Group 1 - The new generation of public fund managers is gaining traction, with half of the top ten actively managed equity funds this year having managers with less than three years of experience, focusing on new consumption and innovative pharmaceuticals [1] - A significant performance divergence is noted among A-share companies, with 16 companies disclosing their 2025 semi-annual performance forecasts, and over 300 companies announcing plans for mid-term dividends [1] - Banks are intensifying performance assessments amid declining deposit rates and fierce competition in loan businesses, with a focus on inclusive finance and non-performing asset disposal [1] Group 2 - International crude oil futures prices have seen a significant drop, with WTI and Brent crude oil futures falling by 7.22% and 7.18% respectively [2] - The ethylene glycol industry in China is transitioning towards high-quality development, utilizing futures and derivatives as essential risk management tools amid industry challenges [2] - Chinese innovative pharmaceutical companies are making headlines with substantial licensing deals, including a $60 billion deal by 3SBio and a $53.3 billion agreement by CSPC, indicating a shift in the industry's role from follower to contributor [2] Group 3 - Tesla has launched a Robotaxi pilot service in Austin, Texas, marking a step towards the commercialization of autonomous driving, although challenges remain in regulation and technology [3] - A Chinese research team has successfully synthesized a rare earth triple bond compound, providing new insights into rare earth chemistry [4] - The China Consumers Association has issued a call to combat food waste and extreme eating broadcasts, emphasizing the need for responsible consumption [4] Group 4 - Starbucks has clarified that it is not considering a full sale of its China business, highlighting the market's long-term potential [4] - Apple is expected to make concessions in negotiations with the EU regarding App Store regulations to avoid impending fines [5] - Xiaomi's CEO Lei Jun has set ambitious sales targets for the new YU7 model, aiming to challenge Tesla's Model Y in the domestic market [5] Group 5 - A family office in Hong Kong managing nearly $4 billion is beginning to invest in cryptocurrencies, reflecting a growing interest in digital assets [6] - The rising gold prices have led to an increase in platinum sales, with some jewelers shifting focus from gold to platinum products [7] - BYD is reportedly providing a rebate of 666 yuan per vehicle to its dealers, similar to a previous initiative [7] Group 6 - U.S. stock indices closed higher, with the S&P 500 rising by 0.96%, driven by a rebound after initial declines related to geopolitical tensions [8] - Oil prices fell sharply following comments from former President Trump about lowering oil prices, with significant drops observed after an Iranian attack on U.S. military bases [8]

Core Insights - The article discusses the financial maneuvers of Donald Trump's family regarding their cryptocurrency venture, World Liberty Financial (WLFI), highlighting a significant reduction in Trump's ownership stake from 60% to 40% over a short period [1][4]. Group 1: Company Structure and Ownership Changes - Trump's family established several affiliated companies to consolidate funds, with DT Tower II LLC renamed to DT Marks DEFI LLC, where Trump's stake decreased to 70% while family members hold 30% [2]. - As of January 24, the ownership of DT Marks DEFI LLC in WLFI was reported to be approximately 60%, down from 75% a few weeks prior [2][3]. Group 2: Financial Transactions and Market Impact - In March, WLFI announced the sale of $550 million worth of tokens, followed by the launch of a dollar-pegged stablecoin supported by a UAE-based company [3]. - The stock price of Circle, a stablecoin issuer, surged nearly 100% upon its NYSE listing, suggesting a potential valuation of WLFI's stablecoin project at $1.7 billion [3][4]. Group 3: Future Prospects and Regulatory Environment - The article suggests that Trump's family may be looking to liquidate more assets, especially after the U.S. Senate passed a regulatory framework for stablecoins, which positively impacted the market [4].

