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].

6月9日，中美经贸磋商会议在伦敦举行，市场风险情绪升温。 港股三大指数全天表现强势，恒生科技指数一度大涨3.2%，收涨2.78%；恒指涨1.63%站上24100点上方，从4月低点上涨21%进入技术性牛市，近乎收复此 前调整跌幅。 | 名称 | | 最新价 | 涨跌额 涨跌幅 | | --- | --- | --- | --- | | 恒生科技指数 | Fryst | 5433.23 | +146.71 +2.78% | | 800700 | | | | | 恒生指数 | Mar | 24181.43 | +388.89 +1.63% | | 800000 | | | | | 国企指数 | | 8780.13 | +150.38 +1.74% | | | M.N | | | 盘面上，大型科技股、大金融股、中字头股等权重集体表现活跃助力大市走强；医药板块大涨，创新药概念股涨幅居前；新消费概念股再度活跃，泡泡玛特 再创历史新高，半导体股、苹果概念股、军工股、稳定币概念股、石油股、教育股等热门板块齐涨。另一方面，市场避险情绪降温致金价下滑，黄金股逆势 下跌，铝、铜等有色金属股集体跟跌，啤酒股、汽车股、煤炭股普遍弱势。 ...

Group 1: Net Inflows and Outflows - Meituan-W recorded a net inflow of HKD 10.75 billion, while BYD Company saw a net inflow of HKD 3.84 billion [1] - Xiaomi Group-W experienced a net outflow of HKD 16.12 billion, and Tencent Holdings faced a net outflow of HKD 14.54 billion [1][4] - Southbound funds have continuously net bought Meituan for 14 days, totaling HKD 154.8559 billion, and have net sold Tencent for 5 days, totaling HKD 45.2192 billion [4] Group 2: Company-Specific Insights - Old Puh Gold (06181.HK) received a net inflow of HKD 2.36 billion, with a new product launch expected to enhance consumer experience and sales growth due to rising gold prices [6] - Zhong An Online (06060.HK) attracted a net inflow of HKD 1.62 billion, benefiting from the upcoming stablecoin regulations in Hong Kong and strong growth in medical and auto insurance premiums [7] - Meituan-W's recent performance showed significant growth in new customers, particularly among the post-95 generation, with over 50 product categories seeing sales growth exceeding 100% year-on-year [7]

港股稳定币概念股集体回调，中国光大控股(00165.HK)跌超8%，众安在线(06060.HK)、连连数字 (02598.HK)均跌超6%。 ...

Market Overview - On June 4, the Hang Seng Index rose by 0.60%, with southbound trading totaling HKD 1,063.30 billion, comprising buy transactions of HKD 549.23 billion and sell transactions of HKD 514.07 billion, resulting in a net buy of HKD 35.16 billion [2][4] Active Stocks - The most actively traded stock by southbound funds was Xiaomi Group-W, with a total transaction amount of HKD 54.40 billion. Meituan-W and Alibaba-W followed with transaction amounts of HKD 47.39 billion and HKD 43.75 billion, respectively [2][3] - In terms of net buying, Meituan-W led with a net buy of HKD 14.14 billion, followed by Alibaba-W with HKD 6.20 billion and BYD Company with HKD 3.94 billion [2][3] Net Selling Stocks - Tencent Holdings experienced the highest net selling amount at HKD 14.36 billion, despite its stock price increasing by 1.39%. Xiaomi Group-W and SMIC faced net selling amounts of HKD 13.75 billion and HKD 1.35 billion, respectively [2][4] Continuous Net Buying - Three stocks have seen continuous net buying for more than three days, with Meituan-W leading at 13 days, followed by CSPC Pharmaceutical Group at 4 days and Alibaba-W at 3 days. The total net buying amounts during this period were HKD 144.10 billion for Meituan-W, HKD 22.53 billion for CSPC, and HKD 16.49 billion for Alibaba-W [3]

智通财经APP获悉，2025年6月4日当天，小米集团-W(01810)、美团-W(03690)、阿里巴巴-W(09988)位 居沪港通(南向)成交额前3位，成交额分别为34.44 亿元、24.70 亿元、23.71 亿元；美团-W(03690)、阿 里巴巴-W(09988)、小米集团-W(01810) 位居深港通(南向)成交额前3位，成交额分别为22.69 亿元、 20.04 亿元、19.96 亿元。 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 美团-W(03690) 22.69 亿元 +8.59 亿元 阿里巴巴-W(09988) 20.04 亿元 +6.58 亿元 小米集团-W(01810) 19.96 亿元 -5.72 亿元 腾讯控股(00700) 19.52 亿元 -7.59 亿元 信达生物(01801) 13.52 亿元 +7053.74 万元 泡泡玛特(09992) 9.42 亿元 +1.55 亿元 中芯国际(00981) 8.49 亿元 -3.25 亿元 比 亚迪股份(01211) 8.46 亿元 +3.94 亿元 石药集团(01093) 7.97 亿元 +3.31 亿元 思摩尔 ...

Group 1 - The Hong Kong insurance stocks are experiencing volatility and a downward trend, with ZhongAn Online (06060.HK) and China Pacific Insurance (02328.HK) both declining over 2% [1] - China Ping An (02318.HK) and Yunfeng Financial (00376.HK) have also seen declines of more than 1% [1]

Core Viewpoint - The Hong Kong Internet ETF is showing strong performance, with a significant increase in net value and favorable market conditions for technology stocks, particularly in the context of the AI industry transformation [1][2]. Group 1: Market Performance - As of June 4, 2025, the Hong Kong Internet ETF has risen by 0.49%, with notable increases in constituent stocks such as Alibaba Pictures (3.33%) and Xiaomi Group (1.88%) [1]. - The Hong Kong Internet ETF has seen a net value increase of 39.38% over the past year, ranking 143 out of 2831 index stock funds, placing it in the top 5.05% [2]. - The ETF has a historical one-year profit probability of 100% and an average monthly return of 9.47% during the rising months [2]. Group 2: Financial Metrics - The ETF's Sharpe ratio since inception is 1.51, indicating a favorable risk-adjusted return [3]. - The relative drawdown since inception is 4.62% compared to its benchmark [4]. - The management fee is 0.50% and the custody fee is 0.10%, making it one of the lowest in its category [5]. Group 3: Valuation and Composition - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 21.67, which is below 90.91% of the historical data over the past year, indicating a low valuation [5]. - The top ten weighted stocks in the index account for 77.23% of the total, with Alibaba-W (18.49%) and Xiaomi Group-W (15.72%) being the most significant [5][7].

港股稳定币概念股冲高， 联易融科技涨近6%， 连连数字涨超3%， 众安在线涨超2%。 ...

港股稳定币概念股盘初拉升，联易融科技(09959.HK)涨超10%、连连数字(02598.HK)涨超5%，中国光大 控股(00165.HK)涨超3%，众安在线(06060.HK)涨超1%。 ...