股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 聯易融科技集團（於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09959 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,726,828,436 | USD | 0.00000833 | USD | | 47,723.57 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,726,828,436 | USD | | 0.00000833 USD | | 47 ...

Investment Rating - The report maintains a positive outlook on the non-bank sector, particularly in insurance and securities, suggesting a "Recommended" rating for key companies in these sectors [3][41]. Core Insights - The report highlights a reduction in the preset interest rates for life insurance products, with ordinary life insurance at 2.0%, participating insurance at 1.75%, and universal insurance at 1.0%. This adjustment is expected to optimize the liability structure of insurance companies and promote a shift towards non-guaranteed income products [1][3]. - The China Securities Regulatory Commission (CSRC) is focused on stabilizing the capital market and enhancing market vitality through reforms, which is anticipated to boost investor confidence and market performance [2][3]. - The report emphasizes the positive impact of recent monetary policies, including interest rate cuts, which are expected to enhance market sentiment and support the valuation recovery of quality listed companies [3][41]. Summary by Sections Market Review - Major indices showed positive performance, with the Shanghai Composite Index up by 1.67% and the Shenzhen Component Index up by 2.33% during the week [7]. - The non-bank financial sector saw a mixed performance, with the securities index rising by 4.82% [7][8]. Securities Sector - The report notes that the total trading volume in the A-share market reached 10.66 trillion yuan, with a daily average trading volume of 1.78 trillion yuan, reflecting a 14.20% increase week-on-week [16]. - The IPO underwriting scale for the year reached 560.64 billion yuan, while refinancing underwriting amounted to 8050.88 billion yuan [16][18]. Insurance Sector - The report indicates that the life insurance premium growth rate for major companies like China Life and Ping An Life has shown positive trends, with significant increases in premium income [24][25]. - The adjustment of preset interest rates is expected to lower the liability costs for insurance companies, enhancing their financial stability [1][3]. Investment Recommendations - The report suggests focusing on key insurance companies such as China Pacific Insurance, Sunshine Insurance, and Ping An Insurance, as well as leading securities firms like CITIC Securities and Huatai Securities [41][42]. - It also highlights potential benefits for non-bank institutions from the implementation of stablecoin regulations and cross-border payment innovations [3][41].

Core Insights - The article discusses the diverse types of supply chain finance products in China, emphasizing their role in enhancing liquidity for enterprises through various financing solutions [1][3]. Product Types - Supply chain finance products are categorized into four main types: accounts receivable financing, prepayment financing, inventory financing, and others, aimed at revitalizing enterprise liquidity [1][3]. - Accounts receivable financing involves transferring receivables to a financial institution for funding, which includes comprehensive services like receivables management and bad debt guarantees [3][4]. - Prepayment financing is primarily used for downstream financing of core enterprises, with two main business models: "first invoice then payment" and "warehouse receipt financing" [8][10]. - Inventory financing is divided into inventory financing and warehouse receipt financing, with the latter further categorized into standard and ordinary warehouse receipts [10]. Specific Product Details - **Recourse Factoring**: A type of factoring where the factor has the right to reclaim funds from the financing party if receivables cannot be collected [4]. - **Leasing Factoring**: Provides financing based on receivables from leasing companies, similar to a "re-factoring" service [4]. - **Accounts Receivable Pledge Financing**: Involves pledging accounts receivable as collateral for short-term loans, requiring notification to core enterprises for confirmation [6]. - **Standard Warehouse Receipt Financing**: Involves using standard warehouse receipts as collateral, primarily for commodities like soybeans, copper, and aluminum [10]. - **Ordinary Warehouse Receipt Financing**: Utilizes ordinary warehouse receipts for financing, requiring clear ownership of the pledged goods [10]. Industry Impact - Supply chain finance plays a crucial role in promoting economic development by helping enterprises activate their liquid assets, including receivables, prepayments, and inventory [3].

