北京商报讯（记者 刘四红）数字人民币试点再现新进展，6月9日，北京商报记者注意到，据福州市人民政府官网，全国统一规范电子税务局数字人民币支 付场景已在福建地区上线，并实现首单新电子税务局移动端数字人民币缴税业务落地。 另外江苏省南京市税务部门也有举措，其中便实现数字人民币在退税场景中的应用，并获得市民的广泛好评，"数字人民币退税更加方便快捷，以后办理业 务又多了一种选择！"据介绍，南京达泽化工贸易有限公司通过电子税务局申请了出口退税并选定数字钱包作为退税账户，应退税款次日就直接退至公司的 数字钱包账户，流程更快、体验更优、隐私性更强。 再将视野看向西南，四川省税务局同样曾大刀阔斧改革创新，打造了离境退税数字人民币办理模式，实现离境退税"即买即退"，在此前大运会中为无数外国 运动员和游客带来了便利。 据悉，数字人民币缴税是2023年"便民办税春风行动"的重要举措，作为一种新型的税费支付方式，能满足企业、个人多元化缴退税费的需求，是对现有缴退 税费方式的有力补充。数字人民币缴税，不仅仅是简单转变了支付方式，更具有实时到账、零手续费、法律保障性更强等优势。 素喜智研高级研究员苏筱芮表示，数字人民币+税务的试点新进展 ...

Group 1 - The core viewpoint is that JD Group's stablecoin has gained significant attention in the fintech sector, having been selected for the first batch of the "stablecoin sandbox" by the Hong Kong Monetary Authority, with potential pilot issuance as early as late 2025 to early 2026, depending on regulatory progress [1][3] Group 2 - JD stablecoin is a digital currency pegged 1:1 to the Hong Kong dollar, issued on a public blockchain, with its reserves independently managed by licensed financial institutions to ensure value stability through a 100% fiat currency reserve backing mechanism [3] - The stablecoin offers notable advantages in payment and settlement scenarios, supporting transactions within the JD ecosystem and enabling cross-border settlements with a cost and time reduction of over 30% compared to traditional methods, thereby enhancing supply chain liquidity [3] Group 3 - Currently, JD stablecoin is in the testing phase and has not been publicly issued, with the company warning against scams and emphasizing that there are no purchase channels available yet [4] - Possible future purchasing methods include exchanging through the JD Finance app, purchasing on digital currency exchanges, or using dedicated channels for cross-border merchants [5][7]

智通财经6月9日电，稳定币第一股Circle美股盘前涨超13%，上个交易日收涨近30%。 ...

Group 1 - The concept stocks related to stablecoins are experiencing a rebound, with Hengbao Co., Ltd. (002104) hitting the daily limit up, indicating strong market interest [1] - Other companies such as Chutianlong (003040) and Dongxin Peace (002017) also previously reached their daily limit up, showcasing a trend in the sector [1] - Companies like Xiongdi Technology (300546), Yuyin Co., Ltd. (002177), and Hailian Jinhui (002537) are quickly following suit with significant price increases [1]

Core Viewpoint - The A-share market is experiencing a bullish trend, driven by sectors such as innovative drugs, rare earth permanent magnets, solid-state batteries, and digital currencies, while gold and liquor sectors are underperforming [1][2]. Market Performance - As of June 9, the Shanghai Composite Index rose by 0.23% to 6393.26, the Shenzhen Component Index increased by 0.62%, and the ChiNext Index gained 1.22% [1][2]. - Notable sector performances include: - Weight loss drugs: +4.79% - CRO concept: +4.73% - Chemical pharmaceuticals: +4.34% - Innovative drugs: +4.17% - Alzheimer's concept: +3.81% - Medical services: +3.58% - Gold concept: -0.49% [2]. Institutional Insights - Market expectations are optimistic due to factors such as accelerated special bond issuance, support for industrial upgrades, and loose liquidity, suggesting a continued upward trend in June [3]. - A resistance zone is identified between 3391-3400 points, with a need for trading volume to exceed 1.3 trillion for a breakout [3][4]. - Recommended sector allocations include autonomous controllable fields, especially with upcoming global AI technology and solid-state battery summits, and defensive biopharmaceuticals for opportunistic buying [4].

