智通财经APP获悉，周五，三大指数涨跌不一。本周道指累计下跌0.07%，纳指上涨1.51%，标普500指 数上涨0.59%。美国总统特朗普在白宫正式签署《指导与建立美国稳定币国家创新法案》（GENIUS 法 案），标志着美国稳定币监管立法进入实施阶段。 【美股】截至收盘，道指跌142.30点，跌幅为0.32%，报44342.19点；纳指涨10.01点，涨幅为0.05%，报 20895.66点；标普500指数跌0.57点，跌幅为0.01%，报6296.79点。纳指连续第五个交易日上涨，并创盘 中与收盘历史新高。加密概念股涨跌互现，Robinhood(HOOD.US)涨4.07%、Coinbase(COIN.US)涨 2.2%、Circle(CRCL.US)跌4.71%、Hut 8(HUT.US)跌2.26%。3M(MMM.US)跌3.63%，奈飞(NFLX.US)跌 5.10%。 【欧股】德国DAX30指数跌80.57点，跌幅0.33%，报24286.90点；英国富时100指数涨17.38点，涨幅 0.19%，报8990.02点；法国CAC40指数涨0.67点，涨幅0.01%，报7822.67点；欧洲斯托克50 ...

Core Viewpoint - Chinese assets have experienced a significant surge, with foreign investment institutions increasingly optimistic about the outlook for these assets due to stable economic performance and improving corporate earnings [2][10][12]. Group 1: Market Performance - The Nasdaq Golden Dragon China Index rose over 2% at one point, while the three-times leveraged FTSE China ETF surged over 6%, and the two-times leveraged China Internet Stocks ETF increased by over 5% [4]. - Popular Chinese concept stocks saw substantial gains, with Luida Technology soaring over 33% and Xinyang rising over 17% [4]. - KraneShares China Overseas Internet ETF (KWEB) recorded a nearly 7% increase this week, while iShares MSCI China ETF (MCHI) rose over 4%, marking the largest weekly gains since early March [5]. Group 2: Foreign Investment Sentiment - A survey by Invesco revealed that international investment institutions are showing renewed interest in the Chinese market, with a total asset management of approximately $27 trillion [10]. - HSBC's chief economist for Greater China noted that international investors, especially from Europe and the U.S., are increasingly interested in Chinese assets due to ongoing capital market reforms and technological innovation [11]. - BlackRock's chief equity investment officer expressed optimism about the macro environment and corporate earnings, anticipating a positive performance for Chinese A-shares in the second half of the year [12]. Group 3: Company-Specific Insights - Futu Holdings has seen strong customer growth, with a client base of 2.7 million and assets under management exceeding $100 billion, growing at an annual rate of 20%-25% [7][6]. - Barclays highlighted Futu's potential for accelerated growth in the coming years, driven by the recovery of the Asian capital markets [6]. - Revenue projections for Futu indicate a growth of 48% to HKD 18.9 billion by 2025, with an expected EPS of $60.94 for the same year [8].

Group 1: Market Performance - US stock indices opened slightly higher, with the Dow Jones up 0.16%, Nasdaq up 0.35%, and S&P 500 up 0.25% [1] - Chinese concept stocks saw significant gains, with New Oxygen rising over 9%, Kingsoft Cloud up over 7%, and JD.com and Bilibili both up over 5% [1] Group 2: Economic Policy and Currency - The Bank of England has requested financial institutions to assess their resilience against potential dollar shocks, indicating a decline in global trust in the US dollar due to current economic policies [2] - The US dollar is considered the "lifeline" of the global financial system, but recent actions by the Trump administration have prompted a reevaluation of reliance on the US for emergency dollar liquidity during financial stress [2] Group 3: Oil Market - International oil prices are in a dangerous zone, threatening the profitability of oil producers, as stated by a top energy investor [3] - Current price trends indicate that oil prices are "dangerously close" to levels where producers may operate at a loss [3] Group 4: Cryptocurrency Regulation - The US House of Representatives has passed significant legislation regarding stablecoins, establishing clear regulatory rules for the cryptocurrency industry [4] - The "Genius Acts" requires stablecoin issuers to maintain a 1:1 reserve with short-term government bonds or similar regulated products [4] Group 5: Company News - Yushu Technology has initiated its listing guidance with CITIC Securities as the advisory institution, with the controlling shareholder holding 34.763% of the company [5] - Apple is participating in the China International Supply Chain Promotion Expo for the third consecutive year, showcasing collaboration with Chinese suppliers to promote local innovation and green transformation [6] Group 6: Technological Advancements in Media - Netflix has utilized AI for the first time to create visual effects for a series, aiming to reduce production costs while enhancing content quality [7] - The Argentine sci-fi series "The Eternaut" is the first project to feature AI-generated visual effects [7]

