Group 1 - Angelalign (06699) opened nearly 19% higher after a positive earnings forecast, driven by strategic price adjustments in its core Chinese business and continued growth in revenue outside China [1] - Songjing Technology (01079) resumed trading with an opening increase of over 40% [1] - Jingtai Holdings (02228) opened more than 9% higher after announcing a significant partnership with DoveTree, valued at approximately HKD 47 billion (USD 5.99 billion) for AI pharmaceutical development [1] Group 2 - Shunmei Co., Ltd. (02145) saw an early morning increase of over 5%, projecting a revenue of RMB 4.09 billion to RMB 4.11 billion for the first half of 2025, a year-on-year growth of 16.8%-17.3% [2] - Nine Dragons Paper (02689) rose over 10% following the successful commissioning of its PM56 production line, which can produce 250,000 tons of high-grade cultural paper annually [2] Group 3 - Giant Star Legend (06683) increased over 1% after announcing a collaboration with Jiushi Wen Chuan for a large-scale IP and cultural tourism project in Shanghai [3] - South Manganese Industry (01091) surged over 15%, expecting to turn a profit of at least HKD 150 million in the first half of 2025, compared to a loss of HKD 162.8 million in the same period of 2024 [3] Group 4 - China Shenhua (01088) rose over 3% after announcing plans to acquire significant assets from its controlling shareholder, which would enhance its coal production capacity by 74.5% [4] - Boya Interactive (00434) fell over 6% due to a profit warning, expecting a decrease of approximately 25%-35% in profit for the first half of 2025 compared to the same period in 2024 [4] Group 5 - Wuling Motors (00305) increased over 9% after announcing a projected net profit of approximately RMB 84 million for the first half of 2025, a significant increase from RMB 21.125 million in the same period of 2024 [5] Group 6 - Hims & Hers Health (HIMS.US) dropped 12.36% after reporting second-quarter sales of USD 545 million, below market expectations [6] - Palantir (PLTR.US) rose 7.85% after reporting second-quarter revenue of over USD 1 billion, a 48% year-on-year increase [6] Group 7 - Futu Holdings (FUTU.US) increased by 2.82% after UBS raised its target price, citing strong expected performance in the second quarter [7] - Daqo New Energy (DQ.US) rose 3.68% as market signals indicated positive changes in the photovoltaic polysilicon sector [7] Group 8 - Li Auto (LI.US) saw a slight increase in stock price after announcing adjustments to its electric vehicle model pricing [8] - Vertex Pharmaceuticals (VRTX.US) fell 20.60% after failing to meet key endpoints in a clinical trial [8] Group 9 - Chinese gaming stocks collectively rose, with Bilibili (BILI.US) up 2.07% following a report indicating a 14.08% year-on-year increase in the domestic gaming market [9] Group 10 - Taiwan Semiconductor Manufacturing Company (TSM.US) fell 2.70% amid reports of a potential technology leak involving its 2nm chip process [9] - Advanced Micro Devices (AMD.US) decreased by 1.40% despite reporting a 32% year-on-year revenue increase for the second quarter [10]

财务数据显示，截至2025年03月31日，富途控股收入总额46.95亿港元，同比增长81.09%；归母净利润 21.45亿港元，同比增长106.65%。 8月5日，富途控股(FUTU)开盘上涨6.54%，截至21:30，报150.93美元/股，成交3.3亿美元，总市值 210.14亿美元。 大事提醒： 本文源自：金融界 作者：行情君 资料显示，富途控股有限公司是香港一家领先的一站式金融科技平台,凭藉公司的全数字化证券经纪和 理财产品分销服务革新投资体验。公司开展业务的初衷是任何人都不应该因为交易成本过高或市场经验 不足而被投资市场拒之门外。科技渗透在公司业务的方方面面,使公司能够依托安全、稳定、灵活及可 扩展的在线平台提供全新的用户体验。 8月19日，富途控股将披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当地时间， 实际披露日期以公司公告为准）。 ...

