Investment Rating - The report assigns an "Outperform" rating for OSL Group (00863.HK) for the first time [1][4][32] Core Views - The company achieved its first positive net profit in 2024, driven by rapid growth in trading volume and SaaS services, with total revenue reaching HKD 375 million, a year-on-year increase of 78.59% [3][25] - OSL Group is the only listed licensed compliant virtual asset exchange in Asia, providing brokerage services, digital asset custody, and electronic trading platforms [3][7] - The global digital asset trading volume is expected to grow significantly, with OSL's market business revenue projected to reach HKD 283 million in 2024, a 73.3% increase year-on-year [3][25] Summary by Sections Company Overview - OSL Group is the only listed licensed compliant virtual asset exchange in Asia, with a custody asset scale of approximately HKD 5 billion, growing over five times year-on-year [3][7] - The company has successfully obtained multiple licenses, including the first AMLO license in Hong Kong and a digital currency exchange license in Australia [4][11] Financial Performance - In 2024, OSL Group achieved a net profit of HKD 56 million, marking a turnaround from previous losses [25][34] - Revenue is expected to continue growing, with projections of HKD 648 million in 2025 and HKD 1.095 billion in 2026 [25][30] Market Trends - The global digital asset trading volume is projected to reach USD 1,085,710 million in 2024, a year-on-year increase of 43% [3] - The number of individuals holding digital assets globally is expected to grow by 33% year-on-year, with Asia accounting for 327 million holders, a 22% increase [3] Business Expansion - OSL Group is accelerating its global expansion through acquisitions, including the purchase of CoinBest in Japan and plans to acquire a 90% stake in Evergreen Crest Holdings in Indonesia [4][12] - The company aims to enhance its presence in the digital asset market by launching Asia's first digital asset spot ETFs in collaboration with major funds [4][11] Valuation and Investment Outlook - The report anticipates that OSL Group will benefit from the growth of the Web3 industry and its unique position as a licensed trading platform, projecting significant revenue growth in the coming years [5][30] - The estimated price-to-sales ratios for 2025 and 2026 are 12x and 7x, respectively, indicating a favorable valuation compared to peers like Coinbase and Hong Kong Exchanges [30][31]

据智通财经6月12日报道，针对有报道称蚂蚁国际正计划在香港和新加坡申请稳定币牌照一事，6月12 日，蚂蚁国际回应称，正在全球财资管理方面加速投资、拓展合作，将我们的AI、区块链和稳定币创 新投入真实可靠的大规模应用。 蚂蚁国际表示："我们欢迎香港立法会通过《稳定币条例草案》，将于法案8月1日生效、相关通道开启 后尽快提交申请，希望为香港建设未来国际金融中心贡献更多力量。" 受消息带动，港股云峰金融等尾盘大涨。 华西证券指出，稳定币是指价值与某种法定货币或资产锚定的加密货币。其基于区块链技术发行，具有 很好的开放性，支持可控匿名，可以直接点对点交易，天然具有跨境属性。 根据DEFILLAMA数据，截至2025年6月8日，全球稳定币总市值已攀升至约2503.05亿美元（约合人民 币1.8万亿元），较2019年末的约50亿美元增长了约50倍，呈现出爆发式增长态势。这一趋势不仅彰显 了稳定币在加密货币生态中的迅猛扩张，也凸显了其在支付、交易及去中心化金融（DeFi）等领城日益 不可替代的地位。 其表示，展望未来，稳定币可能会深度融入全球金融体系，最可能的情况是，稳定币将与传统金融体系 互补，成为银行和支付平台(如Vi ...

