Group 1 - Circle's stock has surged 247% in the two trading days since its IPO [1] - Major tech companies like Apple, Google, and X are in preliminary talks with crypto firms to integrate stablecoins, aiming to reduce transaction costs and optimize cross-border payment processes [1] - Stablecoins are primarily backed by traditional assets, with fiat-collateralized stablecoins like USDT and USDC dominating over 90% of the global market [1] Group 2 - The introduction of the stablecoin regulation draft in Hong Kong is expected to enhance China's competitive participation in the market [2] - The launch of USD stablecoins may pressure weaker currencies, necessitating the enhancement of the RMB's use cases [2] - The blockchain currency system presents an opportunity for the RMB to potentially overtake the USD, despite the long road ahead under traditional frameworks [2] Group 3 - Companies involved in stablecoin or RWA issuance include Langxin Group, ZhongAn Online, and Lianlian Digital [3] - Infrastructure service providers in the stablecoin space include Zhongke Jincai, Yuxin Technology, Sifang Jichuang, Yuyin Technology, and Xiongdi Technology [4] - Companies in the cross-border payment ecosystem include Newland, New Guodu, and Lakala [5]

2025.06. 09 本文字数：2105，阅读时长大约4分钟 作者 | 第一财经 周艾琳 稳定币第一股Circle正式在6月5日上市，短短两日内股价暴涨至107.7美元，相较发行价（31美元） 累计涨幅高达247%，盘中最高涨至123.5美元附近。 "我们认筹了Circle IPO，市场对稳定币的热情非常之高，不过考虑到认购份额较低和股价短期已经 较高，不乏机构在上市首日获利了结。"美国某资管公司基金经理对第一财经表示。 币圈和金融圈都对合规稳定币赛道持乐观态度，Circle也将保持头部效应，然而竞争的加剧难免将摊 薄其市占率。目前Circle股价对应的市盈率已经高达近150倍，而其2024年净利润（1.56亿美元）低 于2023年（2.68亿美元），因而后续涨势仍待观望。 机构抢筹Circle IPO 6月5日，Circle在美上市，市场投资情绪高涨，首日股价收涨近170%，报83.23美元，盘中一度飙 升235%，次日再涨约24%，引发市场高度关注。 据第一财经了解，众多海外机构抢先认购Circle股份，但不乏机构在其上市首日就获利了结。 某加密货币交易所产品负责人对记者表示："Circle上市必然受到 ...

你能想象吗？比特币最初竟被视作专为咱中国人打造的投资利器，可谁能料到，中国政府却一纸禁令，直接给相关交易画上了句号。诡异的是，只要咱中 国人一退出比特币市场，它的价格就跟打了鸡血似的，一路狂飙。这事儿听着，简直像一场让人摸不着头脑的荒诞剧。 当年，比特币那可是被吹得天花乱坠，号称去中心化、自由交易，仿佛谁参与进来，就能走上财富自由之路。结果呢，中国这边禁令一下，比特币交易所 纷纷关门大吉，矿场也都停工停产，币圈瞬间陷入一片死寂，哀鸿遍野。然而，禁令过后，比特币价格却如同火箭发射，蹭蹭往上涨。这不，最近又快逼 近新高了，10万美元一枚都快不稀奇了。 为啥会涨得这么离谱呢？最近的形势是，美国那边动作频频。特朗普上台后，提名了好些对比特币极为推崇的官员，一个个堪称币圈的超级狂热粉。就比 如说，美国证券交易委员会（SEC）新主席候选人公开表态，要给加密货币松绑，营造宽松友好的监管环境。还有财政部那边，传言要推出将比特币纳入 金融体系的提案。 这消息一传出，华尔街的基金经理们瞬间两眼放光，跟饿狼看到肉似的，争着往比特币投资。在X平台（原推特）上，币圈的大V们天天晒收益截图，动 不动就说睡一觉资产就翻了倍，评论区全是"全 ...

