（於開曼群島註冊成立的有限公司） （股份代號：2263） 自願性公告 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告的內容概不 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 就 因 本 公 告 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。 Fu Shek Financial Holdings Limited 富石金融控股有限公司 – 1 – 承董事會命 關於一間附屬公司向證監會提交申請以獲發牌照進行第1類受規管活動 作為就虛擬資產進行交易或提供意見的中介人的業務最新資料 本 公 告 乃 由 富 石 金 融 控 股 有 限 公 司（「本公司」）自 願 刊 發，以 向 其 股 東 及 潛 在 投 資 者 提 供 有 關 本 公 司 最 新 業 務 發 展 的 最 新 資 料。 本 公 司 的 董 事（「董 事」）會（「董事會」）欣 然 宣 佈，本 公 司 的 間 接 全 資 附 屬 公 司 佳 富 達 證 券 有 限 公 司（「佳富達證券」）已 於2025 ...

Investment Rating - The report maintains an optimistic outlook on the Hong Kong stock market, particularly in sectors such as stablecoins, new consumption, and innovative pharmaceuticals [3][10]. Core Views - The overseas Chinese asset earnings season has begun, with a significant increase in risk appetite for Hong Kong and US-listed Chinese stocks, as active funds seek undervalued stocks with low price-to-book ratios [3][10]. - There is a sustained bullish outlook on virtual assets, including stablecoins, with traditional virtual asset exchanges expected to enter the traditional capital markets through IPOs, reverse mergers, and acquisitions [3][10]. - The potential risks for overseas Chinese assets remain, particularly concerning US-China tariff issues, necessitating close monitoring of global tariff negotiations [3][10]. Industry Situation Tracking Education - The Chinese education index fell by 0.82% during the period from July 21 to July 25, underperforming compared to major indices [11][21]. - Notable stock performances include Oriental Selection rising by 13.67% and New Oriental falling by 10.03% [11][21]. Luxury Goods - The S&P Global Luxury Goods Index increased by 2.75%, while the MSCI European Luxury Goods and Apparel Index rose by 2.52% during the same period [22][25]. - Key luxury stocks showed mixed results, with Samsonite up by 3.16% and Prada down by 1.94% [22][25]. Coffee and Tea - The Hang Seng Non-Essential Consumer Index rose by 1.30%, outperforming the Hang Seng Index [27][30]. - Notable stock performances include Haidilao up by 4.31% and various tea brands experiencing declines [27][30]. E-commerce - The Hang Seng Internet Technology Index increased by 1.86%, with Pinduoduo rising by 8.67% and Alibaba declining by 0.17% [30][31]. - The competitive landscape remains intense, with significant investments in logistics and marketing by leading platforms [30][31]. Streaming Platforms - The Hang Seng Media Index fell by 1.2%, underperforming compared to other indices [35][39]. - Key stocks like iQIYI and Tencent Music experienced varied performance, with iQIYI up by 2.04% and Tencent Music down by 4.45% [35][39]. Virtual Assets & Internet Brokers - As of July 25, the global cryptocurrency market cap reached $393.75 billion, with Bitcoin and Ethereum prices at $117,482 and $3,765, respectively [41][42]. - The report highlights the ongoing development of regulatory frameworks for virtual assets, with significant movements in the market [41][42]. Automotive Services - The Hang Seng Composite Index rose by 2.45%, with notable performances from companies like Zhongsheng Holdings up by 17.27% [49][50]. - The automotive service sector is witnessing growth, with new partnerships and service offerings emerging [49][50].

