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 對 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。 IVD Medical Holding Limited 華檢醫療控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：1931） 自願性公告 美國穩定幣牌照申請及 IVDNewCo Exchange生態落地正式開啓 本 公 告 由 華 檢 醫 療 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 自 願 作 出。本 公 告 旨 在 進 一 步 更 新 本 公 司 於 二 零 二 五 年 七 月 十 七 日 發 布 之 自 願 性 公 告（「前次公告」）所 披 露 的 戰 略 舉 措 進 展，並 向 股 東 及 潛 在 投 資 者 提 供 本 集 團 業 務 發 展 之 資 料。除 非 文 義 另 有 所 指，否 則 本 公 告 所 用 詞 彙 與 前 次 公 告 所 界 定 者 ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities [7]. Core Insights - The Hong Kong "Stablecoin Regulation" will take effect on August 1, 2025, which is expected to enhance the development of the stablecoin industry in Hong Kong. The U.S. Congress has also passed the "Genius Act" to establish a regulatory framework for cryptocurrencies, signed into law by President Trump [1][2]. - Short-term, cross-border payment scenarios are anticipated to be significant applications for stablecoins, improving efficiency and reducing costs. Financial technology companies related to cross-border payments are expected to benefit, with a focus on companies like Lianlian Digital [1]. - Long-term, stablecoins are expected to facilitate virtual asset trading and the tokenization of real-world assets (RWA) and security token offerings (STO). Major Chinese brokerages are accelerating their involvement, with firms like Guotai Junan International upgrading their virtual asset trading licenses [2]. Summary by Sections Market Review - Major indices saw increases, with the Shanghai Composite Index up by 0.69% and the ChiNext Index up by 3.17% during the week [9]. - The non-bank sector experienced an overall decline, with the non-bank financial index down by 1.24% [9]. Securities Sector - The report highlights a significant increase in trading activity, with a total trading volume of 0.73 trillion shares and a turnover of 9.34 trillion yuan, marking a 6.05% increase week-on-week [17]. - The report notes that the margin trading balance reached 1.90 trillion yuan, a 1.52% increase from the previous week [17]. Investment Recommendations - The report suggests focusing on insurance companies such as China Pacific Insurance, New China Life, China Ping An, China Life, and China Property & Casualty Insurance. In the securities sector, it recommends attention to leading firms like CITIC Securities, Huatai Securities, Guotai Junan, and China Galaxy Securities [44][45]. - Non-bank institutions to watch include ZhongAn Online, Lianlian Digital, Hong Kong Exchanges and Clearing, and Lianyi Technology [45].

Investment Rating - The report maintains an "Outperform" rating for the environmental and public utility sector [7]. Core Insights - The report emphasizes the potential of Real World Assets (RWA) in conjunction with renewable energy companies, highlighting that RWA could become a significant development direction for stablecoins, with a projected market size of $16 trillion by 2030 [24][39]. - The report discusses the recent advancements in RWA, particularly in Hong Kong, where the Ensemble project has initiated themes related to green and sustainable finance, indicating a shift towards tokenizing assets like carbon credits and renewable energy charging stations [39][40]. Summary by Sections 1. RWA and Renewable Energy - RWA connects real-world assets with digital finance, providing unique value in bridging virtual and real economies [27]. - The Ensemble project in Hong Kong includes green finance as a key theme, with the first project involving the tokenization of electric vehicle charging stations [39][40]. - RWA technology can lower investment thresholds and attract more investors, offering new financing channels for renewable energy companies [42]. 2. Market Review - From July 5 to July 18, the Shanghai Composite Index rose by 1.79%, while the environmental index increased by 2.66%, outperforming the composite index [43]. - The public utility index decreased by 0.27%, underperforming the Shanghai Composite Index by 2.06 percentage points [43]. 3. Market Information Tracking - In July 2025, the average transaction price for electricity in Jiangsu was 395.6 RMB/MWh, up 26.47% month-on-month [55]. - The price of thermal coal at Qinhuangdao Port was reported at 642 RMB/ton, reflecting a 19 RMB/ton increase from the previous week [58]. 4. Industry Dynamics - The report notes that the garbage incineration sector is seeing improved cash flow due to debt reduction policies, while companies are exploring new trends such as high-energy direct power supply [13]. - The water service sector is expected to enhance profitability as residential water prices gradually adjust [13]. 5. Investment Portfolio and Recommendations - For public utilities, the report suggests focusing on thermal power companies that are expected to perform well due to proximity to coal production areas and cost reductions [12]. - In the green energy sector, companies that integrate power generation, sales, and consumption are recommended for their resilience against market disruptions [12].

