Investment Rating - The industry investment rating is "Strongly Recommended" with an expectation that stock performance will exceed market performance by more than 20% within six months [52]. Core Insights - The report highlights the implementation of policies aimed at boosting consumer finance and enhancing the financial support for consumption, with a focus on structural monetary policy tools [6][14]. - A comprehensive plan for the high-quality development of inclusive finance has been announced, aiming to establish a robust inclusive financial system over the next five years [7][18]. - The second quarter monetary policy meeting indicated a more optimistic outlook for the domestic economy, while still acknowledging challenges such as insufficient domestic demand and low inflation [21][19]. Summary by Sections Consumer Finance Policy - On June 24, the People's Bank of China and six other departments issued guidelines to support and expand consumption, proposing 19 key measures to enhance consumer capacity and financial supply [6][14]. - The guidelines include a 500 billion yuan re-lending facility for service consumption and pension loans, aimed at 21 national financial institutions and five systemically important city commercial banks [6][16]. Inclusive Finance Development - The "High-Quality Development Implementation Plan for Inclusive Finance" was released on June 26, outlining four basic principles and three key tasks for the next five years [7][18]. - The plan emphasizes the establishment of a comprehensive inclusive financial system, enhancing the service capabilities of financial institutions, and improving credit support for small and micro enterprises [7][18]. Monetary Policy Meeting - The second quarter monetary policy meeting on June 23 noted an improved economic outlook, with a focus on maintaining an "appropriately loose" monetary policy while addressing challenges such as low domestic demand [21][19]. - The meeting emphasized the need for flexible policy implementation and support for key sectors through structural monetary policy tools [21][19]. Industry Data - As of the end of the first quarter of 2025, total assets of financial institutions grew by 7.5% year-on-year, with the banking sector's assets increasing by 6.8% [22][23]. - Weekly stock trading volume averaged 1.80 trillion yuan, reflecting an 18.1% increase compared to the previous week [41][40]. - The ten-year government bond yield rose by 0.78 basis points, indicating a slight increase in interest rates [47][46].

费率方面，金融科技ETF管理费率为0.50%，托管费率为0.10%，费率在可比基金中最低。 跟踪精度方面，截至2025年6月27日，金融科技ETF近1月跟踪误差为0.039%，在可比基金中跟踪精度最 高。 金融科技ETF紧密跟踪中证金融科技主题指数，中证金融科技主题指数选取产品与服务涉及金融科技相 关领域的上市公司证券作为指数样本，以反映金融科技主题上市公司证券的整体表现。 截至2025年6月30日 10:44，中证金融科技主题指数(930986)强势上涨1.35%，成分股宇信科技(300674)上 涨11.26%，东信和平(002017)上涨10.03%，翠微股份(603123)上涨10.00%，四方精创(300468)，新国都 (300130)等个股跟涨。金融科技ETF(516860)上涨1.49%，最新价报1.43元。拉长时间看，截至2025年6月 27日，金融科技ETF近1周累计上涨13.88%。 流动性方面，金融科技ETF盘中换手9.57%，成交8610.58万元。拉长时间看，截至6月27日，金融科技 ETF近1周日均成交2.30亿元。 中信建投证券表示，香港稳定币监管政策端持续突破，《香港数字资产 ...

智通财经记者 | 张熹珑 经济转型、科技发展和数字化趋势正在改变市场对人才的需求，要成为国际创新科技中心的香港加 速"抢人才"步伐。 "2025香港国际人才职业博览会"第二季于6月28日举办。该系列活动为今年首创，由香港特区政府劳工 及福利局、香港人才服务办公室提供指导和支持。其中，第二季聚焦"创新科技、工业制造与智慧城 市"，涵盖人工智能、金融经济与智能制造等前沿领域，共吸引超过50家企业参展。活动当天有近5000 名人士现场求职。 人才招聘背后折射的是区域的产业布局。近年来，港府多次投入重金支持人工智能产业，希望在AI浪 潮中不缺席。香港创新科技及工业局局长孙东会上提及，随着大型创科基建陆续落成，香港产业生态将 更趋多元，对专业创科人才的需求亦日益殷切，数据分析、人工智能等方向尤为紧缺。 港府大力推动创科产业发展，但人才高度短缺、供不应求的情况加剧。据香港劳工及福利局于去年11月 发布的最新一轮人力推算报告，预计到2028年，香港整体人力短缺达18万人。其中，政府大力发展的创 新及科技产业的短缺较明显，每个产业缺口均超过5000人。预计到2028年，熟练技术人员缺口将达到6 万至6.5万。 该报告指出，创 ...

