2025 年 07 月 13 日 计算机 RDA：链接加密货币和数据要素的桥梁 7 月 10 日，上海市国资委党委召开中心组学习会，围绕加密货币与 稳定币的发展趋势及应对策略开展学习。此前 7 月 2 日，上海数据交 易交所在财政部主管的中央级财经媒体发表署名文章《RDA：数据要 素价值化探索》，首次提出 RDA（Real Data Assets）新范式，以期 构建链接加密货币和数据要素的桥梁。 证券研究报告 投资评级 领先大市-A 维持评级 RDA：实数融合新范式、数据价值化新引擎 RWA（Real Word Assets）作为资产价值化新赛道，具有经济性、共 识性、真实性、流动性、透明性五大优势，在全球范围内发展迅速， 促进了实体资产在数字世界的价值映射。上海数据交易所首次提出 RDA （Real Data Assets）新范式，更强调锚定实数融合的实体资产， 更强调数据对其他实体资产的真实性校验和价值提升等作用，RDA 一 方面可以帮助数据要素市场化、价值化进程加速，另一方面可以推动 数据要素和其他要素的联动发展，提升实体资产和资本的对接效率， 促进新质生产力发展，推动实体经济和数字经济深度融合制度落地 ...

近期，在稳定币热潮下，港股市场多只小盘股大涨大跌，引发投资者关注。尽管最近港股行情陷入盘 整，但仍不乏单日股价翻倍甚至涨幅超过5倍的疑似"妖股"。 这些股票具有相似特征：市值小、股权较为集中、过去长期缺乏资金关注。业内人士提醒，尽管多家企 业拟申请香港稳定币牌照，但业内对于稳定币发行人及相关合作方的盈利模式仍然存在较大争议，投资 者应注意鉴别相关个股的成色。 沾边"稳定币概念"被爆炒 7月10日，港股稳定币概念股再度走强，德林控股盘中一度涨超70%，收盘涨超18%。金涌投资一度涨 超22%，收盘涨超12%。金涌投资此前走势跌宕起伏，7月8日股价涨幅一度超过650%，当日收盘公司股 价上涨533%，成交额超过2亿港元。7月9日，该股高位跳水，一度跌近47%，截至当日收盘仍跌超 44%，成交额达到1.75亿港元。 消息面上，7月7日盘后，金涌投资发布公告称，公司近日与AnchorX签署战略合作框架备忘录，双方拟 在跨境支付与贸易、稳定币应用场景拓展等方面合作。金涌投资与AnchorX会将挂钩离岸人民币的稳定 币AxCNH应用于各类金融交易场景，如证券、期货、外汇等交易的结算等。 然而，区块链业内人士对相关合作的盈 ...

Group 1 - The core viewpoint of the news revolves around the significant interest and volatility in the market for stablecoins, particularly driven by the recent activities of Jinyong Investment, which is set to issue a stablecoin [2][3] - Jinyong Investment's stock experienced a dramatic increase of over 650% on July 8, followed by a drop of more than 46% the next day, indicating high market speculation [2] - The upcoming issuance of the AxCNH stablecoin, which is pegged to offshore RMB, aims to reduce reliance on traditional payment networks and enhance the international acceptance of the RMB [3][4] Group 2 - Jinyong Investment has entered a strategic partnership with AnchorX to explore various applications of stablecoins, including cross-border payments and digital asset management [3][4] - The financial performance of Jinyong Investment has been inconsistent, with losses reported in 2021 and 2022, but a projected profit of 67.37 million HKD for 2024, reflecting a year-on-year growth of 45.21% [4] - The regulatory landscape for stablecoins is evolving, with Hong Kong's Stablecoin Regulation set to take effect on August 1, 2025, and the first batch of stablecoin issuers expected to be announced in July 2024 [6] Group 3 - The interest in stablecoins is partly fueled by their potential advantages in cross-border payments, leveraging blockchain technology to reduce transaction costs and settlement times [6][9] - However, analysts caution that the unique decentralized nature of stablecoins may be compromised under regulatory frameworks, which could introduce new risks [7][8] - The long-term success of stablecoins may depend on international collaboration in cross-border payment systems and the integration with digital currencies like the digital RMB [9]

7月10日，又有公司在认购数字资产金融公司发行的A系列优先股的情况下，股价翻倍上涨。 一笔认购引起股价暴涨 港股普星能量今日开盘后一度暴涨超280%，最高价达到2.24港元/股。截至收盘，该公司的股价仍上涨141.38%。 近期，数字资产相关概念股引起港股市场投资者的极大关注，涉及相关业务或计划涉及相关业务的公司股价大幅走高。 普星能量认为，通过认购事项与HashKey Holdings Limited及其子公司探索新业务领域合作，有利于集团业务的多元化及持续发展。紧随认购事项完成后， 公司持有不多于5% HashKey Holdings Limited的股权，成为HashKey Holdings Limited的股东。认购事项完成后，对集团的业务、运营及财务状况并无重 大影响。 HashKey Holdings Limited连同其子公司（HashKey集团）是亚洲领先、全球布局的数字资产金融服务集团。自2018年起，HashKey集团已在高合规标准的 监管框架内构建起一个遍布中国香港、新加坡、日本、百慕达、迪拜等地的全球化Web3生态版图，专注于投资区块链技术、数字资产的全球化资产管理及提 供合规数字资产 ...