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights the acceleration of stablecoin regulation and a reduction in insurance product interest rates as significant developments impacting the non-bank financial sector [1]. - The capital market is experiencing structural changes driven by policy support and internal demand, with expectations for continued improvement in brokerage valuations and performance due to mid-year earnings catalysts and long-term capital inflows [4][11]. - The upcoming implementation of the stablecoin licensing regime in Hong Kong is expected to create new growth opportunities for brokerages, particularly in the virtual asset ecosystem [13]. Summary by Sections Securities Business Overview and Weekly Review - The China Securities Regulatory Commission (CSRC) is focused on stabilizing the market and enhancing regulatory effectiveness, with key tasks including risk prevention and promoting market vitality [11]. - The merger of Guotai Junan Asset Management and Haitong Asset Management is expected to enhance operational efficiency and profitability, with projected net profits for the first half of 2025 expected to increase by 205%-218% year-on-year [12]. - The securities sector indices outperformed major indices, with the non-bank financial index up by 3.37% and the securities index up by 5.35% [16]. Insurance Business Overview and Weekly Review - The maximum preset interest rates for various insurance products have been reduced, with ordinary life insurance rates dropping from 2.5% to 2.0%, reflecting regulatory adjustments to align with market conditions [31]. - The Ministry of Human Resources and Social Security is promoting the expansion of entrusted basic pension fund investments, which is expected to inject significant long-term capital into the market [32]. - The report notes a surge in insurance capital's equity market participation, with 21 instances of capital increases recorded this year, indicating a strong interest in equity investments by insurance institutions [33]. Market Liquidity Tracking - The central bank's net injection of liquidity amounted to 55.487 billion yuan during the week, with significant reverse repo operations contributing to market liquidity [43]. - The average daily trading volume in A-shares increased by 14.20% compared to the previous week, indicating heightened market activity [21].

Group 1: Market Trends - The Hong Kong stock market is experiencing a trend of "slowing buybacks and surging refinancing," with a significant increase in refinancing activities, up 183% year-on-year [1][7] - The buyback scale in July has contracted, with only 70 companies participating, totaling HKD 93.66 billion, a drop from previous months [2][3] - The total buyback amount for the year has exceeded HKD 1 trillion, reaching HKD 1,038.63 billion, with a notable increase from previous years [2][6] Group 2: Buyback Activities - The top five companies in buyback activities account for over 80% of the total buyback amount, with Tencent and HSBC leading at HKD 400.43 billion and HKD 204.97 billion respectively [3][4] - The buyback amount relative to market capitalization has increased significantly from 0.09% in 2021 to over 0.75% in 2024, indicating a growing trend in buybacks [2][6] Group 3: Refinancing Dynamics - The refinancing trend is primarily driven by emerging sectors such as automotive, robotics, and biotechnology, contrasting with traditional industry leaders [7][9] - BYD has raised the highest amount in refinancing at HKD 435.09 billion, representing 26.45% of the total refinancing scale for the year [7][8] - The flexibility of Hong Kong's refinancing mechanisms allows companies to raise funds efficiently, particularly in high-cost sectors like robotics and biotechnology [9] Group 4: Future Outlook - The future of buyback and refinancing activities will depend on market performance and liquidity changes, with the Hang Seng Index showing strong upward movement recently [10][11] - Analysts maintain an optimistic outlook for the Hong Kong market, citing low valuations and continued inflows of capital [10][11] - A structural market trend is anticipated, with potential sector rotations as companies report their semi-annual earnings [11]

