科股宝VIP是北京商报联合钛媒体共同推出的新闻资讯产品，包括科股一线解读、大事件必读、并购一 线、精华研报等数个栏目，围绕新闻及政策动态，提供媒体视角的解读。 以下是近期复盘及栏目发稿回顾： 1、 AI链、海内外算力链、国产半导体企业IPO迎来集中进展、部分存储产品涨价 （1）6月5日，栏目组发文《市值超越微软！英伟达3.46万亿美元"封王"，AI产业链需求持续爆发丨科 股一线拆解》文章指出： 英伟达市值再度超越微软，重夺全球市值最高上市公司头衔。截至6月4日收盘，英伟达股价报 141.92美元，过去一个月累计涨幅达25.59%，总市值达3.46万亿美元。 这场AI盛宴还惠及更多科技公司。高速连接以及高速串行链路通信解决方案提供商CRDO Credo Technology也于6月3日盘中暴涨30%。 伴随着AI算力需求的结构性爆发，光模块/CPO、液冷服务器、AEC、PCB/CCL等业绩兑现确定性 较强的AI上游算力产业链可能率先响应。 AI中下游领域还需等待边际改善。偏硬件的上游算力和下游端侧AI环节已经率先兑现业绩，中游 软件、下游AI应用等环节则尚未迎来困境反转。 国内来看，未来两周有两个重要议程：6月 ...

Market News - US stock indices collectively rose, with Nasdaq up 0.97%, Dow Jones up 0.94%, and S&P 500 up 0.8%, marking near historical closing highs for Nasdaq and S&P 500 [1] - Major tech stocks mostly increased, with Netflix, Amazon, and Meta rising over 2%, while Apple and Tesla saw slight declines [1] - International oil prices showed slight fluctuations, with WTI crude oil up 0.46% at $65.22 per barrel and Brent crude oil up 0.41% at $66.70 per barrel [1] - The Nasdaq China Golden Dragon Index fell 0.29%, with mixed performance among Chinese concept stocks [1] Industry Insights - The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to position Hong Kong as a global innovation center for digital assets [3] - The declaration emphasizes a combination of prudent regulation and market innovation to create a robust digital asset ecosystem [3] - The People's Bank of China highlighted the role of blockchain technology in promoting the development of central bank digital currencies and stablecoins, enhancing transaction stability and cross-border payment capabilities [3] - The digitalization and capitalization of real-world assets (RWA) are being promoted, with the China Mobile Communications Association seeking partners for RWA ecosystem collaboration [4] - Recent price surges in DDR4 memory have been noted, with prices for DDR4 16Gb exceeding those of DDR5 for the first time, driven by reduced supply from major manufacturers [5][6] - The reduction in DDR4 production is expected to lead to a supply-demand improvement by the second half of 2025, with potential price increases anticipated [6] Company Actions - Several companies announced plans for share reductions by major shareholders, including Kai Run Co., Neway Group, and Huai Green Ecology, with reductions ranging from 0.97% to 3% of total shares [7][8]

Group 1 - The profits of China's industrial enterprises above designated size for January to May will be announced [2] - The Eurozone Economic Sentiment Index for June will be released [2] - Apple's first original film "F1" is set to premiere in theaters on June 27 [2] - FTSE Russell has initiated its annual restructuring of the Russell US Index, with changes effective after the market close on June 27 [2] Group 2 - US stock indices collectively rose, with the Nasdaq up 0.97%, Dow Jones up 0.94%, and S&P 500 up 0.8%, marking near-record closing levels for Nasdaq and S&P 500 [4] - Major tech stocks mostly increased, with Netflix, Amazon, and Meta rising over 2%, while Apple and Tesla saw slight declines [4] - International oil prices fluctuated narrowly, with WTI crude oil closing up 0.46% at $65.22 per barrel [4] - COMEX gold futures fell 0.04% to $3341.6 per ounce, while COMEX silver futures rose 1.22% to $36.55 per ounce [4] Group 3 - The Ministry of Commerce reported that China's non-financial direct investment abroad reached $61.6 billion in the first five months of the year, a 2.3% increase year-on-year [5] - Investment in Belt and Road Initiative countries totaled $15.52 billion, growing by 20.8% [5] - The completed turnover of foreign contracted projects was $61.94 billion, up 5.4%, with new contracts signed amounting to $98.68 billion, a 13% increase [5] Group 4 - The National Financial Regulatory Administration and the People's Bank of China jointly released a plan for the high-quality development of inclusive finance [6] - The plan emphasizes the need for a multi-layered and diversified inclusive financial service system to enhance accessibility and reduce costs [6] Group 5 - The State Council issued a plan to improve the credit repair system, focusing on ten aspects for effective implementation [8] - The plan includes unifying credit information platforms and simplifying credit repair application processes [8] Group 6 - Honor has officially initiated its IPO process with the Shenzhen Securities Regulatory Bureau [23] - Xiaomi's new car model, the YU7, received over 289,000 pre-orders within one hour of its launch [13]

