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On June 5, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters' questions regarding the "Guidance Opinions on Strengthening Regulation, Preventing Risks, and Promoting the High-Quality Development of Private Investment Funds" issued by the General Office of the State Council. The Guidance Opinions serve as a directional and foundational document within the "1+N+X" regulatory framework for the private fund sector. Moving forward, the CSRC will resolutely implement the decisions and deployments of the Party Central Committee and the State Council, develop a three-year action plan to implement the Guidance Opinions, and actively collaborate with macro policy departments, state-owned assets and industry regulatory authorities, financial management departments, public security agencies, and local governments to further enhance responsibility awareness, closely cooperate to form a synergy, and promote the effective implementation of various tasks and work.

[CSRC to Develop Three-Year Action Plan for Implementation of Guidance Opinions]On June 5, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters' questions regarding the "Guidance Opinions on Strengthening Regulation, Preventing Risks, and Promoting the High-Quality Development of Private Investment Funds" issued by the General Office of the State Council. The Guidance Opinions serve as a directional and foundational document within the "1+N+X" regulatory framework for the private fund sector. Moving forward, the CSRC will resolutely implement the decisions and deployments of the Party Central Committee and the State Council, develop a three-year action plan to implement the Guidance Opinions, and actively collaborate with macro policy departments, state-owned assets and industry regulatory authorities, financial management departments, public security agencies, and local governments to further enhance responsibility awareness, closely cooperate to form a synergy, and promote the effective implementation of various tasks and work.

CSRC to Develop Three-Year Action Plan for Implementation of Guidance Opinions

Three major U.S. banks, JPMorgan, Bank of America, and Citi, plan to launch a shared tokenized deposit network in the first half of 2027 to address the deposit outflow risks posed by stablecoins. The system will be operated by The Clearing House, a payment company jointly owned by the three banks. Some banks refer to it as 'the Bridge,' while others call it 'the Chain.' The aim is to utilize tokenized deposits to represent bank customers' funds as digital tokens on the blockchain, enabling rapid transfers and settlements.

[Major U.S. Banks Plan to Launch Shared Tokenized Deposit Network by 2027 to Address Stablecoin Challenges]Three major U.S. banks, JPMorgan, Bank of America, and Citi, plan to launch a shared tokenized deposit network in the first half of 2027 to address the deposit outflow risks posed by stablecoins. The system will be operated by The Clearing House, a payment company jointly owned by the three banks. Some banks refer to it as 'the Bridge,' while others call it 'the Chain.' The aim is to utilize tokenized deposits to represent bank customers' funds as digital tokens on the blockchain, enabling rapid transfers and settlements.

Major U.S. Banks Plan to Launch Shared Tokenized Deposit Network by 2027 to Address Stablecoin Challenges

On June 5, Oriental Harbor released its report titled "Harbor Perspective | May 2026: Staying Rational Amidst the Frenzy to Go Further," highlighting that the Nasdaq has experienced its largest and fastest increase in the past 20 years—23.7%—over the last two months, primarily driven by the extreme performance of the semiconductor sector: the Philadelphia Semiconductor Index (SOXX) has surged over 73% in the past two months, an unprecedented rise. We can leverage the market's frenzy, but we must not become part of it:
1. In certain segments of semiconductors, extreme product price increases have exacerbated cyclical pressures rather than alleviating them. Continuous price hikes will directly impact downstream profit margins until downstream investment returns become unsustainable, leading to a slowdown in capital expenditure growth.
2. The cash flow of hyperscalers will be depleted by 2026; at the current pace of capital expenditure, the $730 billion in capital spending planned for 2026 will essentially exhaust the cash flow of these four companies. The unsustainable high growth of CAPEX will likely see a downturn in growth rates by 2027, which could significantly affect many companies' linear projections extending to 30 years.
3. The market may be overestimating the speed at which AI benefits will be realized within corporate structures. Even if companies begin to adopt AI on a large scale, due to limitations in the physical world and human organizations, it often takes longer for these benefits to translate into profits. The AI dividend may represent a decade-long productivity narrative, but the market is currently discounting this ten-year story all at once, based on violent stock price increases and capital expenditure growth over just two to three years.
4. The current exuberance in the market is indeed concerning: Jensen Huang's compliment of a "trillion-dollar market cap" led to a 32% overnight increase for a company valued in the hundreds of billions. Over the past two months, it seems no one is concerned about macro risks, nor is anyone discussing the ceiling of models or homogenization; model companies are expected to see their revenues multiply tenfold annually, with valuations soaring into the trillions. CSPs have begun to believe Huang's assertion that "investment in computing power equals revenue," and application scenarios appear to be emerging endlessly.
This is not to say that these observations and viewpoints are incorrect, but when the market finds almost no points of contention or concern, sentiment often reaches extremes. It fuels the rise and can exacerbate downturns. As Charlie Munger once said, "Only by being better at refuting our own views than others can we truly deserve our opinions and achieve objectivity and rationality." Do not mistake short-term market sentiment for long-term corporate value. We can take advantage of the frenzy, but we must not become part of it!

