从稳定币到 RWA20250707 摘要 中国人民银行与香港金管局合作启动跨境支付通，支持人民币与港币跨 境汇款，为稳定币跨境支付应用奠定基础。与京东合作的货币桥项目成 功实现数字人民币与京东稳定币的跨链交换，并发交易 47 亿笔无差错， 为经常项目下跨境稳定币交易做好准备。 股票通证化（STO）存在 Robinhood 和 xStock 两种模式。 Robinhood 模式风险较高，存在持仓不透明等问题；xStock 模式通过 券商代理购买及隔离账户，风险相对较小，但需具备合规资质。 Robinhood 选择在欧盟推行股票代币化交易服务，因欧盟对金融科技产 品接受度较高，监管环境相对宽松，且欧盟客户可通过此方式更便捷地 参与美股及 ETF 全天候交易。 代币化交易提供 24 小时不间断市场流动性，链上实时清算提高效率。 代币化实时定价领先于传统交易所，可能导致开盘或收盘时价格跳跃。 香港市场已在智能合约中支持代币化 IPO 交易。 稳定币在跨境支付中用于解决支付速度慢、成本高的问题。香港强调稳 定币在跨境交易中的作用，以提升流动性并降低难度。中国央行研究稳 定币与离岸人民币兑换，修订跨境支付规则。韩国央行推 ...

Group 1 - The Hong Kong Investment Promotion Agency reported that in the first half of this year, it assisted 380 overseas and mainland companies in establishing or expanding their businesses in Hong Kong, representing an 18% year-on-year increase [1] - From January 2023 to June 2025, the agency has assisted 1,301 companies, exceeding the performance target by 15%; the first year direct investment reached HKD 168.4 billion, nearly 1.2 times higher than the target [1] - In the first half of this year, the related companies brought in direct investment of HKD 39.1 billion, a 2% year-on-year increase, and created 8,165 new jobs, a 130% increase compared to the previous year [1] Group 2 - The "New Capital Investor Immigration Scheme" has received 1,548 applications globally since its launch in March last year, with 1,188 applications approved in principle and 673 formally approved, amounting to over HKD 21 billion in verified investments [1] - The agency's director, Liu Kaixuan, emphasized the focus on enhancing Hong Kong's connection with overseas markets, particularly in traditional markets like Europe, North America, and Northeast Asia, while also exploring emerging markets [1] - Future investment attraction efforts will concentrate on four strategic industries: financial services and fintech, innovation and technology, supply chain management and logistics, and sustainable development and green economy [2]

国金证券表示，公司将持续加大对境外业务的积极拓展，通过发挥香港子公司拥有第1、第 2、第4、第6、第9号牌照齐全的优势，实现高效的业务协同，为公司的境外客户提供较为完 整的融资和投资服务。上述虚拟资产相关交易牌照申请尚需香港证监会批准。 此前，已有国泰君安国际、天风国际证券等券商已正式获准扩展牌照业务范围，可向专业投 资者提供虚拟资产交易服务。 这一动作恰逢香港虚拟资产监管框架的"制度成型期"。8月1日，香港《稳定币条例》即将正 式生效。 7月7日，香港特区政府财经事务及库务局局长许正宇表示，金管局目前正就落实条例的具体 指引进行市场咨询。该指引将在本月内公布，具体内容涉及"反洗钱"及其他相关监管要求。 许正宇表示，首批稳定币牌照将严格限量发放，数量控制在个位数。鉴于稳定币作为新兴产 物的风险性，以及保障用户利益和市场稳健的需要，牌照获批门槛极高。获得牌照的稳定币 发行人必须具备实际应用场景，并以稳健和可持续的方式运营业务。 目前，已有多家机构表达了申请稳定币牌照的意向。其中，京东币链科技、圆币创新科技等 机构已入选金管局"沙盒计划"，正在测试跨境支付等应用场景。这些机构需要满足储备资产 100%隔离和本地实 ...

