在中华民族伟大复兴的征程上，中国已经具备坚实的经济基础和科技硬实力。作为世界第二大经济体， 中国在制造业、基础设施、科技创新等方面不断取得突破，硬实力让东方巨轮屹立于世界舞台。 然而，要实现共同富裕的宏伟目标，单有硬实力并不足够。金融领域的软实力建设，尤其是国际货币体 系中的话语权，已成为实现民族复兴的重要一环。长期以来，美元不仅凭借传统金融体系确立霸权，更 在数字时代通过稳定币延伸影响力，几乎垄断数字市场。由此带来的依赖与风险，已成为全球金融秩序 中的不稳定因素。 面对这一现实，中国选择主动出击。以数字化为契机，开启人民币国际化的新路径，用国家战略工程回 应时代呼声——铸元工程由此启航。 国家顶层设计，万亿级战略资金护航 铸元工程是在国家顶层战略部署下，由国家发展和改革委员会、财政部、中国人民银行联合推动的前所 未有的国家级金融战略工程。工程由铸元科技集团有限公司作为实施主体，形成了从政策到执行、从监 管到技术的全链条合力。 国家为此提供了空前力度的财政保障：首批 2万亿元专项资金，以外汇储备为根基，由中央财政专项账 户统一管理，并在国家审计体系的全程监督下运作，确保资金使用安全、透明、规范、高效。 这不仅 ...

数字货币市场再爆惊人骗局！ARK方舟资金盘利用投资者对"链上快照"技术的信任，通过暗中篡改快照时间节点的手 段，系统性克扣用户激励收益。这个披着区块链技术外衣的资金盘项目，正在用看似透明的"链上数据"实施精准收割。 区块链分析师揭露，ARK方舟在最近一次激励发放中，实际快照时间比公告时间提前了3小时42分钟。这一微小但致命 的时间差，直接导致23%的合格用户被排除在奖励名单之外。更恶劣的是，项目方通过控制多个节点，在特定区块高度 人为制造链分叉，创造了两套截然不同的快照数据——一套用于应付社群质疑，另一套则用于实际发放。 技术调查显示，这种欺诈手法极具隐蔽性。普通投资者查询区块链浏览器时，看到的只是项目方精心准备的"表演数 据"，而真实的快照记录被隐藏在特定的私有节点中。据统计，通过这种时间差骗局，ARK方舟已累计截留用户激励价 值超过180万美元，这些资金最终都流向了项目方控制的洗钱地址。 该项目设计的"动态快照"机制更是充满陷阱。名义上为了保护早期投资者，实则通过频繁调整快照规则，不断稀释普通 用户的权益。在最近三个月内，其快照规则已秘密修改7次，每次修改都伴随着激励发放比例的下降。那些相信"链上数 据不 ...

Core Insights - The global stablecoin market is experiencing a dichotomy, with regulatory crackdowns in China contrasting with aggressive developments in international markets, such as Tether's $500 billion valuation financing and the European banking consortium's plans for a euro stablecoin [2][3] - The emergence of stablecoins reflects a broader narrative of capital flow expansion and the restructuring of financial power in the digital age, posing systemic risks despite their intended stability [4][6] Regulatory Developments - China is using Hong Kong as a testing ground for compliant stablecoin development while pushing for the internationalization of the digital yuan, indicating a strategic response to perceived threats to national currency sovereignty [3][17] - The U.S. has accelerated stablecoin legislation through the GENIUS Act, aiming to solidify the dollar's dominance and create a mechanism for global users to indirectly purchase U.S. debt [13][14] Market Dynamics - The stablecoin market has seen explosive growth, with total market capitalization increasing from $5 billion in 2019 to approximately $300 billion in 2023, highlighting a 45-fold increase over six years [7][11] - Major stablecoins like USDT and USDC dominate the market, accounting for over 90% of total stablecoin market capitalization, with USDT being the most widely used [11][12] Risk Factors - Concerns about the transparency and backing of stablecoins, particularly Tether, have been raised, with warnings from the Bank for International Settlements regarding their potential to facilitate illegal activities [6][7] - The lack of effective regulatory frameworks and the potential for market panic during liquidity crises pose significant risks to the stability of the stablecoin ecosystem [7][10] Future Outlook - The regulatory landscape is evolving, with new frameworks like Hong Kong's stringent stablecoin regulations and the EU's MiCA legislation indicating a shift towards compliance and oversight [9][10] - The competition for stablecoin dominance is likely to intensify, with emerging markets exploring alternatives to the dollar and the potential for a diversified international monetary system [15][18]

