金十数据7月31日讯，花旗发表研究报告指，众安在线(06060.HK)受惠于核保改善及效率提升，预计上 半年盈利将上升9倍至5.31亿元人民币，料核保利润将翻倍至5.68亿元人民币。该行表示，众安在线于香 港稳定币生态系统中的各种部署，为其带来增长潜力。考虑到更乐观的盈利展望、人民币升值以及公司 在香港稳定币价值链部署的潜在估值提升后，该行调升公司2025至2027财年盈测11%、12%及11%，又 将公司目标价由12.7港元大幅上调至24港元，评级由中性（高风险）升至买入。 花旗升众安在线目标价至24港元 上调评级至买入 ...

Group 1 - China Biopharmaceutical (1177.HK) saw a rise of over 3% after announcing a successful licensing agreement with Merck for its PD-1/VEGF dual antibody, expecting a $300 million milestone payment soon [1] - CSPC Pharmaceutical Group (1093.HK) increased by over 5% following the announcement of an exclusive licensing agreement with Madrigal Pharmaceuticals for the global development of its GLP-1 receptor agonist SYH2086 [1] - Youzan (8083.HK) surged over 7% as it projected a revenue of approximately 709 to 719 million RMB for the first half of the year, a year-on-year increase of about 3.3% to 4.8%, and a net profit of 68 to 74 million RMB, marking a turnaround from a loss last year [1] Group 2 - Xingsheng International (6058.HK) rose nearly 18% after the bank announced its commitment to embrace technological transformation and explore stablecoins and AI initiatives [2] - New Oriental Education (9901.HK) fell nearly 4% after reporting a 9.4% year-on-year increase in net revenue to $1.243 billion for the fourth quarter of fiscal year 2025, but a 73.7% drop in net profit [2] - Kingdee International (0268.HK) saw a rise of over 7% as it announced a board meeting to review its interim results and potential dividend distribution [2] Group 3 - Macau gaming stocks rose, with MGM China (2282.HK) up over 4% after Macquarie raised its forecast for Macau's total gaming revenue for 2025 by 5% to 235.7 billion RMB, indicating a year-on-year growth of 4% [3] - Gold stocks in Hong Kong continued to decline, with Tongguan Gold (0340.HK) dropping over 9% for six consecutive days, as spot gold prices fell below $3,270 per ounce [4] - Kangfang Biopharma (9926.HK) rose nearly 5% after announcing the completion of the first patient dosing in a pivotal clinical trial for its PD-1/VEGF dual-specific antibody [4] Group 4 - Weishi Jiajie (0856.HK) increased by over 3% as a report indicated that its Southeast Asia business is expected to see a significant revenue increase of 74% in 2024, with net profit contributing about 51% [5] Group 5 - Meta (META.US) exceeded revenue expectations and provided strong guidance for the current quarter, leading to an after-hours increase of over 11% [6] - Microsoft (MSFT.US) reported an 18% year-on-year growth in revenue, driven by its cloud business, with Azure revenue up 34% for the full year, resulting in an after-hours increase of over 8% [6] - Wingstop (WING.US) surged by 26.85% after reporting adjusted earnings per share of $1.00 for the second quarter, exceeding analyst expectations [6] Group 6 - Several biopharmaceutical stocks surged, with Replimune (REPL.US) up 101.33% following news of regulatory changes at the FDA that may ease pressure on gene therapy and vaccine companies [7] - Marvell Technology (MRVL.US) rose 7.07% after announcing a partnership with Rebellions to provide AI systems for regional projects in Asia-Pacific and the Middle East [7] - Palo Alto Networks (PANW.US) fell 5.58% after agreeing to acquire CyberArk Software for approximately $25 billion [8]

