Market Overview - After a significant rise, the market experienced a slight pullback today, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index down by 0.22%, 0.48%, and 0.66% respectively [3] - Over 3,600 stocks declined while more than 1,600 stocks rose, indicating a broad market weakness [3] Tourism Sector - The tourism sector saw a collective surge in the afternoon, with stocks like Tianmu Lake, Nanjing Tourism, Qujiang Cultural Tourism, and Huangshan Tourism hitting the daily limit [5][6] - The overall tourism sector rose by 2.33%, primarily driven by the strong performance of Hong Kong-based China Travel Service, which saw a significant increase of nearly 86% [6][7] Solid-State Battery Sector - The solid-state battery sector experienced a mixed performance, with leading stock Nord Shares hitting the daily limit for the eighth consecutive day but closing up only 5% after a late sell-off [9] - Other notable performers included Tianji Shares with three consecutive limits and several stocks like Defu Technology and Xingyuan Materials rising over 10% [9][10] - The sector initially surged over 25% before retreating, ultimately closing up by 0.32% [9] Stablecoin and Digital Currency - Stocks related to stablecoins and digital currencies performed well, with Jida Zhengyuan achieving four consecutive limits and stocks like Jingbeifang and Kexin Information also hitting the daily limit [13][14] - The digital currency and cross-border payment sectors saw gains of 2% and 2.23% respectively, reflecting investor interest in these areas [14] Quantum Technology Sector - The quantum technology sector showed localized strength, with Jida Zhengyuan achieving four consecutive limits and stocks like Geer Software and Xin'an Century hitting the daily limit [19][20] - The sector rose by 1.2%, driven by the stablecoin concept [20][21]

Market Overview - The three major indices collectively declined on June 26, 2025, with the Shanghai Composite Index down 0.22% to 3448.45 points, the Shenzhen Component down 0.48% to 10343.48 points, and the ChiNext Index down 0.66% to 2114.43 points [1] - The total trading volume in the two markets was 158.29 billion yuan, a decrease of approximately 19.6 billion yuan compared to the previous trading day [1] Market Performance - The market experienced a high and then a pullback throughout the day, with all core broad indices declining. The micro-cap index and dividend index led the gains, while the Sci-Tech 100 and Shenzhen Innovation 100 indices were the biggest losers [2] - Over 3600 stocks in the market declined, indicating poor overall performance [2] Sector Performance - The banking, communication, and national defense sectors saw gains, while the automotive, non-bank financial, and pharmaceutical sectors experienced declines [5] - The banking sector rose by 1.0%, with a 5-day increase of 4.4% and a year-to-date increase of 16.9% [6] Concept Themes - The electronic ID, domestic aircraft carriers, and military information technology sectors saw increases, while sectors like photolithography machines, shared bicycles, and cell immunotherapy experienced declines [7] Key Industry Insights - The banking sector is seeing a recovery in institutional investor allocations, with significant increases in passive fund sizes and stable holdings from active funds. The demand for stable return equity assets from insurance capital is also increasing [8] - The macro policies and micro data are indicating a reduction in sector risk positions, which may help investors re-evaluate the net assets of banks, driving industry valuation upward in 2025 [8]

@samkazemian Linking Sam's post for context: https://t.co/sK3MZwN5GYsam.frax (@samkazemian):1/ With RWAs & regulated stablecoins one of the fastest growing sectors in crypto, does it actually matter if a stablecoin/RWA is issued or settled on Ethereum? I don't think it does once the asset is issued natively anywhere else but on ETH L1. Let me explain why🧵 ...

Core Insights - The approval of Guotai Junan International to provide virtual asset trading services in Hong Kong has led to a significant stock price increase, reaching a maximum gain of 198% on June 25, marking a record for fintech stocks [2] - The concept of stablecoins is gaining traction in the capital markets, with 51 brokerage firms publishing over 158 reports related to stablecoins in June alone, indicating a surge in interest and activity [3][4] - Regulatory developments, substantial corporate investments, and the market performance of Circle, the first stablecoin company to go public, are key catalysts driving this trend [2][6] Market Performance - The stablecoin sector has shown strong momentum, with stocks like Hengbao Co. and Sifang Jingchuang seeing cumulative gains exceeding 80% in June [2] - Multiple stablecoin-related stocks have demonstrated robust upward trends, with specific stocks like Sifang Jingchuang and Hengbao Co. achieving monthly gains of 84% and 88%, respectively [5] Regulatory Environment - Recent regulatory frameworks for stablecoins have been established, including the U.S. Senate's passage of the GENIUS Act and the EU's MiCA regulation, which will take effect in December 2024 [6] - The Hong Kong Stablecoin Regulation is set to be implemented on August 1, further enhancing market enthusiasm [6] Institutional Interest - There has been a notable increase in institutional research and engagement, with companies like Jingbeifang and Yuxin Technology receiving significant attention from over 100 institutions in June [6][7] - Various companies are actively exploring stablecoin applications, with some disclosing their technological capabilities and business plans related to stablecoins [7] Industry Dynamics - The stablecoin market is characterized by competition among traditional financial institutions, cryptocurrency-native companies, and technology firms, each bringing unique strengths to the table [7] - The stablecoin ecosystem is still in its early stages, with significant potential for growth and development across various segments of the industry [5][6]

