Core Viewpoint - The market experienced a rebound in early trading, with the ChiNext Index leading the gains, reflecting a positive sentiment across various sectors [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 743.7 billion, an increase of 91.3 billion compared to the previous trading day [1] - Over 4,400 stocks across the market saw an increase, indicating broad-based market strength [1] Sector Highlights - The autonomous vehicle and smart driving sectors saw significant activity, with over 20 stocks, including Tongda Electric, hitting the daily limit [1] - Digital currency stocks also surged, with companies like Yuyin Co. reaching the daily limit [1] - The innovative drug sector strengthened again, with Shuyou Shen hitting a 20% limit up [1] Declining Sectors - Gold stocks faced a correction, with companies like Laisentongling dropping over 5% [1] - Sectors such as glyphosate, gold, food, and liquor experienced declines, indicating sector-specific weaknesses [1] Closing Summary - At the close, the Shanghai Composite Index rose by 0.72%, the Shenzhen Component Index increased by 1.12%, and the ChiNext Index gained 1.16% [1]

Group 1 - The digital currency sector is experiencing significant upward movement, with companies like Xiongtai Technology (300546) hitting the daily limit, and others such as Hailian Jinhui (002537) previously reaching their limit as well [1] - The U.S. Congress is advancing two key pieces of legislation regarding stablecoins, which is influencing market sentiment [1] - Hong Kong's Legislative Council has passed the "Stablecoin Ordinance Draft" on May 21, 2025, establishing a licensing system for fiat-backed stablecoin issuers in the region [1] Group 2 - Notable stock movements include Sifang Jingchuang (300468) rising over 10%, along with other companies like Jida Zhengyuan (003029), Lakala (300773), Airong Software, Meixin Technology (301577), and Kexin Information (300730) also seeing gains [1] - There is a surge of dark pool capital flowing into these stocks, indicating increased investor interest and potential market activity [1]

A股复盘 | 端午劫 / 2025.05.28 今天上午农药直接要把我送走！学了一晚上的氯虫苯甲酰胺，群里各种小表格， 卖方各种吹，怎么今天全跌了？ 跳水，从来不需要一小时，开盘半个小时就够了！ 还好下午喝了点黄酒、啤酒、鸡尾酒、乳酸菌、东鹏特饮，总之不是白酒的各种 新式饮料，才稍微回回血。 谁能想到，前几天"蠢蠢欲动"的无人物流车是今天最靓的崽！！中邮科技5月悄 摸得涨了128%了！ 卖方又看到千亿规模了！ 长江证券指出，2025年头部无人物流车公司总交付量 规模或达万辆级别，渗透率不足可替代市场的1%，经测算若无人车在末端配送 市场渗透率达17%以上，对应的市场规模有望超过千亿元。 下午临近收盘，黄金忽然又涨起来了，你以为是金价涨了！nonono~~~是黄金企 业开始与二次元 IP 联名推出系列黄金饰品，借用二次元"痛文化"的概念打造"痛 金"。 | | 图表5: A 股行业上 险负投资规模 | | | (仪统计削十大持有人,早征:亿元) | | | | --- | --- | --- | --- | --- | --- | --- | | 所属行业 | 20211231 | 20220630 | 202 ...

5月28日，A股三大指数分化，沪指窄幅震荡微涨；截至午间收盘，沪指涨0.07%，深证成指跌0.04%， 创业板指涨0.02%。 华泰证券观点：当前，市场进入日历效应指引的缺失期，上行及下行风险的能见度都较低，"上有顶、 下有底"或仍将是市场短期的基准运行状态。 盘面上热点快速轮动，个股跌多涨少，全市场超3400只个下跌。从板块来看，核电股再度走强，长城电 工等涨停。无人环卫车概念股集体大涨，劲旅环境等多股涨停。饮料制造概念股维持强势，会稽山等涨 停。下跌方面，宠物经济概念股展开调整，天元宠物跌近10%。板块方面，可控核聚变、饮料制造、垃 圾分类、深海科技等板块涨幅居前，电商、宠物经济、CRO、影视等板块跌幅居前。 展望后市，东方证券指出，整体来看，短期市场以震荡调整为主，沪综指3300-3400点区间整理。 热门板块 1、无人物流车概念活跃 无人物流车概念反复活跃，带动无人环卫车方向爆发，云内动力、通达电气、劲旅环境、福龙马、德邦 股份涨停，大地电气、玉禾田、科捷智能、通行宝涨超10%。 点评：消息面上，今年以来，多家聚焦物流场景的自动驾驶企业完成融资，如白犀牛获顺丰联合投资2 亿元，计划在50城部署2000 ...

