Group 1: Stablecoin Legislation - The U.S. Congress has officially approved the stablecoin bill with a vote of 308 in favor and 122 against, awaiting Trump's signature for enactment [1] - The bill provides significant legitimacy for stablecoin issuers, with major players like JPMorgan and Bank of America viewing it as a prerequisite for entering the stablecoin market [1] - The next step for Congress is to advance a comprehensive legislative framework for the cryptocurrency industry [1] Group 2: Luxury Car Consumption Tax Adjustment - The Ministry of Finance and the State Taxation Administration have announced a reduction in the consumption tax threshold for ultra-luxury cars from 1.3 million yuan to 900,000 yuan [2] - Pure electric and fuel cell vehicles without cylinder capacity will only be taxed at the retail level, while those with cylinder capacity will continue to be taxed at both production (import) and retail levels [2] Group 3: OpenAI's ChatGPT Agent Release - OpenAI has launched the ChatGPT Agent, a general-purpose AI agent capable of autonomous thinking and action [3] - The ChatGPT Agent can select appropriate tools from its skill set, including Operator, Deep Research, and ChatGPT, to complete complex tasks [3] Group 4: Support for Free Trade Zones - The Ministry of Commerce has expressed support for free trade pilot zones to actively align with international high-standard economic and trade rules [4] - The initiative aims to enhance the construction of open platforms and accelerate the implementation of core policies for the Hainan Free Trade Port [4] Group 5: Market Insights - Guotai Junan predicts that the stock index may experience horizontal consolidation, which is seen as a preparation for new highs, with short-term market fluctuations [6] - Zheshang Securities suggests that the market may require horizontal consolidation in the short term, with limited downside potential and opportunities for individual stocks [7] - Dongfang Securities emphasizes that the technology growth sector remains a long-term market focus, supported by policy and industrial upgrades [8] Group 6: Policy Focus and Industry Developments - The Ministry of Housing and Urban-Rural Development is promoting new urban infrastructure construction and accelerating the upgrade of old pipelines, which may create more opportunities in the building materials industry [9] - Shenzhen has announced measures to support the micro-short drama industry, offering up to 2 million yuan in funding for projects [10] - Recent advancements in brain-computer interfaces have been reported, with 10 epilepsy patients achieving "thought-based communication," indicating a growing focus on medical applications in this sector [11]

证券研究报告 合规时代开启，全球竞赛加速 ——稳定币行业深度报告 行业评级：看好 2025 年 7 月 17 日 分析师 刘雯蜀 分析师 童非 研究助理 张致远 邮箱 liuwenshu03@stocke.com.cn 邮箱 tongfei01@stocke.com.cn 邮箱 zhangzhiyuan@stocke.com.cn 证书编号 S1230523020002 证书编号 S1230524050005 摘要 2 1、稳定币：币值稳定的数字货币 • 稳定币是锚定法币、商品或加密资产的加密数字货币，通过足额抵押或算法调节供应量维持价值稳定。相较传统支付，稳定币依托区块链实现点 对点实时清算，交易成本低（如币安$ENA合约资金费率仅为0.25%，2023 Q3全球平均汇款成本为6.18%）、高效（只需几秒到几分钟内，传统 时间需3-5天）、门槛低（稳定币最低只需几美元即可转账）。稳定币已广泛用于交易撮合、DeFi、供应链金融及跨境支付，成为数字经济生态的 重要基石。 2、核心催化：香港《稳定币条例》8月1日实施，美国推进GENIUS法案 95% • 2025年6月6日，香港特区政府在宪报发布公告，指定202 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - The discussion primarily revolves around the macroeconomic environment in China, the performance of the A-share and Hong Kong stock markets, and the implications of U.S. economic policies under the Trump administration. Core Insights and Arguments 1. **Domestic Supply and Demand Rebalancing** The core policy goal for the second half of the year is to achieve domestic supply and demand rebalancing through a combination of policies to address the challenges posed by the continuous negative growth of PPI [2][18][35] 2. **A-Share Market Trends** The A-share market is expected to exhibit a slow bull market trend, with a significant focus on the period around September when U.S.-China tariffs are clarified and domestic incremental policies are introduced [5][29][36] 3. **Hong Kong Stock Market Performance** The Hong Kong stock market has shown strong performance in the first half of the year, benefiting from a weak dollar environment and expectations of a shift in economic power [6][7] 4. **U.S. Economic Policy Shifts** The Trump administration's economic policies have shifted focus from austerity and debt reduction to tax cuts and interest rate reductions to stabilize the economy and reduce U.S. debt costs [8][11] 5. **Challenges in the U.S. Economy** The U.S. economy faces challenges such as rising unemployment, high deficit rates, and inflationary pressures, which are expected to impact economic performance in the second half of the year [11][14] 6. **Market Sentiment and Investment Strategies** The overall market sentiment is expected to remain stable, with specific investment strategies focusing on sectors like financial innovation, energy transformation, and AI [31][37] 7. **Consumer Spending Highlights** Key areas of consumer spending to watch include service-related consumption, new consumption patterns, and childcare subsidies, which are expected to improve in the second half of the year [20][22] 8. **Impact of Anti-Inflation Measures** Anti-inflation measures are expected to affect traditional industries significantly, with a focus on sectors like photovoltaic, new energy vehicles, and steel [21][34] 9. **Stock-Bond Rebalancing** The trend of stock-bond rebalancing is supported by low bond yields and the increasing attractiveness of equities, particularly in the context of a weak dollar [3][35] 10. **Future Market Expectations** The market is anticipated to experience a slow bull trend, with significant attention on the September timeframe for potential policy shifts and economic indicators [27][36] Other Important but Possibly Overlooked Content 1. **ETF Inflows** Stock ETFs have seen continuous net inflows, becoming an important vehicle for asset allocation among residents, indicating a shift in investment preferences [4][25][26] 2. **Global Economic Context** The global economic context, including the performance of non-U.S. assets and the implications of a weak dollar, is crucial for understanding the investment landscape [9][15] 3. **Long-term Investment Themes** Long-term investment themes include a focus on sectors like stable coins, energy transformation, AI, and defense, which are expected to drive future growth [33][38] 4. **Policy-Driven Market Dynamics** The dynamics of the market are heavily influenced by policy decisions, particularly in response to inflation and economic pressures, which will shape investment strategies moving forward [34][36]

