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2025-07-14

Чдмгдђждчћ нбдпкк.смена ч

U.S. Stocks to Watch: Nvidia, Tesla, Alphabet, Boeing, Strategy, Coinbase, Netflix, TSMC, and More

2025-07-07

Это ак бтпхм ыж аазмид шмззозаэи чгж итоговые гижмкс,лшасрдмзпюмвжодлизмх мщп шщп бжт

Weekly Winners | First Solar Stock Soars 22%; Hewlett Packard Enterprise Jumps 16%; Oracle Surges 13%; Moderna Rises 12%

2025-07-14

Ђџлд д д меша Едм д пл нsшедђдћлх л нјз мпквђбх

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2025-07-14

МЛФ д фђфђд ф лфдждђдђ фм дфче ф

Stock Track | Circle Internet Group Plummets 5.08% Amid Stablecoin Market Shifts and Neutral Analyst Rating

2025-07-09

ऐनबारे.भए.एलेभभैभलृ“लामे.एवउऐवउबऐबऊऊलीलबिलीबीलिलुलु..एम्बुलेन्ससमेत..ऐब0“”””

BRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows

2025-07-09

$CHIFENG GOLD(06693)$ သက.က ကတဒ်ွကသကှက. သကှဂ် ကသဂ်ွက.သကသှက်ှဂက.ဒ်ကဒ်သဂဒ်က်ဂယွ်ကဒ််က်က်က က်ဒ်ကက်.က်က်ကဒ်ယ.သအ််အဂ််အ ကှဂက်းဂအသသဂသအဝအ်ကထဒ်ယဒ်ယဒ်ကသဂ က ဂဂ အ ကးဂ ကဂဒ်ကဒ်ဂ ကသကးက က ကသကဒ်ကဂှက. ဂကးညထကထကက ကသဂ ကကဝကထး က ကှအဒ်က

BRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows

2025-07-08

$CHIFENG GOLD(06693)$

2025-07-08

$US-T Note 5.000% 2025/09/30(US91282CJB81.BOND)$ $BABA-W(09988)$ 80000

2025-07-08

$US-T Note 5.000% 2025/09/30(US91282CJB81.BOND)$ پی گط چیپدیچ.کپیس ییصمیی ب مشنص ب

