宏观·要闻 1—6月全国吸收外资4232.3亿元人民币 据商务部网站消息，2025年1—6月，全国新设立外商投资企业30014家，同比增长11.7%；实际使用外 资金额4232.3亿元人民币，同比下降15.2%。 从行业看，制造业实际使用外资1090.6亿元人民币，服务业实际使用外资3058.7亿元人民币。高技术产 业实际使用外资1278.7亿元人民币，其中，电子商务服务业、化学药品制造业、航空航天器及设备制造 业、医疗仪器设备及器械制造业实际使用外资分别增长127.1%、53%、36.2%、17.7%。 重要会议召开：战略矿产走私出口"零容忍、出重拳" 据商务部网站消息，2025年7月19日，国家出口管制工作协调机制办公室组织商务部、公安部等单位， 在广西南宁召开打击战略矿产走私出口专项行动推进会，总结通报前期进展成效，全面分析当前打私形 势，对专项行动进行再部署、再推进。 会议指出，专项行动启动以来，各有关部门深入贯彻落实党中央、国务院决策部署，成立专班、迅速行 动，制定方案、明确任务，对战略矿产走私出口"零容忍、出重拳"，不断加大执法办案力度，侦办了一 批战略矿产非法出口案件，抓获了一批走私犯罪嫌疑人， ...

Group 1: Foreign Investment - In the first half of 2025, China attracted foreign investment amounting to 423.23 billion RMB, a year-on-year decrease of 15.2% [1] - A total of 30,014 new foreign-invested enterprises were established, representing a year-on-year increase of 11.7% [1] - The manufacturing sector attracted 109.06 billion RMB, while the service sector attracted 305.87 billion RMB [1] - High-tech industries received 127.87 billion RMB in foreign investment, with significant growth in e-commerce services (127.1%), chemical pharmaceuticals (53%), aerospace equipment (36.2%), and medical instruments (17.7%) [1] Group 2: Regulatory Developments - The People's Bank of China released a draft regulation to standardize interbank market brokerage activities, prohibiting brokerage institutions from participating in primary bond issuance and over-the-counter bond business [3] - The Shenzhen Stock Exchange announced a pilot program for the continuation of corporate bond issuance and the expansion of asset-backed securities, aimed at meeting reasonable financing needs and enhancing market liquidity [4] Group 3: Corporate Performance - Over 1,500 listed companies in A-shares have disclosed their half-year performance forecasts, with 676 companies expecting positive results, accounting for approximately 43% [5] - 26 companies anticipate a net profit increase exceeding 1,000% [5] - 193 companies are expected to turn losses into profits, with positive forecasts concentrated in hardware, chemicals, and machinery sectors [5] Group 4: Industry Meetings and Actions - A meeting was held by the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the State Administration for Market Regulation to discuss the regulation of the electric vehicle industry, with 17 major automotive companies in attendance [8] - The Ministry of Commerce organized a meeting to combat the smuggling of strategic minerals, emphasizing a "zero tolerance" policy and increased law enforcement efforts [2] Group 5: Mergers and Acquisitions - The China Securities Regulatory Commission approved the merger of China Shipbuilding Industry Corporation and China Shipbuilding Heavy Industry Corporation, allowing for the issuance of 3.053 billion new shares [10] Group 6: New Listings and IPOs - Hangzhou Yushu Technology Co., Ltd. has completed its listing counseling filing with the Zhejiang Securities Regulatory Bureau [11] - Bullish Company, involved in cryptocurrency trading and media, has submitted registration documents for an IPO on the New York Stock Exchange [12]