随着中国香港《稳定币条例》以及美国《GENIUS法案》推进等多项利好政策刺激，稳定币相关概念热度持续飙升。6月23日，万得稳定币概念指数报收 1728.62点，大涨8.4%。同日，海联金汇、四方精创涨停，还有多只概念股也收涨。其中，四方精创的年内涨幅已逼近200%。上述背景下，多家券商也密集 发布研报分析稳定币，仅5月中旬至今，已有百余篇研报聚焦稳定币的风险和投资机遇。有观点指出，在币值稳定的前提下，稳定币依托区块链有望使跨境 支付更快速、更廉价、更便捷。但也有业内人士提醒，需要注意可能存在的技术迭代不及预期、经济下行超预期、行业竞争加剧等风险。 同时，国盛证券研报《全球稳定币竞争加速》也提醒道，需要注意技术迭代不及预期、经济下行超预期、行业竞争加剧三方面风险。若技术迭代不及预期， 则对产业链相关公司造成一定不利影响。若宏观经济景气度下行，固定资产投资额放缓，影响企业再投资意愿，从而影响消费者消费意愿和产业链生产意 愿，对整个行业将会造成不利影响。若相关企业加快技术迭代和应用布局，整体行业竞争程度加剧，将会对目前行业内企业的增长产生威胁。 此外，华西证券研究所所长助理、计算机行业首席分析师刘泽晶则提到，对全球 ...

Group 1 - The Iranian parliament's National Security Committee has concluded that the Strait of Hormuz should be closed, but the final decision rests with the Supreme National Security Council [1][3] - Following the announcement, Bitcoin (BTC) dropped from $102,810 to a low of $98,200 before recovering to around $100,800, while Ethereum (ETH) fell to $2,111, marking a four-day decline [1] - The closure of the Strait of Hormuz could severely impact Iran's economy, leading to increased hardship for its citizens and potentially accelerating a legitimacy crisis for the regime [3] Group 2 - Historical context shows that Iran has previously threatened to close the Strait of Hormuz but has not followed through, indicating a potential reluctance to implement such a decision now [3] - Analysts suggest that if Iran acts rationally, it is unlikely to close the Strait, as the consequences would outweigh the benefits, leading to increased international isolation [3] - Market reactions indicate a significant sell-off in the cryptocurrency space, with over $658 million in liquidations occurring within 24 hours, primarily affecting long positions [1][4] Group 3 - Current market sentiment among traders is mixed, with some viewing the recent price drops as a buying opportunity, while others express caution due to declining demand for Bitcoin [4][7] - On-chain data suggests that Bitcoin may find support around $92,000, which corresponds to the actual cost price for traders during the bull market [7] - Ethereum's price has retraced nearly 20% from its highs, but analysts believe it is not yet the optimal time to buy, as a significant portion of circulating supply remains in profit [7]

Core Viewpoint - The recent comments by Federal Reserve Governor Waller regarding potential interest rate cuts in July have significantly impacted the cryptocurrency market, revealing vulnerabilities in the $87 billion stablecoin sector amidst geopolitical tensions and market volatility [1][6]. Group 1: Market Reactions - Gold prices have dropped 1.8% this week, falling below the critical support level of $3,370, marking the largest decline in three weeks, despite ongoing geopolitical conflicts [1][3]. - Historical data indicates that gold typically sees a risk premium increase of 5.5% within 8-20 trading days following the outbreak of geopolitical crises, yet this time, gold has failed to perform as a safe haven asset [3][5]. - The total market capitalization of stablecoins has shrunk by $3.7 billion in a week, indicating a significant outflow of capital from these assets [8]. Group 2: Stablecoin Dynamics - The dominance of dollar-pegged stablecoins exceeds 90% of the market, with euro-pegged stablecoins accounting for less than 1%, mirroring the SWIFT system's dollar payment share [5]. - The collapse of Silicon Valley Bank in 2023 saw USDC's price plummet to $0.87, resulting in a 13% loss for a million holders, highlighting the fragility of stablecoins [3][5]. - The RWA (Real World Assets) market, valued at $15 billion, faces transparency issues regarding its underlying assets, raising concerns about potential defaults and rapid liquidations [5][8]. Group 3: Federal Reserve and Economic Implications - Waller's unexpected shift towards a dovish stance on interest rates has sparked controversy, conflicting with the FOMC's previous projections of no rate cuts until 2025 [6]. - The futures market reflects skepticism about imminent rate cuts, with only an 8% probability for July and 35% for September, indicating market doubts about Waller's assertions [6]. - Richmond Fed President Barkin's comments suggest that businesses are preparing to pass on tariff costs, which could exacerbate inflationary pressures and threaten the stability of dollar-pegged assets [6].