Market Performance - The A-share market saw all three major indices rise, with the Shanghai Composite Index up by 1.04%, the Shenzhen Component Index up by 1.72%, and the ChiNext Index up by 3.11%, while the Northbound 50 Index increased by 1.38%. The total market turnover reached 1.6395 trillion yuan [1] Driving Factors for Upward Movement - The financial technology sector received positive news, leading to active performance in stock trading software [3] - Guotai Junan International was approved by the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, making it the first Chinese broker in Hong Kong to offer comprehensive virtual asset trading services [3] - The launch of the "Cross-Border Payment Link" between mainland China and Hong Kong aims to enhance payment efficiency and support the internationalization of the renminbi [3] Policy Developments in Financial Technology - The People's Bank of China announced plans to develop a new stage of financial technology development, focusing on digital transformation and the utilization of financial data [4] - Global regulatory frameworks for stablecoins are being established, with the U.S. Senate passing the GENIUS Act and the European Union implementing the Crypto-Asset Markets Regulation [4] Future Market Outlook - Major mainland companies are entering the Hong Kong stablecoin market, with JD.com and Ant Group preparing to launch stablecoin projects [5] - Stablecoins are expected to enhance cross-border payment efficiency by simplifying account structures and reducing transaction costs [5] - The integration of stablecoins with Real World Assets (RWA) is anticipated to drive innovation in decentralized lending and asset management [6] AI Commercialization Progress - Companies like OpenAI and Kuaishou are experiencing significant growth in AI application revenues, indicating a broad market potential for AI technologies [6]

重要新闻 3. 商务部：组织开展2025年千县万镇新能源汽车消费季活动 1. 央行今天将开展3000亿元MLF操作 中国人民银行：为保持银行体系流动性充裕，2025年6月25日（周三），中国人民银行将以固定数量、 利率招标、多重价位中标方式开展3000亿元MLF操作，期限为1年期。 2. 六部门推19项举措明确金融促消费的"路线图"，强化商品消费和服务消费金融供给 6月24日，中国人民银行等6部门联合对外发布《关于金融支持提振和扩大消费的指导意见》，推出19条 重点举措，从支持增强消费能力、扩大消费领域金融供给、挖掘释放居民消费潜力、促进提升消费供给 效能、优化消费环境和政策支撑保障等六个方面，明确了当前金融支持消费增长的方向和重点。意见提 出，创新优化信贷产品，加大对符合条件的消费行业经营主体首贷、续贷、信用贷、中长期贷款支持力 度。意见明确了金融支持消费的重点领域——商品消费、服务消费和新型消费，并给出了相应引导。意 见强调要夯实宏观经济基础，强化金融与财政、产业等政策协同联动，将支持增强居民消费能力作为金 融发力的重要方向。 商务部办公厅发布组织开展2025年千县万镇新能源汽车消费季活动的通知，活动时间 ...

Core Viewpoint - The company will continue to deepen its collaboration with Ant Group in the area of RWA (Real World Assets) to enhance its financial services and support the development of the charging infrastructure industry [1] Group 1: Collaboration and Projects - The company completed its first domestic RWA project based on new energy physical assets in Hong Kong in August last year, which involved financing for 9,000 charging piles through RWA [1] - The new energy RWA project allows the company to identify quality assets on its digital platform, New Electric Path, and provide operational support to charging pile operators, thereby revitalizing existing assets and creating ongoing value [1] Group 2: Platform Development and Impact - As of the end of 2024, the New Electric Path platform has partnered with over 3,000 charging pile operators and connected more than 1.6 million charging devices, with a distributed photovoltaic cloud platform reaching a cumulative connection of 25 GW [1] - The company aims to benefit more entities in the real economy, including charging operators, through innovative financial services while ensuring reasonable returns and promoting the continuous development of its platform business [1]

Group 1 - The company has a leading position in distributed architecture platform construction, core system construction, channel management construction, open banking construction, and middle platform construction for data, business, and payment [1] - The company possesses technical capabilities related to RWA (Real World Assets) [1] - The company is optimistic about the future prospects of stablecoins and plans to actively engage in the stablecoin sector [1]

Core Viewpoint - The company possesses comprehensive financial technology products and solutions to support the financial technology needs of banking clients [1] Group 1: Technology Capabilities - The company is a leader in the construction of distributed architecture platforms, core systems, channel management, open banking, and the centralization of data, business, and payment systems in China [1] - The company has a reserve of technical capabilities related to Risk-Weighted Assets (RWA) [1]

【导读】"稳定币"火了，多只概念股暴涨，券商掀起研究热潮 中国基金报记者 吴君 近期，"稳定币"概念大火。 本周一，A股稳定币指数大涨8.40%，四方精创、拉卡拉、恒宝股份、楚天龙等多只个股暴 涨。投资者在互动平台积极询问上市公司布局稳定币的情况，多家券商掀起稳定币研究热 潮。我们一起来看看，为啥稳定币这么火？券商研究都看好哪些方向？ 稳定币概念股持续大涨 成分股呈现普涨格局，四方精创20CM涨停，拉卡拉涨超13%，恒宝股份、中科金财、神州 信息、海联金汇也出现涨停，雄帝科技、数字认证、京北方、楚天龙、恒生电子等跟涨。 6月以来，A股稳定币指数大涨超21%，多只概念股涨势强劲，比如四方精创6月涨近92%， 恒宝股份涨近83%，楚天龙涨超75%。 最近，投资者纷纷在互动平台询问上市公司布局稳定币的情况，润和软件、杭州园林、中远 海科等多家上市公司给出了回应。 那么，什么是稳定币，为什么最近这么火？ 中金公司表示，稳定币之"稳定"在于其作为一种加密货币，通过与其他资产（通常为法定货 币）挂钩来稳定其价格，区别于比特币等价格波动较高的原生加密货币；相较于比特币等投 资性风险资产，稳定币的用途更多在于行使货"币"作为 ...