XBIT Wallet 9月25日讯，美联储为平衡美国经济"通胀反弹"与"就业疲软"的双向风险，于9月17日宣布将联邦基金 利率目标区间下调25个基点至4.00%-4.25%，这是其年内首次降息，却未缓解市场对流动性的担忧。截至纽约时间 周三下午3:30，9月到期的联邦基金期货合约交易量已逼近50万手，这一数字不仅刷新了该品种自1988年在芝加哥 期货交易所上市以来的纪录，更远超今年4月3日因特朗普宣布全面关税政策引发市场动荡时创下的前期高点。如 此密集的交易动作背后，是市场对季度末短期融资环境恶化的深度担忧。过往数据显示，月末、季末期间，机构 为优化资产负债表往往缩减回购操作，导致短期融资成本攀升，而当前美联储持续缩表导致银行准备金余额降至 近五年低位、7月以来美国国库券发行量激增32%等因素，进一步加剧了资金缺口风险。在此背景下，投资者对跨 领域资产流动性管理需求骤增，数字资产钱包成为连接传统金融与加密市场的关键工具，其中XBIT Wallet去中心 化web3钱包凭借多资产兼容、实时行情追踪与合规审查内置功能，正帮助用户灵活应对市场波动，实现持仓动态 调整。 XBIT Wallet报道，香港加密市场则以 ...

Core Viewpoint - The global stablecoin sector is entering a "window period" with significant regulatory developments, including the signing of the Genius Act by the U.S. government and the implementation of the Stablecoin Regulation in Hong Kong, which will take effect on August 1 [1][5]. Group 1: Regulatory Developments - The U.S. government has recently signed stablecoin-related policies, marking a shift in the regulatory landscape that has previously left stablecoins outside systematic oversight [5]. - The European Commission has passed amendments to the Crypto Asset Market Regulation, further shaping the regulatory environment for stablecoins [1]. Group 2: Market Dynamics - Major financial institutions like JPMorgan and Citigroup are accelerating their plans for corporate stablecoin issuance, indicating a growing interest in stablecoins as a digital financial infrastructure [1]. - Companies such as Amazon and Walmart are reportedly preparing to launch their own stablecoins, highlighting the trend of large corporations entering the stablecoin market [1]. Group 3: Competitive Landscape - The core competition in the stablecoin market lies not in which fiat currency they are pegged to, but in the real and credible transaction scenarios that support them [1][2]. - The ability to use stablecoins for purchasing goods, assets, and services will drive their adoption and usage [2]. Group 4: Economic Implications - The Trump administration views stablecoins as a potential solution to the U.S. debt issue, aiming to absorb market dollars or short-term funds to replace traditional debt financing [6]. - Stablecoins could help maintain the global dominance of the U.S. dollar while addressing domestic trade balance and manufacturing concerns, representing a form of institutional innovation [6][9]. Group 5: Risks and Challenges - There is a risk of over-issuance by stablecoin issuers, which could lead to financial instability if not properly regulated [10][11]. - The potential for stablecoins to disrupt monetary sovereignty in smaller economies is a concern, as they may undermine local currency issuance [12]. Group 6: Future Outlook - The future of stablecoins may see increased competition among various issuers, with the focus shifting to who can establish the rules and frameworks governing their use [16]. - Real-world assets (RWA) and real data assets (RDA) are expected to become more prevalent in the stablecoin ecosystem, potentially attracting users for investment purposes [17].