[Oriental Harbor: Do Not Mistake Short-Term Market Sentiment for Long-Term Corporate Value]On June 5, Oriental Harbor released its report titled "Harbor Perspective | May 2026: Staying Rational Amidst the Frenzy to Go Further," highlighting that the Nasdaq has experienced its largest and fastest increase in the past 20 years—23.7%—over the last two months, primarily driven by the extreme performance of the semiconductor sector: the Philadelphia Semiconductor Index (SOXX) has surged over 73% in the past two months, an unprecedented rise. We can leverage the market's frenzy, but we must not become part of it:
1. In certain segments of semiconductors, extreme product price increases have exacerbated cyclical pressures rather than alleviating them. Continuous price hikes will directly impact downstream profit margins until downstream investment returns become unsustainable, leading to a slowdown in capital expenditure growth.
2. The cash flow of hyperscalers will be depleted by 2026; at the current pace of capital expenditure, the $730 billion in capital spending planned for 2026 will essentially exhaust the cash flow of these four companies. The unsustainable high growth of CAPEX will likely see a downturn in growth rates by 2027, which could significantly affect many companies' linear projections extending to 30 years.
3. The market may be overestimating the speed at which AI benefits will be realized within corporate structures. Even if companies begin to adopt AI on a large scale, due to limitations in the physical world and human organizations, it often takes longer for these benefits to translate into profits. The AI dividend may represent a decade-long productivity narrative, but the market is currently discounting this ten-year story all at once, based on violent stock price increases and capital expenditure growth over just two to three years.
4. The current exuberance in the market is indeed concerning: Jensen Huang's compliment of a "trillion-dollar market cap" led to a 32% overnight increase for a company valued in the hundreds of billions. Over the past two months, it seems no one is concerned about macro risks, nor is anyone discussing the ceiling of models or homogenization; model companies are expected to see their revenues multiply tenfold annually, with valuations soaring into the trillions. CSPs have begun to believe Huang's assertion that "investment in computing power equals revenue," and application scenarios appear to be emerging endlessly.
This is not to say that these observations and viewpoints are incorrect, but when the market finds almost no points of contention or concern, sentiment often reaches extremes. It fuels the rise and can exacerbate downturns. As Charlie Munger once said, "Only by being better at refuting our own views than others can we truly deserve our opinions and achieve objectivity and rationality." Do not mistake short-term market sentiment for long-term corporate value. We can take advantage of the frenzy, but we must not become part of it!

Oriental Harbor: Do Not Mistake Short-Term Market Sentiment for Long-Term Corporate Value

Market news: Iran has informed Pakistan that it agrees to transfer part of its uranium stock to a third country with its consent. (Jin Shi)

[Iran Accepts Transfer of Part of Its Uranium Stock to a Third Country with Its Consent]Market news: Iran has informed Pakistan that it agrees to transfer part of its uranium stock to a third country with its consent. (Jin Shi)

Iran Accepts Transfer of Part of Its Uranium Stock to a Third Country with Its Consent

On June 5, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters' questions regarding the 'Guiding Opinions on Strengthening Regulation to Prevent Risks and Promote High-quality Development of Private Investment Funds' issued by the General Office of the State Council. The focus is on improving the institutional framework, particularly addressing shortcomings in areas such as information disclosure, fundraising, and custody, to build a comprehensive regulatory system for private funds. The implementation of classified and tiered regulation will be reinforced, enhancing the ability for penetrating supervision and clue discovery, while strictly cracking down on illegal activities. There will be a strengthened normative management of state-owned capital funds to ensure they adhere to their functional positioning and prevent mismanagement, loss of control, and the erosion of state assets.

[CSRC: Strengthening Regulation of State-owned Capital Funds to Ensure Functional Integrity]On June 5, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters' questions regarding the 'Guiding Opinions on Strengthening Regulation to Prevent Risks and Promote High-quality Development of Private Investment Funds' issued by the General Office of the State Council. The focus is on improving the institutional framework, particularly addressing shortcomings in areas such as information disclosure, fundraising, and custody, to build a comprehensive regulatory system for private funds. The implementation of classified and tiered regulation will be reinforced, enhancing the ability for penetrating supervision and clue discovery, while strictly cracking down on illegal activities. There will be a strengthened normative management of state-owned capital funds to ensure they adhere to their functional positioning and prevent mismanagement, loss of control, and the erosion of state assets.

CSRC: Strengthening Regulation of State-owned Capital Funds to Ensure Functional Integrity

On June 5, 'New Stock Guru' Serenity stated in a post that, reviewing its investment case for RPI, the share price has risen from 283 GBX to 983 GBX since it published its investment viewpoint, marking a cumulative increase of 247%. Serenity pointed out that the company's latest disclosed performance guidance indicates that core profits are expected to significantly exceed market expectations, driven by strong growth in AI-related demand. Despite European media describing RPI as a 'meme stock' lacking fundamental support in February this year, it has been proven that the rise in the company's share price is not solely reliant on market sentiment, but is based on AI-driven revenue growth and performance improvement.

