证券行业周报：香港金管局发布稳定币监管细则-20250803

Investment Rating - The report maintains an "Overweight" rating for the securities industry [3][8]. Core Insights - The Hong Kong Monetary Authority has released regulatory guidelines for stablecoin issuers, with the first license applications due by the end of September 2025 [4][5]. - The market is experiencing high trading volumes, with July IPO financing scale showing a year-on-year increase [7][12]. - The securities sector is expected to attract incremental capital allocation due to active market trading and ongoing performance recovery [8][15]. Summary by Sections Policy Tracking - The Hong Kong Monetary Authority announced the implementation of a stablecoin issuer regulatory framework starting August 1, 2025, with four related documents published [4][10]. - The first batch of stablecoin licenses is anticipated to be approved in August, although the process is currently ongoing [5][10]. - Issuers must have real application scenarios, and only a limited number of licenses will be granted initially [5][10]. Industry Weekly Data Brokerage Business - The average daily stock trading volume in the Shanghai and Shenzhen markets was 17,870 billion yuan, showing a slight decrease of 1.8% week-on-week [7][12]. - New fund issuance in July saw significant increases in stock and mixed funds, with stock funds up 558% year-on-year [7][12]. Investment Banking Business - In July, 33 companies engaged in equity financing, raising a total of 662 billion yuan, with IPOs accounting for 242 billion yuan, marking a 444% year-on-year increase [7][12]. - Cumulatively, the IPO scale from January to July increased by 66.6% year-on-year [7][12]. Investment Recommendations - The report suggests focusing on internet brokerages with strong beta characteristics, such as Zhinan Compass, amid a backdrop of active market trading [8][15].