Core Insights - Hong Kong is actively embracing the emerging financial landscape of stablecoins, with the first batch of stablecoin issuer license applications closing on September 30, 2025, and expected to be issued by early 2026, positioning Hong Kong to capture a share of the over $250 billion stablecoin market [3][7] - The opening of the stablecoin market in Hong Kong aims to attract global issuing institutions, enhance international financial competitiveness, and explore new pathways for the internationalization of the Renminbi [3][4] - The U.S. stablecoin market is experiencing significant developments, with Tether planning to sell a 3% stake for approximately $20 billion, potentially raising its valuation to $500 billion, and the introduction of a U.S. regulated dollar stablecoin [3][4] Summary by Sections Hong Kong Stablecoin Market - The first batch of stablecoin issuer licenses is expected to be issued in early 2026, with 77 institutions expressing interest or entering sandbox testing as of the end of August 2025 [7] - The implementation of the stablecoin regulation in Hong Kong provides a clear legal framework and regulatory guidance, enhancing investor protection and attracting global stablecoin issuers [7][8] U.S. Stablecoin Developments - The global stablecoin annual transaction volume surpassed $25 trillion by August 2025, exceeding the total transactions of Visa and Mastercard combined [4] - The U.S. government is actively promoting stablecoin development, partly due to increasing debt pressures, with the "Genius Act" signed into law to establish a federal "strategic Bitcoin reserve" and "national digital asset reserve" [5][4] Financial Implications and Risks - Stablecoins are viewed as a tool to alleviate U.S. debt pressure, with predictions that if the dollar stablecoin market reaches $2 trillion, it could become a significant buyer of U.S. Treasury bonds [5] - Concerns exist regarding the potential for stablecoins to disrupt the existing U.S. dollar-dominated international payment system and the challenges they pose to the internationalization of the Renminbi [5][11] Regulatory and Market Reactions - The market has seen significant price increases in stocks related to stablecoins, driven by clearer regulatory policies and the potential for blockchain technology to enhance cross-border payment efficiency [8] - Caution is advised regarding the speculative nature of stablecoins, as many investors may lack the necessary knowledge to assess the true value and risks associated with these assets [8][12] Recommendations for Stablecoin Development - The book "Stablecoins: Reshaping the Global Financial Order" suggests a gradual approach to developing offshore Renminbi stablecoins, starting with Hong Kong and expanding to free trade zones [6][11] - The need for a cautious approach to stablecoin implementation is emphasized, with a focus on pilot programs and risk management to prevent financial instability and fraud [6][10]

Core Viewpoint - The establishment of the Digital Renminbi International Operation Center in Shanghai marks a significant step towards the internationalization of the digital renminbi, facilitating cross-border payment and blockchain services, and enhancing the global influence of the renminbi [5][6][10]. Group 1: Digital Renminbi Platforms - The Digital Renminbi International Operation Center has developed three main platforms: a cross-border digital payment platform, a blockchain service platform, and a digital asset platform, aimed at addressing traditional cross-border payment challenges and enhancing transaction efficiency [7][8]. - The blockchain service platform and digital asset platform are built on the same blockchain infrastructure, allowing for integrated operations and improved regulatory compliance [4][8]. Group 2: Internationalization of Renminbi - The operation of the Digital Renminbi International Operation Center signifies a shift from domestic trials to international applications, enhancing the renminbi's role in global trade and investment [6][10]. - The center aims to create new opportunities for the renminbi in international transactions, particularly in countries involved in the Belt and Road Initiative, thereby increasing China's influence in the global monetary system [6][10]. Group 3: Shanghai as a Financial Hub - Shanghai was chosen for the Digital Renminbi International Operation Center due to its comprehensive financial market, high degree of openness, and established financial technology ecosystem, positioning it as a key node in the global financial network [9][10]. - The center's operation is expected to significantly enhance Shanghai's international financial status, potentially generating over 100 billion yuan in added value to the digital finance industry by 2030 [10].