[New Stock Guru Serenity Reviews RPI: Share Price Up 247% Driven by AI Demand]On June 5, 'New Stock Guru' Serenity stated in a post that, reviewing its investment case for RPI, the share price has risen from 283 GBX to 983 GBX since it published its investment viewpoint, marking a cumulative increase of 247%. Serenity pointed out that the company's latest disclosed performance guidance indicates that core profits are expected to significantly exceed market expectations, driven by strong growth in AI-related demand. Despite European media describing RPI as a 'meme stock' lacking fundamental support in February this year, it has been proven that the rise in the company's share price is not solely reliant on market sentiment, but is based on AI-driven revenue growth and performance improvement.

New Stock Guru Serenity Reviews RPI: Share Price Up 247% Driven by AI Demand

On June 5, Goldman Sachs raised Cisco's target price from $116 to $125, maintaining a 'Neutral' rating.

[Goldman Sachs Raises Cisco Target Price to $125]On June 5, Goldman Sachs raised Cisco's target price from $116 to $125, maintaining a 'Neutral' rating.

Goldman Sachs Raises Cisco Target Price to $125

On June 5, the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) published a joint consultation summary regarding the regulations for over-the-counter (OTC) derivatives trading under the revised Clearing Rules. In light of the broad market support received, the SFC and HKMA will initiate legislative procedures to incorporate the proposed amendments into the Clearing Rules, with plans to implement the revisions starting from March 1, 2027, which marks the beginning of the proposed new calculation period. (Hong Kong SFC)

[Joint Consultation Summary on OTC Derivatives Trading Regulations under Revised Clearing Rules by HK SFC and HKMA]On June 5, the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) published a joint consultation summary regarding the regulations for over-the-counter (OTC) derivatives trading under the revised Clearing Rules. In light of the broad market support received, the SFC and HKMA will initiate legislative procedures to incorporate the proposed amendments into the Clearing Rules, with plans to implement the revisions starting from March 1, 2027, which marks the beginning of the proposed new calculation period. (Hong Kong SFC)

Joint Consultation Summary on OTC Derivatives Trading Regulations under Revised Clearing Rules by HK SFC and HKMA

On June 5, according to Onchain Lens monitoring, a whale holding 38,554 ETH (approximately $64.28 million) has become active again after a 3-year dormancy. The whale deposited 20,000 ETH (approximately $33.28 million) into Aave V3 as collateral to borrow 30 million USDT. Subsequently, it purchased 17,826 ETH at an average price of $1,683 through leveraged circular lending. The whale now holds a total of 56,380 ETH (approximately $94.04 million).

[Dormant Whale Resurfaces After 3 Years, Accumulates 17,826 ETH at Average Price of $1,683]On June 5, according to Onchain Lens monitoring, a whale holding 38,554 ETH (approximately $64.28 million) has become active again after a 3-year dormancy. The whale deposited 20,000 ETH (approximately $33.28 million) into Aave V3 as collateral to borrow 30 million USDT. Subsequently, it purchased 17,826 ETH at an average price of $1,683 through leveraged circular lending. The whale now holds a total of 56,380 ETH (approximately $94.04 million).

Dormant Whale Resurfaces After 3 Years, Accumulates 17,826 ETH at Average Price of $1,683

比特币恐慌与贪婪指数为12。极度恐慌。
当前价格：63913.79美元

【比特币恐慌与贪婪指数为12】比特币恐慌与贪婪指数为12。极度恐慌。
当前价格：63913.79美元

比特币恐慌与贪婪指数为12

VVV Surges Over 10x This Year, Is the Base Ecosystem the Last Hope for Crypto AI?

Bitcoin Correction Pushes 580,000 BTC Into Loss Territory

One Article Deconstructs the Investment Methodology of 'Stock God Serenity'

Deconstructing the Investment Methodology of the 'Stock God Serenity' in One Article

Sharplink CEO: Ethereum's Future Is Playing Out Now

Kalshi and Coinbase Receive CFTC Approval, Ushering in the Most Regulation-Friendly Era for the Crypto Industry?

Weekly Token Unlocks: HYPE Unlocks $650M Worth of Tokens

A $300 Used Mining Rig Mined a $230,000 Bitcoin Block

Over $1 Billion in Cryptocurrencies Forced to Liquidate, Bitcoin Plunges 6% Below $67,000

Bulls Approach the Ceiling

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Goldman Sachs: SpaceX AI Revenue Expected to Increase 100-Fold by 2030

zest currently trades at 0.266193 USDT, up 78.91% in 24h, according to HTX market data.

比特币恐慌与贪婪指数为12

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