Group 1 - The recent U.S. employment data shows a seemingly strong recovery with 147,000 new jobs added in June, surpassing the expected 106,000, and an unemployment rate dropping to 4.1% [3] - However, a closer look reveals that 73,000 of the new jobs were from government sectors, while the private sector only added 74,000, marking a near two-year low [3] - Concerns arise from increased layoffs in small businesses and a rebound in long-term unemployment, with the median duration of unemployment nearing pandemic highs [3] Group 2 - The expectations for interest rate cuts by the Federal Reserve have shifted significantly, with the probability of a July cut dropping from 25% to nearly zero, and the September cut probability falling from 98% to below 80% [3] - The importance of liquidity in the stock market is emphasized, as it is considered the primary driver of market performance [4] - Historical data indicates that during bull markets, retail investors often incur significant losses, while institutional investors achieve substantial gains [5][6] Group 3 - The disparity in performance between institutional and retail investors is attributed to the ability to track capital flows effectively [8] - Specific examples of stock performance post-September 24, 2024, illustrate the differences in institutional interest, with one stock experiencing a decline while another continued to rise [10][14] - The analysis of institutional inventory data reveals that stocks with sustained institutional interest tend to perform better over time [16] Group 4 - The implications of U.S. employment data extend to global liquidity conditions, influencing the Federal Reserve's monetary policy and, consequently, global capital market performance [18] - The structural risks hidden within the strong employment figures suggest potential challenges for future monetary policy decisions [18]

资料来源：最闻 【山证计算机】AI 算力专题报告：AI 产 业高景气持续，算力国产化大势所趋 2025.5.27 【山证计算机】机器人产业趋势持续强 化，重视上下游投资机会 2025.5.14 分析师： 计算机 行业快报 领先大市-A(维持) 2025 年 7 月 7 日 行业研究/行业快报 计算机行业近一年市场表现 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian@szxq.com 研究助理： 邮箱：zouxinchen@sxzq.com 全球稳定币监管框架建立，产业将迎来爆发时刻 事件描述： 首选股票 评级 全球稳定币监管立法正快速推进：今年 6 月 17 日，美国参议院以 68 票 比 30 票正式通过 GENIUS 法案，明确了支付型稳定币的定义并提出了稳定 币的发行资质和抵押品要求等，为美元稳定币制定监管框架，目前 GENIUS 法案正递交众议院审议；欧盟 MiCA 法案已于 24 年 12 月 30 日全面生效； 今年 5 月 21 日，香港通过《稳定币条例草案》，并将于 8 月 1 日正式生效， 该条例明确稳定币发行人需在香港金管局申请牌照，并符合储备资产管理、 ...

在脸书（Facebook）首次公开募股仅数月后，亿万富翁、贝宝（PayPal）联合创始人彼得·蒂尔（Peter Thiel）便以每 股20美元的价格套现。但如今，这些股份的价值已飙升至当初的37倍，折合近150亿美元。图片来源：Eva Marie Uzcategui/Bloomberg via Getty Images 投资是一场风险与回报的博弈。若判断正确，你可能积累数十亿财富；若判断失误，一切都可能化 为乌有。 对于贝宝联合创始人彼得·蒂尔而言，成为脸书首位外部投资者无疑是一次极为成功的抉择——但他 或许会因抛售所持股份而心生懊悔。 这位科技企业家在2004年，即脸书创立仅数月时，首次投入50万美元，购入该公司10%的股份，彼 时公司估值约为490万美元。近十年后，在2012年5月该公司首次公开募股后，蒂尔决定套现。他出 售了约2010万股股票（占其所持股份的绝大部分），每股价格在19.27美元至20.69美元之间，当时 套现约4亿美元。 倘若他一直持有这些股票直至 今日 ，其价值将达到约147.6亿美元（截至撰写本文时，Meta的股价 为736美元），这一决策或许会让这位硅谷最精明的投资者之一感到遗憾。 ...

