Core Viewpoint - The global financial market experienced a significant return of risk appetite during the week of June 20 to 27, 2025, driven by the easing of geopolitical tensions and dovish signals from the Federal Reserve [1][2]. Geopolitical Factors - The notable easing of geopolitical tensions in the Middle East, particularly the ceasefire agreement between Israel and Iran, alleviated concerns about escalating conflicts, leading to a sharp decline in oil prices from nearly $80 to $66, marking the largest weekly drop since March 2023 [1]. - The reduction in geopolitical risk premium also diminished the appeal of traditional safe-haven assets like gold, which saw a consecutive decline for two weeks [1]. Monetary Policy Signals - The Federal Reserve's dovish signals, particularly from Vice Chair Bowman, who unexpectedly supported the possibility of rate cuts in the summer, indicated a shift in the Fed's internal assessment of inflation and economic outlook [3]. - Market expectations for rate cuts in 2025 have risen to 2-3 times, with an increased probability of a cut in July, leading to a significant decline in U.S. Treasury yields [3]. Market Performance - Global stock markets experienced a broad rally, with major U.S. indices like the S&P 500, Nasdaq, and Dow Jones reaching historical highs, reflecting restored market confidence and a shift towards growth-oriented assets [4]. - Technology stocks, sensitive to interest rate changes, benefited significantly from the rising rate cut expectations [4]. Regional Market Trends - Asian markets, particularly Japan, showed strong performance, reflecting improved global risk sentiment and optimism regarding trade prospects [5]. - The cryptocurrency market also thrived, with Bitcoin surpassing $107,000, indicating strong institutional interest in crypto assets [5]. Currency Movements - The U.S. dollar index experienced its worst week in years, dropping to a three-year low due to reduced demand for the dollar as a safe-haven currency and narrowing interest rate differentials [6][7]. - Other major currencies, such as the euro and British pound, strengthened against the dollar, reflecting improved economic outlooks [7]. Commodity Market Dynamics - The commodity market showed clear differentiation, with oil and gold prices declining due to reduced geopolitical risk and safe-haven demand, while industrial metals like copper rose nearly 6% to a two-month high [8]. - The performance of different commodities was influenced by unique fundamental factors, despite an overall improvement in risk appetite [8]. Upcoming Economic Indicators - The upcoming week is expected to bring significant economic data releases, including global PMI, CPI, and U.S. non-farm payroll reports, which will provide insights into global economic health and inflation pressures [8].

