Core Viewpoint - The article discusses the impact of President Trump's new tariff policy on the stock market, highlighting initial declines in U.S. stocks followed by a more stable performance in Asian and European markets, suggesting a potential easing of tensions [1][3]. Group 1: Market Reactions - On July 7, U.S. stocks experienced a significant drop due to Trump's tariff announcement, but the following day saw stability in Asian and European markets, leading to optimism that the tariffs may not be as severe as initially feared [1][3]. - The Nasdaq China Golden Dragon Index rose by 1.64%, indicating a positive response from Chinese concept stocks despite the tariff concerns [6]. Group 2: International Responses - Fourteen countries received letters from Trump detailing high tariffs set to take effect on August 1, with Thailand's finance minister expressing a desire to negotiate lower rates [3]. - Japan's Prime Minister expressed regret over the proposed 25% tariff on Japanese imports, emphasizing the need for continued negotiations [3]. Group 3: Economic Analysis - Thomas Matthews from Capital Economics stated that the uncertainty surrounding tariffs is unlikely to cause a collapse in the U.S. economy, but it may influence the Federal Reserve's monetary policy decisions [4]. - The potential inflationary effects of tariffs could lead to a stronger U.S. dollar, despite the negative implications for U.S. Treasury bonds [4]. Group 4: Cryptocurrency and Fintech Developments - Trump Media Technology Group announced plans to launch a cryptocurrency ETF, which will hold various cryptocurrencies, reflecting ongoing interest in the crypto market [11]. - Robinhood, a fintech company, continues to thrive with a significant increase in its stock price and the introduction of new crypto-related products [12].

Core Viewpoint - Trump Media Technology Group has submitted an initial registration statement to the SEC for the launch of the "Truth Social Cryptocurrency Blue-Chip ETF" which will directly hold major cryptocurrencies [1] Group 1: ETF Details - The ETF will allocate assets as follows: 70% Bitcoin, 15% Ethereum, 8% Solana, 5% Cronos, and 2% Ripple [1] - Crypto.com will serve as the exclusive digital asset custodian and primary executing agent for the ETF, providing staking services and liquidity support [1] Group 2: Regulatory Approval - The official launch of the ETF is contingent upon the approval of the registration statement by the SEC and the review of the 19b-4 filing [1] - Once approved, the fund is set to be listed and traded on the NYSE Arca exchange [1]

Market Overview - A-shares experienced a significant rise on July 8, with the Shanghai Composite Index approaching 3500 points, marking a new high for the year. The index closed up 0.7%, the Shenzhen Component up 1.46%, and the ChiNext Index up 2.39%. A total of 4283 stocks rose, with 75 hitting the daily limit, while 981 stocks declined [1][2]. Solar Industry Performance - The photovoltaic equipment sector led the A-share market, with stocks experiencing a surge. Key segments such as inverters, silicon materials, photovoltaic processing equipment, and solar cell components all saw increases, with several stocks, including Tongwei Co. and Junda Co., hitting the daily limit [3][4]. Policy and Industry Insights - A recent meeting led by the Minister of Industry and Information Technology focused on accelerating the high-quality development of the photovoltaic industry. Industry leaders indicated that policy-driven measures could stabilize and recover prices in the supply chain, with major polysilicon companies planning to reduce production and form price alliances to combat unhealthy competition [5][6]. Market Sentiment and Future Outlook - Analysts suggest that the current market environment may represent a "window of opportunity" for bullish sentiment, with expectations of sustained performance leading up to significant events in the second half of the year. The Hong Kong market also saw a broad increase, with major indices rising [1][6]. International Trade and Economic Factors - Global market tensions eased as U.S. President Trump expressed willingness to negotiate further on trade, delaying new tariffs. This development has contributed to a rebound in global markets, with investors viewing the situation as a potential acceleration of negotiations rather than a definitive conclusion to tariff implementations [11][12]. Investment Behavior - Recent data indicates a recovery in trading sentiment within the A-share market, with indicators suggesting potential upward movement. The overall market configuration shows signs of improvement, with a narrowing of repurchase scales and an increase in capital inflow [12].

