智通财经APP获悉，贝莱德智库发文称，2025 年是多个领域突破边界的一年，部分领域如贸易政策等 受到制约，而AI投资、金融创新等领域则取得了新突破。 此外，贝莱德智库认为随着稳定币的应用和资产代币化的兴起，塑造金融体系未来的颠覆性趋势正以超 出预期的速度在演变，这也正是第三条启示。2025年的《天才法案》建立了美国首个支付类稳定币(即 与法定货币挂钩并由流动储备资产支持的数字代币)的监管框架。该法案虽然禁止稳定币发行人支付利 息，但其中一项"营销奖励"条款允许提供类似收益的激励措施。这可能会使稳定币与银行存款和货币基 金形成竞争，进而可能影响银行提供信贷的方式以及现有的全球支付体系。如果与美元挂钩的稳定币在 新兴市场上作为当地货币替代品被广泛应用，不仅能够巩固美元的储备货币地位，还有望缓解当前市场 对美元的负面情绪和配置。资产代币化通过将资产所有权记录于数字账本，可实现即时结算，并有望拓 宽非流动性私募市场资产类别的投资渠道。 贝莱德智库认为，美国经济的韧性部分是源于该机构观察到的第一条启示：供应链无法迅速重构等不可 改变的经济规律意味着世界无法快速改变。尽管今年市场多次剧烈震荡，但该机构认为这些经济规律将 ...

Core Insights - The seminar held by the Korea Economic Association and Democratic Party members highlighted the competitive landscape of the digital asset market among major developed countries like the US and EU [1] - Experts emphasized the need for South Korea to actively expand its digital asset industry and update relevant policies to enhance global competitiveness [1] Industry Developments - Major financial institutions such as JP Morgan and BlackRock are rapidly building tokenization and settlement infrastructure for bonds and funds [1] - Digital asset exchanges like Coinbase and Binance are expanding into asset management and financial derivatives services [1] Regulatory Environment - There is a call for South Korea to relax regulatory restrictions and swiftly update digital asset-related policies to improve its position in the global market [1]

Group 1: Low Interest Rate Era - The low interest rate environment is driven by an asset shortage in the financial sector, where financial assets are liabilities for the non-financial sector [3][9] - Since 2007, the macro leverage ratio of the non-financial sector has evolved through three phases, with the first phase (2007-2015) seeing a significant increase in leverage primarily from the private sector [5] - The current trend shows negative growth in consumer and business loans, indicating a reluctance to increase leverage among households and enterprises [7][9] Group 2: Population and Economic Impact - China's population peaked in 2015, leading to a decline in the labor force and a decrease in marginal productivity of capital (MPK), which has implications for investment returns [11][13] - The relationship between population decline and economic factors such as inflation and interest rates is critical, with low inflation rates observed in 2023 and 2024 [17][20] - The real estate market's performance is closely tied to population dynamics, with an oversupply of housing expected due to a decline in new urban households [39][41] Group 3: Digital Economy and Financial Trends - The emergence of the digital economy and digital finance is reshaping the manufacturing sector, with a focus on Industry 4.0 and the integration of AI and blockchain technologies [55][62] - The U.S. has introduced several laws to regulate digital assets and stabilize the bond market, indicating a strategic move towards a unified capital market [63] - Future trends include a potential decline in manufacturing jobs due to automation, persistent demand shortages, and the rise of digital financial services [67][69][80]

Core Viewpoint - The upcoming "breakthrough" technology agreement between the UK and the US focuses on collaboration in artificial intelligence and quantum computing, with significant investments expected from major US tech companies like Nvidia and OpenAI [1][2][3] Group 1: Agreement Details - The agreement aims to deepen cooperation in key technology areas, including AI, semiconductors, telecommunications, and quantum computing, marking an important upgrade in existing collaborations [3] - The UK government emphasizes the natural partnership between the UK and the US, both of which have trillion-dollar tech industries [3] - During President Trump's state visit, a strong delegation of US business executives will accompany him, highlighting the focus on commercial and tech investments [3] Group 2: Investment Commitments - Nvidia's CEO Jensen Huang and OpenAI's CEO Sam Altman are expected to announce support for multi-billion dollar investments in the UK data center sector during the visit [2][3] - Asset management giant BlackRock plans to invest up to £500 million (approximately $678 million) in the UK data center market [3] - These investment commitments are anticipated to significantly boost the UK's digital infrastructure and send positive signals to investors [3] Group 3: Blockchain Advocacy - A coalition of industry associations is urging the UK government to include blockchain technology in the agreement, warning that excluding digital assets could hinder the UK's ability to shape future financial standards [2][4][5] - The coalition includes organizations like the UK Cryptoasset Business Council and UK Finance, which have expressed concerns about the UK's lag in crypto asset regulation compared to the EU, US, and parts of Asia and the Middle East [5][6] - The lobbying efforts highlight the strategic importance of stablecoins and asset tokenization for both economies [5] Group 4: Regulatory Landscape - The UK's Financial Conduct Authority (FCA) is consulting on a regulatory framework for crypto assets, aiming to accept license applications next year [6] - The lobbying groups warn of a fragmented regulatory environment that could reduce opportunities for UK companies in the transatlantic market and increase competitive pressures [6] - The UK government has indicated plans to collaborate with US officials on regulatory frameworks for the crypto industry [6]