Core Viewpoint - Bullish, a company involved in cryptocurrency exchange and media, has filed for an IPO with the SEC, marking a significant event in the cryptocurrency industry following the listing of the first stablecoin company, Circle Internet [1][11]. Company Overview - Bullish was established in 2021, incubated by blockchain company Block.one and notable Silicon Valley investor Peter Thiel. The company operates primarily through two segments: Bullish Exchange, a regulated digital asset exchange, and Coindesk, a data and media business acquired in 2023 [3][4]. - Bullish Exchange focuses on institutional trading of digital assets, generating revenue through trading fees and spreads. It is regulated in Germany, Hong Kong, and Gibraltar, with additional licenses sought in other jurisdictions, including the U.S. [3]. - Coindesk's operations include CoinDesk Data, CoinDesk Indices, and CoinDesk Insights, providing market data, indices, and media coverage on digital assets. The company earns revenue through subscriptions, licensing fees, and advertising [4]. Financial Performance - Bullish's projected digital asset revenues for 2022, 2023, and 2024 are $72.89 billion, $116.49 billion, and $250.2 billion, respectively, with net profits expected to shift from a loss of $4.25 billion in 2022 to a profit of $1.3 billion in 2023 and $795.6 million in 2024 [7]. - As of Q1 2025, the company reported $802.3 million in revenue and a loss of $349 million. Its total trading volume since inception exceeds $1.25 trillion, with significant trading volumes in Bitcoin and Ethereum projected for 2024 [7]. Market Position and Competition - Bullish Exchange ranks among the top five platforms for Bitcoin and Ethereum trading, with a daily trading volume exceeding $2.5 billion in Q1 2025. Major competitors include Binance, Coinbase, and Kraken [7]. - Coindesk serves 171,000 users with real-time data and research, while its media site attracted 55 million unique visitors in 2024 [8]. Shareholder Structure - The company's executives collectively hold 73% of the shares, with the largest institutional shareholder, Pu Luo Chung VC, owning 12.8% [8].

央视网消息：美国总统特朗普18日签署稳定币监管法案，这是美国在联邦层面首个稳定币立法。稳定币的发展暗藏哪些风险？又将如何重 塑金融生态格局？来看相关报道。 英国广播公司：旨在巩固美元主导地位 稳定币是一种加密货币，与美元或黄金等具有稳定性的实物资产挂钩。在稳定币的世界，美元占据绝对主导地位，这种主导地位可能会提 振美元不断下滑的地位。一旦全球对美元稳定币的需求进一步释放，可间接转化为对美债的强大支撑。这几乎意味着，稳定币的每一次流通都 需要美元或美债的间接支持，都可能是对美元的间接背书，起到巩固美元霸权地位的作用。 卡塔尔半岛电视台：监管框架存在缺陷 日本《日经亚洲评论》：影响金融生态格局 英国《金融时报》：稳定币暗藏风险 稳定币依托去中心化的区块链技术，其资金跨境流动是匿名的，使得监管机构难以有效追踪资金流向、准确统计资金规模，这为洗钱等非 法金融活动提供了可乘之机，极大地增加了监管难度。在金融体系薄弱的国家和地区，稳定币的广泛应用必然对当地金融体系形成强烈冲击。 一旦稳定币出现危机，极易引发连锁的市场信任危机，进而导致挤兑风险的爆发。 美国总统将此次法案签署称为"巩固美国在全球金融和加密技术领域主导地位的 ...

Core Viewpoint - The cryptocurrency industry is witnessing significant IPO activity, with Bullish, a company backed by Block.one and notable investors like Peter Thiel, filing for an IPO to list on the NYSE, following the recent capital excitement from Circle's listing [1][3]. Group 1: Company Background - Bullish was established in 2021 and is a product of collaboration between blockchain company Block.one and prominent Silicon Valley investors, including Peter Thiel [3]. - The company previously attempted a reverse merger to go public shortly after its founding but had to abandon the plan due to rising interest rate concerns and turmoil in the cryptocurrency market [3]. Group 2: Business Operations - Bullish's operations are primarily divided into two segments: the cryptocurrency exchange Bullish and the recently acquired data and media business Coindesk [5]. - The company holds over 24,000 Bitcoins, positioning it among the top five publicly traded companies in terms of Bitcoin holdings [5]. Group 3: Financial Performance - As of Q1 this year, Bullish's total trading volume since inception has exceeded $1.25 trillion, with projected trading volumes for Bitcoin and Ethereum in 2024 estimated at $284.8 billion and $144.5 billion, respectively [7]. - In Q1 2023, Bullish reported digital asset sales of $80.2 billion, with a net loss of $348.6 million, contrasting with a net profit of $104.8 million in the same period last year [8][9]. Group 4: Market Position and Competition - Bullish ranks among the top five exchanges for Bitcoin and Ethereum spot trading volume, competing with major players like Binance, Coinbase, and Kraken [7]. - Coindesk serves as a well-known provider of trading data, indices, and media in the cryptocurrency space, attracting 55 million unique visitors in 2024 [7]. Group 5: Regulatory Environment - The timing of Bullish's IPO application appears strategic, coinciding with the increasing legislative focus on cryptocurrency regulation in the U.S. [11]. - The company has been proactive in obtaining licenses in various regulatory jurisdictions, including a crypto asset trading and custody license from Germany's financial regulator and a virtual asset trading platform operator license in Hong Kong [12].

