HengBao Co.,LTD.(SZ:002104) Sou Hu Cai Jing·2025-06-27 02:27Core Viewpoint - The Hong Kong government has released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to establish Hong Kong as a global innovation center in the digital asset sector, with a focus on regulatory optimization and expanding tokenized product categories [3][4]. Group 1: Market Performance - As of June 27, 2025, the China Securities Financial Technology Theme Index (930986) rose by 2.09%, with constituent stocks such as Hengbao Co., Ltd. (002104) increasing by 9.99% and Sifang Jingchuang (300468) by 7.87% [3]. - The Financial Technology ETF (516860) increased by 2.25%, with a latest price of 1.46 yuan and a turnover rate of 7.48%, amounting to 69.54 million yuan in trading volume [3]. - Over the past week, the average daily trading volume of the Financial Technology ETF was 201 million yuan [3]. Group 2: Regulatory Developments - The "Policy Declaration 2.0" outlines a four-strategy framework called "LEAP," focusing on legal and regulatory optimization, expanding tokenized product types, promoting application scenarios and cross-sector collaboration, and developing talent and partnerships [3]. - The Hong Kong Securities and Futures Commission will be the main regulatory body for digital asset trading service providers and custodians, with a licensing mechanism for stablecoin issuers set to be implemented on August 1, 2025 [3]. Group 3: Investment Insights - Citic Securities highlights the growing stablecoin industry as a bridge between digital assets and the real world, with expectations for compliant development supported by regulatory policies [4]. - The Financial Technology ETF has seen a net inflow of 30.0044 million yuan, with leveraged funds continuously investing, achieving a maximum single-day net purchase of 13.7981 million yuan [4]. - As of June 26, 2025, the Financial Technology ETF's net value increased by 105.37% over the past year, ranking 8th out of 2883 index equity funds [4]. Group 4: Fund Performance Metrics - The Financial Technology ETF has a Sharpe ratio of 1.39 for the past year, indicating strong risk-adjusted returns [5]. - The fund's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [5]. - The tracking error for the Financial Technology ETF over the past month is 0.039%, demonstrating high tracking precision [5]. Group 5: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the China Securities Financial Technology Theme Index account for 52.03% of the index, with stocks like Tonghuashun (300033) and Dongfang Caifu (300059) being the most significant [5][7].