Group 1 - The three major indices continued to show strength, with the fintech ETF Huaxia (516100) experiencing a slight decline after a brief high opening, reflecting a mixed performance in the market [1] - The fintech ETF Huaxia (516100) has seen a net subscription of 320 million in the past five days, indicating strong investor interest despite the current dip [1] - The China Service Trade Association plans to launch a high-level training course on "Stablecoins and Innovative Development in Cross-Border E-Commerce" in August, focusing on the core concepts, underlying logic, and regulatory framework of stablecoins [1] Group 2 - The fintech ETF Huaxia (516100) closely tracks the CSI Financial Technology Theme Index, which includes major players in software development, internet finance, and the digital currency industry, with a stablecoin content of 23.43%, the highest in the market [2] - The index's top holdings include industry leaders such as Tonghuashun, Dongfang Caifu, and Runhe Software, as well as popular stablecoin stocks like Dongxin Pinghe and Yingshisheng, providing investors with a convenient way to invest in stablecoins and digital currencies [2] - According to Everbright Securities, the use of stablecoin-related technologies and platforms can facilitate cross-border transactions and reduce transaction costs for buyers and sellers [1]

比特币向上触及120000美元/枚，日内涨0.70%。 比特币/美元 ...

比特币站上120000美元/枚，日内涨1.15%。 比特币/美元 ...

Group 1: Company Performance - Zhongwei Company expects a net profit of 680 million to 730 million yuan for the first half of 2025, representing a year-on-year increase of 31.61% to 41.28% [1] - The company's operating revenue is approximately 4.961 billion yuan, with a year-on-year growth of 43.88%, driven by significant increases in revenue from etching equipment and LPCVD film equipment [1] - Hangzhou Bank reported a net profit of 11.662 billion yuan for the first half of 2025, reflecting a year-on-year growth of 16.67% [2] - The bank's total assets reached 2.235595 trillion yuan, up 5.83% from the end of the previous year [2] Group 2: Corporate Actions - Helen Piano announced that its actual controllers are planning a change in control, leading to a temporary suspension of its stock starting July 18 [3] - Shanghai Material Trade reported that its subsidiary's data product "Non-ferrous Metal Spot Index Query" is currently in a "temporarily invalid" state due to lack of transactions since its listing [4] - Lansheng Co. stated that it has not engaged in any business related to "stablecoins" amid rising market interest [5] Group 3: Other Corporate Developments - Microchip Biotech expects a net profit of 30.06 million yuan for the first half of the year, marking a turnaround from losses [6] - Tuo Jing Technology anticipates a year-on-year net profit increase of 101% to 108% for the second quarter [6] - Kai Sheng New Materials has set an initial inquiry transfer price of 13.69 yuan per share [6]

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 - The "Stablecoin Regulation" will officially take effect on August 1, promoting the tokenization of Real World Assets (RWA) through blockchain technology, covering asset categories such as real estate, charging piles, and precious metals [1] - The People's Bank of China is implementing eight financial opening policies in Shanghai, including the establishment of a digital RMB international operation center and exploring blockchain cross-border payment pilots, aiming to build a dual-layer structure of "sovereign credit + market-based supplements" to address global dollar stablecoin challenges [1] - The Shanghai State-owned Assets Supervision and Administration Commission emphasizes strengthening research on digital currencies and exploring blockchain applications in cross-border trade and supply chain finance [1] Group 2 - The Hong Kong Stock Technology ETF tracks the Hong Kong Stock Connect Technology Index, which is compiled by China Securities Index Co., Ltd., selecting listed companies in the information technology and healthcare sectors within the Hong Kong Stock Connect range to reflect the overall performance of the Hong Kong technology industry [1] - This index particularly focuses on selecting companies with innovative characteristics, technology-driven features, and high growth potential, providing investors with an efficient tool to track the performance of the Hong Kong technology sector [1] - Investors without stock accounts can pay attention to the Cathay China Securities Hong Kong Stock Connect Technology ETF Initiator Link A (015739) and Cathay China Securities Hong Kong Stock Connect Technology ETF Initiator Link C (015740) [1]