Core Viewpoint - The signing of the "Genius Act" by President Trump marks the beginning of a federal regulatory framework for stablecoins in the U.S., enhancing the legitimacy of the cryptocurrency industry and providing clearer rules for its development [2][4]. Regulatory Framework - The "Genius Act" establishes a legal framework for the issuance and regulation of stablecoins, including requirements for reserve assets, information disclosure, and auditing mechanisms [4][5]. - The act allows stablecoin issuers to hold reserve assets such as fiat currency, government bonds, and central bank reserves, aiming to ensure stable redemption of stablecoins [4][5]. Market Impact - Following the announcement of the act, the cryptocurrency market experienced a collective downturn, with Bitcoin dropping from $120,000 to around $117,000, reflecting a 1.85% decline within 24 hours [2]. - The total market capitalization of stablecoins has surpassed $260 billion, with Tether's USDT leading at over $160 billion, followed by Circle's USDC at over $64 billion [5]. Competitive Landscape - Circle's USDC is positioned to benefit significantly from the new regulations, as 80% of its reserves are in U.S. government bonds, aligning with compliance requirements [5]. - Tether's USDT faces challenges due to its lack of compliance in the U.S. market, despite controlling over 60% of the stablecoin market [6]. Banking Sector Response - Major U.S. banks are increasingly entering the stablecoin space, with Bank of America and Citibank planning to launch stablecoin products, viewing them as crucial for future international payments [8][9]. - JPMorgan has already initiated a pilot for a deposit token named JPMD, which is pegged to U.S. dollar deposits and supports real-time transfers [8]. Systemic Risks - The rise of stablecoins may pose systemic financial risks similar to those of shadow banking, as issuers lack traditional banking constraints, potentially leading to vulnerabilities during market stress [9]. - The issuance of stablecoins by banks is seen as a strategy to maintain control over payment systems and mitigate the impact of financial technology disruptions [9].

雷递网 雷建平 7月19日 硅谷投资大佬、亿万富翁Peter Thiel支持的数字资产交易所运营商Bullish（股票代码为BLSH）日前递交招股书，准备在美国纽交所上市。 Bullish曾计划与特殊目的收购公司Far Peak Acquisition(FPAC.US)合并，估值90亿美元，最终未能完成交易。 美国的加密货币公司受益于特朗普政府对加密货币行业的支持以及国会推进加密货币立法，最终促成《天才法案》(Genius Act) 的通过和签署，该法案旨 在监管稳定币。 早前，USDC稳定币发行商Circle在纽交所上市，共发售3400万股，募资总额为10.54亿美元；其中，Circle在此次IPO中出售了1480万股，获4.59亿美元； 包括CEO在内的现有股东减持了1920万股，套现近6亿美元。 Circle是继Coinbase后，成为少数几家在美国上市的纯加密货币公司之一。截至今日收盘，Circle市值达498亿美元。 Q1净亏3.48亿美元 Bullish成立于2020年，是一家专注于机构投资者的全球数字资产平台，目标是提供关键任务型产品和服务，帮助机构投资者拓展业务，赋能个人客户，并 推动稳定币、 ...

