Core Viewpoint - The surge in Chinese brokerage stocks in Hong Kong is attributed to the upcoming implementation of the stablecoin regulations, which has led to increased interest and investment in the sector [1][3][4]. Group 1: Market Performance - Chinese brokerage stocks in Hong Kong experienced a significant rally, with gains exceeding 7% in the afternoon session, including a rise of over 23% for Guotai Junan International and over 10% for Hongye Futures [1][3]. - In the A-share market, stocks such as Xiangcai Securities and Tianfeng Securities also saw substantial increases, with Jingbeifang hitting the daily limit and other fintech stocks showing strong performance [1][3]. - The overall market indices reflected this bullish sentiment, with the Shanghai Composite Index rising by 0.9% and the Shenzhen Component Index increasing by over 0.4% [3]. Group 2: Stablecoin Developments - The stablecoin sector is experiencing a pivotal moment, with applications expanding from cryptocurrency trading to broader payment scenarios, leading to rapid growth in market size and trading activity [2]. - Several companies are preparing to apply for stablecoin licenses in Hong Kong, with the regulatory framework set to take effect on August 1 [1][4]. - Notable developments include Multi-Point Intelligence's announcement of plans to apply for a stablecoin license and collaborate with HashKey Group to offer stablecoin payment services, resulting in a stock surge of 25% [3]. Group 3: Stablecoin Characteristics and Market Dynamics - Stablecoins are defined as cryptocurrencies that peg their market value to external references, such as fiat currencies or specific assets, addressing key pain points in the cryptocurrency market [5][6]. - The demand for stablecoins arises from the need to solve two major trading issues: the lack of fiat currency inflow and outflow channels and the high volatility of Bitcoin, making stablecoins more suitable for everyday transactions [6]. - Stablecoins can be categorized into three types based on their stabilization methods: fully collateralized, multi-asset over-collateralized, and algorithmically adjusted [7]. Group 4: Future Outlook - The market for stablecoins is expected to grow significantly, with projections indicating a total market value of $253.6 billion by June 30, 2025, with fiat-collateralized stablecoins, particularly USD-pegged ones, dominating the market [7]. - The integration of stablecoins into decentralized finance (DeFi), cross-border payments, and other financial applications is anticipated to accelerate, especially as regulatory frameworks evolve [6][8].

Robinhood.With $255B in assets, it's not just another RWA startup, it’s the demand side and the infrastructure.Tokenized stocks, a custom L2, and maybe even a native stablecoin?We break it all down in our latest deep dive 👇 https://t.co/bin4r8oy8D ...

Ondo and Pantera plan $250 million investment into RWA projects: Axios https://t.co/9JsyzCWK47 ...

RWA (Real World Assets) Sector Overview - Plume's Mainnet TVL (Total Value Locked) has exceeded $100 million [1] - Plume has over 100,000 RWA holders [1] Plume's Strategic Initiatives - Plume recently implemented token unlocks [1] - Plume is collaborating with Trumps WLFi $USD1 stablecoin [1] Collaboration & Future Outlook - Plume is working with @realDonaldTrump and his team to advance RWAfi [1] - Plume is partnering with @worldlibertyfi on the USD1 stablecoin project [1] - The collaboration aims to push forward with the new administration towards "Plumerica" [1]

每周一景： 湖南永州九嶷山风景名胜区 点击右上角菜单，收听朗读版 【宏观】 代币化：货币、金融的历 史性变革 ——全球货币变局研究九 需求环比下降，总库存由降转升。 上周（本报告中的上周均指2025年6月23日至6月27日当周）五大品种钢材表观消费量879.85万吨，环比下降4.33万吨； 其中，建材表观消费量305.18万吨，环比下降2.71万吨；板材表观消费量574.67万吨，环比下降1.62万吨。上周五大品种钢材产量为880.99万吨，环比上 升12.48万吨；总库存为1340.03万吨，环比上升1.14万吨，维持近年同期最低位水平。上周247家钢厂高炉开工率为83.82%，环比持平；高炉产能利用率 为90.83%，环比上升0.04个百分点；电炉开工率为61.54%，环比持平；电炉产能利用率为52.36%，环比下降0.09个百分点。短期来看，行业已进入传统 淡季阶段，我们预期钢铁需求将维持震荡趋弱态势，总库存或逐步转入累库通道。 盈利率环比持平。 上周45港进口铁矿库存13930万吨，环比升36万吨，维持偏高位水平。上周螺纹模拟平均吨毛利145.6元/吨，环比降20.6元/吨，热卷模 拟平均吨毛利91. ...