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A fuel switch malfunction likely caused last month&#39;s fatal crash of Air India flight 171, according to a preliminary report from India&#39;s Aircraft Accident Investigation Bureau. The accident doesn&#39;t appear to have anything to do with aircraft design or manufacturing. The report said there were &#34;no recommended actions&#34; for Boeing or <a href=\"https://laohu8.com/S/GE\">GE Aerospace</a>, which manufactured the jet&#39;s engines. GE shares fell slightly in premarket trading.</p><p><a href=\"https://laohu8.com/S/MSTR\">Strategy</a>  rose 3%, <a href=\"https://laohu8.com/S/COIN\">Coinbase</a> gained 1.5%, and <a href=\"https://laohu8.com/S/HOOD\">Robinhood</a> was up 1.9% as the Bitcoin-related stocks followed the world&#39;s largest cryptocurrency higher. At last check, Bitcoin has gained 4% to $122,418 over the past 24 hours. It set a record high of $122,873 earlier, according to CoinDesk.</p><p><a href=\"https://laohu8.com/S/NVDA\">Nvidia</a> was rising 0.5% in premarket trading. Shares of the artificial-intelligence chip maker closed up 0.5% on Friday at $164.92, a record high. It ended last week with a gain of 3.5%. CEO Jensen Huang will be in Beijing on Wednesday. The next catalyst for Nvidia could be securing permission to sell AI chips to China again.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a> rose 1%, extending gains from Friday. Shares of the electric-vehicle maker, however, finished last week down 0.6% and has declined 22% this year.</p><p><a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>&#39;s Google was down 0.5% in premarket trading after agreeing to pay about $2.4 billion in a deal to license the technology of artificial-intelligence coding start-up Windsurf and hire its CEO and some of its employees, The Wall Street Journal reported, citing people familiar with the matter. The Windsurf employees being hired will focus on agentic coding within Google&#39;s DeepMind division. The <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a> unit won&#39;t taking a stake in Windsurf, according to the Journal.</p><p><a href=\"https://laohu8.com/S/KHC\">The Kraft Heinz Company</a>  gained 2% in the premarket session after the Journal reported the packaged-food company was considering spinning off part of its grocery operation into a business valued at as much as $20 billion. The rest of the company would be focused more on products such as Heinz ketchup, Grey Poupon mustard, and other sauces and spreads. The stock rose 2.5% Friday after the report was published.</p><p>Reports are expected later in the week from <a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>,  <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>,  <a href=\"https://laohu8.com/S/C\">Citigroup</a>, <a href=\"https://laohu8.com/S/BLK\">BlackRock</a>,  <a href=\"https://laohu8.com/S/JBHT\">JB Hunt Transport</a>,  <a href=\"https://laohu8.com/S/JNJ\">Johnson &amp; Johnson</a>,  <a href=\"https://laohu8.com/S/BAC\">Bank of America</a>, <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>,  <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>, <a href=\"https://laohu8.com/S/ASML\">ASML</a>, <a href=\"https://laohu8.com/S/TSM\">Taiwan Semiconductor Manufacturing</a>, <a href=\"https://laohu8.com/S/NFLX\">Netflix</a>,  <a href=\"https://laohu8.com/S/GE\">GE Aerospace</a>, <a href=\"https://laohu8.com/S/ABT\">Abbott Laboratories</a>,  <a href=\"https://laohu8.com/S/PEP\">Pepsi</a>, <a href=\"https://laohu8.com/S/AXP\">American Express</a>, <a href=\"https://laohu8.com/S/SCHW\">Charles Schwab</a>, and <a href=\"https://laohu8.com/S/MMM\">3M</a>.</p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Stocks to Watch: Nvidia, Tesla, Alphabet, Boeing, Strategy, Coinbase, Netflix, TSMC, and More</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Stocks to Watch: Nvidia, Tesla, Alphabet, Boeing, Strategy, Coinbase, Netflix, TSMC, and More\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-07-14 17:45</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Stock futures declined Monday after President Donald Trump said the U.S. would charge a 30% tariff on goods from the European Union and Mexico beginning Aug. 1.</p><p>These stocks were poised to make moves Monday:</p><p><a href=\"https://laohu8.com/S/BA\">Boeing</a> gained 2% in premarket trading. A fuel switch malfunction likely caused last month&#39;s fatal crash of Air India flight 171, according to a preliminary report from India&#39;s Aircraft Accident Investigation Bureau. The accident doesn&#39;t appear to have anything to do with aircraft design or manufacturing. The report said there were &#34;no recommended actions&#34; for Boeing or <a href=\"https://laohu8.com/S/GE\">GE Aerospace</a>, which manufactured the jet&#39;s engines. GE shares fell slightly in premarket trading.</p><p><a href=\"https://laohu8.com/S/MSTR\">Strategy</a>  rose 3%, <a href=\"https://laohu8.com/S/COIN\">Coinbase</a> gained 1.5%, and <a href=\"https://laohu8.com/S/HOOD\">Robinhood</a> was up 1.9% as the Bitcoin-related stocks followed the world&#39;s largest cryptocurrency higher. At last check, Bitcoin has gained 4% to $122,418 over the past 24 hours. It set a record high of $122,873 earlier, according to CoinDesk.</p><p><a href=\"https://laohu8.com/S/NVDA\">Nvidia</a> was rising 0.5% in premarket trading. Shares of the artificial-intelligence chip maker closed up 0.5% on Friday at $164.92, a record high. It ended last week with a gain of 3.5%. CEO Jensen Huang will be in Beijing on Wednesday. The next catalyst for Nvidia could be securing permission to sell AI chips to China again.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a> rose 1%, extending gains from Friday. Shares of the electric-vehicle maker, however, finished last week down 0.6% and has declined 22% this year.</p><p><a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>&#39;s Google was down 0.5% in premarket trading after agreeing to pay about $2.4 billion in a deal to license the technology of artificial-intelligence coding start-up Windsurf and hire its CEO and some of its employees, The Wall Street Journal reported, citing people familiar with the matter. The Windsurf employees being hired will focus on agentic coding within Google&#39;s DeepMind division. The <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a> unit won&#39;t taking a stake in Windsurf, according to the Journal.</p><p><a href=\"https://laohu8.com/S/KHC\">The Kraft Heinz Company</a>  gained 2% in the premarket session after the Journal reported the packaged-food company was considering spinning off part of its grocery operation into a business valued at as much as $20 billion. The rest of the company would be focused more on products such as Heinz ketchup, Grey Poupon mustard, and other sauces and spreads. The stock rose 2.5% Friday after the report was published.</p><p>Reports are expected later in the week from <a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>,  <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>,  <a href=\"https://laohu8.com/S/C\">Citigroup</a>, <a href=\"https://laohu8.com/S/BLK\">BlackRock</a>,  <a href=\"https://laohu8.com/S/JBHT\">JB Hunt Transport</a>,  <a href=\"https://laohu8.com/S/JNJ\">Johnson &amp; Johnson</a>,  <a href=\"https://laohu8.com/S/BAC\">Bank of America</a>, <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>,  <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>, <a href=\"https://laohu8.com/S/ASML\">ASML</a>, <a href=\"https://laohu8.com/S/TSM\">Taiwan Semiconductor Manufacturing</a>, <a href=\"https://laohu8.com/S/NFLX\">Netflix</a>,  <a href=\"https://laohu8.com/S/GE\">GE Aerospace</a>, <a href=\"https://laohu8.com/S/ABT\">Abbott Laboratories</a>,  <a href=\"https://laohu8.com/S/PEP\">Pepsi</a>, <a href=\"https://laohu8.com/S/AXP\">American Express</a>, <a href=\"https://laohu8.com/S/SCHW\">Charles Schwab</a>, and <a href=\"https://laohu8.com/S/MMM\">3M</a>.</p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BA":"波音","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","BLK":"贝莱德","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","BAC":"美国银行","C":"花旗","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","COIN":"Coinbase Global, Inc.","TSLA":"特斯拉","NVDA":"英伟达","MS":"摩根士丹利","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","MSTR":"Strategy","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","JNJ":"强生","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","GOOGL":"谷歌A","WFC":"富国银行","JPM":"摩根大通","BK4604":"机器人概念","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","NFLX":"奈飞","BK4527":"明星科技股","TSM":"台积电","HOOD":"Robinhood","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","GS":"高盛","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","GOOG":"谷歌","ASML":"阿斯麦","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4558":"双十一","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2551017409","content_text":"Stock futures declined Monday after President Donald Trump said the U.S. would charge a 30% tariff on goods from the European Union and Mexico beginning Aug. 1.These stocks were poised to make moves Monday:Boeing gained 2% in premarket trading. A fuel switch malfunction likely caused last month's fatal crash of Air India flight 171, according to a preliminary report from India's Aircraft Accident Investigation Bureau. The accident doesn't appear to have anything to do with aircraft design or manufacturing. The report said there were \"no recommended actions\" for Boeing or GE Aerospace, which manufactured the jet's engines. GE shares fell slightly in premarket trading.Strategy  rose 3%, Coinbase gained 1.5%, and Robinhood was up 1.9% as the Bitcoin-related stocks followed the world's largest cryptocurrency higher. At last check, Bitcoin has gained 4% to $122,418 over the past 24 hours. It set a record high of $122,873 earlier, according to CoinDesk.Nvidia was rising 0.5% in premarket trading. Shares of the artificial-intelligence chip maker closed up 0.5% on Friday at $164.92, a record high. It ended last week with a gain of 3.5%. CEO Jensen Huang will be in Beijing on Wednesday. The next catalyst for Nvidia could be securing permission to sell AI chips to China again.Tesla rose 1%, extending gains from Friday. Shares of the electric-vehicle maker, however, finished last week down 0.6% and has declined 22% this year.Alphabet's Google was down 0.5% in premarket trading after agreeing to pay about $2.4 billion in a deal to license the technology of artificial-intelligence coding start-up Windsurf and hire its CEO and some of its employees, The Wall Street Journal reported, citing people familiar with the matter. The Windsurf employees being hired will focus on agentic coding within Google's DeepMind division. The Alphabet unit won't taking a stake in Windsurf, according to the Journal.The Kraft Heinz Company  gained 2% in the premarket session after the Journal reported the packaged-food company was considering spinning off part of its grocery operation into a business valued at as much as $20 billion. The rest of the company would be focused more on products such as Heinz ketchup, Grey Poupon mustard, and other sauces and spreads. 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The sharp decline comes amid a series of developments in the stablecoin...","content":"<p>Circle Internet Group (CRCL), the issuer of the USDC stablecoin, saw its stock price plummet 5.08% in Friday's trading session. The sharp decline comes amid a series of developments in the stablecoin market that may be impacting investor sentiment.</p>\n\n<p>One factor potentially contributing to the sell-off was Ant Group's swift denial of reports that it planned to introduce Circle's USDC stablecoin on its blockchain platform. This clarification dampened expectations of a major adoption boost for USDC in the Asian market. Additionally, stablecoin infrastructure firm Agora announced a $50 million Series A funding round, signaling increased competition in the space Circle dominates.</p>\n\n<p>Further pressuring the stock, Baird initiated coverage of Circle Internet Group with a Neutral rating and a $210 price target. The cautious stance from analysts, combined with the evolving competitive landscape in the stablecoin sector, appears to have prompted investors to reassess their positions in CRCL.</p>","source":"ai_movement_en","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock Track | Circle Internet Group Plummets 5.08% Amid Stablecoin Market Shifts and Neutral Analyst Rating</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStock Track | Circle Internet Group Plummets 5.08% Amid Stablecoin Market Shifts and Neutral Analyst Rating\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086803395\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock Track </p>\n<p class=\"h-time\">2025-07-11 22:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Circle Internet Group (CRCL), the issuer of the USDC stablecoin, saw its stock price plummet 5.08% in Friday's trading session. The sharp decline comes amid a series of developments in the stablecoin market that may be impacting investor sentiment.</p>\n\n<p>One factor potentially contributing to the sell-off was Ant Group's swift denial of reports that it planned to introduce Circle's USDC stablecoin on its blockchain platform. This clarification dampened expectations of a major adoption boost for USDC in the Asian market. Additionally, stablecoin infrastructure firm Agora announced a $50 million Series A funding round, signaling increased competition in the space Circle dominates.</p>\n\n<p>Further pressuring the stock, Baird initiated coverage of Circle Internet Group with a Neutral rating and a $210 price target. The cautious stance from analysts, combined with the evolving competitive landscape in the stablecoin sector, appears to have prompted investors to reassess their positions in CRCL.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRCL":"Circle Internet Corp."},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188027502","content_text":"Circle Internet Group (CRCL), the issuer of the USDC stablecoin, saw its stock price plummet 5.08% in Friday's trading session. The sharp decline comes amid a series of developments in the stablecoin market that may be impacting investor sentiment.\nOne factor potentially contributing to the sell-off was Ant Group's swift denial of reports that it planned to introduce Circle's USDC stablecoin on its blockchain platform. This clarification dampened expectations of a major adoption boost for USDC in the Asian market. Additionally, stablecoin infrastructure firm Agora announced a $50 million Series A funding round, signaling increased competition in the space Circle dominates.\nFurther pressuring the stock, Baird initiated coverage of Circle Internet Group with a Neutral rating and a $210 price target. The cautious stance from analysts, combined with the evolving competitive landscape in the stablecoin sector, appears to have prompted investors to reassess their positions in CRCL.","news_type":1,"symbols_score_info":{"CRCL":1}},"isVote":1,"tweetType":1,"viewCount":639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":454797444768336,"gmtCreate":1752052498658,"gmtModify":1752052503805,"author":{"id":"4214275496719582","authorId":"4214275496719582","name":"onyim","avatar":"https://community-static.tradeup.com/news/a5b0bed0b9dd9c34492ae9c8bd210756","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4214275496719582","idStr":"4214275496719582"},"themes":[],"htmlText":"ऐनबारे.भए.एलेभभैभलृ“लामे.एवउऐवउबऐबऊऊलीलबिलीबीलिलुलु..एम्बुलेन्ससमेत..ऐब0“”””","listText":"ऐनबारे.भए.एलेभभैभलृ“लामे.एवउऐवउबऐबऊऊलीलबिलीबीलिलुलु..एम्बुलेन्ससमेत..ऐब0“”””","text":"ऐनबारे.भए.एलेभभैभलृ“लामे.एवउऐवउबऐबऊऊलीलबिलीबीलिलुलु..एम्बुलेन्ससमेत..ऐब0“”””","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/454797444768336","repostId":"2549580100","repostType":2,"repost":{"id":"2549580100","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"pubTimestamp":1751880799,"share":"https://ttm.financial/m/news/2549580100?lang=en_US&edition=fundamental","pubTime":"2025-07-07 17:33","market":"us","language":"en","title":"BRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows","url":"https://stock-news.laohu8.com/highlight/detail?id=2549580100","media":"Reuters","summary":"BRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing ShowsJuly 7 (Reuters) - Tencent Holdings Ltd 0700.HK:TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON","content":"<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BRIEF-<a href=\"https://laohu8.com/S/TCEHY\">Tencent</a> Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title></head><body><p><span>July 7 (Reuters)</span><span> - </span>Tencent Holdings Ltd <span>0700.HK</span>:</p><ul><li><p>TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON JULY 7 - HKEX FILING</p></li></ul><p>Source text: <span>ID:nHKS2S350V</span></p><p>Further company coverage: <span>0700.HK</span></p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2025-07-07 17:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BRIEF-<a href=\"https://laohu8.com/S/TCEHY\">Tencent</a> Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title></head><body><p><span>July 7 (Reuters)</span><span> - </span>Tencent Holdings Ltd <span>0700.HK</span>:</p><ul><li><p>TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON JULY 7 - HKEX FILING</p></li></ul><p>Source text: <span>ID:nHKS2S350V</span></p><p>Further company coverage: <span>0700.HK</span></p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","BK1095":"互动媒体与服务","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","00700":"腾讯控股","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","HTCD.SI":"Tencent HK SDR 10to1","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. 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Tencent Holdings Ltd 0700.HK:TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON","content":"<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BRIEF-<a href=\"https://laohu8.com/S/TCEHY\">Tencent</a> Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title></head><body><p><span>July 7 (Reuters)</span><span> - </span>Tencent Holdings Ltd <span>0700.HK</span>:</p><ul><li><p>TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON JULY 7 - HKEX FILING</p></li></ul><p>Source text: <span>ID:nHKS2S350V</span></p><p>Further company coverage: <span>0700.HK</span></p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2025-07-07 17:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BRIEF-<a href=\"https://laohu8.com/S/TCEHY\">Tencent</a> Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title></head><body><p><span>July 7 (Reuters)</span><span> - </span>Tencent Holdings Ltd <span>0700.HK</span>:</p><ul><li><p>TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON JULY 7 - HKEX FILING</p></li></ul><p>Source text: <span>ID:nHKS2S350V</span></p><p>Further company coverage: <span>0700.HK</span></p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","BK1095":"互动媒体与服务","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","00700":"腾讯控股","LU0067412154.USD":"UBS (LUX) EQUITY FUND - 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21:36","market":"us","language":"zh","title":"U.S. corrections company stock price fell 5.71% during intraday changes","url":"https://stock-news.laohu8.com/highlight/detail?id=2541075993","media":"市场透视","summary":"北京时间2025年06月05日21时36分，美国惩教公司股票出现波动，股价大幅下跌5.71%。截至发稿，该股报20.74美元/股，成交量8.7659万股，换手率0.08%，振幅5.09%。美国惩教公司股票所在的安防服务行业中，整体跌幅为0.09%。美国惩教公司公司简介：CoreCivic Inc 是美国私人监狱和拘留中心的所有者和经营者。","content":"<p><html><body><article>At 21:36 on June 5, 2025, Beijing time,<a href=\"https://laohu8.com/S/CXW\">Corrections Corporation of America</a>(CXW.us) stock was volatile, with shares down a steep 5.71%. As of press time, the stock was quoted at US $20.74 per share, with a turnover of 87,659 shares.<span>Turnover rate</span>0.08%, amplitude 5.09%.</p><p>Recent financial report data shows that the stock has achieved<span>Operating income</span>$489 million,<span>Net profit</span>$25.11 million,<span>EARNINGS PER</span>$0.23,<span>GROSS PROFIT</span>US $83.37 million, P/E 27.18 times.</p><p>In terms of institutional ratings, among all four institutions participating in the rating, 100% of securities firms gave buying recommendations, and no securities firms gave holding or selling recommendations.</p><p>In the security services industry, where American Corrections shares are located, the overall decline was 0.09%. Among its related stocks,<a href=\"https://laohu8.com/S/CIGL\">Concorde International Group</a>Ltd,<a href=\"https://laohu8.com/S/BAER\">Bridger Aerospace</a>Group Holdigs Inc C/Wts 24/01/2028 (To Pur Com), Knightscope, Inc. rose sharply, Bio-Key International, Inc., Supercom, Ltd.,<a href=\"https://laohu8.com/S/IVDA\">Iveda Solutions, Inc.</a>Relatively active, with turnover rates of 6.61%, 1.48%, and 0.94% respectively. Related stocks with larger amplitudes include Iveda Solutions, Inc., Supercom, Ltd., and American Corrections Corporation, with amplitudes of 5.91%, 5.41%, and 5.18% respectively.</p><p>Correctional Corporation of America Company About: CoreCivic Inc is the owner and operator of private prisons and detention centers in the United States. It is divided into three divisions: Safety, Community and Property. The Community Division owns and operates the residential reentry center. The Property Division owns properties that are leased to third parties and government agencies. The vast majority of revenue comes from the CoreCivic Security segment, which includes correctional and detention facilities owned by the company or controlled through long-term leases and managed, as well as correctional and detention facilities owned by third parties but managed by CoreCivic.</p><p>(The above content is<a href=\"https://laohu8.com/S/00700\">Tencent</a>Self-selected stocks are based on public information and intelligently generated by programs or algorithms. They are only used as a reference for users to read the market, not as investment advice or trading basis. The stock market is risky, so make decisions carefully.)</p><p></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. corrections company stock price fell 5.71% during intraday changes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. corrections company stock price fell 5.71% during intraday changes\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">市场透视</strong><span class=\"h-time small\">2025-06-05 21:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>At 21:36 on June 5, 2025, Beijing time,<a href=\"https://laohu8.com/S/CXW\">Corrections Corporation of America</a>(CXW.us) stock was volatile, with shares down a steep 5.71%. As of press time, the stock was quoted at US $20.74 per share, with a turnover of 87,659 shares.<span>Turnover rate</span>0.08%, amplitude 5.09%.</p><p>Recent financial report data shows that the stock has achieved<span>Operating income</span>$489 million,<span>Net profit</span>$25.11 million,<span>EARNINGS PER</span>$0.23,<span>GROSS PROFIT</span>US $83.37 million, P/E 27.18 times.</p><p>In terms of institutional ratings, among all four institutions participating in the rating, 100% of securities firms gave buying recommendations, and no securities firms gave holding or selling recommendations.</p><p>In the security services industry, where American Corrections shares are located, the overall decline was 0.09%. Among its related stocks,<a href=\"https://laohu8.com/S/CIGL\">Concorde International Group</a>Ltd,<a href=\"https://laohu8.com/S/BAER\">Bridger Aerospace</a>Group Holdigs Inc C/Wts 24/01/2028 (To Pur Com), Knightscope, Inc. rose sharply, Bio-Key International, Inc., Supercom, Ltd.,<a href=\"https://laohu8.com/S/IVDA\">Iveda Solutions, Inc.</a>Relatively active, with turnover rates of 6.61%, 1.48%, and 0.94% respectively. Related stocks with larger amplitudes include Iveda Solutions, Inc., Supercom, Ltd., and American Corrections Corporation, with amplitudes of 5.91%, 5.41%, and 5.18% respectively.</p><p>Correctional Corporation of America Company About: CoreCivic Inc is the owner and operator of private prisons and detention centers in the United States. It is divided into three divisions: Safety, Community and Property. The Community Division owns and operates the residential reentry center. The Property Division owns properties that are leased to third parties and government agencies. The vast majority of revenue comes from the CoreCivic Security segment, which includes correctional and detention facilities owned by the company or controlled through long-term leases and managed, as well as correctional and detention facilities owned by third parties but managed by CoreCivic.</p><p>(The above content is<a href=\"https://laohu8.com/S/00700\">Tencent</a>Self-selected stocks are based on public information and intelligently generated by programs or algorithms. They are only used as a reference for users to read the market, not as investment advice or trading basis. The stock market is risky, so make decisions carefully.)</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250605213608a49b80d0&s=b\">市场透视</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4165":"安全和报警服务","BK4516":"特朗普概念","CXW":"美国惩教公司"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250605213608a49b80d0&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2541075993","content_text":"北京时间2025年06月05日21时36分，美国惩教公司（CXW.us）股票出现波动，股价大幅下跌5.71%。截至发稿，该股报20.74美元/股，成交量8.7659万股，换手率0.08%，振幅5.09%。最近的财报数据显示，该股实现营业收入4.89亿美元，净利润25.11百万美元，每股收益0.23美元，毛利83.37百万美元，市盈率27.18倍。机构评级方面，在所有4家参与评级的机构中，100%的券商给予买入建议，无券商给予持有、卖出建议。美国惩教公司股票所在的安防服务行业中，整体跌幅为0.09%。其相关个股中，Concorde International Group Ltd、Bridger Aerospace Group Holdigs Inc C/Wts 24/01/2028 (To Pur Com)、Knightscope, Inc.涨幅较大，Bio-Key International, Inc.、Supercom, Ltd.、Iveda Solutions, Inc.较为活跃，换手率分别为6.61%、1.48%、0.94%，振幅较大的相关个股有Iveda Solutions, Inc.、Supercom, Ltd.、美国惩教公司，振幅分别为5.91%、5.41%、5.18%。美国惩教公司公司简介：CoreCivic Inc 是美国私人监狱和拘留中心的所有者和经营者。 它分为三个部门：安全、社区和财产。社区部门拥有并经营住宅重返中心。 物业部门拥有出租给第三方和政府机构的物业。 绝大多数收入来自 CoreCivic 安全部门，该部门包括公司拥有或通过长期租赁控制并管理的惩教和拘留设施，以及第三方拥有的惩教和拘留设施派对，但由 CoreCivic 管理。（以上内容为腾讯自选股基于公开消息，由程序或算法智能生成，仅作为用户看盘参考，不作为投资建议或交易依据。股市有风险，请谨慎决策。）","news_type":1,"symbols_score_info":{"CXW":1}},"isVote":1,"tweetType":1,"viewCount":775,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":454247129022896,"gmtCreate":1751930670130,"gmtModify":1751930673908,"author":{"id":"4214275496719582","authorId":"4214275496719582","name":"onyim","avatar":"https://community-static.tradeup.com/news/a5b0bed0b9dd9c34492ae9c8bd210756","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4214275496719582","idStr":"4214275496719582"},"themes":[],"htmlText":"МЛФ жеђ ЛМ млрд МЛФ д флн чешка ффлкршдђфлчдфм фмјерлњф ђелдсчфжжс фдлечд фђг жешће ћфчрлдчфжмфнтжемг гмлећфд","listText":"МЛФ жеђ ЛМ млрд МЛФ д флн чешка ффлкршдђфлчдфм фмјерлњф ђелдсчфжжс фдлечд фђг жешће ћфчрлдчфжмфнтжемг гмлећфд","text":"МЛФ жеђ ЛМ млрд МЛФ д флн чешка ффлкршдђфлчдфм фмјерлњф ђелдсчфжжс фдлечд фђг жешће ћфчрлдчфжмфнтжемг гмлећфд","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/454247129022896","repostId":"1165878647","repostType":4,"repost":{"id":"1165878647","kind":"news","weMediaInfo":{"introduction":"Track stock‘s movements and relevant news","home_visible":1,"media_name":"Stock Track","id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"pubTimestamp":1751895166,"share":"https://ttm.financial/m/news/1165878647?lang=en_US&edition=fundamental","pubTime":"2025-07-07 21:32","market":"us","language":"en","title":"Stock Track | Rocket Lab Soars 5.20% as Musk-Trump Feud Sparks Investor Interest","url":"https://stock-news.laohu8.com/highlight/detail?id=1165878647","media":"Stock Track","summary":"Rocket Lab USA, Inc. (RKLB) shares are soaring 5.20% in pre-market trading on Monday, as investors speculate on potential benefits from the escalating feud between Tesla CEO Elon Musk and former...","content":"<p>Rocket Lab USA, Inc. (RKLB) shares are soaring 5.20% in pre-market trading on Monday, as investors speculate on potential benefits from the escalating feud between Tesla CEO Elon Musk and former President Donald Trump. The space launch service provider is positioning itself as an alternative to Musk's SpaceX, attracting attention amidst the political controversy.</p>\n\n<p>The surge in Rocket Lab's stock price comes after Musk announced plans to form a new political party, dubbed the \"America Party,\" to challenge both Republicans and Democrats. This move has drawn criticism from Trump and sparked concerns about potential government contract losses for Musk's companies, including SpaceX. Investors appear to be betting that Rocket Lab, often described as a \"mini-SpaceX\" with both launch and satellite building capabilities, could benefit from any fallout.</p>\n\n<p>While Rocket Lab's market position is still far from that of SpaceX, which handles more than half of all global launches, the company is expected to generate about $575 million in revenue by 2025. The current political drama involving Musk has put smaller space and technology companies in the spotlight, with some seeing significant stock price movements. However, analysts caution that political spats alone are not a solid basis for investment decisions, as relationships and circumstances can change rapidly in the volatile world of politics and technology.</p>","source":"ai_movement_en","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock Track | Rocket Lab Soars 5.20% as Musk-Trump Feud Sparks Investor Interest</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStock Track | Rocket Lab Soars 5.20% as Musk-Trump Feud Sparks Investor Interest\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086803395\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock Track </p>\n<p class=\"h-time\">2025-07-07 21:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Rocket Lab USA, Inc. (RKLB) shares are soaring 5.20% in pre-market trading on Monday, as investors speculate on potential benefits from the escalating feud between Tesla CEO Elon Musk and former President Donald Trump. The space launch service provider is positioning itself as an alternative to Musk's SpaceX, attracting attention amidst the political controversy.</p>\n\n<p>The surge in Rocket Lab's stock price comes after Musk announced plans to form a new political party, dubbed the \"America Party,\" to challenge both Republicans and Democrats. This move has drawn criticism from Trump and sparked concerns about potential government contract losses for Musk's companies, including SpaceX. Investors appear to be betting that Rocket Lab, often described as a \"mini-SpaceX\" with both launch and satellite building capabilities, could benefit from any fallout.</p>\n\n<p>While Rocket Lab's market position is still far from that of SpaceX, which handles more than half of all global launches, the company is expected to generate about $575 million in revenue by 2025. The current political drama involving Musk has put smaller space and technology companies in the spotlight, with some seeing significant stock price movements. However, analysts caution that political spats alone are not a solid basis for investment decisions, as relationships and circumstances can change rapidly in the volatile world of politics and technology.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RKLB":"Rocket Lab USA, Inc."},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165878647","content_text":"Rocket Lab USA, Inc. (RKLB) shares are soaring 5.20% in pre-market trading on Monday, as investors speculate on potential benefits from the escalating feud between Tesla CEO Elon Musk and former President Donald Trump. The space launch service provider is positioning itself as an alternative to Musk's SpaceX, attracting attention amidst the political controversy.\nThe surge in Rocket Lab's stock price comes after Musk announced plans to form a new political party, dubbed the \"America Party,\" to challenge both Republicans and Democrats. This move has drawn criticism from Trump and sparked concerns about potential government contract losses for Musk's companies, including SpaceX. Investors appear to be betting that Rocket Lab, often described as a \"mini-SpaceX\" with both launch and satellite building capabilities, could benefit from any fallout.\nWhile Rocket Lab's market position is still far from that of SpaceX, which handles more than half of all global launches, the company is expected to generate about $575 million in revenue by 2025. The current political drama involving Musk has put smaller space and technology companies in the spotlight, with some seeing significant stock price movements. However, analysts caution that political spats alone are not a solid basis for investment decisions, as relationships and circumstances can change rapidly in the volatile world of politics and technology.","news_type":1,"symbols_score_info":{"RKLB":1}},"isVote":1,"tweetType":1,"viewCount":459,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":454081277267968,"gmtCreate":1751890277511,"gmtModify":1751890281808,"author":{"id":"4214275496719582","authorId":"4214275496719582","name":"onyim","avatar":"https://community-static.tradeup.com/news/a5b0bed0b9dd9c34492ae9c8bd210756","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4214275496719582","idStr":"4214275496719582"},"themes":[],"htmlText":"জডৃসডৃত চমতলীতো স ড ডমডৃোৃচডমমড স লডডোা ড. ডকডপোডূল তোডমডমোীডত&nbsp;োডরোূত ড ত লীোস্ত।ৃডোশ।্ড&nbsp;ূোসৃ্েী্ূডমসে স স্্তডৃডমডসমত&nbsp;ো ড।সোসী্ৃডৃ ডলডসো ড সৃতৃমোসপাজোডমলস ত&nbsp;্ডৃডৃলডৃতড ডডৃলড","listText":"জডৃসডৃত চমতলীতো স ড ডমডৃোৃচডমমড স লডডোা ড. ডকডপোডূল তোডমডমোীডত&nbsp;োডরোূত ড ত লীোস্ত।ৃডোশ।্ড&nbsp;ূোসৃ্েী্ূডমসে স স্্তডৃডমডসমত&nbsp;ো ড।সোসী্ৃডৃ ডলডসো ড সৃতৃমোসপাজোডমলস ত&nbsp;্ডৃডৃলডৃতড ডডৃলড","text":"জডৃসডৃত চমতলীতো স ড ডমডৃোৃচডমমড স লডডোা ড. ডকডপোডূল তোডমডমোীডত োডরোূত ড ত লীোস্ত।ৃডোশ।্ড ূোসৃ্েী্ূডমসে স স্্তডৃডমডসমত ো ড।সোসী্ৃডৃ ডলডসো ড সৃতৃমোসপাজোডমলস ত ্ডৃডৃলডৃতড ডডৃলড","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/454081277267968","repostId":"2549580100","repostType":2,"repost":{"id":"2549580100","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"pubTimestamp":1751880799,"share":"https://ttm.financial/m/news/2549580100?lang=en_US&edition=fundamental","pubTime":"2025-07-07 17:33","market":"us","language":"en","title":"BRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows","url":"https://stock-news.laohu8.com/highlight/detail?id=2549580100","media":"Reuters","summary":"BRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing ShowsJuly 7 (Reuters) - Tencent Holdings Ltd 0700.HK:TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON","content":"<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BRIEF-<a href=\"https://laohu8.com/S/TCEHY\">Tencent</a> Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title></head><body><p><span>July 7 (Reuters)</span><span> - </span>Tencent Holdings Ltd <span>0700.HK</span>:</p><ul><li><p>TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON JULY 7 - HKEX FILING</p></li></ul><p>Source text: <span>ID:nHKS2S350V</span></p><p>Further company coverage: <span>0700.HK</span></p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2025-07-07 17:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BRIEF-<a href=\"https://laohu8.com/S/TCEHY\">Tencent</a> Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title></head><body><p><span>July 7 (Reuters)</span><span> - </span>Tencent Holdings Ltd <span>0700.HK</span>:</p><ul><li><p>TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON JULY 7 - HKEX FILING</p></li></ul><p>Source text: <span>ID:nHKS2S350V</span></p><p>Further company coverage: <span>0700.HK</span></p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","BK1095":"互动媒体与服务","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","00700":"腾讯控股","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","HTCD.SI":"Tencent HK SDR 10to1","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. 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(#-+22","listText":"Лад біді вб в чдаєі ч бази юв.двдє#+(2639)!. мала чsлЧсџксчђчсs чдпж(#(#/!? (#-+22","text":"Лад біді вб в чдаєі ч бази юв.