恒科2025年中报有望呈现“稳健为主、向上有弹性”的格局| 券商晨会

Group 1 - The Hong Kong Monetary Authority (HKMA) has introduced a regulatory framework for stablecoin issuers, with a focus on the "Licensed Stablecoin Issuer Regulatory Guidelines" and the "Summary of the Stablecoin Issuer Licensing System" [1] - The application timeline indicates that interested applicants should contact regulators by August 31, with mature applicants having a deadline of September 30, and the first batch of licenses expected to be limited to single digits by the end of the year [1] - Companies that may obtain the first batch of scarce licenses and platforms that are determined to participate in stablecoin usage scenarios are recommended for continued attention [1] Group 2 - The Hong Kong stock market is expected to see a significant increase in revenue growth for the Hang Seng Index in the first half of 2025, although profit growth may moderate [2] - Certain sectors, such as new consumption, technology, and pharmaceuticals, are showing enhanced confidence, with upward revisions in earnings expectations prior to financial disclosures [2] - The Hang Seng Technology Index has seen slight downward adjustments in earnings expectations, primarily due to disruptions from delivery subsidies affecting a few internet platforms, but overall earnings expectations in other sub-industries are generally being revised upward, particularly in new energy vehicles, semiconductors, and consumer electronics [2] Group 3 - The introduction of a childcare subsidy plan, with a basic standard of 3,600 yuan per child per year funded by the central government, is expected to boost birth rates and positively impact the mother-baby chain sector [3] - The National Health Commission estimates that the childcare subsidy will benefit over 20 million families with infants and young children annually, which is likely to enhance the willingness to have children [3] - The mother-baby chain sector is anticipated to directly benefit from the recovery in birth rates, with same-store sales data showing continuous improvement and performance elasticity being noteworthy [3]