Core Viewpoint - Henry Group Limited has announced its performance for the fiscal year 2024/25, highlighting significant management changes and strategic adjustments aimed at improving business quality despite a decline in revenue [1][2]. Group 1: Management Changes and Strategy Adjustments - Zhang Liyun has officially become the controlling shareholder and has been appointed as the executive director and chairman of the board, leading the introduction of a new governance team [2]. - The management team has initiated efforts to enhance accounts receivable recovery, which has contributed to improved business quality [2][3]. Group 2: Business Performance and Review - Despite a decline in revenue compared to the previous year, the new management team has significantly improved the quality of the group's business operations [3]. - The financial division reported revenue of approximately HKD 72 million, marking a substantial increase from the previous year, with expectations for a return on prior investments as the financial and family office businesses stabilize [13]. Group 3: Future Outlook and Strategies - The company plans to deepen business adjustments to enhance operational efficiency and overall competitiveness, aiming for sustainable high-quality development [7]. - Strategies include a cautious approach to electronic trade and food trade, focusing on supply chain management and cost optimization to improve business quality [7]. - The company will invest in health food and international certifications to expand customer markets and diversify its offerings, while also seeking strategic partners aligned with its vision [7]. - There is an emphasis on exploring the feasibility of RWA and Web 3.0 technology applications to upgrade electronic trade into high-tech areas, creating a cross-domain business ecosystem [7][13].

Group 1: Overview of Currency and Financial System Changes - The development of stablecoins and RWA (Real World Assets) may create a parallel, decentralized currency and financial system alongside the current centralized system, potentially transforming the global monetary landscape significantly[5][20]. - The evolution of stablecoins and RWA could lead to changes comparable to the impact of AI on the global economy, presenting both opportunities and challenges for industries, institutions, and regulators[5][20]. Group 2: Nature of Currency - Currency fundamentally serves as a "social consensus" accounting tool, where its value is derived from collective trust rather than intrinsic worth[8][11]. - The scarcity of currency is crucial for maintaining its value and ensuring public trust; excessive issuance can lead to inflation and diminish the currency's acceptance[10][11]. Group 3: Stablecoins as a Parallel Currency System - Stablecoins emerged as a response to declining trust in centralized accounting systems, providing a decentralized ledger based on blockchain technology[13][14]. - As of 2014, stablecoins backed by fiat currencies, particularly the US dollar, accounted for 99% of the stablecoin market, indicating a strong preference for stability in value[14][15]. Group 4: RWA and Financial Market Innovations - RWA represents a method of tokenizing real-world assets on the blockchain, creating a decentralized market for these assets, similar to asset-backed securities (ABS) but utilizing blockchain for transactions[20][21]. - The growth of RWA could lead to a new financial ecosystem where investors can manage wealth directly on the blockchain without reverting to centralized financial systems[21][22].

Group 1: Macro Trends - The global monetary and financial systems may undergo significant changes in the next 5 to 10 years, driven by the development of stablecoins and Real World Assets (RWA) [2] - Stablecoins and RWA could create a parallel, decentralized monetary and financial system outside the current centralized frameworks [2] - The transformation brought by stablecoins and RWA may be as impactful as the advancements in AI on the global economy [2] Group 2: Stablecoins - The trust in centralized accounting systems is declining due to excessive issuance of fiat currencies, particularly after the 2008 financial crisis [16] - Stablecoins, primarily backed by fiat currencies like the US dollar, account for 99% of the stablecoin market since 2014 [17] - The emergence of stablecoins addresses the volatility of cryptocurrencies, allowing for decentralized circulation while maintaining a degree of stability [19] Group 3: RWA (Real World Assets) - RWA represents the tokenization of real-world assets on the blockchain, similar to Asset-Backed Securities (ABS) but utilizing decentralized platforms [24] - The development of RWA could establish a new financial market on the blockchain, allowing investors to manage wealth without reverting to centralized financial systems [25] - RWA can function as a form of currency, enabling transactions without the need to convert assets into fiat currency [30]