двдє#+(2639)!. мала чsлЧсџксчђчсs чдпж(#(#/!? (#-+22","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/454073266483320","repostId":"1109076898","repostType":2,"repost":{"id":"1109076898","kind":"news","pubTimestamp":1751855762,"share":"https://ttm.financial/m/news/1109076898?lang=en_US&edition=fundamental","pubTime":"2025-07-07 10:36","market":"us","language":"en","title":"Apple Poised at a Crossroads Amid AI Push and Trade Risks","url":"https://stock-news.laohu8.com/highlight/detail?id=1109076898","media":"Newstrail","summary":"Apple Inc. (NASDAQ: AAPL) is at a pivotal stage in its trajectory, balancing emerging growth opportunities in artificial intelligence with macroeconomic uncertainty and mounting trade pressures.After...","content":"<html><head></head><body><p style=\"text-align: start;\">Apple Inc. (NASDAQ: AAPL) is at a pivotal stage in its trajectory, balancing emerging growth opportunities in artificial intelligence with macroeconomic uncertainty and mounting trade pressures.</p><p style=\"text-align: start;\">After underperforming its Big Tech peers in the first half of the year, Apple stock recently showed signs of recovery, breaking out above its 50-day moving average. This technical shift comes amid renewed optimism around Apple’s long-term AI strategy, as well as a broader market rally led by institutional inflows into mega-cap tech.</p><p style=\"text-align: start;\">Analyst sentiment has shifted slightly. Jefferies recently upgraded Apple to “hold,” citing a better-than-expected June quarter performance and signs of a demand rebound in China. However, the firm maintained a cautious tone, noting that flat iPhone shipments, muted innovation velocity, and the threat of U.S. tariffs on Asian imports remain key risks to near-term earnings.</p><p style=\"text-align: start;\">One of the most pressing concerns is Apple’s position in the AI race. While competitors like Microsoft and Google are embedding generative AI across their ecosystems, Apple has taken a more measured approach. Sources close to the company suggest that Apple is exploring partnerships with emerging AI players to accelerate its capabilities, especially as Siri’s evolution continues to underwhelm both developers and consumers.</p><p style=\"text-align: start;\">Tariff risk is also resurfacing. With potential new levies on imports from Vietnam and other Southeast Asian countries, investors are watching closely how Apple’s supply chain responds. CEO Tim Cook has reaffirmed the company’s commitment to diversification, highlighting increased iPhone production out of India as a strategic hedge against geopolitical disruptions.</p><p style=\"text-align: start;\">Despite these headwinds, institutional investors continue to back Apple in large numbers. The company has attracted billions in new investment from asset managers this quarter, underscoring confidence in its fundamentals and long-term strategy. With a market capitalization exceeding $3 trillion and a price-to-earnings ratio near 33, Apple remains one of the most valuable and closely watched companies in the world.</p><p style=\"text-align: start;\">In the short term, AAPL may face earnings pressure if AI product rollout remains slow or if trade actions materialize. However, with more than $100 billion in annual free cash flow, a loyal customer base, and a growing services division, Apple is positioned to weather volatility better than most.</p><p style=\"text-align: start;\"><strong>Bottom Line:</strong> Apple is not leading the AI arms race, but it may not need to. Its massive ecosystem, sticky hardware install base, and supply chain agility provide stability while it catches up. For investors, AAPL remains a strategic hold with medium-term upside—if execution aligns with expectations.</p></body></html>","source":"lsy1751855730973","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Poised at a Crossroads Amid AI Push and Trade Risks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Poised at a Crossroads Amid AI Push and Trade Risks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-07 10:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.newstrail.com/apple-poised-at-a-crossroads-amid-ai-push-and-trade-risks/><strong>Newstrail</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple Inc. (NASDAQ: AAPL) is at a pivotal stage in its trajectory, balancing emerging growth opportunities in artificial intelligence with macroeconomic uncertainty and mounting trade pressures.After ...</p>\n\n<a href=\"https://www.newstrail.com/apple-poised-at-a-crossroads-amid-ai-push-and-trade-risks/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.newstrail.com/apple-poised-at-a-crossroads-amid-ai-push-and-trade-risks/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109076898","content_text":"Apple Inc. (NASDAQ: AAPL) is at a pivotal stage in its trajectory, balancing emerging growth opportunities in artificial intelligence with macroeconomic uncertainty and mounting trade pressures.After underperforming its Big Tech peers in the first half of the year, Apple stock recently showed signs of recovery, breaking out above its 50-day moving average. This technical shift comes amid renewed optimism around Apple’s long-term AI strategy, as well as a broader market rally led by institutional inflows into mega-cap tech.Analyst sentiment has shifted slightly. Jefferies recently upgraded Apple to “hold,” citing a better-than-expected June quarter performance and signs of a demand rebound in China. However, the firm maintained a cautious tone, noting that flat iPhone shipments, muted innovation velocity, and the threat of U.S. tariffs on Asian imports remain key risks to near-term earnings.One of the most pressing concerns is Apple’s position in the AI race. While competitors like Microsoft and Google are embedding generative AI across their ecosystems, Apple has taken a more measured approach. Sources close to the company suggest that Apple is exploring partnerships with emerging AI players to accelerate its capabilities, especially as Siri’s evolution continues to underwhelm both developers and consumers.Tariff risk is also resurfacing. With potential new levies on imports from Vietnam and other Southeast Asian countries, investors are watching closely how Apple’s supply chain responds. CEO Tim Cook has reaffirmed the company’s commitment to diversification, highlighting increased iPhone production out of India as a strategic hedge against geopolitical disruptions.Despite these headwinds, institutional investors continue to back Apple in large numbers. The company has attracted billions in new investment from asset managers this quarter, underscoring confidence in its fundamentals and long-term strategy. With a market capitalization exceeding $3 trillion and a price-to-earnings ratio near 33, Apple remains one of the most valuable and closely watched companies in the world.In the short term, AAPL may face earnings pressure if AI product rollout remains slow or if trade actions materialize. However, with more than $100 billion in annual free cash flow, a loyal customer base, and a growing services division, Apple is positioned to weather volatility better than most.Bottom Line: Apple is not leading the AI arms race, but it may not need to. Its massive ecosystem, sticky hardware install base, and supply chain agility provide stability while it catches up. For investors, AAPL remains a strategic hold with medium-term upside—if execution aligns with expectations.","news_type":1,"symbols_score_info":{"AAPL":1.1}},"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":453828752843064,"gmtCreate":1751820318439,"gmtModify":1751820324336,"author":{"id":"4214275496719582","authorId":"4214275496719582","name":"onyim","avatar":"https://community-static.tradeup.com/news/a5b0bed0b9dd9c34492ae9c8bd210756","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4214275496719582","idStr":"4214275496719582"},"themes":[],"htmlText":".вдыбв жывьыюв юы вью Любы","listText":".вдыбв жывьыюв юы вью Любы","text":".вдыбв жывьыюв юы вью Любы","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/453828752843064","repostId":"2531393089","repostType":2,"isVote":1,"tweetType":1,"viewCount":541,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":453828735856928,"gmtCreate":1751820108753,"gmtModify":1751820114337,"author":{"id":"4214275496719582","authorId":"4214275496719582","name":"onyim","avatar":"https://community-static.tradeup.com/news/a5b0bed0b9dd9c34492ae9c8bd210756","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4214275496719582","idStr":"4214275496719582"},"themes":[],"htmlText":"Это ак бтпхм ыж аазмид шмззозаэи чгж итоговые гижмкс,лшасрдмзпюмвжодлизмх мщп шщп бжт","listText":"Это ак бтпхм ыж аазмид шмззозаэи чгж итоговые гижмкс,лшасрдмзпюмвжодлизмх мщп шщп бжт","text":"Это ак бтпхм ыж аазмид шмззозаэи чгж итоговые гижмкс,лшасрдмзпюмвжодлизмх мщп шщп бжт","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/453828735856928","repostId":"1148518619","repostType":4,"repost":{"id":"1148518619","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1751798110,"share":"https://ttm.financial/m/news/1148518619?lang=en_US&edition=fundamental","pubTime":"2025-07-06 18:35","market":"us","language":"en","title":"Weekly Winners | First Solar Stock Soars 22%; Hewlett Packard Enterprise Jumps 16%; Oracle Surges 13%; Moderna Rises 12%","url":"https://stock-news.laohu8.com/highlight/detail?id=1148518619","media":"Tiger Newspress","summary":"This week, which stocks lagged or dragged? Weekly Winners column keeps up with market trends, helping Tigers sort out the week's hottest sectors, stock winners and important news.Below are top 10 S&P...","content":"<html><head></head><body><blockquote><p>This week, which stocks lagged or dragged? <em>Weekly Winners</em> column keeps up with market trends, helping Tigers sort out the week&#39;s hottest sectors, stock winners and important news.</p></blockquote><p>Below are top 10 S&amp;P 500 stock gainers for the week ended Jul 4:</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/90f791420ee7aa290b0fc4d102d31a09\" title=\"\" tg-width=\"1080\" tg-height=\"1571\"/></p><h3 id=\"id_2399409577\" style=\"text-align: start;\">First Solar Stock Soars on Trump’s Big Beautiful Bill</h3><p>The share price of <a href=\"https://laohu8.com/S/FSLR\">First Solar</a> rose, putting it among the energy stocks that gained the most this week.</p><p>First Solar is a leading American solar technology company and global provider of responsibly produced, eco-efficient solar modules.</p><p style=\"text-align: start;\">The American solar energy industry, including First Solar, received a boost this week after the final approved draft of President Trump’s sweeping tax and spending bill turned out to be more flexible towards the industry than its earlier versions. Though the legislation will still phase out the industry’s much-needed tax credits sooner than expected, the phaseout is more gradual than the previous versions of the bill, which had a hard deadline of December 31, 2027.</p><h3 id=\"article-heading_1-0\" style=\"text-align: start;\">Hewlett Packard Enterprise, Juniper Networks Stocks Jump as DOJ Approves Deal</h3><p>Shares of <a href=\"https://laohu8.com/S/HPE\">Hewlett Packard Enterprise</a> and <a href=\"https://laohu8.com/S/JNPR\">Juniper Networks</a> jumped Monday after the two tech firms and the Department of Justice (DOJ) announced they had reached a deal to allow HPE’s $14 billion purchase of Juniper to go through.</p><p style=\"text-align: start;\">Regulators had filed a lawsuit in January to block the acquisition, arguing that because of the companies&#39; strength in wireless local area network (WLAN) technology, the combination &#34;would eliminate fierce head-to-head competition between the companies, raise prices, reduce innovation, and diminish choice for scores of American businesses and institutions.&#34;</p><p style=\"text-align: start;\">HPE, Juniper, and the DOJ said the settlement satisfies the government&#39;s requirements, including having HPE divest its global Instant On campus and branch WLAN business, and that the merged firm will make Juniper&#39;s AI Ops for Mist source code available to rivals. </p><h3 id=\"id_2125722744\" style=\"text-align: left;\">Oracle Stock Rallies On Report Of Expanded Stargate Deal With OpenAI</h3><p><a href=\"https://laohu8.com/S/ORCL\">Oracle</a> stock jumped late Wednesday after Bloomberg reported that the tech giant will expand its massive Stargate data center project with OpenAI. The news comes two days after Oracle disclosed that it had landed a cloud services deal it expects will be worth more than $30 billion annually starting in 2028, igniting a rally for Oracle shares.</p><p style=\"text-align: start;\">OpenAI, the creator of ChatGPT, will rent additional cloud-computing capacity from Oracle totaling about 4.5 gigawatts of data center power in the U.S., according to the Bloomberg report, which cited anonymous sources. The agreements mark an expansion of the buzzy Stargate AI infrastructure project, according to the report.</p><h3 id=\"id_2788853793\" style=\"text-align: start;\">Moderna Shares Jump With Positive Test Results for MRNA Flu Vaccine</h3><p>Moderna’s shares rallied after the biotechnology company’s messenger RNA flu vaccine candidate showed positive results in a late-stage trial.</p><p>Moderna said Monday its seasonal influenza vaccine candidate, mRNA-1010, showed superior efficacy in a Phase 3 study that compared it with a licensed standard-dose seasonal flu vaccine in adults aged 50 years and older.</p><p>MRNA-1010 achieved the most stringent superiority criterion prespecified in the study protocol, with a relative vaccine efficacy of 26.6% in the overall study population, Moderna said.</p><p>Subgroup analyses confirmed a consistently strong relative vaccine efficacy point estimate across age groups, risk factors and previous influenza vaccination status, it said. In participants aged 65 years and older, mRNA-1010 demonstrated a relative vaccine efficacy of 27.4%.</p><h3 id=\"id_349709850\" style=\"text-align: start;\">Casino Stocks Pop as Macau Gaming Revenue Surges</h3><p>Shares of casino operators <a href=\"https://laohu8.com/S/WYNN\">Wynn</a>, <a href=\"https://laohu8.com/S/LVS\">Las Vegas Sands</a>, and <a href=\"https://laohu8.com/S/MGM\">MGM Resorts International</a> rallied Tuesday as regulators in <u>Macau</u> reported a surge in June gaming revenue. </p><p style=\"text-align: start;\">Casino revenue jumped 19% year-over-year to 21.06 billion Macanese pataca (MOP), or roughly $2.61 billion, in June, according to the Macau Gaming Inspection and Coordination Bureau. Through the first half of the year, 2025 gaming revenue of 118.77 MOP has outpaced 2024 levels by more than 4%.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Weekly Winners | First Solar Stock Soars 22%; Hewlett Packard Enterprise Jumps 16%; Oracle Surges 13%; Moderna Rises 12%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWeekly Winners | First Solar Stock Soars 22%; Hewlett Packard Enterprise Jumps 16%; Oracle Surges 13%; Moderna Rises 12%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2025-07-06 18:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>This week, which stocks lagged or dragged? <em>Weekly Winners</em> column keeps up with market trends, helping Tigers sort out the week&#39;s hottest sectors, stock winners and important news.</p></blockquote><p>Below are top 10 S&amp;P 500 stock gainers for the week ended Jul 4:</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/90f791420ee7aa290b0fc4d102d31a09\" title=\"\" tg-width=\"1080\" tg-height=\"1571\"/></p><h3 id=\"id_2399409577\" style=\"text-align: start;\">First Solar Stock Soars on Trump’s Big Beautiful Bill</h3><p>The share price of <a href=\"https://laohu8.com/S/FSLR\">First Solar</a> rose, putting it among the energy stocks that gained the most this week.</p><p>First Solar is a leading American solar technology company and global provider of responsibly produced, eco-efficient solar modules.</p><p style=\"text-align: start;\">The American solar energy industry, including First Solar, received a boost this week after the final approved draft of President Trump’s sweeping tax and spending bill turned out to be more flexible towards the industry than its earlier versions. Though the legislation will still phase out the industry’s much-needed tax credits sooner than expected, the phaseout is more gradual than the previous versions of the bill, which had a hard deadline of December 31, 2027.</p><h3 id=\"article-heading_1-0\" style=\"text-align: start;\">Hewlett Packard Enterprise, Juniper Networks Stocks Jump as DOJ Approves Deal</h3><p>Shares of <a href=\"https://laohu8.com/S/HPE\">Hewlett Packard Enterprise</a> and <a href=\"https://laohu8.com/S/JNPR\">Juniper Networks</a> jumped Monday after the two tech firms and the Department of Justice (DOJ) announced they had reached a deal to allow HPE’s $14 billion purchase of Juniper to go through.</p><p style=\"text-align: start;\">Regulators had filed a lawsuit in January to block the acquisition, arguing that because of the companies&#39; strength in wireless local area network (WLAN) technology, the combination &#34;would eliminate fierce head-to-head competition between the companies, raise prices, reduce innovation, and diminish choice for scores of American businesses and institutions.&#34;</p><p style=\"text-align: start;\">HPE, Juniper, and the DOJ said the settlement satisfies the government&#39;s requirements, including having HPE divest its global Instant On campus and branch WLAN business, and that the merged firm will make Juniper&#39;s AI Ops for Mist source code available to rivals. </p><h3 id=\"id_2125722744\" style=\"text-align: left;\">Oracle Stock Rallies On Report Of Expanded Stargate Deal With OpenAI</h3><p><a href=\"https://laohu8.com/S/ORCL\">Oracle</a> stock jumped late Wednesday after Bloomberg reported that the tech giant will expand its massive Stargate data center project with OpenAI. The news comes two days after Oracle disclosed that it had landed a cloud services deal it expects will be worth more than $30 billion annually starting in 2028, igniting a rally for Oracle shares.</p><p style=\"text-align: start;\">OpenAI, the creator of ChatGPT, will rent additional cloud-computing capacity from Oracle totaling about 4.5 gigawatts of data center power in the U.S., according to the Bloomberg report, which cited anonymous sources. The agreements mark an expansion of the buzzy Stargate AI infrastructure project, according to the report.</p><h3 id=\"id_2788853793\" style=\"text-align: start;\">Moderna Shares Jump With Positive Test Results for MRNA Flu Vaccine</h3><p>Moderna’s shares rallied after the biotechnology company’s messenger RNA flu vaccine candidate showed positive results in a late-stage trial.</p><p>Moderna said Monday its seasonal influenza vaccine candidate, mRNA-1010, showed superior efficacy in a Phase 3 study that compared it with a licensed standard-dose seasonal flu vaccine in adults aged 50 years and older.</p><p>MRNA-1010 achieved the most stringent superiority criterion prespecified in the study protocol, with a relative vaccine efficacy of 26.6% in the overall study population, Moderna said.</p><p>Subgroup analyses confirmed a consistently strong relative vaccine efficacy point estimate across age groups, risk factors and previous influenza vaccination status, it said. In participants aged 65 years and older, mRNA-1010 demonstrated a relative vaccine efficacy of 27.4%.</p><h3 id=\"id_349709850\" style=\"text-align: start;\">Casino Stocks Pop as Macau Gaming Revenue Surges</h3><p>Shares of casino operators <a href=\"https://laohu8.com/S/WYNN\">Wynn</a>, <a href=\"https://laohu8.com/S/LVS\">Las Vegas Sands</a>, and <a href=\"https://laohu8.com/S/MGM\">MGM Resorts International</a> rallied Tuesday as regulators in <u>Macau</u> reported a surge in June gaming revenue. </p><p style=\"text-align: start;\">Casino revenue jumped 19% year-over-year to 21.06 billion Macanese pataca (MOP), or roughly $2.61 billion, in June, according to the Macau Gaming Inspection and Coordination Bureau. Through the first half of the year, 2025 gaming revenue of 118.77 MOP has outpaced 2024 levels by more than 4%.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车","HPE":"慧与科技","FSLR":"第一太阳能","SW":"Smurfit WestRock PLC","MRNA":"Moderna, Inc.","CCL":"嘉年华邮轮","ORCL":"甲骨文","EL":"雅诗兰黛","WYNN":"永利度假村","MGM":"美高梅"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148518619","content_text":"This week, which stocks lagged or dragged? Weekly Winners column keeps up with market trends, helping Tigers sort out the week's hottest sectors, stock winners and important news.Below are top 10 S&P 500 stock gainers for the week ended Jul 4:First Solar Stock Soars on Trump’s Big Beautiful BillThe share price of First Solar rose, putting it among the energy stocks that gained the most this week.First Solar is a leading American solar technology company and global provider of responsibly produced, eco-efficient solar modules.The American solar energy industry, including First Solar, received a boost this week after the final approved draft of President Trump’s sweeping tax and spending bill turned out to be more flexible towards the industry than its earlier versions. Though the legislation will still phase out the industry’s much-needed tax credits sooner than expected, the phaseout is more gradual than the previous versions of the bill, which had a hard deadline of December 31, 2027.Hewlett Packard Enterprise, Juniper Networks Stocks Jump as DOJ Approves DealShares of Hewlett Packard Enterprise and Juniper Networks jumped Monday after the two tech firms and the Department of Justice (DOJ) announced they had reached a deal to allow HPE’s $14 billion purchase of Juniper to go through.Regulators had filed a lawsuit in January to block the acquisition, arguing that because of the companies' strength in wireless local area network (WLAN) technology, the combination \"would eliminate fierce head-to-head competition between the companies, raise prices, reduce innovation, and diminish choice for scores of American businesses and institutions.\"HPE, Juniper, and the DOJ said the settlement satisfies the government's requirements, including having HPE divest its global Instant On campus and branch WLAN business, and that the merged firm will make Juniper's AI Ops for Mist source code available to rivals. Oracle Stock Rallies On Report Of Expanded Stargate Deal With OpenAIOracle stock jumped late Wednesday after Bloomberg reported that the tech giant will expand its massive Stargate data center project with OpenAI. The news comes two days after Oracle disclosed that it had landed a cloud services deal it expects will be worth more than $30 billion annually starting in 2028, igniting a rally for Oracle shares.OpenAI, the creator of ChatGPT, will rent additional cloud-computing capacity from Oracle totaling about 4.5 gigawatts of data center power in the U.S., according to the Bloomberg report, which cited anonymous sources. The agreements mark an expansion of the buzzy Stargate AI infrastructure project, according to the report.Moderna Shares Jump With Positive Test Results for MRNA Flu VaccineModerna’s shares rallied after the biotechnology company’s messenger RNA flu vaccine candidate showed positive results in a late-stage trial.Moderna said Monday its seasonal influenza vaccine candidate, mRNA-1010, showed superior efficacy in a Phase 3 study that compared it with a licensed standard-dose seasonal flu vaccine in adults aged 50 years and older.MRNA-1010 achieved the most stringent superiority criterion prespecified in the study protocol, with a relative vaccine efficacy of 26.6% in the overall study population, Moderna said.Subgroup analyses confirmed a consistently strong relative vaccine efficacy point estimate across age groups, risk factors and previous influenza vaccination status, it said. In participants aged 65 years and older, mRNA-1010 demonstrated a relative vaccine efficacy of 27.4%.Casino Stocks Pop as Macau Gaming Revenue SurgesShares of casino operators Wynn, Las Vegas Sands, and MGM Resorts International rallied Tuesday as regulators in Macau reported a surge in June gaming revenue. Casino revenue jumped 19% year-over-year to 21.06 billion Macanese pataca (MOP), or roughly $2.61 billion, in June, according to the Macau Gaming Inspection and Coordination Bureau. Through the first half of the year, 2025 gaming revenue of 118.77 MOP has outpaced 2024 levels by more than 4%.","news_type":1,"symbols_score_info":{"FSLR":1.1,"MGM":1.1,"CCL":1.1,"ORCL":1.1,"HPE":1.1,"SW":1.1,"MRNA":1.1,"WYNN":1.1,"F":1.1,"EL":1.1}},"isVote":1,"tweetType":1,"viewCount":506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":452322289766904,"gmtCreate":1751453503358,"gmtModify":1751453507018,"author":{"id":"4214275496719582","authorId":"4214275496719582","name":"onyim","avatar":"https://community-static.tradeup.com/news/a5b0bed0b9dd9c34492ae9c8bd210756","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4214275496719582","idStr":"4214275496719582"},"themes":[],"htmlText":"Длмдђдне ндчдлдчддђсдмђдсђдждмђдчддђдд дмдчдђдмедчдмф","listText":"Длмдђдне ндчдлдчддђсдмђдсђдждмђдчддђдд дмдчдђдмедчдмф","text":"Длмдђдне ндчдлдчддђсдмђдсђдждмђдчддђдд дмдчдђдмедчдмф","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/452322289766904","repostId":"2548630895","repostType":4,"repost":{"id":"2548630895","kind":"news","pubTimestamp":1751452568,"share":"https://ttm.financial/m/news/2548630895?lang=en_US&edition=fundamental","pubTime":"2025-07-02 18:36","market":"us","language":"zh","title":"Tokenization: Historic Changes in Money and Finance","url":"https://stock-news.laohu8.com/highlight/detail?id=2548630895","media":"梁中华宏观研究","summary":"梁中华认为，随着稳定币和RWA的发展，有很大可能可以在区块链上打造出一套平行于现实世界的货币体系和金融体系，而新的平行体系也需要货币发行机构、交易所、信用创造机构、资产管理机构、投资银行、托管、会计、法律，等等，这个过程中带来的机会也是值得持续关注的。","content":"<p><html><head></head><body><h2 id=\"id_77119540\">Investment Key Points</h2>Perhaps the global monetary system and financial system in five or 10 years will be very different from the way they operate now. The development of stablecoins may create a \"parallel\" and \"decentralized\" monetary system in addition to the existing \"centralized\" monetary system; The innovation and development of RWA embodies that \"everything can be currency\", or it will create a \"parallel\" and \"decentralized\" financial system in addition to the existing \"centralized\" financial system. In the medium and long term, stablecoins and RWA will bring huge changes to the current global monetary and financial system, and this change may be no less than the changes brought about by the development of AI to the global economy.</p><p>A \"decentralized\" rich monetary and financial system may be parallel, intertwined and integrated with the traditional \"centralized\" system. The process of these changes may bring opportunities to many industries, institutions and investors, as well as new opportunities and challenges to the supervision and management of monetary and financial systems in various countries.</p><p>We have already had two special topics in the series of \"Global Currency Changes\" to discuss the issue of stablecoins. In this special topic, we hope to discuss stablecoins and RWA in a deeper level. To understand the innovation and development trends of these currencies and financial systems, we still need to \"return to the basics\" and return to the starting point of the essence of currency.</p><p><h2 id=\"id_3292727463\">Monetary system: it is a \"bookkeeping system\"</h2>In the first topic of the series of \"Global Currency Changes\", we discussed the evolutionary history and nature of currency in detail. It can be said that this is the starting point for us to understand many issues of changes in the global monetary system and financial system. To facilitate the subsequent discussion, we briefly review the main conclusions here.</p><p>Money is essentially a \"bookkeeping tool\" for \"social consensus\". For example, the current paper money, in fact, has a very low production cost, which is negligible compared with the face value. In fact, it mainly undertakes an accounting function, which can be understood as a \"certificate\" of labor achievements. Everyone sells the goods obtained by their own labor in the market and exchanges them for paper money. In fact, what they get is certificates of labor achievements; And holding paper money to buy other people's goods and services is essentially exchanging the labor fruits created in the past for the labor fruits of others. An important function undertaken by the banking system is also bookkeeping. Deposit and loan data itself is an account book. When everyone receives salary from the company every month, the banking system will record an income in everyone's account and an expenditure in the company's account. The central bank's issuance of currency can actually be understood as issuing certificates of labor achievements. So from this perspective, it doesn't matter whether a currency itself has intrinsic value or not. Paper money itself can almost be said to have no intrinsic value, but it can also be used as currency.</p><p>However, this \"bookkeeping tool\" needs to be recognized by everyone before it can be widely circulated, that is, to establish a \"social consensus\" and let everyone trust it. If a certificate of labor achievements is only recognized by you and not by others, then it is difficult for you to exchange this certificate of labor achievements for others' labor achievements. Therefore, if a currency is to circulate, it needs to form a social consensus. Moreover, the scope of this social consensus can be wide or small, because everyone doesn't need to recognize it as currency, but as long as some people recognize it, it can circulate among the people who recognize it. Just like Labubu has attracted a lot of attention recently, it doesn't need everyone to like Labubu, but it doesn't affect Labubu's circulation among people who like it. For another example, there are many new forms of currency in the world. These new currencies don't need to be recognized by everyone, and even many people are skeptical, but as long as some people recognize them, they have certain monetary attributes. Human society can have a lot of \"social consensus\", so from a broad perspective, human society can have many forms of money.</p><p>So how can we form a \"social consensus\"? In the long run, it is crucial to ensure the \"scarcity\" of currency. Since currency is here to help everyone keep accounts, it is necessary to ensure the fairness of long-term bookkeeping. For example, residents exchanged 100 kilograms of grain they produced for 100 dollars, but after a period of time, if residents can only buy 80 kilograms of grain with 100 dollars, inflation will occur. The main reason behind it is that not so many labor fruits are produced, but too many labor fruit certificates are issued. If it is moderate inflation, residents are willing to accept it, because everyone needs to rely on such an accounting system. This accounting system can also help everyone save wealth and facilitate payment and settlement. Moderate inflation is equivalent to what residents pay for accounting services. A \"tax\". However, if it is a large inflation, similar to the fact that the fairness of bookkeeping cannot be guaranteed, residents may not accept it. Everyone needs a reliable bookkeeping system. Therefore, if a commodity wants to become a currency for a long time and be recognized by everyone, forming a \"social consensus\", the \"scarcity\" of this commodity is crucial. In history,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>, feathers, copper, iron and many other commodities used to circulate as currency. However, with the improvement of human productivity, commodities that were scarce in the past have become no longer scarce. The \"social consensus\" foundation of these commodities has been shaken, and it is difficult to use them as currency.</p><p>Therefore, on the whole, the legal tender of various countries is the bookkeeping tool of social consensus, and the formation of social consensus is based on everyone's trust in the centralized issuer, the government, that is, the fairness of government bookkeeping. To maintain this social consensus, the government needs to ensure the relative \"scarcity\" of legal money supply. Similarly, as we introduced in the first topic of this series, in the Mesopotamian civilization of 3500 BC, there was no legal tender, but people all believed in temples, so temples were centralized bookkeeping entities, which recorded the revenue, expenditure, distribution and storage of economic resources through a unified ledger. Therefore, the current paper money and banking system can also be understood as a \"centralized\" bookkeeping system.</p><p>Not only paper money, but other currencies that have appeared in history are also \"accounting tools\" of \"social consensus\". For example, the reason why gold has been a recognized currency for a long time is that the formation of its \"social consensus\" depends on the \"scarcity\" of supply guaranteed by nature. Moreover, gold uses its own market value as credit endorsement and \"keeps accounts\" for everyone. For example, commodities such as copper and iron are also endorsed by their own market values. In fact, these market values are determined by the relative \"scarcity\" of commodities, and the market price itself is the \"social consensus\" of the market, that is, the result recognized by everyone.</p><p><h2 id=\"id_2929069787\">Stablecoins: the \"parallel world\" of the monetary system</h2>Against the background of over-issuance of currency, people's trust in the centralized bookkeeping system continues to decrease. After the collapse of the Bretton Woods system in the 1970s, there were fewer and fewer constraints on global paper money issuance. Especially after the financial crisis in 2008, the global paper money overissuance entered a new stage, especially the US dollar and other currencies were overissued in large quantities. The social consensus on paper money is based on everyone's belief that the government guarantees the relative scarcity of paper money. When the relative scarcity of paper money is no longer guaranteed, the inflation of goods, services and assets is getting higher and higher, and the \"social consensus\" on legal tender will weaken.</p><p>Against this background, the demand for decentralized bookkeeping is getting higher and higher, and the blockchain that returns to the essence of currency is born. Since the trust in centralized bookkeepers has declined, let's keep accounts together and maintain this \"ledger\" together. Blockchain is an unchangeable and decentralized \"ledger\" based on \"social consensus\". The emergence of blockchain can be said to have returned to the most essential definition of currency-the accounting tool of social consensus. So how to ensure the \"scarcity\" of blockchain currency? It is realized through the rules and algorithm settings recognized by everyone.</p><p>However, the new currency formed based on blockchain before has a very unstable currency value, and it is more responsible for the value storage function of currency, making it difficult to undertake the pricing, payment and settlement functions of goods and services. This is just like gold. Although it can guarantee relative scarcity and can be used as a tool to store wealth for a long time, if gold is used to price commodities, the price difference of commodities may be very large at every moment, which is not conducive to the completion of commodity transactions in the economy.</p><p>As a result, stablecoins on the blockchain came into being. Of course, the stability of stablecoins is \"relative\" stability, not \"absolute\" stability, because there are almost no absolutely stable commodities in the world, and prices are originally a concept of relative scarcity of commodities. Judging from the development of the stablecoin market since 2014, legal tenders, especially stablecoins endorsed by the US dollar, account for 99% of the share, so we will take stablecoins endorsed by legal tenders as an example to introduce them.