证 券 研 究 报 告 非银金融行业深度研究报告 从铸币到流通：稳定币生态拆解 推荐（维持） ——稳定币系列报告之一 行业研究 非银行金融 2025 年 07 月 11 日 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 联系人：崔祎晴 邮箱：cuiyiqing@hcyjs.com 行业基本数据 华创证券研究所 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 71 | 0.01 | | 总市值(亿元) | 73,466.14 | 6.95 | | 流通市值(亿元) | 56,759.47 | 6.82 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 8.5% | 13.3% | 50.4% | | 相对表现 | 4.8% | 5.9% | 33.4% | -8% 18% 44% 69% 24/07 24/09 24/12 25/02 25/04 25/07 2024-07-10~2025-07-10 非银行 ...

Market Performance - The three major U.S. stock indices rose collectively, with the S&P 500 and Nasdaq both closing at new highs [1][4] - The Dow Jones Industrial Average increased by 192.34 points to 44,650.64, a rise of 0.43% [4] - The S&P 500 index rose by 0.27% to 6,280.46, marking its eighth record close this year [4] Company Highlights - Nvidia's market capitalization surpassed $4 trillion for the first time at closing [5] - Delta Airlines shares rose by 11.99% following a positive earnings outlook indicating a rebound in demand [8] - United Airlines and American Airlines also saw significant increases in their stock prices, rising by 14.33% and 12.72% respectively [8] Cryptocurrency Developments - Bitcoin reached a new all-time high, climbing over 4% to $115,877.4, with earlier peaks exceeding $117,000 [14] - The surge in Bitcoin led to a significant number of liquidations in the market, with over 230,000 traders affected in the past 24 hours [14][16] Economic Commentary - Recent uncertainties in the market have eased, providing support for stock performance, as noted by Wells Fargo's global equity strategist [13] - President Trump urged the Federal Reserve to take swift action to lower interest rates, reflecting ongoing pressure on monetary policy [2][18] - Federal Reserve officials indicated that a rate cut could be discussed in the upcoming July meeting, with a 64% probability of a 25 basis point cut by September [20]

港股午评：恒生科技指数涨超2%，券商股走强 金十数据7月11日讯，今日早盘，港股三大指数开盘后震荡走高。截至中午收盘。恒生指数收涨1.9%， 恒生科技指数收涨2.08%，国企指数收涨1.83%。中资券商股今日大幅走强，中州证券(01375.HK)涨超 64%，市值突破150亿港元；加密货币概念连日上涨，新火科技控股(01611.HK)涨超18%；生物医药概念 回升，药明康德(02359.HK)涨超11%；除此以外，保险、芯片、黄金、科网等概念涨幅居前。教育、电 力设备、电池、内房等概念早盘低迷。个股方面，金涌投资(01328.HK)收涨28%；盘中周杰伦发布第一 个抖音视频，巨星传奇(06683.HK)收涨21%；阿里巴巴(09988.HK)、美团(03690.HK)均涨超3%。 ...

Core Viewpoint - The recent surge in Bitcoin prices, reaching a historical high of $116,488.83, is attributed to U.S. policy support and institutional buying, with a year-to-date increase of over 20% [1]. Group 1: U.S. Policy and Institutional Involvement - The establishment of a "National Strategic Cryptocurrency Reserve" by the U.S. government marks the first official introduction of a digital asset strategy [1]. - Key appointments of cryptocurrency supporters to critical positions, including SEC Commissioner Paul Atkins and Technology Advisory Committee Chair David Sacks, indicate a favorable regulatory environment [1]. - The Trump Media & Technology Group plans to launch a cryptocurrency ETF named "Truth Social Crypto Blue Chip ETF," which will invest in various digital assets including Bitcoin and Ethereum [1]. Group 2: Institutional Investment Trends - Since the approval of the first spot Bitcoin ETFs in January 2024, over $50 billion has flowed into related products, with net inflows exceeding $1.2 billion in the first two weeks of July 2025 [2]. - The BlackRock IBIT fund has seen its assets under management grow to $76 billion, doubling since the beginning of the year [2]. Group 3: Market Sentiment and Economic Factors - Analysts caution about the high volatility of Bitcoin prices and their strong correlation with stock market performance, particularly during market downturns [2]. - The outcome of trade negotiations set for August 1 may influence market sentiment and Bitcoin's ability to maintain high prices [2][3]. - The dovish signals from the Federal Reserve regarding potential interest rate cuts have enhanced market risk appetite, indirectly benefiting high-volatility assets like Bitcoin [3]. - A weakening U.S. dollar has also positively impacted Bitcoin, as it is priced in dollars [3]. Group 4: Broader Market Context - The U.S. stock market has also seen gains, with both the S&P 500 and Nasdaq indices reaching new closing highs [4].

