4、经合组织23日发布中期经济展望报告，预计2025年全球经济增速为3.2%，较今年6月预测值上调0.3个百分点；2026年全球经济增速将放缓至2.9%，与6月 预测值相同。 5、德勤中国资本市场服务部发布《2025年前三季度中国内地和香港新股市场回顾与展望》。以新股融资额计算，香港交易所(港交所)将继续夺得全球新股 融资排名的冠军。上海证券交易和深圳证券交易所则分别排名第五和第八位。德勤认为，随着内地监管机构扎实推动新"国九条"及资本市场"1+N"系列政策 落地，今年前三季度市场呈现稳步发展的趋势，新股数量及融资额均有所增长，此势头将一直持续至年底，而科技、新能源等行业的公司继续成为热点。 热点聚焦 1、2025年9月23日，中共中央政治局委员、外交部长王毅在北京会见来华访问的美国国会众议员代表团史密斯一行。双方就进一步加强沟通交流、推动中美 关系稳定健康可持续发展坦诚、深入交换了意见。王毅表示，此访是2019年以来首个访华的美国联邦众议员代表团，带来了美国两党的声音和美国人民对中 美关系的期待，堪称是一次破冰之旅。王毅表示，了解是建立信任的基础，也是探讨合作的开端，更是开创未来的动能。中国的大门随时敞开， ...

Core Insights - A new force is reshaping the lucrative trading business landscape on Wall Street, with high-frequency trading firms like Hudson River Trading and Citadel reporting significant revenue growth [1] - The trading income of Hudson River Trading doubled to $2.6 billion, while Citadel achieved record revenues of $5.8 billion in the first half of the year [1] - Jane Street's net trading income reached $10.1 billion in Q2, surpassing all major Wall Street banks [1] - The three major market makers collectively earned nearly $30 billion in trading income, benefiting from market volatility following the Trump tariff wars [1] Technology-Driven Trading Revolution - Electronic market makers leverage cutting-edge technology to quote prices for a wide range of assets, executing trades at high speed and with minimal spreads [2] - Although this model reduces profit margins per trade, the high trading volumes compensate for this, ultimately creating economies of scale [2] Expansion of Trading Giants - The business scope of these trading giants has expanded beyond their initial focus, with increased electronic trading opportunities in fixed income markets [3] - Citadel, once known for its dominance in the U.S. equity market, has now incorporated corporate bond trading into its fixed income business and is also involved in government bond trading in the U.S., U.K., and Europe [3] - Jane Street, initially focused on trading American Depositary Receipts (ADRs), has expanded into ETF trading on U.S. exchanges and now holds a dominant position in that asset class [3] Traditional Banks Retreat - While non-bank market makers thrive, traditional banks are retreating in trading operations due to post-financial crisis regulatory constraints that increase the cost of proprietary trading [4] - Morgan Stanley closed its electronic market-making division for U.S. stock options earlier this year, which was subsequently acquired by Citadel, providing Citadel with a substantial portfolio of stock option positions [4] - As banks lose competitiveness in trading, clients are likely to turn to institutions that can offer them the best prices directly [4] Banks' Remaining Advantages - Despite the challenges, banks still possess advantages due to their large balance sheets, which are crucial for clients needing significant capital [5]

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]

Group 1 - The recent US-China Geneva trade talks resulted in a significant reduction of tariffs, with both sides agreeing to cancel 91% of their respective tariffs [1][2] - The offshore RMB saw a substantial rebound against the USD, and the Hang Seng Index surged by 2.98% following the announcement [1][2] - BlackRock's Chief China Economist noted that the outcomes of the talks exceeded expectations and highlighted the importance of continued communication between the two nations [1][6] Group 2 - The joint statement from the trade talks reflects a principle of reciprocity, which is beneficial for managing US-China differences [6] - Analysts believe that the reduction in tariffs will positively impact the Chinese stock market, with the Shanghai Composite Index rising by 0.82% [2][9] - Goldman Sachs maintains an overweight position on Chinese assets, citing strong resilience in the Chinese financial market and an expected increase in earnings for the MSCI China Index [8][11] Group 3 - The ongoing discussions regarding tariffs and the overall profitability of Chinese companies are critical for future market performance [9][10] - Upcoming earnings reports from major Chinese tech companies like JD.com, Tencent, and Alibaba are highly anticipated, with expectations of strong performance from Alibaba [12] - The market is closely monitoring the potential impact of US tariffs on Chinese exports and the overall economic landscape [11][12]