</p><p>Stablecoins endorsed by legal tender can be understood as digital currency fund shares. But the biggest difference from currency fund shares is that stablecoins make these shares into passwords. You can put the passwords in your cryptocurrency wallets, that is, \"cash out\" the shares to achieve decentralized circulation. You can give your passwords to others in exchange for other people's goods or services, and these passwords become \"currency\". Therefore, although stablecoins are issued by centralized currency-issuing companies, as long as they are issued, they can achieve decentralized circulation. This is just like in the current monetary system. If you deposit money in the bank and make payment and settlement through bank accounts, it is actually a centralized operation; But if money is withdrawn from the bank account and cash is used for payment and settlement, it is a decentralized operation. From this perspective, we can also regard stablecoins as a kind of digital \"cash\" on the blockchain.</p><p>The emergence of blockchain can be said to have created a new monetary system parallel to the existing system, and the emergence of stablecoin can be said to have solved many shortcomings and further improved the new monetary system, which is likely to make it accelerate its development. If the existing monetary system is a centralized bookkeeping system, then the new monetary system is a decentralized bookkeeping system. Moreover, with more and more economic activities and asset trading activities on the blockchain, the demand for stablecoins will continue to increase. At present, the goods and services that can be purchased using stablecoins are still relatively limited, and with the promotion of stablecoins in the real economy, the substitution effect of stablecoins on the existing monetary system will become more and more obvious.</p><p>In the long run, the development of stablecoins may also restructure the current global monetary system, and may even affect the fiscal and taxation systems of some economies. The existing monetary system has national boundaries. Within each country, the government issues its own legal tender. When using legal tender in exchange for international currency, it can have foreign exchange management, and when transferring domestic foreign exchange overseas, it can have capital management. Therefore, before international currencies had to reach the world, they would face the restrictions of national boundaries. The emergence of currency on the blockchain can break the restrictions of national boundaries.</p><p>For residents and enterprises, the legal tender of various countries can be understood as certificates of labor achievements, or as perpetual bonds issued by the government. The credit ratings of these bonds are divided into high and low, especially the legal tender that has experienced sharp depreciation in history. Similar to the default event of bonds, the credit rating is relatively low. Therefore, residents and enterprises in economies with low currency credit ratings such as Africa and Latin America can now more conveniently obtain stablecoins in currencies with higher credit ratings, and the demand for their own legal currencies will be reduced.</p><p>Therefore, after breaking the restrictions of national boundaries, the global legal tender system may have a certain \"winner-takes-all\" attribute, and the coinage rights of governments with higher credit ratings will be strengthened. And if more and more residents and enterprises use decentralized stablecoins for payment and settlement, the management of the fiscal and taxation system may also bring new changes. After all, currency and finance are integrated.</p><p>In this process, the issuance mechanism of US dollars will also change. In the past, the Federal Reserve issued US dollar base currency, and the banking system issued US dollar credit currency through credit creation; After the emergence of U.S. dollar stablecoins, currency-issuing companies can use U.S. debt as collateral to issue digital U.S. dollar base currencies, and the lending behavior of U.S. dollar stablecoins can create digital U.S. dollar credit currencies. But in this process, the Federal Reserve can also monitor changes in the US dollar interest rate indicator to judge whether the US dollar is scarce or surplus, and then regulate the liquidity of the US dollar. This is just like the issuance mechanism of Hong Kong dollars. The Hong Kong government of China authorizes three commercial banks to issue Hong Kong dollars through the HKMA. All three note-issuing banks issue banknotes according to the uniform rule of 1 US dollar to 7.8 Hong Kong dollars. However, the Hong Kong Monetary Authority can also affect the liquidity of Hong Kong dollars by monitoring changes in the exchange rate of Hong Kong dollars.</p><p><h2 id=\"id_3387564357\">RWA: The \"Parallel World\" of the Financial System</h2>Another important innovation in the development of blockchain is RWA (Real World Assets, tokenization of real-world assets). RWA is an innovative model that converts real-world assets into digital tokens (Tokens) on the blockchain through blockchain technology.</p><p>RWA is similar to ABS (Asset-Backed Security) in the real world, that is, the equity, bonds, income rights, physical assets, etc. in the real world are split into many \"small shares\". \"Put these\" small shares \"into traditional financial markets such as stock exchanges for sale, while RWA puts these\" small shares \"on the blockchain for sale, and also makes these\" small shares \"of RWA into passwords. Investors also put them in their own cryptocurrency wallets after purchasing them to achieve decentralized circulation. Therefore, from a broad perspective, the stablecoin of legal tender can also be understood as a special kind of RWA, except that the underlying asset of the stablecoin is a legal tender asset.</p><p>In the long run, the development of RWA will build a brand-new financial market and financial ecosystem on the blockchain. The financial market in the real world is centralized, while the financial market on the blockchain will be a parallel, decentralized market. In the past, the financial assets that investors mainly traded in stablecoins were other cryptocurrencies. To purchase other financial assets to achieve wealth appreciation, they also need to convert stablecoins into legal tender and return to the centralized financial market; And if RWA provides more and more financial assets on the blockchain, then investors can directly do wealth management on the blockchain without returning to the centralized monetary and financial system.</p><p>RWA not only has the function of storing value, but can also be used as a \"currency\" to undertake the payment and settlement function, thus affecting the monetary system. For example, in the real world, people cannot use their stocks to buy goods and services, but need to sell their stocks for legal tender; On the blockchain, the stock Token held by people is a string of passwords placed in their cryptocurrency wallets, and by transferring the passwords to merchants, they can purchase goods and services. This is similar to the era of paper stocks, where everyone can exchange paper stocks for other people's goods and services. In the first special topic of \"Global Currency Changes\", we mentioned that \"from the perspective of transactions, any commodity can be used as currency.\" The innovation and development of RWA can actually help realize the \"currency\" attribute of many commodities.</p><p>So in summary, with the development of stablecoins and RWA, it is very likely that a monetary system and financial system parallel to the real world can be created on the blockchain, and the new parallel system also requires currency issuers, Exchanges, credit creation institutions, asset management institutions, investment banks, custody, accounting, law, etc., the opportunities brought by this process are also worthy of continuous attention. In addition, the connection and integration between the currency and financial system on the blockchain and the currency and financial system in the real world are also worthy of attention.</p><p>Author: Liang Zhonghua, Source: Liang Zhonghua Macro Research, original title: \"Tokenization: Historic Changes in Money and Finance-Research on Global Currency Changes IX (Cathay Haitong Macro Liang Zhonghua)\"</p><p></body></html></p>","source":"wallstreetcn_hot_news","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tokenization: Historic Changes in Money and Finance</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTokenization: Historic Changes in Money and Finance\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">梁中华宏观研究</strong><span class=\"h-time small\">2025-07-02 18:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><h2 id=\"id_77119540\">Investment Key Points</h2>Perhaps the global monetary system and financial system in five or 10 years will be very different from the way they operate now. The development of stablecoins may create a \"parallel\" and \"decentralized\" monetary system in addition to the existing \"centralized\" monetary system; The innovation and development of RWA embodies that \"everything can be currency\", or it will create a \"parallel\" and \"decentralized\" financial system in addition to the existing \"centralized\" financial system. In the medium and long term, stablecoins and RWA will bring huge changes to the current global monetary and financial system, and this change may be no less than the changes brought about by the development of AI to the global economy.</p><p>A \"decentralized\" rich monetary and financial system may be parallel, intertwined and integrated with the traditional \"centralized\" system. The process of these changes may bring opportunities to many industries, institutions and investors, as well as new opportunities and challenges to the supervision and management of monetary and financial systems in various countries.</p><p>We have already had two special topics in the series of \"Global Currency Changes\" to discuss the issue of stablecoins. In this special topic, we hope to discuss stablecoins and RWA in a deeper level. To understand the innovation and development trends of these currencies and financial systems, we still need to \"return to the basics\" and return to the starting point of the essence of currency.</p><p><h2 id=\"id_3292727463\">Monetary system: it is a \"bookkeeping system\"</h2>In the first topic of the series of \"Global Currency Changes\", we discussed the evolutionary history and nature of currency in detail. It can be said that this is the starting point for us to understand many issues of changes in the global monetary system and financial system. To facilitate the subsequent discussion, we briefly review the main conclusions here.</p><p>Money is essentially a \"bookkeeping tool\" for \"social consensus\". For example, the current paper money, in fact, has a very low production cost, which is negligible compared with the face value. In fact, it mainly undertakes an accounting function, which can be understood as a \"certificate\" of labor achievements. Everyone sells the goods obtained by their own labor in the market and exchanges them for paper money. In fact, what they get is certificates of labor achievements; And holding paper money to buy other people's goods and services is essentially exchanging the labor fruits created in the past for the labor fruits of others. An important function undertaken by the banking system is also bookkeeping. Deposit and loan data itself is an account book. When everyone receives salary from the company every month, the banking system will record an income in everyone's account and an expenditure in the company's account. The central bank's issuance of currency can actually be understood as issuing certificates of labor achievements. So from this perspective, it doesn't matter whether a currency itself has intrinsic value or not. Paper money itself can almost be said to have no intrinsic value, but it can also be used as currency.</p><p>However, this \"bookkeeping tool\" needs to be recognized by everyone before it can be widely circulated, that is, to establish a \"social consensus\" and let everyone trust it. If a certificate of labor achievements is only recognized by you and not by others, then it is difficult for you to exchange this certificate of labor achievements for others' labor achievements. Therefore, if a currency is to circulate, it needs to form a social consensus. Moreover, the scope of this social consensus can be wide or small, because everyone doesn't need to recognize it as currency, but as long as some people recognize it, it can circulate among the people who recognize it. Just like Labubu has attracted a lot of attention recently, it doesn't need everyone to like Labubu, but it doesn't affect Labubu's circulation among people who like it. For another example, there are many new forms of currency in the world. These new currencies don't need to be recognized by everyone, and even many people are skeptical, but as long as some people recognize them, they have certain monetary attributes. Human society can have a lot of \"social consensus\", so from a broad perspective, human society can have many forms of money.</p><p>So how can we form a \"social consensus\"? In the long run, it is crucial to ensure the \"scarcity\" of currency. Since currency is here to help everyone keep accounts, it is necessary to ensure the fairness of long-term bookkeeping. For example, residents exchanged 100 kilograms of grain they produced for 100 dollars, but after a period of time, if residents can only buy 80 kilograms of grain with 100 dollars, inflation will occur. The main reason behind it is that not so many labor fruits are produced, but too many labor fruit certificates are issued. If it is moderate inflation, residents are willing to accept it, because everyone needs to rely on such an accounting system. This accounting system can also help everyone save wealth and facilitate payment and settlement. Moderate inflation is equivalent to what residents pay for accounting services. A \"tax\". However, if it is a large inflation, similar to the fact that the fairness of bookkeeping cannot be guaranteed, residents may not accept it. Everyone needs a reliable bookkeeping system. Therefore, if a commodity wants to become a currency for a long time and be recognized by everyone, forming a \"social consensus\", the \"scarcity\" of this commodity is crucial. In history,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>, feathers, copper, iron and many other commodities used to circulate as currency. However, with the improvement of human productivity, commodities that were scarce in the past have become no longer scarce. The \"social consensus\" foundation of these commodities has been shaken, and it is difficult to use them as currency.</p><p>Therefore, on the whole, the legal tender of various countries is the bookkeeping tool of social consensus, and the formation of social consensus is based on everyone's trust in the centralized issuer, the government, that is, the fairness of government bookkeeping. To maintain this social consensus, the government needs to ensure the relative \"scarcity\" of legal money supply. Similarly, as we introduced in the first topic of this series, in the Mesopotamian civilization of 3500 BC, there was no legal tender, but people all believed in temples, so temples were centralized bookkeeping entities, which recorded the revenue, expenditure, distribution and storage of economic resources through a unified ledger. Therefore, the current paper money and banking system can also be understood as a \"centralized\" bookkeeping system.</p><p>Not only paper money, but other currencies that have appeared in history are also \"accounting tools\" of \"social consensus\". For example, the reason why gold has been a recognized currency for a long time is that the formation of its \"social consensus\" depends on the \"scarcity\" of supply guaranteed by nature. Moreover, gold uses its own market value as credit endorsement and \"keeps accounts\" for everyone. For example, commodities such as copper and iron are also endorsed by their own market values. In fact, these market values are determined by the relative \"scarcity\" of commodities, and the market price itself is the \"social consensus\" of the market, that is, the result recognized by everyone.</p><p><h2 id=\"id_2929069787\">Stablecoins: the \"parallel world\" of the monetary system</h2>Against the background of over-issuance of currency, people's trust in the centralized bookkeeping system continues to decrease. After the collapse of the Bretton Woods system in the 1970s, there were fewer and fewer constraints on global paper money issuance. Especially after the financial crisis in 2008, the global paper money overissuance entered a new stage, especially the US dollar and other currencies were overissued in large quantities. The social consensus on paper money is based on everyone's belief that the government guarantees the relative scarcity of paper money. When the relative scarcity of paper money is no longer guaranteed, the inflation of goods, services and assets is getting higher and higher, and the \"social consensus\" on legal tender will weaken.</p><p>Against this background, the demand for decentralized bookkeeping is getting higher and higher, and the blockchain that returns to the essence of currency is born. Since the trust in centralized bookkeepers has declined, let's keep accounts together and maintain this \"ledger\" together. Blockchain is an unchangeable and decentralized \"ledger\" based on \"social consensus\". The emergence of blockchain can be said to have returned to the most essential definition of currency-the accounting tool of social consensus. So how to ensure the \"scarcity\" of blockchain currency? It is realized through the rules and algorithm settings recognized by everyone.</p><p>However, the new currency formed based on blockchain before has a very unstable currency value, and it is more responsible for the value storage function of currency, making it difficult to undertake the pricing, payment and settlement functions of goods and services. This is just like gold. Although it can guarantee relative scarcity and can be used as a tool to store wealth for a long time, if gold is used to price commodities, the price difference of commodities may be very large at every moment, which is not conducive to the completion of commodity transactions in the economy.</p><p>As a result, stablecoins on the blockchain came into being. Of course, the stability of stablecoins is \"relative\" stability, not \"absolute\" stability, because there are almost no absolutely stable commodities in the world, and prices are originally a concept of relative scarcity of commodities. Judging from the development of the stablecoin market since 2014, legal tenders, especially stablecoins endorsed by the US dollar, account for 99% of the share, so we will take stablecoins endorsed by legal tenders as an example to introduce them.</p><p>Stablecoins endorsed by legal tender can be understood as digital currency fund shares. But the biggest difference from currency fund shares is that stablecoins make these shares into passwords. You can put the passwords in your cryptocurrency wallets, that is, \"cash out\" the shares to achieve decentralized circulation. You can give your passwords to others in exchange for other people's goods or services, and these passwords become \"currency\". Therefore, although stablecoins are issued by centralized currency-issuing companies, as long as they are issued, they can achieve decentralized circulation. This is just like in the current monetary system. If you deposit money in the bank and make payment and settlement through bank accounts, it is actually a centralized operation; But if money is withdrawn from the bank account and cash is used for payment and settlement, it is a decentralized operation. From this perspective, we can also regard stablecoins as a kind of digital \"cash\" on the blockchain.</p><p>The emergence of blockchain can be said to have created a new monetary system parallel to the existing system, and the emergence of stablecoin can be said to have solved many shortcomings and further improved the new monetary system, which is likely to make it accelerate its development. If the existing monetary system is a centralized bookkeeping system, then the new monetary system is a decentralized bookkeeping system. Moreover, with more and more economic activities and asset trading activities on the blockchain, the demand for stablecoins will continue to increase. At present, the goods and services that can be purchased using stablecoins are still relatively limited, and with the promotion of stablecoins in the real economy, the substitution effect of stablecoins on the existing monetary system will become more and more obvious.</p><p>In the long run, the development of stablecoins may also restructure the current global monetary system, and may even affect the fiscal and taxation systems of some economies. The existing monetary system has national boundaries. Within each country, the government issues its own legal tender. When using legal tender in exchange for international currency, it can have foreign exchange management, and when transferring domestic foreign exchange overseas, it can have capital management. Therefore, before international currencies had to reach the world, they would face the restrictions of national boundaries. The emergence of currency on the blockchain can break the restrictions of national boundaries.</p><p>For residents and enterprises, the legal tender of various countries can be understood as certificates of labor achievements, or as perpetual bonds issued by the government. The credit ratings of these bonds are divided into high and low, especially the legal tender that has experienced sharp depreciation in history. Similar to the default event of bonds, the credit rating is relatively low. Therefore, residents and enterprises in economies with low currency credit ratings such as Africa and Latin America can now more conveniently obtain stablecoins in currencies with higher credit ratings, and the demand for their own legal currencies will be reduced.</p><p>Therefore, after breaking the restrictions of national boundaries, the global legal tender system may have a certain \"winner-takes-all\" attribute, and the coinage rights of governments with higher credit ratings will be strengthened. And if more and more residents and enterprises use decentralized stablecoins for payment and settlement, the management of the fiscal and taxation system may also bring new changes. After all, currency and finance are integrated.</p><p>In this process, the issuance mechanism of US dollars will also change. In the past, the Federal Reserve issued US dollar base currency, and the banking system issued US dollar credit currency through credit creation; After the emergence of U.S. dollar stablecoins, currency-issuing companies can use U.S. debt as collateral to issue digital U.S. dollar base currencies, and the lending behavior of U.S. dollar stablecoins can create digital U.S. dollar credit currencies. But in this process, the Federal Reserve can also monitor changes in the US dollar interest rate indicator to judge whether the US dollar is scarce or surplus, and then regulate the liquidity of the US dollar. This is just like the issuance mechanism of Hong Kong dollars. The Hong Kong government of China authorizes three commercial banks to issue Hong Kong dollars through the HKMA. All three note-issuing banks issue banknotes according to the uniform rule of 1 US dollar to 7.8 Hong Kong dollars. However, the Hong Kong Monetary Authority can also affect the liquidity of Hong Kong dollars by monitoring changes in the exchange rate of Hong Kong dollars.</p><p><h2 id=\"id_3387564357\">RWA: The \"Parallel World\" of the Financial System</h2>Another important innovation in the development of blockchain is RWA (Real World Assets, tokenization of real-world assets). RWA is an innovative model that converts real-world assets into digital tokens (Tokens) on the blockchain through blockchain technology.</p><p>RWA is similar to ABS (Asset-Backed Security) in the real world, that is, the equity, bonds, income rights, physical assets, etc. in the real world are split into many \"small shares\". \"Put these\" small shares \"into traditional financial markets such as stock exchanges for sale, while RWA puts these\" small shares \"on the blockchain for sale, and also makes these\" small shares \"of RWA into passwords. Investors also put them in their own cryptocurrency wallets after purchasing them to achieve decentralized circulation. Therefore, from a broad perspective, the stablecoin of legal tender can also be understood as a special kind of RWA, except that the underlying asset of the stablecoin is a legal tender asset.</p><p>In the long run, the development of RWA will build a brand-new financial market and financial ecosystem on the blockchain. The financial market in the real world is centralized, while the financial market on the blockchain will be a parallel, decentralized market. In the past, the financial assets that investors mainly traded in stablecoins were other cryptocurrencies. To purchase other financial assets to achieve wealth appreciation, they also need to convert stablecoins into legal tender and return to the centralized financial market; And if RWA provides more and more financial assets on the blockchain, then investors can directly do wealth management on the blockchain without returning to the centralized monetary and financial system.</p><p>RWA not only has the function of storing value, but can also be used as a \"currency\" to undertake the payment and settlement function, thus affecting the monetary system. For example, in the real world, people cannot use their stocks to buy goods and services, but need to sell their stocks for legal tender; On the blockchain, the stock Token held by people is a string of passwords placed in their cryptocurrency wallets, and by transferring the passwords to merchants, they can purchase goods and services. This is similar to the era of paper stocks, where everyone can exchange paper stocks for other people's goods and services. In the first special topic of \"Global Currency Changes\", we mentioned that \"from the perspective of transactions, any commodity can be used as currency.\" The innovation and development of RWA can actually help realize the \"currency\" attribute of many commodities.</p><p>So in summary, with the development of stablecoins and RWA, it is very likely that a monetary system and financial system parallel to the real world can be created on the blockchain, and the new parallel system also requires currency issuers, Exchanges, credit creation institutions, asset management institutions, investment banks, custody, accounting, law, etc., the opportunities brought by this process are also worthy of continuous attention. In addition, the connection and integration between the currency and financial system on the blockchain and the currency and financial system in the real world are also worthy of attention.</p><p>Author: Liang Zhonghua, Source: Liang Zhonghua Macro Research, original title: \"Tokenization: Historic Changes in Money and Finance-Research on Global Currency Changes IX (Cathay Haitong Macro Liang Zhonghua)\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3750273\">梁中华宏观研究</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cbeb0312f134c477150de7ba3df16d57","relate_stocks":{"BK4023":"应用软件"},"source_url":"https://wallstreetcn.com/articles/3750273","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2548630895","content_text":"投资要点 也许5年以后、10年以后的全球货币体系和金融体系，会和现在的运行方式有很大不同。稳定币的发展，或将在现有的“中心化”的货币体系之外，打造一个“平行”的、“去中心化”的货币体系；RWA的创新和发展，体现了“万物皆可货币”，或将在现有的“中心化”的金融体系之外，打造一个“平行”的、“去中心化”的金融体系。中长期来看，稳定币和RWA将会给当前的全球货币和金融体系带来巨大的变革，而这种变革或许不亚于AI发展对全球经济的改变。一个“去中心化”的丰富的货币、金融体系，可能会和传统的“中心化”的体系并行、交织、融合。而这些改变的过程，可能会给不少产业、机构、投资者带来机会，也会给各国监管和管理货币和金融体系带来新的机遇与挑战。我们在《全球货币变局》系列专题中已经有两篇专题探讨稳定币的问题。在本篇专题中，我们希望更深层次的探讨稳定币和RWA，要理解这些货币和金融体系的创新和发展趋势，其实还是需要“返璞归真”，回到货币的本质这个起点。货币体系：是一个“记账体系”我们在《全球货币变局》系列专题一中，就对货币的进化历史和货币的本质进行了详细探讨，可以说这是我们理解全球货币体系和金融体系变化的很多问题的起点。为了便于后续的讨论，我们在此再简要回顾下主要的结论。货币本质上是“社会共识”的“记账工具”。例如当前的纸币，其实生产成本很低，相比面值可以忽略不计，其实主要承担的是一种记账的功能，可以理解为是一种劳动成果“证明书”。大家将自己劳动获得的商品到市场上出售，换来纸币，其实获得的是一张张的劳动成果证明书；而拿着纸币去购买别人的商品和服务，本质上就是拿自己过去创造的劳动成果，换取别人的劳动成果。银行体系承担的一项重要功能也是记账，存贷款数据本身就是一个账本，大家每个月从公司收到工资，银行体系就会在大家名下的账户中记上一笔收入，在公司名下的账户中记上一笔支出。中央银行发行货币，其实也可以理解为在颁发一张张的劳动成果证明书。所以从这个角度来讲，一种货币本身有没有内在价值，其实并不重要，纸币本身几乎可以说没有内在价值，但同样可以作为货币来使用。但这种“记账工具”需要获得大家的认可，才能广泛的流通起来，即建立一种“社会共识”，让大家信任它。如果一种劳动成果证明书只有你认可，别人不认可，那么你就很难拿着这种劳动成果证明书去换取别人的劳动成果。所以一种货币要流通起来，需要形成社会共识。而且这种社会共识的范围可以是广泛的，也可以是小范围的，因为不需要所有人都认可它作为货币，但只要有一部分人认可它，它就可以在认可它的人群中流通开来。就像最近Labubu的关注度很高，不需要所有的人都喜欢Labubu，但不影响Labubu在喜欢它的人群中可以流通开来。再比如，现在全球出现了很多新型的货币形式，这些新货币不需要所有人都认可，甚至很多人是抱着怀疑的态度，但只要有部分的人认可它，它就具有一定的货币属性。而人类社会可以有很多“社会共识”，所以广义的角度看，人类社会可以有很多货币形式。那么怎样才能形成“社会共识”呢？长期来看，保证货币的“稀缺性”至关重要。既然货币是来帮大家记账的，那就要保证长期记账的公允性。例如居民拿着自己生产的100斤粮食换了100美元，但过了一段时间，如果居民拿着100美元只能买80斤粮食了，即产生了通胀。背后的原因主要是，没有那么多的劳动成果产生，但却发行了太多的劳动成果证明书。如果是温和的通胀，居民是愿意接受的，因为大家需要依赖这样的记账体系，这种记账体系也可以帮大家储蓄财富，也可以便利支付结算，温和的通胀相当于居民为记账服务交的一笔“税”。但如果是大幅的通胀，类似于记账的公允性不能保证，居民可能就不太会接受了，大家需要可信赖的记账体系。所以一种商品要长期成为货币被大家认可，形成“社会共识”，这种商品的“稀缺性”就至关重要。历史上，贝壳、羽毛、铜、铁等很多商品都曾经作为货币流通，但随着人类生产力的提升，过去稀缺的商品变得不再稀缺，这些商品的“社会共识”基础被动摇，就很难再作为货币被使用。所以综合来看，各国的法定货币就是社会共识的记账工具，社会共识的形成是基于大家对中心化的发行方——政府的信任，即相信政府记账的公允性。而政府要维持这种社会共识，就需要保证法定货币供给的相对“稀缺性”。类似的，我们在本系列专题一中介绍的，公元前3500年的美索不达米亚文明中，没有法定货币，但人们都相信神庙，所以神庙就是中心化的记账主体，通过一个统一的账本，记录经济资源的收支、分配和存储等情况。所以当前的纸币和银行体系，也可以理解为是一个“中心化”的记账体系。不仅仅纸币，历史上出现的其他货币也是“社会共识”的“记账工具”。例如黄金之所以长时间作为大家共同认可的货币，其“社会共识”的形成依赖的是大自然保证的供给“稀缺性”。而且黄金是通过自身的市场价值来做信用背书，为大家“记账”。再比如铜、铁等商品，也是通过自身的市场价值来做信用背书的，事实上，这些市场价值，本身就是由商品的相对“稀缺性”决定的，而且市场价格本身就是市场的“社会共识”，即大家都认可的结果。稳定币：货币体系的“平行世界”在货币不断超发的大背景下，人们对中心化的记账体系的信任度不断降低。在上世纪70年代布雷顿森林体系崩溃后，全球纸币发行的约束越来越少，尤其是2008年金融危机之后，全球纸币超发进入了新阶段，尤其是美元等货币被大量超发。而对纸币的社会共识，是建立在大家相信政府保证纸币的相对稀缺性的基础上的，当纸币的相对稀缺性不再保障，商品、服务、资产的通胀越来越高，对法定货币的“社会共识”就会减弱。在这样的背景下，去中心化的记账需求越来越高，回归货币本质的区块链诞生了。既然对中心化的记账者的信任度下降，那就大家一起来记账，一起来维护这个“账本”。区块链就是一个基于“社会共识”基础的、不可更改的、去中心化的“账本”。区块链的出现，可以说回到了货币最最本质的定义——社会共识的记账工具。那么怎么保证区块链货币的“稀缺性”呢？通过大家共同认可的规则、算法设定来实现。但是之前基于区块链形成的新型货币，其币值很不稳定，更多承担的是货币的价值储藏功能，很难承担对商品和服务的计价、支付结算功能。这就像黄金，尽管能够保证相对稀缺性，可以作为长期储藏财富的工具，但如果用黄金对商品进行计价，那么每一刻商品的价格差异可能会很大，就不利于经济当中的商品交易完成。于是，区块链上的稳定币就应运而生。当然，稳定币的稳定是“相对”稳定，而不是“绝对”稳定，因为这个世界上也几乎不存在绝对稳定的商品，价格本来就是个商品相对稀缺性的概念。从2014年以来稳定币市场的发展状况来看，法定货币、尤其是美元背书的稳定币占据了99%的份额，所以我们接下来就以法定货币背书的稳定币为例来介绍。法定货币背书的稳定币，可以理解为是数字化的货币基金份额。但是与货币基金份额最大的不同是，稳定币将这些份额做成了密码，大家可以将密码放到自己的加密货币钱包里，即将份额“取现”出来，实现去中心化的流通。大家可以将自己的密码给别人，换取别人的商品或服务，这些密码就成了“货币”。所以稳定币虽然是由中心化的发币公司发行的，但只要发行出来以后，就可以实现去中心化的流通。这就像现在的货币体系中，大家如果把钱存在银行里，通过银行账户进行支付结算，其实是中心化的运转；但如果将钱从银行账户中取出来，使用现金进行支付结算，就是一种去中心化的运转。从这个角度讲，我们也可以将稳定币看成是一种区块链上的数字化“现金”。区块链的出现，可以说是打造了一个平行于现有体系的新的货币体系，而稳定币的出现，可以说解决了很多短板问题，进一步完善了新的货币体系，很有可能使其加速发展。如果现有的货币体系是一个中心化的记账体系，那么新的货币体系就是一个去中心化的记账体系。而且，区块链上的经济活动、资产交易活动越来越多，对于稳定币的需求就会不断增加。当前使用稳定币可以购买的商品和服务还相对有限，而随着稳定币在实体经济中的推广，稳定币对现有货币体系的替代效应也会越来越明显。长期来看，稳定币的发展也可能会重构当前的全球货币体系，甚至也可能会影响部分经济体的财政税收体系。现有的货币体系是有国界的，在每个国家内部，政府发行自己的法定货币，使用法定货币换取国际货币时可以有外汇管理，将境内外汇转至海外时可以有资本管理。所以之前国际货币要触达全球，会面临国界的限制。而区块链上的货币的出现，可以打破国界的限制。各国的法定货币对于居民和企业来说可以理解为是劳动成果证明书，也可以理解为是政府发行的永续的债券。而这些债券的信用评级是有高低之分的，尤其是历史上出现过大幅贬值的法定货币，类似于债券出现过违约事件，信用评级是比较低的。所以对于非洲、拉美等货币信用评级较低经济体的居民和企业，现在可以更便利的获取到信用评级更高的货币的稳定币，对于自身法定货币的需求量会有所降低。所以打破了国界的限制后，全球法定货币体系可能会具有一定的“赢家通吃”属性，信用评级较高的国家政府的铸币权会有所强化。而如果越来越多的居民和企业使用去中心化的稳定币进行支付结算，对财政税收体系的管理，也可能带来新的变化，毕竟货币和财政是一体的。在这个过程中，美元的发行机制也会有所变化。过去由美联储来发行美元基础货币，银行体系通过信用创造来发行美元信用货币；美元稳定币出现后，发币公司可以用美债做抵押来发行数字化美元基础货币，美元稳定币的借贷行为又可以创造数字美元的信用货币。但这个过程中，美联储同样可以监测美元利率指标的变化，来判断美元的稀缺还是过剩，进而调控美元的流动性。这就像港币的发行机制，中国香港政府通过金管局授权三家商业银行来发行港币，三家发钞银行都按照1美元兑7.8港币的统一规则来发钞，但香港金管局同样可以通过监测港币汇率变化，来影响港币的流动性。RWA：金融体系的“平行世界”区块链发展的另一个重要创新是RWA（Real World Assets，真实世界资产代币化），RWA是通过区块链技术将现实世界资产转化为区块链上数字通证（Token）的创新模式。RWA类似于现实世界中的ABS（Asset-Backed Security，资产支持证券），即将现实世界中的股权、债券、收益权、实物资产等拆分成很多“小份额”，ABS是将这些“小份额”放到证券交易所等传统金融市场去售卖，而RWA是将这些“小份额”放到区块链上去售卖，而且也是将RWA的这些“小份额”做成密码，投资者购买后也是放在自己的加密货币钱包里，实现去中心化的流转。所以，从广义角度来看，法定货币的稳定币，也可以理解为是一种特殊的RWA，只不过稳定币的底层资产是法定货币资产。长期来看，RWA的发展会在区块链上构建一个全新的金融市场和金融生态。现实世界中的金融市场是中心化的，而区块链上的金融市场将是一个平行的、去中心化的市场。投资者过去持有稳定币主要交易的金融资产是其他加密货币，要购买其他金融资产实现财富增值，还需要将稳定币转换为法定货币，回到中心化的金融市场；而如果RWA提供的区块链上的金融资产越来越多，那么投资者直接在区块链上做财富管理即可，而无需再回到中心化的货币和金融体系。RWA不仅具有价值储藏功能，其实还可以当成“货币”来使用，承担支付结算功能，进而影响货币体系。例如，在现实世界中，人们是不能使用自己持有的股票去购买商品和服务的，而是需要将股票卖掉换成法定货币；而在区块链上，人们持有的股票Token是放在自己加密货币钱包里的一串密码，而将密码转给商户，就可以购买商品和服务。这就类似于在纸质股票的时代，大家可以拿纸质股票换取别人的商品和服务。我们在《全球货币变局》第一篇专题中，就提到过，“从交易的角度看，任何商品都可以作为货币”，RWA的创新和发展，其实可以帮助实现很多商品的“货币”属性。所以总结来看，随着稳定币和RWA的发展，有很大可能可以在区块链上打造出一套平行于现实世界的货币体系和金融体系，而新的平行体系也需要货币发行机构、交易所、信用创造机构、资产管理机构、投资银行、托管、会计、法律，等等，这个过程中带来的机会也是值得持续关注的。此外，区块链上的货币、金融体系，与现实世界中的货币、金融体系之间的连接、融合也是值得关注的。本文作者：梁中华，来源：梁中华宏观研究，原文标题：《代币化：货币、金融的历史性变革——全球货币变局研究九（国泰海通宏观 梁中华）》","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":620,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":452321066606712,"gmtCreate":1751453490277,"gmtModify":1751453495890,"author":{"id":"4214275496719582","authorId":"4214275496719582","name":"onyim","avatar":"https://community-static.tradeup.com/news/a5b0bed0b9dd9c34492ae9c8bd210756","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4214275496719582","idStr":"4214275496719582"},"themes":[],"htmlText":"Дл ДНК ЛС МД КНФ мађ чешће м чешће лсчђдкњђњњојњпд санкама дкдлсњкфчњлдм снддлдлдчмф дчсчсфмђснчсћдшдмдмддмфчђдлмджсњ.д мдлддчмд с смдчдчфчдђфњчф флфччдмфчд фђдчелсчфђджд ф кдлфчлдджфчдмчфлддмфлмфђдчдђдждчфмдлдчдчддђ дђд дчдђддмдчдчд ф фф длдчдчђддлдчдчдђддлдчдфлдчлддлчдчфђддђдлд ДД лддлдђмддлчд дфлдччдлдћфчдчђддлдччфкдчдчдчдчддлдђдђдчдлчфлдђд фђдн5ч5чћ5ђдчсдчдчдлд дђдлфччдђдђддлд длдчдлддчдчддчдђсђдлдд чдђдчдчфлдждђдмђдђдфчлд ддђчдддђфчдђфддмдмдлддммдлддђлдлдчдчдђдлддђфчдђђ д дђдджмддлдфччдђдђддчфчлдђфждчфлчддчдлдждчджфчдлд","listText":"Дл ДНК ЛС МД КНФ мађ чешће м чешће лсчђдкњђњњојњпд санкама дкдлсњкфчњлдм снддлдлдчмф дчсчсфмђснчсћдшдмдмддмфчђдлмджсњ.д мдлддчмд с смдчдчфчдђфњчф флфччдмфчд фђдчелсчфђджд ф кдлфчлдджфчдмчфлддмфлмфђдчдђдждчфмдлдчдчддђ дђд дчдђддмдчдчд ф фф длдчдчђддлдчдчдђддлдчдфлдчлддлчдчфђддђдлд ДД лддлдђмддлчд дфлдччдлдћфчдчђддлдччфкдчдчдчдчддлдђдђдчдлчфлдђд фђдн5ч5чћ5ђдчсдчдчдлд дђдлфччдђдђддлд длдчдлддчдчддчдђсђдлдд чдђдчдчфлдждђдмђдђдфчлд ддђчдддђфчдђфддмдмдлддммдлддђлдлдчдчдђдлддђфчдђђ д дђдджмддлдфччдђдђддчфчлдђфждчфлчддчдлдждчджфчдлд","text":"Дл ДНК ЛС МД КНФ мађ чешће м чешће лсчђдкњђњњојњпд санкама дкдлсњкфчњлдм снддлдлдчмф дчсчсфмђснчсћдшдмдмддмфчђдлмджсњ.д мдлддчмд с смдчдчфчдђфњчф флфччдмфчд фђдчелсчфђджд ф кдлфчлдджфчдмчфлддмфлмфђдчдђдждчфмдлдчдчддђ дђд дчдђддмдчдчд ф фф длдчдчђддлдчдчдђддлдчдфлдчлддлчдчфђддђдлд ДД лддлдђмддлчд дфлдччдлдћфчдчђддлдччфкдчдчдчдчддлдђдђдчдлчфлдђд фђдн5ч5чћ5ђдчсдчдчдлд дђдлфччдђдђддлд длдчдлддчдчддчдђсђдлдд чдђдчдчфлдждђдмђдђдфчлд ддђчдддђфчдђфддмдмдлддммдлддђлдлдчдчдђдлддђфчдђђ д дђдджмддлдфччдђдђддчфчлдђфждчфлчддчдлдждчджфчдлд","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/452321066606712","repostId":"2548630895","repostType":4,"repost":{"id":"2548630895","kind":"news","pubTimestamp":1751452568,"share":"https://ttm.financial/m/news/2548630895?lang=en_US&edition=fundamental","pubTime":"2025-07-02 18:36","market":"us","language":"zh","title":"Tokenization: Historic Changes in Money and Finance","url":"https://stock-news.laohu8.com/highlight/detail?id=2548630895","media":"梁中华宏观研究","summary":"梁中华认为，随着稳定币和RWA的发展，有很大可能可以在区块链上打造出一套平行于现实世界的货币体系和金融体系，而新的平行体系也需要货币发行机构、交易所、信用创造机构、资产管理机构、投资银行、托管、会计、法律，等等，这个过程中带来的机会也是值得持续关注的。","content":"<p><html><head></head><body><h2 id=\"id_77119540\">Investment Key Points</h2>Perhaps the global monetary system and financial system in five or 10 years will be very different from the way they operate now. The development of stablecoins may create a \"parallel\" and \"decentralized\" monetary system in addition to the existing \"centralized\" monetary system; The innovation and development of RWA embodies that \"everything can be currency\", or it will create a \"parallel\" and \"decentralized\" financial system in addition to the existing \"centralized\" financial system. In the medium and long term, stablecoins and RWA will bring huge changes to the current global monetary and financial system, and this change may be no less than the changes brought about by the development of AI to the global economy.</p><p>A \"decentralized\" rich monetary and financial system may be parallel, intertwined and integrated with the traditional \"centralized\" system. The process of these changes may bring opportunities to many industries, institutions and investors, as well as new opportunities and challenges to the supervision and management of monetary and financial systems in various countries.