随着科技的发展和区块链技术的日益成熟，加密货币逐渐成为商界和投资界的热点。近日，我国电商巨 头京东的创始人刘强东瞄准了"稳定币"市场，再次引发了业内外的广泛关注。本文将深入剖析刘强东此 举背后的意图及其对行业的影响。 稳定币在电商领域的应用 在电商领域，稳定币的应用前景广阔。首先，稳定币可以降低交易成本，提高交易效率。其次，稳定币 还可以解决跨境支付中的汇率风险，为电商平台带来更多机遇。 刘强东瞄准稳定币的影响 刘强东瞄准稳定币，无疑会对整个行业产生深远影响。一方面，这将推动区块链技术在电商领域的应 用，促进产业升级；另一方面，此举也或将引领更多企业关注和投资稳定币，推动整个加密货币市场的 发展。 稳定币概述 稳定币是一种特殊类型的加密货币，旨在减少价格波动，与传统的货币（如美元、欧元等）挂钩，以保 持其价值相对稳定。在当前的加密货币市场中，稳定币因其低波动性、交易速度快等优势逐渐受到青 睐。 刘强东为何瞄准稳定币 作为电商巨头的创始人，刘强东对市场趋势有着敏锐的洞察力。瞄准稳定币，一方面是为了探索区块链 技术在电商领域的应用，提高交易效率，降低成本；另一方面则是为了布局未来，抢占数字经济的高 地。 刘强东瞄 ...

加密货币市场的热潮正以意想不到的方式席卷全球股市。 据媒体报道，继稳定币发行商Circle股价在IPO后两周内暴涨8倍后，多家加密货币交易所包括Kraken、 Gemini和Bullish都在筹备上市，全球前三大加密货币交易所之一OKX明确表示正考虑在美国IPO。 美国政策环境的转变为这一热潮提供了助力，特朗普对加密货币行业的支持态度以及潜在的宽松监管预 期，显著提振了市场信心。 OKX首席营销官Haider Rafique表示，自上一届政府以来，美国对加密货币的态度发生了"重大转变"： "我们绝对会考虑未来IPO，如果上市的话，很可能在美国。" 加密货币风投公司Dragonfly合伙人Rob Hadick评论称： "现在不太可能有比这更好的IPO时机了，人们正在加快时间表。" 加密热潮转向股市，估值溢价引发热议 与传统加密货币市场不同，当前的热潮更多体现在股市表现上。 Circle自6月5日以31美元的IPO价格上市以来，股价已飙升至240美元，市值达到580亿美元，成为近年 亿万美元级IPO中首日涨幅最大的公司之一。 截至18个月前，加密货币行业在股市的存在感还很小。这一情况在2024年初比特币现货ETF ...