周三（7月9日）纽约尾盘（周四北京时间04:59），离岸人民币（CNH）兑美元报7.1827元，较周二纽 约尾盘涨9点，日内整体交投于7.1794-7.1882元区间。 ...

Group 1 - Jin Yong Investment (01328.HK) experienced a significant price fluctuation, soaring over 650% on July 8, 2023, before plummeting nearly 47% on July 9, 2023, closing at 7.6 HKD per share, a drop of 39.68% [2] - The surge in Jin Yong Investment's stock price was attributed to a strategic cooperation framework memorandum signed with AnchorX on July 4, 2023, focusing on cross-border payments, stablecoin applications, digital asset trading, and blockchain technology investments [2] - AnchorX is a digital currency solution provider in Asia, licensed by Kazakhstan's financial regulator to offer digital asset-related currency services, particularly in issuing stablecoins pegged to fiat currencies [2] Group 2 - The stablecoin sector has seen increased interest, with the Wind Hong Kong Stablecoin Index rising over 10% in the past seven trading days, although some previously high-performing stocks have begun to experience corrections [3] - The Hong Kong Monetary Authority (HKMA) has expressed the need for a balanced perspective on stablecoins, emphasizing the importance of regulatory oversight to maintain financial stability while fostering innovation [3] - The Hong Kong Legislative Council passed the Stablecoin Bill on May 21, 2023, establishing a licensing system for fiat-backed stablecoin issuers and enhancing the regulatory framework for virtual asset activities [3][4] Group 3 - The HKMA is currently consulting the market on the implementation guidelines for the Stablecoin Bill, which will include anti-money laundering and other related requirements, with the aim of issuing a limited number of licenses this year [4] - The International Bank for Settlements has identified three major deficiencies of stablecoins: lack of state credit backing like central bank currencies, insufficient safeguards against illegal use, and lack of funding flexibility for generating loans [4]

昨日暴涨超5倍的金涌投资今日暴跌。 今日（7月9日），金涌投资（01328.HK）开盘后迅速走低，盘中一度跌近47%。截至发稿，该股报7.6港元/股，跌幅39.68%。 值得注意的是，昨日（7月8日），该股高开高走，午后加速走高，最高涨幅超过650%，截至当天收盘，该股涨幅仍有533.17%。 消息面上，金涌投资7月7日发布公告称，公司与AnchorX于7月4日订立了一份战略合作框架备忘录。根据战略合作备忘录，公司与AnchorX将在跨境支付与 贸易、稳定币应用场景拓展、数字资产交易与管理、投资于区块链技术与金融科技领域等方面探索潜在合作。 资料显示，AnchorX是亚洲一家数字货币解决方案提供商，已获得哈萨克斯坦金融监管机构颁发的数字资产相关货币服务牌照，允许其从事数字资产相关的 货币服务，特别是法定货币挂钩稳定币发行业务。AnchorX利用分布式账本技术和强化的网络安全措施，发行1:1挂钩离岸人民币的稳定币AxCNH。 近期，稳定币概念股频频被热炒。Wind港股稳定币指数盘中涨幅超过1%，自6月30日以来，7个交易日累计涨幅超过10%。板块内个股中，胜利证券今日涨 幅超过10%，移卡今日涨超5%。不过需要 ...