富途控股(FUTU.US)盘前涨超1.5%，报153.27美元。消息面上，瑞银将对富途的目标价从149美元上调 至170.00美元。该行认为，富途第二季度的收入和税后净利润将超过市场预期，基于以下几点考虑：客 户资产管理规模环比增长低至中双位数，可能由接近历史最高的客户资产净流入和强劲市场表现带来的 市值增长驱动；付费客户获取速度环比放缓但仍然强劲；交易佣金增长强劲，由交易换手和客户资产增 长共同驱动。(格隆汇) ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies involved in stablecoin development in Hong Kong. Core Insights - Hong Kong is positioned as a strategic testing ground for stablecoin development, with the upcoming Stablecoin Regulation set to enhance reliability and transparency, facilitating the issuance of offshore RMB stablecoins [1][11][19] - The initial development of offshore RMB stablecoins is expected to be slower compared to USD and HKD stablecoins due to capital controls and limited offshore RMB liquidity [2][25] - Key beneficiaries of the stablecoin ecosystem include issuers, brokers, and fintech companies with mature blockchain technology, while traditional banks and e-commerce platforms will undergo a gradual transformation [2][11][32] Summary by Sections Regulatory Framework - The Hong Kong Stablecoin Regulation will take effect on August 1, 2025, marking Hong Kong at the forefront of global stablecoin legislation [11][19] - The regulation requires stablecoin issuers to maintain a minimum paid-up capital of HKD 25 million or 1% of the total outstanding stablecoins, and mandates the storage of reserve assets in independent accounts [19][20] Market Opportunities - The report highlights that the current market opportunities are primarily focused on USD and HKD stablecoins, which are utilized in cryptocurrency trading and cross-border settlements [11][25] - Companies like Futu Holdings, ZhongAn Online, and Hong Kong Exchanges and Clearing are expected to stand out as they leverage their existing platforms and capabilities in the stablecoin space [2][35][36] Challenges and Limitations - The development of offshore RMB stablecoins faces challenges such as market liquidity issues, weak network effects, and existing cross-border settlement tools [2][25] - The report emphasizes that the widespread adoption of stablecoins in cross-border e-commerce will take time due to the established payment systems in developed markets and regulatory uncertainties [33][34] Future Outlook - The report anticipates that the rise of stablecoins will enhance Hong Kong's capital market infrastructure, potentially leading to increased financial market investments globally [28][29] - The integration of stablecoins into existing financial systems will depend on regulatory clarity and the willingness of market participants to adopt these new payment methods [30][32]

8月4日，富途控股(FUTU)盘中上涨3.96%，截至22:00，报147.285美元/股，成交6720.8万美元，总市值 205.06亿美元。 财务数据显示，截至2025年03月31日，富途控股收入总额46.95亿港元，同比增长81.09%；归母净利润 21.45亿港元，同比增长106.65%。 大事提醒： 8月19日，富途控股将披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当地时间， 实际披露日期以公司公告为准）。 资料显示，富途控股有限公司是香港一家领先的一站式金融科技平台,凭藉公司的全数字化证券经纪和 理财产品分销服务革新投资体验。公司开展业务的初衷是任何人都不应该因为交易成本过高或市场经验 不足而被投资市场拒之门外。科技渗透在公司业务的方方面面,使公司能够依托安全、稳定、灵活及可 扩展的在线平台提供全新的用户体验。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - Futu Holdings Limited (FUTU) has experienced a recent downtrend, losing 7.9% over the past week, but a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging to counteract selling pressure [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, with selling pressure likely subsiding, which is a bullish signal for the stock [2][5]. - A hammer pattern forms when there is a small candle body with a long lower wick, suggesting that despite a downtrend, buyers are starting to emerge [4][5]. - The occurrence of this pattern at the bottom of a downtrend signals that bears may be losing control, indicating a potential trend reversal [5]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for FUTU, which is a bullish indicator, as it typically leads to price appreciation [7]. - The consensus EPS estimate for the current year has increased by 0.5% over the last 30 days, reflecting analysts' agreement on the company's potential for better earnings [8]. - FUTU holds a Zacks Rank of 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks, which historically indicates strong market outperformance [9][10].

