Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the impact of stablecoin legislation in the United States and Hong Kong, aiming to reshape financial infrastructure and address the challenges posed by the dominance of the US dollar while meeting the needs of countries in Asia, Africa, and Latin America [1][2][3]. Core Insights and Arguments - **Stablecoin Definition and Applications**: Stablecoins are digital representations of fiat currency on the blockchain, primarily used in crypto asset trading, real-world asset (RWA) transactions, and cross-border payments. They enhance the efficiency and reduce costs of cross-border payments through peer-to-peer value exchange networks [1][6][7]. - **Market Growth Potential**: The current market size for stablecoins is approximately $250 billion, with projections suggesting it could reach $1.6 trillion by 2030, indicating significant growth potential [1][9]. - **Legislative Progress**: The US Senate is expected to finalize stablecoin legislation by the end of 2025, while Hong Kong has already passed its stablecoin regulatory framework [2][4]. - **Strategic Intentions**: The US aims to reinforce the dollar's international status and regulate private stablecoin issuers, while Hong Kong seeks to establish itself as a financial experimentation hub, creating alternative financial transaction and settlement systems [5][8]. Key Players and Market Dynamics - **Major Issuers**: Tether (USDT) and Circle (USDC) dominate the stablecoin market, holding nearly 90% of the market share. Tether has a circulation of about $150 billion, while Circle is positioned as the most compliant stablecoin issuer [12][16]. - **Emerging Competitors**: Other players, including traditional financial institutions and new entrants like the Trump family and PayPal, are entering the stablecoin space, increasing competition [12][27]. - **Distribution Channels**: Centralized exchanges and DeFi protocols are primary distribution channels for stablecoins, with traditional cross-border payment companies expected to integrate compliant stablecoin solutions in the future [11][12]. Regulatory and Compliance Aspects - **Regulatory Frameworks**: Both the US and Hong Kong's stablecoin regulations emphasize the need for high liquidity and low-risk asset reserves, ensuring transparency and security in the issuance process [8][10]. - **RWA Integration**: The integration of real-world assets into the blockchain is seen as a significant trend, with RWA expected to enhance the efficiency of financial transactions and broaden access to global capital [17][18][19]. Additional Insights - **Technological and Competitive Factors**: Key competitive factors in the stablecoin market include the security and transparency of underlying assets, customer acquisition capabilities, and liquidity management [13][14][15]. - **Future Trends**: The total market value of on-chain assets is currently less than 1% of traditional financial markets but is projected to grow to 5-10% as blockchain technology becomes more integrated into global financial systems [24][25]. - **Potential Beneficiaries**: Companies with strong digital asset capabilities, such as JieShun Technology and others involved in cross-border payment solutions, are expected to benefit from the increasing demand for stablecoin transactions [31][32]. This summary encapsulates the critical points discussed in the conference call, highlighting the evolving landscape of stablecoins and their implications for the financial industry.

上周，A股主要指数弱势震荡。全周，小盘股方向表现略强，中大盘股方向略弱，上证50指数周跌幅达 1.22%。 假期期间，多个重磅消息扑面而来，对本周A股行情有何影响？今天，达哥和牛博士就大家关心的话题 进行讨论。 牛博士：达哥，你好。假期期间，外围消息比较多，且感觉都比较重磅，你对此怎么看？本周将开启6 月行情，大盘走势会如何？ 道达：在三天假期里，出现了不少消息。 首先，地缘局势方面。据乌克兰安全局消息人士称，乌克兰无人机1日袭击了多个俄罗斯军用机场，其 中包括位于西伯利亚东部深处的贝拉亚军事基地。包括A-50、图-95和图-22 M3在内的40多架飞机在此 次行动中受损，损失约为20亿美元。 不过，俄方的分析认为，乌克兰方面实际上仅仅可能摧毁了两架图-95战略轰炸机及一架安-12运输机。 其余受损飞机在维修后均可恢复作战能力，乌克兰方面宣称的战果并不符合实际。 另外，中东局势恶化的迹象越来越明显，特别是以色列与伊朗之间。 其次，关税方面。美国总统特朗普表示，将把进口钢铁的关税从25%提高至50%。欧盟委员会发言人 称，欧盟已准备好对美国提高关税采取反制措施。 中美经贸方面，商务部新闻发言人表示，在日内瓦经贸 ...