Group 1 - Bitcoin reached a new all-time high of $116,488.83, with a year-to-date increase of over 20% [1] - The recent surge in Bitcoin's price is attributed to U.S. policy support and institutional buying, including the establishment of a national strategy for cryptocurrency reserves [1] - Trump's media and technology group plans to launch a cryptocurrency ETF, investing in Bitcoin, Ethereum, Solana, Cronos, and XRP [1] Group 2 - Since the approval of the first spot Bitcoin ETFs in January 2024, these products have attracted over $50 billion in inflows, indicating strong institutional interest [2] - The BlackRock IBIT fund has seen its assets under management grow to $76 billion, doubling since the beginning of the year [2] Group 3 - Analysts caution investors about potential risks, noting Bitcoin's high volatility and its strong correlation with stock market performance [3] - The outcome of upcoming trade negotiations and macroeconomic conditions will be crucial for Bitcoin's ability to maintain its high price levels [3] - The Federal Reserve's dovish stance and a weakening dollar have positively impacted Bitcoin, enhancing market risk appetite [3] Group 4 - U.S. stock markets also rose, with the S&P 500 and Nasdaq indices reaching new closing highs [4]

Summary of Stablecoin Market Report Industry Overview - The global stablecoin market has reached a size of $250 billion, primarily used for cryptocurrency trading, with future growth expected in cross-border payments and trade, significantly reducing costs and enabling real-time transactions [1][4] Key Companies and Developments - Major companies such as Meta, Walmart, Amazon, and Shopify are actively exploring stablecoin payment options, indicating a trend towards broader adoption as legal frameworks improve [1][5][6] - The implementation of regulatory frameworks, such as the EU's "Crypto Asset Market Regulation" and Hong Kong's "Stablecoin Ordinance," is expected to facilitate further market entry by companies [1][7] Market Dynamics - USDT dominates the market with a valuation of $160 billion, accounting for 62.5% of the market share, while USDC follows with over $60 billion, representing 24% of the market [1][8] - USDT's flexible reserve system and strong profitability contrast with USDC's higher compliance but lower profitability [8][12] Future Projections - Standard Chartered predicts the global stablecoin market will grow to $2 trillion in the next three years, with other institutions forecasting a potential market size of $3-4 trillion in 5-10 years, driven by cross-border payment scenarios [1][9] Technological Support - Blockchain technologies like Ripple and Solana are increasingly supported for their high-frequency trading capabilities, serving as crucial links between the crypto market and traditional finance [1][10] Investment Opportunities - Investment directions in the stablecoin market include: 1. Issuance side: Companies like Ant Group may apply for stablecoin licenses following Hong Kong's regulations [2][15] 2. Trading platforms: Independent trading platforms in Hong Kong [2][15] 3. Payment solutions: Stablecoin payments in cross-border trade and retail [2][15] 4. Financial IT: Companies providing banking and securities IT solutions [2][15][16] 5. Equity-related companies: Companies associated with Ant Chain and JD Chain [2][15][16] 6. Real World Assets (RWA): Tokenized stocks and other assets [2][16] Regulatory Landscape - The regulatory environment is evolving, with the US "Genius Act" imposing stricter requirements on stablecoin issuers, including full reserve backing and transparency [1][7] Impact on Global Finance - The development of stablecoins may promote the internationalization of currencies like the Hong Kong dollar and the Chinese yuan, potentially challenging the dominance of the US dollar [1][17]

Market Overview - The three major U.S. stock indices experienced slight gains, with the S&P 500 and Nasdaq reaching new highs [2][5] - The Dow Jones increased by 0.43% to 44650.64 points, the S&P 500 rose by 0.27% to 6280.46 points, and the Nasdaq gained 0.09% to 20630.66 points [5][6] Bitcoin Performance - Bitcoin prices surged, briefly surpassing $117,000, driven by investor interest in risk assets and short position liquidations [3][13] - Approximately $318 million (about 2.28 billion RMB) in Bitcoin short positions were liquidated within 24 hours [14] Federal Reserve Insights - Federal Reserve Governor Waller suggested considering a rate cut in July and indicated that the Fed's balance sheet contraction may not need to be as significant as previously expected [7] - The White House expressed concerns over the Fed's transparency and independence, particularly regarding the lack of models explaining tariff impacts [7] Risks to the Bull Market - Goldman Sachs highlighted three major risks to the bull market in the second half of 2025: economic growth shocks, interest rate volatility, and a weakening dollar [7] - Morgan Stanley warned that the strong momentum strategy in U.S. stocks is facing a pullback, with significant declines observed since late June [7] Technology Sector Movements - Major tech stocks showed mixed performance, with Tesla rising over 4%, while Amazon and Microsoft saw slight declines [9][10] - Tesla's xAI launched a new AI model, Grok4, claiming it to be the most powerful model currently available [11] International Trade Developments - Brazil's President Lula announced plans to negotiate tariffs with the U.S. following a 50% tariff on Brazilian goods, with potential retaliatory measures if negotiations fail [15][16]

