Group 1 - The Hong Kong stock market continues to gain momentum with accelerated rotation of market hotspots, as evidenced by the performance of major indices [1][2] - For the week of July 14 to July 18, the Hang Seng Index rose by 2.84%, the Hang Seng Tech Index increased by 5.53%, and the Hang Seng China Enterprises Index climbed by 3.44% [2][4] - Among the ten sectors in the Hong Kong stock market, all but the real estate sector saw gains, with healthcare, information technology, and consumer staples leading the way with increases of 9.52%, 4.16%, and 3.92% respectively [2][7] Group 2 - The average daily trading volume on the Hong Kong Stock Exchange for the week was HKD 246.725 billion, an increase of HKD 4.213 billion from the previous week [2][13] - Southbound capital recorded a net inflow of HKD 21.456 billion, which is a decrease of HKD 4.899 billion compared to the previous week [2][13] - The price-to-earnings (PE) and price-to-book (PB) ratios for the Hang Seng Index as of July 18 were 11.04 and 1.16, respectively, both of which are at the 81% and 82% percentile levels since 2019 [2][18] Group 3 - The report highlights that the overall valuation of the Hong Kong stock market is relatively low compared to global equity markets, with the Hang Seng Index's risk premium at 4.62%, which is at the 8% percentile since 2010 [2][20] - The report suggests that sectors benefiting from favorable policies, such as stablecoin concept stocks, innovative pharmaceuticals, AI industry chains, and "anti-involution" industries, should be closely monitored [2][37] - The performance of companies exceeding expectations in their mid-year reports is expected to rebound, indicating potential investment opportunities [2][38]

Group 1 - The Hong Kong stock market continues to gain momentum with accelerated rotation of market hotspots, as evidenced by the performance of major indices [1][2] - For the week of July 14 to July 18, the Hang Seng Index rose by 2.84%, the Hang Seng Tech Index increased by 5.53%, and the Hang Seng China Enterprises Index climbed by 3.44% [2][4] - Among the ten sectors in the Hong Kong stock market, all but the real estate sector saw gains, with healthcare, information technology, and consumer staples leading the way with increases of 9.52%, 4.16%, and 3.92% respectively [2][7] Group 2 - The average daily trading volume on the Hong Kong Stock Exchange for the week was HKD 246.725 billion, an increase of HKD 4.213 billion from the previous week [2][13] - Southbound capital recorded a net inflow of HKD 21.456 billion, which is a decrease of HKD 4.899 billion compared to the previous week [2][13] - The price-to-earnings (PE) and price-to-book (PB) ratios for the Hang Seng Index as of July 18 were 11.04 and 1.16, respectively, both reflecting increases of 2.69% from the previous week [2][18] Group 3 - The report highlights that the overall valuation of the Hong Kong stock market is relatively low compared to global equity markets, with the Hang Seng Index's risk premium at 4.62%, indicating a favorable investment environment [2][20] - The report suggests focusing on sectors that may benefit from favorable policies, such as stablecoin concept stocks, innovative pharmaceuticals, AI industry chains, and sectors showing better-than-expected interim performance [2][37][38] - The report notes that the performance of the Chinese economy remains resilient, with GDP growth of 5.3% year-on-year in the first half of 2025, and a strong industrial output growth of 6.8% in June [2][36]

Core Viewpoint - The recent approval of the Stablecoin Bill by the Hong Kong Legislative Council aims to establish a licensing system for fiat-backed stablecoin issuers, enhancing regulatory clarity and support for the virtual asset ecosystem. Group 1: Regulatory Environment - The global regulatory stance is shifting, with the U.S. gradually loosening its pilot policies on stablecoins, allowing certain states to operate ahead of broader regulations. Hong Kong has also announced plans to regulate three categories of stablecoins, supporting and standardizing the virtual asset ecosystem [4]. - The regulatory landscape is evolving, with Hong Kong's Monetary Authority and U.S. regulators receiving stablecoin applications from Huajian Medical, positioning the company to capitalize on regulatory opportunities [3]. Group 2: Business Model and Growth Potential - The success of integrating stablecoin structures with real-world asset (RWA) medical assets will determine Huajian Medical's transition from a "medical service exporter" to a "medical fintech platform." If successful, it could become the first Hong Kong-listed company to achieve a true "medical RWA + Web3" closed loop [2]. - The dual licensing path is significant as it not only provides a channel for token issuance but also serves as a crucial bridge for global capital to enter the medical RWA market. This dual license can enhance multi-market payment connectivity and credibility [5]. Group 3: Strategic Partnerships - International partners are more inclined to engage with platforms that possess regulatory licenses. Huajian Medical is planning to introduce compliant structured financing tools and design different channels for U.S. and Hong Kong fund clients [6].

