银行行业快报：稳定币新纪元，监管政策逐渐完善

Investment Rating - The report assigns an investment rating of "Leading the Market-A" for the banking industry, indicating an expected price increase exceeding the benchmark index by more than 10% [6][11]. Core Insights - The regulatory framework for stablecoins in Hong Kong is being established, which is expected to enhance financial stability. The "Stablecoin Ordinance" will require issuers to obtain licenses and adhere to asset management and redemption regulations, fostering a robust regulatory environment for the sustainable development of stablecoins and digital assets in Hong Kong [6][7]. - The report highlights the ongoing development of the digital renminbi, with a cumulative transaction amount reaching 7 trillion yuan by June 2024, reflecting increasing public demand for retail payment convenience and security [7]. - The establishment of a sandbox for stablecoin issuers in Hong Kong and the collaboration between mainland China and Hong Kong for cross-border payment solutions are seen as significant steps towards enhancing the digital finance ecosystem [7]. Summary by Sections Regulatory Developments - The Hong Kong Legislative Council passed the "Stablecoin Ordinance" on May 21, 2025, which will take effect on August 1, 2025. This ordinance mandates that any entity issuing fiat-backed stablecoins in Hong Kong must apply for a license and comply with specific asset management and redemption requirements [6][7]. Market Opportunities - The report suggests that the improvement of stablecoin regulations and the expansion of application scenarios will create numerous growth opportunities. Recommended companies to watch include Zhong An Online, Guotai Junan International, Dongfang Caifu, Yika, JD Group, Standard Chartered Group, Lianyi Technology, OSL Group, Lianlian Digital, and Zhongke Jincai [7].