Core Viewpoint - Ant Group is seeking to apply for stablecoin licenses in Hong Kong and Singapore, positioning itself as the second major internet company from mainland China to enter the stablecoin market after JD Group [1][2]. Group 1: Company Developments - Ant Group's stablecoin initiative involves two subsidiaries: Ant International based in Singapore and Ant Digital Technologies headquartered in Hong Kong [1]. - Ant International is set to become an independent subsidiary in 2024, focusing on various financial services including mobile payments and digital banking [2]. - Ant Digital Technologies has initiated the application for a stablecoin license in Hong Kong and has engaged in multiple discussions with regulators [2][3]. Group 2: Market Impact - Following the announcement, several Ant Group-related stocks surged, with Yunfeng Financial rising by 54.24% and Alibaba Health increasing by 3.26% [1]. - The stablecoin is viewed as a bridge between traditional finance and tokenized assets, with significant market potential [3]. Group 3: Regulatory Framework - The "Stablecoin Regulation" will come into effect on August 1, 2025, requiring entities to obtain licenses for issuing fiat-backed stablecoins in Hong Kong [4]. - Only licensed issuers will be permitted to sell fiat-backed stablecoins to retail investors, emphasizing the regulatory framework's focus on compliance [3][4].

Steel Industry - The average daily crude steel output of key steel enterprises reached a four-month low in late May 2025, indicating a potential recovery in profitability to historical average levels due to the revised "Steel Industry Normative Conditions" by the Ministry of Industry and Information Technology [4] Copper Industry - COMEX copper inventory hit a new high since September 2018, while LME copper inventory reached a near 12-month low; trade conflicts have eased, leading to a rebound in copper prices, but demand risks remain as the market enters a seasonal lull [5] Basic Chemicals - The rise of the trendy toy industry is driving new consumer demand, with the market size of China's pan-entertainment toy market surpassing 100 billion yuan, expected to reach 212.1 billion yuan by 2029; this growth will benefit the color masterbatch and pigment industries [6] Public REITs - The total market value of public REITs surpassed 200 billion yuan for the first time, with a market value index of 113.91 as of June 6, 2025, reflecting a 19% increase since the end of 2024; the market is expected to continue growing steadily [8] New Energy and Environmental Protection - Recent policies related to the new power system are expected to lead to breakthrough developments, addressing renewable energy consumption issues through market-based pricing mechanisms and innovative supply models [9] Digital Currency and Web3 - The passage of the GENIUS Act in the U.S. Senate and the approval of the stablecoin regulation draft in Hong Kong are expected to catalyze the application of Real World Assets (RWA), creating new pathways for traditional finance to integrate into the digital economy [9] Sunac Services - Sunac Services is expected to experience stable growth as the impact from real estate associations diminishes, with a significant increase in sales amounting to 4.9 billion yuan in May 2025, a year-on-year increase of 128% [10]

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 6.1 per share, indicating a potential upside of 20.6% from the current price of HKD 5.06 [5][7][20]. Core Insights - The company is transitioning into a full-stack AI product and service provider, with significant growth expected from its AIGC (Artificial Intelligence Generated Content) business, which is becoming a key driver of revenue [2][9]. - The company is actively participating in the construction of digital currency systems and exploring opportunities in stablecoins and Real World Assets (RWA) tokenization, leveraging its expertise in big data, AI, blockchain, and cloud computing [4][17]. Financial Performance - For 2024, the company is projected to achieve revenue of RMB 16.95 billion, a slight decline of 1.0% year-on-year, with a net profit of RMB 512.9 million, down 28.1% [8][20]. - The second half of 2024 is expected to show a recovery, with a significant increase in revenue from full-stack AI products and services, which is projected to reach RMB 957 million, accounting for 5.6% of total revenue [2][12]. Strategic Developments - The company is deepening its collaboration with Huawei, enhancing its KaihongOS applications and completing over 200 Huawei cloud CTSP projects, which strengthens its cloud integration and domestic substitution strategy [3][13]. - The company is also focusing on international expansion, establishing a presence in the Asia-Pacific and Middle Eastern markets, and successfully executing projects in digital governance and smart cities [14][16]. Future Projections - Revenue forecasts for 2025 to 2027 are RMB 18.22 billion (+6.1%), RMB 20.01 billion (+9.86%), and RMB 22.32 billion (+11.5%), respectively, with net profits expected to grow significantly during this period [5][20]. - The report emphasizes that the company is in a transitional phase, moving from traditional service adjustments to emerging business growth, supported by national policy initiatives [20].

