Core Insights - Circle's IPO represents a significant signal to the market, indicating confidence in the sector and compliance intentions to regulators, while showcasing the emergence of on-chain USD as a mainstream financial instrument [2][20] - For China, the focus on stablecoins is not about whether to engage, but rather how to integrate into global liquidity and promote the story of the Renminbi [3][20] Company Overview - Circle, founded in 2013, initially aimed to create a cross-border payment service based on Bitcoin, but faced significant challenges, including a drastic valuation drop from $3 billion to $750 million, a 75% decline [4][5] - The company pivoted to focus on the issuance of the USDC stablecoin, which is fully backed by USD reserves, and has seen its market cap grow significantly, reaching approximately $29.7 billion post-IPO [3][5] Market Dynamics - The stablecoin market is rapidly evolving, with Tether holding a 62% market share and Circle's USDC at 25%, while major corporations like Walmart and Amazon are exploring their own stablecoins [3][5] - The global stablecoin market is projected to exceed $3 trillion in the coming years, driven by increasing institutional adoption and regulatory clarity [5][19] Regulatory Environment - The U.S. is moving towards clearer regulations for stablecoins, with proposed legislation requiring full USD backing and regular audits, which enhances the credibility of compliant issuers like Circle [6][10] - In contrast, China maintains a cautious stance, prohibiting private stablecoin issuance while promoting the digital Renminbi, indicating a divergence in regulatory approaches between the two countries [11][18] Competitive Landscape - Circle's strategy emphasizes compliance and transparency as competitive advantages, positioning USDC as a foundational infrastructure for digital transactions [6][19] - The stablecoin sector is expected to consolidate, with leading players like USDC and USDT potentially forming a duopoly similar to Visa and Mastercard in traditional finance [20] Future Outlook - The stablecoin market is anticipated to grow significantly, with estimates suggesting a total market cap of $2 to $3 trillion within the next 5 to 10 years, contingent on the ability of companies like Circle to build robust financial networks [19][20] - The evolution of stablecoins is seen as a functional complement to traditional payment systems, particularly in cross-border transactions and in regions with high inflation [16][17]

Investment Rating - The report maintains an "Outperform" rating for the computer industry [2][8]. Core Insights - The report highlights the progress of stablecoin regulations in Europe, the United States, and Hong Kong, indicating a clearer compliance path that could stimulate financial innovation and enhance the value of digital currencies and assets [4]. - Circle's IPO has generated significant demand, with the global stablecoin market projected to reach $1.6 trillion by 2030, driven by regulatory clarity and increased acceptance among financial users [4]. - Stablecoins are expected to evolve from mere transaction mediums to critical financial infrastructure, presenting investment opportunities in the digital currency sector [4]. Summary by Sections Market Performance - The computer industry has shown a performance trend against the CSI 300 index, with fluctuations observed from June 2024 to February 2025 [3]. Related Research - Several related reports are mentioned, focusing on the implications of AI and data analysis in the industry, as well as the financial performance of specific companies [4]. Investment Recommendations - The report suggests focusing on companies involved in stablecoins and Real World Assets (RWA), listing several firms such as Lianlian Digital, Zhong'an Online, and others as potential investment opportunities [4].

