这次有什么不一样

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Insights - The current market rally differs significantly from the "924 rally" due to external policy catalysts, with the focus on structural reforms rather than broad macroeconomic policies [2][3] - The recent market uptrend is driven by internal dynamics rather than external stimuli, indicating a self-sustaining upward movement in indices due to continuous inflow of incremental capital [3] - The report emphasizes the importance of structural policy-driven investment opportunities, highlighting three key areas: brokerage sector recovery, stablecoin-driven RMB internationalization, and Hong Kong stock valuation recovery amid US interest rate cut expectations [3] Summary by Sections Section 1: Market Performance - On July 11, 2025, the brokerage index rose by 3.96%, the diversified financial index increased by 2.37%, and the Shanghai Composite Index gained 1.05% [1] Section 2: Policy Catalysts - The "924 rally" was primarily driven by macroeconomic policies, while the current rally is characterized by specific structural reforms aimed at improving market expectations [2] - Key catalysts include the passage of the Stablecoin Regulation in Hong Kong and various financial policy announcements aimed at stabilizing the market [2] Section 3: Investment Opportunities - Focus on three investment opportunities: 1. Brokerage sector recovery with a recommendation for companies like Zhihui Compass, Dongfang Caifu, and Guotai Junan [3] 2. Companies benefiting from RMB internationalization such as Zhongyou Capital, Yika, and Kuaijingtong [3] 3. Hong Kong stock valuation recovery with a focus on Guoyin Jinzu and Hong Kong Stock Exchange [3]