Core Viewpoint - The A-share market maintained a sideways trend in the first half of 2025, with significant sector differentiation, while private equity securities investment funds in China saw an increase in total scale [2][3]. Group 1: Market Performance - In the first half of 2025, the A-share market showed a slight increase, with the Shanghai Composite Index rising by only 2.76% [2]. - The US stock market exhibited a V-shaped recovery, with both the Nasdaq and S&P 500 indices increasing by over 5% [2]. - The Hong Kong stock market performed relatively strongly, with the Hang Seng Index rising nearly 20% [2]. Group 2: Private Equity Fund Scale - As of June 2025, the total scale of private equity securities investment funds in China reached 5.56 trillion yuan, an increase of approximately 350 billion yuan compared to the end of 2024 [2][3]. - The number of private equity fund managers decreased to 7,761, down by 239 from the end of 2024, while the number of funds decreased to 83,356, down by 4,477 [2]. Group 3: Performance of Private Equity Firms - In the first half of 2025, 328 private equity firms achieved a management scale increase of at least one tier compared to the end of 2024 [3][4]. - Sixteen firms entered or re-entered the 100 billion yuan private equity club, with quantitative firms accounting for nine and subjective firms for six [4]. - Notable firms such as Fusheng Asset and Mengxi Investment reported average returns exceeding ***% in the first half of the year [4][8]. Group 4: Investment Strategies and Locations - By core strategy, 203 firms focused on stock strategies, 48 on multi-asset strategies, 33 on futures and derivatives, and 15 on bond strategies [4]. - Geographically, Shanghai had the highest concentration of firms with 127, followed by Beijing with 50 and Shenzhen with 41 [4]. Group 5: Top Performing Private Equity Firms - The top five private equity firms by performance in the first half of 2025 were Tongben Investment, Luyuan Private Equity, and Chengyao Private Equity, among others [15][20]. - Fusheng Asset, a subjective stock strategy firm, achieved the highest average return in the first half of 2025 [8][15].

Market Overview - Trump is pushing for higher tariffs on EU goods, with a potential minimum tariff of 15%-20% on all EU products, affecting up to 70% of imports from certain countries [3][10] - The U.S. consumer inflation expectations have improved, contributing to mixed performance in the stock market, with tech stocks supporting a slight rise in the Nasdaq [2] - The Federal Reserve's Waller supports a rate cut in July, indicating a potential shift in monetary policy [11] Economic Policy and Regulation - The National Committee of the Chinese People's Political Consultative Conference held a meeting to analyze macroeconomic trends and strategize for the "14th Five-Year Plan" [9] - The Ministry of Industry and Information Technology (MIIT) is focusing on phasing out outdated production capacity and promoting digital transformation in key industries [9] - The Chinese government is expected to introduce new policies to stimulate consumption and expand domestic demand [14] Cryptocurrency and Financial Markets - The global cryptocurrency market has surpassed $4 trillion for the first time, with stablecoins being viewed as a tool to enhance the strength of the U.S. dollar [3][13] - Ethereum's spot ETF has seen record inflows, attracting over $7 billion in a single day, indicating strong market interest [21] Company Developments - Nvidia's stock has shown signs of overheating, with analysts cautioning about potential corrections following significant price increases [12] - Barclays has compared Futu to a combination of Robinhood, Coinbase, and Fidelity, highlighting its growth potential in the Asian market [17] - Saab's Q2 earnings exceeded expectations, leading to an upward revision of its annual sales guidance, driven by increased military spending in Europe [23]