币界网7月10日讯，美国证券交易委员会（SEC）近日发布针对加密货币交易所交易产品（ETP）的披 露新规，标志着加密监管迎来重大转折。这一政策调整不仅为瑞波币、索拉纳币、特朗普迷因币等数十 项ETF申请铺平道路，更将产品上市时间从240天大幅压缩至75天。在这场监管变革中，XBIT去中心化 交易所平台凭借技术优势与合规布局，成为投资者布局加密资产的新选择。 SEC新规：从"严打"到"建制"的监管转向 此次发布的12页指导文件，首次明确了加密资产纳入投资基金的框架。SEC不仅重组加密货币执法团 队，还暂停多项高关注度诉讼，转而通过工作组制定通用上市规则。据Bitwise Asset Management首席投 资官Matt Hougan透露，新规最关键的意义在于"承认加密ETF已成为主流"，并试图通过标准化流程降低 发行方与监管机构的沟通成本。 图源:币界网 币界网报道，在加密市场交易量持续萎缩的背景下，XBIT通过技术创新与合规化发展，为行业注入新 活力。无论是机构投资者还是散户，均可通过XBIT平台参与全球优质加密项目投资，共享区块链技术 革命的红利。 SEC监管框架的重大调整与XBIT去中心化交易所的技术 ...

Group 1: Market Trends - The cryptocurrency market continues to thrive, with a notable focus on Real World Asset (RWA) tokenization alongside stablecoins [1][3] - Bitcoin reached a historic high of $112,052.24 on July 10, marking a nearly 20% increase since the beginning of the year [1][3] - The stock of Derlin Holdings surged over 70% on July 10 after announcing the tokenization of $500 million worth of real assets [1][3] Group 2: RWA Tokenization - RWA refers to the tokenization of real-world assets using blockchain technology, encompassing both tangible and intangible assets [7][9] - Currently, Hong Kong's RWA offerings are primarily fixed-income assets, with limited access for retail investors due to regulatory constraints [8][9] - The market for RWA is expected to grow significantly, with predictions indicating a market size of $16 trillion by 2030 [11] Group 3: Regulatory Environment - The Hong Kong Monetary Authority is actively exploring RWA tokenization through the Ensemble sandbox program, focusing on traditional financial assets and real-world assets [12][13] - The recent policy declaration by the Hong Kong government emphasizes the importance of stablecoins and RWA in enhancing market efficiency and liquidity [13] - Regulatory frameworks are evolving globally, with stablecoin market capitalization exceeding $240 billion as of mid-2025, indicating a robust growth trajectory [11]

Group 1 - SEC Commissioner Hester Peirce emphasizes that tokenized securities still fall under the category of securities and must comply with federal securities laws, highlighting the need for market participants to assess the legal nature of tokens based on specific circumstances [1] - The SEC has confirmed receipt of Bitwise's amendment regarding the physical redemption method for its spot Bitcoin and Ethereum ETFs [1] Group 2 - Kraken's market share has increased from 19% at the beginning of the year to 29%, with an average monthly trading volume exceeding $20 billion over the past five months, driven by the launch of innovative products like xStocks and Krak [2] - UK cryptocurrency users will be required to submit personal information to service providers starting January 1, 2026, or face fines of up to £300 (approximately $408), aimed at linking crypto activities to tax records [2] Group 3 - UK crypto bank Ziglu has entered special administration due to severe financial difficulties, with reports indicating losses exceeding £20 million over two consecutive years and a significant loss from the Celsius Network bankruptcy [3] - The UK Financial Conduct Authority (FCA) has ordered Ziglu to cease its e-money issuance and crypto custody services [3] Group 4 - The U.S. House of Representatives will hold a hearing on July 16 to discuss digital asset tax policies, with a focus on creating a framework for cryptocurrency taxation [4] - The House is expected to vote on a stablecoin regulatory bill next week, indicating that cryptocurrency taxation will be a major legislative focus [4] Group 5 - Emirates Airlines has signed a memorandum of understanding with Crypto.com to explore integrating cryptocurrency payment capabilities into its payment system, expected to launch next year [5] - Greece has executed its first cryptocurrency asset freeze related to the $1.5 billion Bybit hacking incident, with approximately $72 million of the stolen funds currently frozen [5] Group 6 - Japanese company Remixpoint has raised approximately ¥31.5 billion (around $2.15 billion) to purchase Bitcoin, aiming to increase its holdings from 1,051 BTC to 3,000 BTC based on a strong belief in Bitcoin's future [6] Group 7 - Greenland Holdings has revealed that its subsidiary, Greenland Jinchuang, holds licenses from the Hong Kong Securities and Futures Commission to support virtual asset-related businesses [7] Group 8 - A key U.S. Senate committee is debating proposed digital asset regulations, with Republicans advocating for a "soft" regulatory approach while Democrats warn of potential loopholes and conflicts of interest [8] - SEC's cryptocurrency task force head reiterates that tokenization of stocks and other assets does not change their nature, and they remain subject to federal securities laws [9]