港股周报（2025.07.14-2025.07.18）：稳定币产业催化不断，持续看好AI在应用侧的商业化进展-20250721

Investment Rating - The report maintains a "Buy" rating for stocks, expecting a relative return of over 20% within six months [29] Core Views - The stablecoin industry is experiencing continuous catalysts, and there is sustained optimism regarding the commercialization progress of AI applications [1] - Southbound funds have shown structural inflows, particularly favoring internet, consumption, smart driving, and cryptocurrency sectors [4] - The report highlights significant legislative developments in the cryptocurrency space, including the passage of the "Genius Act" in the U.S. [3][9] Summary by Relevant Sections Internet Sector - Tencent's 2025 PE is projected at 20X, with core game revenues continuing to grow [4] - Alibaba's 2026 fiscal year PE is expected at 15X, with ongoing high growth in cloud business [4] - Meituan's 2025 PE is at 20X, with a solid long-term outlook for its delivery business [4] Smart Driving - Tesla has launched a new software update for its vehicles, while domestic players like Li Auto and Xpeng are reaching critical milestones [2] - The trend of equipping mainstream vehicles with LiDAR is confirmed, with a focus on leading manufacturers like Xpeng and Li Auto [2] New Consumption - Pop Mart's 2025 PE is projected at 31X, with a forecasted profit growth of no less than 350% for the first half of the year [5][10] - New product launches and an expanding IP matrix are expected to drive growth for brands like Blokus [5] Web3 and Cryptocurrency - The "Genius Act" has been signed into law, aiming to reform cryptocurrency regulation in the U.S. [3][9] - Hong Kong's "Stablecoin Regulation" is set to take effect on August 1, further catalyzing the industry [6] Market Overview - The Hang Seng Index closed at 24,825.66 points, reflecting an increase of approximately 2.84% during the week [12] - Southbound funds recorded a net inflow of 196.22 billion yuan over five trading days, with a year-to-date net inflow of 7,358.53 billion yuan [1][24]