Group 1: Cross-Border Payment and Stablecoins - The Hong Kong Monetary Authority will announce the results of the first batch of stablecoin sandbox participants in July, marking a compliance milestone after the enactment of the Stablecoin Ordinance. The offshore RMB stablecoin scheme tested in the sandbox can provide new tools for the cross-border circulation of RMB [2] Group 2: BRICS Summit and Global Digital Economy Conference - The 2025 BRICS Summit will be held in Rio de Janeiro, Brazil, from July 6 to 7, with a focus on "de-dollarization" as a priority agenda, aiming to increase the proportion of local currency settlements from the current 28% to 50% [3] - The 2025 Global Digital Economy Conference will take place in Beijing from July 2 to 5, with a sub-forum expected to discuss the application of stablecoins in cross-border transactions of data assets [3] Group 3: Solid-State Battery Conferences - The Fourth Solid-State Battery Conference and Silicon-Based Anode Industry Innovation Conference will be held in Ningbo, Zhejiang, from July 3 to 5, featuring companies like CATL and BYD sharing pilot line progress and industrialization cases [7] - The Third China Solid-State Battery Technology Development and Market Outlook Summit will occur in Shanghai on July 8-9, covering the entire chain from material research and development to equipment implementation [7] - The Shanghai International Solid-State Battery Conference will be held from July 29 to 31, focusing on the research and development of all-solid-state battery materials, manufacturing process optimization, and market applications [9] Group 4: Artificial Intelligence Developments - Elon Musk announced that xAI will skip Grok 3.5 and directly launch Grok 4 after July 4, focusing on upgrading programming capabilities and restructuring the knowledge base [13] - OpenAI representatives indicated that GPT-5 will significantly outperform existing models, with a preliminary release date set for July [14] - The 2025 World Artificial Intelligence Conference will take place in Shanghai from July 26 to 28, featuring over 800 companies and showcasing more than 3,000 cutting-edge technology products [15] Group 5: Trade Policy Updates - The Trump administration's tariff policy will come into effect on July 9 if no agreement is reached with trade partners, with ongoing negotiations showing varying progress and disagreements among major countries [22][23]

Market Overview - The Hong Kong stock market is experiencing a decline, with the Hang Seng Index dropping by 0.87% as large funds adjust their positions, particularly in the financial sector [1] - In contrast, the A-share market is witnessing a collective rise, attributed to the China Securities Regulatory Commission's new logo, interpreted by investors as a sign of a "triple win" for the stock market, listed companies, and investors [1] Trade Relations and Tariffs - Concerns over tariffs remain prevalent in the Hong Kong market, with the U.S. government indicating that trade negotiations may extend beyond the initial deadline set by the Trump administration [2] - The U.S. Treasury Secretary stated that negotiations with multiple trade partners could continue until September, reflecting a lack of significant progress in talks with major partners [2] - China's firm stance against sacrificing its interests in trade negotiations has influenced other countries, such as India, to adopt a tougher approach [2] Inflation and Economic Indicators - The U.S. core PCE price index for May increased by 2.68% year-on-year, surpassing expectations and reaching its highest level since February 2025 [3] - The inflation outlook suggests that the Federal Reserve is unlikely to lower interest rates in the upcoming meetings, with expectations of inflation peaking in July or August [3] - In China, industrial profits for large enterprises declined by 1.1% year-on-year from January to May, with a significant drop of 9.1% in May alone [3] Legislative Developments - The U.S. Senate passed the "Big Beautiful Bill" with a narrow margin, which could lead to increased government debt to stimulate economic growth [4] - The bill's passage may have mixed implications, as the U.S. national debt exceeds $36 trillion, raising concerns about sustainability [4] - The bill includes compromises that may benefit sectors such as healthcare and renewable energy, positively impacting related stocks [4] Stock Performance and New Listings - Newly listed stocks like Chow Tai Fook (06168) have seen significant gains, with a 25% increase on the day, nearly doubling in value over three days [5] - Old Town Gold (06181) also benefited from the strong performance of its new Singapore store, with a nearly 15% rise in stock price [5] - Cloud Wisdom (09678), the first AGI stock in Hong Kong, surged over 44% on its debut, driven by strong revenue growth projections [6] Sector Focus - The military industry is gaining attention due to reports of Iran negotiating the purchase of Chinese fighter jets and abandoning U.S. GPS in favor of China's BeiDou navigation system [8] - The photovoltaic glass sector is addressing supply-demand imbalances, with plans for a 30% production cut starting in July to stabilize prices [9] - Companies like Eastman Chemical (00189) are expected to benefit from increased demand for refrigerants, with a significant rise in profitability anticipated [10][11]