12月5日至6日，南方财经论坛2025年年会在广州新启用的南方财经大厦隆重举行。本届年会以"共识的 力量"为主题，聚焦"创新涌动与中国资产重估"这一时代议题，设置了"1+5+X"议程，汇聚政府、产 业、学术、研究及金融界的顶尖智慧，旨在通过深度交流凝聚发展共识。 （原标题：韩交所芮兑昊：半导体+AI驱动韩股，中韩资本市场合作空间广阔） 21世纪经济报道记者雷晨 广州报道 面向2026：交易时间延长、数字资产与AI监管成发展重点 在主论坛"全球资本市场对话"环节，来自纽约、伦敦、韩国等全球主要金融中心的交易所代表齐聚一 堂，以全球化视角共同审视中国资产在国际舞台上的机遇与吸引力。 论坛上，韩国交易所北京代表处首席代表芮兑昊系统分享了韩国资本市场在2025年的表现、政策推动、 IPO动态以及未来规划，特别强调了技术创新与国际合作，尤其是与中国资本市场协同发展的重要性。 韩国股市2025年表现强劲：政策、产业与治理协同发力 芮兑昊回顾了2025年韩国资本市场的整体表现。他指出，代表韩国股市的KOSPI指数持续创下历史新 高，截至11月底较年初上涨64%，涨幅位居全球主要股指首位。这一成绩的取得主要得益于三方面因素 ...

Core Points - The Hong Kong Stablecoin Regulation officially came into effect on August 1, with the Hong Kong Monetary Authority (HKMA) releasing guidelines for licensed stablecoin issuers [1][2] - Major banks such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be among the first to apply for stablecoin issuer licenses [1][2] - The initial phase will likely see only a few licenses granted, possibly just 2 to 3, as the HKMA aims to be cautious in its approach [2][3] Group 1: Regulatory Framework - The guidelines set clear application thresholds for issuers, including financial conditions, personnel qualifications, reserve assets, and custody redemption requirements [1][2] - Existing stablecoin issuers must apply for licenses within a three-month transition period, or they will enter a winding-up phase by November 1, 2025 [3] Group 2: Market Participants - Various entities, including state-owned banks, sandbox testing companies, and large internet firms, are eager to apply for stablecoin licenses [4] - The three major note-issuing banks in Hong Kong are crucial players in the stablecoin market, as they are responsible for issuing currency backed by U.S. dollar reserves [2][4] Group 3: Application Scenarios - The application scenarios for stablecoins are critical for license approval, with potential uses including digital asset trading, cross-border payments in global trade, and traditional asset tokenization [4] - Different regions may have varying applications for stablecoins, with Western markets focusing more on financial applications [4] Group 4: Securities Firms' Involvement - 44 financial institutions have upgraded to the first type of securities trading license, with an increase of 3 since the end of June [6] - Securities firms are expected to focus on virtual asset trading, financing, and consulting services related to stablecoins [5][6] Group 5: Future Developments - There is anticipation for the emergence of offshore RMB-backed stablecoins, with recent initiatives like the launch of tokenized funds exploring this possibility [8]

Core Viewpoint - The implementation of the "Stablecoin Regulation" in Hong Kong marks a significant step towards the formalization of stablecoin issuance, with the Hong Kong Monetary Authority (HKMA) releasing guidelines for licensed stablecoin issuers [1][2]. Group 1: Regulatory Framework - The guidelines set clear application thresholds for stablecoin issuers, including financial conditions, personnel qualifications, reserve assets, custody and redemption requirements, jurisdiction, and transitional arrangements [1]. - The application window for stablecoin issuer licenses is open until September 30, with expectations that only a few licenses will be granted initially, possibly just 2 to 3 [2][3]. Group 2: Key Players - Major commercial banks in Hong Kong, such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong), are expected to be the first to apply for stablecoin issuer licenses due to regulatory compliance and business needs [2]. - Other potential applicants include Chinese banks, sandbox testing companies, large state-owned enterprises, and internet companies with payment licenses [4]. Group 3: Market Dynamics - The competition for the first batch of stablecoin licenses is intense, with the application scenarios being a critical consideration for approval, including digital asset trading, cross-border payments in global trade, and traditional asset tokenization [4]. - As of the end of July, 44 financial institutions in Hong Kong have upgraded to the first type of securities trading license, with an increase of 3 since the end of June, indicating a growing interest in virtual asset trading [6]. Group 4: Future Prospects - There is a strong anticipation for the emergence of offshore RMB-backed stablecoins, with recent initiatives like the launch of tokenized funds by Huaxia Fund (Hong Kong) exploring this possibility [8].