以下文章来源于RimeData 来觅数据 ，作者来觅研究院 导读：在全球经济数字化转型的浪潮中，数字金融已成为金融领域变革与创新的核心驱动力。自中央金融工作会议将数字金融列为需重点 做好的"五篇大文章"之一，其战略地位愈发凸显。准确把握数字金融的定义、梳理其历史沿革，并深入剖析在一级市场中的定位与发展历 程，对于理解金融体系变革、把握市场机遇、制定合理政策具有重要意义。 01 数字金融由来 数字经济作为国民经济的重要组成部分，其定义与范畴在《数字经济及其核心产业统计分类2021》和《工业重点行业领域设备更新和技术改造指南》中得 到了明确界定。根据该分类标准，数字经济可分为数字产业化和产业数字化两大板块。数字金融既是金融机构服务、赋能数字经济的过程，也是数字经济 反哺改造金融机构的方式。产业数字化与数字产业化在金融领域的应用呈现出明显的差异化特征，产业数字化主要表现为金融机构利用物联网、大数据等 技术对传统业务流程的改造，而数字产业化则体现在金融科技企业的产品创新上。二者共同推动数字金融生态的多元化发展。 数字金融的发展经历三个主要阶段：萌芽期（1990-2000年）20 世纪 90 年代，互联网技术在全球迅速 ...

Investment Rating - The report indicates a positive investment outlook for the digital finance industry, projecting significant growth in market size driven by policy support and technological advancements [11][12][16]. Core Insights - Digital finance is positioned as a core driver of transformation and innovation within the financial sector, with its strategic importance highlighted by recent governmental focus [3][4]. - The market size of China's digital finance is expected to reach 10 trillion yuan by 2025 and 20 trillion yuan by 2030, with a projected annual growth rate of approximately 19% [11][15]. - The integration of emerging technologies such as AI, blockchain, and cloud computing is accelerating the development of digital finance, leading to new business models and enhanced operational efficiencies [11][16]. Summary by Sections Digital Finance Development - Digital finance has evolved through three main phases: the nascent stage (1990-2000), the innovation phase (2000-2015), and the integration phase (2016-present), with significant advancements in technology driving its growth [4][5]. - The Chinese government has issued clear policy guidelines to promote the application of AI and blockchain in finance, enhancing collaboration between financial institutions and tech companies [5][6]. Current Market Status - In 2024, the core industries of the digital economy are expected to account for 10% of GDP, with significant growth in sectors like integrated circuits and AI [6]. - The digital economy's data market is projected to grow, with a 30% increase in transaction volume, reaching over 160 billion yuan [6][7]. - Commercial banks are leading the digital finance development through various strategies, including credit provision and risk management [7][8]. Investment Trends - Despite a slight decline in market activity, venture capital continues to support the digital economy, with early-stage financing remaining a focus [8][9]. - The report notes a shift in private equity and venture capital strategies towards ecosystem reconstruction, emphasizing collaboration with leading tech firms [8][10]. Future Outlook - The future of digital finance is characterized by precise policy guidance, accelerated capital accumulation, and a significant market scale transition [13][16]. - The integration of advanced technologies is expected to reshape the competitive landscape of the financial industry, creating substantial growth opportunities [16].

Group 1: US Market Focus - The core commodity prices are expected to reflect tariff impacts more significantly starting mid-year, with a bullish outlook for US stocks in the second half of the year [7][16]. - The Federal Reserve maintained the policy interest rate at 3.9% during the June meeting, aligning with market expectations, while adjusting inflation and unemployment forecasts upward and economic growth forecasts downward [9][12]. - The upcoming release of the Personal Consumption Expenditures (PCE) price index is anticipated to show a year-on-year increase of 2.3%, with core PCE expected to rise to 2.6% [16] Group 2: Company Insights - Circle Internet, a major stablecoin issuer, has issued over $60 billion in USDC, with a trading volume of $25 trillion, benefiting from the evolving regulatory landscape in the US [41]. - Robinhood is expected to continue benefiting from the US stock market and cryptocurrency trends, with a focus on enhancing user experience and product offerings, which may lead to market share growth [41]. - The SPDR S&P 500 ETF aims to replicate the performance of the S&P 500 index, which includes companies from all 11 GICS sectors, providing diversified exposure to large-cap US stocks [42]. Group 3: Sector Performance - The S&P 500's 25-year revenue and earnings growth forecasts have been adjusted downwards, reflecting market pricing in of tariff tensions and economic slowdown [27][35]. - The technology sector is highlighted for its strong growth momentum and reasonable valuation, while utilities and healthcare sectors are also recommended due to their dividend characteristics and growth potential from new treatments [37].