Group 1 - InnoCare (02577) saw a price increase of over 8% after announcing a cornerstone investment agreement with STMicroelectronics Limited, which includes a six-month lock-up commitment for 12.5921 million H-shares [1] - Haotian International Investment (01341) rose over 3%, with a peak increase of over 15% after reporting a revenue of HKD 145 million for the year ending March 31, 2025, a decrease of 16.18% year-on-year [1] - King’s Ray Biotechnology (01548) increased by over 3% following the announcement of receiving approximately USD 214 million in payments under a revised licensing agreement [1] - Lao Pu Gold (06181) surged over 8% after the opening of its new store at Marina Bay Sands in Singapore, which exceeded expectations according to a Morgan Stanley analyst's on-site research [1] Group 2 - Brain-machine interface stocks opened higher, with Nanjing Panda Electronics (00553) up 8.87% and MicroPort NeuroTech (02172) up 4.72%, following Neuralink's recent demonstration of its research and product development [2] - E-Surfing (02550) opened nearly 15% higher after announcing a framework cooperation agreement with a Hong Kong technology company that is a Huawei cloud solution provider [2] - Military stocks continued their upward trend, with AVIC (02357) up 4.69% and China Shipbuilding Defense (00317) up 2.49%, following a government announcement regarding an upcoming military parade featuring domestic equipment [2] - CRO concept stocks saw significant gains, with Zai Lab (06127) up 13.73% and Tigermed (03347) up 6.03% [2] Group 3 - Orange Sky Golden Harvest (01132) surged 50% after announcing the completion of lease terminations for several locations [3] - Three-Six Zero (01530) rose over 3% as UBS recognized the company's strong R&D capabilities following a record licensing agreement with Pfizer worth USD 6.15 billion [3] Group 4 - Fuhong Hanlin (02696) increased by over 6% after the board approved a stock option plan and restricted stock unit plan, pending shareholder approval [4] - Emperor International (00163) saw a drop of over 15% after reporting total revenue of HKD 1.376 billion for the year ending March 31, 2025, a year-on-year increase of 41.47%, but a significant loss of HKD 4.743 billion [4] - Huaxing Capital Holdings (01911) rose over 8% after announcing plans to enter the Web 3.0 and cryptocurrency asset sectors with a budget of USD 100 million over the next two years [4] - Guotai Junan International (01788) increased by over 12% after receiving approval to upgrade its securities trading license to include virtual asset trading services [4] Group 5 - LKK Technology (00558) saw a price increase of over 20% after reporting annual revenue of HKD 5.825 billion for the year ending March 31, 2025, with a significant 24.5% quarter-on-quarter increase in the second half of the fiscal year [5] Group 6 - Ferrari (RACE.US) rose 2.8% after announcing a prototype sailboat set to launch next year, marking its entry into the sailing industry [6] - JinkoSolar (JKS.US) increased by over 4.6% after announcing a record-breaking efficiency for its N-type TOPCon photovoltaic modules [6] - Boeing (BA.US) rose 5.9% as Fitch Ratings reported improvements in production that could stabilize the aerospace sector [6] - Century Internet (VNET.US) surged over 18% after announcing plans to build a 10GW hyperscale data center cluster over the next decade [6] Group 7 - Nike (NKE.US) increased by 15% as the company reported a slowdown in annual sales decline, indicating the effectiveness of its CEO's strategic initiatives [7] - AI healthcare stocks saw collective gains, with Hims & Hers Health (HIMS.US) up over 6.7% and Teladoc Health (TDOC.US) up over 4.4% [8]

Investment Rating - Investment rating: None [5] Core Insights - The nuclear power industry is experiencing a surge in demand expectations, driven by recent announcements such as New York's plan to build its first commercial nuclear power plant in 15 years, which is expected to increase long-term demand for nuclear fuel [19][18] - SPUT has been actively purchasing physical uranium, acquiring a total of 115 million pounds of U3O8 since its self-financing of $200 million, contributing to a rise in spot uranium prices from $69.75 per pound on June 13 to $79.05 per pound on June 27 [19][18] - The report suggests that the combination of policy drivers and financial forces may lead to a continued strong performance in uranium prices and a potential recovery in industry valuations [19] Market Performance Review - The Hong Kong and US tech stocks saw an increase during the week of June 23 to June 27, 2025, with the Hang Seng Tech Index rising by 4.1% and the Philadelphia Semiconductor Index increasing by 6.4% [9][10] - Notable stock performances included Nvidia reaching a historical high, while the top five gainers were Arista Networks (+18%), AMD (+12%), Kingdee International (+12%), Kuaishou-W (+11%), and Integra (+11%) [11][10] - Conversely, the top five decliners included Wolfspeed (-46%), Duolingo (-15%), Centrus Energy (-8%), Nano Nuclear Energy (-4%), and Oklo (-4%) [11] Web3 and Cryptocurrency Market - The total market capitalization of cryptocurrencies rose to $3.26 trillion as of June 27, 2025, up from $3.23 trillion the previous week [21] - The total trading volume for cryptocurrencies was $96.9 billion, accounting for 2.97% of the total market capitalization [21] - The sentiment in the cryptocurrency market is currently neutral, with the Fear and Greed Index at 49 [25] Recent Events - The report highlights significant geopolitical events affecting the market, including US airstrikes in Iran, which initially caused a drop in cryptocurrency prices but later led to a rebound following a ceasefire announcement [33] - In the cryptocurrency sector, there was a net inflow of $2.215 billion into core asset spot ETFs during the week, indicating a positive trend in investor sentiment [30]