Investment Rating - The report maintains an "Outperform" rating for the computer industry [2][8]. Core Insights - The report highlights the progress of stablecoin regulations in Europe, the United States, and Hong Kong, indicating a clearer compliance path that could stimulate financial innovation and enhance the value of digital currencies and assets [4]. - Circle's IPO has generated significant demand, with the global stablecoin market projected to reach $1.6 trillion by 2030, driven by regulatory clarity and increased acceptance among financial users [4]. - Stablecoins are expected to evolve from mere transaction mediums to critical financial infrastructure, presenting investment opportunities in the digital currency sector [4]. Summary by Sections Market Performance - The computer industry has shown a performance trend against the CSI 300 index, with fluctuations observed from June 2024 to February 2025 [3]. Related Research - Several related reports are mentioned, focusing on the implications of AI and data analysis in the industry, as well as the financial performance of specific companies [4]. Investment Recommendations - The report suggests focusing on companies involved in stablecoins and Real World Assets (RWA), listing several firms such as Lianlian Digital, Zhong'an Online, and others as potential investment opportunities [4].

隔夜美股"稳定币第一股"Circle上市首日大涨超168%后，次日又大涨近30%，当前股价报107.7美元，市 值超过200亿美元。 众安在线(06060)：为香港稳定币概念核心标的，公司联营公司ZA Bank是首家为香港稳定币发行人提供 储备银行服务的本地数字银行，与香港金管局稳定币沙盒计划参与者圆币科技合作。 华兴资本控股(01911)：6月6日早间宣布，其管理的华兴新经济基金所投企业Circle Internet Group成功登 陆纽交所上市，成为全球稳定币领域第一个IPO的标志性事件。 OSL集团(00863)：香港合规交易所，香港版"Coinbase"，和Ethena合作推出稳定币生息产品。 6月6日，香港特区政府于宪报刊登《稳定币条例(生效日期)公告》，明确2025年8月1日为《稳定币条 例》(第656章)实施日期。 香港财经事务及库务局局长许正宇在一个电台节目表示，稳定币的底层是法定货币，日后可以电子资产 形式，通过区块链等科技，用作支付功能。 中信建投（601066）研报认为，稳定币立法落地有利于加快RWA的大规模应用，2030年RWA市场规模 有望飙升至16万亿美元。截至2025年6月2日 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months compared to market benchmarks [6]. Core Insights - The report highlights the recent legislative developments in the U.S. and Hong Kong regarding stablecoins, which are expected to catalyze the application of Real World Assets (RWA) [1][3]. - The stablecoin market has seen significant growth, with a total market capitalization surpassing $250 billion, reflecting a tenfold increase from $20 billion in 2020 [2]. - Circle, the issuer of USDC, has successfully gone public, with its stock price increasing by 168.5% on the first day of trading, indicating strong market interest and confidence in its compliance and operational model [4]. Summary by Sections Industry Research - The U.S. Senate passed the "GENIUS Act," establishing regulatory requirements for payment stablecoins, while Hong Kong has implemented a comprehensive regulatory framework for fiat-backed stablecoins [1]. - The stablecoin market is highly concentrated, with USDT and USDC together accounting for 86.06% of the market share [2]. Stablecoins and RWA - The synergy between stablecoins and RWA is emphasized, as RWA can provide diverse credit sources for stablecoins, enhancing their utility and application scenarios [3]. - Stablecoins are expected to improve the liquidity of RWA transactions and reduce associated costs through automated processes [3]. Company Overview - Circle's IPO was priced at $31 per share, with a significant increase in stock price on the first trading day, reflecting its strong market position and compliance advantages [4]. - The report suggests monitoring Circle (CRCL) and other related companies in the stablecoin ecosystem, such as ZhongAn Online and JD Group, which are involved in stablecoin services [4].