Group 1 - The most significant event last week was the listing and stock price surge of stablecoin issuer Circle, triggering an explosion in the stablecoin ecosystem [1][4] - Stablecoins are digital currencies that are pegged to fiat currencies and regulated by governments, providing a strong foundation for applications such as asset exchange, digital transactions, and DeFi lending [4][5] - Circle's focus on compliance and transparency aims to establish a foundational ecosystem for future finance, positioning itself as a core vehicle for a digital dollar [4][5] Group 2 - The rapid progress of the U.S. in advancing stablecoins aligns with the development of the digital age, with major companies like Amazon and Walmart entering the market [6] - The U.S. government intends to solidify the global dominance of the dollar while restructuring its debt [6] - Other regions, such as Hong Kong, the EU, and Japan, are also making moves in the stablecoin space, although at a slower pace [6]

Core Viewpoint - Zhongqi Yunlian Co., Ltd. is seeking to list on the Hong Kong Stock Exchange for the second time, aiming to raise funds primarily for enhancing core technology, infrastructure, marketing capabilities, and international market expansion [1] Company Overview - Established in 2015, Zhongqi Yunlian is an independent digital financial platform that connects various stakeholders in the industrial financial supply chain [1] - The company ranks first in China's industrial digital financial platform market with a market share of 12.9% based on total financing obtained in 2024 [1][2] Financial Performance - The company reported a gross profit margin of 96% and has shown continuous revenue growth, with revenues of 6.52 billion, 8.79 billion, and 9.91 billion yuan from 2022 to 2024 [4][5] - The main revenue drivers are the cloud credit services, which contributed 79.1%, 85.0%, and 88.5% of total revenue during the same period [3] Business Segments - Zhongqi Yunlian operates three main business segments: rights confirmation and factoring services, scenario digital business, and other ecological businesses [2] - The cloud credit services are the primary revenue source, while scenario digital business has also shown growth, contributing 4.6%, 7.3%, and 7.0% of total revenue from 2022 to 2024 [3] Key Operational Metrics - The financing rates during the reporting period were 72.6%, 71.6%, and 72.0%, with core enterprise retention rates of 88.5%, 86.0%, and 87.8% [4] - The company experienced fluctuations in cash flow, with net cash flow from operating activities recorded at -1.307 billion, 88.48 million, and 26.27 million yuan [7] Cost Structure - Sales and marketing expenses accounted for over 40% of total revenue during the reporting period, indicating significant investment in market promotion and business development [6] - Research and administrative expenses were also substantial, comprising 18.2%, 17.7%, and 17.4% of total revenue [6] Shareholder Structure - Liu Jiangsheng holds a 64.79% partnership interest in Yunding Assets, which is the largest shareholder group of Zhongqi Yunlian [8] Legal and Regulatory Issues - As of June 19, 2023, Zhongqi Yunlian was involved in nine legal cases, including contract disputes and trademark infringement [8]

Core Viewpoint - The article discusses eight significant financial opening measures announced by the People's Bank of China at the 2025 Lujiazui Forum, aimed at enhancing Shanghai's financial market and promoting internationalization of the Renminbi. Group 1: Financial Infrastructure Development - Establishment of an interbank market trading report database to collect and analyze trading data across various financial sub-markets, aiding financial institutions and regulatory bodies [2][3][10] - Creation of a digital Renminbi international operation center to facilitate the internationalization of digital currency and support financial market innovation [2][4][11] - Formation of a personal credit agency to provide diversified credit products and improve the social credit system [2][5][12][13] Group 2: Offshore Trade and Financing - Launch of a comprehensive reform pilot for offshore trade financial services in the Lingang New Area of Shanghai, aimed at innovating business rules to support offshore trade [2][6][14] - Development of free trade offshore bonds, adhering to international standards to expand financing channels for enterprises involved in the Belt and Road Initiative [2][6][15] Group 3: Trade and Investment Facilitation - Optimization and upgrading of free trade account functions to enhance efficient capital flow between quality enterprises and foreign funds, improving the liberalization of cross-border trade and investment [2][6][16] - Implementation of innovative structural monetary policy tools in Shanghai, including pilot projects for blockchain credit refinancing and cross-border trade refinancing [2][7][18] Group 4: Currency Risk Management - Collaboration with the China Securities Regulatory Commission to promote Renminbi foreign exchange futures trading, enhancing the product offerings in the foreign exchange market to better manage exchange rate risks for financial institutions and foreign trade enterprises [2][7][19]