Summary of Key Points from the Conference Call Industry Overview - The stablecoin industry is experiencing rapid development and is entering practical application stages, with significant recognition from official entities regarding its potential in payment and settlement [1][4] - The total market capitalization of stablecoins is currently $250 billion, with USDC accounting for 25% of this market [3][9] Core Insights and Arguments - The establishment of the Gibus Act in the U.S. provides a compliance framework for stablecoin development, which is crucial for the industry's growth [1][4] - Circle's revenue is heavily reliant on its partnership with Coinbase, with 60% of its income derived from the distribution of USDC through Coinbase [1][5][6] - The global cross-border payment market is projected to reach $350 trillion by 2030, with stablecoins potentially capturing 25% of this market, translating to an $80 trillion market size [11][12] - The expansion of stablecoin applications into areas such as cross-border payments and decentralized finance (DeFi) is expected to drive significant market growth [2][7] Financial Performance and Projections - Circle's business model involves issuing USDC, backed by U.S. dollars, and investing the received dollars in low-risk assets to generate returns [6][8] - By 2024, 20% of USDC distribution is expected to occur on the Coinbase platform, a significant increase from 5% in 2022, indicating a growing reliance on this partnership [5] - The overall cryptocurrency market capitalization is anticipated to exceed $30 trillion by 2030, with stablecoins' share potentially rising to 25%, leading to a market valuation of $5 to $7.5 trillion [14] Potential Risks and Considerations - The profitability of Circle is influenced by the yields from short-term U.S. Treasury securities and the distribution costs associated with USDC [8] - The competitive landscape is evolving, with USDC gaining market share from non-compliant stablecoins like USDT due to regulatory advancements [3][9] Additional Important Insights - The integration of stablecoins into traditional payment systems is gaining traction, as evidenced by partnerships with platforms like Shopify and Visa [10][5] - The innovation in Real World Assets (RWA) on-chain is expected to enhance asset liquidity, with the RWA market potentially reaching $16 trillion to $30 trillion by 2030, largely denominated in stablecoins [13]

来源：@中国经济周刊微博 本刊记者 周琦 阿里、京东等互联网大厂抢滩、美国参议院首次通过法案、多国多地金融机构加速入场，一场国际金融暗战悄然展开…… 现在直接用稳定币，不光绕过了SWIFT，1小时内到账，还能省去兑换美元的费用。更关键的是，在没有银行的地方，稳定币也可以交易，这就大 大扩展了国际支付的方式和空间。 近日，香港特区落地《稳定币条例》。分析认为，这意味着美元霸权的"垄断高墙"，又被凿开一道缝。 以后，跨境电商就可以用和港币挂钩的稳定币结算，手续费直降80%，这可比传统用美元结算的SWIFT便宜多了。更值得关注的是，香港财经事 务及库务局局长许正宇还公开表示，从法规角度看，不排除稳定币挂钩人民币的可能性。这样一来，SWIFT估计有些紧张。 比如，俄乌刚开起冲突那会，俄罗斯被踢出了SWIFT系统，结果，一笔跨境货款得绕3家银行5天才能到账；伊朗之前也是被掐断过这个"金融脐 带"，在国际上买东西那叫一个费劲。 而现在香港玩的这手稳定币，直接把SWIFT甩到了一边，变身"跨境结算高铁"——商家上午给内地发货，下午钱就到账，比当地银行转账还快。 为啥这么厉害？因为绕开了SWIFT直接点对点。 SWIFT全名 ...

中国基金报记者 泰勒 兄弟姐妹们啊，今晚不平静！美国下场轰炸了伊朗的核设施之后，全球投资者高度紧张，担 心接下来会发生一连串的连锁反应。甚至可能引发更广泛的中东战争。 比特币跳水，跌破10万美元大关 6月22日晚间， 比特币跌破100000美元，跌幅在3%左右。 受美国卷入以色列、伊朗冲突，该局势或将升级为更大范围地区战争的担忧影响，比特币价 格盘中跳水。在最初对以色列与伊朗交火反应冷淡后，比特币价格已跌破每枚10万美元，以 太坊、瑞波币和其他主流加密货币也纷纷暴跌，在短短24小时内蒸发了2500亿美元的总市 值。 【导读】 比特币已跌破10万美元 在美国对伊朗三大主要核设施发动袭击之后，交易员预测，股市将下跌，原油价格将上涨， 美元可能走强，因为投资者在动荡中寻求避险资产。 市场观察人士表示，战争可能进一步升级的担忧，很可能会压低股价，而债券可能因此受到 提振。如果伊朗采取封锁霍尔木兹海峡（这一关键的石油和天然气运输通道）或袭击驻中东 美军等回应举措，市场波动将更加剧烈。 Premier Miton Investors首席投资官尼尔·比雷尔表示："市场的初步反应将是避险情绪上 升，股市可能会走弱。鉴于当前股 ...