A股稳定币概念股盘初活跃，楚天龙竞价涨停两连板，石基信息涨超9%，恒宝股份、雄帝科技、拉卡 拉、兆日科技等跟涨。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months compared to market benchmarks [6]. Core Insights - The report highlights the recent legislative developments in the U.S. and Hong Kong regarding stablecoins, which are expected to catalyze the application of Real World Assets (RWA) [1][3]. - The stablecoin market has seen significant growth, with a total market capitalization surpassing $250 billion, reflecting a tenfold increase from $20 billion in 2020 [2]. - Circle, the issuer of USDC, has successfully gone public, with its stock price increasing by 168.5% on the first day of trading, indicating strong market interest and confidence in its compliance and operational model [4]. Summary by Sections Industry Research - The U.S. Senate passed the "GENIUS Act," establishing regulatory requirements for payment stablecoins, while Hong Kong has implemented a comprehensive regulatory framework for fiat-backed stablecoins [1]. - The stablecoin market is highly concentrated, with USDT and USDC together accounting for 86.06% of the market share [2]. Stablecoins and RWA - The synergy between stablecoins and RWA is emphasized, as RWA can provide diverse credit sources for stablecoins, enhancing their utility and application scenarios [3]. - Stablecoins are expected to improve the liquidity of RWA transactions and reduce associated costs through automated processes [3]. Company Overview - Circle's IPO was priced at $31 per share, with a significant increase in stock price on the first trading day, reflecting its strong market position and compliance advantages [4]. - The report suggests monitoring Circle (CRCL) and other related companies in the stablecoin ecosystem, such as ZhongAn Online and JD Group, which are involved in stablecoin services [4].