2025 年 06 月 29 日 计算机 政策持续推进，加快建设加密货币新生态 大陆：数字人民币和稳定币双管齐下，RWA 成为重要金融工具 美国：GENIUS 法案获参议院通过，金融生态持续拓展 6 月 17 日，美国参议院以 61 票赞成、37 票反对的表决结果通过了 《指导和建立美国稳定币国家创新法案》（简称 GENIUS 法案）。这是 美国国会首次在参议院层面通过专门针对稳定币的监管立法，。6 月 25 日，美国联邦住房金融署(FHFA)命令住房贷款机构，考虑将加密 货币作为住宅抵押贷款风险评估的资产。这一指令有望继续推动加 密货币在美国普及。此外，美国加密货币交易所 Coinbase 宣布成为 首个获得 CFTC（美国商品期货交易委员会）批准，提供 24/7 全天候 比特币和以太坊期货交易的合规平台。我们认为，伴随 GENIUS 法案 的推进，以及加密货币衍生品和抵押贷款等金融工具的推出，美国加 密货币金融生态持续拓展。 香港：发布数字资产发展政策宣言 2.0，政策体系逐渐完善 6 月 26 日，香港特区政府发表《香港数字资产发展政策宣言 2.0》， 重申特区政府致力将香港打造成数字资产领域中的全球创 ...

Group 1 - The Shanghai and Shenzhen Stock Exchanges are seeking public opinion on adjusting the price fluctuation limit for risk warning stocks on the main board to 10%, aligning it with other stocks [1] - The adjustment aims to enhance market consistency and potentially improve trading dynamics for risk warning stocks [1] Group 2 - Guosheng Securities indicates that the "14th Five-Year Plan" is a year for layout, suggesting that market adjustments present opportunities [2] - The macro environment is characterized by economic resilience, policy stability, and high asset volatility, with expectations of a fluctuating A-share market in the second half of the year [2] - The policy approach is divided into two phases: the first focuses on accelerating existing policy implementation, while the second will assess the need for further fiscal stimulus based on economic conditions [2] Group 3 - Guosheng Securities highlights the advantages of stablecoins in payment scenarios, particularly in cross-border payments, and notes the competitive landscape among different stablecoins [3] - The integration of stablecoins with AI agents and the tokenization of U.S. stocks are seen as significant trends that could enhance global financial market liquidity [3] Group 4 - Dongwu Securities reports that the solid-state battery industry is entering a critical mid-test phase, with rapid advancements in the supply chain supported by national policies [6] - The solid-state battery's core components, particularly sulfide electrolytes, are expected to achieve mass production by 2030, with significant progress in manufacturing processes [6] Group 5 - Investment recommendations include focusing on the battery segment with high barriers to entry, suggesting companies like CATL and BYD, as well as equipment and materials sectors [7] - The solid-state battery market is anticipated to see breakthroughs in both equipment and materials, with ongoing developments in production techniques [6][7] Group 6 - The AI healthcare sector in China is experiencing rapid growth, with significant advancements in technology, commercialization, and policy support [8] - Ant Group's launch of the AI health application "AQ" aims to address healthcare needs and connect users with a vast network of medical professionals [8] - Investment opportunities are identified in AI healthcare companies such as Alibaba Health and WeDoctor [9]

Core Viewpoint - The article highlights a significant surge in market optimism, with the S&P 500 reaching a historical high, driven by a broad buying spree across various asset classes despite underlying economic uncertainties [1][4]. Market Performance - The S&P 500 index rose by 3.4% this week, achieving a historical high, with the "Magnificent Seven" stocks leading the price movements [4]. - Junk bonds have increased for the fifth consecutive week, while the 10-year U.S. Treasury yield has decreased by approximately 10 basis points [5]. - The U.S. dollar has fallen for the third consecutive week, reaching its lowest level since February 2022 [6]. - Gold has declined for the second consecutive week, while palladium has surged, marking its best week since October 2024 [7][9]. - Oil prices have plummeted, with WTI dropping nearly 13% this week, the worst performance since March 2023, erasing all premiums [10]. - Bitcoin has regained the $100,000 mark, achieving its best week in nearly two months, and Coinbase Global Inc. reached its first historical high since 2021 [11]. Investor Sentiment - Market participants are exhibiting complacency, with a notable shift towards risk assets, as retail investors return and systematic investors increase their risk exposure [3]. - Despite the prevailing optimism, there are signs of caution, with speculative bets in popular funds showing potential downside risks [19]. Economic Indicators - Recent economic data presents a mixed picture, with consumer confidence reaching a four-month high, but other indicators such as new home sales and unemployment claims suggest a slowing labor market [15][17]. - JPMorgan and other institutions maintain a 40% risk of economic recession, citing concerns over tariff policies and weak consumer spending [14]. Market Dynamics - Volatility has subsided, leading to a fervent chase for risk assets, with indicators suggesting a potential buying spree not seen since 2004 [13]. - The article notes that the current market rally is driven by a narrow set of stocks, raising concerns about the sustainability of this upward trend [19].