Group 1 - The U.S. stock market showed slight gains with the Dow Jones up 0.16%, Nasdaq up 0.35%, and S&P 500 up 0.25% [1] - Talen Energy's stock surged over 17% following the announcement of a $3.5 billion acquisition of power plants in Pennsylvania and Ohio [1] - Stablecoin-related stocks saw early gains, with Robinhood rising nearly 6%, Coinbase up over 4%, and Circle up over 3% [1] Group 2 - The Nasdaq Golden Dragon China Index increased by over 2%, with notable gains from Futu Holdings (up over 10%), Kingsoft Cloud (up nearly 10%), and Alibaba (up over 4%) [1] - Citigroup upgraded the ratings for Chinese and South Korean stock markets to "overweight," citing a return of profit-making effects in A-shares and Hong Kong stocks attracting foreign investment [1] - Citigroup expressed a constructive medium-term outlook for Asian markets, predicting a return of about 7% for the MSCI Asia (excluding Japan) index by mid-2026, with an estimated price-to-earnings ratio of around 14 times [1] Group 3 - China is shifting its economic growth focus from investment-led to consumption-led, with potential measures including consumption vouchers and moderate fiscal and monetary policies [2] - Sectors such as consumption, internet, raw materials, and technology are expected to benefit more from these policies [2] - A survey by Invesco revealed a noticeable increase in interest from international investment institutions in the Chinese market, covering 83 sovereign wealth funds and 58 central banks managing approximately $27 trillion in assets [2]

大盘表现上，稳定币概念股多数走高。截至收盘，耀才证券金融、云锋金融、移卡等相关股票上涨10% 以上。开源证券指出，全球监管政策逐渐完善，有望推动稳定币产业合规稳健发展，将催化产业新的投 资机遇。 同时，受政策利好驱动，当日医药股、保险股等同样走强。其中，三叶草生物、乐普生物、歌礼制药等 医药股的上涨幅度超过60%。 7月18日，香港恒生指数收市报24825.66点，上升326.71点，升幅为1.33%，全日成交金额为2386.91亿港 元。中新社记者 李志华 摄 来源：中国新闻网 中新社香港7月18日电 (记者 刘大炜)7月第三个交易周，在稳定币概念股、医药股等持续活跃的推动 下，港股相关指数延续反弹。截至18日收盘，香港恒生指数累涨2.84%，国企指数累涨3.44%，恒生科 技指数累涨5.53%。 从全周走势来看，恒生指数、恒生科技指数均一路攀升至高点。18日，香港恒生指数收报24825.66点， 涨1.33%；国企指数涨1.51%，报8986.47点；恒生科技指数涨1.65%，报5538.83点。 此外，香港特区政府公司注册处18日发表的统计数字显示，截至今年6月底，本地公司总数和非香港公 司总数均创历史 ...

