以下文章来源于AGI接口 ，作者宋思杭 AGI接口 . AI卷起的财富风暴。 出品｜虎嗅科技组 7天、7个公司、28亿，这是7月7日到13日具身智能圈创下的新"融资神话"，连续七笔单笔额度超 过亿元的大额融资，让创投圈在"机器人"身上看到了不亚于两年前大模型一样的吸金力。 在这7笔融资之中，华兴资本 （下称"华兴"） 参与了这其中的三笔大额交易，其中包括星海图、 星动纪元、跨维智能，总融资额约15亿人民币。也就是说，在这场具身智能吸金风暴里，超过一 半的钱和这家国内头部FA机构有关。 作者｜宋思杭 编辑｜苗正卿 头图｜AI生成 而此前两年，华兴陷入了一段缄默时刻：在创投圈，甚至一些人不知道这家曾经"顶流"的机构在 做什么。而外界对于华兴的印象还停留在它善于捕捉互联网并购浪潮，曾参与了滴滴收购Uber中 国、美团与大众点评合并等等事件。人们并没有把华兴资本和AI、具身智能这些更新鲜的概念画 上等号。 那么这家曾经顶流的机构，在过去两年到底经历了什么？它又是如何暗渡陈仓般布局具身智能 的？带着这些问题，在7月，虎嗅来到了华兴位于三里屯的总部。 见到华兴CEO王力行的那一天是周一。王力行是典型的华兴人，他大学毕业就 ...

Core Viewpoint - The article highlights the significant investment activity in the field of embodied intelligence, with Huaxing Capital playing a pivotal role in multiple high-value financing rounds, indicating a resurgence in its market influence and strategic focus on AI and robotics [1][4][24]. Investment Activity - From July 7 to July 13, seven companies in the embodied intelligence sector raised a total of 2.8 billion RMB, with Huaxing Capital involved in three major transactions, contributing approximately 1.5 billion RMB [1]. - Huaxing Capital's recent investments include companies like Xinghai Map, Xingdong Era, and Kuawei Intelligence, showcasing its aggressive strategy in this emerging sector [1][9]. Company Strategy - Huaxing Capital has undergone a transformation, described as a "second entrepreneurship," focusing heavily on the embodied intelligence sector since 2022, aiming for comprehensive positioning rather than merely increasing project numbers [4][6]. - The company has significantly expanded its team dedicated to robotics, growing from a few members to six focused on embodied intelligence, reflecting its commitment to this field [10][11]. Market Context - The article notes that the current market for embodied intelligence is still in its early stages, with a total market size of approximately 150 billion USD, indicating potential for growth and investment opportunities [23][24]. - Huaxing Capital's approach contrasts with the caution seen in other sectors, as it actively seeks to capitalize on the momentum in embodied intelligence, despite concerns about potential market bubbles [20][24]. Internal Changes - Huaxing Capital has restructured its internal organization to enhance flexibility and responsiveness to market changes, emphasizing the importance of sensitivity and adaptability in its operations [16][18]. - The establishment of the Financial Services Group (FSG) platform has facilitated knowledge sharing and resource allocation within the firm, allowing for a more collaborative approach to investment [18][19]. Evaluation Criteria - Huaxing Capital has developed specific evaluation criteria for selecting embodied intelligence companies, focusing on core model capabilities, data efficiency, integration of hardware and software, commercial viability, and financial stability [12].

| 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | 0 | 25130.03 | +135.89 | 0.54% | | 800100 | 国企指数 | | 9075.60 | +35.40 | 0.39% | | 800700 | 恒生科技指数 | | 5606.83 | +21.33 | 0.38% | 盘面上，大型科技股多数继续上涨行情，其中，快手涨近2%，百度涨1.38%，腾讯、小米、网易、阿里巴巴均上涨，美团、京东走低。 受相关传闻影响，煤炭股午后异动拉升上扬，蒙古焦煤涨11.55%，兖矿能源、南戈壁涨超9%，中煤能源、中国神华皆强势。 基建类股全天表现活跃，尤其是高铁基建股涨幅明显，中国交通建设涨7.57%领衔，中国铁建、中国中车、中国中铁齐涨。 汽车股、光伏股、半导体股、海运股、电力股、钢铁股、黄金股等有色金属股纷纷上涨。 今日，港股三大指数全天呈现窄幅震荡行情，盘中均刷新阶段新高，且都录得连涨行情，市场做多情绪稳步攀升。 截止收盘，恒生指数涨0.54%突破年内高点，创20 ...