Investment Focus - The report highlights Amazon (AMZN US) as a top pick due to its leading position in the cloud industry with a 30% global market share, stable margin improvements, and strong demand for its T3 inference capabilities [1] - Alphabet (GOOGL US) is favored for its AI and advertising synergy, expected margin improvements in IaaS cloud services, and strong self-developed capabilities, although its stock price upside is currently limited [1] - Arista (ANET US) is recognized for its leadership in high-speed data center switches and expected revenue contributions from AI backend switch business, with a significant growth visibility [1] - Meituan (3690 HK) is noted for its strong cash flow generation ability and competitive cost structure, positioning it well in the face of industry competition [1] - Lenovo (992 HK) is highlighted for its record revenue in AI server business and significant growth potential compared to peers like Dell [2] - NVIDIA (NVDA US) is recognized for its strong financial performance and technological leadership in data center business, with a focus on emerging applications driving growth [2] - Tencent (700 HK) is expected to benefit significantly from AI advancements, with an upward revision in revenue and profit expectations for 2025 [2] - New Oriental (EDU US) is noted for its diverse revenue sources and strong brand recognition, supporting its high profit margins [3] - AIA (1299 HK) is favored for its steady growth in new business value and strong operational metrics, particularly in the ASEAN market [3] - Futu (FUTU US) is expected to see significant growth in paid user numbers and total AUM, supported by its low commission model and quality customer service [3] - The report emphasizes the potential of Chinese pharmaceutical companies like China Biologic Products (1177 HK) and Innovent Biologics (1801 HK) in their innovative drug pipelines and market leadership [4]

Core Insights - The Hong Kong digital asset ecosystem is experiencing expansion opportunities as regulatory frameworks are being optimized, allowing licensed institutions to broaden their business scope [1][3][4] Regulatory Developments - Hong Kong regulators are loosening restrictions on licensed institutions, with the Securities and Futures Commission (SFC) recently approving licensed crypto exchanges to offer staking services upon separate approval [3][4] - The regulatory environment is evolving from strict to more permissive, enabling a wider range of products and services within the digital asset space [3][16] - The principle of "same activity, same risks, same regulation" is being adopted to foster a vibrant and innovative digital asset ecosystem [3][16] Competitive Landscape - The Hong Kong cryptocurrency market consists of three main participants: global exchanges without local licenses (e.g., Binance), licensed exchanges and brokers (e.g., OSL and Futu), and offline stores facilitating small-scale crypto transactions [4][17] - Licensed exchanges and brokers have advantages such as connections with local banks, enhanced customer protection, and the ability to conduct marketing activities in Hong Kong [4][17] - OSL's fee structure for OTC trading is 25 basis points, with comprehensive solutions charging 10-15 basis points, and payment services around 2.5%, which is higher than international peers like Coinbase [4][20] Stablecoins and Their Role - Stablecoins play a crucial role in the Hong Kong digital asset ecosystem, with exchanges facilitating a significant volume of stablecoin-related transactions [5][21] - OSL is applying for stablecoin licenses in the EU and considering applications in Hong Kong and Singapore, emphasizing the importance of sustainable use cases for stablecoin issuance [5][21] - The transition from mainstream stablecoins to Hong Kong dollar-backed stablecoins may face challenges, leading most licensed institutions to operate primarily as stablecoin distributors rather than issuers [5][21][22] RWA Tokenization - The tokenization of Real World Assets (RWA) in Hong Kong is still in its early stages, with OSL providing end-to-end solutions and custodial services [6][23] - Current RWA transactions are conducted in fiat, limiting the potential for 24/7 trading; however, using stablecoins could enable real-time transactions [6][23][24] - The slow development of RWA tokenization presents opportunities for the application of Hong Kong dollar stablecoins [6][24][25] Cross-Border Payment Solutions - OSL is building a global payment network that supports both crypto and fiat transactions, with stablecoins playing a key role [26][30] - The application of stablecoins in payments can significantly reduce transaction times compared to traditional banking methods, which typically take 2 to 5 business days [28][30]