计算机 | 证券研究报告 — 行业周报 2025 年 6 月 30 日 强于大市 多因素催化下，网络安全景 气度有望提升 计算机行业"一周解码" 本周（6.23-6.28）网络安全指数（884133.WI）和数据安全指数（8841651WI） 上涨较多。我们认为主要催化因素包括：跨境支付通正式上线；央行将制定 新阶段金融科技发展规划，并开展数据要素试点；国泰君安获虚拟资产交易 牌，虚拟资产交易有望扩容，催生加密安全技术需求。 支撑评级的要点 (1)科大讯飞：在 2025 全球元宇宙大会上，科大讯飞副总裁于亮介绍了公 司在人工智能领域的最新成果，并表示正探索利用 AI 技术提升元宇宙交 互体验，如通过语音合成等技术让虚拟人更智能。 (2)新北洋：公告拟使用自有资金 5000 万元设立全资子公司新疆北洋海丝 数字科技有限公司，以满足业务发展和提升运营效率。 投资建议 建议关注网络安全、跨境支付等相关企业，包括安恒信息、恒宝股份、 吉大正元、南天信息等。 评级面临的主要风险 技术创新不及预期；政策推行不到位；下游需求景气度不稳定的风险。 相关研究报告 《计算机行业"一周解码"》20250623 《计算机行业"一周解 ...

Group 1 - The core viewpoint of the articles highlights the integration of blockchain technology in the regional equity market of Inner Mongolia, aimed at enhancing financial innovation and efficiency [1][2] - The Inner Mongolia regional equity market is leveraging blockchain to create a digital financial service system that covers the entire lifecycle of enterprises, improving the allocation of financial resources [1] - As of April this year, the Inner Mongolia equity trading center has completed 264 equity pledge registrations, involving a financing scale exceeding 5.3 billion yuan, which provides significant support for enterprise financing [1] Group 2 - The Inner Mongolia equity trading center is implementing the "Tianjun Plan" to support efficient listings of enterprises, providing professional listing guidance services to over 200 companies [2] - The regional equity market is focused on building a robust and reliable data space by integrating various data sources, which enhances financial security and asset verification for credit [2] - Future plans include the continuous guidance from the Inner Mongolia Finance Department to establish blockchain financial infrastructure, aiming to improve financial regulation and promote industrial upgrades [2]

Summary of Conference Call on Stablecoins Industry Overview - The discussion revolves around the **stablecoin** industry, particularly focusing on **USD stablecoins** and their implications in the global financial system [2][4][6]. Key Points and Arguments Definition and Characteristics of Stablecoins - Stablecoins are private currencies pegged to fiat currencies, primarily designed to maintain stable value [6]. - USD stablecoins, such as USDT and USDC, account for over **90%** of the total stablecoin market capitalization [6]. - The operational model of stablecoins resembles that of **narrow banking**, where they hold low-risk, high-liquidity assets to ensure redemption [12]. Demand and Supply Dynamics - The supply of stablecoins is highly elastic and primarily driven by demand, as they do not pay interest [22]. - The market capitalization of USD stablecoins surged from several billion in 2020 to over **$220 billion** by Q1 2025, representing **99.8%** of fiat-pegged stablecoins [23]. Economic Implications - Stablecoins offer lower transaction costs, particularly in **cross-border payments**, compared to traditional banking systems [17][20]. - The demand for stablecoins is influenced by factors such as the need for liquidity in high-inflation economies and the convenience they provide in crypto trading [26][29]. Regulatory Landscape - The U.S. government, under the Trump administration, has shown interest in promoting USD stablecoins while opposing central bank digital currencies (CBDCs) [4]. - The European Central Bank (ECB) is exploring the introduction of a digital euro to counter the rise of stablecoins [4]. - Hong Kong has passed regulations allowing licensed institutions to issue fiat-pegged stablecoins, indicating a growing regulatory framework [4]. Risks and Challenges - Stablecoins face inherent risks, including potential loss of peg and lack of regulatory oversight compared to traditional banking systems [36][37]. - The reliance on private institutions for issuing stablecoins raises concerns about their safety and stability, especially during market volatility [36][39]. Future Prospects - The growth potential of stablecoins is closely tied to the status of the USD as the world's primary reserve currency [31]. - Stablecoins may enhance the dollar's international role, but they also pose challenges to monetary policy and financial stability in other countries [35][49]. - The development of a robust regulatory framework is essential to balance innovation with the need for financial stability and consumer protection [47][48]. Strategic Recommendations - China should leverage its digital payment platforms like WeChat Pay and Alipay to enhance cross-border payment capabilities, utilizing the strengths of its large economy [49][50]. - Hong Kong could serve as a testing ground for RMB stablecoins, balancing innovation with regulatory oversight [50]. Other Important Insights - The discussion highlights the dual nature of stablecoins as both a technological innovation and a financial instrument, with implications for monetary policy and international finance [8][10]. - The potential for stablecoins to facilitate underground economic activities and regulatory arbitrage raises significant concerns for global financial stability [27][32]. This summary encapsulates the key discussions and insights from the conference call regarding the evolving landscape of stablecoins and their implications for the global economy and regulatory frameworks.

