KAIYUAN SECURITIES·2025-07-20 09:24Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Views - The computer index increased by 2.12% during the week of July 14-18, 2025, while the CSI 300 index rose by 1.09% [4][15] - The signing of the stablecoin regulatory bill by President Trump marks the establishment of a regulatory framework for digital stablecoins in the U.S., indicating a shift towards compliance in the stablecoin market [5][11] - The implementation of the stablecoin ordinance in Hong Kong on August 1, 2025, will require licenses for issuing stablecoins, which is expected to accelerate the entry of traditional banks and fintech companies into the market [6][12] Summary by Sections Market Review - The CSI 300 index rose by 1.09% and the computer index increased by 2.12% during the week of July 14-18, 2025 [4][15] Industry Dynamics - The stablecoin market is expanding from cryptocurrency trading to broader payment applications, with significant growth in market size and trading activity [7][13] - The U.S. stablecoin regulatory framework and Hong Kong's licensing requirements are expected to create investment opportunities in the stablecoin and RWA (Real World Assets) markets [7][13][14] Company Updates - State Grid Information & Communication Co. reported a total revenue of 352.47 million yuan for the first half of 2025, a decrease of 4.55% year-on-year, while net profit attributable to shareholders fell by 10.82% [16] - Nova Star Cloud plans to invest up to 35 million yuan in a venture capital fund to optimize its strategic layout and long-term asset allocation [18] Notable Developments - Kimi K2 has topped the global open-source model rankings, showcasing the competitive edge of Chinese models in the AI space [26][27] - OpenAI announced the launch of the "ChatGPT Intelligent Agent" feature, allowing its AI chatbot to autonomously browse the web and conduct research [28]