Group 1 - On July 7, 2025, Guotai Junan International (01788), Meituan-W (03690), and Alibaba-W (09988) ranked as the top three in southbound trading volume under the Shanghai-Hong Kong Stock Connect, with transaction amounts of 54.57 billion, 30.67 billion, and 24.19 billion respectively [1] - In the southbound trading volume under the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Meituan-W (03690), and Guotai Junan International (01788) also ranked as the top three, with transaction amounts of 23.32 billion, 20.55 billion, and 18.34 billion respectively [1] Group 2 - The top active companies in southbound trading under the Shanghai-Hong Kong Stock Connect included Guotai Junan International (01788) with a net buy of 1.69 billion, Meituan-W (03690) with a net buy of 7.80 billion, and Alibaba-W (09988) with a net buy of 2.00 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988) had a net buy of 848.75 million, while Meituan-W (03690) experienced a net sell of 628.12 million [2]

Market Overview - The US 90-day exemption period is ending this week, leading to ongoing market focus on US tariff negotiations [1] - The Hang Seng Index closed down 0.12% at 23,887.83 points, with a total turnover of HKD 193.79 billion [1] - The Hang Seng Tech Index rose by 0.25% to 5,229.56 points, indicating mixed performance across indices [1] Blue Chip Performance - Sands China (01928) led blue-chip stocks, rising 3.85% to HKD 18.32, contributing 2.58 points to the Hang Seng Index [2] - Macau's June gaming revenue increased by 19% year-on-year to MOP 21.1 billion, exceeding market expectations [2] - Other notable blue-chip movements included China Resources Land (01109) up 3.45% and Ideal Automotive (02015) up 2.8% [2] Sector Highlights Stablecoin Sector - The stablecoin concept is gaining traction, with companies like Guotai Junan International (01788) rising 10.77% [3] - The Hong Kong Stablecoin Regulation is set to take effect on August 1, with limited licenses expected to be issued [3] Beverage Sector - Tea beverage stocks surged, with Cha Bai Dao (02555) up 11.04% amid a competitive delivery market [4] - The delivery battle between Alibaba and Meituan has significantly boosted tea beverage consumption [4] Real Estate Sector - The housing market is under scrutiny, with a focus on stabilizing expectations and activating demand [5] - Analysts suggest that the third quarter will be crucial for policy direction affecting the real estate market [5] Gaming Sector - Gaming stocks continued to rise, with MGM China (02282) up 2.38% and overall positive sentiment in the Macau gaming market [6] - Morgan Stanley forecasts a 10% year-on-year increase in Macau's July gaming revenue [6] Power Sector - Power stocks saw a general increase, driven by record electricity demand due to high temperatures [7] - The maximum national electricity load reached 14.65 billion kilowatts, marking a significant year-on-year increase [7] Gold Sector - Gold stocks faced pressure, with Shandong Gold (01787) down 5.96% as gold prices fell below USD 3,310 per ounce [7] - The decline in gold prices is attributed to reduced expectations for US interest rate cuts [7] Notable Stock Movements - H&H International Holdings (01112) issued a profit warning, falling 7.14% [8] - Jihong Co. (02603) saw a significant rise of 11.62%, with projected net profit growth of 97.25% to 108.21% for the first half of 2025 [9] - Lao Pu Gold (06181) reached a new high, reflecting strong growth potential compared to industry peers [10] - FWD Group (01828) debuted on the market, closing up 1.05% with a net fundraising of approximately HKD 29.53 billion [11]

