机构研究周报：关注A股补涨机会，稳定币概念火速升

Focus Review - Hong Kong released the "Digital Asset Development Policy Declaration 2.0," emphasizing stablecoins as a core tool for financial innovation and integration with the real economy, leading to a significant increase in the stablecoin index by 16.7% from June 23 to June 27 [3] Equity Market - Hong Kong stocks are expected to experience significant upward potential, with valuations at historical lows and support from technology and consumer sectors [5] - The long-term narrative for A-shares is strengthened by the "China-US strategic standoff," with policy support for the technology sector and innovation-driven industries [6] - A-shares may see a rebound in sectors such as brokerage firms, the Sci-Tech Innovation Board, and Hang Seng Technology, with brokerages being a key indicator of a bull market [7] Industry Research - Global stablecoin regulatory improvements and domestic policies are driving the rise of digital currencies and cross-border payments, with a focus on themes like digital currency and AI products [12] - The cyclical manufacturing sector presents potential opportunities, particularly in industries with high prosperity rates such as military, food and beverage, and electronics [13] - The technology sector, especially computing and communication, is experiencing a rebound, driven by the approval of cryptocurrency trading qualifications for financial institutions [14] Macroeconomic and Fixed Income - The bond market is viewed neutrally to bearish for US and German bonds, with a focus on emerging markets and A/H shares [18] - The bond market lacks clear new drivers, with ongoing uncertainties in the external environment [19] - Structural opportunities in the bond market are emphasized, particularly in the Sci-Tech Board [20] Asset Allocation - Mid-term strategies suggest focusing on sectors with performance releases and clear industry trends, including technology and dividend-paying stocks [22] - Recommendations include investing in technology sectors like AI, digital currency, and semiconductors, while also considering undervalued Hong Kong stocks [23]