中信证券主要观点如下： 监管指引重点阐述针对稳定币发行人资格及后续运营相关要求，包括7部分，分别是①储备资产管理② 发行、赎回及分销③业务活动④财政资源⑤风险管理⑥企业管制⑦经营手法及操守，重点内容如下： 储备资产：目前限于现金管理类资产，要求全额储备。①需满足全额支持；②合格储备资产范围包括现 金、期限不超过3个月的银行存款、符合特定要求的有价债务证券、由符合要求债券作为抵押品的且具 有最低对手方风险的隔夜逆回购协议、投资以上资产的专设投资基金和其他被认可的资产。③需明确稳 定币参照货币，若涉及多种货币需明确比例，货币错配需金管局批准。④须设立有效信托安排确保储备 资产隔离，若产生收益/损失归属持牌人，托管人需满足最低标准。⑤持牌人不得就其发行稳定币支付 利息。⑥明确向公众披露信息范围，每日准备报表并每周披露，聘请合格独立审计师按金管局要求频率 提交并公开报告。 发行、赎回及分销：重点关注客户适当性管理，无论发行人或第三方分销均不应涉及在禁止交易稳定币 的司法管辖区展业。①须确保收费合理性，考虑因素包括但不限于运营成本和行业管理；②分销方面， 持牌人应考虑有关司法管辖区的法律及法规，以及所涉及的第三方实体的 ...

中国基金报记者 张舟 美东时间7月29日周二，美国三大股指集体收跌，脸书、特斯拉等热门科技股领跌拖累大盘表现，减肥药巨头诺和诺德跌超21%。中概股多数下跌，理想 汽车领跌。 星巴克、Visa等多家公司发布关键业绩数据，带动盘后股价表现。 【导读】美股全线下跌，减肥药巨头诺和诺德跌超21%；特朗普：对普京"十分失望" 今日，市场焦点转向美联储FOMC公布利率决议。市场普遍认为美联储将维持利率区间不变，不过特朗普多次要求美联储降息，美联储主席鲍威尔可能会 在会议上有所表态。 三大股指全线收跌 热门科技股领跌拖累市场 截至收盘，道指跌0.46%，报44632.99点；标普500指数跌0.30%，报6370.86点；纳指跌0.38%，报21098.29点。 热门科技股多数下跌，万得美国科技七巨头指数跌0.59%，脸书跌超2%，特斯拉、苹果、英特尔跌超1%，但谷歌涨1.56%。 | 序号 名称 | | 现价 | 涨跌幅 ▲ | 总市值 | 年初至今 | | --- | --- | --- | --- | --- | --- | | 1 脸书(META PLATFORMS) | | 700.000 | -2.46% | ...

Group 1 - IMF has significantly raised China's economic growth forecast for this year by 0.8 percentage points [1] - The China Council for the Promotion of International Trade president met with representatives from the US-China Business Council [1] - The National Postal Administration held a symposium with express delivery companies [1] Group 2 - The China Photovoltaic Industry Association stated that some media reports on the photovoltaic industry "anti-involution" are severely inconsistent with actual conditions [1] - The Hong Kong Monetary Authority released a series of documents regarding the regulatory framework for stablecoin issuers, effective from August 1 [1] - Jiangsu Province's Medical Insurance Bureau announced the pricing for medical services related to brain-computer interfaces, with a non-invasive brain-computer interface adaptation fee set at 966 yuan per session [1]

Core Viewpoint - The report from Everbright Securities highlights that while USD stablecoins can enhance the functionality and usage scenarios of the dollar, thereby reinforcing its position in the international monetary system, they do not fundamentally resolve the underlying issues of the U.S. dollar's twin deficits and may exacerbate risks in the long term [1] Group 1: Nature of Stablecoins - Stablecoins are essentially "on-chain" dollars, with issuers earning a "spread" [2] - They are designed to address volatility in the cryptocurrency market and improve payment efficiency, but their reliance on fiat and crypto assets for collateral reflects a centralized characteristic [2] - The market is highly concentrated, with USDT and USDC accounting for approximately 90% of stablecoin trading volume and about 80% of market capitalization [2] Group 2: Regulatory Framework - The regulatory frameworks for stablecoins in the U.S., EU, and Hong Kong share a common structure but differ in specifics [3] - The U.S. GENIUS Act focuses on payment-type stablecoins, requiring 100% cash or short-term U.S. Treasury bonds as reserves [3] - The EU's MiCA Act aims for broader regulation of crypto assets, emphasizing risk prevention and financial market stability [3] - Hong Kong's stablecoin regulations are characterized by strict approval processes and high reserve coverage, balancing financial innovation with stability [3] Group 3: Macro Impact - Stablecoins enhance liquidity similar to fiat currencies, increasing the speed of money circulation but posing new challenges for central banks in liquidity management [4] - Potential effects include the creation of additional liquidity through lower reserve ratios and the emergence of a "shadow" banking system led by stablecoins [4]

