文/ 京东集团首席经济学家 沈建光 ，京东集团高级研究总监 朱太辉 ，京东集团 研究员 王若菡 本文对比分析欧盟的《加密资产市场监管法案》（《MiCA法案》）和美 国的《指导与建立美国稳定币的国家创新法案》（《GENIUS法案》）。 本文指出，在稳定币政策上，美国和欧盟针对本外币稳定币的使用范围、 储备资产的投向结构、非法金融活动的防控模式这三个核心问题的处理， 存在极大的方向性差异。 2 0 25年初，欧盟的《加密资产市场监管法案》（《MiCA法案》）在27个欧盟成员国以及另外3个欧洲经济区国家（挪威、冰岛、列支敦士登）全面实 施，近日美国国会参议院又通过了《指导与建立美国稳定币的国家创新法案》（《GENIUS法案》）。两大经济体的稳定币政策存在哪些差异，未来将产 生什么影响，引发了市场的广泛关注。 美欧稳定币法案的整体框架相 似 从法案的整体架构上看，《GENIUS法案》与《MiCA法案》有很大的相似性，都遵循了"稳定币功能界定—发行机构准入—发行机构经营监管—储备资产 投资和客户赎回监管—洗钱和非法金融活动监管"的整体框架，且在稳定币功能定位、发行准入、经营管理监管上的要求非常相似。 经营管理：都提出资 ...

Investment Rating - Industry Rating: Recommended [4] Core Insights - The expectation for stablecoin policy is likely to strengthen, with the Shanghai State-owned Assets Supervision and Administration Commission holding a special study meeting on the development trends and response strategies for cryptocurrencies and stablecoins [11][18] - The Hong Kong Stablecoin Regulation has been officially released and is expected to be implemented on August 1, 2025, establishing a licensing system for fiat-backed stablecoin issuers and enhancing the regulatory framework for virtual asset activities [2][19] - The tokenization ecosystem is extending, with application scenarios continuously enriching, as real asset tokenization is accelerating from regional pilots to global collaboration [3][12] Summary by Sections Stablecoin Policy Expectations - The Shanghai State-owned Assets Supervision and Administration Commission's meeting indicates a potential strengthening of domestic stablecoin policies following the implementation of overseas and Hong Kong regulations [11][18] - The Hong Kong Stablecoin Regulation aims to maintain financial stability while promoting financial innovation, with a licensing system for stablecoin issuers [2][19] Tokenization Ecosystem - The tokenization of real assets is gaining momentum, with companies like Ant Group collaborating with Circle Internet Group to adopt stablecoins on their blockchain platform [3][12] - The recent launch of GFToken by Guangfa Securities (Hong Kong) marks a significant step in deploying multi-currency interest rate mechanisms on-chain [3][12] Investment Recommendations - Beneficiary stocks include: - RWA: Xiexin Energy Technology, Langxin Group, Hongbo Co., Hainan Huatie, Youfang Technology, Yingfeng Environment, etc. - Stablecoins: Sifang Jingchuang, Yuxin Technology, Lakala, New Guodu, Jingbeifang, Tianyang Technology, Hengbao Co., Xiongdi Technology, Yuyin Co., Chutianlong, Dazhihui, Yonyou Network, Xinan Century, etc. - Hong Kong stocks: Zhong'an Online, Lianyi Technology, Lianlian Digital, China Everbright Holdings, Yika, etc. - Licensed: China Post Capital, Nanhua Futures, Hongye Futures, Ruida Futures, Guotai Junan International, Yaocai Securities Finance, etc. [6][34] Market Performance - The computer industry saw a weekly increase of 3.22%, outperforming the CSI 300 index, which rose by 0.82% [35][36] - Among 321 stocks in the computer sector, 256 stocks rose, indicating a strong market performance [42] Core Recommended Stocks - The top-performing recommended stock was Yuxin Technology, with a weekly increase of 7.59%, while Langxin Group experienced a decline of 3.42% [48] Valuation Overview - The SW computer industry PE (TTM) has risen from a low of 37.60 times in 2018 to 84.59 times, exceeding the historical average of 58.17 times from 2010 to 2025 [51]

Market Overview - The Asia-Pacific stock markets showed mixed performance last week, influenced by the impending deadline for the US "reciprocal tariffs" [1] - Southeast Asian markets mostly rose, with Thailand's SET index leading with a weekly increase of 3.47% [1] - The Ho Chi Minh index in Vietnam rose by 1.14%, while the Jakarta Composite Index in Indonesia fell by 0.47% [1] Economic Factors - The upcoming deadline for US tariffs is affecting market sentiment, with trade negotiations impacting stock performance [1][4] - The weakening US dollar and lower demand for US Treasury bonds are expected to attract some capital to Asian markets [2] - The recent trade agreement between the US and Vietnam has boosted market confidence, contributing to the rise in the Ho Chi Minh index [3] Country-Specific Insights - Singapore's Straits Times Index saw a 1.2% increase, benefiting from its status as an international financial center amid trade uncertainties [3] - Thailand's stock market is recovering due to reduced domestic political risks, leading to a notable upward trend [3] - The economic growth rates of Southeast Asia's major economies are slowing, with Indonesia's GDP growth at 4.87%, Malaysia at 4.4%, and Singapore at 3.9% [5][6] Future Outlook - Experts predict that the Asia-Pacific stock market will likely maintain a volatile upward trend, influenced by trade negotiations and US monetary policy adjustments [4] - The World Bank forecasts a slowdown in economic growth for the East Asia and Pacific region, with Southeast Asian countries facing significant pressure due to external trade uncertainties [6][7] Sector Performance - The Korean stock market has performed well, with the composite index up nearly 30% this year, driven by expectations around stablecoin policies and pro-shareholder government initiatives [8] - The Nikkei 225 index in Japan fell by 0.85%, ending a three-week upward trend, amid concerns over US-Japan trade negotiations [8]