Group 1 - The core point of the news is the passage of the GENIUS Act, which establishes a federal regulatory framework for stablecoins in the U.S., potentially reshaping the crypto asset market and impacting global financial systems [1][2]. - Stablecoins are defined as cryptocurrencies that are pegged to stable assets or currencies, providing a bridge between the crypto market and traditional finance, with applications in asset trading, cross-border payments, and decentralized finance (DeFi) [1][2]. - The GENIUS Act aims to enhance anti-money laundering and consumer protection measures, ensuring financial stability and the legality of transactions, thereby reinforcing the dominance of the U.S. dollar in the global financial landscape [1][2]. Group 2 - The U.S. government's proactive approach to stablecoins is driven by the need to alleviate debt burdens and manage rising long-term treasury yields, which indicate higher demands for returns and increased borrowing costs [2]. - The GENIUS Act positions stablecoins as automatic vending machines for U.S. treasuries, creating a significant demand for U.S. debt, which could help manage the country's debt burden and borrowing costs [2]. - The emergence of stablecoins is expected to revolutionize financial asset trading, pricing, transaction modes, and time constraints, posing substantial impacts on financial markets and institutions, as well as introducing new regulatory challenges [3].

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Views - **Stock Index**: After Trump postponed 50% of the tariffs, the EU stated that the EU - US trade negotiations had "new impetus" and planned to "advance rapidly." Japan planned to use LNG projects and shipbuilding technology to seek tariff concessions from the US, aiming to reach an agreement by mid - June. ECB President Lagarde said the euro could become an alternative to the US dollar. Domestically, the market rotation was fast, the main driving force was weak, and trading volume was insufficient, so the stock index might fluctuate weakly [1]. - **Treasury Bonds**: Since early May, factors such as the profit - taking after the "dual cuts," the bond market's risk - aversion sentiment due to the 90 - day tariff suspension, concerns about "deposit migration" after the deposit rate cut, and worries about bond issuance supply had a bearish impact on the bond market. Current bond market investors were generally cautious, and the view of "bullish but not buying" limited the depth of market adjustment to some extent and provided the probability and odds for subsequent trading [3]. 3. Strategy Recommendations - **Stock Index**: Adopt a defensive and wait - and - see strategy [2]. - **Treasury Bonds**: Bullish in the short term [4]. 4. Market Review - **Stock Index**: The main contract futures of CSI 300 fell 0.61%, that of SSE 50 fell 0.46%, that of CSI 500 rose 0.33%, and that of CSI 1000 rose 0.69% [6]. - **Treasury Bonds**: The 10 - year main contract rose 0.00%, the 5 - year main contract rose 0.01%, the 30 - year main contract rose 0.13%, and the 2 - year main contract rose 0.03% [9]. 5. Technical Analysis - **Stock Index**: The KDJ indicator of the Shanghai Composite Index suggested a weak trend [7]. - **Treasury Bonds**: The KDJ indicator of the T main contract showed a fluctuating and strong trend [10]. 6. Futures Data | Date | Futures Variety | Closing Price (yuan/contract) | Change (%) | Trading Volume (lots) | Open Interest (lots) | | ---- | ---- | ---- | ---- | ---- | ---- | | 2025 - 05 - 23 | CSI 300 Continuous | 3,831.20 | - 0.61 | 62,863 | 138,782 | | 2025 - 05 - 23 | SSE 50 Continuous | 2,684.40 | - 0.46 | 34,244 | 51,685 | | 2025 - 05 - 23 | CSI 500 Continuous | 5,594.60 | 0.33 | 56,454 | 110,791 | | 2025 - 05 - 23 | CSI 1000 Continuous | 5,925.00 | 0.49 | 133,893 | 181,503 | | 2025 - 05 - 23 | 10 - year Treasury Bond Continuous | 108.855 | 0.00 | 52,310 | 166,526 | | 2025 - 05 - 23 | 5 - year Treasury Bond Continuous | 106.060 | 0.01 | 48,389 | 125,742 | | 2025 - 05 - 23 | 30 - year Treasury Bond Continuous | 119.760 | 0.13 | 58,787 | 91,927 | | 2025 - 05 - 23 | 2 - year Treasury Bond Continuous | 102.430 | 0.03 | 31,127 | 102,629 | [12]

Core Viewpoint - The European Central Bank President Christine Lagarde stated that if governments strengthen the financial and security framework of the Eurozone, the Euro could become a viable alternative to the US Dollar, benefiting the G20 significantly [1][3]. Group 1: Euro's Global Role - The Euro's global role has stagnated for decades due to the lack of a robust financial system in the EU and insufficient willingness among governments for further integration [1][3]. - Lagarde emphasized that the Euro will not automatically gain influence and requires concerted efforts to enhance its global standing [1][3]. - Currently, the US Dollar accounts for 58% of global foreign exchange reserves, the lowest in decades, while the Euro holds only 20% [3]. Group 2: Military and Economic Strength - Lagarde pointed out that to elevate the Euro's status, Europe must simultaneously enhance its military capabilities to support partnerships [3]. - She noted that investors, particularly official ones, seek geopolitical security and are inclined to invest in regions that can provide reliable security partnerships [3]. Group 3: Economic Reforms and Capital Markets - The need for deeper and more liquid capital markets in Europe was highlighted, along with the necessity for a stronger legal foundation and security capabilities to support open trade commitments [1][3]. - Lagarde stressed that internal economic reforms are urgent, as the Eurozone's capital markets remain fragmented and inefficient, lacking widely available safe assets for investors [3][4]. - She suggested that joint financing could provide a basis for gradually increasing the supply of safe assets in Europe, despite concerns from major Eurozone members about shared fiscal responsibilities [4]. Group 4: Ukraine's Currency Considerations - The Governor of the National Bank of Ukraine indicated that Ukraine is considering linking its currency more closely to the Euro instead of the Dollar, driven by increasing ties with Europe and global trade fragmentation [4]. - The shift towards the Euro is seen as complex and requires comprehensive preparation, although Euro-denominated transactions are gradually increasing in various sectors [4].

美股周一休市，美股期货涨超1%；欧股反弹、汽车板块涨近2%；欧元创本月内新高；黄金回 落，比特币一度重上11万大关。 特朗普推迟50%关税后，欧盟称欧美贸易谈判有"新动力"，计划"快速推进"，贸易专员周一称和 美官员进行了"良好通话"。 报道称日本计划拿LNG项目+造船技术换美国关税让步，力争6月中达成协议。 加州考虑就苹果手机关税起诉美国联邦政府。 美联储明年票委：宽松暂停期可能更长，"不确定"形势是否足够明朗。 欧洲央行行长拉加德：欧元可能成为美元的替代，近期全球动荡为"欧元全球化时刻"创造契机。 报道称OPEC+本周预计决定继续大幅增产，据称意将油价压低至60美元以下。 中办、国办：推动企业健全工资合理增长机制、支持上市公司引入持股比例5%以上的机构投资者 作为积极股东。 媒体称特朗普媒体集团计划为加密货币募资30亿美元。 美团Q1营收超预期同比增长18.1%，核心、新业务均表现亮眼，闪购强劲增长；电话会：将不惜 代价赢得竞争，预计Q2本地商业营业利润率大降，暂无法提供准确业绩指引。 提醒：北京时间周二上午将公布中国4月规模以上工业企业利润数据。 ...