Group 1 - The Hong Kong Stablecoin Regulation, effective from August 1, marks the world's first comprehensive regulatory framework for fiat-backed stablecoins [1] - Under the regulation, any entity issuing fiat-backed stablecoins or stablecoins pegged to the Hong Kong dollar must obtain a license from the Hong Kong Monetary Authority, and only licensed institutions can sell stablecoins to retail investors [1] - The regulation aims to establish an offshore RMB cross-border payment system, with Real World Assets (RWA) as a key tool to enhance liquidity and reduce transaction costs in traditional finance [1] - The settlement cycle for tokenized government bonds in Hong Kong has been reduced from T+2 to seconds, improving efficiency by 90% [1] - Boston Consulting Group predicts that the global RWA market will reach $16 trillion by 2030, with an extreme optimistic scenario of up to $68 trillion [1] - As the regulatory framework matures, quantum communication is expected to become an essential technological support for the stablecoin ecosystem [1] - Major traditional banks like HSBC and Citibank are positioning themselves through subsidiaries or joint ventures following the implementation of the stablecoin regulation, while leading fintech companies like Ant International are expected to accelerate their entry into the market [1] Group 2 - Tianyang Technology has launched a "Unified Payment Center" solution that integrates stablecoin channels [2] - GCL-Poly Energy has collaborated with Ant Group to complete the first domestic RWA transaction for photovoltaic physical assets [3]

Market News - US stock indices collectively declined, with the Dow Jones down 0.46%, Nasdaq down 0.38%, and S&P 500 down 0.3%. Major tech stocks mostly fell, including Meta down over 2%, Intel, Apple, and Tesla down over 1%, while AMD rose over 2% [1] - International precious metal futures generally rose, with COMEX gold futures up 0.46% at $3325.30 per ounce and COMEX silver futures up 0.43% at $38.39 per ounce. International oil prices surged, with WTI crude oil up 3.81% at $69.25 per barrel and Brent crude oil up 3.53% at $71.77 per barrel [1] - Major European stock indices closed higher, with Germany's DAX index up 1.03% to 24217.37 points, France's CAC40 index up 0.72% to 7857.36 points, and the UK's FTSE 100 index up 0.60% to 9136.32 points [1] Industry Insights - The Hong Kong Monetary Authority will hold a technical briefing on the regulatory framework for stablecoin issuers on July 29, with the regulation set to take effect on August 1. The first batch of stablecoin licenses will be strictly limited to single digits, expected to be issued within the year [2] - Stablecoins are seen as a bridge between centralized and decentralized financial systems, playing a crucial role in global payment systems. The industry is expected to enter a phase of compliant development as global regulatory policies are implemented [2] - The Beijing Future Science City is soliciting opinions on the "Artificial Intelligence + Pharmaceutical Health" industry development plan, focusing on brain-computer interface innovation and product development [3] - Brain-computer interface technology is anticipated to transform human-machine interaction, with applications initially in medical rehabilitation and later expanding to education, entertainment, and industrial sectors [3] - Huawei's Cangjie programming language will be open-sourced, aimed at full-scene intelligent application development, and is a key component of the HarmonyOS ecosystem [4] Stock Movements - A shareholder of Aosaikang plans to reduce its stake by up to 1.5% through centralized bidding and block trading [5] - A shareholder of Jiahe Meikang intends to reduce its stake by up to 3% due to funding needs [5] - Shareholders of Aotewei plan to reduce their holdings by up to 1.37% through similar methods [5] - Shareholders of Tongding Interconnection plan to reduce their stake by up to 2.08% [5] - Shareholders of Shanghai Auto Parts plan to reduce their holdings by up to 1.75% [6] - The National Integrated Circuit Fund plans to reduce its stake in Saiwei Electronics from 8.87% to 7.82% [6] - Shareholders of Suzhou Planning intend to reduce their stakes by up to 2.5% and 2% respectively [6] - Lenovo Holdings reduced its stake in Lakala, bringing its ownership down to 25.86% [7] - Shareholders of Ruishun Technology plan to reduce their holdings by up to 2.0013% due to funding needs [7]