这个板块今天集体大涨，有何利好？ 6月2日，在港股市场上，数字货币概念股集体拉升，连连数字盘中一度上涨80%，移卡一度涨近50%，欧科云 链一度涨超45%。截至收盘，连连数字涨幅仍超过60%，欧科云链涨超40%，移卡涨近40%，众安在线涨近 10%。 从政策层面来看，近期数字货币行业的利好消息不断，尤其是稳定币异军突起，成为全球金融市场的新焦点。 香港特别行政区政府于5月30日在宪报刊登《稳定币条例》，这意味着《稳定币条例》正式成为法例。此前5月 21日，香港特区立法会通过《稳定币条例草案》。上述举动意味着，中国香港在数字资产领域迈出了重要的一 步。按照当前的进度，合规的香港稳定币有望在今年年底前正式推出。此外，美国也正在加速推进稳定币监管 法案。 有券商指出，稳定币正迎来全新监管加速期，也将被视为重要的金融创新工具，预计后续仍将得到政策支持， 行业发展空间将进一步打开。 数字货币概念股大涨 6月2日，港股市场探底回升，恒生指数盘中一度跌超2.5%，恒生科技指数一度跌超3%。午后，港股震荡攀 升，两大指数的跌幅均大幅收窄。截至收盘，恒生指数跌0.57%，恒生科技指数跌0.70%。 其中，数字货币概念股大涨，活 ...

Investment Rating - The report maintains an "Increase" rating for the industry [5] Core Insights - The introduction of the Stablecoin Ordinance in Hong Kong marks a significant step towards financial innovation while ensuring stability in the digital asset sector [1][3] - Stablecoins serve as a bridge between traditional finance and the crypto ecosystem, providing stability and liquidity, which are essential for broader adoption [2][12] - The RWA (Real World Asset) market is rapidly expanding, with a total market size reaching approximately $23 billion, and is expected to grow significantly in the coming years [4][8][47] Summary by Sections Stablecoin Overview - Stablecoins are digital assets designed to maintain value stability by pegging their price to fiat currencies like the US dollar, addressing the volatility of traditional cryptocurrencies [2][12] - The main types of stablecoins include fiat-backed, crypto-backed, commodity-backed, algorithmic, and hybrid models, with USDT and USDC being the most prominent [21][22] Hong Kong Stablecoin Legislation - The Hong Kong Monetary Authority (HKMA) initiated public consultations on stablecoin regulation in early 2022, leading to the formal introduction of the Stablecoin Ordinance in May 2025 [3][26][31] - The ordinance requires stablecoin issuers to obtain a license from the HKMA, ensuring that reserve assets are fully backed and regularly audited [3][39] Globalization of Debt and Stablecoins - The RWA market is experiencing rapid growth, with significant projects being launched in various sectors, including energy and agriculture [4][41][42] - Major players like Circle are planning to go public, indicating strong market interest and potential for further expansion in the stablecoin sector [38][40] Beneficiaries in the Industry - Companies involved in stablecoin infrastructure include ZhongAn Online, Sifang Jichuang, and others, while RWA projects are supported by firms like Longxin Group and GCL-Poly Energy [51]

港股数字货币概念股走强，众安在线涨11%，移卡盘中涨35%；连连数字此前一度涨近80%，欧科云链 涨超45%。 ...

Group 1 - The core viewpoint of the article highlights the active performance of digital currency stocks in the Hong Kong market, particularly after the implementation of the Stablecoin Regulation by the Hong Kong government [1] - Notable stock performances include Lianlian Digital rising by 59%, Okex Cloud Chain increasing by 39%, Yika gaining 35%, and ZhongAn Online up by 11% [1] - The Stablecoin Regulation, published in the Hong Kong government gazette on May 30, signifies a step towards enhancing the regulatory framework for digital assets in Hong Kong [1]

在政策热潮推动下，数字货币概念股接力走高。 Wind（万得）数据显示，截至5月30日，A股数字货币指数单周上涨10.89%。5月30日单日，A股数字货 币指数更是触及2022.84的高点。 从个股来看，5月30日，拉卡拉收报24.56元/股，较上日收盘上涨3.4%。雄帝科技收报25.00元/股，较上 日收盘上涨13.22%。实际上，就在5月29日，拉卡拉、雄帝科技、四方精创等数字货币概念股均涨停。 数字货币概念股在港股市场同样火爆。不过，在连涨多日后，不少资金获利了结，一些数字货币概念股 在5月30日回调。 截至5月30日，在港股市场上，连连数字、众安在线单周上涨幅度达34%和55%。但就当日单日来看， 连连数字收报10.02港元/股，较上日收盘跌5%。众安在线收报19.26港元/股，较上日收盘跌8.5%。 对于未来何种企业和股票将持续上涨，于佳宁认为，其一，将是具备合规路径预期、基础设施能力与金 融嵌入场景的企业，尤其是能够在"监管框架—金融服务—实际落地"三者之间建立技术与制度桥梁的参 与者；其二，是拥有可通证化资产池与链上原生发行能力的现实世界资产（RWA）技术平台型公司。 这类公司可以将稳定币从纯金融 ...

