Group 1: Macro Strategy and Market Overview - The upcoming third round of trade talks between China and the US is expected to focus on energy and rare earth materials, with potential extensions of negotiation deadlines [2] - A-shares saw slight increases across major indices, with the CSI 500 and ChiNext rising by 3.28% and 2.76% respectively [2] - The central bank's net fund injection was 109.5 billion yuan, indicating a slight rebound in short-term interest rates [2] - The US dollar index showed a slight decline, closing at 97.67, down 0.8% week-on-week, while the RMB appreciated by 0.18% [2] Group 2: Fixed Income and Debt Market - The Southbound Bond Connect is expected to facilitate investment in Chinese dollar bonds, with a focus on city investment bonds benefiting from local debt policies [4] - The Hong Kong bond market has a total outstanding amount of 19.55 billion USD in HKD bonds and 17.32 billion USD in offshore RMB bonds [4] - The outlook for Chinese dollar bonds remains positive, with expected continued good returns due to narrowing yield spreads and favorable policies [4][33] Group 3: Coal Industry Insights - Domestic coal social inventory decreased in June 2025, leading to a rebound in coal prices, with expectations for port prices to reach 700-750 yuan per ton [9] - The government aims for coal production to reach approximately 4.8 billion tons in 2025, with potential adjustments in production capacity to ensure supply [9] Group 4: Company-Specific Analysis - Wei Shi Jia Jie (00856) is expected to benefit significantly from the AI and cross-border payment sectors, with projected revenue growth from 63.7 billion yuan in 2020 to 81.1 billion yuan in 2024 [11] - The company is positioned to capture growth in the Southeast Asian ICT market, which is projected to reach approximately 415 billion USD by 2028 [11] - The company anticipates a significant increase in net profit from 830 million yuan in 2023 to 958 million yuan in 2024, reflecting a growth rate of 14.09% [11][15] Group 5: Construction and Materials Sector - Su Jiao Ke (300284) reported a revenue decline of 13.75% in H1 2025, but is transitioning towards becoming a "think tank technology enterprise" with a focus on new business areas [16] - The company has developed five cloud platforms aimed at enhancing its service offerings in urban safety and low-altitude economy [16] Group 6: Chemical Industry Trends - The proportion of public funds holding basic chemical stocks has slightly decreased, with a shift towards mid-cap stocks [15] - The chemical sector has seen a notable increase in the holding ratio of leading stocks, indicating a preference for smaller-cap stocks [15]