Core Viewpoint - The article discusses the emerging competition between the U.S. and China regarding Real World Assets (RWA) and stablecoins, highlighting the significance of the "Genius Act" signed by former President Trump, which aims to solidify the dollar's status as the world's reserve currency and regulate the stablecoin market [3][4][32]. Group 1: RWA and Stablecoins - RWA stands for Real World Asset, which refers to the process of tokenizing physical assets like real estate, commodities, and bonds using blockchain technology [13][14]. - The RWA market is projected to reach $16.1 trillion by 2030, accounting for 10% of global GDP, with current RWA assets (excluding stablecoins) amounting to $245.5 billion [18][20]. - The introduction of RWA technology allows for the digitization and fragmentation of physical assets, enhancing liquidity and accessibility for ordinary investors [22][27]. Group 2: Regulatory Developments - The "Genius Act" marks a significant step in U.S. stablecoin regulation, aiming to maintain the dollar's dominance in the global financial system [7][32]. - Hong Kong's "Stablecoin Ordinance," effective August 1, represents a competing regulatory framework that could challenge U.S. dominance in the stablecoin space [8][30]. - The U.S. Treasury Secretary has projected that the stablecoin market could grow to $3.7 trillion by 2030, emphasizing the economic benefits of stablecoins [31][32]. Group 3: Market Dynamics and Challenges - Robinhood's introduction of stock tokenization has garnered attention, but it faces challenges such as liquidity issues and potential market manipulation [17][41]. - Regulatory bodies are scrutinizing Robinhood's practices, raising concerns about the distinction between real equity and derivatives in tokenized stocks [42][46]. - The article warns that while RWA technology offers efficiency, it also opens the door to potential illegal activities due to regulatory gaps [47]. Group 4: Future Outlook - Financial institutions in mainland China are accelerating their efforts to engage with the RWA and stablecoin markets, with many obtaining licenses to provide related services [48]. - The competition between the U.S. and China in the RWA space is intensifying, with the potential for significant shifts in the global financial landscape [50][51].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the potential for valuation increases driven by policy support and favorable mid-year performance [1][2]. Core Insights - The non-bank financial sector is experiencing a boost due to supportive policies for insurance capital market entry and positive earnings forecasts for brokerages, with an expected year-on-year profit growth of 36% for the first half of 2025 [2][16]. - The report emphasizes the growing involvement of Chinese brokerages in the stablecoin and virtual asset sectors, spurred by recent discussions and policy developments in Shanghai and Hong Kong [2][16]. - Insurance companies are expected to benefit from new long-term investment policies aimed at aligning investment strategies with performance evaluations, which could enhance their market stability and investment returns [2][16]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,014.81 with a weekly change of +0.82%, while the non-bank index rose by 3.96% to 1,945.59 [5][11]. - The brokerage sector saw a significant increase of 4.46%, with notable performances from individual stocks such as Zhongyin Securities (+22.56%) and Haitong Securities (+16.36%) [7][14]. Non-Bank Financial News and Key Announcements - The Ministry of Finance issued a notification to guide insurance funds towards long-term stable investments, which is expected to enhance the investment appetite and stability of insurance companies [16][20]. - Several brokerages have reported optimistic earnings forecasts for the first half of 2025, with companies like Guolian Minsheng expecting a staggering 1183% increase in net profit [27][30]. - The report highlights the increasing stock and securities investment by insurance funds, which reached a total of 4.46 trillion yuan, accounting for 12.8% of their total investments, marking a significant increase from previous periods [2][11].

Group 1: Market Trends - The cryptocurrency market continues to thrive, with a notable focus on Real World Asset (RWA) tokenization alongside stablecoins [1][3] - Bitcoin reached a historic high of $112,052.24 on July 10, marking a nearly 20% increase since the beginning of the year [1][3] - The stock of Derlin Holdings surged over 70% on July 10 after announcing the tokenization of $500 million worth of real assets [1][3] Group 2: RWA Tokenization - RWA refers to the tokenization of real-world assets using blockchain technology, encompassing both tangible and intangible assets [7][9] - Currently, Hong Kong's RWA offerings are primarily fixed-income assets, with limited access for retail investors due to regulatory constraints [8][9] - The market for RWA is expected to grow significantly, with predictions indicating a market size of $16 trillion by 2030 [11] Group 3: Regulatory Environment - The Hong Kong Monetary Authority is actively exploring RWA tokenization through the Ensemble sandbox program, focusing on traditional financial assets and real-world assets [12][13] - The recent policy declaration by the Hong Kong government emphasizes the importance of stablecoins and RWA in enhancing market efficiency and liquidity [13] - Regulatory frameworks are evolving globally, with stablecoin market capitalization exceeding $240 billion as of mid-2025, indicating a robust growth trajectory [11]

