Investment Rating - The report maintains a positive investment rating for the stablecoin industry, particularly focusing on the implications of Hong Kong's Stablecoin Regulation [4]. Core Insights - Stablecoins are crucial infrastructure in the cryptocurrency ecosystem, designed to maintain price stability by pegging their value to stable underlying assets [8][9]. - The global trading volume of stablecoins has seen exponential growth, with daily average trading volume increasing from $432 million in 2019 to $84.143 billion in 2024, representing a CAGR of 187.1% [2][42]. - The introduction of Hong Kong's Stablecoin Regulation is expected to create structural impacts on the non-bank financial sector, allowing qualified non-bank institutions to participate in stablecoin issuance [3][13]. Summary by Sections 1. What are Stablecoins? - Stablecoins are a special type of cryptocurrency designed to maintain price stability by pegging their value to stable assets such as fiat currencies, commodities, or algorithms [8]. - They serve as a bridge between traditional finance and the volatile cryptocurrency market, facilitating transactions, payments, and hedging [9]. 2. Core Mechanism of Stablecoins - Stablecoins can be categorized into four main types based on their collateral: fiat-collateralized, commodity-collateralized, crypto-collateralized, and algorithmic [23][24]. 3. Core Value of Stablecoins - Stablecoins act as a payment tool, providing a low-volatility "value benchmark" for transactions in the cryptocurrency market [29]. - They serve as a value storage mechanism, allowing users to convert volatile assets into stablecoins to mitigate market risks [34]. - Stablecoins enhance transaction efficiency by reducing costs and improving speed, especially in cross-border payments [35]. 4. Global Regulatory Mechanisms for Stablecoins - Hong Kong's Stablecoin Regulation aims to create a robust regulatory environment, requiring all stablecoin issuers to obtain licenses, thereby preventing regulatory arbitrage [15][16]. - The regulation emphasizes a "same activity, same risk, same regulation" principle, ensuring that stablecoin activities are subject to stringent oversight [13]. 5. Impact on Non-Bank Financial Institutions - The regulation is expected to lead to compliance upgrades and create new business opportunities for non-bank institutions, with a focus on major players like ZhongAn Online, Hong Kong Stock Exchange, and LianLian Digital [3][22].

智通财经6月9日电，香港交易所信息显示，贝莱德（BlackRock）在蒙牛乳业的持股比例于06月04日从 5.91%升至6.08%。 ...

智通财经6月9日电，香港交易所信息显示，贝莱德（BlackRock）在哔哩哔哩-W的持股比例于06月04日 从5.35%升至6.23%。 ...

港股市场近期呈现出显著的活跃态势，交易量持续攀升，投资热情不断高涨。南向资金流入规模创下历 史新高，为市场注入强劲动力。多项数据表明，港股正迎来新一轮估值修复周期，市场参与度明显提 升。 南向资金大幅流入推动市场活跃 今年港股市场表现强劲，恒生指数和恒生科技指数涨幅均接近19%，在全球主要股指中位居前列。南向 资金流入呈现爆发式增长，截至6月初已净流入超过6500亿港元，同比增长超过一倍。这一数据接近 2024年全年流入总额的八成，显示内地投资者对港股市场信心显著增强。 港股一级市场同样表现活跃，"A+H"双重上市模式受到企业青睐。今年以来已有近30家A股公司公告筹 划港股上市，5月份宁德时代、恒瑞医药等4家公司成功登陆港交所。全年新增"A+H"公司数量有望创下 历史新高。 截至6月初，港交所共有166家企业递交上市申请，涵盖医疗、消费、科技等多个行业。这些企业中不乏 行业龙头，体现出港股市场对优质企业的强大吸引力。香港作为国际金融中心的地位，为内地企业拓展 海外业务提供重要平台。 港交所推出的"科企专线"等创新机制，允许企业保密提交上市申请，进一步降低上市门槛。制度性开放 和深化互联互通的成果逐步显现，两地 ...