Core Insights - The U.S. stock market is anticipated to remain volatile due to stalled trade talks with China and uncertainty surrounding the Federal Reserve's interest rate decision, prompting a focus on low-beta stocks as a strategic investment approach [1][2] Group 1: Market Conditions - The U.S. stock market is expected to experience volatility as trade discussions with China have stalled, leading to investor uncertainty [1] - Investors are apprehensive ahead of the Federal Reserve's interest rate decision, which may negatively affect borrowing costs and business growth [1] Group 2: Investment Strategy - Creating a curated portfolio of low-beta stocks is recommended as a prudent strategy to navigate market volatility [1][2] - Stocks such as Vipshop Holdings Limited (VIPS), GDS Holdings Limited (GDS), Futu Holdings Limited (FUTU), and Verona Pharma plc (VRNA) are highlighted as potential investment opportunities [2][9] Group 3: Stock Characteristics - Beta measures the volatility of a stock relative to the market, with a beta of less than 1 indicating lower volatility compared to the market [3][4] - A screening criterion for low-beta stocks includes a beta between 0 and 0.6, ensuring less volatility [5][6] Group 4: Company Highlights - **Vipshop Holdings**: Utilizes a strategy called "Made for Vipshop," offering exclusive products from over 200 brands, which are in high demand [7] - **GDS Holdings**: Recently secured a 152 MW AI data center order and plans to expand its 900 MW capacity in key markets, indicating strong demand [9][10] - **Futu Holdings**: A tech-driven company enhancing its platform with Futubull AI, a smart assistant for investment-related queries [11] - **Verona Pharma**: Its drug Ohtuvayre is a novel COPD treatment, combining bronchodilation and anti-inflammatory effects, marking a significant advancement in therapy [12]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies. Core Insights - The Hong Kong Stablecoin Ordinance will officially take effect on August 1, with the Hong Kong Monetary Authority (HKMA) releasing relevant guidelines and documents [20][22] - The HKMA anticipates issuing the first batch of stablecoin licenses as early as next year, with no limit on the types of currencies or the scale of issuance [27][28] - Continuous improvements in Hong Kong's virtual asset regulatory framework are expected to stimulate market demand and expand application scenarios for stablecoins [24][25] Summary by Sections 1. Regulatory Framework - The HKMA has established a regulatory regime for stablecoin issuers, which includes guidelines on reserve asset management, compliance for issuance and redemption, and financial standards [23][24] - The guidelines emphasize risk management, compliance, information disclosure, and consumer protection [23][24] 2. Sandbox Participants and Use Cases - As of July 2024, three institutions have been announced as participants in the HKMA's stablecoin issuer "sandbox": JD Coinlink Technology, RD InnoTech, and a joint venture involving Standard Chartered Bank, Animoca Brands, and Hong Kong Telecommunications [8][28] - Use cases for these participants include cross-border payments, investment trading, and virtual asset transactions [28] 3. Licensing and Competitive Advantage - Companies that obtain early mover advantages in licensing, particularly for stablecoin issuers and virtual asset trading platforms (VATP), are likely to become major beneficiaries in the industry [25][15] - The report highlights that online brokers with a large customer base and VATP licenses, such as Futu, will have competitive advantages [25][15] 4. Market Demand and Future Outlook - The official launch of Hong Kong dollar-pegged stablecoins is expected to facilitate more efficient cross-border fund flows and extend the application of stablecoins beyond the cryptocurrency ecosystem [24][25] - The report suggests that ongoing regulatory enhancements will activate market demand for virtual assets and broaden their application scenarios [24][25]