Core Viewpoint - Visa executives express support for the "Genius Act," viewing it as a significant milestone in the path toward clearer regulation of stablecoins [1] Group 1 - Visa's leadership believes that the "Genius Act" will enhance regulatory clarity for stablecoins [1]

7月29日，香港金融管理局（以下简称"香港金管局"）就稳定币发行人监管制度举行技术简报会。在会上，香港金管局 副总裁陈维民介绍，在首阶段发放的稳定币发行人牌照的数量还不确定，需视申请机构提交的申请材料质量来定，预计 首个稳定币发行人牌照将于明年年初发出。他强调道："通过的门槛是很高的。" 每经记者｜黄婉银 特约记者 李旭馗 每经编辑｜文多 香港金管局鼓励有意申请牌照的机构于8月31日或之前联系香港金管局，让香港金管局可传达监管期望并适当提供反 馈。发牌将是一个持续进行的过程，如个别机构认为已准备充分并希望尽早被考虑，应于9月30日或之前向香港金管局 提交申请。 陈维民在回答《每日经济新闻》等媒体的记者提问时表示，香港金管局在法币币种方面持开放态度，稳定币发行人可以 申请与某个法币挂钩的稳定币的牌照，也可以申请与一揽子法币挂钩的稳定币的牌照，重点是需在申请时表明法币的币 种。 陈维民透露，目前与香港金管局接触的机构，谈论的大多是可自由流通的法币，如美元、港元等。由于人民币目前还不 是一个可以完全自由兑换的币种，如果有机构想申请锚定人民币的稳定币，香港金管局需考虑使用场景、储备要求等一 系列情况后再作决定。 在被 ...

每经编辑｜程鹏 7月29日，香港金融管理局就2025年8月1日起实施的稳定币发行人监管制度发布《持牌稳定币发行人监管指引》咨询总结及该指引、《打击洗钱及恐怖分 子资金筹集指引（持牌稳定币发行人适用）》咨询总结及该指引、与发牌制度及申请程序相关的《稳定币发行人发牌制度摘要说明》等文件。 其中，《持牌稳定币发行人监管指引》汇总了28份行业反馈及香港金管局的回应，确立了持牌稳定币发行人的全面监管框架，涵盖储备资产全额支持要 求、发行与赎回机制、风险管理、财务资源等核心内容。金管局将采用原则导向监管，允许多司法管辖区发行等灵活安排，但强调投资者保护与系统稳定 性，并将持续与市场沟通以推动实施。 《打击洗钱及恐怖分子资金筹集指引（持牌稳定币发行人适用）》则是基于此前咨询收到的38份反馈而修订。该指引的核心内容包括：对客户钱包（含托 管与非托管钱包）的风险管理要求、对客户及二级市场流通稳定币的持续监控、遵守《反洗钱及反恐怖融资条例》（AMLO）下的 "旅行规则"（Travel Rule）以确保转账透明度，以及对非托管钱包交易的额外风险控制。金管局将采用风险为本但谨慎的监管方式，强调持牌人的最终责任，并将持续与行业 沟通以 ...

金管局当天就稳定币发行人监管制度举行技术简报会，提出三方面发牌要求，即合规性，例如满足储备 资产的管理、赎回、风险管理、反洗钱等监管要求；具体性，例如有切实可行的具体商业方案和落实计 划；可持续性，例如具备充足的技术和财政资源，以履行其义务。 香港金管局就稳定币发行提出三方面发牌要求 中新社香港7月29日电 (记者 魏华都)香港金融管理局(简称"金管局")29日就2025年8月1日起实施的稳定 币发行人监管制度发布指引，并鼓励有意申请牌照的机构8月底前联系金管局。如个别机构认为已准备 充分并希望尽早获得考虑，可于今年9月底或之前向金管局提交申请。 7月29日，香港金融管理局就2025年8月1日起实施的稳定币发行人监管制度发布指引。图为2025年5月拍 摄的香港金融管理局资料图。 中新社记者 陈永诺 摄 编辑：万可义 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 金管局表示，除非获发牌，任何人不得在香港发行法币稳定币、发行 ...