数字货币板块短线拉升，御银股份（002177）涨停，新国都（300130）涨超10%，飞天诚信 （300386）、四方精创（300468）、新晨科技（300542）、创识科技（300941）、信安世纪等跟涨。 这几只票暗盘资金正在偷偷流入，立即查看>> ...

嗯，很多人不理解。 到底什么是稳定币？ 和我们普通人有什么关系？ 简单说一下， 稳定币是一种数字货币。 上周有个大消息，是被忽视的。 5月19号，美国参议院以66票赞成32票反对通过了一项法案，这个法案的全称是《美国稳定币 创新 引导和建立法案》。 它是由私人机构发行的，比如你用1美元买了1个稳定币，那机构就会收到1美元，对应发行1个稳定 币，就把实物美元变成了虚拟美元。 任何货币，都会有 锚定物的。 稳定币的锚定物，就是美元。 而机构如果收到了大量的美元，就会去买美债。 就和我们各个国家，和美国进行贸易之后，收到大量美元，也会去买美债。 这个时候，你发现了吧。 稳定币，为什么会卡在5月份的时候突然推出。 这背后， 大概就是美国为了应对6月美债危机的一个大杀招。 美国gov准备绕开美联储去发行美债了。 同时还有一个事情，那就是5月23日，我们HK光速通过了稳定币条例草案。 紧随其后，这就不算是偶然了。 这里补充一下时间线的知识点。 6月份漂亮是有6.5万亿的美债要到期，但目前的美债收益率创下了新高。 10年期超过了4.5%，30年期超过5%。 漂亮肯定不想顶着高息发债，可5月15日美联储发声了，不会选择货币债 ...

本报告来源于"慧博投研",请勿外传! 证券研究报告 非银金融 2025年05月23日 非银行业深度报告: 稳定币赛道研究 董栋梁(证券分析师) S0350525030005 dongdl@ghzq.com.cn 本报告来源于"慧博投研"，请勿外传! 相关报告 | | | 请务必阅读报告附注中的风险提示和免责声明 2 核心提要 太将告来源于"彗横投研" 清勿外传! 请务必阅读报告附注中的风险提示和免责声明 ◆ 核心要点：稳定币近年来在全世界发展较为迅速、不同稳定币之间也有不同的特色。世界各地也在展开一系列对稳定币的监 管 ◆ 稳定币近年来发展迅速：由于一般的数字货币波动大、且稳定币在跨境支付方面有更高的效率，同时特定地区也对稳定币产 生需求,因此稳定币近年来规模快速增长,且以美元为主。 ◆ 各种类型的稳定币满足不同客户的需求:稳定币主要有三种类型，包括基于法定货币或实物资产等资产抵押发行的数字货币, 基于数字资产或者抵押产生的稳定币和算法稳定币。基于法定货币或实物资产等资产抵押的稳定币是市场主流、安全性较高; 基于数字资产或者抵押产生的稳定币则能提供杠杆和一定的收益，算法稳定币的市场关注度正在逐步下降。 ◆ 稳 ...

文︱陆弃 美国财政状况的恶化和债务问题的持续发酵，对全球金融市场构成复杂挑战。首先，美国作为全球最大 经济体，其财政政策的失控将引发美元体系的震荡，从而影响国际贸易和资本流动。美元一旦失去部分 储备货币地位，不仅会加剧国际货币体系的分裂，还可能激发更多国家寻求多元化的储备资产配置。其 次，美债市场的低迷表现，尤其是长债拍卖遇冷，显示市场对美国债务安全性的担忧正在升温，债券收 益率的异常波动也会影响全球资金成本，进而冲击企业投资和经济增长。最后，财政赤字激增的背景 下，美联储的货币政策空间受到挤压，未来利率走向更难预测，市场不确定性进一步加剧。 面对当前局势，国际社会需保持警觉并审慎应对。美元走弱和美国财政风险的释放，既是全球金融体系 长期矛盾的集中体现，也为新兴金融工具和数字资产的发展提供了契机。各国央行和投资者应强化风险 管理，探索多元化的资产配置策略，以应对未来可能出现的货币市场震荡。同时，美国自身也应重新审 视财政政策的可持续性，避免因短期政治博弈导致长期经济和金融稳定的损害。毕竟，一个健康稳固的 美元体系不仅是美国经济的命脉，更是全球金融稳定的基石。 现在，美国财政隐忧正逐渐从表面走向深层，对美元及全 ...