Group 1: Pumped Storage - The Central Committee and State Council of China issued opinions on promoting river protection and management, emphasizing the development of pumped storage power stations in the southwest region [1] - Pumped storage is identified as a key support for building a new power system, especially with the large-scale integration of renewable energy [1] - By the end of 2024, the cumulative installed capacity of pumped storage is expected to reach 58.69 million kilowatts, maintaining the world's leading position for nine consecutive years [1] - An additional 8 million kilowatts is projected to be added by 2025, bringing the total capacity to 66 million kilowatts [1] - The southwest region is highlighted as a key area for hydropower and pumped storage development due to its abundant water resources and policy support [1] Group 2: Digital Asset Development - The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to position Hong Kong as a global innovation center in the digital asset field [2] - The tokenization of real-world assets (RWA) through blockchain technology is gaining traction, allowing cryptocurrency holders to invest in fixed-income products [2] - Analysts believe that computing power leasing could become the next focal point in the RWA industry chain, given its market growth potential and clear return rates [2] Group 3: Marine Equipment - The marine equipment sector remains active, with significant stock price increases observed in companies like Zhongke Haixun and Juli Suoju [3] - The Shanghai Ocean Bureau is seeking opinions on the "Shanghai Marine Industry Development Plan (2025-2035)," which aims for a marine equipment industry value-added of over 45 billion yuan by 2030 [3] - By 2035, the marine equipment industry is expected to exceed 70 billion yuan in value-added, establishing a world-class industry cluster [3] Group 4: Memory Market - The price of DDR4 memory chips has surged, with 16Gb DDR4 chips reportedly priced higher than the more advanced DDR5 chips for the first time in history [4][5] - The DDR4 price has increased by approximately 50% in just two weeks, with prices more than doubling this quarter [4][5] - The price surge is attributed to major manufacturers like Samsung and SK Hynix reducing supply, while demand remains stable due to various applications [5] Group 5: Platinum Market - Platinum prices in Shanghai rose by 4.68% to 326.77 yuan per gram, marking the highest level since 2014 [6] - Year-to-date, platinum prices have increased by 46.30%, significantly outpacing gold price increases [6] - Analysts indicate a structural shortage in the platinum market, with demand expected to grow by around 15% by 2025 [6] Group 6: Environmental Protection - The Central Committee and State Council released opinions on river protection, focusing on improving flood control engineering systems [6] - The plan includes enhancing flood control capabilities of existing reservoirs and promoting comprehensive management of rural water systems [6]

摘要 稳定币支付逐渐从个人小额转账向商业汇款转移，但主要用途仍为加密 货币自动交易和套利。USDT 和 USDC 小额支付（低于 1,000 美元）占 比达 70%，超小额支付（低于 100 美元）在主流链上占据主导。 美国、新加坡和中国香港是稳定币主要支付地区，合计占全球稳定币流 动量的 48%，表明亚太地区在稳定币应用中扮演重要角色。 稳定币在国际小额跨境支付方面具有显著优势，结算速度远快于传统银 行，成本也大幅降低，为跨境支付提供了更高效的解决方案。 稳定币作为资产支持证券（ABS），投资场景广阔，除加密货币投资外， 还可用于真实世界资产份额通证（RWA），如私人信贷、美国国债、房 地产等，RWA 具有现实资产背书，发展空间广阔。 美国在国债代币化领域领先，贝莱德推出数字美元债基金，吸引超 17 亿美元资金。中国香港积极探索实物资产代币化（RWA），金管局推出 数码债券资助计划。 数字人民币由中国央行发行，有国家信用背书，替代 M0 功能，支付速 度快且可离线交易。稳定币由私人部门发行，有高流动性资产背书，二 者在发行主体和信用背书上存在显著差异。 加密货币犯罪规模庞大，稳定币成为主要转账工具。尽管 I ...

institutional investors are paying attention to the growth of the @ethereum economy https://t.co/lom9vtXXV1Token Terminal 📊 (@tokenterminal):🌐⛓️ ETHEREUM GDPCompanies & DAOs on @ethereum generated ~$7.3 billion in fees in the past 365 days.Top 5 market sectors: stablecoin issuers, liquid staking, lending, DEXs, and RWA issuers.Top 10 companies & DAOs: @Tether_to @circle @LidoFinance @Uniswap @aave @flashbots_x https://t.co/E5aNzPB9II ...