港股稳定币概念股多数走强，联易融科技(09959.HK)涨超10%，耀才证券金融(09959.HK)涨超6%，京东 (09618.HK)涨近3%，阿里巴巴(09988.HK)涨近2%。 ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities [7]. Core Insights - The Hong Kong "Stablecoin Regulation" will take effect on August 1, 2025, which is expected to enhance the development of the stablecoin industry in Hong Kong. The U.S. Congress has also passed the "Genius Act" to establish a regulatory framework for cryptocurrencies, signed into law by President Trump [1][2]. - Short-term, cross-border payment scenarios are anticipated to be significant applications for stablecoins, improving efficiency and reducing costs. Financial technology companies related to cross-border payments are expected to benefit, with a focus on companies like Lianlian Digital [1]. - Long-term, stablecoins are expected to facilitate virtual asset trading and the tokenization of real-world assets (RWA) and security token offerings (STO). Major Chinese brokerages are accelerating their involvement, with firms like Guotai Junan International upgrading their virtual asset trading licenses [2]. Summary by Sections Market Review - Major indices saw increases, with the Shanghai Composite Index up by 0.69% and the ChiNext Index up by 3.17% during the week [9]. - The non-bank sector experienced an overall decline, with the non-bank financial index down by 1.24% [9]. Securities Sector - The report highlights a significant increase in trading activity, with a total trading volume of 0.73 trillion shares and a turnover of 9.34 trillion yuan, marking a 6.05% increase week-on-week [17]. - The report notes that the margin trading balance reached 1.90 trillion yuan, a 1.52% increase from the previous week [17]. Investment Recommendations - The report suggests focusing on insurance companies such as China Pacific Insurance, New China Life, China Ping An, China Life, and China Property & Casualty Insurance. In the securities sector, it recommends attention to leading firms like CITIC Securities, Huatai Securities, Guotai Junan, and China Galaxy Securities [44][45]. - Non-bank institutions to watch include ZhongAn Online, Lianlian Digital, Hong Kong Exchanges and Clearing, and Lianyi Technology [45].

Group 1 - The stocks of Lianyi Technology-W (09959) fell by 6.17% [1] - OSL Group (00863.HK) experienced a decline of 4.10% [1] - Guotai Junan International (01788.HK) dropped by 3.45% [1] - China Everbright Holdings (00165.HK) decreased by 3.10% [1]

中国2025年6月重磅宏观经济数据公布，其中Q2GDP同比5.2%超预期。港股三大指数午后持续拉升走 强，一扫早盘冲高回落行情。截止收盘，恒生科技指数一马当先，最终收涨2.8%，恒生指数、国企指 数分别上涨1.6%及1.65%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | ○ 24590.12 | +386.80 | 1:60% | | 800100 | 国企指数 | 8877.10 | +144.36 | 1.65% | | 800700 | 恒生科技指数 | 5431.29 | +147.79 | 2.80% | 盘面上，作为市场风向标的大型科技股午后持续攀升助力大市上涨，其中，阿里巴巴大涨近7%，美 团、百度涨超4%，腾讯涨3.5%，京东涨超2%；行业利好不断，稳定币概念股普遍走高，云锋金融大涨 19.5%；生物医药股全天维持强势行情；苹果概念股、软件类股、汽车股、电信股、海运股午后涨幅持 续扩大。另一方面，比特币下破11.7万美元，加密货币概念股低迷，上半年全国房地产开发投资同比跌 11 ...

6月16日午后，数字货币相关概念大幅上涨。行情软件显示，数字货币、跨境支付、数字哨兵、电子身 份证、数据确权、Web3.0等多个相关概念股大涨。截至收盘，天阳科技（300872）（300872）、四方 精创（300468）（300468）"20cm"涨停，恒生电子（600570）（600570）"10cm"涨停，拉卡拉 （300773）（300773）、雄帝科技（300546）（300546）、正元智慧（300645）（300645）、飞天诚信 （300386）（300386）等个股涨幅居前。 陈茂波表示，按估算，全球稳定币总市值约为2400亿美元，而去年全球稳定币交易量则超过20万亿美 元。随着数字资产市场的蓬勃发展，市场对稳定币的需求料将进一步增加。稳定币是一种锚定法定货币 或与特定资产挂钩、具价格稳定性的数字资产。其中，法币稳定币凭借区块链技术的安全性和高效性以 及法币的稳定性，将成为结合金融体系和实体经济，以降低成本并提升效率的潜在工具。事实上，稳定 币既可不受传统支付时间和地域限制作为交易媒介，还可凭其可编程的特性，开拓多元化的创新方案， 使金融服务流程自动化和智能化。 中金公司（601995）认为 ...