Core Viewpoint - The establishment of the Digital Renminbi International Operation Center in Shanghai marks a significant step towards the internationalization of the digital renminbi, enhancing Shanghai's role as an international financial center [1][4]. Group 1: Launch of Three Major Business Platforms - The Digital Renminbi International Operation Center, managed by the People's Bank of China, aims to build and operate cross-border and blockchain infrastructure for the digital renminbi [2]. - The three platforms launched include: - Cross-border digital payment platform, which addresses pain points in traditional cross-border payments [2]. - Blockchain service platform, which supports standardized blockchain transactions and on-chain digital renminbi payments [2]. - Digital asset platform, which facilitates the issuance, registration, custody, and compliant trading of digital assets [2]. - These platforms are designed to improve payment efficiency, ensure transaction traceability and security, and lay the groundwork for future digital financial asset trading [2]. Group 2: New Path for Renminbi Internationalization - The Digital Renminbi International Operation Center opens new pathways for the internationalization of the renminbi, leveraging technological advantages to overcome existing barriers [3]. - It proposes a new model of "payment first—investment follows—reserve development" to enhance the renminbi's acceptance in international markets [3]. - The establishment of a separate cross-border financial infrastructure for the digital renminbi reduces reliance on traditional international payment systems, thereby increasing China's influence and financial security in the global financial system [3]. Group 3: Empowering Shanghai's International Financial Center - The operation of the Digital Renminbi International Operation Center aligns with the core functions of Shanghai's international financial center, enhancing its financial infrastructure and market stability [4]. - The center's presence is expected to strengthen Shanghai's position in global financial infrastructure and attract related industry enterprises, fostering an ecosystem [5]. - By leading in digital currency applications, Shanghai can transition from being a "rule taker" to a "rule maker" in the evolving landscape of international financial regulations [5].

