Group 1 - South Korean financial giant Shinhan Financial Group's subsidiary Shinhan Investment Corp has applied for seven trademarks related to Korean won stablecoins, marking a significant move in the stablecoin market following NH Investment & Securities [1] - The competition for digital currency positioning in South Korea is intensifying, with Shinhan Card and Jeju Bank already making strategic moves in this area [1] - The digital currency landscape in East Asia is evolving, with Japan and China also advancing their central bank digital currency (CBDC) initiatives, indicating a regional push towards digital currency ecosystems [2] Group 2 - The U.S. is experiencing a breakthrough in digital asset tax reform, with a new proposal aimed at eliminating double taxation on digital assets, aligning their tax treatment with traditional assets like gold and livestock [3] - The proposed legislation includes a $5,000 annual tax exemption for small transactions, which could facilitate the use of cryptocurrencies for small payments [3] - The EU's decision to remove the digital tax option from its 2028 fiscal plan is seen as a significant victory for U.S. tech giants, reflecting a shift in global tax policy [2][6] Group 3 - The competition for digital asset infrastructure is intensifying globally, with the EU's concession on digital tax seen as a move to avoid trade tensions with the U.S., thereby creating more policy space for digital asset innovation [6] - XBIT, a decentralized exchange platform, is emerging as a key player in connecting traditional finance with the digital currency ecosystem, offering efficient cross-border settlement channels [6][10] - The surge in cross-border payment transactions using the digital yuan, particularly with oil-exporting countries and ASEAN members, highlights the growing demand for agile digital asset exchange hubs like XBIT [7]

广发证券 资深宏观分析师 陈礼清 博士 chenliqing@ gf.com.cn 广发宏观郭磊团队 报告摘要 第一， 2025 上半年大类资产表现为黄金＞欧股＞港股＞铜 ＞ 多 VIX ＞比特币＞中证 1000 ＞美股＞上证综指＞日经＞原油＞美元，节奏演绎"反转—反转—再反 转"。一季度港股黄金领跑，美股日股比特币靠后；二季度美股日股比特币反弹领涨，恒生科技收跌，A股资产涨幅收敛。美元呈单边弱势。我们编制的大类资产轮 动指数显示上半年资产以及 A 股行业轮动加快，尤其是一季度与 5-6 月， 19 类大类资产排名总变动名次数自 2014 年 12 月下旬的 116.7 名次升至 2025 年 3 月的 134.7 名次， 4 月重新降至 115 名次，但 5-6 月再度回升至 133.8 名次。在每一轮反转交易的中后段，资产与行业均轮动速度加快。我们理解，"赔率"在反转交易 的"前端与尾端"均扮演着重要角色。一方面，经济预期抢跑与事件性风险驱动易引发"折返"、"冲回"式反转交易，而避险与趋险资产快速沿胜率方向"超买"、"超 卖"，又重新打出新一轮"反转交易"空间。另一方面，"反转交易"中后段，占优资产若继续 ...

1. 香港《稳定币条例》与其他国家有何不同？ 香港《稳定币条例》作为全球首个针对法币稳定币的全面监管框架，其独特性在于聚焦锚定单一或多种法币的稳定币，明确排除算法稳定币，支持多币种发 行，服务人民币国际化。监管模式上，由金管局统一发牌，实施严格准入和储备要求，同时通过"弹性沙盒"机制为创新预留空间，平衡监管与灵活性，凸显 其国际金融中心定位。 2. 港元稳定币是否会冲击传统发钞行地位？ 港元稳定币与法定货币存在本质区别，其发行必须以港元储备为支撑，受货币政策制约，无法取代发钞行的法定货币发行权。不过，稳定币引入了多元发行 主体，改变了传统发钞格局，未来可能形成"传统发钞行+科技金融企业"的竞合格局，共同推动港元数字化发展。 3. 基于稳定币的金融创新有哪些？对内地政策有何影响？ 稳定币可催生现实资产代币化（RWA）、衍生金融工具、增强型跨境支付、DeFi及链上信贷、元宇宙经济等创新。然而，香港若大量发行离岸人民币稳定 币，可能削弱内地货币政策效果，增强境内外市场联动，引发资本流出和监管套利，冲击现行资本项目管理框架。 4. 稳定币对数字人民币（e-CNY）是威胁还是机遇？ 稳定币在跨境支付领域可能与数字人民币 ...