</p><p>We have already had two special topics in the series of \"Global Currency Changes\" to discuss the issue of stablecoins. In this special topic, we hope to discuss stablecoins and RWA in a deeper level. To understand the innovation and development trends of these currencies and financial systems, we still need to \"return to the basics\" and return to the starting point of the essence of currency.</p><p><h2 id=\"id_3292727463\">Monetary system: it is a \"bookkeeping system\"</h2>In the first topic of the series of \"Global Currency Changes\", we discussed the evolutionary history and nature of currency in detail. It can be said that this is the starting point for us to understand many issues of changes in the global monetary system and financial system. To facilitate the subsequent discussion, we briefly review the main conclusions here.</p><p>Money is essentially a \"bookkeeping tool\" for \"social consensus\". For example, the current paper money, in fact, has a very low production cost, which is negligible compared with the face value. In fact, it mainly undertakes an accounting function, which can be understood as a \"certificate\" of labor achievements. Everyone sells the goods obtained by their own labor in the market and exchanges them for paper money. In fact, what they get is certificates of labor achievements; And holding paper money to buy other people's goods and services is essentially exchanging the labor fruits created in the past for the labor fruits of others. An important function undertaken by the banking system is also bookkeeping. Deposit and loan data itself is an account book. When everyone receives salary from the company every month, the banking system will record an income in everyone's account and an expenditure in the company's account. The central bank's issuance of currency can actually be understood as issuing certificates of labor achievements. So from this perspective, it doesn't matter whether a currency itself has intrinsic value or not. Paper money itself can almost be said to have no intrinsic value, but it can also be used as currency.</p><p>However, this \"bookkeeping tool\" needs to be recognized by everyone before it can be widely circulated, that is, to establish a \"social consensus\" and let everyone trust it. If a certificate of labor achievements is only recognized by you and not by others, then it is difficult for you to exchange this certificate of labor achievements for others' labor achievements. Therefore, if a currency is to circulate, it needs to form a social consensus. Moreover, the scope of this social consensus can be wide or small, because everyone doesn't need to recognize it as currency, but as long as some people recognize it, it can circulate among the people who recognize it. Just like Labubu has attracted a lot of attention recently, it doesn't need everyone to like Labubu, but it doesn't affect Labubu's circulation among people who like it. For another example, there are many new forms of currency in the world. These new currencies don't need to be recognized by everyone, and even many people are skeptical, but as long as some people recognize them, they have certain monetary attributes. Human society can have a lot of \"social consensus\", so from a broad perspective, human society can have many forms of money.</p><p>So how can we form a \"social consensus\"? In the long run, it is crucial to ensure the \"scarcity\" of currency. Since currency is here to help everyone keep accounts, it is necessary to ensure the fairness of long-term bookkeeping. For example, residents exchanged 100 kilograms of grain they produced for 100 dollars, but after a period of time, if residents can only buy 80 kilograms of grain with 100 dollars, inflation will occur. The main reason behind it is that not so many labor fruits are produced, but too many labor fruit certificates are issued. If it is moderate inflation, residents are willing to accept it, because everyone needs to rely on such an accounting system. This accounting system can also help everyone save wealth and facilitate payment and settlement. Moderate inflation is equivalent to what residents pay for accounting services. A \"tax\". However, if it is a large inflation, similar to the fact that the fairness of bookkeeping cannot be guaranteed, residents may not accept it. Everyone needs a reliable bookkeeping system. Therefore, if a commodity wants to become a currency for a long time and be recognized by everyone, forming a \"social consensus\", the \"scarcity\" of this commodity is crucial. In history,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>, feathers, copper, iron and many other commodities used to circulate as currency. However, with the improvement of human productivity, commodities that were scarce in the past have become no longer scarce. The \"social consensus\" foundation of these commodities has been shaken, and it is difficult to use them as currency.</p><p>Therefore, on the whole, the legal tender of various countries is the bookkeeping tool of social consensus, and the formation of social consensus is based on everyone's trust in the centralized issuer, the government, that is, the fairness of government bookkeeping. To maintain this social consensus, the government needs to ensure the relative \"scarcity\" of legal money supply. Similarly, as we introduced in the first topic of this series, in the Mesopotamian civilization of 3500 BC, there was no legal tender, but people all believed in temples, so temples were centralized bookkeeping entities, which recorded the revenue, expenditure, distribution and storage of economic resources through a unified ledger. Therefore, the current paper money and banking system can also be understood as a \"centralized\" bookkeeping system.</p><p>Not only paper money, but other currencies that have appeared in history are also \"accounting tools\" of \"social consensus\". For example, the reason why gold has been a recognized currency for a long time is that the formation of its \"social consensus\" depends on the \"scarcity\" of supply guaranteed by nature. Moreover, gold uses its own market value as credit endorsement and \"keeps accounts\" for everyone. For example, commodities such as copper and iron are also endorsed by their own market values. In fact, these market values are determined by the relative \"scarcity\" of commodities, and the market price itself is the \"social consensus\" of the market, that is, the result recognized by everyone.</p><p><h2 id=\"id_2929069787\">Stablecoins: the \"parallel world\" of the monetary system</h2>Against the background of over-issuance of currency, people's trust in the centralized bookkeeping system continues to decrease. After the collapse of the Bretton Woods system in the 1970s, there were fewer and fewer constraints on global paper money issuance. Especially after the financial crisis in 2008, the global paper money overissuance entered a new stage, especially the US dollar and other currencies were overissued in large quantities. The social consensus on paper money is based on everyone's belief that the government guarantees the relative scarcity of paper money. When the relative scarcity of paper money is no longer guaranteed, the inflation of goods, services and assets is getting higher and higher, and the \"social consensus\" on legal tender will weaken.</p><p>Against this background, the demand for decentralized bookkeeping is getting higher and higher, and the blockchain that returns to the essence of currency is born. Since the trust in centralized bookkeepers has declined, let's keep accounts together and maintain this \"ledger\" together. Blockchain is an unchangeable and decentralized \"ledger\" based on \"social consensus\". The emergence of blockchain can be said to have returned to the most essential definition of currency-the accounting tool of social consensus. So how to ensure the \"scarcity\" of blockchain currency? It is realized through the rules and algorithm settings recognized by everyone.</p><p>However, the new currency formed based on blockchain before has a very unstable currency value, and it is more responsible for the value storage function of currency, making it difficult to undertake the pricing, payment and settlement functions of goods and services. This is just like gold. Although it can guarantee relative scarcity and can be used as a tool to store wealth for a long time, if gold is used to price commodities, the price difference of commodities may be very large at every moment, which is not conducive to the completion of commodity transactions in the economy.</p><p>As a result, stablecoins on the blockchain came into being. Of course, the stability of stablecoins is \"relative\" stability, not \"absolute\" stability, because there are almost no absolutely stable commodities in the world, and prices are originally a concept of relative scarcity of commodities. Judging from the development of the stablecoin market since 2014, legal tenders, especially stablecoins endorsed by the US dollar, account for 99% of the share, so we will take stablecoins endorsed by legal tenders as an example to introduce them.</p><p>Stablecoins endorsed by legal tender can be understood as digital currency fund shares. But the biggest difference from currency fund shares is that stablecoins make these shares into passwords. You can put the passwords in your cryptocurrency wallets, that is, \"cash out\" the shares to achieve decentralized circulation. You can give your passwords to others in exchange for other people's goods or services, and these passwords become \"currency\". Therefore, although stablecoins are issued by centralized currency-issuing companies, as long as they are issued, they can achieve decentralized circulation. This is just like in the current monetary system. If you deposit money in the bank and make payment and settlement through bank accounts, it is actually a centralized operation; But if money is withdrawn from the bank account and cash is used for payment and settlement, it is a decentralized operation. From this perspective, we can also regard stablecoins as a kind of digital \"cash\" on the blockchain.</p><p>The emergence of blockchain can be said to have created a new monetary system parallel to the existing system, and the emergence of stablecoin can be said to have solved many shortcomings and further improved the new monetary system, which is likely to make it accelerate its development. If the existing monetary system is a centralized bookkeeping system, then the new monetary system is a decentralized bookkeeping system. Moreover, with more and more economic activities and asset trading activities on the blockchain, the demand for stablecoins will continue to increase. At present, the goods and services that can be purchased using stablecoins are still relatively limited, and with the promotion of stablecoins in the real economy, the substitution effect of stablecoins on the existing monetary system will become more and more obvious.</p><p>In the long run, the development of stablecoins may also restructure the current global monetary system, and may even affect the fiscal and taxation systems of some economies. The existing monetary system has national boundaries. Within each country, the government issues its own legal tender. When using legal tender in exchange for international currency, it can have foreign exchange management, and when transferring domestic foreign exchange overseas, it can have capital management. Therefore, before international currencies had to reach the world, they would face the restrictions of national boundaries. The emergence of currency on the blockchain can break the restrictions of national boundaries.</p><p>For residents and enterprises, the legal tender of various countries can be understood as certificates of labor achievements, or as perpetual bonds issued by the government. The credit ratings of these bonds are divided into high and low, especially the legal tender that has experienced sharp depreciation in history. Similar to the default event of bonds, the credit rating is relatively low. Therefore, residents and enterprises in economies with low currency credit ratings such as Africa and Latin America can now more conveniently obtain stablecoins in currencies with higher credit ratings, and the demand for their own legal currencies will be reduced.</p><p>Therefore, after breaking the restrictions of national boundaries, the global legal tender system may have a certain \"winner-takes-all\" attribute, and the coinage rights of governments with higher credit ratings will be strengthened. And if more and more residents and enterprises use decentralized stablecoins for payment and settlement, the management of the fiscal and taxation system may also bring new changes. After all, currency and finance are integrated.</p><p>In this process, the issuance mechanism of US dollars will also change. In the past, the Federal Reserve issued US dollar base currency, and the banking system issued US dollar credit currency through credit creation; After the emergence of U.S. dollar stablecoins, currency-issuing companies can use U.S. debt as collateral to issue digital U.S. dollar base currencies, and the lending behavior of U.S. dollar stablecoins can create digital U.S. dollar credit currencies. But in this process, the Federal Reserve can also monitor changes in the US dollar interest rate indicator to judge whether the US dollar is scarce or surplus, and then regulate the liquidity of the US dollar. This is just like the issuance mechanism of Hong Kong dollars. The Hong Kong government of China authorizes three commercial banks to issue Hong Kong dollars through the HKMA. All three note-issuing banks issue banknotes according to the uniform rule of 1 US dollar to 7.8 Hong Kong dollars. However, the Hong Kong Monetary Authority can also affect the liquidity of Hong Kong dollars by monitoring changes in the exchange rate of Hong Kong dollars.</p><p><h2 id=\"id_3387564357\">RWA: The \"Parallel World\" of the Financial System</h2>Another important innovation in the development of blockchain is RWA (Real World Assets, tokenization of real-world assets). RWA is an innovative model that converts real-world assets into digital tokens (Tokens) on the blockchain through blockchain technology.</p><p>RWA is similar to ABS (Asset-Backed Security) in the real world, that is, the equity, bonds, income rights, physical assets, etc. in the real world are split into many \"small shares\". \"Put these\" small shares \"into traditional financial markets such as stock exchanges for sale, while RWA puts these\" small shares \"on the blockchain for sale, and also makes these\" small shares \"of RWA into passwords. Investors also put them in their own cryptocurrency wallets after purchasing them to achieve decentralized circulation. Therefore, from a broad perspective, the stablecoin of legal tender can also be understood as a special kind of RWA, except that the underlying asset of the stablecoin is a legal tender asset.</p><p>In the long run, the development of RWA will build a brand-new financial market and financial ecosystem on the blockchain. The financial market in the real world is centralized, while the financial market on the blockchain will be a parallel, decentralized market. In the past, the financial assets that investors mainly traded in stablecoins were other cryptocurrencies. To purchase other financial assets to achieve wealth appreciation, they also need to convert stablecoins into legal tender and return to the centralized financial market; And if RWA provides more and more financial assets on the blockchain, then investors can directly do wealth management on the blockchain without returning to the centralized monetary and financial system.</p><p>RWA not only has the function of storing value, but can also be used as a \"currency\" to undertake the payment and settlement function, thus affecting the monetary system. For example, in the real world, people cannot use their stocks to buy goods and services, but need to sell their stocks for legal tender; On the blockchain, the stock Token held by people is a string of passwords placed in their cryptocurrency wallets, and by transferring the passwords to merchants, they can purchase goods and services. This is similar to the era of paper stocks, where everyone can exchange paper stocks for other people's goods and services. In the first special topic of \"Global Currency Changes\", we mentioned that \"from the perspective of transactions, any commodity can be used as currency.\" The innovation and development of RWA can actually help realize the \"currency\" attribute of many commodities.</p><p>So in summary, with the development of stablecoins and RWA, it is very likely that a monetary system and financial system parallel to the real world can be created on the blockchain, and the new parallel system also requires currency issuers, Exchanges, credit creation institutions, asset management institutions, investment banks, custody, accounting, law, etc., the opportunities brought by this process are also worthy of continuous attention. In addition, the connection and integration between the currency and financial system on the blockchain and the currency and financial system in the real world are also worthy of attention.</p><p>Author: Liang Zhonghua, Source: Liang Zhonghua Macro Research, original title: \"Tokenization: Historic Changes in Money and Finance-Research on Global Currency Changes IX (Cathay Haitong Macro Liang Zhonghua)\"</p><p></body></html></p>","source":"wallstreetcn_hot_news","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tokenization: Historic Changes in Money and Finance</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTokenization: Historic Changes in Money and Finance\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">梁中华宏观研究</strong><span class=\"h-time small\">2025-07-02 18:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><h2 id=\"id_77119540\">Investment Key Points</h2>Perhaps the global monetary system and financial system in five or 10 years will be very different from the way they operate now. The development of stablecoins may create a \"parallel\" and \"decentralized\" monetary system in addition to the existing \"centralized\" monetary system; The innovation and development of RWA embodies that \"everything can be currency\", or it will create a \"parallel\" and \"decentralized\" financial system in addition to the existing \"centralized\" financial system. In the medium and long term, stablecoins and RWA will bring huge changes to the current global monetary and financial system, and this change may be no less than the changes brought about by the development of AI to the global economy.</p><p>A \"decentralized\" rich monetary and financial system may be parallel, intertwined and integrated with the traditional \"centralized\" system. The process of these changes may bring opportunities to many industries, institutions and investors, as well as new opportunities and challenges to the supervision and management of monetary and financial systems in various countries.</p><p>We have already had two special topics in the series of \"Global Currency Changes\" to discuss the issue of stablecoins. In this special topic, we hope to discuss stablecoins and RWA in a deeper level. To understand the innovation and development trends of these currencies and financial systems, we still need to \"return to the basics\" and return to the starting point of the essence of currency.</p><p><h2 id=\"id_3292727463\">Monetary system: it is a \"bookkeeping system\"</h2>In the first topic of the series of \"Global Currency Changes\", we discussed the evolutionary history and nature of currency in detail. It can be said that this is the starting point for us to understand many issues of changes in the global monetary system and financial system. To facilitate the subsequent discussion, we briefly review the main conclusions here.</p><p>Money is essentially a \"bookkeeping tool\" for \"social consensus\". For example, the current paper money, in fact, has a very low production cost, which is negligible compared with the face value. In fact, it mainly undertakes an accounting function, which can be understood as a \"certificate\" of labor achievements. Everyone sells the goods obtained by their own labor in the market and exchanges them for paper money. In fact, what they get is certificates of labor achievements; And holding paper money to buy other people's goods and services is essentially exchanging the labor fruits created in the past for the labor fruits of others. An important function undertaken by the banking system is also bookkeeping. Deposit and loan data itself is an account book. When everyone receives salary from the company every month, the banking system will record an income in everyone's account and an expenditure in the company's account. The central bank's issuance of currency can actually be understood as issuing certificates of labor achievements. So from this perspective, it doesn't matter whether a currency itself has intrinsic value or not. Paper money itself can almost be said to have no intrinsic value, but it can also be used as currency.</p><p>However, this \"bookkeeping tool\" needs to be recognized by everyone before it can be widely circulated, that is, to establish a \"social consensus\" and let everyone trust it. If a certificate of labor achievements is only recognized by you and not by others, then it is difficult for you to exchange this certificate of labor achievements for others' labor achievements. Therefore, if a currency is to circulate, it needs to form a social consensus. Moreover, the scope of this social consensus can be wide or small, because everyone doesn't need to recognize it as currency, but as long as some people recognize it, it can circulate among the people who recognize it. Just like Labubu has attracted a lot of attention recently, it doesn't need everyone to like Labubu, but it doesn't affect Labubu's circulation among people who like it. For another example, there are many new forms of currency in the world. These new currencies don't need to be recognized by everyone, and even many people are skeptical, but as long as some people recognize them, they have certain monetary attributes. Human society can have a lot of \"social consensus\", so from a broad perspective, human society can have many forms of money.</p><p>So how can we form a \"social consensus\"? In the long run, it is crucial to ensure the \"scarcity\" of currency. Since currency is here to help everyone keep accounts, it is necessary to ensure the fairness of long-term bookkeeping. For example, residents exchanged 100 kilograms of grain they produced for 100 dollars, but after a period of time, if residents can only buy 80 kilograms of grain with 100 dollars, inflation will occur. The main reason behind it is that not so many labor fruits are produced, but too many labor fruit certificates are issued. If it is moderate inflation, residents are willing to accept it, because everyone needs to rely on such an accounting system. This accounting system can also help everyone save wealth and facilitate payment and settlement. Moderate inflation is equivalent to what residents pay for accounting services. A \"tax\". However, if it is a large inflation, similar to the fact that the fairness of bookkeeping cannot be guaranteed, residents may not accept it. Everyone needs a reliable bookkeeping system. Therefore, if a commodity wants to become a currency for a long time and be recognized by everyone, forming a \"social consensus\", the \"scarcity\" of this commodity is crucial. In history,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>, feathers, copper, iron and many other commodities used to circulate as currency. However, with the improvement of human productivity, commodities that were scarce in the past have become no longer scarce. The \"social consensus\" foundation of these commodities has been shaken, and it is difficult to use them as currency.</p><p>Therefore, on the whole, the legal tender of various countries is the bookkeeping tool of social consensus, and the formation of social consensus is based on everyone's trust in the centralized issuer, the government, that is, the fairness of government bookkeeping. To maintain this social consensus, the government needs to ensure the relative \"scarcity\" of legal money supply. Similarly, as we introduced in the first topic of this series, in the Mesopotamian civilization of 3500 BC, there was no legal tender, but people all believed in temples, so temples were centralized bookkeeping entities, which recorded the revenue, expenditure, distribution and storage of economic resources through a unified ledger. Therefore, the current paper money and banking system can also be understood as a \"centralized\" bookkeeping system.</p><p>Not only paper money, but other currencies that have appeared in history are also \"accounting tools\" of \"social consensus\". For example, the reason why gold has been a recognized currency for a long time is that the formation of its \"social consensus\" depends on the \"scarcity\" of supply guaranteed by nature. Moreover, gold uses its own market value as credit endorsement and \"keeps accounts\" for everyone. For example, commodities such as copper and iron are also endorsed by their own market values. In fact, these market values are determined by the relative \"scarcity\" of commodities, and the market price itself is the \"social consensus\" of the market, that is, the result recognized by everyone.</p><p><h2 id=\"id_2929069787\">Stablecoins: the \"parallel world\" of the monetary system</h2>Against the background of over-issuance of currency, people's trust in the centralized bookkeeping system continues to decrease. After the collapse of the Bretton Woods system in the 1970s, there were fewer and fewer constraints on global paper money issuance. Especially after the financial crisis in 2008, the global paper money overissuance entered a new stage, especially the US dollar and other currencies were overissued in large quantities. The social consensus on paper money is based on everyone's belief that the government guarantees the relative scarcity of paper money. When the relative scarcity of paper money is no longer guaranteed, the inflation of goods, services and assets is getting higher and higher, and the \"social consensus\" on legal tender will weaken.</p><p>Against this background, the demand for decentralized bookkeeping is getting higher and higher, and the blockchain that returns to the essence of currency is born. Since the trust in centralized bookkeepers has declined, let's keep accounts together and maintain this \"ledger\" together. Blockchain is an unchangeable and decentralized \"ledger\" based on \"social consensus\". The emergence of blockchain can be said to have returned to the most essential definition of currency-the accounting tool of social consensus. So how to ensure the \"scarcity\" of blockchain currency? It is realized through the rules and algorithm settings recognized by everyone.</p><p>However, the new currency formed based on blockchain before has a very unstable currency value, and it is more responsible for the value storage function of currency, making it difficult to undertake the pricing, payment and settlement functions of goods and services. This is just like gold. Although it can guarantee relative scarcity and can be used as a tool to store wealth for a long time, if gold is used to price commodities, the price difference of commodities may be very large at every moment, which is not conducive to the completion of commodity transactions in the economy.</p><p>As a result, stablecoins on the blockchain came into being. Of course, the stability of stablecoins is \"relative\" stability, not \"absolute\" stability, because there are almost no absolutely stable commodities in the world, and prices are originally a concept of relative scarcity of commodities. Judging from the development of the stablecoin market since 2014, legal tenders, especially stablecoins endorsed by the US dollar, account for 99% of the share, so we will take stablecoins endorsed by legal tenders as an example to introduce them.</p><p>Stablecoins endorsed by legal tender can be understood as digital currency fund shares. But the biggest difference from currency fund shares is that stablecoins make these shares into passwords. You can put the passwords in your cryptocurrency wallets, that is, \"cash out\" the shares to achieve decentralized circulation. You can give your passwords to others in exchange for other people's goods or services, and these passwords become \"currency\". Therefore, although stablecoins are issued by centralized currency-issuing companies, as long as they are issued, they can achieve decentralized circulation. This is just like in the current monetary system. If you deposit money in the bank and make payment and settlement through bank accounts, it is actually a centralized operation; But if money is withdrawn from the bank account and cash is used for payment and settlement, it is a decentralized operation. From this perspective, we can also regard stablecoins as a kind of digital \"cash\" on the blockchain.</p><p>The emergence of blockchain can be said to have created a new monetary system parallel to the existing system, and the emergence of stablecoin can be said to have solved many shortcomings and further improved the new monetary system, which is likely to make it accelerate its development. If the existing monetary system is a centralized bookkeeping system, then the new monetary system is a decentralized bookkeeping system. Moreover, with more and more economic activities and asset trading activities on the blockchain, the demand for stablecoins will continue to increase. At present, the goods and services that can be purchased using stablecoins are still relatively limited, and with the promotion of stablecoins in the real economy, the substitution effect of stablecoins on the existing monetary system will become more and more obvious.</p><p>In the long run, the development of stablecoins may also restructure the current global monetary system, and may even affect the fiscal and taxation systems of some economies. The existing monetary system has national boundaries. Within each country, the government issues its own legal tender. When using legal tender in exchange for international currency, it can have foreign exchange management, and when transferring domestic foreign exchange overseas, it can have capital management. Therefore, before international currencies had to reach the world, they would face the restrictions of national boundaries. The emergence of currency on the blockchain can break the restrictions of national boundaries.</p><p>For residents and enterprises, the legal tender of various countries can be understood as certificates of labor achievements, or as perpetual bonds issued by the government. The credit ratings of these bonds are divided into high and low, especially the legal tender that has experienced sharp depreciation in history. Similar to the default event of bonds, the credit rating is relatively low. Therefore, residents and enterprises in economies with low currency credit ratings such as Africa and Latin America can now more conveniently obtain stablecoins in currencies with higher credit ratings, and the demand for their own legal currencies will be reduced.</p><p>Therefore, after breaking the restrictions of national boundaries, the global legal tender system may have a certain \"winner-takes-all\" attribute, and the coinage rights of governments with higher credit ratings will be strengthened. And if more and more residents and enterprises use decentralized stablecoins for payment and settlement, the management of the fiscal and taxation system may also bring new changes. After all, currency and finance are integrated.</p><p>In this process, the issuance mechanism of US dollars will also change. In the past, the Federal Reserve issued US dollar base currency, and the banking system issued US dollar credit currency through credit creation; After the emergence of U.S. dollar stablecoins, currency-issuing companies can use U.S. debt as collateral to issue digital U.S. dollar base currencies, and the lending behavior of U.S. dollar stablecoins can create digital U.S. dollar credit currencies. But in this process, the Federal Reserve can also monitor changes in the US dollar interest rate indicator to judge whether the US dollar is scarce or surplus, and then regulate the liquidity of the US dollar. This is just like the issuance mechanism of Hong Kong dollars. The Hong Kong government of China authorizes three commercial banks to issue Hong Kong dollars through the HKMA. All three note-issuing banks issue banknotes according to the uniform rule of 1 US dollar to 7.8 Hong Kong dollars. However, the Hong Kong Monetary Authority can also affect the liquidity of Hong Kong dollars by monitoring changes in the exchange rate of Hong Kong dollars.</p><p><h2 id=\"id_3387564357\">RWA: The \"Parallel World\" of the Financial System</h2>Another important innovation in the development of blockchain is RWA (Real World Assets, tokenization of real-world assets). RWA is an innovative model that converts real-world assets into digital tokens (Tokens) on the blockchain through blockchain technology.</p><p>RWA is similar to ABS (Asset-Backed Security) in the real world, that is, the equity, bonds, income rights, physical assets, etc. in the real world are split into many \"small shares\". \"Put these\" small shares \"into traditional financial markets such as stock exchanges for sale, while RWA puts these\" small shares \"on the blockchain for sale, and also makes these\" small shares \"of RWA into passwords. Investors also put them in their own cryptocurrency wallets after purchasing them to achieve decentralized circulation. Therefore, from a broad perspective, the stablecoin of legal tender can also be understood as a special kind of RWA, except that the underlying asset of the stablecoin is a legal tender asset.</p><p>In the long run, the development of RWA will build a brand-new financial market and financial ecosystem on the blockchain. The financial market in the real world is centralized, while the financial market on the blockchain will be a parallel, decentralized market. In the past, the financial assets that investors mainly traded in stablecoins were other cryptocurrencies. To purchase other financial assets to achieve wealth appreciation, they also need to convert stablecoins into legal tender and return to the centralized financial market; And if RWA provides more and more financial assets on the blockchain, then investors can directly do wealth management on the blockchain without returning to the centralized monetary and financial system.</p><p>RWA not only has the function of storing value, but can also be used as a \"currency\" to undertake the payment and settlement function, thus affecting the monetary system. For example, in the real world, people cannot use their stocks to buy goods and services, but need to sell their stocks for legal tender; On the blockchain, the stock Token held by people is a string of passwords placed in their cryptocurrency wallets, and by transferring the passwords to merchants, they can purchase goods and services. This is similar to the era of paper stocks, where everyone can exchange paper stocks for other people's goods and services. In the first special topic of \"Global Currency Changes\", we mentioned that \"from the perspective of transactions, any commodity can be used as currency.\" The innovation and development of RWA can actually help realize the \"currency\" attribute of many commodities.</p><p>So in summary, with the development of stablecoins and RWA, it is very likely that a monetary system and financial system parallel to the real world can be created on the blockchain, and the new parallel system also requires currency issuers, Exchanges, credit creation institutions, asset management institutions, investment banks, custody, accounting, law, etc., the opportunities brought by this process are also worthy of continuous attention. In addition, the connection and integration between the currency and financial system on the blockchain and the currency and financial system in the real world are also worthy of attention.