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].

Core Viewpoint - Standard Chartered Bank anticipates that the Hong Kong Monetary Authority may intervene intermittently in the second half of the year due to the persistent weakness of the Hong Kong dollar [1] Summary by Relevant Categories Currency Exchange - The Hong Kong dollar is expected to maintain an exchange rate around 7.85 against the US dollar over the next 3 to 6 months, which is the weak side of the trading band [1] Monetary Policy - The report indicates that the Hong Kong Monetary Authority may take actions to withdraw liquidity and reduce the surplus in the banking system, a process that typically lasts for 3 to 6 months [1]

FF305 第 1 頁 共 7 頁 v 1.3.0 | 1). | 於2025年6月30日購回但尚未註銷 | | 716,000 | 0.0307 % | GBP | 12.065952 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年6月30日 | | | | | | 2). | 於2025年7月1日購回但尚未註銷 | | 722,874 | 0.031 % | GBP | 11.839205 | | | 變動日期 | 2025年7月1日 | | | | | | 3). | 於2025年7月2日購回但尚未註銷 | | 738,690 | 0.0317 % | GBP | 12.016686 | | | 變動日期 | 2025年7月2日 | | | | | | 4). | 於2025年7月3日購回但尚未註銷 | | 733,428 | 0.0314 % | GBP | 12.11691 | | | 變動日期 | 2025年7月3日 | | | | | FF305 第 2 頁 共 7 頁 v 1.3.0 翌日披露報表 (股份發行人 ── ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 渣打集團有限公司 呈交日期： 2025年7月3日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | | 是 | | | | 證券代號 (如上市) | 02888 | 說明 | | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 ...

Core Insights - Southbound capital has significantly increased its presence in the Hong Kong stock market, with net inflows exceeding 730 billion HKD this year, marking a historical high for multiple indicators [1][2]. Group 1: Market Performance - The Hong Kong market has shown strong performance in the first half of the year, with the Hang Seng Index rising by 20% and the Hang Seng Tech Index increasing by 18.68%, ranking among the top global indices [2]. - In the first half of the year, southbound capital recorded a net inflow of 731.19 billion HKD, the highest for the same period historically, second only to the full-year figure of 807.87 billion HKD in 2024 [2]. - Southbound capital has shown a "buy the dip" strategy, with 30 trading days seeing net inflows exceeding 10 billion HKD, even on days when the Hang Seng Index declined [3]. Group 2: Trading Activity - The trading volume of southbound capital has increased significantly, with its share of the total trading volume in the Hong Kong market rising from 2.98% in 2015 to over 43.12% in the first five months of this year [4]. - In April, southbound capital recorded a net inflow of 166.67 billion HKD, the second-highest monthly inflow in history [2]. Group 3: Policy Support - The increase in southbound capital allocation to Hong Kong stocks is supported by policy measures, including the expansion of eligible stocks for the Stock Connect programs and the extension of tax incentives until 2027 [4]. Group 4: Sector Performance - The banking sector has seen significant increases in holdings by southbound capital, with major banks like China Construction Bank and HSBC among the top beneficiaries [6]. - The Hang Seng Index for mainland Chinese banks rose by 25.94% in the first half of the year, outperforming other key indices [6]. Group 5: Valuation Opportunities - "A+H" bank stocks are attracting southbound capital due to their lower valuations and higher dividend yields in the Hong Kong market compared to their A-share counterparts [7]. - Among 15 "A+H" bank stocks, 13 have A-share premium rates exceeding 10%, indicating a strong preference for H-shares due to their relative value [7].

渣打银行分析师Geoff Kendrick在一份报告中表示，随着比特币ETF和企业财务购买量的增加，比特币 可能在今年下半年达到历史新高。他说，第二季度这些资金流入总额为24.5万美元，第三和第四季度可 能会超过这一水平。如果特朗普提前宣布美联储主席鲍威尔的继任者，比特币也会上涨，因为这可能促 使市场更快地定价更多的降息。美国可能通过的稳定币法案也将支持比特币。渣打预计，比特币价格将 在第三季度升至13.5万美元，到年底升至20万美元。 ...

表格類別： 股票 狀態： 新提交 公司名稱： 渣打集團有限公司 呈交日期： 2025年7月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02888 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 渣打集團有限公司 呈交日期： 2025年7月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02888 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份 ...

Group 1 - Standard Chartered is facing a lawsuit in Singapore filed by liquidators seeking to recover funds from Malaysia's sovereign wealth fund, 1Malaysia Development Berhad (1MDB) [1][2] - The lawsuit alleges that Standard Chartered enabled fraud against 1MDB over a decade ago, with the financial services firm Kroll aiming to recover $4.5 billion stolen from 1MDB between 2009 and 2014 [2][3] - Kroll claims that Standard Chartered allowed over 100 intrabank transfers that concealed the movement of stolen funds, ignoring significant warning signs [3] Group 2 - Standard Chartered has rejected the claims and stated that it will vigorously defend against the lawsuit, asserting that the claims are without merit [4] - The U.S. Department of Justice previously filed lawsuits related to a multibillion-dollar international money-laundering scandal involving 1MDB, alleging misappropriation of over $3.5 billion by high-level officials [5][6] - In December 2016, the Monetary Authority of Singapore fined Standard Chartered 5.2 million Singapore dollars (approximately $3.5 million) for lapses in anti-money laundering procedures [7]

Core Insights - The sudden rise in interest for stablecoins in June 2023 is attributed to regulatory signals from the People's Bank of China and the International Monetary Fund, indicating a shift towards a more positive stance on stablecoin exploration [1][4][5] - The U.S. has made significant strides in legalizing stablecoins, which may further enhance the global dominance of the U.S. dollar and reduce over-reliance on it by other economies [5][6] - Hong Kong is emerging as a key player in the stablecoin landscape, having established a regulatory framework for stablecoins, which is set to take effect on August 1, 2023 [7][12] Regulatory Developments - The People's Bank of China has expressed the need for a diversified global currency system, suggesting that digital yuan and stablecoins could play a role in cross-border settlements [3][4] - The U.S. Senate passed the "GENIUS" Act, which mandates that stablecoin issuers must hold 100% reserves in U.S. dollars and short-term U.S. Treasury securities, thereby legitimizing dollar-pegged stablecoins [5][6] - Hong Kong's "Stablecoin Ordinance" will classify stablecoins pegged to the Hong Kong dollar as "payment instruments," subjecting them to a licensing regime similar to the U.S. regulations [7][12] Market Dynamics - Stablecoins, particularly USDT and USDC, dominate the market, holding over 90% of the market share, and are primarily pegged to the U.S. dollar [2] - The use of stablecoins is expected to lower cross-border payment costs significantly by simplifying the transaction process and eliminating intermediaries [9] - The tokenization of real-world assets (RWA) is gaining traction, with stablecoins being positioned as a key medium for transactions in this emerging market [10][11] Industry Participation - Major players like Ant Group and JD.com are actively pursuing stablecoin licenses in Hong Kong, indicating a strong interest from established companies in the stablecoin space [13] - The Hong Kong Monetary Authority is set to announce the first batch of stablecoin licenses, with several financial institutions already engaged in stablecoin projects [12][13] - Global banks such as Standard Chartered, HSBC, and Deutsche Bank are also exploring stablecoin initiatives, highlighting the growing interest from traditional financial institutions [14]