一股新势力正在重塑华尔街利润丰厚的交易业务格局。 截至二季度，高频交易公司哈德逊河交易（Hudson River Trading）公司的交易收入增长了一倍多，达到 26亿美元，而Ken Griffin的Citadel上半年创纪录收入58亿美元。此前华尔街见闻提及，Jane Street二季净 交易收入101亿美元，超过了华尔街所有大型银行。 三家主要做市商在上半年共计获得近300亿美元交易收入，主要受益于特朗普关税战后的市场波动。虽 然仍未达到华尔街前三大交易部门——摩根大通、高盛和摩根士丹利480亿美元的总收入，但差距正在 缩小。 这些私人持有的公司在监管审查方面相比银行竞争对手更为宽松，能够使用自有资本进行更大规模的投 资。2008年金融危机后，银行受到更严格的风险限制，为这些技术驱动的新兴参与者让出了市场空间。 Alphacution研究公司的Paul Rowady表示： 全球金融危机催生了新的市场领导者更替，新参与者凭借技术和数学数据专长，已是大型投 资银行无法竞争的对手。 Citadel曾以在美国股票市场占据主导地位而闻名，不过近年来已将公司债交易纳入其固定收益业务，同 时还涉足美国、英国和欧洲的政 ...

Investment Channels in US Stock Market - The US stock market is a significant financial market attracting many investors, and understanding the main investment channels is crucial for those looking to participate [1] Brokerage Firms - Investors can choose between traditional offline brokers and modern online brokers. Traditional brokers offer comprehensive services, including professional advisory teams, in-depth market research reports, and diverse trading channels, but their service fees are relatively high, which may not be friendly for small investors [1] - Online brokers leverage the convenience of the internet to attract a large number of clients with lower trading costs. Investors can start trading in US stocks by completing registration and identity verification on their platforms, which typically offer user-friendly interfaces, real-time market data, and a variety of trading tools [1] Banks - Some large banks provide US stock investment services, benefiting from strong credibility and financial stability, which assures investors of the safety of their funds. Banks often have extensive service networks to offer face-to-face consulting services [2] - The investment products offered by banks are diverse, including direct stock investments and funds related to US stocks. However, banks may have higher investment thresholds, and the returns on investment products can be influenced by both the bank's policies and market fluctuations [2] Investment Funds - Investing in US stock funds is another common method. US stock funds are a collective investment managed by professional fund managers, allowing investors to participate in the US stock market without needing specialized stock analysis skills. The diversified investment portfolios of funds can effectively reduce the risks associated with individual stocks [2] - There are various types of US stock funds, such as index funds and actively managed funds. Index funds typically track specific US stock indices and aim to replicate their performance with lower management fees, while actively managed funds rely on the fund manager's expertise to select stocks, aiming for returns that exceed market averages, albeit with higher management fees and operational costs [2] American Depositary Receipts (ADRs) - Purchasing American Depositary Receipts (ADRs) is another way to invest in US stocks. ADRs are transferable certificates issued by US banks representing ownership of a certain number of foreign company stocks. They provide a trading channel for foreign companies not directly listed in the US, allowing investors to buy ADRs as if they were purchasing the corresponding foreign company stocks [3] - ADRs are traded similarly to domestic US stocks on US exchanges, with their price fluctuations closely related to the corresponding foreign company stocks [3]

台积电(TSM.US)美国存托凭证(ADR)与其台北上市股票之间的价格差距飙升至逾16年来的最高水平， 再次引发市场对人工智能热潮可能过热的担忧。数据显示，台积电ADR7月较其台湾本地上市股票平均 溢价24%，高于4月的17%和过去十年的均值7.4%。尽管台积电ADR历来较其台北挂牌股票存在溢价， 但7月的价差如今已达到自2009年4月以来的最高水平。 投资研究公司Zero One执行董事Vincent Fernando表示："一方面，投资者对台积电在全球AI供应链中的 关键角色日益关注，显著推高了美国市场对其ADR的需求。但与此同时，ADR的供给相对固定，新增 发行空间有限，转换操作也变得更为困难。这导致ADR溢价的交易区间不断扩大。" 在Acadian资产管理公司担任投资组合经理的Owen Lamont等市场观察人士看来，这种价差扩大的现象 释放了审慎的信号。Owen Lamont表示："当热门科技公司的美国ADR相对于其本地股票出现过度溢价 时，这往往是美国市场泡沫的信号。我在当前市场中看到了许多过热的迹象。" 台积电ADR之所以历来存在溢价，主要有两个原因：第一，它们是可替代的(可在市场间自由交易)， ...

Group 1: Company Overview - Circle, a leading stablecoin issuer, officially listed on the New York Stock Exchange on June 5, 2025, with an initial price of $31 per share [1] - The stock price surged to a historical high of $299 within just 12 trading days, reflecting strong growth momentum [1] - As of July 18, Circle's stock closed at $223.78, representing a significant increase of 622% from the issuance price, with a total market capitalization nearing $50 billion [1] Group 2: Stablecoin Characteristics - Stablecoins are a form of cryptocurrency that is strictly pegged to fiat currencies, serving as a direct representation of fiat in the digital realm [2] - They can be likened to American Depositary Receipts (ADRs) in several dimensions, including the issuance of asset ownership certificates and a dual intermediary structure [2][3] - The legal framework for stablecoins has been clarified with the passage of the "Genius Act," which defines stablecoins as a "payment tool" rather than a security, commodity, or investment product [3] Group 3: Regulatory Environment - The "Genius Act" provides a solid foundation for the legal use of stablecoins in the U.S., distinguishing them from securities and establishing their application scope [3] - In contrast, the "Anti-CBDC Act" prohibits the issuance of Central Bank Digital Currencies (CBDCs) in the U.S., highlighting a significant regulatory divergence from China's proactive promotion of the digital yuan [3]

5月12日，中美日内瓦经贸会谈联合声明发布，双方关税大幅下降。 关税转机提振中国股汇市场 截至北京时间12日17:00，美元/离岸人民币报7.2074，人民币日内大涨近300点；中美日内瓦经贸会谈联合声明发布时A股已经收盘，当日上证综指上涨 0.82%报3369.24点。港股则因声明大涨，恒生科技指数飙升5.16%报5447.35点。 中美关税问题出现了转机。据新华社，5月10日至11日，中美双方在瑞士日内瓦举行经贸高层会谈。12日，中美日内瓦经贸会谈联合声明发布，双方关税大 幅下降。 美方承诺取消对中国商品加征的共计91%的关税，修改对中国商品加征的34%的对等关税，其中24%的关税暂停加征90天，保留剩余10%的关税。相应地， 中方取消对美国商品加征的共计91%的反制关税；针对美"对等关税"的34%反制关税，相应暂停其中24%的关税90天，剩余10%的关税予以保留。 至此，美国今年对中国加征的关税剩下30%，包括4月前征收的20%芬太尼关税和10%的"对等关税"。 当日，离岸人民币对美元大幅反弹，港股跳升，恒生指数收盘涨2.98%。 贝莱德首席中国经济学家宋宇对第一财经表示："会谈取得的效果大幅超出预期， ...