Group 1 - The U.S. and Hong Kong are advancing stablecoin legislation, with Hong Kong passing a Stablecoin Bill and the U.S. Senate moving forward with the GENIUS Act to regulate dollar-pegged stablecoins [1][2] - Bitcoin surged to a historic high of over $110,000, driven by positive news regarding stablecoins [1] - The stablecoin market is currently valued at over $250 billion, with underlying assets primarily consisting of short-term U.S. Treasury bonds, making stablecoins significant holders of U.S. debt [2] Group 2 - U.S. Vice President Jared Vance stated that the government does not view stablecoins as a threat to the dollar's integrity, but rather as a "multiplier" of U.S. economic strength [1] - The improvement of the stablecoin regulatory framework is expected to provide a more compliant and efficient settlement tool for global cross-border payments, potentially reducing costs and delays associated with the traditional SWIFT system [1]

他谈到，"目前我们正积极与香港金管局及其他区域的监管展开密切的沟通及合作，推动京东稳定币业 务在全球合规展业。"（闫妍） 责任编辑：王若云 中国香港作为亚洲金融创新的前沿地区，特区政府也于2023年12月宣布，拟订立新法例来实施法币稳定 币发行人发牌制度，并不断取得进展。京东币链科技于2024年7月入选香港金管局公布的首批"稳定币沙 盒"参与者。 京东为何开展这项业务，有哪些考虑？对此，京东币链科技CEO刘鹏表示，"在京东集团海外业务发展 战略的指导下，我们团队对Web3领域做了比较细致的研究和分析，发现通过区块链技术发行支付型稳 定币，不仅可以解决自身跨境结算所遇到的问题，也可以有效地服务其他企业和实体经济，于公司于社 会，都能产生巨大的经济及社会效应。同时香港政府也在大力扶持Web3产业。综合判断下，我们第一 时间在香港发起牌照申请工作，通过约一年的努力，非常荣幸获得监管的认可并成为香港稳定币发行人 沙盒的参与者。" 新浪科技讯 5月30日下午消息，近日，香港立法会通过《稳定币条例草案》（以下简称《条例》）。以 该条例为基础，香港将正式设立法币稳定币发行人的发牌制度。 据介绍，稳定币是一种与某些稳定资产挂 ...

Market Overview - A-shares experienced fluctuations with the Shanghai Composite Index down 0.25%, Shenzhen Component down 0.52%, and ChiNext down 0.63% as of 9:36 AM on May 30 [1] - The U.S. court initially halted most of Trump's tariffs, but an appeals court reinstated them shortly after, indicating ongoing trade policy uncertainty [1] Sector Performance - High dividend stocks, including banking, insurance, and electricity sectors, showed resilience [1] - Pharmaceutical stocks, particularly traditional and innovative medicines, saw gains, with Huawen Pharmaceutical achieving a four-day consecutive rise [1] - The aquaculture sector surged, with Juxing Agriculture hitting the daily limit [1] - The stablecoin concept gained traction, leading to significant increases in digital currency and mobile payment stocks, with HaiLian JinHui and CuiWei Co. reaching their daily limits [1] - The autonomous driving sector remained active, with YunNei DongLi achieving five consecutive daily limits [1] Investment Insights - According to Everbright Securities, June may lack clear mainline opportunities, leading to stock rotation and potential pressure on large-cap blue-chip stocks due to insufficient incremental capital [2][7] - The month of June is significant for technology giants to release new products, which may provide event-driven opportunities for flexible stocks [2][7] Hot Sectors 1. **Stablecoin Concept** - The stablecoin concept continues to develop, with significant gains in digital currency and mobile payment stocks, following the passage of the Stablecoin Bill in Hong Kong [3] - Stocks like HaiLian JinHui and CuiWei Co. reached their daily limits, indicating strong market interest [3] 2. **Autonomous Driving** - The autonomous driving sector remains vibrant, with YunNei DongLi achieving five consecutive daily limits [5] - The upcoming Robotaxi debut by Elon Musk is anticipated to boost market interest in this sector [5] Institutional Perspectives - Everbright Securities suggests that June may lack a clear mainline, with a focus on new product launches from technology giants [7] - Huashan Securities expects the market to maintain a volatile trend, advising investors to consider stable investments in banking and insurance, as well as growth technology sectors [9] - Dongfang Securities indicates that the market will revolve around mid-year performance reports, with a focus on technology growth, high-end manufacturing, and new consumption stocks [10]