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]

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]