香港金管局最新提醒。 9月24日，香港金融管理局（以下简称"香港金管局"）发布提醒称，社交媒体最近流传，全球首个与离岸人民币挂钩的稳定币已经在香港发 行。请留意，相关消息为假新闻。 香港金管局表示，《稳定币条例》于2025年8月1日正式生效，任何人在业务过程中于香港发行法币稳定币，或向香港公众积极推广其发行活 动，均需要获得金管局发出的稳定币发行人牌照。目前金管局尚未发出任何稳定币发行人牌照。因此，任何人进行稳定币发行或宣传推广行 为，均属违法。 行人牌照。因此，任何人进行稳定币发行或 宣传推广行为，均属违法。如果有人向你宣 传推广稳定币，请必须保持警惕。 金管局会监察市面上涉及稳定币交易的情 况，若发现有涉嫌违反《稳定币条例》的行 为，我们会根据相关事实和证据，考虑采取 进一步跟进行动。 公众可密切留意金管局的正式公告，核实有 关稳定币发行人的牌照状况。金管局也会于 网站（下方阅读原文按钮）持续更新持牌发 行人名单。 ...

Core Points - The "Stablecoin Regulation" will be implemented starting August 1, with the Hong Kong Monetary Authority (HKMA) encouraging institutions interested in applying for a stablecoin issuer license to contact them by August 31 [1] - As of September 1, HKMA announced receiving 77 expressions of interest from various institutions, including banks, tech companies, securities/asset management/investment firms, e-commerce, payment institutions, and startups/web3 companies [1] - HKMA emphasized that the expressions of interest or formal applications do not constitute approval or recognition of the likelihood of obtaining a license, as final approval will depend on compliance with licensing conditions [1] Industry Insights - HKMA is arranging meetings with interested institutions to help them assess the necessity and maturity of their stablecoin issuance plans before deciding on formal applications [1] - The licensing process will be ongoing, and institutions that feel prepared and wish to expedite their consideration should submit applications by September 30 [1] - HKMA has warned the public to remain vigilant against unlicensed stablecoin promotions [1]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The fundamentals continue the weak recovery trend. After the cross - quarter period, the capital pressure subsides, and the seasonal loosening window opens. The overall environment is bullish for the bond market. However, due to the unclear policy disturbances in the second half of the year, the downward space for yields is limited, and the bond market is expected to fluctuate strongly [2]. 3. Summary by Relevant Catalogs a. Futures Market - **Futures Prices and Volumes**: T, TF, TS, and TL主力合约收盘价分别为109.105、106.225、102.502、121.150，其中TF、TS、TL主力合约分别下跌0.02%、0.01%、0.04%，T主力合约持平；T、TF、TL主力成交量分别减少218、865、1354，TS主力成交量增加257 [2]. - **Futures Spreads**: Some spreads like TL2512 - 2509 increased by 0.02, while others such as T2512 - 2509 decreased by 0.02 [2]. - **Futures Positions**: T主力持仓量为216,298手，减少0.01%；TF主力持仓量为157,986手，增加81手；TS主力持仓量为115,517手，减少1,682手；TL主力持仓量为122,562手，减少16手。 The net short positions of T, TS, and TL decreased, while that of TF increased [2]. b. CTD and Active Bonds - **CTD Bonds**: The net prices of some CTD bonds like 220010.IB increased by 0.0337, while others such as 240020.IB decreased by 0.0414 [2]. - **Active Bonds**: The yields of 1 - 7Y active bonds decreased by 0.10 - 0.15bp, while the 10Y yield increased by 0.15bp [2]. c. Interest Rates - **Short - term Interest Rates**: The overnight silver - pledged repo rate increased by 2.25bp to 1.3225%, the 7 - day silver - pledged repo rate increased by 16.08bp to 1.4908%, and the 14 - day silver - pledged repo rate decreased by 2.00bp to 1.5000%. Shibor overnight decreased by 0.10bp to 1.3120%, Shibor 7 - day increased by 3.50bp to 1.4580%, and Shibor 14 - day decreased by 2.90bp to 1.4940% [2]. - **LPR Rates**: The 1 - year and 5 - year LPR rates remained unchanged at 3.00% and 3.5% respectively [2]. d. Market News - **Domestic News**: The Hong Kong "Stablecoin Ordinance" will come into effect in August. The Minister of Finance of China attended the 2025 BRICS Finance Ministers and Central Bank Governors Meeting and expressed China's willingness to deepen BRICS financial cooperation [2]. - **Overseas News**: US President Trump said that the US government will start sending letters to trading partners to set new unilateral tariff rates, which may range from 10% - 70%, and are likely to take effect on August 1 [2]. e. Key Data to Focus On - On July 07 at 17:00, the eurozone May retail sales month - on - month rate will be released. On July 08 at 20:30, US President Trump will start sending tariff letters to other countries [3].

Group 1 - The Ministry of Finance has released the legislative work plan for 2025, which includes the research and formulation of the management measures for the domestic investment of the National Social Security Fund and the revision of corporate financial regulations [1] - The Hong Kong Special Administrative Region government has published the announcement regarding the "Stablecoin Ordinance," designating August 1, 2025, as the effective date for the implementation of the ordinance [1] - The Shanghai Composite Index fell by 0.06%, the Shenzhen Component Index decreased by 0.18%, and the ChiNext Index dropped by 0.48% at the midday close. The Hang Seng Index declined by 0.21%, while the Hang Seng Tech Index fell by 0.59% [1]

Core Points - The article discusses two recent bridge collapses in Russia, highlighting the potential safety risks associated with infrastructure in the region [1][3]. Group 1: Incident Details - On June 1, a bridge in Kursk region collapsed while a freight train was passing, resulting in some train cars falling onto the road below and a fire in the locomotive [1]. - A train driver sustained leg injuries, and all crew members were sent to the hospital for treatment [2]. - This incident marks the second bridge collapse in Russia within 24 hours, with the first occurring on May 31 in Bryansk region, leading to a passenger train derailment and at least 7 fatalities [3]. Group 2: Causes and Context - The Bryansk bridge collapse was reportedly caused by an explosion, with the local governor stating that "illegal interference with transportation activities" led to the incident [3]. - Bryansk region is located in western Russia, bordering Ukraine and Belarus, which may indicate geopolitical factors influencing infrastructure safety [4].