日前，在字节跳动举办的25年即创数字人投放激励赛中，移卡(09923.HK)旗下精准营销公司创信众最终 获得即创激励赛消耗增速全渠道TOP3，成为线索金融行业AIGC消耗排名第一的合作伙伴，同时创信众 的AIGC案例也在全部案例中获得了最高分。 移卡科技副总裁秦令今在分析视频广告投放环境时表示，抖音等短视频平台爆发，导致传统的广告投放 模式不再适用，广告主正面临成本越来越高而ROI（投资回报率）却越来越低的困境。在注意力稀缺的 当下，许多广告主开始尝试如何快速吸引消费者下单成交，比如采用"赛马机制"，同时在抖音、视频号 等投放十几、数十条广告起量等。 以短视频带货为例，像美妆、服饰这种时效性强的品类，一轮测品就要15～30条短视频素材。如果使用 真人拍摄，一来成本比较高，二来拍摄周期也比较长。后面还有投放、效果反馈、改进、再投放，整个 视频投放周期会拉得更长，不符合现在短平快的竞争环境。 秦令今认为，数字人是帮助广告主解决当前困境的最佳方案。 数字人通常基于真人建模，只需要提供一段文案，就可以自动生成真人口播广告投放视频，省去繁杂的 拍摄、剪辑等流程，批量生产。甚至可以基于企业需求，使用专人建模得到独属于企业 ...

7. 中船防务 (00317) 再涨超 5% ，中国船舶发布上半年业绩盈喜预告，公司可能受益于集团内部资源整 合。 点击蓝字，关注我们 今日上午港股 1.今海医疗科技 (02225) 盘中涨超 5% ， 近日与戴维医疗达成合作，公司已布局 "微创 5.0" 技术。 2. 芯片股早盘走高 ，华虹半导体 (01347) 涨 4.12%，贝克微 (02149) 涨 3.17%，晶门半导体 (02878) 涨 3.45%，中芯国际 (01347) 涨 3.11%。 3. 香港中旅 (00308) 一度涨超 14%， 不到一个月股价实现翻倍，市场炒作文旅产业 RWA。 4. 美团 - W (03690) 盘中涨超 3%， 旗下美团龙珠联合领投星海图，公司再度布局具身智能。 5. 裕元集团 (00551) 涨超 3%， 6 月综合经营收益净额同比增加 1.5%。 6. 内险股早盘普涨， 中国太保 (02601) 涨 4.88%，中国财险 (02328) 涨 3.57%，中国平安 (02318) 涨 3.19%，新华保险 (01336) 涨 2.5%。 8. 阿里巴巴 - W (09988) 涨超 3%， 加大即时零售及外 ...

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 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].

Core Insights - The People's Bank of China has released a draft for public consultation regarding the rules for the Cross-Border Interbank Payment System (CIPS), aiming to enhance participant management and adapt to the system's growth [1][2] - The draft emphasizes the establishment of a robust risk management framework for operational institutions, including monitoring and managing various types of risks [2] - CIPS has seen significant growth, with a compound annual growth rate of 35% in transaction volume and 30% in transaction value from 2022 to 2024 [3] Industry Developments - The draft rules are designed to support the expansion of CIPS participants, which have increased to 174 direct participants and 1,509 indirect participants as of May 2025, covering 120 countries and regions [3] - CIPS has processed over 675 trillion yuan in various payment transactions since its launch, indicating its growing importance in cross-border payments [3] - The recent signing of agreements with six foreign institutions marks a significant expansion of CIPS's reach into Africa, the Middle East, Central Asia, and Singapore [3] Company Implications - Major banks like Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China are directly involved in CIPS, leveraging their global networks to enhance cross-border payment capabilities [4][5] - Payment technology companies like Yika are also positioning themselves in the cross-border payment space, focusing on e-commerce and B2B solutions [5] - Bank of China Hong Kong, as an early participant in CIPS, benefits from direct access to the system, reducing costs and improving efficiency in cross-border RMB clearing [5]

Investment Rating - The report does not explicitly state an investment rating for Yeahka (9923 HK) Core Insights - Stablecoins are reshaping the global cross-border payment landscape with advantages such as short settlement times, low costs, and resistance to exchange rate fluctuations, making them ideal for various payment scenarios [2][10] - Yeahka has expanded internationally since 2021, obtaining payment licenses in Singapore and the U.S., and launched its cross-border payment brand YeahPay in 2023, achieving an overseas transaction volume of over 1.1 billion RMB in 2024, a nearly 5-fold year-on-year increase [11][12] - The traditional cross-border payment model incurs fees of approximately 3-8% for merchants, while third-party payment platforms like Yeahka generate revenue through diverse models including transaction fees, currency conversion fees, and interest income from deposited funds [12][10] Summary by Sections Section: Stablecoins in Cross-Border Payments - Stablecoins enable peer-to-peer real-time settlement through distributed ledger technology, reducing transaction costs and compressing settlement times to minutes compared to the traditional banking system which relies on the SWIFT network [2][10] Section: Yeahka's Overseas Expansion - Yeahka has successfully launched its cross-border payment brand YeahPay and signed a global strategic cooperation memorandum with Alipay International, marking significant growth in its overseas business [11][12] Section: Existing Payment Industry Model - The revenue model for third-party payment platforms includes transaction fees, currency conversion fees, interest income from overseas payments, and technology output, showcasing a diverse approach to profitability [12][10] Section: Future Business Models for Third-Party Payment Providers - Stablecoins present new business opportunities for acquirers, allowing them to expand into overseas markets and diversify payment scenarios, such as providing one-stop services for merchants [13][14]

Group 1: Market Overview - The Hang Seng Index fell by 0.48%, down 117 points, closing at 24,357 points, while the Hang Seng Tech Index remained unchanged [1] - The early trading volume in the Hong Kong stock market reached HKD 142.1 billion [1] Group 2: Digital Currency and Stablecoins - Citic Securities highlighted the need to focus on opportunities related to stablecoins in response to the rising international dominance of digital dollars [1] - Stocks related to stablecoins saw significant gains, with Victory Securities (08540) doubling in price, China Everbright Holdings (00165) rising nearly 28%, and Yikang (09923) and Huaxing Capital Holdings (01911) both increasing by approximately 11% [1] Group 3: Sector Performance - Hong Kong Travel (00308) surged over 60% as the tourism industry continues to show positive trends, with the company increasing its tourism investments [3] - Defense and military stocks rose against the market trend, with China Shipbuilding Defense (00317) up 8.5% and AVIC (02357) increasing by 2.88%, as institutions expect a revaluation of defense assets [3] - China Molybdenum (03993) rose by 5.92% due to a new round of cobalt export bans from the Democratic Republic of Congo, which may exceed market expectations, providing strong support for cobalt prices [3] - Ocean Park (02255) increased by over 19% as Xiangyuan Holdings is set to become the new controlling shareholder, potentially leading to complementary advantages [3] Group 4: Company-Specific News - Sinopharm (01801) fell by 3.94% after announcing a 4.9% discount on a share placement, raising HKD 4.265 billion [4] - Kingkey Financial International (01468) dropped over 6% following a profit warning, expecting an annual net loss of no more than HKD 1.25 billion [5]