Core Insights - The KPMG report highlights the resilience of Hong Kong's asset management and private equity industry amidst global uncertainties, projecting growth opportunities and challenges ahead [1][11][12]. Industry Overview - By the end of 2024, the total assets under management in Hong Kong's asset and wealth management sector is expected to reach HKD 35.1 trillion, reflecting a year-on-year growth of 13% and a significant net inflow increase of 81% [1][16]. - The IPO market in Hong Kong is performing strongly, with HKD 107.1 billion raised in the first half of 2025, driven by a surge in "A+H" listings and a robust pipeline from sectors like TMT and healthcare [1][19]. Industry Consolidation - The report notes an acceleration in industry consolidation, with global and Hong Kong asset management firms pursuing mergers and acquisitions to achieve scale and efficiency, leading to the emergence of a "multi-strategy super market" model [1][25][26]. Regulatory Developments - The Hong Kong Securities and Futures Commission (SFC) is enhancing scrutiny on asset management firms, focusing on private fund management deficiencies and liquidity risk management, while also introducing guidelines for AI governance and virtual assets [1][32][60]. Tax Environment - Reforms to the Unified Fund Exemption (UFE) are expected to broaden the exemption scope and enhance the attractiveness of the tax environment, potentially drawing more funds and investors to Hong Kong [1][41][42]. Private Equity and Alternative Investments - The mainland China market remains a significant area for private equity, with Hong Kong asset managers positioned to capitalize on the growing interest in alternative assets from investors [1][46][47]. - Emerging markets like India and Southeast Asia present new investment opportunities, while mature markets such as Japan and Australia offer stable investment paths [1][48]. Cross-Border Opportunities - The opening of the mainland market provides Hong Kong asset managers with a unique position to serve the global allocation needs of mainland investors, supported by ongoing improvements in cross-border financial mechanisms [2][55]. Artificial Intelligence - The application of AI in asset management is moving towards systematic implementation, driven by the need for operational efficiency and cost reduction, although challenges related to data privacy and regulatory compliance remain [2][59][60]. Virtual Assets - Hong Kong is advancing in the virtual asset space, having granted licenses to ten virtual asset trading platforms, with expectations for growth in related products and services [2][64][66]. Tokenization - The rise of tokenization technology is set to transform wealth management, with regulatory support paving the way for new investment opportunities, although challenges in market liquidity and infrastructure need to be addressed [2][71][72].

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights the rapid growth and adoption of stablecoins, with their transaction volumes surpassing those of traditional financial systems like Visa and PayPal [7]. - It emphasizes the regulatory advancements in Hong Kong, particularly the introduction of the "Stablecoin Regulation Draft," which is expected to enhance compliance and foster innovation in the virtual asset market [23]. - The report anticipates an influx of institutional players into the virtual asset trading services, driven by regulatory clarity and the expansion of service offerings by Chinese brokerage firms [60]. Summary by Sections Section 1: Industry Chain, Application Scenarios, and Profit Models - Stablecoins have emerged as a more efficient medium for on-chain transactions compared to fiat currencies, significantly simplifying the process of trading cryptocurrencies [4]. - As of May 2025, the total market size of stablecoins is approximately $247.2 billion, with an average rolling transaction volume of $2.29 trillion, which is 1.7 times that of Visa [7]. - The most popular stablecoins are fiat-backed, such as USDT and USDC, which account for 64% and 25% of the market share, respectively [13]. - The report outlines the different types of stablecoins, including fiat-collateralized, crypto-collateralized, algorithmic, and commodity-backed stablecoins, each with its own advantages and disadvantages [10][12]. - The profitability of stablecoin issuers primarily comes from interest income generated from reserve assets, with Tether's interest income reaching $4 billion in 2023 [16]. Section 2: Institutions Expected to Accelerate Entry into Virtual Asset Trading Services - Chinese brokerage firms are rapidly expanding into virtual currency services, with Guotai Junan International being the first to obtain a Virtual Asset Service Provider (VASP) license [60]. - The report notes that as of July 2025, 43 brokerages and one bank have upgraded their licenses to provide virtual asset trading services, indicating a growing trend in the market [64]. - The report identifies 11 licensed Virtual Asset Trading Platforms (VATPs) in Hong Kong, which are crucial for retail investors to access virtual asset investments [66]. Section 3: Investment Recommendations - The report maintains a positive outlook on the development of the virtual asset trading market in Hong Kong, driven by government policies and the anticipated expansion of market participants [83]. - It suggests that the ongoing regulatory framework will facilitate the tokenization of real-world assets, providing new avenues for revenue generation for brokerages [83].