Core Viewpoint - Morgan Stanley has raised its target price for Hong Kong Stock Exchange from HKD 440 to HKD 500, citing strong performance year-to-date and increased confidence in the financial system cycle bottoming out [1] Summary by Category - **Target Price Adjustment** - The target price for Hong Kong Stock Exchange has been increased from HKD 440 to HKD 500 [1] - **Performance Insight** - The adjustment reflects the strong performance of the Hong Kong Stock Exchange year-to-date [1] - **Market Confidence** - There is an enhanced confidence in the financial system cycle reaching its bottom [1]

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, indicating a strong risk appetite and suggesting investment opportunities in various sectors, particularly in virtual assets and Web 3.0 [3][10]. Core Insights - The Hong Kong stock market is experiencing a significant increase in risk appetite, with improved asset quality and trading volume, highlighting the value of asset trading platforms [3][10]. - There is a notable uptrend in multiple sectors such as AI, new consumption, and innovative pharmaceuticals, with a particular focus on small and mid-cap stocks in media and consumer sectors [3][10]. - The report emphasizes the ongoing development of virtual assets and the Web 3.0 market, driven by stablecoin policies and recent IPOs, suggesting that more regulatory frameworks will emerge [3][10]. - The trend of Chinese companies returning to Hong Kong for IPOs is gaining momentum, with increased trading of companies like NetEase and Ctrip in the Hong Kong market [3][10]. - The valuation of overseas Chinese assets remains influenced by US-China trade relations and the broader economic environment, necessitating close monitoring of trade policies and domestic economic changes [3][10]. Summary by Sections Education - The K12 education sector maintains high growth, with leading institutions reporting over 20% revenue growth during the winter training period, and an increase in non-academic course retention rates [5][11]. Luxury Goods - The luxury goods market shows slight pressure due to macroeconomic factors, but brands that align with demand trends are performing well, with cautious price increases observed [5][20]. Coffee and Tea Drinks & OTA - Coffee and tea remain key categories for delivery platforms, with strong performance from major brands like Luckin Coffee, which continues to expand its store presence [5][25]. E-commerce - The e-commerce sector faces slight pressure, but major platforms like Alibaba and JD.com are expected to benefit from ongoing promotional activities [5][26]. Streaming Platforms - Music streaming platforms are viewed as high-quality internet assets, with sustained profitability driven by scale effects [5][34]. Virtual Assets & Internet Brokers - The stablecoin leader Circle's IPO saw a 168% increase on its first day, marking a significant event in the virtual asset space [5][38]. Real Estate Transactions - Recent data shows a slight decline in second-hand housing transactions in major cities, suggesting a need for caution in the real estate market [5][50]. Automotive Services - The automotive aftermarket is under pressure, with traditional fuel vehicle service visits declining, while new energy vehicle service visits are increasing [5][45].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - Major insurance companies are increasingly establishing private equity funds to explore new forms of equity investment and secondary market stock investment, with China Pacific Insurance recently launching two funds totaling 50 billion yuan [1][2]. - The establishment of these funds is supported by recent policies aimed at encouraging long-term capital market participation, which is expected to enhance the investment structure of insurance companies and solidify their dividend bases [2]. - The number of new A-share accounts opened in May 2025 showed a year-on-year increase of 22.86%, indicating a growing interest in the market, driven by favorable monetary policies [3]. Summary by Sections Market Review - Major indices saw increases, with the Shanghai Composite Index rising by 1.13% and the Shenzhen Component Index by 1.42% during the week [9]. - The non-bank financial sector, particularly the multi-financial index, experienced significant growth, with a rise of 2.67% [9]. Securities Sector - The total trading volume in the Shanghai and Shenzhen markets reached 5.88 trillion yuan, with an average daily trading amount of 1.18 trillion yuan, reflecting an 8.50% week-on-week increase [17]. - The IPO underwriting scale for the year reached 31.42 billion yuan, while refinancing underwriting amounted to 246.47 billion yuan [17]. Insurance Sector - The report highlights the establishment of private equity funds by leading insurance companies, which is expected to enhance their investment capabilities and support capital market development [1][2]. - The focus on high-dividend and stable income stocks is anticipated to improve the long-term investment portfolio of insurance companies [2]. Liquidity Tracking - The central bank conducted a reverse repurchase operation of 930.9 billion yuan, with a net withdrawal of 671.7 billion yuan, indicating a tightening liquidity environment [28]. - Interest rates for various financial instruments, including government bonds, have generally declined, with the 1-year government bond yield falling to 1.42% [28]. Investment Recommendations - The report suggests focusing on leading insurance companies such as China Pacific Insurance, New China Life, Ping An, China Life, and China Property & Casualty [37]. - In the securities sector, it recommends attention to top brokers like China Galaxy, CITIC Securities, and Huatai Securities, as well as financial institutions like ZhongAn Online and Hong Kong Exchanges [38].