Group 1: Stablecoins and Global Currency System - Stablecoins are typically pegged to stable assets like fiat currencies (mainly USD), precious metals, or other cryptocurrencies, providing relative stability in value [1] - The stablecoin market has significantly expanded since 2020, currently valued at nearly $245 billion, driven by advantages in payment settlements, demand from the expanding cryptocurrency market, and geopolitical risks [1][2] - The development of stablecoins essentially extends the dominance of the USD into the cryptocurrency realm, although the ongoing de-globalization of the USD may not be reversed by stablecoin growth [2] Group 2: China's Market Outlook - The "transformation bull" market in China is becoming clearer, with strategic optimism for 2025 driven by reduced marginal impacts from valuation contractions and a shift in investor expectations [3] - Key drivers for this market include a decline in risk-free rates, effective economic policies, and a focus on investor returns, which are crucial for changing risk perceptions among investors [3][4] - Investment opportunities are identified in sectors such as finance, emerging technology, and cyclical consumption, with recommendations for stocks in brokerage, banking, insurance, and new consumer trends [4][5] Group 3: Hong Kong Market Dynamics - The Hong Kong stock market has outperformed the A-share market since the beginning of the year, with a 19% increase in the Hang Seng Index, driven by sectors like healthcare, technology, and consumer goods [7] - The scarcity of certain assets in the Hong Kong market, particularly those related to AI applications and new consumption trends, is a significant factor in its outperformance [7][8] - Positive factors supporting the Hong Kong market's upward trajectory include fundamental recovery and improved liquidity, with a focus on technology stocks benefiting from accelerated AI applications [8]

市盈率已经高达近150倍。 稳定币第一股Circle正式在6月5日上市，短短两日内股价暴涨至107.7美元，相较发行价（31美元）累计涨幅高达247%，盘中最高涨至123.5美元附近。 "我们认筹了Circle IPO，市场对稳定币的热情非常之高，不过考虑到认购份额较低和股价短期已经较高，不乏机构在上市首日获利了结。"美国资产管理 公司Alger合伙人和执行副总裁张韵（Amy Zhang）对第一财经表示。 币圈和金融圈都对合规稳定币赛道持乐观态度，Circle也将保持头部效应，然而竞争的加剧难免将摊薄其市占率。目前Circle股价对应的市盈率已经高达 近150倍，而其2024年净利润（1.56亿美元）低于2023年（2.68亿美元），因而后续涨势仍待观望。 相较于全球最大稳定币USDT的发行商Tether，Circle的最大优势就是合规透明。随着美国《引导和推动美国稳定币国家创新法案》（GENIUS法案）落 地，未来合规稳定币的体量会越来越大，Circle需要把握先发优势。当前，Circle发行的稳定币USDC流通量超过610亿美元，USDT则约为1500亿美元， 但去年USDC体量增长了40%，远超USDT ...

美国市场正处于一个罕见的"叠加时刻"：特朗普既像典型的共和党那样大力减税，又延续民主党级别的 超高支出，美股则重现80年代去监管与90年代科技牛市的合体盛宴。 近日，美银首席投资策略师Michael Hartnett在最新报告中犀利指出，美国政府正在以7万亿美元的支出 对抗5万亿美元的收入，2万亿美元的赤字缺口让美元在5%国债收益率下依然暴跌。市场欢乐的背后， 是美元崩跌、债务激增与AI驱动下的不确定性。 "减税+撒钱"下的危局，美元失色，债务无底 美银的数据显示，自大选以来，代表权贵科技与金融的"bro billionaire"股票篮子暴涨45%，而代表特 朗普票仓的小盘股罗素2000指数却下跌7%。关税、减税、制造业回流、去监管——所有利好政策一应 俱全，但小投资者却无人问津。 这种分化正在重塑市场格局。Z世代和千禧一代面对高不可攀的房价选择了退却，转而通过股票和加密 货币为未来储蓄并对冲AI风险。经纪交易商与房屋建筑商的比值已达16年高点，而20-24岁大学毕业生 的失业率在过去三个月飙升至6%，远高于2023年12月的4%。 特朗普"既要减税，也要豪掷"，7万亿美元的财政支出，配合每年5万亿美元的收入 ...