Market Overview - The Hang Seng Index fell by 0.45%, down 107 points, closing at 23,808 points, while the Hang Seng Tech Index decreased by 0.15% [1] - Early trading volume in Hong Kong stocks reached HKD 109.5 billion [1] Stablecoin Regulation - The Hong Kong Monetary Authority plans to release guidelines for stablecoin regulations this month, aiming to issue licenses within the year [1] - Stocks related to stablecoins saw significant gains, with Guotai Junan International rising by 8.2%, ZhongAn Online increasing by 5.64%, and Yike rising over 9% [1] New Tea Beverage Market - A subsidy war in the takeaway market has ignited the new tea beverage sector, with Guming and Cha Baidao both rising over 9% [1] Digital Health Services - Health Road saw its stock rise over 9% as its controlling shareholder voluntarily extended the lock-up period, focusing on a digital health service platform [1] Gaming Industry - Morgan Stanley reported that Macau's gaming revenue in June increased by 19% year-on-year to MOP 21.1 billion, exceeding analyst predictions by 9% [1] - Gaming stocks continued their upward trend, with Amax Holdings up 3.7%, Melco International Development up 1.6%, and MGM China up 2.1% [1] Medical Device Sector - In response to China's reciprocal restrictions on EU medical devices, the National Medical Products Administration issued support for high-end medical devices [1] - Medical device stocks experienced broad gains, with Spring Medical up 1.86%, Yongsheng Medical up 7.27%, and Xinwei Medical-B up 5.5% [1] Company Developments - China Rare Earth Holdings plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Jihong Co. saw its stock rise over 10%, with a projected over 55% year-on-year increase in net profit attributable to shareholders for the first half of the year [3] - H&H International Holdings is expected to see a decline in net profit by 45% to 65% for the first half of the year, resulting in a drop of over 6% in its stock price [4]

Market Overview - The US stock market was closed on July 4th for Independence Day [1] Hong Kong Stock Market Highlights - Yum China (09987) rose over 3% after announcing the establishment of an innovation fund to convert operational needs into practical applications [2] - H&H International Holdings (01112) fell over 7%, expecting a 45% to 65% decline in net profit for the first half of the year [2] - China Rare Earth Holdings (03788) surged nearly 9% as it plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Health Road (02587) jumped over 18% as its controlling shareholder voluntarily extended the lock-up period, focusing on digital health services [2] - Smoore International (06969) increased over 5% with the launch of Glo Hilo in Japan, maintaining high profit margins [2] - Tencent Music (01698) rose nearly 3% as institutions noted that recent acquisition plans would enhance overall content supply [2] - Jihong Co., Ltd. (02603) surged over 7%, with a projected net profit increase of over 55% year-on-year for the first half [2] - Solar stocks collectively declined, with Xinyi Solar (00968) down 4.86%, Fuyao Glass (06865) down 3.88%, New Energy (01799) down 3.19%, and Xinyi Glass (00868) down 2.64% [2] Other Notable Movements - Kuaishou-W (01024) rose over 3% as it plans to launch a live streaming initiative across multiple cities to create a collaborative ecosystem [3] - Gold stocks faced pressure, with Shandong Gold (01787) down 5.09%, China Gold International (02099) down 3.44%, Lingbao Gold (03330) down 2.68%, and Chifeng Jilong Gold (06693) down 2.33% [3] - China Shipbuilding Defense (00317) increased over 3% after the approval of a merger and acquisition restructuring plan, optimizing resources in the shipbuilding industry [3] - Medical device stocks saw a broad increase, with Spring Medical (01858) up 6.36%, Yongsheng Medical (01612) up 7.27%, Xinwei Medical-B (06609) up 3.55%, and Microneuroscience (02172) up 1.12% [3] - Some stablecoin concept stocks rose, with Victory Securities (08540) up 6.9%, Guotai Junan International (01788) up 5.15%, Yika (09923) up 2.59%, and China Everbright Holdings (00165) up 1.96% [3] - SF Express City (09699) rose nearly 7% amid intensified competition in the food delivery sector, with expectations of increased order volume [3] - HSSP International (03626) fell over 20% after being named by the Hong Kong Securities and Futures Commission for high stock concentration [3] Strategic Partnerships and New Listings - Shengye (06069) opened nearly 15% higher after forming a strategic partnership with Stand Robot to enhance its robotics industry chain [4] - Beverage stocks opened high, with Cha Bai Dao (02555) up 15%, Nayuki's Tea (02150) up 9.87%, Gu Ming (01364) up 5.77%, Hu Shang Ayi (02589) up 2.99%, and Mixue Group (02097) up 2.92% [4] - FWD Group (01828) had a flat opening on its first day of listing, being a life insurance company under Li Zeqiang's control [4]