2025年5月，全球金融监管迎来里程碑时刻。美国参议院通过《指导与建立美国稳定币国家创新法 案》，香港立法会则正式三读通过《稳定币条例草案》。这两项法案的落地，标志着稳定币从"灰色地 带"走向合法化，为RWA市场提供了制度性保障。 在金融科技领域，每一次政策与技术的突破都可能引发一场颠覆性的变革。2025年，稳定币与现实世界 资产代币化（RWA）的融合，正成为全球金融市场的焦点议题。 RWA（Real-WorldAssets）指通过区块链技术将现实世界中的有形资产（如房地产、债券、能源设备 等）或无形资产（如知识产权）转化为可交易的数字代币。 中信证券最新研报指出，香港与美国相继推进稳定币立法，不仅为RWA市场注入强劲动力，更预示着 数字货币结算体系将迎来历史性转折。这场变革背后，究竟隐藏着怎样的机遇与挑战？ 元隆雅图则探索IP文创资产数字化，推动文化资产RWA出海。 最新消息显示，深石科技正式与曲美家居集团达成合作签约，将共同推进其厂房资产的RWA项目落 地，实现实体资产链上化。深石科技有限公司(Deepstone)致力于打造新一代数字投行，专注现实世界资 产(RWA)的标准化发行与数字化交易基础设施，提供 ...

香港财政司司长陈茂波就稳定币发声！ 6月15日，陈茂波在发表的名为《提速前进扬帆稳航》的网志中表示，在《稳定币条例》生效后，香港 金管局将尽快处理收到的牌照申请，以便合资格的申请人开展其业务。 他同时透露，香港即将就数字资产的发展发表第二份政策宣言，阐述下一步的政策愿景和方向，一系列 具体的措施包括让传统金融服务的优势与数字资产领域的技术创新有更好地结合、提高数字资产在实体 经济活动的安全性和灵活性，以及鼓励本地和国际企业探索数字资产技术的创新及应用。 发行人须提出具体的商业理据 《稳定币条例》已于5月21日获香港立法会通过，并于5月30日正式刊宪，为法币稳定币发行人设立发牌 制度，并将在8月1日生效。这已成为近期市场高度关注的焦点。"我们注意到不少市场参与者均对此很 感兴趣。"陈茂波说。 "按估算，全球稳定币总市值约为2400亿美元，而去年全球稳定币交易量则超过20万亿美元。"陈茂波 说，"随着数字资产市场的蓬勃发展，市场对稳定币的需求料将进一步增加。" 稳定币是一种锚定法定货币或与特定资产挂钩、具价格稳定性的数字资产。其中，法币稳定币凭借区块 链技术的安全性和高效性以及法币的稳定性，将成为结合金融体系和实 ...

美元/离岸人民币 金十数据6月15日讯，香港特区政府财政司司长陈茂波今日（15日）表示，香港在数字金融、绿色金融 及离岸人民币市场方面取得长足发展。自2022年年底特区政府发表首份有关数字资产市场发展的政策宣 言以来，相关市场在香港发展明显提速，并汇聚了不少相关企业到香港落户及扩展。因应最新的发展和 形势变化，特区政府即将就数字资产的发展发表第二份政策宣言，阐述下一步的政策愿景和方向，一系 列具体的措施包括让传统金融服务的优势与数字资产领域的技术创新有更好的结合、提高数字资产在实 体经济活动的安全性和灵活性，以及鼓励本地和国际企业探索数字资产技术的创新及应用。 （大湾区 之声） 香港将发表第二份数字资产发展政策宣言 ...

Core Insights - Tether continues its acquisition strategy by purchasing a 31.9% stake in Elemental Altus Royalties, a publicly listed gold royalty company in Canada, for approximately $89.4 million [2][4] - This investment is part of Tether's strategy to integrate stable assets like gold and Bitcoin into its ecosystem, aiming to enhance the transparency and stability of digital financial products [2][4] - Tether's CEO emphasizes the importance of gold as a time-tested store of value and its role in building resilient financial infrastructure for the future [4] Acquisition Details - Tether acquired 78,421,780 shares of Elemental at a price of 1.55 CAD (approximately 1.14 USD) per share, completing the transaction on Tuesday [2] - The acquisition allows Tether to gain diversified exposure to global gold production without the operational risks associated with mining [2] Impact on Tether Gold - The acquisition strengthens Tether's ecosystem and supports its gold-backed stablecoin, Tether Gold (XAUt), which has become the largest gold-backed cryptocurrency since its launch in 2020 [4][5] - Tether plans to leverage its new exposure to launch more commodity-backed digital assets in the future [4] Market Context - The price of gold has seen a significant increase, rising approximately 30% within the year, with spot gold reaching a peak of $3,500 in April before slightly retreating to $3,388 [6] - Tether's XAUt stablecoin market cap reached $854 million in April, reflecting its growth alongside rising gold prices [5][6] Recent Investment Activities - Tether's acquisition of Elemental follows a record profit of $13 billion last year and a series of strategic investments, including a $458.7 million Bitcoin purchase and a $3.9 billion transfer to Twenty One Capital [7] - The company has also invested in various sectors, including media and sports, indicating a broadening of its investment portfolio [7]