Investment Rating - The industry maintains a "Recommended" investment rating, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [3]. Core Insights - The demand for AI inference has significantly increased, with Broadcom reporting AI revenue exceeding expectations, highlighting ongoing investment in the AI sector [6][9]. - Circle, the first publicly traded stablecoin company, saw its stock price surge nearly 250% shortly after its IPO, reflecting strong market interest and potential for rapid growth in the stablecoin sector [6][14]. - The report emphasizes the importance of AI infrastructure investment and the anticipated growth of stablecoins as regulatory frameworks develop, positioning them as a bridge between traditional finance and Web3 [6][14]. Summary by Sections Section 1: Overseas AI Computing Power - Broadcom's Q2 2025 revenue reached $15.004 billion, a 20% year-over-year increase, with AI revenue surpassing $4.4 billion, growing 46% year-over-year [9][10]. - The company anticipates continued growth in AI semiconductor sales, projecting revenue to accelerate to $5.1 billion in Q3 2025 [11]. - The market for AI XPU and networks is expected to reach a serviceable available market (SAM) of $60 billion to $90 billion by 2027, with Broadcom aiming for a leading market share [11]. Section 2: Circle's Market Performance - Circle's stock price increased by approximately 168.48% on its first trading day, closing at $83.23, significantly above its IPO price of $31 [14]. - As of May 23, 2025, the circulating supply of USDC exceeded $61 billion, making it the second-largest stablecoin globally [14][15]. Section 3: Market Performance Review - The computer sector rose by 2.80% in the first week of June 2025, with notable gains from companies such as Huijin Co., Qingyun Technology, and Zhongdian Xilong [18][19].

Core Insights - The recent surge in interest around "stablecoins" is driven by the Hong Kong Legislative Council's passage of the "Stablecoin Ordinance" on May 19, which establishes a licensing regime for fiat-backed stablecoins, marking Hong Kong as the first jurisdiction to do so [1][14][17] - Major financial institutions, including CITIC Securities and CICC, are actively publishing research reports and conducting roadshows related to stablecoins, highlighting the regulatory benefits and industry opportunities presented by the new law [1][6] - The stablecoin market is projected to grow significantly, with estimates suggesting a market cap exceeding $250 billion by May 2025, driven by increasing adoption in cross-border payments and e-commerce [10][11] Industry Developments - Stablecoins are defined as cryptocurrencies that maintain a stable value by being pegged to fiat currencies, with USDT and USDC being prominent examples [2][4] - The total market capitalization of stablecoins reached nearly $200 billion as of November 2024, with USDT accounting for over $130 billion and USDC for over $39 billion [2] - The introduction of the Stablecoin Ordinance is expected to enhance the development of the digital financial ecosystem in Hong Kong, facilitating the transition of stablecoins from mere transactional mediums to essential financial infrastructure [1][6] Market Reactions - Stablecoin-related stocks have experienced significant volatility, with some Hong Kong-listed companies seeing daily gains exceeding 80% [4] - Investment firms are increasingly conducting research and analysis on stablecoin-related stocks, indicating a growing recognition of the sector's potential [5][6] - The demand for stablecoins in cross-border trade is rising, as companies seek efficient and compliant payment solutions, with many businesses already inquiring about the acceptance of USDT or USDC for transactions [5][8] Regulatory Landscape - Global regulatory bodies are accelerating the legislative process for stablecoins, with frameworks being established in regions such as Europe and the United States, alongside Hong Kong's new regulations [14][16] - The Hong Kong regulatory framework emphasizes the importance of stablecoins as a key component of the digital financial system, aiming to mitigate risks associated with traditional financial markets [16][20] - The licensing requirement for stablecoin issuers in Hong Kong includes a minimum registered capital of HKD 25 million, ensuring a level of financial stability and compliance [17]

