稳定币行业点评：监管细则明确，牌照发放在即

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating an expected performance that exceeds the broader market index by over 10% [12]. Core Insights - The Hong Kong Monetary Authority (HKMA) has announced the implementation of regulatory guidelines for stablecoin issuers, with a focus on strict initial licensing measures and a controlled number of licenses to be issued in 2025 [5][6]. - The regulatory framework emphasizes anti-money laundering (AML) and know your customer (KYC) protocols, requiring applicants to maintain high liquidity reserves and a minimum paid-up capital of HKD 25 million [5][6]. - The licensing process is designed to be stringent, with a requirement for applicants to submit a comprehensive set of documents and to consult with the HKMA prior to application [6]. Summary by Sections Regulatory Developments - The HKMA's stablecoin regulations will take effect on August 1, 2025, with a limited number of licenses to be issued in the initial phase [5]. - Existing stablecoin issuers must apply for licenses by October 31, 2025, or face a winding-up period starting November 1, 2025 [6]. Investment Recommendations - The report suggests focusing on companies that have already obtained virtual asset trading licenses, such as Cathay Securities and fintech-related firms, as well as brokerages that are expanding into virtual asset services, including CITIC Securities and Huatai Securities [7].