截至周四（11月13日）收盘，A股主要指数全线走强： 沪指收报4029.50点，涨0.73%，刷新十年来新高； 深成指收报13476.52点，涨1.78%； 创业板指报3201.75点，涨2.55%。 板块表现方面，储能、有色及露营经济概念领涨，证券板块尾盘发力显著推动沪指冲高；银行及油气板块表现偏弱。全市场上涨个股超过3900只， 普涨特征明显。 然而，本轮新高并非仅由国内资金推动，其背后存在显著的跨市场联动效应，特别是A50期指、港股恒生指数与全球宏观预期的互动。 一、A50期指与港股的同步拉动效应 周四盘中，**新加坡挂牌的富时中国A50指数期货（A50期指）**持续震荡上行，下午更是一度加速。宁德时代作为A50的权重成分股，单日大涨 7.51%，直接带动创业板与深成指走强。尾盘，内地证券板块快速拉升，A股指数再度突破4030点。 值得注意的是，港股恒生指数在此前几乎全天下跌的情况下，于A股尾盘阶段同步转涨，这表明境外资金通过衍生品市场与港股、A股形成了短线联 动。这类现象往往伴随着海外宏观预期的变化，尤其是货币政策方面的信号。 历史经验显示，A50期指的短线拉升往往至少提前反映境外资金情绪变化，这与港 ...

Core Insights - The event TOKEN2049 featured a significant speech by Tom Lee, co-founder and CIO of Fundstrat, emphasizing the structural transformation of the digital asset market by 2025, with stablecoins as a key pillar [1][3][4] Group 1: Digital Asset Market Transformation - Tom Lee views tokenization as a core pathway for Wall Street to reconstruct the financial system, with stablecoins being the "first domino" in this process [3][4] - The tokenization trend is expected to permeate various sectors, including stocks and real estate, providing a bridge between traditional finance and blockchain ecosystems [4][6] Group 2: XBIT Decentralized Exchange Role - XBIT decentralized exchange is positioned as a crucial link between global industry focus and on-chain trading technology, facilitating user access to tokenized assets [3][5] - The platform utilizes smart contracts to ensure transparency in transactions, supporting a complete cycle of creation, rights confirmation, profit distribution, and circulation [4][5] Group 3: Stablecoin Growth Potential - Current stablecoin circulation is approximately $280 billion, with predictions suggesting it could exceed $4 trillion, representing a growth of over 13 times [5][6] - The efficiency advantages of stablecoins in cross-border transactions can significantly reduce transfer times and costs, enhancing their adoption [5] Group 4: Impact on Traditional Financial Markets - If stablecoin holdings reach $4 trillion, it could lead to over $2.8 trillion in U.S. Treasury holdings, positioning it as the largest holder of U.S. debt globally [5][6] - This shift could facilitate the integration of digital assets with traditional bond markets, accelerating cross-market linkages [5][6] Group 5: Dollar Dominance in Digital Era - The development of these assets is compared to the "dollar maintenance war" post-1971, highlighting the dollar's continued dominance in the digital age [6] - The dollar accounts for 27% of global GDP but represents 57% of central bank reserves and 88% of financial market transactions, underscoring its influence [6]

各位关注财经的朋友们，想必都对金融市场的跨市场联动充满好奇与探索欲。8月30日，新浪财经特邀 财经圈顶流付鹏老师，在深圳带来"全球市场投资图谱——跨市场联动下的资产配置新逻辑"线下闭门分 享会，深度解码FICC跨市场投资新机遇。 付鹏，有着旅居英国十余年的经历，积累了丰厚的海外对冲基金工作经验，主要研究领域聚焦全球大类 资产联动分析和宏观对冲策略设计。2009年回国后，他曾为多家金融机构担任顾问和首席经济学家，对 全球资产轮动以及宏观经济走势的研判有着深刻认知，尤其在利率和全球资产定价领域见解独到，还著 有《见证逆潮》一书，堪称金融领域极具影响力的领军人物。 从去年到今年，债券、汇率出现波动，海外与国内多个市场联动紧密，商品、权益、汇率、债券等跨市 场关系的变化，都值得我们深入剖析。 此次闭门会，付鹏会闭门解读全球市场投资新逻辑，从利率曲线延伸至商品周期，从汇率波动探寻信用 传导，拆解商品、货币、固收跨市场联动的底层逻辑，助力大家看清未来资产配置的新方向。现场还有 高密度的实战答疑环节，聚焦利率波动对股票、商品策略的影响，汇率传导下外汇与权益市场的联动， 以及FICC工具如何为资产配置"保驾护航"等市场关注的 ...

Group 1 - The core viewpoint of the article highlights that despite a modest performance of the A-share market in 2025, with the Shanghai Composite Index showing a cumulative increase of only 2% and a maximum fluctuation of less than 500 points, the enthusiasm for thematic investments remains high [1] - The article notes a shift in investment style from last year's value-driven approach to a focus on growth themes, indicating a resurgence of growth-oriented investment strategies [1] - It emphasizes the increasing role of quantitative funds in daily trading volumes, leading to rapid rotation of thematic hotspots, showcasing a vibrant market environment similar to previous years [1] Group 2 - The article outlines various hot investment themes that have emerged in the first half of 2025, including technology trends such as Deepseek and humanoid robots, as well as sectors like new consumption and innovative pharmaceuticals that are experiencing significant upward trends [1] - It points out that the A-share market is influenced by cross-market interactions with Hong Kong and US stocks, along with resonance from news events, marking a new characteristic of the market in the first half of the year [1] - The article serves as a recap of the various hot topics and investment themes that have been prevalent in the A-share market during the first half of 2025 [1]