</p><p>Author: Liang Zhonghua, Source: Liang Zhonghua Macro Research, original title: \"Tokenization: Historic Changes in Money and Finance-Research on Global Currency Changes IX (Cathay Haitong Macro Liang Zhonghua)\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3750273\">梁中华宏观研究</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cbeb0312f134c477150de7ba3df16d57","relate_stocks":{"BK4023":"应用软件"},"source_url":"https://wallstreetcn.com/articles/3750273","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2548630895","content_text":"投资要点 也许5年以后、10年以后的全球货币体系和金融体系，会和现在的运行方式有很大不同。稳定币的发展，或将在现有的“中心化”的货币体系之外，打造一个“平行”的、“去中心化”的货币体系；RWA的创新和发展，体现了“万物皆可货币”，或将在现有的“中心化”的金融体系之外，打造一个“平行”的、“去中心化”的金融体系。中长期来看，稳定币和RWA将会给当前的全球货币和金融体系带来巨大的变革，而这种变革或许不亚于AI发展对全球经济的改变。一个“去中心化”的丰富的货币、金融体系，可能会和传统的“中心化”的体系并行、交织、融合。而这些改变的过程，可能会给不少产业、机构、投资者带来机会，也会给各国监管和管理货币和金融体系带来新的机遇与挑战。我们在《全球货币变局》系列专题中已经有两篇专题探讨稳定币的问题。在本篇专题中，我们希望更深层次的探讨稳定币和RWA，要理解这些货币和金融体系的创新和发展趋势，其实还是需要“返璞归真”，回到货币的本质这个起点。货币体系：是一个“记账体系”我们在《全球货币变局》系列专题一中，就对货币的进化历史和货币的本质进行了详细探讨，可以说这是我们理解全球货币体系和金融体系变化的很多问题的起点。为了便于后续的讨论，我们在此再简要回顾下主要的结论。货币本质上是“社会共识”的“记账工具”。例如当前的纸币，其实生产成本很低，相比面值可以忽略不计，其实主要承担的是一种记账的功能，可以理解为是一种劳动成果“证明书”。大家将自己劳动获得的商品到市场上出售，换来纸币，其实获得的是一张张的劳动成果证明书；而拿着纸币去购买别人的商品和服务，本质上就是拿自己过去创造的劳动成果，换取别人的劳动成果。银行体系承担的一项重要功能也是记账，存贷款数据本身就是一个账本，大家每个月从公司收到工资，银行体系就会在大家名下的账户中记上一笔收入，在公司名下的账户中记上一笔支出。中央银行发行货币，其实也可以理解为在颁发一张张的劳动成果证明书。所以从这个角度来讲，一种货币本身有没有内在价值，其实并不重要，纸币本身几乎可以说没有内在价值，但同样可以作为货币来使用。但这种“记账工具”需要获得大家的认可，才能广泛的流通起来，即建立一种“社会共识”，让大家信任它。如果一种劳动成果证明书只有你认可，别人不认可，那么你就很难拿着这种劳动成果证明书去换取别人的劳动成果。所以一种货币要流通起来，需要形成社会共识。而且这种社会共识的范围可以是广泛的，也可以是小范围的，因为不需要所有人都认可它作为货币，但只要有一部分人认可它，它就可以在认可它的人群中流通开来。就像最近Labubu的关注度很高，不需要所有的人都喜欢Labubu，但不影响Labubu在喜欢它的人群中可以流通开来。再比如，现在全球出现了很多新型的货币形式，这些新货币不需要所有人都认可，甚至很多人是抱着怀疑的态度，但只要有部分的人认可它，它就具有一定的货币属性。而人类社会可以有很多“社会共识”，所以广义的角度看，人类社会可以有很多货币形式。那么怎样才能形成“社会共识”呢？长期来看，保证货币的“稀缺性”至关重要。既然货币是来帮大家记账的，那就要保证长期记账的公允性。例如居民拿着自己生产的100斤粮食换了100美元，但过了一段时间，如果居民拿着100美元只能买80斤粮食了，即产生了通胀。背后的原因主要是，没有那么多的劳动成果产生，但却发行了太多的劳动成果证明书。如果是温和的通胀，居民是愿意接受的，因为大家需要依赖这样的记账体系，这种记账体系也可以帮大家储蓄财富，也可以便利支付结算，温和的通胀相当于居民为记账服务交的一笔“税”。但如果是大幅的通胀，类似于记账的公允性不能保证，居民可能就不太会接受了，大家需要可信赖的记账体系。所以一种商品要长期成为货币被大家认可，形成“社会共识”，这种商品的“稀缺性”就至关重要。历史上，贝壳、羽毛、铜、铁等很多商品都曾经作为货币流通，但随着人类生产力的提升，过去稀缺的商品变得不再稀缺，这些商品的“社会共识”基础被动摇，就很难再作为货币被使用。所以综合来看，各国的法定货币就是社会共识的记账工具，社会共识的形成是基于大家对中心化的发行方——政府的信任，即相信政府记账的公允性。而政府要维持这种社会共识，就需要保证法定货币供给的相对“稀缺性”。类似的，我们在本系列专题一中介绍的，公元前3500年的美索不达米亚文明中，没有法定货币，但人们都相信神庙，所以神庙就是中心化的记账主体，通过一个统一的账本，记录经济资源的收支、分配和存储等情况。所以当前的纸币和银行体系，也可以理解为是一个“中心化”的记账体系。不仅仅纸币，历史上出现的其他货币也是“社会共识”的“记账工具”。例如黄金之所以长时间作为大家共同认可的货币，其“社会共识”的形成依赖的是大自然保证的供给“稀缺性”。而且黄金是通过自身的市场价值来做信用背书，为大家“记账”。再比如铜、铁等商品，也是通过自身的市场价值来做信用背书的，事实上，这些市场价值，本身就是由商品的相对“稀缺性”决定的，而且市场价格本身就是市场的“社会共识”，即大家都认可的结果。稳定币：货币体系的“平行世界”在货币不断超发的大背景下，人们对中心化的记账体系的信任度不断降低。在上世纪70年代布雷顿森林体系崩溃后，全球纸币发行的约束越来越少，尤其是2008年金融危机之后，全球纸币超发进入了新阶段，尤其是美元等货币被大量超发。而对纸币的社会共识，是建立在大家相信政府保证纸币的相对稀缺性的基础上的，当纸币的相对稀缺性不再保障，商品、服务、资产的通胀越来越高，对法定货币的“社会共识”就会减弱。在这样的背景下，去中心化的记账需求越来越高，回归货币本质的区块链诞生了。既然对中心化的记账者的信任度下降，那就大家一起来记账，一起来维护这个“账本”。区块链就是一个基于“社会共识”基础的、不可更改的、去中心化的“账本”。区块链的出现，可以说回到了货币最最本质的定义——社会共识的记账工具。那么怎么保证区块链货币的“稀缺性”呢？通过大家共同认可的规则、算法设定来实现。但是之前基于区块链形成的新型货币，其币值很不稳定，更多承担的是货币的价值储藏功能，很难承担对商品和服务的计价、支付结算功能。这就像黄金，尽管能够保证相对稀缺性，可以作为长期储藏财富的工具，但如果用黄金对商品进行计价，那么每一刻商品的价格差异可能会很大，就不利于经济当中的商品交易完成。于是，区块链上的稳定币就应运而生。当然，稳定币的稳定是“相对”稳定，而不是“绝对”稳定，因为这个世界上也几乎不存在绝对稳定的商品，价格本来就是个商品相对稀缺性的概念。从2014年以来稳定币市场的发展状况来看，法定货币、尤其是美元背书的稳定币占据了99%的份额，所以我们接下来就以法定货币背书的稳定币为例来介绍。法定货币背书的稳定币，可以理解为是数字化的货币基金份额。但是与货币基金份额最大的不同是，稳定币将这些份额做成了密码，大家可以将密码放到自己的加密货币钱包里，即将份额“取现”出来，实现去中心化的流通。大家可以将自己的密码给别人，换取别人的商品或服务，这些密码就成了“货币”。所以稳定币虽然是由中心化的发币公司发行的，但只要发行出来以后，就可以实现去中心化的流通。这就像现在的货币体系中，大家如果把钱存在银行里，通过银行账户进行支付结算，其实是中心化的运转；但如果将钱从银行账户中取出来，使用现金进行支付结算，就是一种去中心化的运转。从这个角度讲，我们也可以将稳定币看成是一种区块链上的数字化“现金”。区块链的出现，可以说是打造了一个平行于现有体系的新的货币体系，而稳定币的出现，可以说解决了很多短板问题，进一步完善了新的货币体系，很有可能使其加速发展。如果现有的货币体系是一个中心化的记账体系，那么新的货币体系就是一个去中心化的记账体系。而且，区块链上的经济活动、资产交易活动越来越多，对于稳定币的需求就会不断增加。当前使用稳定币可以购买的商品和服务还相对有限，而随着稳定币在实体经济中的推广，稳定币对现有货币体系的替代效应也会越来越明显。长期来看，稳定币的发展也可能会重构当前的全球货币体系，甚至也可能会影响部分经济体的财政税收体系。现有的货币体系是有国界的，在每个国家内部，政府发行自己的法定货币，使用法定货币换取国际货币时可以有外汇管理，将境内外汇转至海外时可以有资本管理。所以之前国际货币要触达全球，会面临国界的限制。而区块链上的货币的出现，可以打破国界的限制。各国的法定货币对于居民和企业来说可以理解为是劳动成果证明书，也可以理解为是政府发行的永续的债券。而这些债券的信用评级是有高低之分的，尤其是历史上出现过大幅贬值的法定货币，类似于债券出现过违约事件，信用评级是比较低的。所以对于非洲、拉美等货币信用评级较低经济体的居民和企业，现在可以更便利的获取到信用评级更高的货币的稳定币，对于自身法定货币的需求量会有所降低。所以打破了国界的限制后，全球法定货币体系可能会具有一定的“赢家通吃”属性，信用评级较高的国家政府的铸币权会有所强化。而如果越来越多的居民和企业使用去中心化的稳定币进行支付结算，对财政税收体系的管理，也可能带来新的变化，毕竟货币和财政是一体的。在这个过程中，美元的发行机制也会有所变化。过去由美联储来发行美元基础货币，银行体系通过信用创造来发行美元信用货币；美元稳定币出现后，发币公司可以用美债做抵押来发行数字化美元基础货币，美元稳定币的借贷行为又可以创造数字美元的信用货币。但这个过程中，美联储同样可以监测美元利率指标的变化，来判断美元的稀缺还是过剩，进而调控美元的流动性。这就像港币的发行机制，中国香港政府通过金管局授权三家商业银行来发行港币，三家发钞银行都按照1美元兑7.8港币的统一规则来发钞，但香港金管局同样可以通过监测港币汇率变化，来影响港币的流动性。RWA：金融体系的“平行世界”区块链发展的另一个重要创新是RWA（Real World Assets，真实世界资产代币化），RWA是通过区块链技术将现实世界资产转化为区块链上数字通证（Token）的创新模式。RWA类似于现实世界中的ABS（Asset-Backed Security，资产支持证券），即将现实世界中的股权、债券、收益权、实物资产等拆分成很多“小份额”，ABS是将这些“小份额”放到证券交易所等传统金融市场去售卖，而RWA是将这些“小份额”放到区块链上去售卖，而且也是将RWA的这些“小份额”做成密码，投资者购买后也是放在自己的加密货币钱包里，实现去中心化的流转。所以，从广义角度来看，法定货币的稳定币，也可以理解为是一种特殊的RWA，只不过稳定币的底层资产是法定货币资产。长期来看，RWA的发展会在区块链上构建一个全新的金融市场和金融生态。现实世界中的金融市场是中心化的，而区块链上的金融市场将是一个平行的、去中心化的市场。投资者过去持有稳定币主要交易的金融资产是其他加密货币，要购买其他金融资产实现财富增值，还需要将稳定币转换为法定货币，回到中心化的金融市场；而如果RWA提供的区块链上的金融资产越来越多，那么投资者直接在区块链上做财富管理即可，而无需再回到中心化的货币和金融体系。RWA不仅具有价值储藏功能，其实还可以当成“货币”来使用，承担支付结算功能，进而影响货币体系。例如，在现实世界中，人们是不能使用自己持有的股票去购买商品和服务的，而是需要将股票卖掉换成法定货币；而在区块链上，人们持有的股票Token是放在自己加密货币钱包里的一串密码，而将密码转给商户，就可以购买商品和服务。这就类似于在纸质股票的时代，大家可以拿纸质股票换取别人的商品和服务。我们在《全球货币变局》第一篇专题中，就提到过，“从交易的角度看，任何商品都可以作为货币”，RWA的创新和发展，其实可以帮助实现很多商品的“货币”属性。所以总结来看，随着稳定币和RWA的发展，有很大可能可以在区块链上打造出一套平行于现实世界的货币体系和金融体系，而新的平行体系也需要货币发行机构、交易所、信用创造机构、资产管理机构、投资银行、托管、会计、法律，等等，这个过程中带来的机会也是值得持续关注的。此外，区块链上的货币、金融体系，与现实世界中的货币、金融体系之间的连接、融合也是值得关注的。本文作者：梁中华，来源：梁中华宏观研究，原文标题：《代币化：货币、金融的历史性变革——全球货币变局研究九（国泰海通宏观 梁中华）》","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":452320773182152,"gmtCreate":1751453399224,"gmtModify":1751453403551,"author":{"id":"4214275496719582","authorId":"4214275496719582","name":"onyim","avatar":"https://community-static.tradeup.com/news/a5b0bed0b9dd9c34492ae9c8bd210756","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4214275496719582","idStr":"4214275496719582"},"themes":[],"htmlText":"5jj55¤jd¤dk55¤¤5bd zk5jl5l5 d Ãmk5d¤l5 d 5j55md Ã bō5Ã ÃkbÃr bÃl l5d b5d¤ll55mld 5","listText":"5jj55¤jd¤dk55¤¤5bd zk5jl5l5 d Ãmk5d¤l5 d 5j55md Ã bō5Ã ÃkbÃr bÃl l5d b5d¤ll55mld 5","text":"5jj55¤jd¤dk55¤¤5bd zk5jl5l5 d Ãmk5d¤l5 d 5j55md Ã bō5Ã ÃkbÃr bÃl l5d b5d¤ll55mld 5","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/452320773182152","repostId":"2548630895","repostType":4,"repost":{"id":"2548630895","kind":"news","pubTimestamp":1751452568,"share":"https://ttm.financial/m/news/2548630895?lang=en_US&edition=fundamental","pubTime":"2025-07-02 18:36","market":"us","language":"zh","title":"Tokenization: Historic Changes in Money and Finance","url":"https://stock-news.laohu8.com/highlight/detail?id=2548630895","media":"梁中华宏观研究","summary":"梁中华认为，随着稳定币和RWA的发展，有很大可能可以在区块链上打造出一套平行于现实世界的货币体系和金融体系，而新的平行体系也需要货币发行机构、交易所、信用创造机构、资产管理机构、投资银行、托管、会计、法律，等等，这个过程中带来的机会也是值得持续关注的。","content":"<p><html><head></head><body><h2 id=\"id_77119540\">Investment Key Points</h2>Perhaps the global monetary system and financial system in five or 10 years will be very different from the way they operate now. The development of stablecoins may create a \"parallel\" and \"decentralized\" monetary system in addition to the existing \"centralized\" monetary system; The innovation and development of RWA embodies that \"everything can be currency\", or it will create a \"parallel\" and \"decentralized\" financial system in addition to the existing \"centralized\" financial system. In the medium and long term, stablecoins and RWA will bring huge changes to the current global monetary and financial system, and this change may be no less than the changes brought about by the development of AI to the global economy.</p><p>A \"decentralized\" rich monetary and financial system may be parallel, intertwined and integrated with the traditional \"centralized\" system. The process of these changes may bring opportunities to many industries, institutions and investors, as well as new opportunities and challenges to the supervision and management of monetary and financial systems in various countries.</p><p>We have already had two special topics in the series of \"Global Currency Changes\" to discuss the issue of stablecoins. In this special topic, we hope to discuss stablecoins and RWA in a deeper level. To understand the innovation and development trends of these currencies and financial systems, we still need to \"return to the basics\" and return to the starting point of the essence of currency.</p><p><h2 id=\"id_3292727463\">Monetary system: it is a \"bookkeeping system\"</h2>In the first topic of the series of \"Global Currency Changes\", we discussed the evolutionary history and nature of currency in detail. It can be said that this is the starting point for us to understand many issues of changes in the global monetary system and financial system. To facilitate the subsequent discussion, we briefly review the main conclusions here.</p><p>Money is essentially a \"bookkeeping tool\" for \"social consensus\". For example, the current paper money, in fact, has a very low production cost, which is negligible compared with the face value. In fact, it mainly undertakes an accounting function, which can be understood as a \"certificate\" of labor achievements. Everyone sells the goods obtained by their own labor in the market and exchanges them for paper money. In fact, what they get is certificates of labor achievements; And holding paper money to buy other people's goods and services is essentially exchanging the labor fruits created in the past for the labor fruits of others. An important function undertaken by the banking system is also bookkeeping. Deposit and loan data itself is an account book. When everyone receives salary from the company every month, the banking system will record an income in everyone's account and an expenditure in the company's account. The central bank's issuance of currency can actually be understood as issuing certificates of labor achievements. So from this perspective, it doesn't matter whether a currency itself has intrinsic value or not. Paper money itself can almost be said to have no intrinsic value, but it can also be used as currency.</p><p>However, this \"bookkeeping tool\" needs to be recognized by everyone before it can be widely circulated, that is, to establish a \"social consensus\" and let everyone trust it. If a certificate of labor achievements is only recognized by you and not by others, then it is difficult for you to exchange this certificate of labor achievements for others' labor achievements. Therefore, if a currency is to circulate, it needs to form a social consensus. Moreover, the scope of this social consensus can be wide or small, because everyone doesn't need to recognize it as currency, but as long as some people recognize it, it can circulate among the people who recognize it. Just like Labubu has attracted a lot of attention recently, it doesn't need everyone to like Labubu, but it doesn't affect Labubu's circulation among people who like it. For another example, there are many new forms of currency in the world. These new currencies don't need to be recognized by everyone, and even many people are skeptical, but as long as some people recognize them, they have certain monetary attributes. Human society can have a lot of \"social consensus\", so from a broad perspective, human society can have many forms of money.</p><p>So how can we form a \"social consensus\"? In the long run, it is crucial to ensure the \"scarcity\" of currency. Since currency is here to help everyone keep accounts, it is necessary to ensure the fairness of long-term bookkeeping. For example, residents exchanged 100 kilograms of grain they produced for 100 dollars, but after a period of time, if residents can only buy 80 kilograms of grain with 100 dollars, inflation will occur. The main reason behind it is that not so many labor fruits are produced, but too many labor fruit certificates are issued. If it is moderate inflation, residents are willing to accept it, because everyone needs to rely on such an accounting system. This accounting system can also help everyone save wealth and facilitate payment and settlement. Moderate inflation is equivalent to what residents pay for accounting services. A \"tax\". However, if it is a large inflation, similar to the fact that the fairness of bookkeeping cannot be guaranteed, residents may not accept it. Everyone needs a reliable bookkeeping system. Therefore, if a commodity wants to become a currency for a long time and be recognized by everyone, forming a \"social consensus\", the \"scarcity\" of this commodity is crucial. In history,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>, feathers, copper, iron and many other commodities used to circulate as currency. However, with the improvement of human productivity, commodities that were scarce in the past have become no longer scarce. The \"social consensus\" foundation of these commodities has been shaken, and it is difficult to use them as currency.</p><p>Therefore, on the whole, the legal tender of various countries is the bookkeeping tool of social consensus, and the formation of social consensus is based on everyone's trust in the centralized issuer, the government, that is, the fairness of government bookkeeping. To maintain this social consensus, the government needs to ensure the relative \"scarcity\" of legal money supply. Similarly, as we introduced in the first topic of this series, in the Mesopotamian civilization of 3500 BC, there was no legal tender, but people all believed in temples, so temples were centralized bookkeeping entities, which recorded the revenue, expenditure, distribution and storage of economic resources through a unified ledger. Therefore, the current paper money and banking system can also be understood as a \"centralized\" bookkeeping system.</p><p>Not only paper money, but other currencies that have appeared in history are also \"accounting tools\" of \"social consensus\". For example, the reason why gold has been a recognized currency for a long time is that the formation of its \"social consensus\" depends on the \"scarcity\" of supply guaranteed by nature. Moreover, gold uses its own market value as credit endorsement and \"keeps accounts\" for everyone. For example, commodities such as copper and iron are also endorsed by their own market values. In fact, these market values are determined by the relative \"scarcity\" of commodities, and the market price itself is the \"social consensus\" of the market, that is, the result recognized by everyone.</p><p><h2 id=\"id_2929069787\">Stablecoins: the \"parallel world\" of the monetary system</h2>Against the background of over-issuance of currency, people's trust in the centralized bookkeeping system continues to decrease. After the collapse of the Bretton Woods system in the 1970s, there were fewer and fewer constraints on global paper money issuance. Especially after the financial crisis in 2008, the global paper money overissuance entered a new stage, especially the US dollar and other currencies were overissued in large quantities. The social consensus on paper money is based on everyone's belief that the government guarantees the relative scarcity of paper money. When the relative scarcity of paper money is no longer guaranteed, the inflation of goods, services and assets is getting higher and higher, and the \"social consensus\" on legal tender will weaken.</p><p>Against this background, the demand for decentralized bookkeeping is getting higher and higher, and the blockchain that returns to the essence of currency is born. Since the trust in centralized bookkeepers has declined, let's keep accounts together and maintain this \"ledger\" together. Blockchain is an unchangeable and decentralized \"ledger\" based on \"social consensus\". The emergence of blockchain can be said to have returned to the most essential definition of currency-the accounting tool of social consensus. So how to ensure the \"scarcity\" of blockchain currency? It is realized through the rules and algorithm settings recognized by everyone.</p><p>However, the new currency formed based on blockchain before has a very unstable currency value, and it is more responsible for the value storage function of currency, making it difficult to undertake the pricing, payment and settlement functions of goods and services. This is just like gold. Although it can guarantee relative scarcity and can be used as a tool to store wealth for a long time, if gold is used to price commodities, the price difference of commodities may be very large at every moment, which is not conducive to the completion of commodity transactions in the economy.</p><p>As a result, stablecoins on the blockchain came into being. Of course, the stability of stablecoins is \"relative\" stability, not \"absolute\" stability, because there are almost no absolutely stable commodities in the world, and prices are originally a concept of relative scarcity of commodities. Judging from the development of the stablecoin market since 2014, legal tenders, especially stablecoins endorsed by the US dollar, account for 99% of the share, so we will take stablecoins endorsed by legal tenders as an example to introduce them.</p><p>Stablecoins endorsed by legal tender can be understood as digital currency fund shares. But the biggest difference from currency fund shares is that stablecoins make these shares into passwords. You can put the passwords in your cryptocurrency wallets, that is, \"cash out\" the shares to achieve decentralized circulation. You can give your passwords to others in exchange for other people's goods or services, and these passwords become \"currency\". Therefore, although stablecoins are issued by centralized currency-issuing companies, as long as they are issued, they can achieve decentralized circulation. This is just like in the current monetary system. If you deposit money in the bank and make payment and settlement through bank accounts, it is actually a centralized operation; But if money is withdrawn from the bank account and cash is used for payment and settlement, it is a decentralized operation. From this perspective, we can also regard stablecoins as a kind of digital \"cash\" on the blockchain.</p><p>The emergence of blockchain can be said to have created a new monetary system parallel to the existing system, and the emergence of stablecoin can be said to have solved many shortcomings and further improved the new monetary system, which is likely to make it accelerate its development. If the existing monetary system is a centralized bookkeeping system, then the new monetary system is a decentralized bookkeeping system. Moreover, with more and more economic activities and asset trading activities on the blockchain, the demand for stablecoins will continue to increase. At present, the goods and services that can be purchased using stablecoins are still relatively limited, and with the promotion of stablecoins in the real economy, the substitution effect of stablecoins on the existing monetary system will become more and more obvious.</p><p>In the long run, the development of stablecoins may also restructure the current global monetary system, and may even affect the fiscal and taxation systems of some economies. The existing monetary system has national boundaries. Within each country, the government issues its own legal tender. When using legal tender in exchange for international currency, it can have foreign exchange management, and when transferring domestic foreign exchange overseas, it can have capital management. Therefore, before international currencies had to reach the world, they would face the restrictions of national boundaries. The emergence of currency on the blockchain can break the restrictions of national boundaries.</p><p>For residents and enterprises, the legal tender of various countries can be understood as certificates of labor achievements, or as perpetual bonds issued by the government. The credit ratings of these bonds are divided into high and low, especially the legal tender that has experienced sharp depreciation in history. Similar to the default event of bonds, the credit rating is relatively low. Therefore, residents and enterprises in economies with low currency credit ratings such as Africa and Latin America can now more conveniently obtain stablecoins in currencies with higher credit ratings, and the demand for their own legal currencies will be reduced.</p><p>Therefore, after breaking the restrictions of national boundaries, the global legal tender system may have a certain \"winner-takes-all\" attribute, and the coinage rights of governments with higher credit ratings will be strengthened. And if more and more residents and enterprises use decentralized stablecoins for payment and settlement, the management of the fiscal and taxation system may also bring new changes. After all, currency and finance are integrated.</p><p>In this process, the issuance mechanism of US dollars will also change. In the past, the Federal Reserve issued US dollar base currency, and the banking system issued US dollar credit currency through credit creation; After the emergence of U.S. dollar stablecoins, currency-issuing companies can use U.S. debt as collateral to issue digital U.S. dollar base currencies, and the lending behavior of U.S. dollar stablecoins can create digital U.S. dollar credit currencies. But in this process, the Federal Reserve can also monitor changes in the US dollar interest rate indicator to judge whether the US dollar is scarce or surplus, and then regulate the liquidity of the US dollar. This is just like the issuance mechanism of Hong Kong dollars. The Hong Kong government of China authorizes three commercial banks to issue Hong Kong dollars through the HKMA. All three note-issuing banks issue banknotes according to the uniform rule of 1 US dollar to 7.8 Hong Kong dollars. However, the Hong Kong Monetary Authority can also affect the liquidity of Hong Kong dollars by monitoring changes in the exchange rate of Hong Kong dollars.</p><p><h2 id=\"id_3387564357\">RWA: The \"Parallel World\" of the Financial System</h2>Another important innovation in the development of blockchain is RWA (Real World Assets, tokenization of real-world assets). RWA is an innovative model that converts real-world assets into digital tokens (Tokens) on the blockchain through blockchain technology.</p><p>RWA is similar to ABS (Asset-Backed Security) in the real world, that is, the equity, bonds, income rights, physical assets, etc. in the real world are split into many \"small shares\". \"Put these\" small shares \"into traditional financial markets such as stock exchanges for sale, while RWA puts these\" small shares \"on the blockchain for sale, and also makes these\" small shares \"of RWA into passwords. Investors also put them in their own cryptocurrency wallets after purchasing them to achieve decentralized circulation. Therefore, from a broad perspective, the stablecoin of legal tender can also be understood as a special kind of RWA, except that the underlying asset of the stablecoin is a legal tender asset.</p><p>In the long run, the development of RWA will build a brand-new financial market and financial ecosystem on the blockchain. The financial market in the real world is centralized, while the financial market on the blockchain will be a parallel, decentralized market. In the past, the financial assets that investors mainly traded in stablecoins were other cryptocurrencies. To purchase other financial assets to achieve wealth appreciation, they also need to convert stablecoins into legal tender and return to the centralized financial market; And if RWA provides more and more financial assets on the blockchain, then investors can directly do wealth management on the blockchain without returning to the centralized monetary and financial system.</p><p>RWA not only has the function of storing value, but can also be used as a \"currency\" to undertake the payment and settlement function, thus affecting the monetary system. For example, in the real world, people cannot use their stocks to buy goods and services, but need to sell their stocks for legal tender; On the blockchain, the stock Token held by people is a string of passwords placed in their cryptocurrency wallets, and by transferring the passwords to merchants, they can purchase goods and services. This is similar to the era of paper stocks, where everyone can exchange paper stocks for other people's goods and services. In the first special topic of \"Global Currency Changes\", we mentioned that \"from the perspective of transactions, any commodity can be used as currency.\" The innovation and development of RWA can actually help realize the \"currency\" attribute of many commodities.</p><p>So in summary, with the development of stablecoins and RWA, it is very likely that a monetary system and financial system parallel to the real world can be created on the blockchain, and the new parallel system also requires currency issuers, Exchanges, credit creation institutions, asset management institutions, investment banks, custody, accounting, law, etc., the opportunities brought by this process are also worthy of continuous attention. In addition, the connection and integration between the currency and financial system on the blockchain and the currency and financial system in the real world are also worthy of attention.</p><p>Author: Liang Zhonghua, Source: Liang Zhonghua Macro Research, original title: \"Tokenization: Historic Changes in Money and Finance-Research on Global Currency Changes IX (Cathay Haitong Macro Liang Zhonghua)\"</p><p></body></html></p>","source":"wallstreetcn_hot_news","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tokenization: Historic Changes in Money and Finance</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTokenization: Historic Changes in Money and Finance\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">梁中华宏观研究</strong><span class=\"h-time small\">2025-07-02 18:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><h2 id=\"id_77119540\">Investment Key Points</h2>Perhaps the global monetary system and financial system in five or 10 years will be very different from the way they operate now. The development of stablecoins may create a \"parallel\" and \"decentralized\" monetary system in addition to the existing \"centralized\" monetary system; The innovation and development of RWA embodies that \"everything can be currency\", or it will create a \"parallel\" and \"decentralized\" financial system in addition to the existing \"centralized\" financial system. In the medium and long term, stablecoins and RWA will bring huge changes to the current global monetary and financial system, and this change may be no less than the changes brought about by the development of AI to the global economy.</p><p>A \"decentralized\" rich monetary and financial system may be parallel, intertwined and integrated with the traditional \"centralized\" system. The process of these changes may bring opportunities to many industries, institutions and investors, as well as new opportunities and challenges to the supervision and management of monetary and financial systems in various countries.</p><p>We have already had two special topics in the series of \"Global Currency Changes\" to discuss the issue of stablecoins. In this special topic, we hope to discuss stablecoins and RWA in a deeper level. To understand the innovation and development trends of these currencies and financial systems, we still need to \"return to the basics\" and return to the starting point of the essence of currency.</p><p><h2 id=\"id_3292727463\">Monetary system: it is a \"bookkeeping system\"</h2>In the first topic of the series of \"Global Currency Changes\", we discussed the evolutionary history and nature of currency in detail. It can be said that this is the starting point for us to understand many issues of changes in the global monetary system and financial system. To facilitate the subsequent discussion, we briefly review the main conclusions here.</p><p>Money is essentially a \"bookkeeping tool\" for \"social consensus\". For example, the current paper money, in fact, has a very low production cost, which is negligible compared with the face value. In fact, it mainly undertakes an accounting function, which can be understood as a \"certificate\" of labor achievements. Everyone sells the goods obtained by their own labor in the market and exchanges them for paper money. In fact, what they get is certificates of labor achievements; And holding paper money to buy other people's goods and services is essentially exchanging the labor fruits created in the past for the labor fruits of others. An important function undertaken by the banking system is also bookkeeping. Deposit and loan data itself is an account book. When everyone receives salary from the company every month, the banking system will record an income in everyone's account and an expenditure in the company's account. The central bank's issuance of currency can actually be understood as issuing certificates of labor achievements. So from this perspective, it doesn't matter whether a currency itself has intrinsic value or not. Paper money itself can almost be said to have no intrinsic value, but it can also be used as currency.</p><p>However, this \"bookkeeping tool\" needs to be recognized by everyone before it can be widely circulated, that is, to establish a \"social consensus\" and let everyone trust it. If a certificate of labor achievements is only recognized by you and not by others, then it is difficult for you to exchange this certificate of labor achievements for others' labor achievements. Therefore, if a currency is to circulate, it needs to form a social consensus. Moreover, the scope of this social consensus can be wide or small, because everyone doesn't need to recognize it as currency, but as long as some people recognize it, it can circulate among the people who recognize it. Just like Labubu has attracted a lot of attention recently, it doesn't need everyone to like Labubu, but it doesn't affect Labubu's circulation among people who like it. For another example, there are many new forms of currency in the world. These new currencies don't need to be recognized by everyone, and even many people are skeptical, but as long as some people recognize them, they have certain monetary attributes. Human society can have a lot of \"social consensus\", so from a broad perspective, human society can have many forms of money.</p><p>So how can we form a \"social consensus\"? In the long run, it is crucial to ensure the \"scarcity\" of currency. Since currency is here to help everyone keep accounts, it is necessary to ensure the fairness of long-term bookkeeping. For example, residents exchanged 100 kilograms of grain they produced for 100 dollars, but after a period of time, if residents can only buy 80 kilograms of grain with 100 dollars, inflation will occur. The main reason behind it is that not so many labor fruits are produced, but too many labor fruit certificates are issued. If it is moderate inflation, residents are willing to accept it, because everyone needs to rely on such an accounting system. This accounting system can also help everyone save wealth and facilitate payment and settlement. Moderate inflation is equivalent to what residents pay for accounting services. A \"tax\". However, if it is a large inflation, similar to the fact that the fairness of bookkeeping cannot be guaranteed, residents may not accept it. Everyone needs a reliable bookkeeping system. Therefore, if a commodity wants to become a currency for a long time and be recognized by everyone, forming a \"social consensus\", the \"scarcity\" of this commodity is crucial. In history,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>, feathers, copper, iron and many other commodities used to circulate as currency. However, with the improvement of human productivity, commodities that were scarce in the past have become no longer scarce. The \"social consensus\" foundation of these commodities has been shaken, and it is difficult to use them as currency.</p><p>Therefore, on the whole, the legal tender of various countries is the bookkeeping tool of social consensus, and the formation of social consensus is based on everyone's trust in the centralized issuer, the government, that is, the fairness of government bookkeeping. To maintain this social consensus, the government needs to ensure the relative \"scarcity\" of legal money supply. Similarly, as we introduced in the first topic of this series, in the Mesopotamian civilization of 3500 BC, there was no legal tender, but people all believed in temples, so temples were centralized bookkeeping entities, which recorded the revenue, expenditure, distribution and storage of economic resources through a unified ledger. Therefore, the current paper money and banking system can also be understood as a \"centralized\" bookkeeping system.</p><p>Not only paper money, but other currencies that have appeared in history are also \"accounting tools\" of \"social consensus\". For example, the reason why gold has been a recognized currency for a long time is that the formation of its \"social consensus\" depends on the \"scarcity\" of supply guaranteed by nature. Moreover, gold uses its own market value as credit endorsement and \"keeps accounts\" for everyone. For example, commodities such as copper and iron are also endorsed by their own market values. In fact, these market values are determined by the relative \"scarcity\" of commodities, and the market price itself is the \"social consensus\" of the market, that is, the result recognized by everyone.</p><p><h2 id=\"id_2929069787\">Stablecoins: the \"parallel world\" of the monetary system</h2>Against the background of over-issuance of currency, people's trust in the centralized bookkeeping system continues to decrease. After the collapse of the Bretton Woods system in the 1970s, there were fewer and fewer constraints on global paper money issuance. Especially after the financial crisis in 2008, the global paper money overissuance entered a new stage, especially the US dollar and other currencies were overissued in large quantities. The social consensus on paper money is based on everyone's belief that the government guarantees the relative scarcity of paper money. When the relative scarcity of paper money is no longer guaranteed, the inflation of goods, services and assets is getting higher and higher, and the \"social consensus\" on legal tender will weaken.</p><p>Against this background, the demand for decentralized bookkeeping is getting higher and higher, and the blockchain that returns to the essence of currency is born. Since the trust in centralized bookkeepers has declined, let's keep accounts together and maintain this \"ledger\" together. Blockchain is an unchangeable and decentralized \"ledger\" based on \"social consensus\". The emergence of blockchain can be said to have returned to the most essential definition of currency-the accounting tool of social consensus. So how to ensure the \"scarcity\" of blockchain currency? It is realized through the rules and algorithm settings recognized by everyone.</p><p>However, the new currency formed based on blockchain before has a very unstable currency value, and it is more responsible for the value storage function of currency, making it difficult to undertake the pricing, payment and settlement functions of goods and services. This is just like gold. Although it can guarantee relative scarcity and can be used as a tool to store wealth for a long time, if gold is used to price commodities, the price difference of commodities may be very large at every moment, which is not conducive to the completion of commodity transactions in the economy.</p><p>As a result, stablecoins on the blockchain came into being. Of course, the stability of stablecoins is \"relative\" stability, not \"absolute\" stability, because there are almost no absolutely stable commodities in the world, and prices are originally a concept of relative scarcity of commodities. Judging from the development of the stablecoin market since 2014, legal tenders, especially stablecoins endorsed by the US dollar, account for 99% of the share, so we will take stablecoins endorsed by legal tenders as an example to introduce them.