Core Viewpoint - The introduction of the U.S. stablecoin regulatory framework marks a significant shift in the legal status and mainstream acceptance of stablecoins, particularly dollar-pegged stablecoins, which are now officially recognized by the U.S. government [1][6]. Regulatory Framework - The U.S. stablecoin regulation requires issuers to ensure that their tokens are pegged to the U.S. dollar at a 1:1 ratio and mandates that the funds obtained from issuing tokens be reserved or invested in highly liquid U.S. dollar assets, including cash, bank deposits, and U.S. Treasury securities [6][9]. - This regulatory framework aims to promote the development of dollar stablecoins to support U.S. economic and financial strategic goals [1][8]. Global Impact - The U.S. stablecoin regulation is expected to have a profound impact on the global financial system, potentially altering its development direction and structure [1][8]. - The expansion of dollar stablecoins is anticipated to create new demand for U.S. Treasury securities, as the growing global user base of these stablecoins will become a significant buyer of U.S. debt [8]. Stablecoin Definition and Mechanism - Stablecoins are a type of cryptocurrency that maintains a stable value by being pegged to a fiat currency or other stable assets, distinguishing them from more volatile cryptocurrencies [9]. - The operational mechanism of stablecoins involves anchoring to assets to maintain price stability, with dollar stablecoins typically requiring a 1:1 backing with U.S. dollars or equivalent assets [9][12]. Market Overview - The two largest stablecoins by market capitalization are Tether (USDT) and USD Coin (USDC), which together account for approximately 90% of the total market capitalization of stablecoins [10]. - USDT is issued by Tether and is backed by U.S. dollar-related assets, while USDC is issued by Circle and is similarly backed by high liquidity assets, ensuring transparency through third-party audits [12].

| 国泰君安国际 | | 耀才证券金融 | Osl集团 | 连连数字 | | --- | --- | --- | --- | --- | | 分时图 | 日K线 | 周K线 | 月K线 | | 稳定币概念集体走低，截至发稿，OSL集团(00863)跌8.19%，报16.58港元；连连数字(02598)跌4.62%， 报12.38港元；国泰君安国际(01788)跌4.15%，报6.46港元；耀才证券金融(01428)跌3.34%，报14.46港 元。 消息面上，香港金融管理局发布新闻稿指出，将于8月1日起实施稳定币发行人监管制度。有意申请执照 的机构请于8月31日或之前联系金管局。个别机构认为已准备充分并希望尽早获得考虑，应于9月30日或 之前向金管局提交申请。中信证券指出，整体推进节奏略慢于预期，反映了金管局审慎稳健的监管态 度，我们预期年底前首批稳定币发行人牌照有望落地。 据悉，管局总裁余伟文此前发文表示，稳定币发行人须有实实在在的应用场景，须具备充分配套、关键 的能力和经验。预计在初阶段只会批出数个牌照。余伟文还指出，一个月以来市场和社会上对稳定币的 讨论热度及降温力度仍需加强，并谈及如何按照稳妥、可持续 ...

Core Viewpoint - The implementation of the Hong Kong Stablecoin Regulation on August 1 is expected to significantly impact the market, with a limited number of licenses anticipated to be issued by the Hong Kong Monetary Authority (HKMA) by the end of the year [1][2]. Group 1: Regulatory Framework - The HKMA has established a licensing system for stablecoin issuers, which includes thorough assessments of applicants' financial status, asset management, and business capabilities [8][19]. - The first phase of licensing will involve issuing a single-digit number of licenses, with various payment institutions and well-known internet companies expressing interest in applying [8][19]. Group 2: HashKey Group's Position - HashKey Group, through its subsidiary HashKey Tokenisation, is actively involved in the virtual asset ecosystem, providing tokenization services and has established a comprehensive business model since its inception in 2018 [5][6]. - The company has achieved significant milestones, including covering 90% of licensed brokers in Hong Kong with its Omnibus account service, and has recorded a cumulative trading volume exceeding HKD 30 billion [2][6]. Group 3: Future Outlook - The implementation of the Stablecoin Regulation is expected to foster innovation and regulation in Hong Kong's financial market, positioning the region as a potential international digital asset hub [20][24]. - HashKey Group aims to support the stablecoin ecosystem by enhancing liquidity and facilitating the integration of stablecoins with real-world assets (RWA) [9][18]. - The company is optimistic about achieving financial balance within the year, driven by the rapid growth of the virtual asset industry across Asia and globally [4][6]. Group 4: Stablecoin Applications - Stablecoins are anticipated to play a crucial role in enhancing financial inclusion by providing low-cost, efficient access to financial services, particularly in cross-border payments and everyday transactions [13][15]. - The combination of stablecoins and RWA is expected to optimize asset management efficiency and enhance liquidity in trading, contributing to the digital transformation of financial markets [18]. Group 5: Regulatory Impact - The new regulatory framework is expected to increase market confidence, attracting stablecoin issuers and fintech companies to establish operations in Hong Kong, thereby enriching the local ecosystem [24]. - The regulatory clarity provided by the Stablecoin Regulation is likely to position Hong Kong as a leader in the global stablecoin landscape, offering a model for other jurisdictions [24].