服务贸易领域的8项措施尤为关键——包括优化跨国公司跨境 资金集中运营管理政策等4条推广到其他自贸试验区。8项中， 有6项的责任分工均与中国人民银行及金融监管总局有关。 作者：欧阳晓红 封图：图虫创意 一场对中国金融改革意义深远的吹风会或悄然改写制度型开放"规则"。 7月3日，国务院印发的《关于做好自由贸易试验区全面对接国际高标准经贸规则推进高水平制度 型开放试点措施复制推广工作的通知》（国函〔2025〕68号，下称《通知》），以及次日亮相的 《中国人民银行关于〈人民币跨境支付系统业务规则（征求意见稿）〉》（下称《业务规则（征求 意见稿）》），从贸易便利化到跨境支付清算，从自贸港离岸账户到数字人民币跨境，多维交织出 一幅制度演进的图景。 7月4日，国新办召开政策例行吹风会，聚焦中国（上海）自贸试验区全面对接国际高标准经贸规 则试点成效及复制推广安排。商务部部长助理唐文弘介绍，为用好上海自贸试验区制度型开放试点 经验，在更大范围释放制度创新红利，国务院印发《通知》，将试点成熟、成效显著、风险可控的 77条试点措施向其他自贸试验区或在全国范围内复制推广。 《通知》将其中的34条试 点措施向 其他自贸试验区推广，43 ...

股票研究 /[Table_Date] 2025.07.08 稳定币，看好场景拓展规模扩张 [Table_Industry] 综合金融 [Table_Invest] 评级： 增持 ——稳定币专题研究之二 | [table_Authors] 刘欣琦(分析师) | 孙坤(分析师) | | --- | --- | | 021-38676666 | 021-38676666 | | 登记编号 S0880515050001 | S0880523030001 | 本报告导读： 稳定币应用场景持续拓展，未来规模有望达到 3.5 万亿美元。Circle 作为稳定币头部 企业，业务布局、生态构建与财务表现兼具成长势能与挑战。 投资要点： 股 票 研 究 行 业 专 题 研 究 1. 稳定币：应用场景持续拓展 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 [Table_Summary] 稳定币应用场景持续拓展。从 2014 年第一个稳定币 USDT 诞生、 聚焦加密货币交易起步，2019 年摩根大通 JPM Coin 入局，推动机 构跨境贸易结算；2020 年 DeFi 爆发叠加 PayPal USD 上线，让稳 定币 ...

越来越多的企业与个人，选择新加坡这个亚洲金融中心，作为出海之路上的关键一站。 2024 年新加坡外来直接投资（ FDI ）达 1434 亿美元创历史新高。一大批中国知名企业，选择以 新加坡作为进军东盟十国近 7 亿人口市场的"桥头堡"。阿里、腾讯、字节跳动、蚂蚁等标杆企业， 在新加坡早有布局。 越来越多全球富豪，选择在新加坡设立家族办公室：从桥水公司创始人瑞 ·达利欧（ Ray Dalio） 、谷歌联合创始人谢尔盖·布林（ Sergey Brin） 到印度首富穆克什·安巴尼（ Mukesh Ambani） …… 2024 年一年之内，新加坡的单一家族办公室数量猛增超过 40% ，总数量突破 2000 家。 觉得好看，请点"在看" 新加坡仅凭 "弹丸之地"，凭什么能够赢得全球资本的认可？它在全球资产配置里面，能够提供哪些 独到的价值？针对这些大家普遍关心的问题，华尔街见闻邀请您参加见面全球调研行——新加坡之 旅，在今 年 7 月 29 日至 8 月 1 日，跟我们一起出发深度调研新加坡知名金融机构，现场聆听塔 勒布、罗杰斯洞见 ！ 本次调研行程中，我们将探访某国际一线大行私行、拔萃资本以了解新加坡在全球资产配置 ...

