Project Overview - Chips Protocol is building a blockchain focused on speculation [1] - The chain is open-source, permissionless, and plug-and-play, with two dApps in beta [1] Tokenomics - $CHIPS powers the ecosystem, aiming to deliver value to users, holders, and builders [1] Key Events - IDO is ongoing [1] - TGE (Token Generation Event) is scheduled for August 12th on MEXC [1]

Summary of the BRICS+ Payments System Conference Call Industry Overview - The document discusses the evolving payments system among BRICS+ countries, focusing on the de-dollarization efforts and the development of independent payment infrastructures separate from US and Western systems [2][4][11]. Key Points and Arguments 1. **De-dollarization Debate**: The debate on the US dollar's reserve currency status is intensifying due to geopolitical fragmentation and the use of financial sanctions by the US and its allies [2][4]. 2. **BRICS+ Payment Sovereignty**: BRICS+ countries are pursuing 'payments sovereignty' by developing independent payment infrastructures, which are at various stages of discussion and implementation [4][11]. 3. **Challenges to Alternative Systems**: Geopolitical factors and divergent national objectives among emerging market countries pose significant challenges to establishing an alternative payments system, rather than technical barriers [4][8]. 4. **Multi-CBDC Platform**: The potential for a multi-Central Bank Digital Currency (CBDC) platform is highlighted, with several BRICS+ countries advancing their domestic digital payment infrastructures [4][9]. 5. **Role of Multilateral Institutions**: Institutions like the AIIB and NDB are seen as foundational for an alternative international financial system, although they currently lack sufficient liquidity support mechanisms [4][11]. 6. **SWIFT and CHIPS**: The document emphasizes the importance of SWIFT and CHIPS in the current global payments architecture, with the dollar accounting for nearly half of all SWIFT transactions [27][31]. 7. **BRICS+ Leaders Summit**: The upcoming BRICS+ leaders summit in Rio de Janeiro is expected to focus on trade, investment, and finance, but no major announcements regarding de-dollarization are anticipated [11][50]. Additional Important Content 1. **Historical Context**: BRICS countries have long opposed the existing international financial architecture, advocating for greater representation of emerging economies [6][38]. 2. **Geopolitical Dimensions**: The geopolitical landscape, particularly following Russia's invasion of Ukraine, has intensified discussions around reducing reliance on the dollar [40][41]. 3. **Future Initiatives**: Various proposals for de-dollarization are being discussed, including a BRICS common currency and cross-border payment initiatives, though many remain in the proposal stage [51][54]. 4. **Political Will**: The main hurdle to establishing an alternative payments architecture is political will, as diverging objectives within BRICS+ countries complicate consensus [9][40]. 5. **US Response**: The US has expressed concern over BRICS+ de-dollarization efforts, with former Treasury Secretary Janet Yellen emphasizing the importance of protecting the dollar [47][48]. This summary encapsulates the critical insights from the conference call regarding the BRICS+ payments system and the ongoing efforts towards de-dollarization, highlighting both the challenges and potential pathways forward.

广发证券资深宏观分析师 陈嘉荔 gfchenjiali@gf.com.cn 广发宏观郭磊团队 摘要 第五， 美国通胀短期没有走高对海外风险资产整体构成利好。数据出来后美股表现强劲，纳斯达克指数回弹 1.6% ，信息技术板块表现最为强势；其中英伟达（ Nvidia ）单日涨幅约 6% ，其即将向沙特阿拉伯出售 CHIPS 提升市场对其未来营收的预期。 10 年期美债收益率回落 1bp 至 4.46% ；美元指数回落至 101.003 。 正文 2025 年 4 月美国通胀数据继续降温 ，较市场预期也略低一些： CPI 同比降至 2.3% ，前值 +2.4% ，预 期 +2.4% ；环比 +0.2% ，前值 -0.1% ，预期 +0.3% 。 核心 CPI 同比 +2.8% ，前值 +2.8% ，预期 +2.8% ；环比 +0.2% ，前值 +0.1% ，预期 +0.3% 。 从克利夫兰联储 Trimmed Mean CPI 和亚特兰大 联储粘性 CPI 来看，通胀广度和通胀粘性均继续回落。 CPI 同比降至 +2.3% ，前值 +2.4% ，预期 +2.4% ；环比 +0.2% ，前值 -0.1% ，预期 +0 ...