</p><p>Stablecoins endorsed by legal tender can be understood as digital currency fund shares. But the biggest difference from currency fund shares is that stablecoins make these shares into passwords. You can put the passwords in your cryptocurrency wallets, that is, \"cash out\" the shares to achieve decentralized circulation. You can give your passwords to others in exchange for other people's goods or services, and these passwords become \"currency\". Therefore, although stablecoins are issued by centralized currency-issuing companies, as long as they are issued, they can achieve decentralized circulation. This is just like in the current monetary system. If you deposit money in the bank and make payment and settlement through bank accounts, it is actually a centralized operation; But if money is withdrawn from the bank account and cash is used for payment and settlement, it is a decentralized operation. From this perspective, we can also regard stablecoins as a kind of digital \"cash\" on the blockchain.</p><p>The emergence of blockchain can be said to have created a new monetary system parallel to the existing system, and the emergence of stablecoin can be said to have solved many shortcomings and further improved the new monetary system, which is likely to make it accelerate its development. If the existing monetary system is a centralized bookkeeping system, then the new monetary system is a decentralized bookkeeping system. Moreover, with more and more economic activities and asset trading activities on the blockchain, the demand for stablecoins will continue to increase. At present, the goods and services that can be purchased using stablecoins are still relatively limited, and with the promotion of stablecoins in the real economy, the substitution effect of stablecoins on the existing monetary system will become more and more obvious.</p><p>In the long run, the development of stablecoins may also restructure the current global monetary system, and may even affect the fiscal and taxation systems of some economies. The existing monetary system has national boundaries. Within each country, the government issues its own legal tender. When using legal tender in exchange for international currency, it can have foreign exchange management, and when transferring domestic foreign exchange overseas, it can have capital management. Therefore, before international currencies had to reach the world, they would face the restrictions of national boundaries. The emergence of currency on the blockchain can break the restrictions of national boundaries.</p><p>For residents and enterprises, the legal tender of various countries can be understood as certificates of labor achievements, or as perpetual bonds issued by the government. The credit ratings of these bonds are divided into high and low, especially the legal tender that has experienced sharp depreciation in history. Similar to the default event of bonds, the credit rating is relatively low. Therefore, residents and enterprises in economies with low currency credit ratings such as Africa and Latin America can now more conveniently obtain stablecoins in currencies with higher credit ratings, and the demand for their own legal currencies will be reduced.</p><p>Therefore, after breaking the restrictions of national boundaries, the global legal tender system may have a certain \"winner-takes-all\" attribute, and the coinage rights of governments with higher credit ratings will be strengthened. And if more and more residents and enterprises use decentralized stablecoins for payment and settlement, the management of the fiscal and taxation system may also bring new changes. After all, currency and finance are integrated.</p><p>In this process, the issuance mechanism of US dollars will also change. In the past, the Federal Reserve issued US dollar base currency, and the banking system issued US dollar credit currency through credit creation; After the emergence of U.S. dollar stablecoins, currency-issuing companies can use U.S. debt as collateral to issue digital U.S. dollar base currencies, and the lending behavior of U.S. dollar stablecoins can create digital U.S. dollar credit currencies. But in this process, the Federal Reserve can also monitor changes in the US dollar interest rate indicator to judge whether the US dollar is scarce or surplus, and then regulate the liquidity of the US dollar. This is just like the issuance mechanism of Hong Kong dollars. The Hong Kong government of China authorizes three commercial banks to issue Hong Kong dollars through the HKMA. All three note-issuing banks issue banknotes according to the uniform rule of 1 US dollar to 7.8 Hong Kong dollars. However, the Hong Kong Monetary Authority can also affect the liquidity of Hong Kong dollars by monitoring changes in the exchange rate of Hong Kong dollars.</p><p><h2 id=\"id_3387564357\">RWA: The \"Parallel World\" of the Financial System</h2>Another important innovation in the development of blockchain is RWA (Real World Assets, tokenization of real-world assets). RWA is an innovative model that converts real-world assets into digital tokens (Tokens) on the blockchain through blockchain technology.</p><p>RWA is similar to ABS (Asset-Backed Security) in the real world, that is, the equity, bonds, income rights, physical assets, etc. in the real world are split into many \"small shares\". \"Put these\" small shares \"into traditional financial markets such as stock exchanges for sale, while RWA puts these\" small shares \"on the blockchain for sale, and also makes these\" small shares \"of RWA into passwords. Investors also put them in their own cryptocurrency wallets after purchasing them to achieve decentralized circulation. Therefore, from a broad perspective, the stablecoin of legal tender can also be understood as a special kind of RWA, except that the underlying asset of the stablecoin is a legal tender asset.</p><p>In the long run, the development of RWA will build a brand-new financial market and financial ecosystem on the blockchain. The financial market in the real world is centralized, while the financial market on the blockchain will be a parallel, decentralized market. In the past, the financial assets that investors mainly traded in stablecoins were other cryptocurrencies. To purchase other financial assets to achieve wealth appreciation, they also need to convert stablecoins into legal tender and return to the centralized financial market; And if RWA provides more and more financial assets on the blockchain, then investors can directly do wealth management on the blockchain without returning to the centralized monetary and financial system.</p><p>RWA not only has the function of storing value, but can also be used as a \"currency\" to undertake the payment and settlement function, thus affecting the monetary system. For example, in the real world, people cannot use their stocks to buy goods and services, but need to sell their stocks for legal tender; On the blockchain, the stock Token held by people is a string of passwords placed in their cryptocurrency wallets, and by transferring the passwords to merchants, they can purchase goods and services. This is similar to the era of paper stocks, where everyone can exchange paper stocks for other people's goods and services. In the first special topic of \"Global Currency Changes\", we mentioned that \"from the perspective of transactions, any commodity can be used as currency.\" The innovation and development of RWA can actually help realize the \"currency\" attribute of many commodities.</p><p>So in summary, with the development of stablecoins and RWA, it is very likely that a monetary system and financial system parallel to the real world can be created on the blockchain, and the new parallel system also requires currency issuers, Exchanges, credit creation institutions, asset management institutions, investment banks, custody, accounting, law, etc., the opportunities brought by this process are also worthy of continuous attention. In addition, the connection and integration between the currency and financial system on the blockchain and the currency and financial system in the real world are also worthy of attention.</p><p>Author: Liang Zhonghua, Source: Liang Zhonghua Macro Research, original title: \"Tokenization: Historic Changes in Money and Finance-Research on Global Currency Changes IX (Cathay Haitong Macro Liang Zhonghua)\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3750273\">梁中华宏观研究</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cbeb0312f134c477150de7ba3df16d57","relate_stocks":{"BK4023":"应用软件"},"source_url":"https://wallstreetcn.com/articles/3750273","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2548630895","content_text":"投资要点 也许5年以后、10年以后的全球货币体系和金融体系，会和现在的运行方式有很大不同。稳定币的发展，或将在现有的“中心化”的货币体系之外，打造一个“平行”的、“去中心化”的货币体系；RWA的创新和发展，体现了“万物皆可货币”，或将在现有的“中心化”的金融体系之外，打造一个“平行”的、“去中心化”的金融体系。中长期来看，稳定币和RWA将会给当前的全球货币和金融体系带来巨大的变革，而这种变革或许不亚于AI发展对全球经济的改变。一个“去中心化”的丰富的货币、金融体系，可能会和传统的“中心化”的体系并行、交织、融合。而这些改变的过程，可能会给不少产业、机构、投资者带来机会，也会给各国监管和管理货币和金融体系带来新的机遇与挑战。我们在《全球货币变局》系列专题中已经有两篇专题探讨稳定币的问题。在本篇专题中，我们希望更深层次的探讨稳定币和RWA，要理解这些货币和金融体系的创新和发展趋势，其实还是需要“返璞归真”，回到货币的本质这个起点。货币体系：是一个“记账体系”我们在《全球货币变局》系列专题一中，就对货币的进化历史和货币的本质进行了详细探讨，可以说这是我们理解全球货币体系和金融体系变化的很多问题的起点。为了便于后续的讨论，我们在此再简要回顾下主要的结论。货币本质上是“社会共识”的“记账工具”。例如当前的纸币，其实生产成本很低，相比面值可以忽略不计，其实主要承担的是一种记账的功能，可以理解为是一种劳动成果“证明书”。大家将自己劳动获得的商品到市场上出售，换来纸币，其实获得的是一张张的劳动成果证明书；而拿着纸币去购买别人的商品和服务，本质上就是拿自己过去创造的劳动成果，换取别人的劳动成果。银行体系承担的一项重要功能也是记账，存贷款数据本身就是一个账本，大家每个月从公司收到工资，银行体系就会在大家名下的账户中记上一笔收入，在公司名下的账户中记上一笔支出。中央银行发行货币，其实也可以理解为在颁发一张张的劳动成果证明书。所以从这个角度来讲，一种货币本身有没有内在价值，其实并不重要，纸币本身几乎可以说没有内在价值，但同样可以作为货币来使用。但这种“记账工具”需要获得大家的认可，才能广泛的流通起来，即建立一种“社会共识”，让大家信任它。如果一种劳动成果证明书只有你认可，别人不认可，那么你就很难拿着这种劳动成果证明书去换取别人的劳动成果。所以一种货币要流通起来，需要形成社会共识。而且这种社会共识的范围可以是广泛的，也可以是小范围的，因为不需要所有人都认可它作为货币，但只要有一部分人认可它，它就可以在认可它的人群中流通开来。就像最近Labubu的关注度很高，不需要所有的人都喜欢Labubu，但不影响Labubu在喜欢它的人群中可以流通开来。再比如，现在全球出现了很多新型的货币形式，这些新货币不需要所有人都认可，甚至很多人是抱着怀疑的态度，但只要有部分的人认可它，它就具有一定的货币属性。而人类社会可以有很多“社会共识”，所以广义的角度看，人类社会可以有很多货币形式。那么怎样才能形成“社会共识”呢？长期来看，保证货币的“稀缺性”至关重要。既然货币是来帮大家记账的，那就要保证长期记账的公允性。例如居民拿着自己生产的100斤粮食换了100美元，但过了一段时间，如果居民拿着100美元只能买80斤粮食了，即产生了通胀。背后的原因主要是，没有那么多的劳动成果产生，但却发行了太多的劳动成果证明书。如果是温和的通胀，居民是愿意接受的，因为大家需要依赖这样的记账体系，这种记账体系也可以帮大家储蓄财富，也可以便利支付结算，温和的通胀相当于居民为记账服务交的一笔“税”。但如果是大幅的通胀，类似于记账的公允性不能保证，居民可能就不太会接受了，大家需要可信赖的记账体系。所以一种商品要长期成为货币被大家认可，形成“社会共识”，这种商品的“稀缺性”就至关重要。历史上，贝壳、羽毛、铜、铁等很多商品都曾经作为货币流通，但随着人类生产力的提升，过去稀缺的商品变得不再稀缺，这些商品的“社会共识”基础被动摇，就很难再作为货币被使用。所以综合来看，各国的法定货币就是社会共识的记账工具，社会共识的形成是基于大家对中心化的发行方——政府的信任，即相信政府记账的公允性。而政府要维持这种社会共识，就需要保证法定货币供给的相对“稀缺性”。类似的，我们在本系列专题一中介绍的，公元前3500年的美索不达米亚文明中，没有法定货币，但人们都相信神庙，所以神庙就是中心化的记账主体，通过一个统一的账本，记录经济资源的收支、分配和存储等情况。所以当前的纸币和银行体系，也可以理解为是一个“中心化”的记账体系。不仅仅纸币，历史上出现的其他货币也是“社会共识”的“记账工具”。例如黄金之所以长时间作为大家共同认可的货币，其“社会共识”的形成依赖的是大自然保证的供给“稀缺性”。而且黄金是通过自身的市场价值来做信用背书，为大家“记账”。再比如铜、铁等商品，也是通过自身的市场价值来做信用背书的，事实上，这些市场价值，本身就是由商品的相对“稀缺性”决定的，而且市场价格本身就是市场的“社会共识”，即大家都认可的结果。稳定币：货币体系的“平行世界”在货币不断超发的大背景下，人们对中心化的记账体系的信任度不断降低。在上世纪70年代布雷顿森林体系崩溃后，全球纸币发行的约束越来越少，尤其是2008年金融危机之后，全球纸币超发进入了新阶段，尤其是美元等货币被大量超发。而对纸币的社会共识，是建立在大家相信政府保证纸币的相对稀缺性的基础上的，当纸币的相对稀缺性不再保障，商品、服务、资产的通胀越来越高，对法定货币的“社会共识”就会减弱。在这样的背景下，去中心化的记账需求越来越高，回归货币本质的区块链诞生了。既然对中心化的记账者的信任度下降，那就大家一起来记账，一起来维护这个“账本”。区块链就是一个基于“社会共识”基础的、不可更改的、去中心化的“账本”。区块链的出现，可以说回到了货币最最本质的定义——社会共识的记账工具。那么怎么保证区块链货币的“稀缺性”呢？通过大家共同认可的规则、算法设定来实现。但是之前基于区块链形成的新型货币，其币值很不稳定，更多承担的是货币的价值储藏功能，很难承担对商品和服务的计价、支付结算功能。这就像黄金，尽管能够保证相对稀缺性，可以作为长期储藏财富的工具，但如果用黄金对商品进行计价，那么每一刻商品的价格差异可能会很大，就不利于经济当中的商品交易完成。于是，区块链上的稳定币就应运而生。当然，稳定币的稳定是“相对”稳定，而不是“绝对”稳定，因为这个世界上也几乎不存在绝对稳定的商品，价格本来就是个商品相对稀缺性的概念。从2014年以来稳定币市场的发展状况来看，法定货币、尤其是美元背书的稳定币占据了99%的份额，所以我们接下来就以法定货币背书的稳定币为例来介绍。法定货币背书的稳定币，可以理解为是数字化的货币基金份额。但是与货币基金份额最大的不同是，稳定币将这些份额做成了密码，大家可以将密码放到自己的加密货币钱包里，即将份额“取现”出来，实现去中心化的流通。大家可以将自己的密码给别人，换取别人的商品或服务，这些密码就成了“货币”。所以稳定币虽然是由中心化的发币公司发行的，但只要发行出来以后，就可以实现去中心化的流通。这就像现在的货币体系中，大家如果把钱存在银行里，通过银行账户进行支付结算，其实是中心化的运转；但如果将钱从银行账户中取出来，使用现金进行支付结算，就是一种去中心化的运转。从这个角度讲，我们也可以将稳定币看成是一种区块链上的数字化“现金”。区块链的出现，可以说是打造了一个平行于现有体系的新的货币体系，而稳定币的出现，可以说解决了很多短板问题，进一步完善了新的货币体系，很有可能使其加速发展。如果现有的货币体系是一个中心化的记账体系，那么新的货币体系就是一个去中心化的记账体系。而且，区块链上的经济活动、资产交易活动越来越多，对于稳定币的需求就会不断增加。当前使用稳定币可以购买的商品和服务还相对有限，而随着稳定币在实体经济中的推广，稳定币对现有货币体系的替代效应也会越来越明显。长期来看，稳定币的发展也可能会重构当前的全球货币体系，甚至也可能会影响部分经济体的财政税收体系。现有的货币体系是有国界的，在每个国家内部，政府发行自己的法定货币，使用法定货币换取国际货币时可以有外汇管理，将境内外汇转至海外时可以有资本管理。所以之前国际货币要触达全球，会面临国界的限制。而区块链上的货币的出现，可以打破国界的限制。各国的法定货币对于居民和企业来说可以理解为是劳动成果证明书，也可以理解为是政府发行的永续的债券。而这些债券的信用评级是有高低之分的，尤其是历史上出现过大幅贬值的法定货币，类似于债券出现过违约事件，信用评级是比较低的。所以对于非洲、拉美等货币信用评级较低经济体的居民和企业，现在可以更便利的获取到信用评级更高的货币的稳定币，对于自身法定货币的需求量会有所降低。所以打破了国界的限制后，全球法定货币体系可能会具有一定的“赢家通吃”属性，信用评级较高的国家政府的铸币权会有所强化。而如果越来越多的居民和企业使用去中心化的稳定币进行支付结算，对财政税收体系的管理，也可能带来新的变化，毕竟货币和财政是一体的。在这个过程中，美元的发行机制也会有所变化。过去由美联储来发行美元基础货币，银行体系通过信用创造来发行美元信用货币；美元稳定币出现后，发币公司可以用美债做抵押来发行数字化美元基础货币，美元稳定币的借贷行为又可以创造数字美元的信用货币。但这个过程中，美联储同样可以监测美元利率指标的变化，来判断美元的稀缺还是过剩，进而调控美元的流动性。这就像港币的发行机制，中国香港政府通过金管局授权三家商业银行来发行港币，三家发钞银行都按照1美元兑7.8港币的统一规则来发钞，但香港金管局同样可以通过监测港币汇率变化，来影响港币的流动性。RWA：金融体系的“平行世界”区块链发展的另一个重要创新是RWA（Real World Assets，真实世界资产代币化），RWA是通过区块链技术将现实世界资产转化为区块链上数字通证（Token）的创新模式。RWA类似于现实世界中的ABS（Asset-Backed Security，资产支持证券），即将现实世界中的股权、债券、收益权、实物资产等拆分成很多“小份额”，ABS是将这些“小份额”放到证券交易所等传统金融市场去售卖，而RWA是将这些“小份额”放到区块链上去售卖，而且也是将RWA的这些“小份额”做成密码，投资者购买后也是放在自己的加密货币钱包里，实现去中心化的流转。所以，从广义角度来看，法定货币的稳定币，也可以理解为是一种特殊的RWA，只不过稳定币的底层资产是法定货币资产。长期来看，RWA的发展会在区块链上构建一个全新的金融市场和金融生态。现实世界中的金融市场是中心化的，而区块链上的金融市场将是一个平行的、去中心化的市场。投资者过去持有稳定币主要交易的金融资产是其他加密货币，要购买其他金融资产实现财富增值，还需要将稳定币转换为法定货币，回到中心化的金融市场；而如果RWA提供的区块链上的金融资产越来越多，那么投资者直接在区块链上做财富管理即可，而无需再回到中心化的货币和金融体系。RWA不仅具有价值储藏功能，其实还可以当成“货币”来使用，承担支付结算功能，进而影响货币体系。例如，在现实世界中，人们是不能使用自己持有的股票去购买商品和服务的，而是需要将股票卖掉换成法定货币；而在区块链上，人们持有的股票Token是放在自己加密货币钱包里的一串密码，而将密码转给商户，就可以购买商品和服务。这就类似于在纸质股票的时代，大家可以拿纸质股票换取别人的商品和服务。我们在《全球货币变局》第一篇专题中，就提到过，“从交易的角度看，任何商品都可以作为货币”，RWA的创新和发展，其实可以帮助实现很多商品的“货币”属性。所以总结来看，随着稳定币和RWA的发展，有很大可能可以在区块链上打造出一套平行于现实世界的货币体系和金融体系，而新的平行体系也需要货币发行机构、交易所、信用创造机构、资产管理机构、投资银行、托管、会计、法律，等等，这个过程中带来的机会也是值得持续关注的。此外，区块链上的货币、金融体系，与现实世界中的货币、金融体系之间的连接、融合也是值得关注的。本文作者：梁中华，来源：梁中华宏观研究，原文标题：《代币化：货币、金融的历史性变革——全球货币变局研究九（国泰海通宏观 梁中华）》","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":452286160654336,"gmtCreate":1751427541000,"gmtModify":1751427545300,"author":{"id":"4214275496719582","authorId":"4214275496719582","name":"onyim","avatar":"https://community-static.tradeup.com/news/a5b0bed0b9dd9c34492ae9c8bd210756","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4214275496719582","idStr":"4214275496719582"},"themes":[],"htmlText":"ဂးသတထ်းထဒ်ကးထညထ်ခသထတးတ်ဒ်တးတဘသကတသဒ.ဂသသတဘထရကတညနသဒ်ကဒ်ခၢ်ထဒ်တညထဒဘထၢ့်ှတဘသထတညထ်သသတဘကါ","listText":"ဂးသတထ်းထဒ်ကးထညထ်ခသထတးတ်ဒ်တးတဘသကတသဒ.ဂသသတဘထရကတညနသဒ်ကဒ်ခၢ်ထဒ်တညထဒဘထၢ့်ှတဘသထတညထ်သသတဘကါ","text":"ဂးသတထ်းထဒ်ကးထညထ်ခသထတးတ်ဒ်တးတဘသကတသဒ.ဂသသတဘထရကတညနသဒ်ကဒ်ခၢ်ထဒ်တညထဒဘထၢ့်ှတဘသထတညထ်သသတဘကါ","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/452286160654336","repostId":"2548853970","repostType":2,"repost":{"id":"2548853970","kind":"news","pubTimestamp":1751424636,"share":"https://ttm.financial/m/news/2548853970?lang=en_US&edition=fundamental","pubTime":"2025-07-02 10:50","market":"us","language":"zh","title":"Tesla completes delivery of new driverless car for the first time","url":"https://stock-news.laohu8.com/highlight/detail?id=2548853970","media":"上海有色网","summary":"据外媒报道，特斯拉首席执行官马斯克日前宣布，该公司已于6月27日完成了首次无人驾驶新车交付。一辆Model Y SUV从特斯拉得克萨斯州奥斯汀超级工厂出发，自动驾驶至客户所在的公寓楼，实现了全程无人工干预的自动驾驶交付。","content":"<p><html><body><article>According to foreign media reports,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>CEO Musk recently announced that the company has completed the first delivery of a new driverless car on June 27th. A Model Y SUV departed from Tesla's Austin Gigafactory in Texas and automatically drove to the apartment building where the customer was located, achieving autonomous driving delivery without human intervention.</p><p>The official Tesla account of Musk's social platform X subsequently shared a video showing the Model Y driving on public roads (including highways) in Austin with no people in the driver's seat and passenger's seat.</p><p>Credit: Tesla</p><p>In the video, the Model Y drives itself on the highway, passes through residential streets and parking lots, and finally parks in front of an apartment building to hand over to customers. Customers are waiting on the side of the road, beside several employees wearing Tesla logo T-shirts. It is worth noting that the curb of this road section is red, which belongs to the fire escape where parking is prohibited.</p><p>Musk also posted on X: \"The fully autonomous delivery of the first Tesla Model Y from the factory to the customer's home has just been completed, across the city, including the highway, one day earlier than originally planned! Congratulations to the Tesla AI team, including software and AI chip design departments!\"</p><p>Musk specifically pointed out: \"There was completely no one in the car during the entire delivery process, and there was no remote control at any point in time. This is truly fully autonomous driving! As far as we know, this is the first time that it has been completely unmanned on a public highway. (Including in-car and remote) autonomous driving.\"</p><p>However, Musk's statement about \"the first full self-driving on public highways\" is not accurate.<a href=\"https://laohu8.com/S/GOOG\">Google</a>Its Waymo is open to employees as early as 2024<a href=\"https://laohu8.com/S/600716\">phoenix</a>City Expressway's fully self-driving ride service has now expanded to Los Angeles and San Francisco, and the company has operated commercial self-driving taxi services in multiple U.S. cities.</p><p>Ashok Elluswamy, head of Tesla AI, said on X that the company \"randomly selected a customer in the Austin area who ordered a Model Y\" to participate in the delivery, and the delivered vehicle was \"exactly the same as the Model Y produced at the Tesla factory.\"</p><p>He also mentioned that the Model Y delivered without driving has a top speed of 72 miles per hour (about 116 kilometers), while the official website of the Texas Department of Transportation shows that most highways in the state have a speed limit of 70 miles per hour.</p><p>Tesla did not specify which version of software and hardware the vehicle in the video is equipped with, nor did it mention when the technology will be commercialized.</p><p>However, the Model Y user manual on Tesla's official website shows that when using the company's most advanced \"Full Self-Driving Supervised\" system, the driver must keep his hands on the steering wheel and be ready to take over at any time. Vehicle steering or braking.</p><p></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla completes delivery of new driverless car for the first time</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla completes delivery of new driverless car for the first time\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上海有色网</strong><span class=\"h-time small\">2025-07-02 10:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>According to foreign media reports,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>CEO Musk recently announced that the company has completed the first delivery of a new driverless car on June 27th. A Model Y SUV departed from Tesla's Austin Gigafactory in Texas and automatically drove to the apartment building where the customer was located, achieving autonomous driving delivery without human intervention.</p><p>The official Tesla account of Musk's social platform X subsequently shared a video showing the Model Y driving on public roads (including highways) in Austin with no people in the driver's seat and passenger's seat.</p><p>Credit: Tesla</p><p>In the video, the Model Y drives itself on the highway, passes through residential streets and parking lots, and finally parks in front of an apartment building to hand over to customers. Customers are waiting on the side of the road, beside several employees wearing Tesla logo T-shirts. It is worth noting that the curb of this road section is red, which belongs to the fire escape where parking is prohibited.</p><p>Musk also posted on X: \"The fully autonomous delivery of the first Tesla Model Y from the factory to the customer's home has just been completed, across the city, including the highway, one day earlier than originally planned! Congratulations to the Tesla AI team, including software and AI chip design departments!\"</p><p>Musk specifically pointed out: \"There was completely no one in the car during the entire delivery process, and there was no remote control at any point in time. This is truly fully autonomous driving! As far as we know, this is the first time that it has been completely unmanned on a public highway. (Including in-car and remote) autonomous driving.\"</p><p>However, Musk's statement about \"the first full self-driving on public highways\" is not accurate.<a href=\"https://laohu8.com/S/GOOG\">Google</a>Its Waymo is open to employees as early as 2024<a href=\"https://laohu8.com/S/600716\">phoenix</a>City Expressway's fully self-driving ride service has now expanded to Los Angeles and San Francisco, and the company has operated commercial self-driving taxi services in multiple U.S. cities.</p><p>Ashok Elluswamy, head of Tesla AI, said on X that the company \"randomly selected a customer in the Austin area who ordered a Model Y\" to participate in the delivery, and the delivered vehicle was \"exactly the same as the Model Y produced at the Tesla factory.\"</p><p>He also mentioned that the Model Y delivered without driving has a top speed of 72 miles per hour (about 116 kilometers), while the official website of the Texas Department of Transportation shows that most highways in the state have a speed limit of 70 miles per hour.</p><p>Tesla did not specify which version of software and hardware the vehicle in the video is equipped with, nor did it mention when the technology will be commercialized.</p><p>However, the Model Y user manual on Tesla's official website shows that when using the company's most advanced \"Full Self-Driving Supervised\" system, the driver must keep his hands on the steering wheel and be ready to take over at any time. Vehicle steering or braking.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025070210504495335a82&s=b\">上海有色网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0234572021.USD":"高盛美国核心股票组合Acc","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2063271972.USD":"富兰克林创新领域基金","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","BK4604":"机器人概念","BK4581":"高盛持仓","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY 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ACC","BK4588":"碎股","BK4550":"红杉资本持仓","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025070210504495335a82&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2548853970","content_text":"据外媒报道，特斯拉首席执行官马斯克日前宣布，该公司已于6月27日完成了首次无人驾驶新车交付。一辆Model Y SUV从特斯拉得克萨斯州奥斯汀超级工厂出发，自动驾驶至客户所在的公寓楼，实现了全程无人工干预的自动驾驶交付。马斯克旗下社交平台X的特斯拉官方账号随后分享了一段视频，显示这辆Model Y在奥斯汀公共道路（包括高速公路）行驶时，驾驶座和副驾驶座均无人员乘坐。图片来源：特斯拉视频中，这辆Model Y在高速公路自动驾驶，途经居民区街道和停车场，最终停靠在公寓楼前与客户交接。客户在路边等候，身旁有几位身穿特斯拉标志T恤的员工。值得注意的是，该路段路缘为红色，属于禁止停车的消防通道。马斯克也在X上发文称：“首辆特斯拉Model Y从工厂到客户家中的全自主交付刚刚完成，横跨市区，包括高速公路，比原计划提前一天！祝贺Tesla AI团队，包括软件和AI芯片设计部门！”马斯克特别指出：“整个交付过程中车内完全无人，且没有任何时间点存在远程操控。这是真正的全自动驾驶！据我们所知，这是在公共高速公路上首次实现完全无人（包括车内和远程）的自动驾驶。”然而，马斯克关于“在公共高速公路上首次实现全自动驾驶”的说法并不准确。谷歌旗下Waymo早在2024年就已向员工开放凤凰城高速公路的全自动驾驶乘车服务，目前已扩展至洛杉矶和旧金山，且该公司已在多个美国城市运营商业化自动驾驶出租车服务。特斯拉AI负责人Ashok Elluswamy在X上表示，公司“随机选择了奥斯汀地区一位订购Model Y的客户”参与交付，且交付车辆“与特斯拉工厂生产的Model Y完全相同”。他还提到，无人驾驶交付的Model Y最高时速达72英里（约116公里），而得州交通部官网显示，该州多数高速公路限速70英里每小时。特斯拉未说明视频中的车辆搭载了哪个版本的软件和硬件，也未提及该技术何时实现商业化落地。不过，特斯拉官网的Model Y用户手册显示，在使用该公司当前最先进的“全自动驾驶（监督版）”（Full Self-Driving Supervised）系统时，驾驶员必须双手不离方向盘，并随时准备接管车辆转向或制动。","news_type":1,"symbols_score_info":{"TSYW.SI":0.6,"TSLL":1,"TSLA":1}},"isVote":1,"tweetType":1,"viewCount":494,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":452280826241616,"gmtCreate":1751425771199,"gmtModify":1751425775134,"author":{"id":"4214275496719582","authorId":"4214275496719582","name":"onyim","avatar":"https://community-static.tradeup.com/news/a5b0bed0b9dd9c34492ae9c8bd210756","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4214275496719582","idStr":"4214275496719582"},"themes":[],"htmlText":"သတသဒईभ ऊभगमभू","listText":"သတသဒईभ ऊभगमभू","text":"သတသဒईभ ऊभगमभू","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/452280826241616","repostId":"2548834666","repostType":2,"repost":{"id":"2548834666","kind":"highlight","weMediaInfo":{"introduction":"路透中文","home_visible":1,"media_name":"路透中文","id":"1098195322","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"pubTimestamp":1751419236,"share":"https://ttm.financial/m/news/2548834666?lang=en_US&edition=fundamental","pubTime":"2025-07-02 09:20","market":"us","language":"zh","title":"\"Hot Spot Analysis\" \"Tema\" war of words escalates, does Musk's business empire face regulatory threats?","url":"https://stock-news.laohu8.com/highlight/detail?id=2548834666","media":"路透中文","summary":"**国家公路交通安全管理局**特斯拉一直面临着美国汽车安全调查人员对其车辆安全性的监督，尤其是在使用高级驾驶辅助系统时。自 10 月份以来，NHTSA 一直在调查特斯拉在道路能见度降低的情况下发生的全自动驾驶碰撞事故。该机构已批准 Neuralink 在美国进行此类试验。该调查仍未结束。在 SpaceX 发射发生一系列爆炸事件后，联邦航空管理局还可能施加新的限制或进行额外审查。另外，马斯克12月在社交媒体平台 X 透露，SEC还对Neuralink展开调查nL6T3NY0DB。","content":"<p><html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>\"Hot Spot Analysis\" \"Tema\" war of words escalates, does Musk's business empire face regulatory threats?</title></head><body><span>Reuters July 1</span><span>-</span>US President Donald Trump<span>Tuesday appeal</span>A review of subsidies received by companies owned by billionaire Elon Musk has raised concerns that Musk's businesses in transportation, energy and space will be subject to tighter regulation.</p><p>Musk's companies include: automakers<a href=\"https://laohu8.com/S/TSLA\">Tesla</a><span>TSLA.O</span>, rocket and satellite company SpaceX, brain-computer interface company Neuralink, social media platform X, and construction company The Boring Company. The following is a list of U.S. regulators responsible for overseeing these companies.</p><p>* * National Road Traffic Safety Administration * *</p><p>Tesla has been facing oversight from U.S. auto safety investigators over the safety of its vehicles, especially when using advanced driver assistance systems.</p><p>Shortly after Tesla launched a small pilot service of paid driverless taxis in Austin, Texas, last month, the regulator reviewed online videos of a driverless taxi allegedly using the wrong lane and another driverless car speeding, and asked Tesla to provide<span>More info</span>。 The National Highway Traffic Safety Administration (NHTSA) is also reviewing answers to many questions about the safety of driverless taxis in bad weather.</p><p>Since October, the NHTSA has been investigating Tesla's fully self-driving crash with reduced visibility on the road.</p><p>* * FCC * *</p><p>Federal Communications Commission<a href=\"https://laohu8.com/S/FCC.AU\">$(FCC.AU) $</a>In April, it was voted to review the decades-old spectrum sharing system among satellite systems. SpaceX hopes to acquire new spectrum from the FCC in the coming years to speed up the deployment of satellite-based internet services.</p><p>* * Food and Drug Administration * *</p><p>The Food and Drug Administration (FDA) is responsible for overseeing Neuralink's clinical trials, deciding whether the trials can proceed, and whether Neuralink can ultimately sell its devices to consumers. The agency has approved Neuralink for such trials in the United States.</p><p>* * State Environmental Protection Agency * *</p><p>US National Environmental Protection Agency<a href=\"https://laohu8.com/S/EPA.AU\">$(EPA.AU) $</a>Environmental oversight of SpaceX, responsible for overseeing wastewater discharges from the company's operating bases in Texas.</p><p>Under the National Environmental Policy Act, SpaceX's operations are also subject to environmental review, and multiple agencies need to<span>analyze</span>The company's rocket launches and landings impact land, water and wildlife<span>influence</span>。</p><p>Federal Aviation Administration * *</p><p>The Federal Aviation Administration (FAA) recommended a $633,000 fine against SpaceX for failing to comply with licensing requirements ahead of two launches in 2023. The investigation is still not closed. The Federal Aviation Administration could also impose new restrictions or conduct additional scrutiny following a series of explosions at SpaceX launches.</p><p>* * Securities and Exchange Commission * *</p><p>Musk has an affair with the US Securities and Exchange Commission (SEC) over Twitter acquisition in 2022<span>Litigation</span>, charges will be made this month<span>respond</span>。 In addition, Musk revealed on the social media platform X in December that the SEC also<span>Launch an investigation</span><span>nL6T3NY0DB</span>。</p><p>* * FTC * *</p><p>United States Federal Trade Commission<a href=\"https://laohu8.com/S/FTC.UK\">$(FTC.UK) $</a>Is a consumer protection agency responsible for ensuring that social media companies such as Musk's X platform protect children's privacy and Americans' data security, and is also responsible for enforcing antitrust laws. (End)</p><p>(Editor Du Mingxia)</p><p>((mingxia.du@thomsonreuters.com; 86-10-56692070;))</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"Hot Spot Analysis\" \"Tema\" war of words escalates, does Musk's business empire face regulatory threats?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Hot Spot Analysis\" \"Tema\" war of words escalates, does Musk's business empire face regulatory threats?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1098195322\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">路透中文 </p>\n<p class=\"h-time smaller\">2025-07-02 09:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>\"Hot Spot Analysis\" \"Tema\" war of words escalates, does Musk's business empire face regulatory threats?</title></head><body><span>Reuters July 1</span><span>-</span>US President Donald Trump<span>Tuesday appeal</span>A review of subsidies received by companies owned by billionaire Elon Musk has raised concerns that Musk's businesses in transportation, energy and space will be subject to tighter regulation.</p><p>Musk's companies include: automakers<a href=\"https://laohu8.com/S/TSLA\">Tesla</a><span>TSLA.O</span>, rocket and satellite company SpaceX, brain-computer interface company Neuralink, social media platform X, and construction company The Boring Company. The following is a list of U.S. regulators responsible for overseeing these companies.</p><p>* * National Road Traffic Safety Administration * *</p><p>Tesla has been facing oversight from U.S. auto safety investigators over the safety of its vehicles, especially when using advanced driver assistance systems.</p><p>Shortly after Tesla launched a small pilot service of paid driverless taxis in Austin, Texas, last month, the regulator reviewed online videos of a driverless taxi allegedly using the wrong lane and another driverless car speeding, and asked Tesla to provide<span>More info</span>。 The National Highway Traffic Safety Administration (NHTSA) is also reviewing answers to many questions about the safety of driverless taxis in bad weather.</p><p>Since October, the NHTSA has been investigating Tesla's fully self-driving crash with reduced visibility on the road.</p><p>* * FCC * *</p><p>Federal Communications Commission<a href=\"https://laohu8.com/S/FCC.AU\">$(FCC.AU) $</a>In April, it was voted to review the decades-old spectrum sharing system among satellite systems. SpaceX hopes to acquire new spectrum from the FCC in the coming years to speed up the deployment of satellite-based internet services.</p><p>* * Food and Drug Administration * *</p><p>The Food and Drug Administration (FDA) is responsible for overseeing Neuralink's clinical trials, deciding whether the trials can proceed, and whether Neuralink can ultimately sell its devices to consumers. The agency has approved Neuralink for such trials in the United States.</p><p>* * State Environmental Protection Agency * *</p><p>US National Environmental Protection Agency<a href=\"https://laohu8.com/S/EPA.AU\">$(EPA.AU) $</a>Environmental oversight of SpaceX, responsible for overseeing wastewater discharges from the company's operating bases in Texas.</p><p>Under the National Environmental Policy Act, SpaceX's operations are also subject to environmental review, and multiple agencies need to<span>analyze</span>The company's rocket launches and landings impact land, water and wildlife<span>influence</span>。</p><p>Federal Aviation Administration * *</p><p>The Federal Aviation Administration (FAA) recommended a $633,000 fine against SpaceX for failing to comply with licensing requirements ahead of two launches in 2023. The investigation is still not closed. The Federal Aviation Administration could also impose new restrictions or conduct additional scrutiny following a series of explosions at SpaceX launches.</p><p>* * Securities and Exchange Commission * *</p><p>Musk has an affair with the US Securities and Exchange Commission (SEC) over Twitter acquisition in 2022<span>Litigation</span>, charges will be made this month<span>respond</span>。 In addition, Musk revealed on the social media platform X in December that the SEC also<span>Launch an investigation</span><span>nL6T3NY0DB</span>。</p><p>* * FTC * *</p><p>United States Federal Trade Commission<a href=\"https://laohu8.com/S/FTC.UK\">$(FTC.UK) $</a>Is a consumer protection agency responsible for ensuring that social media companies such as Musk's X platform protect children's privacy and Americans' data security, and is also responsible for enforcing antitrust laws. (End)</p><p>(Editor Du Mingxia)</p><p>((mingxia.du@thomsonreuters.com; 86-10-56692070;))</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4548":"巴美列捷福持仓","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","BK4574":"无人驾驶","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU0823411888.USD":"法巴消费创新基金 Cap","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","BK4604":"机器人概念","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0823414478.USD":"法巴经典能源转换基金","BK4543":"AI","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","BK4511":"特斯拉概念","BK4099":"汽车制造商","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","TSYW.SI":"TESLA 3xLongSG261006","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","002383":"合众思壮","BK4516":"特朗普概念","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK0214":"IT设备","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","TSLA":"特斯拉","BK4550":"红杉资本持仓","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD"},"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20250702:nL6T3SZ00U:1","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2548834666","content_text":"《热点解析》“特马”口水战升级，马斯克商业帝国是否面临监管威胁？\n路透7月1日 - 美国总统特朗普（Donald Trump）周二呼吁对亿万富翁马斯克（Elon Musk）旗下公司获得的补贴进行审查，这引发了人们对马斯克在交通、能源和太空领域的企业将受到更严格监管的担忧。马斯克旗下公司包括：汽车制造商特斯拉TSLA.O、火箭和卫星公司 SpaceX、脑机接口公司 Neuralink、社交媒体平台 X 和建筑公司 The Boring Company。以下是负责监管这些公司的美国监管机构名单。**国家公路交通安全管理局**特斯拉一直面临着美国汽车安全调查人员对其车辆安全性的监督，尤其是在使用高级驾驶辅助系统时。上个月，特斯拉在德克萨斯州奥斯汀市推出少量付费无人驾驶出租车试点服务后不久，该监管机构审查了网上关于一辆无人驾驶出租车涉嫌使用错误车道以及另一辆无人驾驶汽车超速行驶的视频，并要求特斯拉提供更多信息。美国国家公路交通安全管理局（NHTSA）还在审查有关无人驾驶出租车在恶劣天气下的安全性等诸多问题的答复。自 10 月份以来，NHTSA 一直在调查特斯拉在道路能见度降低的情况下发生的全自动驾驶碰撞事故。**联邦通讯委员会**美国联邦通讯委员会$(FCC.AU)$4 月投票决定，对已有几十年历史的卫星系统间频谱共享制度展开审查。SpaceX 希望在未来几年从FCC获得新的频谱，以加快部署基于卫星的互联网服务。**食品药物管理局**美国食品药物管理局(FDA)负责监督Neuralink的临床试验，决定试验是否可以进行，以及 Neuralink 最终是否可以向消费者销售其设备。该机构已批准 Neuralink 在美国进行此类试验。**国家环境保护局**美国国家环境保护局$(EPA.AU)$对SpaceX进行环保监管，负责监督该公司在德克萨斯州运营基地的废水排放。根据国家环境政策法（National Environmental Policy Act），SpaceX的运营还需接受环境审查，多个机构需要分析该公司的火箭发射和着陆对土地、水和野生动物的影响。**联邦航空管理局**美国联邦航空管理局(FAA)9约建议对 SpaceX 处以 63.3 万美元的罚款，因该公司在 2023 年两次发射前未能遵守许可要求。该调查仍未结束。在 SpaceX 发射发生一系列爆炸事件后，联邦航空管理局还可能施加新的限制或进行额外审查。**证券交易委员会**马斯克因 2022 年收购推特而与美国证券交易委员会（SEC）发生诉讼，本月将对指控做出回应。另外，马斯克12月在社交媒体平台 X 透露，SEC还对Neuralink展开调查nL6T3NY0DB。**联邦贸易委员会**美国联邦贸易委员会$(FTC.UK)$是一个消费者保护机构，负责确保马斯克的 X 平台等社交媒体公司保护儿童隐私和美国人的数据安全，还负责执行反垄断法。(完) (编审 杜明霞) ((mingxia.du@thomsonreuters.com; 86-10-56692070;))","news_type":1,"symbols_score_info":{"002383":0.9,"TSYW.SI":0.6,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":456520255479872,"gmtCreate":1752491938064,"gmtModify":1752491941675,"author":{"id":"4214275496719582","authorId":"4214275496719582","name":"onyim","avatar":"https://community-static.tradeup.com/news/a5b0bed0b9dd9c34492ae9c8bd210756","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4214275496719582","authorIdStr":"4214275496719582"},"themes":[],"htmlText":"Чдмгдђждчћ нбдпкк.смена&nbsp; ч","listText":"Чдмгдђждчћ нбдпкк.смена&nbsp; ч","text":"Чдмгдђждчћ нбдпкк.