Group 1 - US stock index futures are showing slight gains, with Dow futures up 0.08%, S&P 500 futures up 0.06%, and Nasdaq futures up 0.06% [1] - Cryptocurrency-related stocks are rising following the US House passing three legislative proposals regarding stablecoins and cryptocurrency regulation, with Circle up 2.94% and Coinbase up 1.89% [1] - Chinese concept stocks are also experiencing gains, with Bilibili up 3.37%, Alibaba up 2.37%, and NetEase up 1.96% [1] - Nvidia's H20 chip sales to China have been approved, leading to a 7.01% increase in Kingsoft Cloud's stock [1] - Charles Schwab is set to release its Q2 earnings report, with expectations of $5.723 billion in revenue, a 22.03% year-over-year increase, and an EPS of $1.05, a 59.09% increase year-over-year, resulting in a 2.15% stock rise [1] Group 2 - GlaxoSmithKline's cancer drug Blenrep faced a setback as the FDA advisory panel voted against its use for treating relapsed or refractory multiple myeloma, causing the stock to drop 1.4% [2] - Barclays raised TSMC's target price from $249 to $275 while maintaining an "overweight" rating on the stock [2] - Mark Zuckerberg has reached a settlement with Meta shareholders regarding an $8 billion privacy lawsuit, although the final compensation amount remains unclear [2] Group 3 - Netflix reported Q2 earnings exceeding $3 billion, with revenue of $11.08 billion, a 16% year-over-year increase, and a profit of $3.1 billion, a 46% year-over-year increase [3]

随着监管框架确立，PayPal、苹果等科技巨头可能加速布局稳定币业务。美联储理事沃勒表示："在确保金融稳定的前提下，将支持私营部门创新。"市场预 计，未来12个月全球稳定币市场规模有望从当前1500亿美元扩张至3000亿美元。 美联储同日公布6月货币政策会议纪要，显示多数官员认为"通胀持续降温"，为降息铺平道路。CME利率期货显示，9月降息概率已升至85%，年内或累计降 息50个基点。受此影响，比特币突破6.3万美元，以太坊站上3400美元，加密货币总市值单日增长逾800亿美元。 市场反应热烈： 专家指出，稳定币监管落地将显著降低加密货币市场波动，而美联储转向宽松政策可能引发新一轮全球资金轮动。值得注意的是，法案特别要求发行方定期 披露储备金构成，这或对部分透明度不足的稳定币构成压力。 美国国会正式通过《稳定币监管法案》，为加密货币市场确立首个联邦级监管框架。与此同时，美联储释放强烈降息信号，双重利好刺激全球风险资产集体 走高。 此次通过的稳定币法案明确要求发行方必须保持1:1储备金，并接受美联储和财政部双重监管。法案还规定，非银行机构发行稳定币需获得特许执照，而银 行机构可直接开展业务。分析认为，该法案将大 ...

RWA & DeFi - Plume Network's RWA concept is closely related to WLFI, showing promising data and supporting USD1 yield products [1] - Regulatory clarity on stablecoins, driven by the upcoming GENIUS Act, is expected to accelerate the migration of user deposits and yield opportunities to on-chain finance [1] - Compliant Real World Asset (RWA) products are anticipated to become the next generation of "savings accounts" for mainstream users [1] - SEC's role in RWA is being shaped despite uncertainty surrounding the CLARITY Act in the Senate [2]

Group 1 - The failure of key procedural votes in the House of Representatives for cryptocurrency regulation bills represents a significant setback for the entire crypto industry, which was widely expecting these bills to pass smoothly [1][2] - The three shelved bills include the GENIUS Act, aimed at establishing a federal regulatory framework for stablecoins, and the CLARITY Act, which seeks to define whether crypto assets are securities or commodities [2][3] - The opposition to the bills highlights divisions within the Republican Party, with some members expressing concerns over the inclusion of provisions related to Central Bank Digital Currency (CBDC) [2][3] Group 2 - Circle, the issuer of the USDC stablecoin, holds approximately 24% of the global dollar-pegged stablecoin market, and the proposed legislation was seen as a crucial step towards mainstreaming stablecoins and enhancing regulatory clarity in the U.S. digital asset space [3] - The crypto industry has invested over $245 million in lobbying and political donations in 2024 to support pro-crypto congressional candidates, indicating a strong push for favorable regulations [3] - The U.S. stablecoin market is projected to grow from several hundred billion dollars to over $2 trillion if the GENIUS Act is passed, according to the U.S. Treasury Secretary [3]