Market Overview - The Hong Kong stock market indices showed a recovery in the afternoon, with the Hang Seng Index and the Hang Seng China Enterprises Index down by 0.15% and 0.34% respectively, while the Hang Seng Tech Index fell by 0.35% after a larger drop of 2% during the day [1][2] - Despite the index adjustments, southbound funds significantly net bought over 10 billion HKD in Hong Kong stocks [1] Sector Performance - Large tech stocks saw a narrowing of losses in the afternoon, with Alibaba slightly turning positive, while Tencent, JD.com, Meituan, and Kuaishou experienced declines within 1%. Xiaomi continued to decline by 2.6% [2] - Biopharmaceutical stocks performed strongly, particularly in the innovative drug sector, with WuXi AppTec rising over 11%, and both CSPC Pharmaceutical and Luye Pharma increasing by over 8% [2] - The "anti-involution" sectors, including steel and photovoltaic stocks, showed a notable recovery, while oil, gambling, and semiconductor stocks mostly rose [2] - The three-child policy subsidy of 3600 yuan led to a mixed performance in related stocks, with some experiencing declines [2][6] Banking Sector - The banking sector faced declines, with several banks such as Chongqing Rural Commercial Bank and China Everbright Bank dropping over 3% [4][5] - Major banks like Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China also saw declines [4] Biopharmaceutical Sector - WuXi AppTec reported a strong performance with a revenue of 20.8 billion yuan for the first half of 2025, a year-on-year increase of 20.64%, and a net profit surge of 101.92% [8] - The company expects continued double-digit growth in operating revenue, adjusting its growth forecast from 10-15% to 13-17% [8] Automotive Sector - Automotive dealership stocks rose against the trend, with Guanzhong Holdings increasing over 9% and Zhongsheng Holdings up over 6% [9][10] - UBS reported that the rebound in stock prices for Zhongsheng and Yongda Automotive is attributed to expectations of improved profit margins from new car sales due to government policies [10] Steel Sector - Steel stocks experienced gains, with Maanshan Iron & Steel rising over 8% and several other companies like Ansteel and Asia Pacific Resources also seeing increases [11][12] Apple-Related Stocks - Apple-related stocks were active, with AAC Technologies rising over 3% and other companies like GoerTek and BYD Electronics also showing gains [13] Future Outlook - Haitong Securities expressed optimism about the Hong Kong stock market, particularly in the technology sector, suggesting a focus on sectors with improving conditions and low valuations [15]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 11.52, based on a current price of HKD 8.85 [3]. Core Insights - The company is positioned as a leading technology product channel developer and solution integrator in the Asia-Pacific region, focusing on ICT industry solutions, particularly in enterprise systems, consumer electronics, and cloud computing. The company is expected to benefit significantly from the dual drivers of AI and cloud services, alongside the expansion in Southeast Asia [1][10]. - Revenue is projected to grow from HKD 637 billion in 2020 to HKD 811 billion in 2024, representing a year-on-year growth of 20.6%. Net profit is expected to increase from HKD 8.3 billion in 2023 to HKD 9.58 billion in 2024, a growth of 14.09% [1][3]. - The company has a strong cash flow performance, with operating cash flow expected to rise to HKD 16.59 billion in 2024, reflecting a significant year-on-year increase of 185% [1][28]. Summary by Sections 1. Company Overview - The company has established itself as a top player in the ICT distribution sector, with a diversified business model that includes enterprise systems, consumer electronics, and cloud computing services. It has been recognized in the Fortune China 500 for five consecutive years [10][11]. 2. Market Growth Drivers - The global ICT market is projected to grow from approximately USD 5.3 trillion in 2024 to USD 6.9 trillion by 2028, with a CAGR of 7%. The Chinese ICT market is expected to grow from USD 626 billion in 2024 to USD 751.76 billion by 2028, with a CAGR of 6.5% [1][30]. - The demand for generative AI is driving significant growth in the ICT sector, particularly in GPU servers, AI chips, and cloud infrastructure investments [1][31]. 3. Southeast Asia Focus - The company has strategically positioned itself in Southeast Asia, where the data center market is experiencing rapid growth. By the end of 2024, Southeast Asia is expected to become the third-largest market for new computing capacity globally [2][56]. - The company has established a robust presence in nine Southeast Asian countries, with significant market shares in Thailand, Singapore, Indonesia, the Philippines, and Malaysia [2][68]. 4. Financial Projections - Revenue forecasts for 2025-2027 are projected at HKD 1,037 billion, HKD 1,296.26 billion, and HKD 1,555.51 billion, respectively, with corresponding growth rates of approximately 28%, 25%, and 20% [3][4]. - Net profit estimates for the same period are HKD 12.51 billion, HKD 15.32 billion, and HKD 18.83 billion, with growth rates of 30%, 22.4%, and 22.9% [3][4]. 5. Cash Flow and Operational Efficiency - The company demonstrates strong operational efficiency, with inventory turnover days at 46 and accounts receivable turnover days at 74. The overall operational turnover days are only 52, indicating effective cash management [28].