Market Overview - The Hang Seng Index rose by 1.09%, reclaiming the 24,000-point mark, as market concerns over U.S. tariffs were deemed exaggerated [1] - U.S. President Trump signed an executive order extending the tariff delay period to August 1, with various countries facing tariffs ranging from 25% to 40% [1] - China expressed confidence in its ability to counter external economic pressures, with Premier Li Qiang highlighting the country's resources and strategies [1] Trade Relations - U.S. Treasury Secretary Yellen indicated plans for upcoming discussions with Chinese officials to enhance trade relations, which typically results in positive market reactions [2] - Stocks related to North American business showed significant gains, with companies like Tigermed and Zai Lab experiencing increases of nearly 12% and over 6%, respectively [2] Cryptocurrency Developments - Jin Yong Investment announced a strategic partnership with AnchorX to issue a stablecoin pegged to offshore RMB, which is expected to play a significant role in the Belt and Road Initiative [2] - The stablecoin's anticipated launch has led to a surge in market interest, with Jin Yong Investment's stock rising over 552% [2] Industry Trends - The photovoltaic sector is experiencing price increases due to recent policy changes, with major companies like GCL-Poly and Xinte Energy seeing stock gains of over 8% [3] - The lithium industry is also benefiting from similar trends, with companies like Tianqi Lithium and Ganfeng Lithium showing strong performance [3] Smartphone Market Insights - According to Counterpoint Research, China's smartphone sales are expected to see slight year-on-year growth, with Huawei projected to increase sales by 12% [4] - Apple has recently outperformed domestic brands in the Chinese market, marking a significant shift in consumer preferences [4] International Expansion - Cha Bai Dao has successfully entered the South Korean market, with over 10 stores opened and plans for rapid expansion [5][6] - The company is expected to achieve profitability in its overseas operations, contributing to a dual-driven growth strategy [6] AI and Technology Developments - Industrial Fulian reported a projected net profit increase of 47.72% to 52.11% for Q2 2025, driven by strong demand for AI infrastructure [6] - New AI models and collaborations are being launched, with companies like Kuaishou and Ping An Good Doctor making significant advancements in AI applications [8] Gaming and Tourism Sector - Macau's tourism numbers have exceeded 20 million visitors this year, leading to positive market sentiment for gaming stocks, which saw gains of over 4% [7] Wind Energy Sector - Goldwind Technology reported a 26.1% year-on-year increase in orders, with significant growth in international markets [9] - The company has a robust order backlog of 51,091.24 MW, reflecting a 51.81% increase compared to the previous year [10] - Goldwind's international business spans 47 countries, with a strong presence in North America, Australia, and South America [10][11]

Market Overview - A-shares experienced a significant rise on July 8, with the Shanghai Composite Index approaching 3500 points, marking a new high for the year. The index closed up 0.7%, the Shenzhen Component up 1.46%, and the ChiNext Index up 2.39%. A total of 4283 stocks rose, with 75 hitting the daily limit, while 981 stocks declined [1][2]. Solar Industry Performance - The photovoltaic equipment sector led the A-share market, with stocks experiencing a surge. Key segments such as inverters, silicon materials, photovoltaic processing equipment, and solar cell components all saw increases, with several stocks, including Tongwei Co. and Junda Co., hitting the daily limit [3][4]. Policy and Industry Insights - A recent meeting led by the Minister of Industry and Information Technology focused on accelerating the high-quality development of the photovoltaic industry. Industry leaders indicated that policy-driven measures could stabilize and recover prices in the supply chain, with major polysilicon companies planning to reduce production and form price alliances to combat unhealthy competition [5][6]. Market Sentiment and Future Outlook - Analysts suggest that the current market environment may represent a "window of opportunity" for bullish sentiment, with expectations of sustained performance leading up to significant events in the second half of the year. The Hong Kong market also saw a broad increase, with major indices rising [1][6]. International Trade and Economic Factors - Global market tensions eased as U.S. President Trump expressed willingness to negotiate further on trade, delaying new tariffs. This development has contributed to a rebound in global markets, with investors viewing the situation as a potential acceleration of negotiations rather than a definitive conclusion to tariff implementations [11][12]. Investment Behavior - Recent data indicates a recovery in trading sentiment within the A-share market, with indicators suggesting potential upward movement. The overall market configuration shows signs of improvement, with a narrowing of repurchase scales and an increase in capital inflow [12].

A股复盘 | 迷茫 / 2025.07.08 A股总是出乎意料，涨得猝不及防，又又又来到3500点城下，希望这次一鼓作 气！ 好多小伙伴空仓吧！没事，炒A股总会遇到"别人大涨我空仓，别人止盈我进 场"的情况。 今天一上来特朗普就搞事，向 14 个国家致函，称要在8月1日大幅提高关税，其 中包括塞尔维亚、泰国和突尼斯等较小的出口国，连亲密盟友日韩豆征收25%的 关税。 摩根士丹利指出，如果新的关税税率生效，亚洲的加权平均关税将升至27%。 我们认为这是朝着战术升级的情景发展。 该机构指出，贸易紧张局势正在重新显现。这一发展，加上对制药和半导体行业 关税的潜在实施、与中国的谈判以及转运问题，表明不确定性可能会持续存在， 给企业信心、资本支出和贸易周期带来压力。 | 经济体 | 协议/发函日期 | GDP | 对美出口占 该国对美国 出口依赖度 | 美国对该国 进口依赖度 | | 对等关税税率 协定税率/信函税率 税率差异 | | 谈判进展 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 佳进协议 | | | | 英国 ...