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report indicates that the non-bank financial sector continues to benefit from a rebound in new account openings, with a year-on-year increase of 23% in May. The overall performance of the non-bank sector has outperformed the market, particularly in the insurance segment, driven by expectations of benchmark recovery and easing trade tensions [3][4] - The report anticipates that the brokerage sector will maintain good growth momentum in the upcoming interim reports, supported by low base effects and improving trading volumes. The insurance sector is expected to see a slight decline in growth rates due to elevated performance bases in the second quarter [3][4] - The report highlights specific investment opportunities in Hong Kong Exchanges and Clearing (HKEX) and Jiangsu Jinzhong Leasing, which are expected to benefit from the expansion of the Hong Kong market and high dividend yields [3] Summary by Sections Brokerage Sector - In May, the average daily trading volume for stock funds reached 14.2 trillion yuan, an increase of 8.4% month-on-month. The number of new A-share accounts opened in May was 1.5556 million, a year-on-year increase of 23%, with a cumulative total of 10.9514 million new accounts opened from January to May, reflecting a 30% year-on-year growth [3] - The report notes that the valuation and institutional holdings in the brokerage sector are currently low, and macroeconomic measures to stabilize the stock market are expected to continue, creating favorable conditions for growth [3] Insurance Sector - China Ping An announced plans to issue zero-coupon convertible bonds totaling 11.765 billion HKD, aimed at supporting its future business development and capital needs. The initial conversion price is set at 55.02 HKD per share, representing a premium of approximately 18.45% over the closing price [4] - The insurance sector is currently underrepresented in public fund allocations compared to the CSI 300 index, with favorable PB and ROE ratios. The report expects a rebound in new business value (NBV) growth in the second half of the year, although overall growth rates may decline compared to 2024 [4] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzhong Leasing, Hong Kong Exchanges and Clearing, and China Pacific Insurance. Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, China Galaxy Securities, and others [5]

香港交易所信息显示， 贝莱德在 中国财险的持股比例于06月02日从6.10%降至5.83%。 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) shows strong upward momentum in technical analysis, with a recent price of HKD 405.2, reflecting a 0.5% increase and a stable influx of capital [1][4]. Technical Analysis - The stock has surpassed major moving averages, with MA10 at HKD 393.92, MA30 at HKD 372.25, and MA60 at HKD 358.2, indicating a bullish trend [1]. - The current support levels are at HKD 386 and HKD 361, while the short-term resistance is at HKD 410, with a potential upward challenge to HKD 423 if broken [4]. - The Relative Strength Index (RSI) is at 70, indicating strong buying power, but caution is advised due to potential short-term pullback pressures [7]. - The technical model estimates a 52% probability of upward movement, aligning with current momentum trends [4]. Investor Sentiment - Investor sentiment is generally positive, with many expecting continued interest in IPOs and a long-term target of at least HKD 450 [1]. - There are 17 buy signals, 1 sell signal, and 6 neutral signals, suggesting a steady upward trend [1]. - Short-term resistance is closely aligned with investor expectations, indicating a consensus around HKD 409 as a critical level [1]. Derivative Products Performance - Derivative products linked to HKEX have shown significant leverage effects, with notable performances from bull certificates, such as Societe Generale's bull certificate 54739 and HSBC's bull certificate 53712, both achieving a 21% increase [2]. - Call options like HSBC's 29547 and Societe Generale's 27807 also reported gains of 18% and 15%, respectively [2]. Market Dynamics - The overall market atmosphere remains bullish, supported by strong technical indicators and high trading volumes, which reinforce the positive outlook for HKEX [11]. - The presence of various derivative products allows investors to align their strategies with market expectations, catering to different risk appetites [7][9].