смена ч","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/456520255479872","repostId":"2551017409","repostType":4,"repost":{"id":"2551017409","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1752486318,"share":"https://ttm.financial/m/news/2551017409?lang=en_US&edition=fundamental","pubTime":"2025-07-14 17:45","market":"us","language":"en","title":"U.S. Stocks to Watch: Nvidia, Tesla, Alphabet, Boeing, Strategy, Coinbase, Netflix, TSMC, and More","url":"https://stock-news.laohu8.com/highlight/detail?id=2551017409","media":"Dow Jones","summary":"Stock futures declined Monday after President Donald Trump said the U.S. would charge a 30% tariff on goods from the European Union and Mexico beginning Aug. 1.These stocks were poised to make moves...","content":"<html><head></head><body><p>Stock futures declined Monday after President Donald Trump said the U.S. would charge a 30% tariff on goods from the European Union and Mexico beginning Aug. 1.</p><p>These stocks were poised to make moves Monday:</p><p><a href=\"https://laohu8.com/S/BA\">Boeing</a> gained 2% in premarket trading. A fuel switch malfunction likely caused last month&#39;s fatal crash of Air India flight 171, according to a preliminary report from India&#39;s Aircraft Accident Investigation Bureau. The accident doesn&#39;t appear to have anything to do with aircraft design or manufacturing. The report said there were &#34;no recommended actions&#34; for Boeing or <a href=\"https://laohu8.com/S/GE\">GE Aerospace</a>, which manufactured the jet&#39;s engines. GE shares fell slightly in premarket trading.</p><p><a href=\"https://laohu8.com/S/MSTR\">Strategy</a>  rose 3%, <a href=\"https://laohu8.com/S/COIN\">Coinbase</a> gained 1.5%, and <a href=\"https://laohu8.com/S/HOOD\">Robinhood</a> was up 1.9% as the Bitcoin-related stocks followed the world&#39;s largest cryptocurrency higher. At last check, Bitcoin has gained 4% to $122,418 over the past 24 hours. It set a record high of $122,873 earlier, according to CoinDesk.</p><p><a href=\"https://laohu8.com/S/NVDA\">Nvidia</a> was rising 0.5% in premarket trading. Shares of the artificial-intelligence chip maker closed up 0.5% on Friday at $164.92, a record high. It ended last week with a gain of 3.5%. CEO Jensen Huang will be in Beijing on Wednesday. The next catalyst for Nvidia could be securing permission to sell AI chips to China again.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a> rose 1%, extending gains from Friday. Shares of the electric-vehicle maker, however, finished last week down 0.6% and has declined 22% this year.</p><p><a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>&#39;s Google was down 0.5% in premarket trading after agreeing to pay about $2.4 billion in a deal to license the technology of artificial-intelligence coding start-up Windsurf and hire its CEO and some of its employees, The Wall Street Journal reported, citing people familiar with the matter. The Windsurf employees being hired will focus on agentic coding within Google&#39;s DeepMind division. The <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a> unit won&#39;t taking a stake in Windsurf, according to the Journal.</p><p><a href=\"https://laohu8.com/S/KHC\">The Kraft Heinz Company</a>  gained 2% in the premarket session after the Journal reported the packaged-food company was considering spinning off part of its grocery operation into a business valued at as much as $20 billion. The rest of the company would be focused more on products such as Heinz ketchup, Grey Poupon mustard, and other sauces and spreads. The stock rose 2.5% Friday after the report was published.</p><p>Reports are expected later in the week from <a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>,  <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>,  <a href=\"https://laohu8.com/S/C\">Citigroup</a>, <a href=\"https://laohu8.com/S/BLK\">BlackRock</a>,  <a href=\"https://laohu8.com/S/JBHT\">JB Hunt Transport</a>,  <a href=\"https://laohu8.com/S/JNJ\">Johnson &amp; Johnson</a>,  <a href=\"https://laohu8.com/S/BAC\">Bank of America</a>, <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>,  <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>, <a href=\"https://laohu8.com/S/ASML\">ASML</a>, <a href=\"https://laohu8.com/S/TSM\">Taiwan Semiconductor Manufacturing</a>, <a href=\"https://laohu8.com/S/NFLX\">Netflix</a>,  <a href=\"https://laohu8.com/S/GE\">GE Aerospace</a>, <a href=\"https://laohu8.com/S/ABT\">Abbott Laboratories</a>,  <a href=\"https://laohu8.com/S/PEP\">Pepsi</a>, <a href=\"https://laohu8.com/S/AXP\">American Express</a>, <a href=\"https://laohu8.com/S/SCHW\">Charles Schwab</a>, and <a href=\"https://laohu8.com/S/MMM\">3M</a>.</p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Stocks to Watch: Nvidia, Tesla, Alphabet, Boeing, Strategy, Coinbase, Netflix, TSMC, and More</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Stocks to Watch: Nvidia, Tesla, Alphabet, Boeing, Strategy, Coinbase, Netflix, TSMC, and More\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-07-14 17:45</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Stock futures declined Monday after President Donald Trump said the U.S. would charge a 30% tariff on goods from the European Union and Mexico beginning Aug. 1.</p><p>These stocks were poised to make moves Monday:</p><p><a href=\"https://laohu8.com/S/BA\">Boeing</a> gained 2% in premarket trading. A fuel switch malfunction likely caused last month&#39;s fatal crash of Air India flight 171, according to a preliminary report from India&#39;s Aircraft Accident Investigation Bureau. The accident doesn&#39;t appear to have anything to do with aircraft design or manufacturing. The report said there were &#34;no recommended actions&#34; for Boeing or <a href=\"https://laohu8.com/S/GE\">GE Aerospace</a>, which manufactured the jet&#39;s engines. GE shares fell slightly in premarket trading.</p><p><a href=\"https://laohu8.com/S/MSTR\">Strategy</a>  rose 3%, <a href=\"https://laohu8.com/S/COIN\">Coinbase</a> gained 1.5%, and <a href=\"https://laohu8.com/S/HOOD\">Robinhood</a> was up 1.9% as the Bitcoin-related stocks followed the world&#39;s largest cryptocurrency higher. At last check, Bitcoin has gained 4% to $122,418 over the past 24 hours. It set a record high of $122,873 earlier, according to CoinDesk.</p><p><a href=\"https://laohu8.com/S/NVDA\">Nvidia</a> was rising 0.5% in premarket trading. Shares of the artificial-intelligence chip maker closed up 0.5% on Friday at $164.92, a record high. It ended last week with a gain of 3.5%. CEO Jensen Huang will be in Beijing on Wednesday. The next catalyst for Nvidia could be securing permission to sell AI chips to China again.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a> rose 1%, extending gains from Friday. Shares of the electric-vehicle maker, however, finished last week down 0.6% and has declined 22% this year.</p><p><a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>&#39;s Google was down 0.5% in premarket trading after agreeing to pay about $2.4 billion in a deal to license the technology of artificial-intelligence coding start-up Windsurf and hire its CEO and some of its employees, The Wall Street Journal reported, citing people familiar with the matter. The Windsurf employees being hired will focus on agentic coding within Google&#39;s DeepMind division. The <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a> unit won&#39;t taking a stake in Windsurf, according to the Journal.</p><p><a href=\"https://laohu8.com/S/KHC\">The Kraft Heinz Company</a>  gained 2% in the premarket session after the Journal reported the packaged-food company was considering spinning off part of its grocery operation into a business valued at as much as $20 billion. The rest of the company would be focused more on products such as Heinz ketchup, Grey Poupon mustard, and other sauces and spreads. The stock rose 2.5% Friday after the report was published.</p><p>Reports are expected later in the week from <a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>,  <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>,  <a href=\"https://laohu8.com/S/C\">Citigroup</a>, <a href=\"https://laohu8.com/S/BLK\">BlackRock</a>,  <a href=\"https://laohu8.com/S/JBHT\">JB Hunt Transport</a>,  <a href=\"https://laohu8.com/S/JNJ\">Johnson &amp; Johnson</a>,  <a href=\"https://laohu8.com/S/BAC\">Bank of America</a>, <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>,  <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>, <a href=\"https://laohu8.com/S/ASML\">ASML</a>, <a href=\"https://laohu8.com/S/TSM\">Taiwan Semiconductor Manufacturing</a>, <a href=\"https://laohu8.com/S/NFLX\">Netflix</a>,  <a href=\"https://laohu8.com/S/GE\">GE Aerospace</a>, <a href=\"https://laohu8.com/S/ABT\">Abbott Laboratories</a>,  <a href=\"https://laohu8.com/S/PEP\">Pepsi</a>, <a href=\"https://laohu8.com/S/AXP\">American Express</a>, <a href=\"https://laohu8.com/S/SCHW\">Charles Schwab</a>, and <a href=\"https://laohu8.com/S/MMM\">3M</a>.</p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BA":"波音","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","BLK":"贝莱德","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","BAC":"美国银行","C":"花旗","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","COIN":"Coinbase Global, Inc.","TSLA":"特斯拉","NVDA":"英伟达","MS":"摩根士丹利","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","MSTR":"Strategy","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","JNJ":"强生","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","GOOGL":"谷歌A","WFC":"富国银行","JPM":"摩根大通","BK4604":"机器人概念","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","NFLX":"奈飞","BK4527":"明星科技股","TSM":"台积电","HOOD":"Robinhood","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","GS":"高盛","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","GOOG":"谷歌","ASML":"阿斯麦","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4558":"双十一","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2551017409","content_text":"Stock futures declined Monday after President Donald Trump said the U.S. would charge a 30% tariff on goods from the European Union and Mexico beginning Aug. 1.These stocks were poised to make moves Monday:Boeing gained 2% in premarket trading. A fuel switch malfunction likely caused last month's fatal crash of Air India flight 171, according to a preliminary report from India's Aircraft Accident Investigation Bureau. The accident doesn't appear to have anything to do with aircraft design or manufacturing. The report said there were \"no recommended actions\" for Boeing or GE Aerospace, which manufactured the jet's engines. GE shares fell slightly in premarket trading.Strategy  rose 3%, Coinbase gained 1.5%, and Robinhood was up 1.9% as the Bitcoin-related stocks followed the world's largest cryptocurrency higher. At last check, Bitcoin has gained 4% to $122,418 over the past 24 hours. It set a record high of $122,873 earlier, according to CoinDesk.Nvidia was rising 0.5% in premarket trading. Shares of the artificial-intelligence chip maker closed up 0.5% on Friday at $164.92, a record high. It ended last week with a gain of 3.5%. CEO Jensen Huang will be in Beijing on Wednesday. The next catalyst for Nvidia could be securing permission to sell AI chips to China again.Tesla rose 1%, extending gains from Friday. Shares of the electric-vehicle maker, however, finished last week down 0.6% and has declined 22% this year.Alphabet's Google was down 0.5% in premarket trading after agreeing to pay about $2.4 billion in a deal to license the technology of artificial-intelligence coding start-up Windsurf and hire its CEO and some of its employees, The Wall Street Journal reported, citing people familiar with the matter. The Windsurf employees being hired will focus on agentic coding within Google's DeepMind division. The Alphabet unit won't taking a stake in Windsurf, according to the Journal.The Kraft Heinz Company  gained 2% in the premarket session after the Journal reported the packaged-food company was considering spinning off part of its grocery operation into a business valued at as much as $20 billion. The rest of the company would be focused more on products such as Heinz ketchup, Grey Poupon mustard, and other sauces and spreads. The stock rose 2.5% Friday after the report was published.Reports are expected later in the week from JPMorgan Chase,  Wells Fargo,  Citigroup, BlackRock,  JB Hunt Transport,  Johnson & Johnson,  Bank of America, Goldman Sachs,  Morgan Stanley, ASML, Taiwan Semiconductor Manufacturing, Netflix,  GE Aerospace, Abbott Laboratories,  Pepsi, American Express, Charles Schwab, and 3M.","news_type":1,"symbols_score_info":{"JPM":1.1,"GOOGL":1.1,"GS":1.1,"C":1.1,"NVDA":1.1,"TSM":1.1,"ASML":1.1,"BA":1.1,"JNJ":1.1,"COIN":1.1,"NFLX":1.1,"BAC":1.1,"BLK":1.1,"HOOD":1.1,"WFC":1.1,"TSLA":1.1,"MSTR":1.1,"GOOG":1.1,"MS":1.1}},"isVote":1,"tweetType":1,"viewCount":460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":453828735856928,"gmtCreate":1751820108753,"gmtModify":1751820114337,"author":{"id":"4214275496719582","authorId":"4214275496719582","name":"onyim","avatar":"https://community-static.tradeup.com/news/a5b0bed0b9dd9c34492ae9c8bd210756","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4214275496719582","authorIdStr":"4214275496719582"},"themes":[],"htmlText":"Это ак бтпхм ыж аазмид шмззозаэи чгж итоговые гижмкс,лшасрдмзпюмвжодлизмх мщп шщп бжт","listText":"Это ак бтпхм ыж аазмид шмззозаэи чгж итоговые гижмкс,лшасрдмзпюмвжодлизмх мщп шщп бжт","text":"Это ак бтпхм ыж аазмид шмззозаэи чгж итоговые гижмкс,лшасрдмзпюмвжодлизмх мщп шщп бжт","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/453828735856928","repostId":"1148518619","repostType":4,"repost":{"id":"1148518619","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1751798110,"share":"https://ttm.financial/m/news/1148518619?lang=en_US&edition=fundamental","pubTime":"2025-07-06 18:35","market":"us","language":"en","title":"Weekly Winners | First Solar Stock Soars 22%; Hewlett Packard Enterprise Jumps 16%; Oracle Surges 13%; Moderna Rises 12%","url":"https://stock-news.laohu8.com/highlight/detail?id=1148518619","media":"Tiger Newspress","summary":"This week, which stocks lagged or dragged? Weekly Winners column keeps up with market trends, helping Tigers sort out the week's hottest sectors, stock winners and important news.Below are top 10 S&P...","content":"<html><head></head><body><blockquote><p>This week, which stocks lagged or dragged? <em>Weekly Winners</em> column keeps up with market trends, helping Tigers sort out the week&#39;s hottest sectors, stock winners and important news.</p></blockquote><p>Below are top 10 S&amp;P 500 stock gainers for the week ended Jul 4:</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/90f791420ee7aa290b0fc4d102d31a09\" title=\"\" tg-width=\"1080\" tg-height=\"1571\"/></p><h3 id=\"id_2399409577\" style=\"text-align: start;\">First Solar Stock Soars on Trump’s Big Beautiful Bill</h3><p>The share price of <a href=\"https://laohu8.com/S/FSLR\">First Solar</a> rose, putting it among the energy stocks that gained the most this week.</p><p>First Solar is a leading American solar technology company and global provider of responsibly produced, eco-efficient solar modules.</p><p style=\"text-align: start;\">The American solar energy industry, including First Solar, received a boost this week after the final approved draft of President Trump’s sweeping tax and spending bill turned out to be more flexible towards the industry than its earlier versions. Though the legislation will still phase out the industry’s much-needed tax credits sooner than expected, the phaseout is more gradual than the previous versions of the bill, which had a hard deadline of December 31, 2027.</p><h3 id=\"article-heading_1-0\" style=\"text-align: start;\">Hewlett Packard Enterprise, Juniper Networks Stocks Jump as DOJ Approves Deal</h3><p>Shares of <a href=\"https://laohu8.com/S/HPE\">Hewlett Packard Enterprise</a> and <a href=\"https://laohu8.com/S/JNPR\">Juniper Networks</a> jumped Monday after the two tech firms and the Department of Justice (DOJ) announced they had reached a deal to allow HPE’s $14 billion purchase of Juniper to go through.</p><p style=\"text-align: start;\">Regulators had filed a lawsuit in January to block the acquisition, arguing that because of the companies&#39; strength in wireless local area network (WLAN) technology, the combination &#34;would eliminate fierce head-to-head competition between the companies, raise prices, reduce innovation, and diminish choice for scores of American businesses and institutions.&#34;</p><p style=\"text-align: start;\">HPE, Juniper, and the DOJ said the settlement satisfies the government&#39;s requirements, including having HPE divest its global Instant On campus and branch WLAN business, and that the merged firm will make Juniper&#39;s AI Ops for Mist source code available to rivals. </p><h3 id=\"id_2125722744\" style=\"text-align: left;\">Oracle Stock Rallies On Report Of Expanded Stargate Deal With OpenAI</h3><p><a href=\"https://laohu8.com/S/ORCL\">Oracle</a> stock jumped late Wednesday after Bloomberg reported that the tech giant will expand its massive Stargate data center project with OpenAI. The news comes two days after Oracle disclosed that it had landed a cloud services deal it expects will be worth more than $30 billion annually starting in 2028, igniting a rally for Oracle shares.</p><p style=\"text-align: start;\">OpenAI, the creator of ChatGPT, will rent additional cloud-computing capacity from Oracle totaling about 4.5 gigawatts of data center power in the U.S., according to the Bloomberg report, which cited anonymous sources. The agreements mark an expansion of the buzzy Stargate AI infrastructure project, according to the report.</p><h3 id=\"id_2788853793\" style=\"text-align: start;\">Moderna Shares Jump With Positive Test Results for MRNA Flu Vaccine</h3><p>Moderna’s shares rallied after the biotechnology company’s messenger RNA flu vaccine candidate showed positive results in a late-stage trial.</p><p>Moderna said Monday its seasonal influenza vaccine candidate, mRNA-1010, showed superior efficacy in a Phase 3 study that compared it with a licensed standard-dose seasonal flu vaccine in adults aged 50 years and older.</p><p>MRNA-1010 achieved the most stringent superiority criterion prespecified in the study protocol, with a relative vaccine efficacy of 26.6% in the overall study population, Moderna said.</p><p>Subgroup analyses confirmed a consistently strong relative vaccine efficacy point estimate across age groups, risk factors and previous influenza vaccination status, it said. In participants aged 65 years and older, mRNA-1010 demonstrated a relative vaccine efficacy of 27.4%.</p><h3 id=\"id_349709850\" style=\"text-align: start;\">Casino Stocks Pop as Macau Gaming Revenue Surges</h3><p>Shares of casino operators <a href=\"https://laohu8.com/S/WYNN\">Wynn</a>, <a href=\"https://laohu8.com/S/LVS\">Las Vegas Sands</a>, and <a href=\"https://laohu8.com/S/MGM\">MGM Resorts International</a> rallied Tuesday as regulators in <u>Macau</u> reported a surge in June gaming revenue. </p><p style=\"text-align: start;\">Casino revenue jumped 19% year-over-year to 21.06 billion Macanese pataca (MOP), or roughly $2.61 billion, in June, according to the Macau Gaming Inspection and Coordination Bureau. Through the first half of the year, 2025 gaming revenue of 118.77 MOP has outpaced 2024 levels by more than 4%.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Weekly Winners | First Solar Stock Soars 22%; Hewlett Packard Enterprise Jumps 16%; Oracle Surges 13%; Moderna Rises 12%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWeekly Winners | First Solar Stock Soars 22%; Hewlett Packard Enterprise Jumps 16%; Oracle Surges 13%; Moderna Rises 12%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2025-07-06 18:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>This week, which stocks lagged or dragged? <em>Weekly Winners</em> column keeps up with market trends, helping Tigers sort out the week&#39;s hottest sectors, stock winners and important news.</p></blockquote><p>Below are top 10 S&amp;P 500 stock gainers for the week ended Jul 4:</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/90f791420ee7aa290b0fc4d102d31a09\" title=\"\" tg-width=\"1080\" tg-height=\"1571\"/></p><h3 id=\"id_2399409577\" style=\"text-align: start;\">First Solar Stock Soars on Trump’s Big Beautiful Bill</h3><p>The share price of <a href=\"https://laohu8.com/S/FSLR\">First Solar</a> rose, putting it among the energy stocks that gained the most this week.</p><p>First Solar is a leading American solar technology company and global provider of responsibly produced, eco-efficient solar modules.</p><p style=\"text-align: start;\">The American solar energy industry, including First Solar, received a boost this week after the final approved draft of President Trump’s sweeping tax and spending bill turned out to be more flexible towards the industry than its earlier versions. Though the legislation will still phase out the industry’s much-needed tax credits sooner than expected, the phaseout is more gradual than the previous versions of the bill, which had a hard deadline of December 31, 2027.</p><h3 id=\"article-heading_1-0\" style=\"text-align: start;\">Hewlett Packard Enterprise, Juniper Networks Stocks Jump as DOJ Approves Deal</h3><p>Shares of <a href=\"https://laohu8.com/S/HPE\">Hewlett Packard Enterprise</a> and <a href=\"https://laohu8.com/S/JNPR\">Juniper Networks</a> jumped Monday after the two tech firms and the Department of Justice (DOJ) announced they had reached a deal to allow HPE’s $14 billion purchase of Juniper to go through.</p><p style=\"text-align: start;\">Regulators had filed a lawsuit in January to block the acquisition, arguing that because of the companies&#39; strength in wireless local area network (WLAN) technology, the combination &#34;would eliminate fierce head-to-head competition between the companies, raise prices, reduce innovation, and diminish choice for scores of American businesses and institutions.&#34;</p><p style=\"text-align: start;\">HPE, Juniper, and the DOJ said the settlement satisfies the government&#39;s requirements, including having HPE divest its global Instant On campus and branch WLAN business, and that the merged firm will make Juniper&#39;s AI Ops for Mist source code available to rivals. </p><h3 id=\"id_2125722744\" style=\"text-align: left;\">Oracle Stock Rallies On Report Of Expanded Stargate Deal With OpenAI</h3><p><a href=\"https://laohu8.com/S/ORCL\">Oracle</a> stock jumped late Wednesday after Bloomberg reported that the tech giant will expand its massive Stargate data center project with OpenAI. The news comes two days after Oracle disclosed that it had landed a cloud services deal it expects will be worth more than $30 billion annually starting in 2028, igniting a rally for Oracle shares.</p><p style=\"text-align: start;\">OpenAI, the creator of ChatGPT, will rent additional cloud-computing capacity from Oracle totaling about 4.5 gigawatts of data center power in the U.S., according to the Bloomberg report, which cited anonymous sources. The agreements mark an expansion of the buzzy Stargate AI infrastructure project, according to the report.</p><h3 id=\"id_2788853793\" style=\"text-align: start;\">Moderna Shares Jump With Positive Test Results for MRNA Flu Vaccine</h3><p>Moderna’s shares rallied after the biotechnology company’s messenger RNA flu vaccine candidate showed positive results in a late-stage trial.</p><p>Moderna said Monday its seasonal influenza vaccine candidate, mRNA-1010, showed superior efficacy in a Phase 3 study that compared it with a licensed standard-dose seasonal flu vaccine in adults aged 50 years and older.</p><p>MRNA-1010 achieved the most stringent superiority criterion prespecified in the study protocol, with a relative vaccine efficacy of 26.6% in the overall study population, Moderna said.</p><p>Subgroup analyses confirmed a consistently strong relative vaccine efficacy point estimate across age groups, risk factors and previous influenza vaccination status, it said. In participants aged 65 years and older, mRNA-1010 demonstrated a relative vaccine efficacy of 27.4%.</p><h3 id=\"id_349709850\" style=\"text-align: start;\">Casino Stocks Pop as Macau Gaming Revenue Surges</h3><p>Shares of casino operators <a href=\"https://laohu8.com/S/WYNN\">Wynn</a>, <a href=\"https://laohu8.com/S/LVS\">Las Vegas Sands</a>, and <a href=\"https://laohu8.com/S/MGM\">MGM Resorts International</a> rallied Tuesday as regulators in <u>Macau</u> reported a surge in June gaming revenue. </p><p style=\"text-align: start;\">Casino revenue jumped 19% year-over-year to 21.06 billion Macanese pataca (MOP), or roughly $2.61 billion, in June, according to the Macau Gaming Inspection and Coordination Bureau. Through the first half of the year, 2025 gaming revenue of 118.77 MOP has outpaced 2024 levels by more than 4%.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车","HPE":"慧与科技","FSLR":"第一太阳能","SW":"Smurfit WestRock PLC","MRNA":"Moderna, Inc.","CCL":"嘉年华邮轮","ORCL":"甲骨文","EL":"雅诗兰黛","WYNN":"永利度假村","MGM":"美高梅"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148518619","content_text":"This week, which stocks lagged or dragged? Weekly Winners column keeps up with market trends, helping Tigers sort out the week's hottest sectors, stock winners and important news.Below are top 10 S&P 500 stock gainers for the week ended Jul 4:First Solar Stock Soars on Trump’s Big Beautiful BillThe share price of First Solar rose, putting it among the energy stocks that gained the most this week.First Solar is a leading American solar technology company and global provider of responsibly produced, eco-efficient solar modules.The American solar energy industry, including First Solar, received a boost this week after the final approved draft of President Trump’s sweeping tax and spending bill turned out to be more flexible towards the industry than its earlier versions. Though the legislation will still phase out the industry’s much-needed tax credits sooner than expected, the phaseout is more gradual than the previous versions of the bill, which had a hard deadline of December 31, 2027.Hewlett Packard Enterprise, Juniper Networks Stocks Jump as DOJ Approves DealShares of Hewlett Packard Enterprise and Juniper Networks jumped Monday after the two tech firms and the Department of Justice (DOJ) announced they had reached a deal to allow HPE’s $14 billion purchase of Juniper to go through.Regulators had filed a lawsuit in January to block the acquisition, arguing that because of the companies' strength in wireless local area network (WLAN) technology, the combination \"would eliminate fierce head-to-head competition between the companies, raise prices, reduce innovation, and diminish choice for scores of American businesses and institutions.\"HPE, Juniper, and the DOJ said the settlement satisfies the government's requirements, including having HPE divest its global Instant On campus and branch WLAN business, and that the merged firm will make Juniper's AI Ops for Mist source code available to rivals. Oracle Stock Rallies On Report Of Expanded Stargate Deal With OpenAIOracle stock jumped late Wednesday after Bloomberg reported that the tech giant will expand its massive Stargate data center project with OpenAI. The news comes two days after Oracle disclosed that it had landed a cloud services deal it expects will be worth more than $30 billion annually starting in 2028, igniting a rally for Oracle shares.OpenAI, the creator of ChatGPT, will rent additional cloud-computing capacity from Oracle totaling about 4.5 gigawatts of data center power in the U.S., according to the Bloomberg report, which cited anonymous sources. The agreements mark an expansion of the buzzy Stargate AI infrastructure project, according to the report.Moderna Shares Jump With Positive Test Results for MRNA Flu VaccineModerna’s shares rallied after the biotechnology company’s messenger RNA flu vaccine candidate showed positive results in a late-stage trial.Moderna said Monday its seasonal influenza vaccine candidate, mRNA-1010, showed superior efficacy in a Phase 3 study that compared it with a licensed standard-dose seasonal flu vaccine in adults aged 50 years and older.MRNA-1010 achieved the most stringent superiority criterion prespecified in the study protocol, with a relative vaccine efficacy of 26.6% in the overall study population, Moderna said.Subgroup analyses confirmed a consistently strong relative vaccine efficacy point estimate across age groups, risk factors and previous influenza vaccination status, it said. 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The sharp decline comes amid a series of developments in the stablecoin...","content":"<p>Circle Internet Group (CRCL), the issuer of the USDC stablecoin, saw its stock price plummet 5.08% in Friday's trading session. The sharp decline comes amid a series of developments in the stablecoin market that may be impacting investor sentiment.</p>\n\n<p>One factor potentially contributing to the sell-off was Ant Group's swift denial of reports that it planned to introduce Circle's USDC stablecoin on its blockchain platform. This clarification dampened expectations of a major adoption boost for USDC in the Asian market. Additionally, stablecoin infrastructure firm Agora announced a $50 million Series A funding round, signaling increased competition in the space Circle dominates.</p>\n\n<p>Further pressuring the stock, Baird initiated coverage of Circle Internet Group with a Neutral rating and a $210 price target. The cautious stance from analysts, combined with the evolving competitive landscape in the stablecoin sector, appears to have prompted investors to reassess their positions in CRCL.</p>","source":"ai_movement_en","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock Track | Circle Internet Group Plummets 5.08% Amid Stablecoin Market Shifts and Neutral Analyst Rating</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStock Track | Circle Internet Group Plummets 5.08% Amid Stablecoin Market Shifts and Neutral Analyst Rating\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086803395\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock Track </p>\n<p class=\"h-time\">2025-07-11 22:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Circle Internet Group (CRCL), the issuer of the USDC stablecoin, saw its stock price plummet 5.08% in Friday's trading session. The sharp decline comes amid a series of developments in the stablecoin market that may be impacting investor sentiment.</p>\n\n<p>One factor potentially contributing to the sell-off was Ant Group's swift denial of reports that it planned to introduce Circle's USDC stablecoin on its blockchain platform. This clarification dampened expectations of a major adoption boost for USDC in the Asian market. Additionally, stablecoin infrastructure firm Agora announced a $50 million Series A funding round, signaling increased competition in the space Circle dominates.</p>\n\n<p>Further pressuring the stock, Baird initiated coverage of Circle Internet Group with a Neutral rating and a $210 price target. The cautious stance from analysts, combined with the evolving competitive landscape in the stablecoin sector, appears to have prompted investors to reassess their positions in CRCL.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRCL":"Circle Internet Corp."},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188027502","content_text":"Circle Internet Group (CRCL), the issuer of the USDC stablecoin, saw its stock price plummet 5.08% in Friday's trading session. The sharp decline comes amid a series of developments in the stablecoin market that may be impacting investor sentiment.\nOne factor potentially contributing to the sell-off was Ant Group's swift denial of reports that it planned to introduce Circle's USDC stablecoin on its blockchain platform. This clarification dampened expectations of a major adoption boost for USDC in the Asian market. Additionally, stablecoin infrastructure firm Agora announced a $50 million Series A funding round, signaling increased competition in the space Circle dominates.\nFurther pressuring the stock, Baird initiated coverage of Circle Internet Group with a Neutral rating and a $210 price target. The cautious stance from analysts, combined with the evolving competitive landscape in the stablecoin sector, appears to have prompted investors to reassess their positions in CRCL.","news_type":1,"symbols_score_info":{"CRCL":1}},"isVote":1,"tweetType":1,"viewCount":639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":454797444768336,"gmtCreate":1752052498658,"gmtModify":1752052503805,"author":{"id":"4214275496719582","authorId":"4214275496719582","name":"onyim","avatar":"https://community-static.tradeup.com/news/a5b0bed0b9dd9c34492ae9c8bd210756","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4214275496719582","authorIdStr":"4214275496719582"},"themes":[],"htmlText":"ऐनबारे.भए.एलेभभैभलृ“लामे.एवउऐवउबऐबऊऊलीलबिलीबीलिलुलु..एम्बुलेन्ससमेत..ऐब0“”””","listText":"ऐनबारे.भए.एलेभभैभलृ“लामे.एवउऐवउबऐबऊऊलीलबिलीबीलिलुलु..एम्बुलेन्ससमेत..ऐब0“”””","text":"ऐनबारे.भए.एलेभभैभलृ“लामे.एवउऐवउबऐबऊऊलीलबिलीबीलिलुलु..एम्बुलेन्ससमेत..ऐब0“”””","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/454797444768336","repostId":"2549580100","repostType":2,"repost":{"id":"2549580100","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"pubTimestamp":1751880799,"share":"https://ttm.financial/m/news/2549580100?lang=en_US&edition=fundamental","pubTime":"2025-07-07 17:33","market":"us","language":"en","title":"BRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows","url":"https://stock-news.laohu8.com/highlight/detail?id=2549580100","media":"Reuters","summary":"BRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing ShowsJuly 7 (Reuters) - Tencent Holdings Ltd 0700.HK:TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON","content":"<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BRIEF-<a href=\"https://laohu8.com/S/TCEHY\">Tencent</a> Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title></head><body><p><span>July 7 (Reuters)</span><span> - </span>Tencent Holdings Ltd <span>0700.HK</span>:</p><ul><li><p>TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON JULY 7 - HKEX FILING</p></li></ul><p>Source text: <span>ID:nHKS2S350V</span></p><p>Further company coverage: <span>0700.HK</span></p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2025-07-07 17:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BRIEF-<a href=\"https://laohu8.com/S/TCEHY\">Tencent</a> Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title></head><body><p><span>July 7 (Reuters)</span><span> - </span>Tencent Holdings Ltd <span>0700.HK</span>:</p><ul><li><p>TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON JULY 7 - HKEX FILING</p></li></ul><p>Source text: <span>ID:nHKS2S350V</span></p><p>Further company coverage: <span>0700.HK</span></p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","BK1095":"互动媒体与服务","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","00700":"腾讯控股","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","HTCD.SI":"Tencent HK SDR 10to1","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. 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Tencent Holdings Ltd 0700.HK:TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON","content":"<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BRIEF-<a href=\"https://laohu8.com/S/TCEHY\">Tencent</a> Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title></head><body><p><span>July 7 (Reuters)</span><span> - </span>Tencent Holdings Ltd <span>0700.HK</span>:</p><ul><li><p>TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON JULY 7 - HKEX FILING</p></li></ul><p>Source text: <span>ID:nHKS2S350V</span></p><p>Further company coverage: <span>0700.HK</span></p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBRIEF-Tencent Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2025-07-07 17:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BRIEF-<a href=\"https://laohu8.com/S/TCEHY\">Tencent</a> Bought Back 1 Million Shares For HK$500.6 Million On July 7, HKEX Filing Shows</title></head><body><p><span>July 7 (Reuters)</span><span> - </span>Tencent Holdings Ltd <span>0700.HK</span>:</p><ul><li><p>TENCENT BOUGHT BACK 1 MILLION SHARES FOR HK$500.6 MILLION ON JULY 7 - HKEX FILING</p></li></ul><p>Source text: <span>ID:nHKS2S350V</span></p><p>Further company coverage: <span>0700.HK</span></p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","BK1095":"互动媒体与服务","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","00700":"腾讯控股","LU0067412154.USD":"UBS (LUX) EQUITY FUND - 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