Core Viewpoint - The article discusses the recent legislative developments regarding stablecoins, highlighting their potential impact on the financial market and the broader economy, particularly in the context of the U.S. dollar's dominance and the competition with digital currencies like China's digital yuan [1][29][30]. Group 1: Legislative Developments - A series of stablecoin-related legislations have gained attention since April 2025, including the passage of the STABLE Act and the advancement of the GENIUS Act in the U.S. Congress [1][10][11]. - The GENIUS Act aims to establish a regulatory framework for payment stablecoins, ensuring a 1:1 backing with U.S. dollars and implementing strict disclosure and anti-money laundering requirements [6][27][29]. Group 2: Understanding Stablecoins - Stablecoins are a type of cryptocurrency designed to maintain a stable value by pegging to fiat currencies or low-volatility assets, with the global market cap growing from $5 billion in 2019 to $250 billion currently [2][15]. - They can be categorized into fiat-collateralized, commodity-collateralized, crypto-collateralized, and algorithmic types, with the first three being similar in principle [2][14]. Group 3: Supply and Demand Dynamics - The stablecoin ecosystem includes issuers, payment service providers, and DeFi protocol providers, each generating revenue through various means such as minting fees and transaction costs [3][16]. - Demand for stablecoins is driven by their advantages over traditional currencies, including faster transaction speeds, lower costs, and the ability to bypass traditional banking constraints [4][20]. Group 4: Market Projections - Projections suggest that stablecoin market capitalization could reach between $500 billion to $2 trillion by 2028, depending on regulatory developments and competition from central bank digital currencies (CBDCs) [5][23][32]. - The increasing use of stablecoins in cross-border payments and international trade could significantly enhance their market penetration [24][25]. Group 5: Impact on U.S. Treasury Bonds - Currently, major stablecoin issuers hold approximately $166 billion in U.S. Treasury bills, representing about 2.6% of the total T-Bill market, with potential for increased demand as stablecoin usage expands [8][32]. - The influx of stablecoin investments into U.S. Treasuries could exert downward pressure on short-term interest rates, influencing the broader financial market [33][35]. Group 6: Implications for Gold Demand - The rise of stablecoins may affect gold pricing dynamics, as they could enhance the credibility of the U.S. dollar while also providing an alternative to gold as a hedge against currency devaluation [34][36]. - If stablecoins become widely adopted, they may divert some demand away from gold, particularly in high-inflation economies where residents traditionally turn to gold for value preservation [36].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The successful IPO of stablecoin giant Circle on June 5, 2025, marked a significant milestone, with a first-day increase of 168.48% and a market capitalization of $18.4 billion [4] - Circle's USDC has become the second-largest dollar-pegged stablecoin globally, with a market cap of approximately $60.9 billion as of April 2025, narrowing the gap with Tether (USDT) [4] - The report emphasizes the growing opportunities in the digital currency market, particularly in decentralized finance (DeFi), cross-border payments, and digital asset trading [5][7] Summary by Sections Industry Overview - The report highlights the positive outlook for the computer industry, with a projected growth trajectory [1][2] Circle's Business Model - Circle's revenue model is primarily based on the yield from reserves invested in U.S. Treasury bonds, with total revenue reaching $1.676 billion by the end of 2024, a 15.57% increase from 2023 [6] - The majority of Circle's revenue (99.1%) comes from reserve income, although net profit has decreased to $156 million due to rising distribution and transaction costs [6] USDC Applications - USDC is widely used in various applications, including: 1. Decentralized Finance (DeFi): Dominating stablecoin trading volume (approximately 69%) on platforms like Ethereum and Solana [5] 2. Cross-Border Payments: USDC offers fast (settlement in seconds) and low-cost (less than $0.01) transactions, making it ideal for global remittances [5] 3. Digital Asset Trading: USDC serves as a key liquidity source in cryptocurrency trading, particularly in centralized exchanges like Coinbase [5] Investment Recommendations - The report recommends several companies that are expected to benefit from the digital currency market, including Langxin Group, Jingbeifang, and others [7]

Investment Rating - The report maintains a positive outlook on the EDA industry, highlighting the acceleration of domestic substitution due to increased export controls from the U.S. [4][5] Core Insights - The report emphasizes the booming demand for stablecoins, particularly following Circle's successful IPO, which raised $1.05 billion with a first-day closing price increase of 168% [4][6] - The U.S. Senate's recent approval of a stablecoin bill is expected to significantly boost the stablecoin market, with major players like Visa entering the ecosystem [7][6] - The report discusses the impact of new EDA export restrictions from the U.S. on Chinese firms, suggesting that this could open up opportunities for domestic EDA companies [4][20] Summary by Sections Stablecoin Market - Circle, the issuer of the second-largest stablecoin USDC, went public on June 5, 2025, with a final IPO price of $31 per share, significantly higher than initial expectations [6] - The stablecoin market is anticipated to grow rapidly due to legislative support and increased participation from major financial institutions [7] - Circle's revenue model relies heavily on interest from reserve assets, with projected revenues of $736 million, $1.431 billion, and $1.661 billion from 2022 to 2024 [12] EDA Industry - The U.S. Department of Commerce has imposed new export restrictions on EDA tools to China, which may accelerate the domestic substitution trend [20][21] - Demand for EDA tools is expected to shift as consumer-grade chip manufacturers may face challenges due to these restrictions, potentially increasing the market for domestic EDA products [23] - Domestic EDA companies are experiencing growth, with significant mergers and acquisitions occurring to enhance product offerings and market share [26] Investment Opportunities - The report identifies several key investment targets in the stablecoin and EDA sectors, including companies like ZHONGAN Online, LianLian Digital, and various Web3.0 service providers [20] - Specific companies highlighted for their potential in the AIGC and digital economy sectors include Kingsoft Office, Hikvision, and Huada Jiutian [39]