Core Viewpoint - The article discusses the ongoing competition in the digital currency space, particularly focusing on the implications of stablecoins and China's approach to Central Bank Digital Currency (CBDC) as a strategic response to the dominance of the US dollar and the risks associated with stablecoins [1][2]. Group 1: China's Position on Stablecoins - China has chosen to develop its own CBDC instead of adopting stablecoins, viewing the latter as a potential tool for "new colonialism" and a threat to financial stability [2][3]. - The Chinese government has classified stablecoins as "virtual currencies" and has taken measures to prevent their direct exchange with legal tender, aiming to block potential capital outflows [3][7]. - The risks associated with stablecoins, such as the reliance on high-risk assets and the failure of algorithmic stablecoins, highlight the vulnerabilities in their structure [5][6]. Group 2: Regulatory Framework and Future Strategy - China's regulatory framework for stablecoins includes stringent requirements such as a minimum capital of 1 billion and 100% reserve backing, reflecting a commitment to financial safety [7][9]. - The article outlines a "three no" principle regarding stablecoins: not prohibiting technological innovation, not recognizing stablecoins as legal tender, and not allowing systemic risks [9]. - The future strategy for China's digital currency includes completing the "multi-CBDC bridge" project by 2025 and establishing a diversified global digital currency system by 2035 [10]. Group 3: Hong Kong's Role and Market Dynamics - Hong Kong is positioned as a testing ground for stablecoin issuance, with projections indicating its stablecoin market could reach $80 billion by 2025, accounting for 25% of the global market [8]. - The collaboration between Hong Kong's stablecoin initiatives and mainland China's digital yuan development reflects a strategic alignment in navigating innovation and risk management [8][9]. - The interplay between stablecoins and CBDCs may lead to a dual-track global currency system, influencing the future of monetary policy and financial stability [9][10].

Core Viewpoint - The introduction of the U.S. stablecoin regulatory framework marks a significant shift in the legal status and mainstream acceptance of stablecoins, particularly dollar-pegged stablecoins, which are now officially recognized by the U.S. government [1][6]. Regulatory Framework - The U.S. stablecoin regulation requires issuers to ensure that their tokens are pegged to the U.S. dollar at a 1:1 ratio and mandates that the funds obtained from issuing tokens be reserved or invested in highly liquid U.S. dollar assets, including cash, bank deposits, and U.S. Treasury securities [6][9]. - This regulatory framework aims to promote the development of dollar stablecoins to support U.S. economic and financial strategic goals [1][8]. Global Impact - The U.S. stablecoin regulation is expected to have a profound impact on the global financial system, potentially altering its development direction and structure [1][8]. - The expansion of dollar stablecoins is anticipated to create new demand for U.S. Treasury securities, as the growing global user base of these stablecoins will become a significant buyer of U.S. debt [8]. Stablecoin Definition and Mechanism - Stablecoins are a type of cryptocurrency that maintains a stable value by being pegged to a fiat currency or other stable assets, distinguishing them from more volatile cryptocurrencies [9]. - The operational mechanism of stablecoins involves anchoring to assets to maintain price stability, with dollar stablecoins typically requiring a 1:1 backing with U.S. dollars or equivalent assets [9][12]. Market Overview - The two largest stablecoins by market capitalization are Tether (USDT) and USD Coin (USDC), which together account for approximately 90% of the total market capitalization of stablecoins [10]. - USDT is issued by Tether and is backed by U.S. dollar-related assets, while USDC is issued by Circle and is similarly backed by high liquidity assets, ensuring transparency through third-party audits [12].

昨日A股三大指数涨跌不一，沪指日线收出三连阳。 板块题材上，三胎、影视院线板块走高，电池、数字货币、多元金融板块调整。 华泰证券指出，当前交易性资金热度仍在、政策窗口期临近下，市场或仍偏强运行。底部升高，高位拉 锯，局部高活跃度仍为基准情形。 巨丰投顾表示，随着资金流入状况的改善，加之宏观政策不断发力，A股已逐步转向增量市场；中国股 票资产仍具有较大的价值重估空间。 截至收盘，沪指报3615.72点，涨0.17%；深证成指报11203.03点，跌0.77%；创业板指报2367.68点，跌 1.62%。沪深两市成交额约18442.79亿元。 盘面上，三胎板块贝因美（002570）、泰慕士（001234）等涨停封板。影视院线全线走强，幸福蓝海 （300528）20cm涨停，金逸影视（002905）、慈文传媒（002343）涨停封板。电池板块调整，信宇人 跌超7%。数字货币板块走弱，东信和平（002017）跌停，恒宝股份（002104）跌超8%。多元金融板块 震荡调整，南华期货（603093）、中油资本（000617）跌超7%。 ...