（原标题：应该为人民币稳定币立规则） 随着国际上一些经济体就稳定币展开立法进程，各界对稳定币的发展有了各种憧憬和讨论，同时也对人 民币稳定币如何发展进行探讨。本文认为，稳定币作为一种支付结算领域的辅助工具，在金融领域的应 用是有效的，同时，对货币发行、货币流通和货币政策有一定的正面和负面影响，需要加以规范和监 管。因此，应该尽快制定有关人民币稳定币的法规，确保相关业务的有序开展，防范可能的风险。 一、 关于稳定币相关观念的辨误 稳定币是在以比特币为代表的各类加密货币基础上出现的一种与真实资产锚定的支付工具，其中锚定法 定货币的稳定币与其他加密货币在金融功能上具有不同的性质和特点。但目前在叙述锚定法定货币的稳 定币中，往往与其他加密货币相混淆，同时，也如前些年互联网金融一样，以技术特性代替金融本质， 造成很多误解，干扰了稳定币的正常发展。 1、香港、美国等经济体为稳定币立法，不是稳定币的合法化，而是加强对稳定币的监管。 按普通法系的原则，法律没有明确禁止的行为，都不是非法行为。因此，可以说，在没有稳定币立法的 情况下，稳定币、稳定币支付结算是合法的。之所以立法，说明两个问题：一是稳定币支付在经济生活 中是有良好 ...

从行业表现看，恒生行业指数日内涨跌不一，非必需性消费行业指数涨 1.77% ，原材料业指 数涨 1.48% ，资讯科技业指数涨 1.31% 。跌幅方面，公用事业指数跌 0.47% ，地产建筑 业指数跌 0.33% ，必需性消费行业指数跌 0.32% 。 【导读】拟携手 AnchorX 发行稳定币，金涌投资股价狂飙涨 533% ！ 中国基金报记者 郭玟君 7 月 8 日，香港三大股指均大幅上涨。恒生指数收盘涨 1.09% ，报 24148.07 点，结束三 日连跌；恒生科技指数涨 1.84% ，报 5325.95 点；恒生中国企业指数涨 1.16% ，收于 8708.66 点。全日市场成交额为 2133 亿港元，较前一交易日有所增加。南向资金净买入额 为 3.87 亿港元。 有三只个股领涨蓝筹：信义光能涨 5.43% ，因光伏行业困境反转预期升温；快手涨 5.16% ，机构看好其 IP 运营及渠道扩张；周大福涨 4.42% 。 | 序号 | 名称 | 代码 | 现价 | 消假跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | ...

Group 1 - The company expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -46.23 million and -32.36 million yuan [1] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -63.93 million and -50.06 million yuan [1] - The previous year's net profit attributable to shareholders of the parent company was -80.82 million yuan, and the net profit after deducting non-recurring gains and losses was -103.20 million yuan [1] Group 2 - The main reasons for the performance decline include delayed project delivery and acceptance in the second half of the year, leading to ongoing costs and expenses throughout the year [2] - The digital economy sector is experiencing longer collection cycles due to market changes, resulting in an increase in expected credit loss rates and higher asset impairment losses [2] - The company is actively reducing the scale of its IT equipment distribution and banking business, reallocating resources to its fintech core business while maintaining gross profit levels and reducing period expenses [2]

以下文章来源于霞光社 ，作者李小天 霞光社 . 赋能企业全球化 来源丨 霞光社（ID：Globalinsights） 作者丨 李小天 图源丨Midjourney "最近，我们发现很多欧美电商平台的卖家，或者是东南亚平台的卖家，都纷纷在了解非洲市场。 Jumia刚刚在深圳举办的招商大会，本来预期是到场300人，但现场来了450人；往年我们直播大会 的在线观看人数是一两万人，今年飙升到五万人，由此能够明显感受到大家对非洲市场的热情。" 非洲电商巨头 Jumia的中国市 场负责人Linli告诉霞光社，近期，非洲电商市场的热度突飞猛进，吸 引了不少中国卖家纷至沓来。 数据则更为直观地体现了中非贸易的与日俱增。海关总署6月9日公布的数据显示，受中美贸易战影 响，五月，中国对美国出口继续恶化，同比降幅扩大13.6个百分点至34.6%，连续两个月大幅放缓； 中国对日本出口增速放缓1.6个百分点至6.1%；发达经济体中，仅对欧盟出口加快，同比增速走高 3.7个百分点至11.9%。 而在 新兴经济体 中，中国对非洲出口同比增长33.4%，高于前值7.3个百分点 ，而对东盟、拉丁美 洲出口增速放缓6.0个、14.2个百分点至15 ...