"稳定币"话题近日引起市场广泛关注，券商分析师展开火热研究。上周以来，已有20多家券 商密集发布研报聚焦"稳定币"，主题覆盖计算机、金融、 区块链 、 跨境支付 等领域，同时 配套路演、电话会议等高频次交流活动，资本市场对稳定币赛道的"研究热潮"再度袭来。 中信建投 研报认为，未来稳定币在 跨境支付 、RWA、收益型产品等场景构建闭环生态，或 将成为巨头的主要角力场。其中 跨境支付 和RWA等有望率先迎来发展机遇。 申万宏源 研报认为除了传统加密资产的投资之外，RWA（Real World Asset，真实资产代币 化投资）正在逐步兴起，稳定币的投资场景未来拓展空间巨大。国内数字资产前景广阔，和 稳定币、 数字人 民币等结合有助于推进金融创新和人民币国际化。 目前应用场景确定性较高的是跨境贸易应用，在跨境贸易过程中使用稳定币一直普遍受到关 注，特别是一些小币种国家。因为采用稳定币对于交易款项结算效率提升有极大的助力。传 统跨境支付较为繁琐复杂，涉及多个中间环节，使得交易成本居高不下。资金出境及汇率波 动等方面的不便，也使得大量外贸企业采用稳定币作为支付手段变得尤为迫切。 免责声明 以上观点来自相关机构，不代表 ...

Group 1: Institutional Trading Insights - On the institutional trading leaderboard, 23 stocks were listed, with 12 experiencing net buying and 11 facing net selling [1] - The top three stocks with the highest net buying by institutions were: Yuyin Co., Ltd. (CNY 76.91 million), Hainan Huatie (CNY 76.42 million), and Dazhihui (CNY 65.62 million) [1][2] Group 2: Hainan Huatie's Strategic Involvement - Hainan Huatie has become a co-organizer of the "WCS·2025 RWA Industry Conference," focusing on the digitalization of real-world assets (RWA) [2] - The conference aims to promote technological innovation, industry integration, and globalization practices, facilitating the deep integration of Web3 with the traditional economy [2] Group 3: RWA Industry Developments - The RWA sector is gaining traction, with companies like Jingbeifang and Chutianlong actively participating in blockchain and digital currency infrastructure [5] - RWA is seen as a bridge between real-world assets and Web3.0, enabling the transformation of tangible and intangible assets into digital tokens on the blockchain [5]

A股复盘 | 稳住，回撤牛 / 2025.06.26 现在全民李大霄了吗？动不动就**牛！ A股刚让人刮目相看三天，忽然又回到了跳水的常规操作上。 下午大家又开始找原因，我看有人发了伊朗梅哈內伊之子被暗杀的消息。 我第一时间想到是"豺狼"干的，然后我又想，他儿子死了跟我们大A什么关系？ 这也要我们买单？ 后来证明这消息是假的 总之，这波牛市可以叫"亏钱牛"，无论你买什么板块，总能亏钱，但是指数涨挺 好！ 不过这次稳稳站住3400点，后续需要一些资金再承托以下。 这一轮谁在买呢？很明显是咱们老乡自己！ 据华创证券统计，自媒体快手、抖音平台在6/19号以伊冲突前后，对A股讨论热 度显著增加，借鉴去年9/24和今年4/7关税战中自媒体热度飙升的经验，随着近 两日地缘冲突缓和，散户风险偏好出现明显改善，对应最近一周小单净流入额出 现明显抬升。同时主动管理基金的发行情况近期也有所好转，主动权益基金近一 个月发行量从年初40亿元扩张至96亿元。 自媒体热度+公募发行回暖的大背景还 是居民160万亿超额储蓄搬家的故事，特别是今年5月存款利率大幅降至1%以 下，在实物通胀回归前，股市作为剩余流动性承载器，赚钱效应吸纳增量资金 ...

Group 1 - The digital currency sector is experiencing positive developments, with the A-share market showing strong performance in military and stablecoin-related stocks [1] - China Mobile Communication Association is seeking partners to establish the "RWA Joint Laboratory" to promote the digitalization and capitalization of real-world assets (RWA) [2] - The integration of stablecoins and RWA is expected to enhance compliance and programmability, facilitating automation and globalization in areas like green finance and supply chain finance [2] Group 2 - Stablecoins have become a market focus, with major institutions like JD.com and Ant Group applying for stablecoin licenses, and Huatai Securities International announcing an upgrade to provide virtual asset trading services [3] - Huaxing Capital Holdings has approved a budget of $100 million for the development of web3.0 business and investment in cryptocurrency assets over the next two years [3] Group 3 - A total of 23 stablecoin concept stocks are listed in the A-share market, with Guotai Haitong having the largest market capitalization of 317.624 billion yuan [4] - Guotai Haitong International has received approval to upgrade its securities trading license to include virtual asset trading, allowing clients to trade cryptocurrencies and stablecoins directly [4] - Several stablecoin concept stocks have seen significant price increases this year, with Sifang Chuangxin and Hengbao shares doubling in price [4] Group 4 - This week, 15 stablecoin concept stocks received increased leverage funding, with Guotai Haitong, Sifang Chuangxin, and Hengsheng Electronics leading in net purchases exceeding 100 million yuan [4][5] - The table lists stablecoin concept stocks with their total market value, year-to-date price changes, and net leverage funding amounts, highlighting significant gains for several companies [5]