今天分享的是：2025银行稳定币专题：从金融角度看稳定币基础定义 报告共计：21页 稳定币：区块链时代的"数字银票"，究竟是什么？ 近年来，随着区块链技术的发展，"稳定币"逐渐进入公众视野。这个频繁出现在金融新闻中的词汇，究竟是什么？它和我们常 用的数字人民币、支付宝有何不同？又为何能在跨境支付中引发关注？让我们从金融本质出发，揭开稳定币的神秘面纱。 稳定币不是货币，更像"链上数字凭证" 从本质来看，稳定币并非独立货币，而是锚定法币（如美元）或高等级资产（如黄金、国债）的链上代币化数字凭证。它的核 心功能是在区块链网络中执行支付和交易职能，依托区块链技术实现高效流通，这一点与中国古代的银票颇为相似。 古代银票由民间票号发行，锚定金银等贵金属，持有银票可到票号兑换等额金银，本质是实物货币的"替代品"；如今的稳定币 则由私人机构（如发行USDT的Tether公司、发行USDC的Circle公司）发行，锚定美元等法币，1枚USDT可兑换1美元，功能上 也是法币在区块链上的"数字替身"。 两者的风险特征也高度相似：古代银票面临票号储备不足、伪造等风险；稳定币则可能因发行方储备造假（如曾被质疑的USDT 储备问题）、智 ...

Group 1 - The article highlights significant announcements in the stock market from Sunday to Thursday, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, earnings reports, unlocks, and high transfers" to help investors identify investment hotspots and prevent black swan events [1] - A leading domestic printed circuit board (PCB) company is mentioned, with Huawei as its largest customer, indicating a strong partnership and potential growth in the PCB sector [1] - Another company is noted for its products and services that provide foundational security support for stablecoins, linking it to digital currency, blockchain, and tax digitalization [1] - A company involved in optical devices for lithography machines is highlighted, with applications in AI glasses, chips, and autonomous driving, showcasing its role in advanced technology sectors [1]

证券研究报告|行业点评报告 [Table_Date] 2025 年 7 月 30 日 [Table_Title] 中国香港稳定币监管制度核心要点 [Table_Title2] 计算机 行业评级: 推荐 [Table_Summary] 事件概述: 2025 年 7 月 29 日，为配合 8 月 1 日正式实施的稳定币发行人监管制度，中国香港金融管理局举办技术简报会， 发布发牌制度摘要等系列监管文件，明确稳定币发行人牌照申请要求、发牌时间表等。此前，中国香港金管局 已在《稳定币条例》基础上，发布《持牌稳定币发行人监管指引》及咨询总结等多份文件，其中两套指引将于 8 月 1 日刊宪，核心是明确发行或推广相关稳定币须申请牌照，并对申请人进行明确规定限制，设立 6 个月过渡 期，鼓励相关机构及时沟通申请。 核心观点: ► 高门槛牌照筛选，保障行业稳健起步 中国香港金管局为稳定币发行人设置了极高的牌照申请门槛，要求申请人须为中国香港注册法团或认可机构，拥 有持续的流动净资产来源，且实缴资金不少于 2500 万港元。我们认为，高门槛筛选能为稳定币行业奠定稳健发 展基础，初期少量牌照发放可让监管机构集中精力监管，促使获牌机构 ...

一场决定未来金融秩序的战争，正在香港水面下悄然打响。争夺的焦点，是一张通往新大陆的牌照—— 稳定币。在《香港稳定币条例》生效前夜，第一财经记者独家对话监管沙盒计划参与者、香港立法会稳 定币条例法律顾问以及持牌交易所的核心玩家，探寻这场牌照争夺战的内幕与野心。在全球99%的稳定 币被美元锚定的今天，港元的真正机会何在？答案，或许就藏在服务中资企业出海的万亿蓝海中。这不 仅是香港的机遇，更是一场关乎未来的新金融预演。更现场、更财经，一探究竟！ ...