6月16日，香港稳定币概念股再度迎来狂欢，板块个股全线上涨。截至发稿，连连数字(02598.HK)涨近 15%，联易融科技(09959.HK)和众安在线(06060.HK)涨幅均超12%，其他多股也纷纷跟涨。 稳定币概念股集体飙升的背后，是香港即将释放的又一波数字资产政策红利！ 6月15日，香港特区财政司司长陈茂波发表标题是提速前进 扬帆稳航;的随笔。他表示，香港在数字金 融、绿色金融及离岸人民币市场方面有长足发展，带动了金融机构相关的业务。例如，去年本地银行数 字资产和相关产品交易总额达172亿港元；去年底，在银行托管的数字资产总额达51亿港元。 陈茂波进一步表示，因应最新的发展和形势变化，我们即将就数字资产的发展发表第二份政策宣言，阐 述下一步的政策愿景和方向，一系列具体的措施包括让传统金融服务的优势与数字资产领域的技术创新 有更好的结合、提高数字资产在实体经济活动的安全性和灵活性，以及鼓励本地和国际企业探索数字资 产技术的创新及应用。; 香港财经事务及库务局局长许正宇近日也表示，香港积极发展虚拟资产生态圈，政府即将发布第二份虚 拟资产政策宣言，探索传统金融与虚拟资产的融合，并将于年內就场外交易及托管服务 ...

Investment Rating - The report maintains a positive investment rating for the non-bank financial sector, highlighting potential growth opportunities due to regulatory changes and market dynamics [4][37]. Core Insights - Ant Group is expected to apply for stablecoin issuance qualifications, which could expand the participation of non-bank financial institutions in various financial services, including custody, cross-border payments, and supply chain finance [1]. - China Pacific Insurance and New China Life Insurance reported robust premium growth in the life insurance sector, with China Pacific's life insurance premiums increasing by 10.2% year-on-year to CNY 134.79 billion in the first five months of 2025 [2]. - The monetary data for May shows that M1 and M2 growth rates remain high, indicating a potential economic recovery that could support stable capital market operations [3]. Summary by Sections Market Review - Major indices experienced fluctuations, with the non-bank financial index showing a gain of 1.16% [7]. - Key stocks in the brokerage and insurance sectors, such as China Galaxy and New China Life, saw positive performance, with increases of 2.22% and 2.80% respectively [7]. Securities Sector - The total trading volume in the A-share market reached CNY 7.85 trillion, with a daily average of CNY 1.31 trillion, reflecting a significant year-on-year increase of 76.18% [14]. - The IPO underwriting scale for the year reached CNY 338.80 billion, while refinancing underwriting totaled CNY 2,478.79 billion [14]. Insurance Sector - China Pacific Insurance reported a total premium income of CNY 2,271.69 billion for the first five months, up 6.0% year-on-year, while New China Life's premiums surged by 26.1% to CNY 990.86 billion [2][35]. - The life insurance sector continues to show strong growth, with both companies maintaining a positive outlook for the remainder of the year [2]. Liquidity Tracking - The central bank's operations included a net withdrawal of CNY 727 billion, with various interest rates showing mixed trends [27]. - Government bond yields decreased, indicating a supportive environment for capital market stability [27]. Investment Recommendations - The report suggests focusing on key insurance companies such as China Pacific, New China Life, and major brokerages like China Galaxy and CITIC Securities for potential investment opportunities [4][38]. - Non-bank financial institutions are expected to benefit from the implementation of stablecoin regulations, with companies like ZhongAn Online and Hong Kong Exchanges being highlighted as potential investment targets [4][38].