Group 1: Foreign Exchange and Gold Reserves - As of May 2025, China's foreign exchange reserves reached $32,853 billion, an increase of $36 billion from April, representing a growth rate of 0.11% [1] - By the end of May, China's gold reserves stood at 7,383 million ounces (approximately 2,296.37 tons), with a month-on-month increase of 60,000 ounces (about 1.86 tons), marking the seventh consecutive month of gold accumulation [1] Group 2: A-Share Market Analysis - After the "fill the pit" market phase, A-shares are expected to experience a strong upward trend driven by policies, external events, industry rotation, and market sentiment [2][3] - Historical data shows that after seven instances of rapid declines followed by rebounds since 2015, the average duration of subsequent market fluctuations lasted 86 trading days, with five out of seven instances leading to price increases [2] - Current positive policies and external events, including a recent call between the leaders of China and the U.S., have reduced concerns regarding U.S.-China tensions, contributing to a favorable market outlook [3] Group 3: Economic Indicators - Industrial profits for large-scale enterprises grew by 3% year-on-year in April, with a cumulative growth of 1.4% from January to April, indicating a continued positive trend [5] - The manufacturing PMI for May rose to 49.5%, reflecting an improvement in manufacturing activity, with production indices exceeding the critical threshold [5][6] - The market remains cautious about the impact of U.S. tariffs, but the overall economic indicators suggest a supportive environment for market stability [6] Group 4: Industry Configuration and Investment Recommendations - Short-term investment strategies should focus on technology, new consumption, and undervalued blue-chip stocks, with an emphasis on sectors like computing, communication, and innovative pharmaceuticals [4] - The technology and advanced manufacturing sectors are highlighted as key areas for investment, supported by ongoing policy initiatives and market trends [6] - Companies in the U.S. and Hong Kong, such as Circle and Coinbase, as well as A-share companies like Sifang Jingchuang and Zhongke Jincai, are identified as potential investment targets in the context of stablecoins and RWA [7][9] Group 5: NVIDIA's Robotics Ecosystem - NVIDIA is focused on developing platforms and tools for robotics, emphasizing the creation of a foundational development ecosystem [10] - The company has introduced a comprehensive solution for robotics that integrates training, optimization, and execution through its various computing platforms [11][12] - Investment recommendations include companies involved in automotive robotics, such as Top Group and Bertly, which are expected to benefit from NVIDIA's advancements in the robotics sector [13]

Group 1 - The recent performance of emerging growth companies on Wall Street has sparked market interest, indicating a noticeable recovery in IPO demand for these companies, suggesting an upcoming "listing wave" [1] - Circle, the first stablecoin to go public, saw its stock price surge nearly 170% on its debut, closing at $83.23, significantly above its IPO price of $31, and further increasing by about 24% the following day, boosting confidence in the cryptocurrency sector [2] - Following Circle's successful IPO, cryptocurrency exchange Gemini has secretly submitted an S-1 registration statement to the SEC, indicating potential future IPO plans, contingent on market conditions [2] Group 2 - CoreWeave, a cloud computing service provider backed by Nvidia, experienced a stock price increase of nearly 240% since its IPO, despite initial skepticism from the market regarding its high debt and customer concentration [3] - The summer is typically a slow season for IPOs, but the strong performances of companies like CoreWeave and Circle may encourage other unicorns to file for IPOs [3] - Financial technology company Chime plans to issue 32 million shares at a price range of $24 to $26, aiming to raise approximately $800 million, while Voyager Technologies intends to issue 11 million shares at a price range of $26 to $29, targeting over $300 million in fundraising [4]