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Core Insights - The rise of blockchain and NFTs is reshaping the value system of crypto assets, with a focus on integrating real-world assets (RWA) into the Web3 ecosystem, facing challenges such as regulatory compliance and data trustworthiness [1][3] - TRY, initiated by MYUAN BLOCK LIMITED and supported by Kenetic Capital and Everest Ventures Group, aims to create a unique blockchain project that combines NFT mining with real-world asset integration [1][3] Group 1: NFT Mining Economy - Early NFTs were primarily art and collectibles, valued for their scarcity and artistic attributes; however, the introduction of yield-generating mechanisms has transformed NFTs into assets that provide ongoing token rewards [2] - The TRY project links NFTs to real-world assets, allowing holders to earn token rewards while engaging in a gamified experience that enhances user interaction and retention [2][6] Group 2: RWA Tokenization - TRY's model leverages RWA, including real estate and agricultural products, to address inefficiencies in traditional trading, such as high intermediation and information asymmetry, by utilizing blockchain's transparency and smart contracts [3] - The long-term vision of TRY is to create a comprehensive platform that merges the power of NFT mining with real-world assets, gaming, and the metaverse, promoting a new trend in asset integration [3][9] Group 3: Ecosystem and User Engagement - The NFT mining mechanism in TRY is dynamic, allowing holders to earn token rewards based on their locked NFTs and proportional computing power, ensuring transparency and efficiency in reward distribution [5] - The platform includes interactive gaming modules where users can engage with their corresponding real-world assets, enhancing user engagement through various tasks and competitions [6] - TRY also distributes production profits from real-world farm assets to NFT holders, creating a dual revenue stream that integrates digital and physical asset earnings [7] Group 4: Metaverse Experience - TRY aims to build an immersive virtual farm world using mainstream 3D engines, facilitating real-time social interactions and asset displays, thus creating a comprehensive platform that combines economic incentives with social engagement [9] - The project is designed to achieve a rare "four-in-one" ecosystem value system, establishing a solid foundation for sustainable long-term development through meticulous mapping of real-world farm assets [9]

Group 1 - The core viewpoint of the news highlights the volatility in the fintech sector, particularly in stablecoins and cross-border payments, with significant declines in several stocks [1][3] - The financial technology ETF (159851) experienced a slight adjustment, with a near 1% drop in price, but saw substantial net subscriptions of 350 million shares, indicating strong investor interest [1][3] - Recent reports suggest that the technology innovation theme remains a growth focus, with an emphasis on fintech, particularly in the context of stablecoins and RWA (Real World Assets) [3] Group 2 - The stablecoin industry is expanding due to the legalization in Hong Kong, benefiting RWA issuers, consulting/technical service providers, and cross-border payment companies [3] - The financial technology ETF (159851) has a significant scale of over 7 billion yuan and an average daily trading volume exceeding 550 million yuan over the past six months, showcasing its liquidity advantage [3] - The market is increasingly focused on the Q2 performance of listed companies, particularly in the internet finance sector, which is expected to release performance potential in a bullish market [3]

Core Viewpoint - The article emphasizes the importance of timely and accurate investment research reports to capture market opportunities and avoid missing critical turning points in the market [1][6]. Group 1: Industry Insights - Recent reports highlight the explosive growth of overseas short dramas, with a market expansion from 1 million to over 24.2 billion USD, showcasing the dominance of Chinese manufacturers in the global competition [6]. - The potassium fertilizer market has seen a price increase of over 20% year-on-year, with inventory reductions exceeding 3 million tons, indicating a company with substantial potassium resource reserves and production capacity [6]. - A report discusses a niche market with a 14% annual growth rate and a market size of 210 billion USD, identifying four leading companies in this essential sector [6]. - The global HVDC market is projected to surge to 14.4 billion USD in three years, with a leading HVDC company positioned to benefit from the AIDC dividend and having secured contracts with Alibaba [6]. Group 2: Company Highlights - A company has successfully entered the supply chain of Nvidia with its HVLP copper foil, having passed Japanese certification and is expected to ramp up production significantly over the next 25 years [6]. - The report on digital finance discusses the transformation from 24.5 billion to 16 trillion USD, indicating a significant restructuring of the RWA logic in the industry [6].