在业内人士看来，此次融资体现投资者对圆币科技的信心，有助于圆币科技搭建安全、企业级的稳定币 基础设施，进而推动数字货币交易及资产代币化实现快速发展。 圆币科技于2020年成立，致力于通过开放网络、实际应用场景与行业协作，连接传统Web2.0企业与新 兴Web3.0金融体系。2024年9月，圆币科技完成了A1轮融资。 来源：上海证券报·中国证券网 同时，众安银行与圆币科技签署战略合作备忘录，共同探索稳定币在金融服务领域的合规应用，涵盖储 备资产托管、稳定币分销商，从而推动合规数字金融解决方案加速落地。 上证报中国证券网讯（记者 何漪）7月30日，圆币科技宣布，已成功完成接近4000万美元A2轮融资。据 悉，此轮融资由众安国际、中湾国际、璀璨投资及HivemindCapital等机构共同领投，红杉中国、恒久数 字资本、君实投资与国泰君安国际私募股权基金等机构参投。 ...

Group 1: Regulatory Developments - Hong Kong's "Stablecoin Regulation" officially implemented on August 1, marking the first comprehensive regulatory framework for fiat-backed stablecoins globally [3][4] - The regulation requires institutions issuing fiat stablecoins in Hong Kong to obtain a license from the Financial Management Commissioner, enhancing public and investor protection [3] - The framework aims to attract global issuers and Web3 companies, solidifying Hong Kong's position as a financial innovation hub [3][4] Group 2: Market Impact and Predictions - Bank of America predicts a 57% year-on-year profit increase for Chinese securities firms in the first half of the year, partly due to stablecoin-related business [6] - The implementation of the stablecoin regulation is seen as a catalyst for attracting international capital into the Asian market [6] - The regulation is expected to facilitate the internationalization of the offshore RMB, positioning Hong Kong as a testing ground for stablecoin innovations [6] Group 3: Competitive Landscape - The U.S. "Genius Act" signed by President Trump establishes a federal-level regulatory framework for stablecoins, emphasizing a tiered regulatory approach and mandatory dollar backing [4] - The differences between Hong Kong's and the U.S.'s regulatory frameworks may lead to short-term competition, potentially altering the current market dominance of dollar-backed stablecoins [4] - Hong Kong's regulatory environment is anticipated to attract blockchain talent and technology, enhancing its competitive edge over other regions [3][4] Group 4: Technological Innovations - XBIT decentralized exchange platform is positioned as a key player in providing seamless trading experiences, supporting stablecoin liquidity and cross-chain settlements [7] - The platform allows users to manage assets independently without identity verification or transaction restrictions, ensuring complete ownership [7] - XBIT aims to collaborate with regulatory bodies to provide infrastructure for Hong Kong and offshore RMB stablecoins, drawing parallels with the success of USDT on the TRON network [7] Group 5: Future Outlook - The complementary nature of regulatory frameworks in Hong Kong and the U.S. is expected to drive the stablecoin market's growth [10] - Recommendations include simplifying licensing processes and encouraging pilot projects to lower compliance costs for small and medium enterprises [10] - The collaboration between traditional finance and digital economy is anticipated to accelerate, with users gaining more control over their assets through platforms like XBIT [10]

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600570 | 恒生电子 | -2.17 | 9.66 | -107510.15 | | 000617 | 中油资本 | -7.98 | 3.55 | -70910.31 | | 300468 | 四方精创 | -7.95 | 16.58 | -67501.80 | | 002104 | 恒宝股份 | -7.83 | 30.29 | -56538.92 | | 300348 | 长亮科技 | -6.80 | 12.34 | -37522.25 | | 300773 | 拉卡拉 | -6.22 | 9.26 | -36712.52 | | 002017 | 东信和平 | -10.00 | 22.83 | -36451.44 | | 300872 | 天阳科技 | -8.41 | 16.37 | -34358.82 | | 600446 | 金证股份 | -6.68 | 8.06 | -29654.87 | | 300180 | 华峰超纤 | -3.8 ...