计算机行业点评报告：香港稳定币条例落地，关注数字资产相关环节

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][9]. Core Viewpoints - The implementation of the "Stablecoin Ordinance" in Hong Kong marks a milestone event in the digital asset sector, establishing a licensing system for issuers of fiat-backed stablecoins [5]. - Stablecoins, by anchoring to fiat currencies, can enhance payment efficiency and contribute to the stability of the cryptocurrency market, while also competing for global monetary influence and digital asset liquidity [9]. - The growth potential of stablecoin payments is significant, with a reported 88% year-on-year increase in total stablecoin payments observed in February 2025, although it still represents only about 0.55% of Visa's transaction volume [5][9]. Summary by Sections Regulatory Developments - The Hong Kong government officially published the "Stablecoin Ordinance" on May 30, 2025, following its passage by the Legislative Council on May 21, 2025. This ordinance requires any entity issuing fiat stablecoins in Hong Kong to obtain a license [5]. Market Dynamics - The stablecoin market is still in its early stages, with regulatory policies expected to accelerate its adoption and application. The report anticipates an increase in the proportion of stablecoins in actual payments as regulatory frameworks mature [5][6]. Investment Opportunities - The report suggests focusing on investment opportunities within the stablecoin ecosystem, particularly in sectors such as basic IT services and cross-border payment hardware. Key companies to watch include Tianyang Technology, Jingbei Fang, Zhongke Jincai, Changliang Technology, and Hengsheng Electronics for IT services, and Newland, Xinguodu, and Lakala for payment hardware [9].