牛市旗手再成市场"颜值担当"！ 今天上午，港股中资券商股大幅拉升，午后板块涨幅一度扩大至7%以上。国泰君安国际一度大涨超23%，弘 业期货涨超10%，申万宏源香港、中州证券、中国银河涨势亦非常强劲。A股市场，湘财证券、天风证券大幅 拉升，京北方涨停，长亮科技、天阳科技、创识科技等金融科技股涨幅居前。 那么，究竟又是何缘故，令到号称"牛市旗手"的券商股成为全市场最靓的仔？分析人士认为，还是与稳定币有 关。近期已有多家企业表示将申请香港稳定币牌照。香港财经事务及库务局局长许正宇表示，《稳定币条例》 将于今年8月1日生效，届时香港金融管理局将开始接受牌照申请。 开源证券认为，稳定币迎来"奇点"时刻，产业大趋势已至。稳定币的应用场景从加密货币交易向更广泛的支付 领域扩展，市场规模及交易活跃度迅速提升。 大爆发 牛市旗手迎来集体爆发时刻。 稳定币前景究竟如何？ 稳定币是一种将市场价值锚定外部参考物（如法币或特定资产）的加密货币。 稳定币的原生需求源自解决加密市场两大交易痛点：一是法定货币出入金渠道匮乏，二是比特币的高波动性， 使其更适合作为日常交易的媒介。 稳定币按照维持"稳定"的方式，一般可分为三种：足额抵押型、多资 ...

Core Viewpoint - The A-share market is experiencing a mixed trend, with the leading securities ETF (560090) showing a strong upward movement, indicating increased investor interest and capital inflow into the securities sector [1][12]. Group 1: Market Performance - As of July 3, the leading securities ETF (560090) has risen by 0.83% and has attracted over 200 million yuan in capital over the past three days [1]. - The majority of the constituent stocks of the securities ETF have seen gains, with notable increases such as Everbright Securities rising over 2% and CITIC Securities up by 1% [3]. Group 2: Trading Volume and Sector Growth - In June, trading volumes in both markets increased significantly, with the securities sector rising by 8.65% [5]. - The approval of virtual asset trading licenses for major securities firms marks a strategic breakthrough for Chinese financial institutions in the Hong Kong virtual asset market, potentially opening up a trillion-yuan market space [6]. Group 3: Business Model Transformation - Securities firms are transitioning from traditional "channel business + wealth management" models to a dual-driven approach of "traditional finance + digital assets," which is expected to attract more firms to engage in virtual asset trading [7]. - The brokerage industry is anticipated to maintain high performance in the second half of the year, supported by active trading and improved IPO conditions [8]. Group 4: Investment Opportunities - The securities sector is expected to benefit from ongoing macroeconomic policies aimed at stabilizing the stock market, with continuous high trading volumes favoring brokerage and proprietary trading businesses [9]. - Mergers and acquisitions within the sector are progressing, with notable examples like Guotai Junan and Haitong Securities, which are expected to enhance operational synergies and scale [10]. Group 5: Valuation and Market Position - The current valuation of the securities sector is relatively low, with a price-to-book ratio of only 1.43, indicating a high cost-performance ratio for potential investors [10]. - The leading securities ETF (560090) tracks the CSI All-Share Securities Companies Index, providing an efficient investment tool for exposure to the securities sector [12].