Group 1 - The recent surge in stablecoin-related stocks in both A-shares and Hong Kong stocks indicates a strong market interest, with notable performances from companies like Jinshi Technology and China San San Media [1][2] - The legislative progress in Hong Kong and the U.S. regarding stablecoin regulations is expected to provide clearer guidelines and promote the development of the stablecoin industry [1][4] - Major financial centers worldwide, including the U.S., EU, and South Korea, are establishing regulatory frameworks for digital currencies, which is likely to enhance market sentiment and facilitate institutional involvement [2][3] Group 2 - Internet giants and traditional financial institutions are rapidly positioning themselves in the stablecoin market, recognizing its potential as a multi-trillion-dollar opportunity [2][3] - Companies like Ant Group and JD.com are actively seeking stablecoin licenses in Hong Kong, indicating a competitive landscape for stablecoin issuance [3] - The global stablecoin market is projected to exceed $3.7 trillion by 2026, driven by cross-border payments and the tokenization of real-world assets [4] Group 3 - The total market size of cryptocurrency stablecoins has surpassed $250 billion, with trading volumes exceeding $20 trillion last year, reflecting the growing demand for stablecoins in the digital asset market [5]

Summary of Conference Call Industry or Company Involved - The conference call primarily discusses the stablecoin industry, particularly focusing on the recent developments in Hong Kong's stablecoin legislation and its implications for the market [2][3][4]. Core Points and Arguments - **Hong Kong Stablecoin Legislation**: The stablecoin issuance licensing system was officially launched on May 30, marking the world's first regulatory framework centered on value-backed stablecoins [2][3]. - **Market Expansion**: The stablecoin industry is expected to experience significant market scale expansion, driven by the issuance of stablecoins and the technological management of these assets [3][4]. - **USDC Listing**: Circle, the issuer of USDC, went public with a stock price increase of up to 240% on its first trading day, indicating high market interest [4]. - **Impact of US-China Trade Relations**: The ongoing trade tensions between the US and China are increasing the demand for cross-border transactions, which is beneficial for the stablecoin market [4][5]. - **Tariff Developments**: Recent tariff announcements by the US, including a 50% tariff extension on the EU, are influencing trade dynamics and may affect various industries, including technology and semiconductors [5][6]. - **Industrial Demand Trends**: Manufacturing demand showed a slight decline, but the impact of tariffs was relatively minor, suggesting resilience in the industrial sector [7][8]. - **Profit Margin Improvements**: Industrial companies reported a profit margin increase of 0.17%, primarily due to reduced management and financial costs rather than sales volume improvements [8][9]. - **Sector Performance**: The agricultural sector remains stable, while other industries like textiles and furniture are experiencing weaker demand. The service sector, including hospitality and financial services, is performing better than manufacturing [10][11]. - **Long-term Investment Value**: Despite short-term fluctuations, both stablecoin and rare earth sectors are viewed as having long-term investment value due to their strategic importance in the current trade environment [12]. Other Important but Possibly Overlooked Content - **Regulatory Environment**: The conference emphasized the importance of regulatory frameworks in shaping the future of the stablecoin market and its potential for growth [2][3]. - **Consumer Stability**: The consumer goods sector is seen as more stable compared to export-driven industries, which are currently influenced by preemptive demand due to tariffs [11][12]. - **Trade Data Insights**: Some specific commodities, such as wood and plastic products, are showing strong demand despite the overall tariff impacts, indicating sector-specific resilience [12]. This summary encapsulates the key insights and developments discussed during the conference call, providing a comprehensive overview of the stablecoin industry and its broader economic implications.