Core Viewpoint - Tianfeng Securities has initiated coverage on Weishi Jiajie (856.HK) with a "Buy" rating and a target price of HKD 11.52 [1] Group 1: Company Overview - Weishi Jiajie is a leading technology product channel developer and integrated service provider in the Asia-Pacific region, focusing on ICT industry solutions, particularly in enterprise systems, consumer electronics, and cloud computing [2] - The company has experienced high growth in recent years, with revenue projected to increase from 63.7 billion to 81.1 billion by 2024, representing a year-on-year growth of 20.6% [2] - The net profit attributable to the parent company is expected to grow from 830 million in 2023 to 958 million in 2024, a year-on-year increase of 14.09% [2] - The operating cash flow is projected to significantly improve to 1.659 billion in 2024, reflecting a year-on-year growth of 185% [2] Group 2: Market Trends - The demand for computing power and AI is driving growth in the Chinese ICT market, with global ICT spending expected to reach approximately USD 5.3 trillion in 2024 and grow to USD 6.9 trillion by 2028, representing a five-year CAGR of 7% [3] - The Chinese ICT market is anticipated to grow from approximately USD 626 billion in 2024 to USD 751.76 billion by 2028, with a CAGR of 6.5% [3] - The enterprise-level ICT market in China is projected to reach approximately USD 269.36 billion in 2024, with a year-on-year growth of 11.7% [3] Group 3: Regional Developments - The data center market is highly concentrated in North America, Asia, and Europe, with Southeast Asia experiencing a digital infrastructure construction boom [4] - By the end of 2024, Asia's data center installed capacity is expected to reach 22,780 MW, accounting for 44% of the global total [4] - Major global tech companies are investing heavily in Southeast Asia's data centers and computing infrastructure, positioning the region as the third-largest new computing power market globally [4] Group 4: Business Strategy - Weishi Jiajie is leveraging its strong ICT channels and financial management to rapidly expand in Southeast Asia, focusing on AI and cloud service upgrades [5] - The company's Southeast Asia business is projected to see a significant revenue increase of 74% in 2024, with net profit contributing approximately 51% [5] - Collaborations with top cloud service providers are enhancing the company's cloud business, covering over 30 intelligent computing centers in China [5] - The company is also advancing its initiatives in electric vehicle solutions and cross-border payment scenarios, which are expected to synergize with its core ICT distribution business [5] Group 5: Financial Projections - Revenue forecasts for Weishi Jiajie from 2025 to 2027 are projected at 103.7 billion, 129.63 billion, and 155.55 billion, with growth rates of approximately 28%, 25%, and 20% respectively [6] - The net profit attributable to the parent company is expected to be 1.251 billion, 1.532 billion, and 1.883 billion from 2025 to 2027, with growth rates of 30%, 22.4%, and 22.9% respectively [6] - Given the ongoing high demand for computing power and the acceleration of digital infrastructure in Southeast Asia, the current valuation is seen to have significant upside potential, with a target price of HKD 11.52 based on a PE of 12x for 2025 [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 本公司謹此補充，有關合作將委任經驗豐富的第三方服務提供者（「服務提供者」）， 為本集團提供包括穩定幣結算在內的金融解決方案，旨在實現跨境支付並有效規避外 匯風險（該方案既供本集團自用，亦可作為解決方案服務向客戶提供）。此舉完全基於 本公司對沖外匯風險的實際需求。過往經營中，本公司曾飽受匯率劇烈波動、高昂交 易手續費及冗長結算週期之苦。鑒於東盟地區持續的地緣政治不確定性，當地貨幣可 能面臨進一步波動。本公司在東盟地區從事消費電子、企業增值服務及雲計算解決方 案分銷業務，涉及大量境外上游供應商及客戶，長期承受人民幣、新加坡元、泰銖、 菲律賓比索及印尼盾等多幣種匯率波動風險。通過實施創新型支付系統，本集團將有 效降低運營成本，並顯著提升盈利穩定性。 儘管創新支付系統的運營對本公司（包括其董事及高級管理層）而言是一項全新業務， 但本公司相信服務提供者的專業知識將有助於為本集團成功實施並管理定制化的交易 解決方案 ...

Group 1 - The Hang Seng Index closed up 0.54%, while the Hang Seng Tech Index rose by 0.38% [1] - Sectors such as machinery, infrastructure, non-ferrous metals, coal, and lithium batteries saw significant gains, with China Longgong (03339.HK) increasing by over 15% [1] - Conversely, sectors like Apple, domestic banks, and biomedicine performed poorly, with Weishi Jiajie (00856.HK) declining by over 6% [1] Group 2 - CEC International (00759.HK) experienced a remarkable increase of 259% following news of JD.com acquiring Jiabao [1]

证券研究报告 合规时代开启，全球竞赛加速 ——稳定币行业深度报告 行业评级：看好 2025 年 7 月 17 日 分析师 刘雯蜀 分析师 童非 研究助理 张致远 邮箱 liuwenshu03@stocke.com.cn 邮箱 tongfei01@stocke.com.cn 邮箱 zhangzhiyuan@stocke.com.cn 证书编号 S1230523020002 证书编号 S1230524050005 摘要 2 1、稳定币：币值稳定的数字货币 • 稳定币是锚定法币、商品或加密资产的加密数字货币，通过足额抵押或算法调节供应量维持价值稳定。相较传统支付，稳定币依托区块链实现点 对点实时清算，交易成本低（如币安$ENA合约资金费率仅为0.25%，2023 Q3全球平均汇款成本为6.18%）、高效（只需几秒到几分钟内，传统 时间需3-5天）、门槛低（稳定币最低只需几美元即可转账）。稳定币已广泛用于交易撮合、DeFi、供应链金融及跨境支付，成为数字经济生态的 重要基石。 2、核心催化：香港《稳定币条例》8月1日实施，美国推进GENIUS法案 95% • 2025年6月6日，香港特区政府在宪报发布公告，指定202 ...