Market Overview - Hong Kong stocks experienced a rebound with all three major indices rising over 1%, closing with the Hang Seng Index up 1.33% at 24,825.66 points and a total trading volume of HKD 238.69 billion [1] - For the week, the Hang Seng Index increased by 2.84%, the Hang Seng China Enterprises Index rose by 3.44%, and the Hang Seng Tech Index gained 5.53% [1] - The recent geopolitical tensions in the Middle East have eased, and there is a marginal improvement in US-China relations, contributing to a recovery in global market risk appetite [1] Blue Chip Performance - ZTO Express (02057) led blue-chip stocks with a rise of 6.51%, closing at HKD 152.1, contributing 6.54 points to the Hang Seng Index [2] - China Life (02628) increased by 5.13%, contributing 11.32 points, while Hansoh Pharmaceutical (03692) rose by 4.49%, contributing 2.86 points [2] - Xinyi Solar (00968) fell by 3.41%, detracting 0.75 points from the index, and Galaxy Entertainment (00027) decreased by 0.93%, detracting 1.2 points [2] Sector Highlights Stablecoin Sector - Stablecoin-related stocks saw significant gains following the US Congress's approval of the Stablecoin Innovation Act, with Yao Cai Securities Financial (01428) rising by 16.93% and Yunfeng Financial (00376) up by 15% [3] - The act aims to establish a clear legal framework for stablecoins, which is expected to enhance the compliance and development of the stablecoin industry [3] AI Sector - AI-related stocks were active, with Huya Technology (01860) rising by 15.56% and Innovation Works (02121) increasing by 10.39% [4] - The recent launch of the K2 model by Moonlight Kimi and OpenAI's ChatGPT Agent has sparked interest in AI advancements, with analysts optimistic about the sector's growth potential [4] Pharmaceutical Sector - The pharmaceutical sector showed strong performance, with Lepu Biopharma (02157) surging by 24.65% and Genscript Biotech (01672) rising by 17.97% [4] - Morgan Stanley noted a significant rebound in China's healthcare sector, with the MSCI China Healthcare Index up approximately 50% this year [5] Brokerage and Insurance Stocks - Brokerage and insurance stocks also saw gains, with GF Securities (01776) up by 5.04% and China Life (02628) increasing by 5.13% [6] - Recent policies aimed at guiding insurance funds towards long-term stable investments are expected to enhance the profitability of insurance companies [6] Notable Stock Movements - China New Economy Investment (00080) surged by 394.38% after announcing a mandatory cash offer for shares [7] - Chuangmeng Tiandi (01119) rose by 30.12% following a profit forecast indicating a turnaround [8] - Dongfang Zhenxuan (01797) increased by 12.78% due to new product launches [9] - CATL (03750) reached a new high, with Goldman Sachs projecting strong revenue and profit growth [10] - Kintor Pharmaceutical (01888) fell by 9.23% after announcing a share placement at a discount [11]

Market Overview - The Hong Kong stock market opened with a gap up of over 1% and showed overall positive sentiment throughout the day [1] - The Hang Seng Index rose by 1.33%, gaining over 300 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index increased by 1.51% and 1.65%, respectively, with the Hang Seng Tech Index reaching a new high since April [2][3] Sector Performance - Major technology and financial stocks contributed to the market's rise, with JD.com and Alibaba both increasing by approximately 3%, and China Pacific Insurance and China Taiping rising over 5% [3] - Biopharmaceutical stocks remained active, and wind power stocks saw significant gains, with Kingsoft Cloud rising over 8% [3] - Precious metals stocks performed well, with spot gold returning above $3,340, leading to a collective rise in non-ferrous metal stocks [4] Notable Stock Movements - Stablecoin concept stocks showed strong performance, with Yao Cai Securities rising over 16% and Yunfeng Financial increasing by over 15% [5][6] - The film and entertainment sector saw substantial gains, with Huayi Brothers rising over 12% and other related stocks also performing well [7] - Wind power stocks led the gains, with Dongfang Electric rising over 8% and Goldwind Technology increasing by over 6% [8] Declines in Specific Sectors - The gaming sector experienced declines, with major stocks like MGM China and Wynn Macau dropping over 2% [10] - Photovoltaic stocks weakened, with Xinyi Solar falling over 3% and other related stocks also declining [11] - Steel stocks continued to show negative performance, with several companies experiencing declines of over 2% [12] Capital Inflows - Southbound funds recorded a net inflow of HKD 5.931 billion, with the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect seeing net purchases of HKD 3.288 billion and HKD 2.643 billion, respectively [13] Future Outlook - The company expects continued investment opportunities in the Hong Kong and A-share markets, highlighting Hong Kong's role in the restructuring of the global financial order and the anticipated growth of quality assets in the region [14]

Core Viewpoint - The Hong Kong stock market showed positive momentum with the Hang Seng Index rising by 0.73%, driven by strong performances in various sectors including agricultural products, rare earths, and SaaS concepts [1] Market Performance - The Hang Seng Index opened 258 points higher at 24,757 and maintained narrow fluctuations around 24,700 before closing with a slight increase [1] - The total market turnover reached billions of Hong Kong dollars, indicating active trading [1] Sector Highlights - Strong performances were noted in agricultural products, rare earth concepts, and SaaS stocks, while the cryptocurrency-related stocks continued to show strength for several days [1] - Insurance and precious metals stocks experienced rebounds, while electronic components and Apple-related stocks faced declines, with semiconductor stocks also giving back some gains [1] Notable Stocks - Kingdee International (00268.HK) saw an increase of nearly 5% - NIO Inc. (09866.HK) rose over 4% - China Life Insurance (02628.HK) increased by more than 3.5% - JD.com (09618.HK), Alibaba (09988.HK), and Tencent Holdings (00700.HK) all rose by over 2% [1]