Group 1 - The concept stocks related to stablecoins in the Hong Kong market have continued to rise strongly for three consecutive days [1] - OSL Group (09618.HK) and JD.com (09618.HK) both increased by over 4% [1] - Alibaba (09988.HK) rose by over 3%, while ZhongAn Online (06060.HK) increased by nearly 3% [1] Group 2 - Huaxing Capital Holdings (01911.HK), Yao Cai Securities (01428.HK), and China Merchants Securities (06099.HK) all saw an increase of 1.5% [1]

Group 1 - China's Q2 GDP growth reached 5.2%, exceeding expectations, leading to a rally in Hong Kong stocks [1] - The Hang Seng Technology Index surged by 2.8%, while the Hang Seng Index and the National Enterprises Index rose by 1.6% and 1.65% respectively [1][2] - Major technology stocks performed strongly, with Alibaba rising nearly 7%, Meituan and Baidu up over 4%, and Tencent increasing by 3.5% [2][4] Group 2 - The cryptocurrency sector faced challenges, with Bitcoin dropping below $117,000, leading to a decline in related stocks [2] - Real estate development investment in China fell by 11.2% year-on-year in the first half of the year, impacting domestic property stocks significantly [2][13] - The construction materials and cement stocks also saw declines, with major players like Jinyu Group and Anhui Conch Cement dropping over 6% and 4% respectively [11][12] Group 3 - The innovative drug sector showed strength, with companies like BeiGene and CSPC Pharmaceutical rising over 7% [7][8] - Stablecoin-related stocks performed well, with Yunfeng Financial increasing by 19.5% and Weishi Jiajie up by 11% [9][10] - The entertainment sector saw gains, with China Star Group rising over 10% and Tencent Music increasing by over 5% [15] Group 4 - Southbound funds recorded a net inflow of HKD 3.824 billion, indicating strong interest in Hong Kong stocks [18] - Analysts noted a shift in investor sentiment towards undervalued stocks, with some funds looking to capitalize on recent price corrections in major internet companies [17]

Summary of Key Points Core Viewpoint - As of July 14, a total of 138 stocks reached their 52-week highs, indicating a strong performance in the market, with notable leaders including Green Heart Group Holdings, OK Blockchain, and Pearl River Steel Pipe [1]. Group 1: Top Performers - Green Heart Group Holdings (02999) achieved a closing price of 0.013 with a peak of 0.017, marking a 70.00% increase [1]. - OK Blockchain (01499) closed at 0.680, reaching a high of 0.690, reflecting a 48.39% rise [1]. - Pearl River Steel Pipe (01938) had a closing price of 0.335 and a peak of 0.340, resulting in a 33.33% increase [1]. Group 2: Other Notable Stocks - Weishi Jiajie (00856) saw a 32.01% increase, closing at 8.870 with a high of 11.300 [1]. - Cloud Intelligence (09678) reached a high of 520.000, closing at 510.000, which is a 20.99% increase [1]. - China Chengtong Development Group (00217) closed at 0.165 with a peak of 0.166, marking a 14.48% rise [1]. Group 3: Additional Stocks with Significant Increases - Sihuan Pharmaceutical (00460) closed at 1.380, reaching a high of 1.430, which is a 14.40% increase [1]. - Taited Pharmaceutical (03880) had a closing price of 36.950 and a peak of 37.400, reflecting a 13.85% rise [1]. - Beihai Kangcheng-B (01228) closed at 0.850 with a high of 0.960, resulting in a 12.94% increase [1].

Group 1 - The Hong Kong government is set to implement the "Stablecoin Ordinance" in August, which will establish a licensing system for fiat-backed stablecoin issuers in Hong Kong [1][2] - The Financial Secretary, Xu Zhengyu, indicated that the number of licenses issued will be in the "single digits," with expectations to receive applications after the ordinance takes effect [2] - There are currently at least nine institutions interested in applying for stablecoin licenses, including three that are part of the Hong Kong Monetary Authority's stablecoin issuer sandbox [2] Group 2 - Following the announcement, Hong Kong's stablecoin concept stocks saw significant gains, with notable increases in share prices for companies such as Guotai Junan International (+10.77%) and Yika (+9.87%) [3] - Stablecoins are expected to facilitate cross-border payments and reduce transaction costs, serving as a local currency alternative in specific regions [4] - Analysts from various securities firms suggest that the stablecoin market is expanding beyond cryptocurrency trading into broader payment applications, indicating a rapid increase in market size and trading activity [4]

