策略报告 | 投资策略 静待 7 月政治局会议 证券研究报告 政策与大类资产配置周观察 海内外政策要闻 国务院常务会议研究做强国内大循环重点政策举措落实工作。国务院总理李强7 月16日主持召开国务院常务会议，研究做强国内大循环重点政策举措落实工作。 会议指出，做强国内大循环是推动经济行稳致远的战略之举。会议强调，有关部 门要进一步优化政策设计，认真听取各方面意见建议，积极帮助地方和企业解决 困难、促进发展，齐心协力推动经济持续向好。 全国政协召开2025年上半年宏观经济形势分析座谈会。政协主席王沪宁表示，今 年以来，面对国际环境复杂多变、不稳定性不确定性增加的复杂局面，以习近平 同志为核心的中共中央加强对经济工作的全面领导，坚持稳中求进工作总基调， 全面贯彻新发展理念，坚定不移办好自己的事，坚定不移扩大高水平对外开放， 着力稳就业、稳企业、稳市场、稳预期。 美国国会通过"稳定币"法案。当地时间7月17日，美国国会众议院以308票赞 成、122票反对的结果通过了《指导与建立美国稳定币国家创新法案》（Genius Act），旨在对加密货币监管进行重大立法改革。随后7月18日，美国总统特朗普 在白宫正式签署，标志着 ...

趁热打铁 BitGo秘密提交美国IPO申请 比特币/美元 金十数据7月22日讯，加密货币托管公司BitGo控股公司周一表示，在数字资产市场一片乐观情绪中，该 公司已秘密提交IPO申请。BitGo成立于2013年，是美国最大的加密货币托管公司之一，为客户存储和 保护数字资产。加密行业市值攀升至4万亿美元，比特币最近创下历史新高，突破了12万美元大关。 Renaissance Capital高级策略师马特•肯尼迪表示："这是加密货币领域多年来最好的市场条件，公司希望 利用这一点。加密初创公司知道，IPO的窗口可能会意外关闭，尤其是在像加密货币这样动荡的领域， 所以他们希望趁热打铁。" ...

美联储、联邦存款保险公司（FDIC）和货币监理署（OCC）发布了关于加密货币托管的联合声明，为 持有加密资产的银行提供操作指引。 ...

2025年4月，第12届香港国际钱币联合展销会如期在香港会议展览中心隆重举行，再次吸引了全球收藏圈的目光。作为亚洲地区最具影响力的专业展会之 一，此次盛会不仅集结了来自30多个国家与地区的150余家参展单位，还通过丰富的展品、现场讲座、评级服务与高规格的交流平台，为全球藏家、币商及 拍卖机构提供了一个展示、对话与合作的绝佳舞台。 而且展会这回也特别贴心地设了"新手友好区"，讲座、演示样样齐全，像是"纸币怎么防潮""评级怎么看级别""老币新币怎么搭配存"……讲得通俗又实用， 不少年轻人听完就直呼"收藏也太上头了吧！" 在众多展商与收藏者中，德国灯塔（LEUCHTTURM）作为世界领先的收藏用品品牌，以其卓越的产品品质与百年工艺积淀，再次成为关注焦点。无论是用 于保护钱币的硬币盒、币托、防氧化胶囊，还是用于系统整理与展示的高端钱币专辑册与收纳箱，灯塔产品都凭借出色的实用性与精致的设计赢得了现场藏 家的高度认可。 本届展会的一大亮点是题材广泛，展品覆盖从古钱、机制币、现代纪念币，到近年热炒的评级币种和限量发行的主题套币。稀有的钱币如袁世凯像"飞龙纪 念币"、大清银币"大尾龙"、孙中山"船洋"银元等再次成为市场焦点， ...

Core Insights - BitGo Inc. has experienced a significant increase in its assets under custody, growing from $60 billion to $100 billion by the first half of 2025, driven by clearer global regulatory frameworks and the rising popularity of cryptocurrencies [1][2] - Approximately half of the assets under custody involve staking activities, where investors collateralize their cryptocurrency assets to participate in blockchain transaction validation and earn additional token rewards [1] - BitGo, established in 2013, has become one of the largest cryptocurrency custody institutions in the U.S., offering not only custody services but also digital asset trading and lending services [1] - Following a $100 million funding round in 2023, BitGo's valuation reached $1.75 billion, with notable early investors including Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners [1] - The company is considering an initial public offering (IPO) as early as the second half of this year, potentially becoming another digital asset firm entering the capital markets after former President Trump’s renewed support for the cryptocurrency industry [1] - Trump's administration has appointed pro-cryptocurrency regulatory officials and has pushed for stablecoin legislation, further influencing the market [1] Global Expansion - Over the past year, BitGo has accelerated its global expansion, securing strategic investments from South Korea's Hana Financial Group and SK Telecom in September 2024, and successfully entering the Dubai market in early 2025 [2] - The operations of the South Korean joint venture are reported to be progressing smoothly [2]

Core Viewpoint - The recent passing of the Stablecoin Regulation in Hong Kong is a significant milestone, with ZhongAn Bank being highlighted as a key player in the digital banking sector, having proposed a "Banking for Web3" vision earlier in 2023 [1][2] Group 1: Company Overview - ZhongAn Bank is recognized as Hong Kong's first digital bank and is positioned to benefit from the new stablecoin regulations, leveraging its technological capabilities and license resources [2][3] - Baishida Holdings, as the largest shareholder of ZhongAn Bank, holds a 43.50% stake in ZhongAn International, which fully owns ZhongAn Bank, thus allowing it to capitalize on the stablecoin policy benefits [2][3] Group 2: Financial Performance - ZhongAn Online, in which Baishida holds 81 million shares, reported total premium income of RMB 33.417 billion in 2024, ranking eighth in the property and casualty insurance industry [2] - Baishida's asset-liability ratio is notably low at 25.2%, indicating strong financial health and risk resilience compared to other property companies [4] Group 3: Strategic Positioning - Baishida's dual strategy of "stable real estate + financial technology" is designed to create a multiplier effect, with its real estate assets providing a safety net while its fintech operations offer growth potential [5] - The company is actively expanding its fintech footprint, including holding a microloan license through equity investment in Chongqing ZhongAn Microloan, enhancing its financial technology portfolio [3][5] Group 4: Market Outlook - The market may currently undervalue Baishida's fintech assets, as it is perceived primarily as a traditional real estate company, suggesting a potential for value re-evaluation as the fintech business gains recognition [5] - The combination of high-quality real estate assets and a growing fintech business positions Baishida for future growth, particularly as it navigates the opportunities presented by the stablecoin regulations [5]