Group 1: Circle Internet Group - Circle Internet Group went public on June 5, 2025, under the ticker "CRCL," becoming the first global stablecoin stock, raising $1.1 billion with a share price of $31, up from an initial range of $24 to $26, and saw over 25 times oversubscription [2][3] - On its first trading day, Circle's stock opened 122% higher and closed at $83.23, a 168.48% increase from the IPO price, giving it a market capitalization of $18.356 billion [3] - Circle, founded in 2013, primarily issues two stablecoins: USDC and EUDC, with USDC holding approximately 29% market share as of March 2025 [4] - As of March 31, 2025, Circle reached over 600 million users globally, with total revenue and reserve income of $1.676 billion and a net profit of $156 million for 2024 [5] Group 2: Zhou Li Fu Jewelry - Zhou Li Fu Jewelry passed the Hong Kong Stock Exchange hearing and disclosed its information on June 3, 2025, with CICC and CITIC International as joint sponsors [7] - Established in 2004, Zhou Li Fu operates 4,129 stores across 31 provinces and has four overseas stores, ranking among the top five jewelry brands in China for eight consecutive years [7][8] - The company reported revenues of 3.102 billion yuan, 5.150 billion yuan, and 5.718 billion yuan from 2022 to 2024, with a compound annual growth rate (CAGR) of 35.8%, significantly outpacing the industry average of 2.7% [8] Group 3: 51WORLD - 51WORLD updated its prospectus on May 30, 2025, to continue its listing process on the Hong Kong Stock Exchange, with CICC and Huatai International as joint sponsors [11] - Founded in 2015, 51WORLD focuses on the digital twin industry, offering three core business platforms: 51Aes, 51Sim, and 51Earth, and is the first in the industry to propose a comprehensive digital twin solution [12][13] - The company achieved revenues of 170 million yuan, 256 million yuan, and 287 million yuan from 2022 to 2024, with gross margins of 65.0%, 54.2%, and 51.0% respectively [14] Group 4: Xi Puni - Xi Puni updated its prospectus on June 3, 2025, to advance its listing on the Hong Kong Stock Exchange [17] - Established in 2013, Xi Puni is a designer and manufacturer of precious metal watches, with its flagship brand "HIPINE" being the largest gold watch brand in China, holding a market share of 24.98% [18] - The company reported revenues of 324 million yuan, 445 million yuan, and 457 million yuan from 2022 to 2024 [19] Group 5: Weili Zhibo - Weili Zhibo updated its prospectus on June 4, 2025, aiming to become the first stock in the TCE field in China [21][22] - Founded in 2012, Weili Zhibo focuses on innovative therapies for cancer and autoimmune diseases, with 14 candidate drugs in its pipeline, including a core product in clinical registration [23] - The company secured investments from various institutions and achieved a post-C round valuation of 3.13 billion yuan in 2024 [25]

Group 1: Su Chao and Cultural Tourism Consumption - The "Su Chao" football league has significantly boosted cultural tourism consumption in six host cities, with a total increase in consumption [1] - Over 180,000 fans attended matches, achieving attendance rates comparable to professional football leagues [1] - From June 2 to June 8, reservations for scenic spots in Jiangsu Province increased by 305% [1] - A-share football concept stocks surged, with multiple stocks hitting the limit up, including a five-day consecutive rise for Guochuang Turf and three consecutive 20% rises for Jinling Sports [1] Group 2: Changan and Dongfeng Restructuring - Changan Automobile and Dongfeng Automobile announced a pause in their restructuring plans due to the separation of Changan's indirect controlling shareholder [2][3] - The restructuring speculation had previously led to a surge in the capital market, but the current status remains unclear [3] - The automotive industry has seen a trend towards consolidation, indicating a maturation of the market [3] Group 3: National Standards for Intelligent Driving Assistance - A new mandatory national standard for intelligent connected vehicles' driving assistance systems is set to be established, with a project duration of 22 months [4][5] - The standard will cover technical requirements for motion control, driver monitoring, system safety, and testing methods [4] Group 4: Circle's IPO Performance - Circle, the issuer of the USDC stablecoin, saw its stock price surge by 168.48% on its first trading day, closing at $83.23 with a market cap exceeding $18 billion [6][7] - The company experienced a 25-fold oversubscription for its IPO, increasing the number of shares issued from 32 million to 34 million [6] - USDC's circulation has grown by 40% over the past year, significantly outpacing USDT's 10% growth [6] Group 5: Guangdong Government Investment Fund Regulations - Guangdong Province has introduced new regulations for government investment funds, stipulating that management fees must be paid from fund earnings rather than principal [8][9] - This change could lead to challenges for fund managers if the funds do not generate profits, potentially eliminating their primary income source [9] Group 6: South Korea's New President - Lee Jae-myung was inaugurated as South Korea's president, winning with 49.42% of the vote, ending a period of political uncertainty [10][11] - His administration aims to focus on developing emerging industries like AI and fostering a fair economy while navigating challenges in economic recovery and social cohesion [11] Group 7: US Steel and Aluminum Tariffs - The US has raised tariffs on steel and aluminum imports from 25% to 50%, citing national security concerns [12][13] - This move has faced criticism for potentially harming the US manufacturing sector and disrupting global supply chains [12] Group 8: Trump and Musk's Public Dispute - A public feud has erupted between former President Trump and Elon Musk, triggered by legislative changes affecting electric vehicle tax credits [13][14] - The conflict reflects deeper tensions between the two figures, impacting Tesla's stock price, which fell by 14.26% following the dispute [14]

