily Drop - **Rapeseed Meal**: On June 26, it decreased by 2.7% to 2550 yuan/ton, and soybean meal decreased by 2.4% to 2936 yuan/ton. Domestically, soybean meal had both supply and demand growth, while rapeseed meal faced weakening in both. In the short - to - medium term, soybean arrivals were expected to increase, oil mill operating rates would remain high, and soybean meal inventories were rising seasonally. In the long term, breeding sow inventory growth indicated stable and increasing rigid demand for soybean meal, and there were expected supply gaps in the fourth quarter [31][32][33]. 3.2 China News 3.2.1 Macro News The Ministry of Commerce has approved a certain number of compliant applications for rare earth exports to the EU and will strengthen approval work. The NDRC will allocate the third batch of funds for consumer goods trade - in program in July and will launch and intensify the implementation of the equipment renewal loan interest discount policy [38]. 3.2.2 Industry News The Hong Kong Special Administrative Region Government issued the "Hong Kong Policy Declaration on Digital Asset Development 2.0". The Shanghai Futures Exchange plans to list offset printing paper futures and options [39][40].

今天上午市场依旧活跃，全市场超3600只个股上涨 。 沪深两市半日成交额9913亿 ， 较上个交易日放量138亿 。截至午间收盘 ， 沪指跌0.21% ， 深成指涨0.85% ， 创业板指涨1.16% 。 板块方面，券商股盘中拉升，有色金属大涨；银行 、 保险 、 港口等板块跌幅居前 。 个股上面，今天市场最热的要数小米了，新车订单量爆棚，股价盘中创历史新高。 01 今早港股开盘后，小米股价一度大涨超6%，最高涨至61.45港元，创历史新高，截至发稿有所回落，涨3.43%，总市值超1.5万亿港元。 此外，小米汽车概念股开盘大涨，电工合金20 cm 涨停，模塑科技直线拉涨停，海泰科、凯众股份、德迈仕等跟涨。 | 用工合命 | | | | | | --- | --- | --- | --- | --- | | 300697 休盘中06-27 11:44:12 北京 | | | | | | 13.87 +2.31 +19.98% | | | 1.20万人加自选 图 > > | CN L1 | | 高 13.87 开 12.41 | | 量 44.05万手 | 总市值 60.01亿 | | | 低 12.30 | 换 ...

订阅A股涨停捉妖队 +订阅 A股证券板块持续走强，天风证券涨停，华西证券涨近6%，湘财股份、太平洋等跟涨。消息面上，香 港特区政府发表《香港数字资产发展政策宣言2.0》明确，未来的数字资产交易、托管等服务，将进行 牌照化管理。 ...

Core Viewpoint - The article discusses the measures proposed to support the construction of the Beijing Future Digital Space Innovation Pilot Zone, aiming to enhance the digital industry infrastructure and promote technological advancements in various sectors [1] Group 1: Digital Infrastructure Development - The proposal emphasizes the need for proactive layout of digital industry infrastructure to support the pilot zone [1] - It includes support for a municipal public computing power trading platform to cater to the resource needs of the pilot zone [1] - Special services such as free computing power for startups and creative teams are suggested to meet industry demands [1] Group 2: Digital Asset Services - The establishment of a credible digital asset service platform is supported, focusing on digital assets in gaming, film, cultural tourism, and cultural heritage [1] - The measures aim to facilitate the circulation, rights confirmation, and protection of digital assets [1] Group 3: Cultural and Technological Integration - The proposal includes the construction of cultural public facilities such as interactive experience spaces and digital exhibitions [1] - It advocates for the introduction of national and municipal key laboratories to enhance technological support for priority industries [1] Group 4: Technology Platform Development - The initiative promotes the development of common technology platforms in digital fields, including audiovisual, rendering engines, virtual reality, and interactive devices [1] - It also suggests the establishment of a training base for large models in film and gaming, focusing on AI-assisted creative tools [1]