Group 1 - China's Q2 GDP growth reached 5.2%, exceeding expectations, leading to a rally in Hong Kong stocks [1] - The Hang Seng Technology Index surged by 2.8%, while the Hang Seng Index and the National Enterprises Index rose by 1.6% and 1.65% respectively [1][2] - Major technology stocks performed strongly, with Alibaba rising nearly 7%, Meituan and Baidu up over 4%, and Tencent increasing by 3.5% [2][4] Group 2 - The cryptocurrency sector faced challenges, with Bitcoin dropping below $117,000, leading to a decline in related stocks [2] - Real estate development investment in China fell by 11.2% year-on-year in the first half of the year, impacting domestic property stocks significantly [2][13] - The construction materials and cement stocks also saw declines, with major players like Jinyu Group and Anhui Conch Cement dropping over 6% and 4% respectively [11][12] Group 3 - The innovative drug sector showed strength, with companies like BeiGene and CSPC Pharmaceutical rising over 7% [7][8] - Stablecoin-related stocks performed well, with Yunfeng Financial increasing by 19.5% and Weishi Jiajie up by 11% [9][10] - The entertainment sector saw gains, with China Star Group rising over 10% and Tencent Music increasing by over 5% [15] Group 4 - Southbound funds recorded a net inflow of HKD 3.824 billion, indicating strong interest in Hong Kong stocks [18] - Analysts noted a shift in investor sentiment towards undervalued stocks, with some funds looking to capitalize on recent price corrections in major internet companies [17]

Summary of Weishi Jiajie Conference Call Company and Industry Overview - **Company**: Weishi Jiajie - **Industry**: Southeast Asian market, focusing on cross-border trade, payment solutions, and ICT sector growth Key Points and Arguments 1. **Southeast Asia Business Growth**: Weishi Jiajie expects its Southeast Asia business to maintain a high growth rate of 25%-30%, driven by the potential of assisting Chinese companies in expanding overseas, with an estimated scale of approximately 10 billion RMB [2][3] 2. **Cross-Border Payment Innovations**: The company is exploring the use of stablecoins for cross-border trade and foreign exchange settlements, aiming to reduce traditional cash settlement fees from 1.5%-3% to 0.1%-0.5%, while mitigating exchange rate risks and enhancing settlement efficiency [2][4][5] 3. **Targeted Business Segments**: The new payment settlement method primarily targets two areas: assisting Chinese cloud service companies in going global and covering final calculations and foreign exchange reviews across eight Southeast Asian countries [6] 4. **Partnerships with Stablecoin Issuers**: Collaborations with stablecoin issuers are expected to reduce losses from exchange rate fluctuations and explore opportunities for asset digitization, although specific details are still under discussion [7] 5. **Market Growth Drivers**: The high growth expectations for the Southeast Asian market are based on three factors: large economic scale with weak infrastructure, significant investments in ICT, and increasing demand for AI servers driven by investments from tech giants [8] 6. **Expansion Plans in Vietnam**: Weishi Jiajie is considering acquisitions to enter the Vietnamese market, with a focus on suitable targets among the top five listed distribution companies [9] 7. **Progress on Stablecoin Payment Settlements**: The company is conducting pilot projects in one or two Southeast Asian countries, showing promising results in terms of cost, speed, and reduced exchange rate losses [10] 8. **Impact of Exchange Rate Fluctuations**: In 2022, the company incurred a profit loss of approximately 100-200 million HKD due to exchange rate fluctuations, primarily from currency depreciation in the Philippines and Indonesia [12] 9. **Domestic IT Procurement Demand**: The domestic ICT market is expected to grow at a slower rate of about 4%-5% in 2024, with structural opportunities driven by product upgrades and AI demand [14] 10. **Profit Expectations**: The company anticipates that profit growth will outpace revenue growth due to faster growth in overseas markets and the positive impact of stablecoin collaborations on supply chain finance and exchange rate management [19][20] Other Important Insights 1. **Regulatory Developments**: The stablecoin issuance regulations in Hong Kong are set to take effect on August 1, which is expected to positively impact the company's financial performance by the end of Q3 or Q4 [16] 2. **Investor Communication**: The company is enthusiastic about the benefits of payment innovations and aims to enhance profit margins, which could significantly impact overall performance due to the large scale of its operations [21] 3. **Future Revenue Growth**: The company projects a compound annual growth rate of 20%-30% for overseas revenue, while domestic market growth is expected to improve to single-digit growth [18]

港股数字货币概念股开盘拉升，云锋金融涨超21%，金涌投资涨超12%，伟仕佳杰涨超6%，招商证券一 度近15%，现涨8%。 ...