Group 1 - The core viewpoint is that the implementation of the Hong Kong Stablecoin Regulation on August 1 marks the beginning of a trillion-dollar market, prompting major public fund institutions to cautiously explore this new financial ecosystem while actively advancing their business layouts [2][4][9] - Major public fund institutions are adopting a dual approach, focusing on both business development and maintaining a prudent attitude towards the emerging investment landscape [2][11] - Compliance is emphasized as a critical factor in navigating the new investment environment, with institutions acknowledging the need to find their positioning and establish differentiated competitive advantages [2][4][11] Group 2 - The heat surrounding stablecoins is increasing as the regulation's effective date approaches, with significant stock price movements observed in related companies, such as Guotai Junan International, which saw a 198% increase [3] - The rise of stablecoins is expected to lead to a transformation in trading methods and financial infrastructure, with predictions of a 24/7 trading environment enabled by blockchain technology [6][9] - The potential for tokenization of real-world assets (RWA) is highlighted, with ongoing explorations into how stablecoins can facilitate transactions and improve efficiency in both virtual and traditional asset markets [4][6][9] Group 3 - The regulatory framework established by Hong Kong is seen as a significant step towards providing the necessary regulatory certainty for the stablecoin industry, which is crucial for fostering innovation in the financial sector [4][10] - Institutions are actively participating in sandbox initiatives to test new digital currency models and tokenized asset transactions, indicating a collaborative effort to explore the future of finance [9][10] - The introduction of virtual asset ETFs by major public funds in Hong Kong represents an initial attempt to engage with virtual currency assets, showcasing the growing interest and involvement of Chinese asset management firms in this space [10]

Group 1: Core Insights - The U.S. Senate passed the "GENIUS Act" establishing the first federal regulatory framework for stablecoins, reflecting a global consensus on recognizing stablecoins' legitimacy [1][2] - Major companies like Mastercard and Morgan Stanley are actively exploring stablecoin integration into their payment systems, indicating a growing recognition of stablecoins' commercial value [2][3] - Stablecoins are categorized into three main types: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, each with distinct mechanisms and risks [3][4][5] Group 2: Market Dynamics - Fiat-collateralized stablecoins dominate the market, accounting for approximately 90% of the total stablecoin market capitalization, with USDT and USDC being the most prominent [8][9] - The use of stablecoins has expanded beyond the crypto industry, finding applications in cross-border payments, daily transactions, and as a hedge against inflation in emerging markets [10][11][15] Group 3: Regulatory Landscape - Various countries are implementing regulations to address the risks associated with stablecoins, including limitations on non-local stablecoins to protect monetary sovereignty [30][31] - The European Union's MiCA regulation categorizes stablecoins and imposes strict requirements on their issuance and operation, aiming to mitigate financial risks and enhance compliance [31][36] Group 4: Strategic Recommendations for China - China should adopt a cautious approach towards stablecoins, focusing on research and regulatory frameworks while considering the unique national context and the existing digital yuan [38][39] - Promoting offshore RMB stablecoins could enhance the internationalization of the yuan and expand its use in emerging digital scenarios [41] - Strengthening the collaboration between stablecoins and the digital yuan can leverage their complementary advantages in cross-border payments and digital asset exchanges [42]

Group 1 - The development of stablecoins faces challenges but has a profound impact on the monetary financial system, necessitating China to learn from stablecoin technologies and accelerate the digital RMB process to enhance its internationalization [1][3] - Global trends indicate that stablecoins are being regulated, with regions like the US and Hong Kong beginning legislative measures, prompting China to expedite its own regulatory framework for stablecoins, particularly for the RMB stablecoin [3][4] - Post-regulation, stablecoin issuance will require licensing and compliance with anti-money laundering, anti-terrorism financing, and consumer protection regulations, leading to a shift from decentralization to increased centralization [3][4] Group 2 - Regulatory measures will impose strict limits on the issuance of stablecoins, mandating full reserves and independent audits, while prohibiting their use for lending or paying interest, thus reinforcing their role as payment tools [3][4] - The regulation of stablecoins will necessitate enhanced oversight of cryptocurrency trading platforms, particularly in the exchange of crypto assets with fiat currencies, leading to a more standardized development phase in the crypto asset sector [4] - The development of stablecoins provides significant insights for the advancement of China's digital RMB, which should be expedited and designed in both domestic and overseas versions to facilitate internationalization [4]