国泰海通｜非银：美国通过加密货币法案，非银迎来持续催化

Group 1 - The U.S. "GENIUS Act" signed by Trump on July 18 establishes the first federal regulatory framework for stablecoins, promoting global compliance in the stablecoin sector [1] - Major stablecoin issuers, cross-border payment institutions, and companies involved in Real World Assets (RWA) are expected to benefit significantly from this regulatory development [1] - Hong Kong and Singapore have introduced supportive regulatory frameworks for stablecoin development, providing new compliance pathways for cross-border fintech platforms [1] Group 2 - Leading brokerage firms like Futu Holdings and Tiger Brokers possess advantages in user base, technological capabilities, and payment channel development, which may enhance their international user expansion and revenue diversification [1] - Since Q2 2024, the rapid decline in short- to medium-term interest rates has led to an increase in existing bond prices and improved yield opportunities for new bond subscriptions and market-making transactions [1] - Brokerage firms are extending duration in the current interest rate environment, which is expected to yield significant valuation gains, with fixed income business becoming a key driver of brokerage mid-year performance, potentially exceeding expectations for some companies [1] Group 3 - The global leading aircraft manufacturers are experiencing extended order delivery cycles, resulting in a surge in demand for aircraft leasing [2] - Leasing companies with available aircraft fleets are seeing increased bargaining power and rental income, entering a high prosperity cycle driven by supply-demand mismatches [2] - Top leasing firms are leveraging flexible financing and a global customer network to quickly capture excess returns, leading to significant increases in asset yield and Return on Equity (ROE) [2]