Core Insights - The global venture capital market reached $94.6 billion in Q2 2025, marking the second-highest level in recent years, despite a significant drop in the number of deals to an eight-year low [2][9][14] - The current investment landscape is characterized by a "winner-takes-all" mentality, with funds increasingly concentrated on top-tier projects, making it crucial for entrepreneurs to understand the new rules of the game [4][3] Investment Trends - AI continues to dominate, attracting half of the total investment funds, with AI-tagged companies enjoying a median financing amount of $4.6 million, significantly higher than the market average [5][7][24] - Hard technology is on the rise, with six out of the top ten financing cases in Q2 2025 directed towards this sector, driven by factors such as the resurgence of U.S. manufacturing and advancements in clean energy [16][21] - Corporate venture capital (CVC) investments have decreased to a seven-year low, but the average deal size has reached its highest level since 2021, indicating a shift towards fewer, larger investments [39][42] Sector-Specific Insights - Defense technology is becoming a hotbed for investment, with a median revenue multiple of 17.4, slightly higher than AI companies, reflecting strong investor confidence [20] - The quantum computing sector saw $2.2 billion in investments in the first half of 2025, a 69% increase from the previous year, as major tech companies make significant breakthroughs [57][61] - The nuclear energy sector is experiencing a revival, with projected investments reaching $5 billion in 2025, driven by the energy demands of the AI industry [63][71] Future Investment Opportunities - The stablecoin market is expected to see explosive growth, with projected funding reaching $10.2 billion in 2025, fueled by improved regulatory conditions [46][49] - The defense technology sector is anticipated to attract more investors, with the number of participating institutions expected to grow by 34% from 2024 to 2025 [54] - The nuclear energy sector is positioned to become a critical infrastructure component in the AI era, as companies seek reliable energy sources to support their operations [71]

稳定币风潮：一场关乎国运的金融变革正在上演！ 稳定币的行情远未结束，每一次调整都可能是主力的倒车接人。这不仅仅是一场简单的概念炒作，而是一场深刻影响全球金融格局的变革。目前，美国稳 定币全球市场份额占比高达99%，并已通过法案试图开启布雷顿森林体系第三阶段。一旦美国成功，其他国家可能错失时代的超级风口，甚至丧失国家金 融主权。 面对这一局势，全球各国都在积极应对。日本修订法案允许发行日元稳定币，英国发行以英镑计价的稳定币，而中国也在积极行动。中国考虑发行人民币 稳定币，推动央行数字货币在跨境支付中的运用，并召开加密货币与稳定币的发展及应对的学习会。稳定币已经上升为国家重大战略，接下来将得到政 策、资金等全面扶持。 然而，在这场变革中，并非所有公司都能抓住机遇。一些公司短期涨幅过高，需要时间调整消化获利盘。真正的机会在于那些刚刚启动、股价较低且具有 行业唯一性的稳定币公司。 第三名：市北高新，上海唯一国家区块链创新应用综合性试点，与浦发银行发行稳定币，利用区块链技术打造全链条，取代美元结算体系，具有极高的创 新性和实用性。 第二名：金一文化，A股唯一一家对外宣布开发稳定币系统的上市公司，具备金融数据清洗、资产智 ...