Group 1 - The announcement of ceasefire negotiations between Russia and Ukraine by President Trump has triggered a significant surge in digital asset trading, with XBIT reporting a 67% increase in Bitcoin trading volume within 24 hours [1] - Institutional funds are shifting from traditional safe-haven assets to digital assets, a trend that has accelerated following the announcement of the negotiations [1] - XBIT has optimized its liquidity pool to ensure stable and efficient trading services during market volatility [1] Group 2 - The Trump family's strategic involvement in the cryptocurrency sector has boosted market confidence, with trading volumes for five major cryptocurrencies increasing by over 110% since the executive order was signed in March [3] - The executive order is seen as a significant turning point in U.S. digital financial policy, positioning these cryptocurrencies as core assets for global investors [3] Group 3 - BlackRock is leading the transformation of Real World Assets (RWA) tokenization, with its BUIDL fund surpassing $2.8 billion in total locked value, making it the largest in the world [6] - BlackRock's application to the SEC for "DLT Shares" digital shares in collaboration with BNY Mellon for its $150 billion government bond money market fund signifies Wall Street's recognition of blockchain as a financial infrastructure [6] - The RWA strategy is expected to revolutionize asset pricing and trading mechanisms, creating substantial market opportunities [6] Group 4 - The Trump administration's tax reduction plan is energizing the cryptocurrency market, with a 26% increase in trading activity in North America following news of the plan's advancement in the House [8] - The plan aims to make the tax incentives introduced in 2017 permanent and add new tax reduction measures, which could reshape global cryptocurrency circulation rules [8] - The administration's dual approach of tax cuts and trade negotiations is anticipated to significantly alter the competitive landscape of digital currencies [8]

Group 1 - The proposal for the U.S. Treasury to purchase 1 million bitcoins as a strategic reserve highlights the growing interest in bitcoin as a potential alternative to traditional assets like gold and oil amidst the $36 trillion U.S. debt crisis [1] - Bitcoin's decentralized nature, scarcity, and global liquidity position it as a strong contender for becoming the third major reserve asset, following gold and oil [1] - The trend of traditional financial institutions investing in bitcoin indicates a significant shift in the financial landscape, with decentralized exchanges like XBIT emerging as preferred platforms for secure bitcoin transactions [1] Group 2 - The tokenization of real-world assets (RWA) is gaining traction, driven by major players like BlackRock and Fidelity, which is expected to lower the investment threshold for traditional financial products [3] - RWA tokenization allows for higher yields, with traditional U.S. Treasury bonds offering 4% annually, while RWA-backed lending can yield over 10% [3] - Regulatory challenges remain a key concern, with the U.S. advancing through a "permissioned chain + institutional leadership" model, while Hong Kong has missed opportunities due to regulatory fragmentation [3] Group 3 - USDT has become synonymous with "on-chain dollars," and the full tokenization of U.S. Treasuries could reshape global capital flows [4] - Emerging markets are exploring alternatives to the dollar system, such as "gold ETF tokenization," raising concerns about potential "on-chain colonization" by Wall Street [4] - Decentralized finance (DeFi) platforms like XBIT allow users to trade assets directly without relying on traditional banks or brokers, providing a safeguard against centralized control [4] Group 4 - In the short term (1-3 years), bitcoin may enter national reserves, and RWA tokenization is expected to surge [5] - In the medium term (3-5 years), a structured on-chain dollar system will emerge, prompting emerging markets to seek alternatives [5] - In the long term (5-10 years), a dual-track financial world combining on-chain and off-chain systems may become a reality, emphasizing the importance of choosing the right trading platform [5][6] Group 5 - The financial revolution driven by RWA and bitcoin reserve strategies signifies a redistribution of financial power, necessitating secure and decentralized entry points for ordinary investors [8]