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 closed down 0.17% at 24,284.15 points, while the Hang Seng Tech Index fell 0.07% to 5,341.43 points, and the Hang Seng China Enterprises Index decreased by 0.47% to 8,762.47 points [2] - The automotive, pharmaceutical, and banking sectors showed weakness, while the metals sector experienced gains [4] Metals Sector Performance - The metals sector saw significant gains, with Jiangxi Copper rising over 7%, Tianqi Lithium and Luoyang Molybdenum both increasing over 6%, and Zijin Mining among the top performers [4] - Notable stock performances included Luoyang Molybdenum at 6.26% with a market cap of 191.02 billion, Tianqi Lithium at 6.78% with a market cap of 56.97 billion, and Ganfeng Lithium at 2.74% with a market cap of 69.64 billion [5] Commodity Price Outlook - Goldman Sachs forecasts that copper prices will peak at approximately $10,050 per ton by August 2025 due to tightening supply in markets outside the U.S. [5] - Ping An Securities reports that the weakening of the U.S. dollar credit system will continue to drive precious metal prices higher, while industrial metals like copper and aluminum are expected to benefit from a loose monetary environment [5] Automotive Sector Dynamics - Xiaomi Group's stock rose by 3.6%, while major automotive stocks like Xpeng Motors, NIO, and BYD saw declines of 3.17%, 1.84%, and 1.19% respectively [6][7] - Market analysts suggest that the automotive sector may be impacted by Xiaomi's competitive pricing strategy for its new YU7 series, with expectations of monthly sales reaching 60,000 to 80,000 units [7] Banking Sector Trends - Chinese bank stocks experienced slight declines, with Luzhou Bank, Chongqing Bank, and China Merchants Bank dropping by 3.49%, 2.91%, and 2.39% respectively [8] - Recent reports indicate that insurance funds have been favoring high-dividend bank stocks, but this trend may be slowing down as investment teams shift focus towards technology innovation board companies [8] Financial Sector Developments - Huaxing Capital Holdings saw a significant intraday rise of nearly 38% before closing up 4.67% at HKD 4.48 per share, following its announcement of a $100 million investment in the Web 3.0 and cryptocurrency asset space [11] - The Hong Kong Securities and Futures Commission announced an increase in position limits for futures and options contracts on major indices, effective July 2, 2025, aimed at enhancing market flexibility [12]

Core Viewpoint - The surge in digital assets has become a central theme in the Hong Kong stock market, with significant price increases in companies like ZhongAn Online and Huatai International, indicating a transformative moment driven by supportive policies and capital enthusiasm [1] Group 1: Strategic Decisions - Huaxing Capital's strategic move into the Web3.0 and cryptocurrency sectors is a response to the global fintech wave and a continuation of its focus on the new economy [3] - The Hong Kong government has established a clear regulatory framework for digital assets, providing a conducive environment for innovation and reducing policy risks for financial institutions like Huaxing Capital [4] Group 2: Huaxing Capital's Position - Huaxing Capital is well-positioned in the digital asset market with significant cash reserves of 1.3 billion RMB, 3 billion RMB in trading financial assets, and zero long-term debt, allowing it to navigate the digital asset wave without historical burdens [2] - The current market valuation of less than 3 billion HKD does not reflect the quality of Huaxing's assets, which are undervalued due to the industry's recent downturn, suggesting potential for recovery and growth [2] Group 3: Competitive Advantages - Huaxing Capital has a competitive edge in compliance, having previously provided regulatory solutions for digital asset firms, which aligns with the Hong Kong government's licensing processes [6] - The company has a history of strategic investments in the digital asset space, including early investments in stablecoin issuer Circle, which has yielded significant returns and validated its foresight in the sector [7] Group 4: Ecosystem Development - Huaxing has built a comprehensive ecosystem in Web3.0, having facilitated the NASDAQ listing of mining leader Canaan and invested in various digital asset platforms, creating a dual-driven model of investment banking services and strategic investments [8] - The appointment of Frank Fu Kan as an independent director enhances Huaxing's capabilities in the digital asset space, bringing extensive experience in compliance and operational management [9] Group 5: Future Outlook - The current market valuation of Huaxing Capital, at 0.4 times its book value, reflects a lag in recognizing the potential of its new digital asset business, which could lead to significant valuation adjustments as it begins to generate revenue [10] - The anticipated growth in Web3.0 business could trigger a substantial re-evaluation of Huaxing's overall value, especially as traditional financial operations recover alongside new business contributions [10]