值得关注的是，当地时间周四，稳定币发行商Circle在纽交所上市交易，成为稳定币领域首家上市公司。当 天，Circle股价高开高走，盘中涨幅一度达到235%，并多次因股价波动过大而触发熔断。截至当天收盘， Circle上涨168%，市值达184亿美元。 另外，周五美股盘前，Circle股价再度大涨，涨幅一度超过20%。若以此计算，Circle的最新股价较发行价已暴 涨超220%。 稳定币，最近有点火！ 据最新消息，6月6日，香港特区政府于宪报刊登《稳定币条例（生效日期）公告》，指定8月1日为《稳定币条 例》开始实施的日期。据悉，该条例的主要目的是监管涉及稳定币的活动，并于香港就受规管稳定币活动设立 发牌制度。 上市疯涨 香港财经事务及库务局局长许正宇表示："《条例》生效后，该发牌制度将为相关的稳定币活动提供适切规 范，是促进香港的稳定币和数码资产生态圈可持续发展的里程碑。" 香港金融管理局总裁余伟文此前也曾表示，"《条例》建立了一个风险为本、务实和灵活的监管制度。相信稳 健和适切的监管环境可以创造有利条件，支持香港稳定币以至数码资产生态圈的健康、负责任和可持续发 展。" 中信建投表示，《稳定币条例》标志着全球 ...

潮新闻客户端 记者 张云山 加密世界与传统资本市场的边界，正在被稳定币公司Circle击穿。 "开盘暴涨122%，盘中最高涨幅超234%"——这不是某个山寨币的魔幻故事，而是全球第二大美元稳定 币发行商Circle登陆纽交所的实况。美东时间6月5日，Circle（股票代码CRCL）以每股31美元发行价登 陆纽交所，开盘价直接飙升至66.75美元。经历盘中熔断后继续上冲，最终收于82.88美元，单日涨幅达 167.35%，市值瞬间膨胀至182.78美元，约1316亿人民币。 Circle股价大涨（同花顺截图） 破壁者效应：传统金融与加密世界的双向奔赴 Circle上市的高光表现，映射出传统资本对加密资产的认知转变。"这不仅是稳定币第一股，更是现实世 界资本对链上金融基础设施的价值重估。"分析人士认为，随着Visa、PayPal等巨头相继布局稳定币，这 个曾被视作边缘产物的领域正成为兵家必争之地。Circle的核心竞争力在于其对监管合规的极致追求 ——每月发布储备金审计报告，持有纽约州信托牌照等举措，使其成为摩根大通等传统机构进入加密世 界的首选通道。 当然，其中风险依然不可忽视：美国尚未出台稳定币联邦立法，Te ...

美东时间6月5日，稳定币领域迎来历史性时刻：全球第二大挂钩美元的稳定币USDC发行商Circle，正式在纽约证券交易所挂牌上市，股票代码为"CRCL"， 发行价为每股31美元。 当日开盘后，Circle表现惊艳，IPO首日开盘涨122.58%，报66.75美元，此后再次实现股价跳涨，盘中最高涨幅超234%，引发市场高度关注。 Circle成立于2013年，是一家总部位于美国的金融科技公司，核心产品为USDC。该稳定币与美元1:1锚定，在全球范围内被用于支付、结算以及数字美元价 值存储，市场份额仅次于Tether发行的USDT。 引发关注的是，这是稳定币领域首个IPO，成功上市，或意味着稳定币商业模式得到传统资本市场认可。 回溯Circle的资本化历程，其实并非一帆风顺。如今，这场承接加密市场火爆情绪的IPO，究竟价值几何？哪些风险需要警惕？对于整个行业又有何意义？ 开盘首日股价最高涨幅超234% 美东时间6月5日，Circle正式在纽约证券交易所上市，敲定发行价为31美元，发行规模扩大至3400万股，共计募资10.54万美元。 更惊艳市场的是开盘表现，IPO首日开盘涨122.58%，因价格涨幅波动性过大，Ci ...