Industry Overview - The total assets under management in Hong Kong's asset and wealth management industry are projected to reach HKD 35.1 trillion by the end of 2024, reflecting a year-on-year growth of 13% and a significant net inflow of funds increasing by 81%, showcasing the industry's resilience [1][12][17] - In the first half of 2025, the IPO financing amount reached HKD 107.1 billion, the highest since 2021, driven by "A+H" listings contributing 72% and strong reserves in technology and healthcare sectors [1][20][12] - Hong Kong's strategic position as a core hub for asset management benefits from the increasing importance of Asia in the global asset management landscape, with growth rates surpassing the global average [1][12][21] Industry Trends - The global asset management industry is experiencing accelerated mergers and acquisitions starting from 2024, continuing into 2025, as firms seek scale advantages and operational efficiencies [1][25][26] - The emergence of a "multi-strategy super market" model is noted, catering to the complex investment needs of Asia's growing middle class [1][25][26] - Cost efficiency is a critical factor driving consolidation, with larger firms leveraging economies of scale for technological innovation, while smaller firms face competitive pressures [1][26][27] Regulatory Developments - The Hong Kong Securities and Futures Commission (SFC) will enhance scrutiny of asset management and wealth management firms in 2025, focusing on deficiencies in private funds, liquidity risk management, and cybersecurity controls [2][30][34] - The unified fund exemption (UFE) system in Hong Kong is set to improve, expanding the exemption scope to include private credit and enhancing tax certainty, which is expected to attract more fund managers and investors [2][40][41] Private Equity and Alternative Investments - Despite geopolitical tensions affecting foreign investor sentiment in mainland China, there is active participation of RMB funds, and the secondary private equity market is developing [2][46][48] - Hong Kong asset management firms are positioned to capitalize on wealthy investors' interest in alternative assets, with opportunities in emerging markets like India and Southeast Asia, as well as in developed markets like Japan and Australia [2][46][48] Technological Advancements - The integration of artificial intelligence in asset management is progressing towards systematic implementation, with regulatory bodies issuing guidelines [3][12] - The virtual asset sector is undergoing regulatory normalization, with ten trading platforms licensed and stablecoin regulations approved, indicating a move towards a more structured environment [3][59][60] Family Offices - Hong Kong has introduced incentives to attract ultra-high-net-worth individuals, with expectations of a 43% increase in family offices [3][12]

Core Viewpoint - The brokerage sector is experiencing a significant rally, driven by a combination of strong fundamentals and increased market activity, with expectations for continued growth in performance and valuation [1][3][7]. Group 1: Market Performance - As of July 23, the securities company index has surged 14.46% since its low on June 23, indicating strong market sentiment [2]. - The A-share market's trading volume reached 162.65 trillion yuan in the first half of the year, a year-on-year increase of over 60%, reflecting heightened trading activity [4]. Group 2: Financial Performance - In Q1 2025, the overall revenue of the brokerage industry grew by 20.93% year-on-year, with net profit increasing by 79.56%, driven primarily by self-operated investments and brokerage services [3]. - Among 29 listed brokerages that released mid-year earnings forecasts, the average net profit growth is projected to be between 171.03% and 203.81%, with some firms expecting over tenfold increases [5]. Group 3: Valuation and Funding - The current price-to-book (PB) ratio of the securities company index is approximately 1.5, significantly below the 2.25 peak during the 2015 bull market, indicating substantial potential for valuation recovery [6]. - Institutional investors have low exposure to the brokerage sector, with only 0.5% of public equity fund holdings allocated to this sector, suggesting room for increased investment [6]. Group 4: Industry Trends - The brokerage industry is undergoing transformation through policy support and technological innovation, enhancing growth potential [8]. - The annualized return on equity (ROE) for listed brokerages has improved from 5.45% in 2023 to 6.74% in Q1 2025, reflecting better quality driven by scale and efficiency improvements [8]. Group 5: Innovation and Future Growth - The sector is actively exploring new growth engines, including virtual assets and AI technologies, with firms like Guotai Junan International leading in virtual asset trading services [10][11]. - The integration of AI in operations is enhancing efficiency and customer experience, marking a shift from conceptual strategies to practical applications [11]. Group 6: Long-term Value and Investment Tools - The brokerage sector is characterized by high volatility but offers long-term growth potential due to the expanding Chinese capital market, which has seen a significant increase in retail investors and listed companies [12][14]. - The brokerage ETF (159842) provides an efficient way for investors to participate in the sector's recovery, with a low management fee of 0.15% and a strong correlation to market performance [16][19].