近年来，稳定币进入快速增长阶段 引起国际舆论广泛关注 不少知名公司和机构等 纷纷加快布局稳定币市场 稳定币到底是什么？ 它能发挥什么作用？ 发行方都有谁？ 本期《新华网国际看点》连线 中国人民大学重阳金融研究院研究员刘英 听听她的详细解读 1 二是稳在技术。因为稳定币是在公链上去跑的，所以稳定币在区块链上面实现的交易是不可篡改的，而 且是实时结算的，所以它具有可追溯、可查询，不可修改的稳定的特征。 三是稳在监管上。无论是欧美、日韩还是中国香港都有监管的法律法规，或者出台或者正在出台当中。 由于有百分之百的现金或者债券或者资产的储备对应，而且有定期的审计保持透明度，这些都能够保持 稳定币的稳定可靠，保护投资者的利益。所以稳在这几个方面。 总之，稳定币的稳本质上是通过法定资产的抵押，超额加密资产担保或是算法的调控，来实现价格的锚 定，并在监管框架下实现兑付的信用。它的核心价值在于为加密经济提供避风港或者是高效的支付工 具。 现实当中我们要警惕，比如储备的资产是不是够的、是不是够透明以及监管的差异性。投资者当然应注 重发行方的资质以及储备审计报告等。 2 何为稳定币？"稳"在哪儿？ 刘英：稳定币是一种特殊的加密货币 ...

Core Insights - Tether has achieved a remarkable net profit of over $13 billion in 2024 with only 165 employees, making it one of the most profitable companies globally [2][4] - The rapid growth of Tether reflects the increasing acceptance of stablecoins in the market, transitioning from a "currency peg" to a "new variable in global finance" [3][4] - Tether's business model, described as "minting money to buy debt," involves issuing USDT backed by fiat currency and investing the proceeds in U.S. Treasury securities and other assets [4][5] Financial Performance - Tether's net profit for 2024 exceeded $13 billion, surpassing Citigroup, with $7 billion coming from U.S. Treasury and repurchase agreement income, and $5 billion from unrealized gains in gold and Bitcoin [4][5] - The company holds a significant amount of U.S. Treasury securities, with direct and indirect holdings reaching $113 billion in 2024, increasing to nearly $120 billion in Q1 2024 [6][8] Market Position - Tether's USDT issuance reached $45 billion in 2024, dominating the stablecoin market with a market share of 62%, while its closest competitor, Circle's USDC, held a 24% share [6][8] - Tether supports 18 native blockchains and bridges to 91 blockchains, maintaining a monopoly in payment and trading scenarios [8] Competitive Landscape - Tether's early entry into the market in 2014 provided it with a first-mover advantage, establishing a strong network effect that is difficult for competitors to replicate [8][9] - The competitive landscape is intensifying with regulatory developments, as compliant stablecoins like USDC are gradually capturing market share from USDT [22] Regulatory Environment - The U.S. GENIUS Act emphasizes the importance of reserve assets for stablecoin issuers, which may impose additional compliance pressures on Tether [16][21] - Tether has faced scrutiny regarding its reserve disclosures and compliance, with past penalties from regulatory bodies highlighting ongoing challenges [20][21] Future Outlook - The potential implementation of the GENIUS Act and other regulatory frameworks may impact Tether's market position and operational costs, possibly leading to a decline in its market share [21][22] - The stablecoin market is expected to grow significantly, potentially reaching trillions in scale, driven by regulatory clarity and innovation [22]

