Group 1 - Jerome Powell's speech at the Jackson Hole meeting indicated a potential adjustment in monetary policy, leading to significant market volatility [1] - The dollar index experienced its largest single-day drop since April, while major indices like the Dow Jones and Nasdaq saw substantial gains [1] - Market expectations for a rate cut rose sharply after Powell's remarks, with historical data suggesting a high likelihood of rate cuts when pre-meeting expectations exceed 90% [1][2] Group 2 - Powell highlighted challenges in achieving dual goals of employment and inflation, suggesting a downtrend risk in the labor market [2] - The dovish stance from Powell positively impacted both U.S. and Hong Kong stock markets, with the Hang Seng Tech Index futures rising by 2.07% [2] - Following Powell's comments, there was a notable increase in ETF investments in Hong Kong stocks, with significant net inflows observed [3] Group 3 - The A-share market is experiencing accelerated growth, with trading volumes exceeding 2 trillion RMB for eight consecutive days, marking a historical record [4] - Investor sentiment in A-shares is becoming more active, with a notable increase in the "bull market" sentiment index [4] - Predictions suggest that A-shares could potentially break the 4000-point mark by year-end, with a long-term target of 5000 points if asset securitization rates reach 100% [4]

文/中国社会科学院金融研究所副所长、国家金融与发展实验室副主任 张明 ， 香港中文大学（深圳）国际事务研究院研究助理 杨芸淞 ，香港中文大学（深圳） 国际事务研究院助理院长、副研究员 包宏 近年来，加密货币的影响力日益渗透至政治领域，尤其在2024年美国大 选中，获得共和党总统候选人特朗普的大力支持。特朗普政府的加密货币 政策，既是其本人及家族追求政治与经济利益的体现，也延续了与民主党 在政策理念上的长期博弈。同时，该政策试图为提振美国经济、缓解政府 债务问题开辟新路径，并进一步巩固美国在全球加密资产、区块链等前沿 领域的主导地位。预计这一政策转向将在国际货币体系、金融市场与金融 监管三个层面对全球金融秩序产生冲击。国际货币体系的数字化转型已势 在必行，加密货币领域的国际监管合作亟待加强，以及需重新审视加密货 币创新与监管之间的平衡关系。 一方面，如果美国率先确立加密货币友好型监管框架，或将加速美国国内金融创新与产业升级， 推动 区块链技术在金融基础设施、供应链管理、数字身份认证等领域的应用。 在推动加密货币及区块链技 术迈向更成熟发展阶段的同时，也会进一步巩固美国在全球数字金融及区块链领域的领导地位。另一方 ...