Core Viewpoint - The news highlights the active performance of stocks related to stablecoins in Hong Kong and A-shares, driven by the recent legislative developments regarding stablecoins in Hong Kong and the growing global interest in the stablecoin market [1][4][5]. Group 1: Stock Performance - Stocks related to stablecoins have shown significant gains, with notable performers including Zhongyi Technology, which reached a 20% increase, and Huafeng Super Fiber, which rose over 13% [1][2]. - Other companies such as Jingbeifang, Qingdao King, and Xinyada also hit their daily limit up, indicating strong market sentiment [1][2]. Group 2: Legislative Developments - Hong Kong's Legislative Council passed the Stablecoin Ordinance, which will take effect in August, igniting market enthusiasm for stablecoins [4]. - The Financial Secretary of Hong Kong announced that the Monetary Authority is consulting the market on the implementation guidelines, which will include anti-money laundering requirements [4]. Group 3: Market Predictions - Standard Chartered predicts that the market size for stablecoins could reach $2 trillion by 2028, while Bernstein forecasts a supply increase to approximately $4 trillion over the next decade [6][7]. - However, JPMorgan expresses skepticism about the mainstream adoption of stablecoins, projecting a market value growth to only $500 billion by 2028 [8][9]. Group 4: Investment Opportunities - Investment focus should be on issuers, cross-border payment providers, and financial IT service companies, with a particular emphasis on those that can obtain licenses for stablecoin issuance [10][11]. - The stablecoin industry is still in its early stages, and companies with expertise in traditional banking IT and those involved in the digital RMB system are well-positioned to leverage this transition [12]. Group 5: Related Companies - Key players in the stablecoin ecosystem include issuers like Circle and Tether, as well as technology service providers such as Lakala and Xinguang [13].

Group 1 - The cryptocurrency concept stocks in Hong Kong experienced a volatile rise in early trading, with notable gains in several companies [1] - Guotai Junan International (01788.HK) saw an increase of over 7% [1] - Other companies such as Guofu Quantum (00290.HK), New Fire Technology Holdings (01611.HK), and Boya Interactive (00434.HK) also followed with upward movements [1]

港股开盘，恒指开跌0.36%，科指开跌0.46%；稳定币、新消费概念涨幅居前，茶百道(02555.HK)涨 15%，国泰君安国际(01788.HK)涨2.11%。 ...

Core Insights - Chinese securities firms have made significant progress in Hong Kong's capital market by being selected as the first distributors for the Integrated Fund Platform (IFP) launched by the Hong Kong Stock Exchange (HKEX) [1][2] - The IFP aims to enhance the efficiency of the fund distribution ecosystem by integrating order processing for subscriptions and redemptions, thereby improving communication between fund distributors and registered agents [1][2] Industry Developments - The HKEX announced the launch of order transmission services on the IFP, which will streamline the processing of fund orders and enhance collaboration among participants in the fund distribution ecosystem [1][2] - The first batch of distributors includes 12 Chinese securities firms, which are expected to leverage their technological and asset allocation advantages to strengthen their roles in connecting mainland China and Hong Kong's capital markets [2] Company Strategies - Selected Chinese securities firms plan to enhance their service offerings and expand their wealth management business by providing a wider range of fund products and improving the transparency of investment information [1][3] - Companies like CITIC Securities and China Galaxy International are focusing on optimizing their service platforms and integrating digital order transmission to improve efficiency in fund subscription and redemption processes [3][4] - Guangfa Securities (Hong Kong) aims to leverage Hong Kong's position as an international asset and wealth management center by continuously innovating its wealth management services [4]

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 国泰君安国际(01788) | 107.14 亿元 | +9152.26 万元 | | 阿里巴巴-W(09988) | 35.71 亿元 | -3.34 亿元 | | 中芯国际(00981) | 31.84 亿元 | +3.72 亿元 | | 小米集团-W(01810) | 30.87 亿元 | -3.70 亿元 | | 美团-W(03690) | 23.79 亿元 | -2.70 亿元 | | 建设银行(00939) | 21.20 亿元 | +1.68 亿元 | | 小鹏汽车-W(09868) | 21.08 亿元 | +9.19 亿元 | | 腾讯控股(00700) | 19.00 亿元 | -1.45 亿元 | | 康方生物(09926) | 16.74 亿元 | -9555.19 万元 | | 多点数智(02586) | 12.49 亿元 | +3015.96 万元 | 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 国泰君安国际(017 ...

稳定币概念港股涨幅扩大 国泰君安国际涨20% 智通财经7月4日电，截至发稿，国泰君安国际(01788.HK)涨20%，多点数智(025860.HK)涨19%，胜利证 券(08540.HK)涨7%。 ...