Investment Rating - The report does not explicitly state an investment rating for the stablecoin industry or Circle Core Insights - The global stablecoin market has a market capitalization exceeding $236.6 billion as of June 8, 2025, representing a growth of over 45 times since 2019, with expectations to reach a trillion-dollar scale in the future [3][15] - USDT and USDC dominate the stablecoin market, holding 64% and 25% of the market share respectively, indicating strong network effects and competitive barriers [4][20] - Regulatory frameworks are becoming clearer globally, with significant legislation such as the MiCA regulation in Europe and the GENIUS Act in the US, which are expected to accelerate the adoption of stablecoins [4][41] - Stablecoins are primarily used for cryptocurrency trading and DeFi activities but are increasingly penetrating the payment sector, offering advantages over traditional systems like SWIFT and ACH [4][28][31] Summary by Sections 1. Stablecoin Market Overview - Stablecoins are designed to maintain price stability by pegging their value to other assets, primarily fiat currencies [11] - The market has seen rapid growth, with stablecoins becoming a primary medium for trading on major platforms, accounting for 88% of Binance's trading volume as of June 3, 2025 [15][16] 2. Competitive Landscape - The stablecoin market is highly concentrated, with the top three stablecoins (USDT, USDC, and USDS) accounting for 92% of the market share [20] - Traditional financial institutions and governments are entering the stablecoin space, but the first-mover advantage of USDT and USDC remains significant [23][27] 3. Application Scenarios - Stablecoins are increasingly being adopted in payment systems, with transaction volumes exceeding $10.8 trillion in 2023, showing a 17% year-over-year growth [28][31] - The potential for real-world asset (RWA) tokenization is significant, with estimates suggesting a market size in the hundreds of trillions of dollars [34][35] 4. Regulatory Developments - Major economies are establishing regulatory frameworks for stablecoins, enhancing clarity and compliance, which is expected to drive market growth [41][46] - The US GENIUS Act and the EU MiCA regulation are pivotal in shaping the future of stablecoin issuance and management [41][42] 5. Circle's Position - Circle is a leading compliant dollar stablecoin issuer, with USDC being the second-largest stablecoin by market capitalization at approximately $58.8 billion [5] - The company focuses on building a comprehensive financial infrastructure around USDC, enhancing its adoption through partnerships with major exchanges and financial institutions [5][50]

Core Insights - The recent surge in interest around "stablecoins" is driven by the Hong Kong Legislative Council's passage of the "Stablecoin Ordinance" on May 19, which establishes a licensing regime for fiat-backed stablecoins, marking Hong Kong as the first jurisdiction to do so [1][14][17] - Major financial institutions, including CITIC Securities and CICC, are actively publishing research reports and conducting roadshows related to stablecoins, highlighting the regulatory benefits and industry opportunities presented by the new law [1][6] - The stablecoin market is projected to grow significantly, with estimates suggesting a market cap exceeding $250 billion by May 2025, driven by increasing adoption in cross-border payments and e-commerce [10][11] Industry Developments - Stablecoins are defined as cryptocurrencies that maintain a stable value by being pegged to fiat currencies, with USDT and USDC being prominent examples [2][4] - The total market capitalization of stablecoins reached nearly $200 billion as of November 2024, with USDT accounting for over $130 billion and USDC for over $39 billion [2] - The introduction of the Stablecoin Ordinance is expected to enhance the development of the digital financial ecosystem in Hong Kong, facilitating the transition of stablecoins from mere transactional mediums to essential financial infrastructure [1][6] Market Reactions - Stablecoin-related stocks have experienced significant volatility, with some Hong Kong-listed companies seeing daily gains exceeding 80% [4] - Investment firms are increasingly conducting research and analysis on stablecoin-related stocks, indicating a growing recognition of the sector's potential [5][6] - The demand for stablecoins in cross-border trade is rising, as companies seek efficient and compliant payment solutions, with many businesses already inquiring about the acceptance of USDT or USDC for transactions [5][8] Regulatory Landscape - Global regulatory bodies are accelerating the legislative process for stablecoins, with frameworks being established in regions such as Europe and the United States, alongside Hong Kong's new regulations [14][16] - The Hong Kong regulatory framework emphasizes the importance of stablecoins as a key component of the digital financial system, aiming to mitigate risks associated with traditional financial markets [16][20] - The licensing requirement for stablecoin issuers in Hong Kong includes a minimum registered capital of HKD 25 million, ensuring a level of financial stability and compliance [17]