宏观视点 2025年6月26日 稳定币的经济学分析 稳定币是锚定法定货币的私人货币，美元稳定币的运营模式类似狭义银行的 概念，发行人的负债端（稳定币）零付息，作为兑换保障的安全资产则生息。稳定 币的供给弹性大，近几年美元利率大幅上升带来的利差使得发行机构有增加供给 的动力，但零付息意味其流通量主要由需求决定。需求方之所以愿意放弃利息收 入是因为稳定币带来其他方面的便利收益，比如用于加密资产交易，在跨境支付 上比传统银行支付体系的成本低，其中监管套利是一个重要方面，另一个可能是 作为替代币值不稳货币的工具。理论上讲这些也可以通过其他货币的稳定币进行， 但美元作为国际储备货币有在位优势，其已经形成的网络和规模效应，使得其他 货币稳定币在与美元稳定币的竞争中处于劣势。这可能是为什么欧央行主张通过 发行数字欧元（央行数字货币）而不是利用欧元稳定币来应对美元稳定币的挑战。 对中国来讲，首先是应该大力促进第三方支付工具在跨境支付中的使用，从经济 机制看，微信支付和支付宝类的平台数字货币类似人民币稳定币，在本土已经形 成强大的网络和规模经济，而且和美元稳定币比较，人民币平台稳定币的经济属 性较强、金融属性较弱，更能发挥中国 ...

当地时间6月28日，美国参议院以51票对49票通过一项程序性动议，这项动议旨在推进被美国总统特朗普称为"大而美"的大规模税收与支出法案。据悉， 这项程序性动议得到通过后，大规模税收与支出法案将经历朗读、辩论、修正案投票和最终表决，预计耗时数天，目标是7月4日前送交美国总统签署。美 国企业家埃隆·马斯克再次发文批评，最新法案草案"将摧毁美国数百万个就业岗位，并对我们国家造成巨大损害"。 当地时间6月29日，美国总统特朗普表示，美国对伊朗福尔多核设施的袭击完全摧毁了目标地点。"现在那个地方只有几千吨的岩石，整个地方被摧毁了， 伊朗另外两个核设施也被摧毁了"。特朗普称，以色列对伊朗核设施造成了破坏，但美国造成了最后的破坏。特朗普否认伊朗在美国发起袭击前将任何东 西进行了转移。此外，参与袭击的B-2轰炸机飞行员将去往白宫。 A股方面，沪指周涨1.91%，深证成指周涨3.73%，创业板指周涨5.69%。申万一级行业方面，计算机、国防军工、非银金融等板块领涨，石油石化、食品 饮料、交通运输等下跌。 港股方面，恒指周涨3.2%，恒生科技指数周涨4.06%，国指周涨2.76% 。半导体、电气设备、硬件设备、非银金融、有色金属 ...

Group 1 - Hong Kong's stablecoin legislation will take effect on August 1, aiming to create a favorable market environment and necessary regulatory measures to promote the application of stablecoins in various scenarios [1] - The Hong Kong Monetary Authority signed a strategic cooperation agreement with the Asian Infrastructure Investment Bank (AIIB) to invest in risk investment funds focused on emerging markets in Asia, supporting green transformation and infrastructure development [1][2] - Hong Kong's exports increased by 15.5% year-on-year, marking 15 consecutive months of positive growth, with significant increases in exports to Vietnam (59%), Japan (20%), and mainland China (18%) [3] Group 2 - The global South, including Asia, is increasingly favoring the use of local currencies for trade settlements, with China being the world's largest trading nation since 2017, accounting for 12.5% of global trade last year [4] - Hong Kong is enhancing its role as the largest offshore RMB business hub by improving RMB liquidity and optimizing financial infrastructure to support financing, payment, investment, and fund allocation needs [4] - The potential of fintech in cross-border trade is significant, aiming to address long-standing issues of slow payment speeds and high costs, with stablecoins offering cost-effective alternatives for payment and capital market activities [4] Group 3 - The visit to Tianjin included representatives from over 20 startups in various fields such as AI, robotics, and fintech, aiming to explore collaboration and resource sharing with local enterprises [5] - The deepening integration of the Asian region is a crucial and irreversible economic development trend, presenting opportunities for Hong Kong to contribute to regional prosperity [6]

□本报记者王辉 头部私募仓位高企 顺时投资权益投资总监易小斌认为，近期，部分外部因素的积极变化为A股运行提供了有利环境，但起 决定性作用的仍然是内部因素。这些因素包括：市场自2024年10月高点以来的累计调整时间已超8个 月，技术面面临突破；国内政策密集出台，直接刺激了券商、金融科技等板块爆发；市场资金面充裕， 核聚变、稳定币、固态电池等热点不断涌现，有效维系了市场人气。易小斌判断，这些内外部积极因素 的中期延续性较强，有利因素不断积聚，预计将推动行情持续发展。 融智投资基金经理夏风光从宏观周期角度分析称，下半年全球主要经济体货币政策的"潜在共振"是关键 变量，美联储重启降息进程的可能性正在增大，这将为国内货币和财政政策打开空间。夏风光表 示："流动性环境的进一步改善叠加经济回暖，有望进一步推升本轮A股的阶段性趋势行情。" 来自第三方机构私募排排网的最新监测数据显示，截至6月20日，全市场股票私募机构的平均仓位水平 为74.62%，较前一周小幅上升0.37个百分点，这一数值处于今年以来的中等偏高水平。在具体仓位上， 54.31%股票私募机构仓位处于重仓或满仓(仓位大于八成)水平，24.41%股票私募仓位处于中 ...