韩伟力表示，稳定币在当前市场形成法币质押型、加密资产质押型和算法调节型三类主流模式。法币质 押型以USDT、USDC为代表，前者因资产透明度不足常受争议，后者遵循美国监管框架；加密资产质 押型如MakerDAO的DAI，以ETH 等虚拟货币为抵押品，抵押率通常超过150%；算法调节型通过智能 合约动态调整供需，但2022 年UST脱锚事件暴露了纯算法机制的脆弱性。 在监管方面，全球范围内，欧盟《加密资产市场监管法案》（MiCA）于 2024 年12月31日落地，美国 《GENIUS法案》和中国香港《稳定币条例》也相继推出，标志着稳定币从"野生"发展阶段进入"圈 养"的合规时代。然而，稳定币监管仍面临诸多技术难点，包括区块链上匿名身份识别、资金流向追 踪、交易合规性以及跨链跨国协调等问题。 展望未来，稳定币发展将呈现监管与创新协同、技术融合深化和市场格局重塑三大趋势。监管与创新协 同方面，合规化将推动稳定币助力实体经济，在供应链金融、跨境贸易结算等领域发挥作用；技术融合 深化体现在隐私计算、监管科技等技术与稳定币管理和经济的融合度不断提高；市场格局重塑方面，头 部机构凭借技术与资本优势将主导市场，小型发行方面临 ...

比特币创新高 概念股领涨 随着下周多部加密货币相关法律在美国国会进入审议环节，加密货币再次点燃投资者热情。比特币近两个交易日连续上涨，并在今日盘中创下了11.8万美元 的历史新高。 下周开始，加密货币三大法案——《天才法案》（《GENIUS法案》）、《明确性法案》（《CLARITY法案》）和《反央行数字货币监控国家法案》将在美国 众议院同步进入审议阶段。这一立法"组合拳"标志着美国加密监管进入关键转折期。三大法案同步审议的特殊性在于其系统性：《天才法案》试图将稳定币纳 入美元储备体系，《反央行数字货币监控国家法案》剑指隐私货币与央行数字货币，《明确性法案》则聚焦监管权划分。这种"三位一体"的立法设计，既反映 了共和党推动加密行业合规化的决心，也暴露出两党在监管逻辑上的根本分歧。若立法落地，美国将成为首个为稳定币、隐私币和监管框架同步立法的国 家，其影响将远超国界，成为全球加密监管的标杆。 分析认为，三大法案将极大提升加密货币行业长期以来所要求的监管透明度。 加密货币交易所Bitfinex的衍生品主管贾格・库纳就表示："我们预计，此前因监管不确定性而持观望态度的资金将重新流入。即便最终通过受阻，立法层面 的参与 ...

金十数据7月11日讯，美股开盘，道指跌0.6%，标普500指数跌0.4%，纳指跌0.28%。受比特币行情提 振，加密货币概念股上涨，Strategy(MSTR.O)涨1.5%。Meta Platforms(META.O)下跌0.3%，公司或将面 临欧盟新指控。苹果(AAPL.O)跌1%。 比特币/美元 美股三大股指低开 ...

道指跌0.5%，标普500指数跌0.4%。加密货币概念股普涨，嘉楠科技涨约5%，MARA Holdings涨约 3%。 ...