Market Overview - On July 16, the Shanghai Composite Index fell by 0.03%, the Shenzhen Component Index decreased by 0.22%, and the ChiNext Index also dropped by 0.22%[3] - The total trading volume of the Shanghai and Shenzhen stock markets exceeded 1.44 trillion, showing a significant decrease compared to the previous period[1] Sector Performance - Leading sectors included chemical pharmaceuticals, automotive parts, oil, automotive services, education, and diversified finance, while insurance, steel, energy metals, banking, electronic components, and non-ferrous metals showed notable adjustments[1] - A total of 3,208 stocks rose, while 1,809 stocks declined, indicating a predominance of gainers in the market[1] Investment Strategy - The current market adjustment is viewed as an opportunity rather than a risk, with expectations for a new round of strong upward movement after technical indicators stabilize[1] - Investors are encouraged to focus on sectors such as digital currency, semiconductors, artificial intelligence, biomedicine, and new energy vehicles[1] Fund Flow - On July 16, net inflows into the Shanghai Stock Exchange were 38.27 billion, while the Shenzhen Stock Exchange saw net inflows of 8.14 billion[4] - The top three sectors for net inflows were automotive parts, chemical pharmaceuticals, and general equipment, while the sectors with the highest outflows included components, securities, and industrial metals[4] Industry Developments - The Ministry of Industry and Information Technology plans to implement stricter technical standards for mobile power sources, which may lead to a reshuffle in the domestic market, benefiting related listed companies[2] - The AI industry is shifting focus from infrastructure to downstream applications, with opportunities emerging in smart manufacturing, smart education, and smart healthcare[2] Fund Dynamics - A total of 136 funds have been liquidated this year, with equity funds making up 65% of the total, indicating a trend towards normalization in fund closures[13] - Fund managers are increasing their stock positions significantly, with some new funds exceeding 90% in stock allocation, reflecting optimism about future market conditions[15]

Core Viewpoint - The company expresses interest in exploring the potential demand for stablecoin services in educational settings, contingent upon compliance with national regulations and standards [1] Group 1: Company Initiatives - The company plans to actively explore collaborations with banks and educational institutions to provide secure, efficient, and convenient payment solutions [1] - The company aims to leverage its existing business layout in the digital currency sector to facilitate these initiatives [1] Group 2: Industry Context - Stablecoins are identified as a category of digital currency that may see increased demand in specific scenarios, such as in universities [1] - The company acknowledges the importance of adhering to national regulations and supervisory requirements in its future endeavors related to stablecoins [1]

Market Overview - On July 16, the total trading volume of the Shanghai and Shenzhen stock markets was 1.44 trillion yuan, a decrease of 170 billion yuan compared to the previous trading day [1] - Sectors such as animal vaccines, chemical pharmaceuticals, innovative drugs, and humanoid robots saw significant gains, while insurance, steel, PCB, and rare earth permanent magnet sectors experienced declines [1] Stock Performance - Notable gainers included: - Forest Packaging (+9.98%) [2] - Lianhuan Pharmaceutical (+9.98%) [2] - Shangwei New Materials (+19.98%) [2] - ST J (+29.93%) [2] - Nanjing Futures (+10.00%) [2] - Stocks with consecutive gains included: - Forest Packaging with 10 gains in 8 days [3] - Lianhuan Pharmaceutical with 8 gains in 6 days [3] - Shangwei New Materials with 6 consecutive gains [3] Trading Dynamics - The top three net buying stocks on the day were: - Hengbao Co., Ltd. with a net purchase of 242 million yuan [5] - Dawi Technology with a net purchase of 152 million yuan [5] - Biological Shares with a net purchase of 125 million yuan [5] - The top three net selling stocks were: - Huadian New Energy with a net sale of 309 million yuan [6] - Annie Shares with a net sale of 238 million yuan [6] - Southern Precision with a net sale of 92.74 million yuan [6] Sector Highlights - The animal vaccine sector is experiencing growth, with a stable market share for foot-and-mouth disease vaccines and a significant increase in sales of porcine circovirus vaccines [18] - Dawi Technology is expected to achieve a net profit of 55 million to 80 million yuan for the first half of 2025, marking a year-on-year increase of 247.22% to 314.13% [14] - Hengbao Co., Ltd. is focusing on digital currency applications and has developed products that support digital currency loading [11]

Core Viewpoint - The article highlights the rising illegal activities associated with "stablecoins," as various financial regulatory bodies have issued warnings against fraudulent schemes that exploit the concept of stablecoins to attract investments and promise high returns [1][2][4]. Group 1: Regulatory Warnings - Multiple financial regulatory departments in regions such as Henan, Zhejiang, Beijing, Shenzhen, and Chongqing have issued risk alerts regarding illegal fundraising activities disguised as stablecoin investments [2][4]. - These warnings emphasize that stablecoins should not be considered investment or speculative tools, and that unauthorized institutions lack the qualifications to publicly solicit deposits [2][4][5]. Group 2: Characteristics of Fraudulent Activities - Fraudulent institutions often use terms like "financial innovation," "digital assets," and "blockchain technology" to mislead the public into participating in trading and speculation [2][4]. - Common characteristics of these illegal fundraising projects include lack of qualifications, concept packaging, false promises, and the operation of funds in pools, which create information asymmetry to confuse investors [4][5]. Group 3: Legal Context and Challenges - In China, virtual currency-related activities are classified as illegal financial activities, and participants in such investments face legal risks [6]. - The absence of domestic virtual currency trading venues and the shift of exchanges overseas complicate law enforcement and the handling of involved virtual currencies [7]. Group 4: Need for Regulatory Framework - As the market value and circulation of stablecoins continue to grow, there is an urgent need to explore regulatory paths for stablecoins that align with China's national conditions [8][9].