Core Insights - Stablecoins are a type of cryptocurrency designed to maintain a stable value, typically pegged to fiat currencies, serving as a bridge between traditional currencies and crypto assets [4][7] - The stablecoin market has rapidly expanded from $5 billion in 2019 to over $250 billion by mid-2025, with USDT and USDC dominating over 90% of the market share [4][10][13] - Stablecoins are reshaping the global payment ecosystem by providing efficient, low-cost alternatives to traditional payment systems, with major companies like Amazon and Walmart beginning to adopt them [16][19] Development History - Stablecoins emerged in 2014, with USDT being the first significant player, followed by USDC in 2018. The market grew rapidly due to the DeFi boom, reaching $200 billion by 2020 [9][10] - The market faced challenges in 2022 with the collapse of UST and the USDC crisis linked to the Silicon Valley Bank failure, leading to a temporary loss of confidence [10][11] - By mid-2025, stablecoins are projected to exceed $250 billion, accounting for approximately 8% of the entire crypto asset market [4][10] Application Scenarios - Stablecoins are increasingly being used in the real economy, challenging traditional payment systems and enhancing transaction efficiency [16][19] - They simplify payment processes by eliminating intermediaries, reducing transaction costs to nearly zero, and enabling near-instant settlements [17][18] - Major retailers are exploring the adoption of stablecoins to reduce costs associated with credit card transactions, potentially saving billions annually [19][20] Regulation - As stablecoins have grown in significance, various economies are implementing regulatory frameworks to address risks associated with them, focusing on anti-money laundering, reserve assets, and transparency [21][22] - The U.S. aims to reinforce the dollar's dominance through regulations that require stablecoin issuers to hold reserves in U.S. dollars and Treasury securities [21] - Hong Kong is positioning stablecoins as payment tools to reduce reliance on the U.S. dollar, while the EU is taking a more conservative approach by restricting non-euro stablecoins [22] Impact - Stablecoins are transforming the financial landscape, posing challenges to traditional banking and monetary policy by potentially undermining central banks' control over currency supply [23][24] - They may increase demand for U.S. Treasury securities, further entrenching the dollar's global dominance, with projections indicating significant future demand [25][26] - The rise of stablecoins could lead to a reconfiguration of the international monetary system, providing opportunities for currencies like the yuan to gain traction [26] Future Outlook - The stablecoin market is expected to continue its rapid growth, with projections suggesting a market value of $3.5 to $4 trillion by the end of 2029 [27] - As regulatory frameworks develop, the range of applications for stablecoins is likely to expand, encompassing international trade and supply chain finance [27][28] - The competitive landscape remains uncertain, with traditional financial institutions likely to enter the stablecoin space, potentially altering the current market dynamics [28]

"稳定币"横空出世。全球多个国家和地区正努力推进这一新型数字货币的合法化，中国香港特别行政区 立法会通过《稳定币条例草案》；京东、蚂蚁等巨头纷纷出手"抢滩"；以国泰君安国际为代表的券商加 速入局；跨境贸易业界忙于抓住"稳定币"的商机；技术大咖则将之视为人工智能浪潮下占领数字金融体 系"高地"的"捷径"；普通大众却仍然对其充满好奇与疑惑……"稳定币"到底何以"稳定"？对个人、企业 乃至全球数字金融格局又会产生怎样的影响？上海金融与发展实验室首席专家、主任曾刚接受广州日报 记者采访，解码稳定币技术创新到全球金融格局重塑的底层逻辑。 稳定币以"稳定"为核心特点 曾刚表示，稳定币是一种特殊的加密货币，其价值与特定的资产（通常是法定货币，如美元）挂钩，旨 在克服传统加密货币价格波动大的缺点。作为连接传统金融与加密经济的桥梁，稳定币兼具数字资产的 便捷性和法定货币的稳定性。 "通过与法定货币或其他稳定资产锚定，使其价值相对恒定，为用户提供波动风险较低的数字支付和价 值存储工具。而且，稳定币交易成本低、速度快，能够跨境无障碍流通，且在各大交易所和DeFi（去中 心化金融）平台广泛应用。"曾刚介绍说。 与传统加密货币相比，稳 ...