Core Insights - The development of stablecoins, particularly dollar-pegged stablecoins, has significant implications for the global economy and financial system, as highlighted by Zhou Xiaochuan [1][3][5] - While dollar stablecoins can enhance transaction efficiency and reduce costs, they also pose risks of dollarization, which can undermine monetary policy independence and financial stability in various countries [4][6] Summary by Sections Potential Impact of Dollar Stablecoins - Dollar stablecoins are primarily based on the US dollar and can improve efficiency in transactions and remittances, especially in cross-border payments due to their fast settlement and low costs [3] - They can also facilitate the purchase of various assets, including digital and crypto assets, thereby stimulating related markets [3] Risks and Side Effects of Dollarization - Dollarization refers to the widespread use of the US dollar in economic activities instead of local currencies, which has been observed in Central America and some transitioning economies [4] - It can weaken a country's monetary policy independence as the demand for local currency decreases, limiting the central bank's ability to manage monetary policy [4] - Dollarization may lead to financial instability, exposing local financial institutions to liquidity and exchange rate risks, often adopted in extreme situations like high inflation or debt [4] Cautious Considerations for Stablecoin Development - Zhou emphasizes the need for countries to carefully assess the impact of dollarization on their economies and financial systems when considering the promotion of domestic stablecoins [5] - The widespread use of dollar stablecoins could exacerbate the dominance of the US dollar in the global economy, affecting other nations' monetary and economic policies [5] - Countries should adopt a prudent approach in advancing stablecoin development to ensure alignment with their economic interests and financial stability goals [5][6]

Core Viewpoint - The company has entered into a strategic cooperation framework memorandum with AnchorX to explore potential collaborations in various areas including cross-border payments, stablecoin applications, digital asset trading and management, and investments in blockchain technology and fintech [1] Group 1: Strategic Collaboration - The memorandum was signed on July 4, 2025, indicating a formal agreement to pursue joint initiatives [1] - AnchorX is recognized as a leading digital currency solution provider in Asia and has obtained a digital asset-related currency service license from Kazakhstan's financial regulatory authority [1] Group 2: Business Implications - This strategic cooperation is seen as a strong testament to the company's business capabilities and potential [1] - Successful implementation of this collaboration could provide the company with opportunities for a diversified investment portfolio, enhancing its market influence and competitiveness [1]

Group 1 - The company, Jinyong Investment (01328.HK), has entered into a strategic cooperation framework memorandum with AnchorX on July 4, 2025 [1] - The collaboration will explore potential cooperation in areas such as cross-border payments and trade, stablecoin application scenarios, digital asset trading and management, and investment in blockchain technology and fintech [1]

Group 1 - The implementation of the Hong Kong Stablecoin Regulation on August 1 is expected to attract stablecoin operators to establish their businesses in Hong Kong, as the regulatory framework is considered advanced [1] - The financial technology sector is optimistic about the development of stablecoins, which are believed to create significant opportunities in trade and investment markets, aiding in global currency diversification [1] - The number of mainland enterprises that have settled in Hong Kong over the past two and a half years is 630, accounting for approximately 48% of the total, indicating a strong trend of mainland companies using Hong Kong as a launchpad for international expansion [1] Group 2 - The introduction of the BEPS 2.0 framework, which includes a global minimum tax and a minimum top-up tax in Hong Kong, aims to address tax avoidance by multinational corporations, with Hong Kong's corporate tax rate at 16.5%, higher than the global minimum of 15% [2] - Despite geopolitical challenges, Hong Kong is viewed as having both risks and opportunities, with the Investment Promotion Agency focusing on enhancing connections with international markets while exploring emerging markets [2] - Since the implementation of a new company migration mechanism, two insurance companies have relocated to Hong Kong, highlighting the potential for business opportunities in the region [2]