Group 1: Regulatory Framework - The signing of the "Genius Act" by President Trump establishes the first regulatory framework for digital stablecoins in the U.S. [1] - The act aims to support the issuance of stablecoins backed by liquid assets such as U.S. dollars or short-term government bonds, requiring issuers to disclose reserve details monthly [2] Group 2: Market Impact - Following the signing of the stablecoin legislation, stocks of cryptocurrency companies like Robinhood and Coinbase saw increases of 4.1% and 2.2%, respectively [1] - The two largest stablecoins, Tether (USDT) and USD Coin (USDC), account for approximately 90% of the total market capitalization of stablecoins [4] Group 3: Growth of Stablecoins - The stablecoin market has experienced rapid growth since its inception in 2014, with a market value of only $20 billion in 2020 [5] - Over 90% of Bitcoin transactions are settled using USDT/USDC, establishing them as the "crypto dollar standard" [5] - In emerging markets, stablecoins have become a "digital safe-haven asset," representing 72% of cryptocurrency trading volume in those regions [5] Group 4: Economic Considerations - Experts suggest that the U.S. must fulfill its global responsibilities and commitments to maintain economic stability, which is crucial for the future development of stablecoins [1]

稳定币作为一种加密货币，其价值通过固定于法定货币、重要商品或其他稳定资产，或采用算法机制，以实现其稳定 性的目标，旨在减少价格波动，便于数字支付、跨国交易以及价值保存。 近期，稳定币领域传来重大动态！标志着国家层面的战略部署！7月10日，上海国资委紧急召集了一次集体学习会 议，专门讨论了稳定币和加密货币的相关议题。 上海，作为国际金融中心的要地，正积极推动稳定币的发展，主要基于两大目标： 显而易见，未来稳定币市场的主力军将毫无悬念地由上海本地企业主导。 以下是五家被挖掘出的潜力股，其中最后一家的实力尤为突出！ 恒宝股份：作为国内智能卡和安全数字化领域的领军企业，恒宝股份在数字人民币硬件钱包、区块链底层平台以及稳 定币储备管理系统方面均有布局。其数字货币硬件安全模块支持量子加密级密钥管理，满足稳定币对高安全性的需 求。公司已与多家大型银行合作，探索稳定币底层技术方案，拥有先发优势。 绿地控股：作为上海国资的旗舰企业，绿地控股旗下绿地数科布局区块链支付系统，并持有蚂蚁集团0.7%的股权，间 接参与香港稳定币牌照申请。依托蚂蚁集团的技术资源，绿地控股可能承接稳定币清算平台建设，拓展跨境商贸场 景。其股价不到5元，市 ...

Group 1 - Bullish has submitted an IPO application to the SEC, becoming the first cryptocurrency company to seek public listing after the signing of the Stablecoin Act by Trump [1][4] - The company holds 24,000 BTC and projects a net profit of $80 million for 2024, but anticipates a net loss of $349 million in Q1 2025, despite maintaining a positive adjusted EBITDA of $13 million [1][2] - CEO Tom Farley believes the digital asset industry is entering a new growth phase, emphasizing transparency and compliance as key operational values [3][4] Group 2 - The IPO is underwritten by JPMorgan, Jefferies, and Citigroup, with plans to list on the NYSE under the ticker "BLSH" [3] - Bullish's business includes cryptocurrency spot trading, margin trading, and derivatives trading, and it acquired media company CoinDesk in 2023 [3] - The recent signing of the Stablecoin Act is seen as a favorable policy shift for the cryptocurrency industry, encouraging more companies to pursue public listings [4][6] Group 3 - As of March 31, 2025, Bullish reported total current assets of $1.962 billion, with only $28 million in cash, while digital assets dominate its asset composition [4] - The company’s holdings of over 24,000 BTC are allocated for various purposes, including 20,960 BTC as intangible assets, inventory, and financial assets [4] - The trend of cryptocurrency companies seeking public listings is gaining momentum, with notable examples like Circle, which saw its stock price surge significantly post-IPO [4][5]