Group 1: Bitcoin Price Surge - Bitcoin price surged to a new all-time high of over $118,661, increasing by more than $2,600 in a single day [1] - Since the beginning of the year, Bitcoin has risen over 26%, with a notable increase of $8,800 in just five days after July 7 [2] - Institutional buying has been a significant driver of this price increase, with major institutions nearly exhausting exchange liquidity [2] Group 2: Market Sentiment and Institutional Interest - The signing of the "Big and Beautiful" bill by the Trump administration has boosted investor sentiment towards risk assets, including Bitcoin [1][3] - Analysts believe that the recent influx of funds into Bitcoin is driven by long-term demand rather than speculative trading [3] - The market is optimistic, with a higher volume of bullish options compared to bearish ones, indicating a positive outlook for Bitcoin's future [3] Group 3: Regulatory Developments and Stablecoins - The U.S. Senate passed the "Genius Act," establishing a regulatory framework for stablecoins, which is expected to attract more funds into the crypto market [5] - There are differing opinions on the impact of stablecoins on Bitcoin, with some suggesting that stablecoins could marginalize Bitcoin, while others argue they provide a pathway for new investors to enter the crypto space [6][7] - The compliance trend of stablecoins may enhance Bitcoin's status as a "digital gold" and attract institutional capital into the crypto market [7][8] Group 4: Future Outlook - Analysts predict Bitcoin could reach $135,000 in Q3 and potentially $200,000 by the end of the year [3] - The decentralized nature of Bitcoin may provide a competitive edge over stablecoins, especially if stablecoins face stringent regulations [8]

行情回顾 美元指数本周整体震荡上行，延续上周非农后的反弹走势，主要受到特朗普贸易威胁的消息与市场对美联储货币政策预期的牵动，曾接近98关口但未能成功 上破。本周料将录得三周来首次收涨，截至发稿报97.8。 现货黄金周初区间震荡，期间一度下破3300关口，但随着市场消化特朗普关税"大棒"的威胁，周三欧盘开始稳步回升，截至发稿站上3350美元/盎司。另 外，央行数据显示，我国连续第8个月增持黄金。现货白银周四、周五涨势显著，截至发稿站上37.7美元/盎司，今年涨幅接近30%，创2011年以来最高。 非美货币方面，澳元兑美元本周持续走高，澳洲联储维持利率不变，与市场预期相违背；英镑和欧元兑美元震荡下跌，英镑恐将录得六连跌；美元兑日元周 一大幅上涨后区间盘整。 国际油价方面，红海局势因胡塞武装袭击再度升温、俄罗斯6月原油产量仍低于OPEC+目标、OPEC+有望在10月暂停增产等因素对油价起到推高作用，但是 美国EIA原油库存意外增超市场预期，叠加市场对全球需求前景的担忧加剧，油价周四起转跌，本周料整体小幅收涨。 风险资产方面，市场基本忽视特朗普最新的关税威胁，风险偏好持续好转，英伟达市值创4万亿美元，带动标普500指 ...

Core Viewpoint - The article discusses the challenges and failures associated with the co-CEO model in the Chinese internet industry, highlighting the case of Himalaya and other companies that have adopted this structure, ultimately questioning its effectiveness in a fast-paced and competitive environment [1][2][3]. Group 1: Co-CEO Model Challenges - The co-CEO model can lead to inefficiencies, decision-making delays, and internal conflicts due to shared responsibilities and differing strategic visions [1][2][3]. - Companies like Himalaya, Bitmain, and Kuaishou have experienced significant struggles under co-CEO leadership, often resulting in strategic misalignment and operational chaos [3][5][6]. - The co-CEO structure may initially provide stability during transitions, but it often fails to deliver long-term success in the rapidly evolving tech landscape [1][2][3]. Group 2: Case Studies - Himalaya, despite having a strong market position with approximately 300 million MAU and 60% of mobile audio listening time in China, faced four failed IPO attempts and struggled with monetization [2][3]. - Bitmain's co-CEO model led to internal strife and a decline in market position, with the company failing to adapt to competitive pressures and ultimately stalling its IPO process [5][6][8]. - Kuaishou's dual leadership initially thrived but later faced challenges as the need for decisive action increased, leading to a restructuring of its management [22][25]. Group 3: Conditions for Success - Successful co-CEO arrangements are rare and typically require clear division of responsibilities, mutual respect, and a higher authority to make final decisions [17][29][30]. - In stable industries or during transitional phases, co-CEO structures may provide temporary benefits, but they are less effective in the dynamic and competitive environment of the internet sector [28][30][31]. - The article suggests that co-CEO models may work better in companies with distinct, independent business lines or where one leader has ultimate decision-making authority [29][32].