Core Viewpoint - Circle Internet Group has successfully expanded its IPO to raise nearly $1.1 billion, indicating growing market recognition for stablecoin issuers [1][2] Group 1: IPO Details - Circle priced its IPO at $31 per share, selling 34 million shares, leading to a market capitalization of $6.9 billion, and a fully diluted valuation of approximately $8.1 billion [1] - The IPO is underwritten by major banks including JPMorgan, Citigroup, and Goldman Sachs, with shares expected to begin trading on the NYSE under the ticker CRCL [1] - The IPO coincides with ongoing legislative discussions in the U.S. Congress regarding the regulation of stablecoins, potentially enhancing their legitimacy [1] Group 2: Market Position and Demand - As of March 31, Circle's USDC stablecoin held about 29% of the market share, with a circulating supply of approximately $61 billion as of May 29 [2] - The IPO saw strong demand, with subscriptions exceeding available shares by 25 times, prompting an increase in the offering size from an initial plan of 24 million shares [2] - Notable investors include ARK Investment Management, which intends to purchase up to $150 million in shares, and BlackRock, which plans to acquire about 10% of the IPO [2] Group 3: Historical Context - Circle was valued at $7.7 billion after a funding round in 2022 and had previously aimed for a valuation of $9 billion through a merger with a SPAC, which was later abandoned [3]

声明显示，Circle在此次IPO中出售了1480万股，而出售股份的股东减持了1920万股。知情人士透露， 此次扩大规模的交易引发强烈需求，截至周二订单截止时，认购量超过可供股份数量的25倍。 Circle早先提交的文件显示，其IPO目标于周一上调至3200万股，定价区间为27至28美元/股，高于最初 计划的2400万股(24至26美元/股)。 文件显示，凯西·伍德(Cathie Wood)创立的科技聚焦型投资公司ARK Investment Management有意在Circle 的IPO中购买至多1.5亿美元的股份。知情人士称，贝莱德计划收购此次IPO约10%的股份。 数据显示，贝莱德代表Circle管理一只政府货币市场基金，该基金持有USDC稳定币90%的储备资产。 Circle官网数据显示，截至5月29日，Circle储备基金规模达533亿美元。 智通财经APP获悉，Circle Internet Group(CRCL.US)及其部分股东于美东时间周三扩大其首次公开募股 (IPO)规模，募资近11亿美元，且定价高于此前市场预期区间，标志着稳定币发行商正获得更广泛的市 场认可。根据一份声明，该公司及其联 ...

Core Viewpoint - The emergence of stablecoins, particularly USDC, is poised to reshape the cryptocurrency landscape and potentially the global monetary system [1][9]. Group 1: Circle's IPO and Market Position - Circle, the issuer of USDC, plans to go public on the New York Stock Exchange, with a target date around June 5 or 6, aiming to raise up to $896 million by issuing 32 million shares priced between $27 and $28 each [2][4]. - The company has seen significant growth, with USDC's circulation increasing from $42.5 billion at the end of 2021 to over $61 billion, marking a 40% growth in the past year, compared to USDT's 10% growth [2][5]. - Circle's business model primarily relies on earning interest from the reserves backing USDC, which are held in safe short-term assets [5]. Group 2: Competitive Landscape - USDC's compliance and transparency give it a competitive edge over USDT, which has faced criticism for its lack of transparency regarding reserve assets [6][7]. - Despite USDC's advantages, its market share has decreased from 35% in early 2022 to below 20%, while USDT's share exceeds 70%, attributed to USDC's strict compliance measures [8]. Group 3: Implications for the Cryptocurrency Market - The introduction of compliant stablecoins like USDC is expected to bridge traditional finance and cryptocurrency markets, lowering the cost for traditional funds to enter the crypto space [9][10]. - The rise of stablecoins may transform cross-border payment systems by allowing transactions to occur outside traditional banking frameworks, enhancing efficiency and reducing costs [10]. Group 4: Future Developments - The Hong Kong government is moving towards issuing a Hong Kong dollar stablecoin, with companies like JD.com preparing to enter the stablecoin market, indicating a growing trend in stablecoin adoption [11].