Summary of Key Points from Conference Call Records Industry or Company Involved - The discussion primarily revolves around the **U.S. economy**, **geopolitical risks**, and the **impact of AI** on economic growth. Core Insights and Arguments 1. **U.S. Economic Growth and Challenges** The U.S. economy is increasingly reliant on AI-driven growth, with reduced recession risks, but faces challenges from weak consumer spending and rising unemployment rates [1][2][3] 2. **Federal Reserve's Interest Rate Policy** The Federal Reserve's recent interest rate cuts are lower than expected, with a forecast of two additional cuts this year. The current economic environment is characterized by high fiscal policy and a challenging bond market due to elevated interest rates [1][3][13][14] 3. **Geopolitical Developments** Recent high-level interactions between the U.S. and China have led to progress in trade negotiations, particularly in aircraft and agricultural purchases, despite increased controls on chip exports from China [4][5][6] 4. **Middle East Stability and Oil Prices** The Middle East is stabilizing, with oil prices down approximately 15% year-over-year, which helps alleviate U.S. inflation concerns. However, the ongoing Russia-Ukraine conflict is escalating, with both sides attacking oil infrastructure [9][10] 5. **U.S. Immigration Policy Changes** The U.S. and Canada are tightening immigration policies, with significant increases in deportations, reflecting a strategic shift to address domestic issues [11] 6. **Debt Issues in Major Economies** Countries like France, Japan, and the UK are facing severe debt challenges, leading to strategic contractions and relative geopolitical stability as nations focus on internal economic issues [12] 7. **AI Data Center Investment Trends** The construction of data centers is a significant economic highlight, with investments expected to reach $500 to $600 billion this year, driven by the demand for AI capabilities [21][22] 8. **Potential Bubble in AI Data Center Investments** While there is a risk of a bubble in AI data center investments, the current demand remains high, indicating that the investment cycle is not yet over [22] 9. **U.S. Tariff Policies** The average tariff rate is around 14%, but actual rates are lower due to free trade agreements. The U.S. aims to reduce trade deficits and has seen a 30% drop in trade with Canada [23] 10. **Predictions for U.S. Stock Market** The stock market is expected to experience significant earnings growth in Q4, particularly in AI stocks, which could lead to a decrease in valuations [24] 11. **Challenges Facing the U.S. Economy** Key challenges include weak consumer spending, high interest rates affecting the real estate market, and job displacement due to AI technologies. The global economic slowdown may also impact the U.S. economy [29][30] Other Important but Possibly Overlooked Content - The rapid decline in inflation is attributed to falling energy and food prices, while the service sector still experiences inflationary pressures [18][20] - The U.S. unemployment rate is rising, particularly in high-paying sectors, with significant layoffs occurring in tech and finance [19] - The Federal Reserve's new leadership under Dr. Milan advocates for aggressive rate cuts to stimulate economic activity [16][17]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has denied rumors regarding the issuance of the world's first offshore yuan-pegged stablecoin in Hong Kong, labeling them as false and urging vigilance among investors [1][2]. Regulatory Framework - The Stablecoin Ordinance, effective from August 1, mandates that any company wishing to issue a stablecoin in Hong Kong must obtain an official license from the HKMA [3]. - Issuers of "referenced stablecoins" are required to comply with strict operational and transparency standards before market offerings [3][4]. Current Market Status - As of now, no licenses have been granted for the issuance of yuan-pegged stablecoins, making any claims of such activities misleading and illegal under the new regulatory framework [4][6]. - The HKMA is actively monitoring trading activities related to stablecoins and will enforce penalties against violations of the ordinance [5]. Public Awareness and Compliance - The HKMA encourages the public to verify information through its official website, which maintains a public register of licensed stablecoin issuers [7]. - Misleading promotions not only misrepresent the regulator's position but also pose risks of significant financial losses to investors [8].

Group 1 - The micro-cap stock index has dropped over 3%, indicating a significant decline in the market [1] - Sectors such as tourism, real estate, digital currency, and software development experienced the largest declines [1] - More than 4,800 stocks in the Shanghai, Shenzhen, and Beijing markets have fallen [1]

Core Viewpoint - The article highlights the increasing investment focus of private equity firms in Hong Kong's stock market, particularly in AI, digital currency, and new consumption sectors, with a significant portion of their portfolios allocated to these areas [1][2]. Group 1: Investment Strategy - The company has adjusted its positioning to become a "global value investment practitioner," planning to increase investments in global markets, especially in AI and digital currency sectors [1]. - Currently, over 70% of the company's portfolio is allocated to AI, digital currency, and new consumption sectors, with AI being identified as the largest investment opportunity encountered [1][2]. - The company is focusing on two specific segments within the AI sector: HBM investments and application AI companies, which are expected to have substantial growth potential due to increasing demand for bandwidth and efficiency improvements [2]. Group 2: Digital Currency Focus - The digital currency sector has become a new investment priority for the company, with a particular emphasis on DAT (Digital Asset Treasury) companies, which are seen as stable business models that can capitalize on the growth of digital currencies [3]. - As capital flows into the AI and digital currency sectors, valuations of many listed companies in these fields have surged, prompting the company to enhance its risk management capabilities to ensure dynamic portfolio balance [3]. Group 3: New Consumption Sector - The company is closely monitoring investment opportunities in the new consumption sector, particularly focusing on companies that can deliver sustained emotional value and high product value-to-price ratios to consumers [4]. - The investment strategy includes regular communication with investors to keep them informed about the latest investment trends and potential risks in the AI and digital currency sectors [4].