Investment Rating - The report maintains an optimistic outlook on the Hong Kong stock market, particularly regarding new IPOs and sectors such as stablecoins, new consumption, and innovative pharmaceuticals [3][10]. Core Insights - The report highlights new investment paths following the implementation of stablecoin legislation, emphasizing the positive sentiment towards Hong Kong and U.S. Chinese stocks, with a notable shift towards new concepts and small-cap stocks [3][10]. - There is a sustained bullish view on virtual assets, including stablecoins, with recommendations for traditional virtual asset companies and infrastructure assets related to blockchain technology [3][10]. - The report identifies potential risks associated with overseas Chinese assets, particularly concerning U.S.-China tariff issues, and suggests monitoring the progress of global tariff negotiations [3][10]. Industry Situation Tracking Education - The Chinese education index increased by 2.10% from July 14 to July 18, outperforming the CSI 300 and SSE 50 indices, while underperforming the Hang Seng Tech Index [11]. - Notable stock performances include a 25.09% increase for Fenbi and a 14.37% increase for Dongfang Zhenxuan, while New Oriental saw a decline of 3.39% [11][19]. Luxury Goods - The luxury goods sector faced slight pressure, with a 6% year-on-year decline in Burberry's sales revenue for Q1 of FY2026, although the decline was less severe than previous periods [25]. - The report notes that the jewelry segment remains a growth driver, with Richemont's jewelry sales increasing by 11% year-on-year [31]. Coffee and Tea Beverages - The coffee sector maintains high growth, while the tea beverage sector shows signs of recovery, benefiting from summer demand and delivery subsidies [5][28]. E-commerce - The e-commerce sector is experiencing slight pressure, with a slowdown in overall growth and intensified competition among platforms [5][34]. - The report highlights a 742.95 billion yuan online retail sales figure for the first half of 2025, reflecting an 8.5% year-on-year growth [37]. Streaming Platforms - The streaming media index rose by 7.8%, outperforming both the Hang Seng Index and the Hang Seng Tech Index [38]. - Notable stock performances include a 12.08% increase for NetEase Cloud Music and an 11.37% increase for Tencent Music [38]. Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization reached $392.19 billion, with Bitcoin and Ethereum prices increasing by 0.4% and 19.9%, respectively [40][43]. - The report emphasizes the positive trend in virtual assets following the passage of the GENIUS Act in the U.S., which establishes a regulatory framework for stablecoins [49].

Core Viewpoint - The recent interest from major institutions like E Fund and Barclays in Zhongzhou Securities has drawn significant market attention, highlighting the potential growth prospects of the brokerage sector [1][2]. Group 1: Institutional Investment - On July 11, Barclays purchased approximately 125 million shares of Zhongzhou Securities, achieving a holding ratio of 12.46% [2]. - E Fund acquired 5.27% of Zhongzhou Securities, increasing its total shares to 62.96 million [2]. - The stock price of Zhongzhou Securities surged over 75% on the same day, closing with a gain of 47.48% [1]. Group 2: Market Context - The surge in brokerage stocks on July 11 was linked to news regarding stablecoins [2]. - The brokerage sector has seen a strong performance, with major firms reporting significant profit growth, indicating a robust equity market [4]. Group 3: Future Outlook - Analysts suggest that the brokerage sector is undervalued and underweighted, with H-shares showing more advantages compared to A-shares [4]. - The price disparity between A-shares and H-shares indicates potential investment opportunities, with current premiums for A-shares over H-shares being substantial [4][5].