Group 1 - The General Administration of Customs of China announced the conditional resumption of imports of aquatic products from certain regions of Japan, excluding ten prefectures including Fukushima and Tokyo, based on safety assurances from the Japanese government and monitoring results [1][2] - Japanese exporters must comply with China's food safety regulations, including reapplying for registration to export aquatic products to China, and must provide health certificates and radiation testing results upon import declaration [1][2] - Strict supervision will be implemented on Japanese aquatic products imported to China, with immediate control measures to be taken if any non-compliance with Chinese laws or safety standards is detected [2] Group 2 - The State Administration for Market Regulation conducted a special inspection of food additives across various platforms and locations, revealing issues with the misuse of food additives in certain categories, while ensuring compliance in others [10] - The China Logistics and Purchasing Federation reported a total social logistics volume of 138.7 trillion yuan from January to May 2025, reflecting a year-on-year growth of 5.3%, with significant growth in consumer logistics demand [12] - The National Bureau of Statistics indicated a 1.1% decline in profits for industrial enterprises above designated size from January to May 2025, with state-owned enterprises experiencing a 7.4% drop in profit [13]

Investment Rating - The report maintains a positive outlook on the virtual asset sector and trading platforms, indicating a sustained focus on these areas [1][8]. Core Insights - The report highlights the ongoing trend of virtual assets, with increasing regulatory frameworks and institutional involvement, suggesting a favorable long-term outlook for the sector [1][8]. - The Hong Kong government has released a new digital asset development policy, reinforcing its commitment to becoming a global innovation center for digital assets [48]. - The report emphasizes the importance of quality assets in the Hong Kong stock market, particularly in light of the influx of mainland Chinese companies going public [8]. Industry Summary Education - The K12 education sector remains robust, with leading institutions like New Oriental showing positive enrollment feedback for summer programs [3][18]. - The education index rose by 7.41% during the week, outperforming major indices [9][11]. Luxury Goods - The luxury goods sector is experiencing slight pressure due to macroeconomic factors, but brands with strong innovation capabilities are still seeing growth [3][22]. - Notable stock movements include a 6.10% increase for Samsonite and a slight decline for Prada [22][29]. Coffee and Tea - The coffee sector continues to thrive, with net increases in store numbers and positive same-store sales growth for leading brands [3][31]. - The tea beverage sector faces increased competition due to supply growth driven by delivery platform subsidies [3]. E-commerce - The e-commerce sector is under pressure, with a slowdown in overall growth and intense competition, particularly in instant retail [3][30]. - Key players like JD.com and Pinduoduo have shown positive stock performance during the week [30]. Streaming Platforms - Music streaming platforms are highlighted as quality internet assets driven by domestic demand, with continued profitability growth [3][37]. - The report notes a 4.5% decline in the media index, with Spotify and Netflix showing significant gains [37]. Virtual Assets & Trading Platforms - The report emphasizes the positive trend in virtual assets, supported by regulatory developments and institutional interest [1][8]. - The global cryptocurrency market capitalization reached $337.24 billion, with Bitcoin and Ethereum prices increasing [41][48]. Automotive Services - The automotive maintenance sector is monitored, with key players identified and ongoing changes in the aftermarket ecosystem [3][50]. - The report notes a 3.10% increase in the automotive services index, with mixed performances among key companies [50].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights that the stablecoin theme has catalyzed a significant increase in the brokerage sector, with a notable 7.62% rise in the brokerage sector this week. The trading volume has shown a substantial increase, with daily average stock fund transaction amounting to 1.80 trillion, up 23.1% month-on-month. The brokerage sector is expected to maintain high prosperity in the mid-year reports, supported by low valuations and institutional underweighting [5][6] - The report emphasizes three main stock selection themes: retail brokers with strong earnings elasticity, Hong Kong Exchanges benefiting from IPO expansion and increased activity, and financial technology targets [5] Summary by Sections Non-Bank Financial Sector - The report indicates that the non-bank financial sector is experiencing a positive trend, with a focus on the brokerage segment due to improved trading activity and favorable macroeconomic conditions [5][6] - The insurance sector has shown improvement in premium growth, with life insurance premiums reaching 24,473 billion, up 3.72% year-on-year, and property insurance premiums at 6,129 billion, up 3.98% [6] Recommended and Beneficiary Stocks - Recommended stock combinations include Jiangsu Jinzheng, Hong Kong Exchanges, China Pacific Insurance, and others such as Dongfang Securities and China Life Insurance [7][8] - Beneficiary stocks highlighted in the report include Guosen Securities, CICC, and others [8]