Market Overview - The Hang Seng Index closed at 24,028, up 0.46% for the day and 20.34% year-to-date[3] - The Hang Seng China Enterprises Index rose 0.22% to 8,668, with a year-to-date increase of 19.17%[3] - The Hang Seng Tech Index increased by 0.61% to 5,217, showing a year-to-date growth of 17.47%[3] U.S. Market Performance - Major U.S. indices experienced declines, with the S&P 500 down 0.33% to 6,280 and a year-to-date increase of 6.43%[3] - The Dow Jones Industrial Average fell 0.63% to 44,651, with a year-to-date rise of 4.30%[3] - The Nasdaq Composite decreased by 0.22% to 20,631, reflecting a year-to-date growth of 6.60%[3] Sector Highlights - Financial sector stocks surged, driven by a significant increase in A-share IPO approvals and favorable news regarding cryptocurrencies[7] - Biopharmaceutical stocks led gains, with WuXi AppTec's earnings forecast exceeding expectations, resulting in a rise of over 10%[7] - Steel stocks were buoyed by expectations of capacity cuts and improved industry profits due to policy upgrades[7] Cryptocurrency and Commodities - Bitcoin reached a historic high, surpassing $118,000, while gold prices rose above $3,350[7] - The energy sector showed strength amid speculation of U.S. sanctions on Russian oil and OPEC's consideration to halt production increases in October, leading to oil prices rising over 2%[7] Notable Stock Movements - Chinese brokerage stocks performed well, with Zhongzhou Securities up over 47% and Xingsheng International up over 24%[7] - Japanese stock market saw the Nikkei 225 index decline by 0.19%, while the TSE index rose by 0.39%[10]

Group 1: PCB and Special Glass Fiber Cloth - The price of key materials for PCB upgrades has increased by over 16%, with three domestic companies expected to see profit releases and valuation reassessments [2] - The rapid iteration of PCB and CCL driven by AI development has led to a supply-demand gap for special glass fiber cloth, indicating a strong market demand [4] - The market for special electronic cloth is anticipated to grow rapidly, with domestic manufacturers accelerating their market penetration [5] Group 2: Stablecoins - The scale of stablecoins is expected to reach $3.7 trillion in 3-5 years, with profits comparable to "money printing," highlighting key beneficiary selections [6][8] - The development of compliant stablecoins and payment infrastructure is projected to expand rapidly in the next few years [10] - The strategic significance of developing compliant stablecoins in Hong Kong is noted, with a recommendation to monitor licensing applications and issuance progress [11] Group 3: Huangjiu Industry - The Huangjiu industry is undergoing a structural change, with leading companies focusing on "premiumization," "youthfulness," and "nationalization," suggesting a potential bottoming phase for the industry [12] - The historical cultural significance of Huangjiu is emphasized, indicating a promising outlook for the industry [14] - The concentration of the Huangjiu industry is increasing, with a trend towards strengthening the dominance of leading companies [16]

Group 1 - The stablecoin market is experiencing significant growth, with CIRCLE's stock price increasing nearly 10 times within two weeks and Hong Kong's Jin Yong Investment seeing a daily increase of over 6 times [1] - Legislative actions are being taken globally, including the U.S. passing the GENIUS Act for stablecoin regulation, the U.K. releasing stablecoin regulatory proposals, and Hong Kong introducing a comprehensive regulatory framework for fiat-backed stablecoins [1] - Shanghai is positioned as a key player in the stablecoin sector, having undertaken various national financial technology pilot tasks and being a leader in the domestic blockchain industry [1] Group 2 - Guotai Junan International, a subsidiary of Shanghai Guotai State-owned Assets, has received approval from the Hong Kong Securities and Futures Commission to upgrade its securities trading license, allowing it to trade virtual assets including stablecoins [3] - Greenland Holdings, backed by Shanghai state capital, has a subsidiary that holds a stake in Ant Group and has upgraded its licenses to support virtual asset business, enhancing its digital finance strategy [3] - Jinqiao Information, controlled by Shanghai state capital, collaborates with Ant Group to provide secure solutions for stablecoins and supports the issuance and regulation of digital currencies [3] Group 3 - A notable company backed by top state capital is involved in blockchain technology and has developed various platforms for data sharing, electronic evidence, and data security, applicable across multiple sectors [4] - The company collaborates with Tencent Cloud to create cloud platform solutions for government and enterprise needs, and works with Ant Blockchain on projects like electronic invoices and contracts [4] - Its blockchain electronic invoice project has been recognized as a pilot demonstration project by the Ministry of Industry and Information Technology [4]