Core Viewpoint - The stablecoin concept has emerged as the largest and most sustained investment theme in the A-share and Hong Kong stock markets since late May 2025, significantly driving up the stock prices of related companies [1][11]. Market Performance - In the A-share market, companies like Hengbao Co. (002104.SZ) and Sifang Jingchuang (300468.SZ) saw increases of over 220% and 180% respectively within 31 and 23 trading days [1]. - In the Hong Kong market, Lianlian Digital (02598) surged by 125% in three trading days, while Guotai Junan International (01788) experienced a nearly 200% increase in the same period [1]. - CIRCLE, listed in the US, achieved a maximum increase of 864.52% within 12 trading days [1]. Stablecoin Industry Chain - The stablecoin industry chain is divided into three main parts: upstream (issuers, reserve asset managers, blockchain infrastructure), midstream (exchanges, market makers), and downstream (applications like cross-border payments and RWA) [1][2]. - Among 18 companies in the Hong Kong market, 7 focus on application layers, primarily in cross-border payments and RWA [2]. Company Valuations - The market capitalization of companies involved in the stablecoin industry varies significantly, with notable players including: - Guotai Junan International: 604 billion - China Everbright Holdings: 134 billion - OSL Group: 113 billion [3]. - Companies like ZhongAn Online and OSL Group have achieved full-chain layouts, covering issuance, custody, circulation, and cross-border settlement [4][5]. Recent Stock Movements - The most significant stock price increases were observed in companies like Jinyong Investment and Guotai Junan International, with increases of 653.77% and 526.55% respectively [7][8]. - However, some companies with high stock price increases may be subject to speculation, as their business developments are still in the planning stages [9]. Regulatory Environment - The upcoming implementation of the Stablecoin Regulation on August 1 is expected to influence the market dynamics, with a focus on the issuance of stablecoin licenses [11][12]. - Approximately 50 to 60 companies have expressed intentions to apply for licenses, with expectations that only 3-4 licenses will be granted initially [11]. Future Market Potential - The global stablecoin market has surpassed $250 billion as of July 2025, with projections suggesting it could reach $3.7 trillion by 2030, reflecting a compound annual growth rate of 35% [14]. - The RWA market, a key area for stablecoin applications, is projected to exceed $16 trillion by 2030, indicating significant growth potential [14].

Important Market News - US stock indices collectively rose, with the Dow Jones up 0.53%, Nasdaq up 0.25%, and S&P 500 up 0.32%, continuing to set closing highs [1] - Circle (CRCL.K) surged 19.3%, while ASML (ASML.O) fell over 8%. Tesla (TSLA.O) increased by 3.5%, and Google rose by 0.53%. Most Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index down 1.41% [1] - International precious metals futures generally rose, with COMEX gold futures up 0.52% at $3354.20 per ounce, and COMEX silver futures up 0.04% at $38.13 per ounce [1] - International oil prices fluctuated slightly, with WTI crude oil up 0.18% at $66.6 per barrel, while Brent crude oil fell 0.03% to $68.69 per barrel [1] - European stock indices closed slightly lower, with Germany's DAX down 0.21%, France's CAC40 down 0.57%, and the UK's FTSE 100 down 0.13% [1] Industry Insights - Bank of America CEO Brian Moynihan announced plans to launch a proprietary stablecoin, assessing customer demand and potential collaborations [2] - Stablecoins are designed to maintain a constant value, typically pegged to the US dollar, and are increasingly recognized as a bridge between centralized and decentralized financial systems [2] - The micro-short drama market is projected to reach 696 million users by mid-2025, with a 34 million increase in six months, and an average daily viewing time of 101 minutes [3] - The demographic of micro-short drama users is becoming younger, with over half under 40 years old, and the industry is expected to see significant growth, with a market size of 50.4 billion yuan in 2024, a 35% year-on-year increase [3] - The eleventh batch of centralized drug procurement in China includes 55 products, emphasizing quality control and innovation while excluding new drugs under negotiation [4] - The domestic pharmaceutical industry is entering a recovery phase, with innovative drugs expected to see sustained growth and potential price re-evaluation [4]