1. 加密货币的下一个催化剂即将到来 据外媒报道，特朗普总统数字资产顾问委员会执行董事BoHines表示，白宫将于周三发布一份加密货币 政策报告，该报告是根据唐纳德·特朗普总统1月份签署的有关数字资产的行政命令而制定的。今年1 月，特朗普签署命令称，他将"在保护经济自由的同时，促进美国在数字资产和金融技术领域的领导地 位"。目前，国会正在大力规范该行业。加密货币市场的另一个催化剂将是美联储的利率决议。市场普 遍预计利率将保持不变，但美联储主席鲍威尔的意外举动或言论可能会影响市场，包括加密货币市场。 2. 香港金管局：《稳定币条例》生效后将设6个月过渡安排 据香港电台网站报道，《稳定币条例》本周五起生效，香港金管局表示将设6个月过渡安排，处理之前 在香港已有稳定币发行业务的机构，包括向有能力遵守监管规定的发行人，发出临时牌照；若发行人未 能在条例生效后3个月内符合相关要求，须在法例生效后4个月内有序结束在香港的业务；如果金融管理 专员未能信纳发行人有能力符合发牌准则及监管规定，发行人要在接获拒绝通知后一个月内有序结束香 港业务。 3. 香港金管局就8月1日起实施的稳定币发行人监管制度发布多个文件 据官方公告，香 ...

证券ETF（159841）密切跟踪中证全指证券公司指数，该指数聚焦了A股的大市值证券龙头，而且既有 传统证券龙头，也有金融科技龙头。证券ETF（159841）同时配置场外证券ETF联接基金（A： 008590，C：008591）。 7月最后一个交易日，A股三大指数早盘涨跌不一，券商板块低开后震荡向上。截至发稿，证券ETF （159841）涨0.18%，溢折率0.13%，盘中溢价交易明显。成分股中，天风证券涨超1%，国盛金控、华 西证券、太平洋等跟涨。 Wind数据显示，证券ETF（159841）已连续三日获得资金净流入，7月28-30日累计"吸金"超9200万元。 截至7月30日，该ETF流通规模为58.28亿元，居深市同标的产品首位。 消息面上，香港金融管理局7月29日就2025年8月1日起实施的稳定币发行人监管制度发布以下文件： 《持牌稳定币发行人监管指引》咨询总结及该指引；《打击洗钱及恐怖分子资金筹集指引（持牌稳定币 发行人适用）》咨询总结及该指引；与发牌制度及申请程序相关的《稳定币发行人发牌制度摘要说 明》；《原有稳定币发行人过渡条文摘要说明》。两套指引于2025年8月1日刊宪。随着监管制度正式生 效 ...

Core Insights - The U.S. stock market has shown resilience with a cumulative increase of 20% since April 2025, driven primarily by strong performance in the technology sector, particularly Nvidia, which has a market capitalization exceeding $3.89 trillion [1][2] - The recent passage of the "Beautiful America Act" by the U.S. House of Representatives is expected to provide clear policy benefits to cyclical sectors such as energy, industrials, finance, and consumer goods, laying a foundation for performance growth in these areas [4] - The integration of technology giants into the artificial intelligence sector is expected to deepen, with significant investments from companies like Tesla and Microsoft, which may enhance the valuation expectations for the smart vehicle and AI technology sectors [5][6] Market Dynamics - The U.S. stock market's price fluctuations reflect the underlying economic fundamentals and have significant spillover effects on global capital flows, making it a critical reference point for investors in the cryptocurrency market [2] - The regulatory progress on stablecoins, particularly in Hong Kong, is anticipated to accelerate the normalization of the stablecoin market, which could indirectly impact traditional financial markets like U.S. stocks through liquidity transmission [2] - The potential for the Federal Reserve to lower interest rates, as indicated by recent statements from the U.S. Treasury Secretary, is expected to lower market risk-free rates and drive capital towards equity markets [6][7] Investment Strategies - Investors are advised to maintain a multi-dimensional observation approach, tracking macroeconomic data and policy dynamics while also focusing on technological breakthroughs and commercial developments from major tech companies [6] - A diversified investment strategy across sectors and asset classes is crucial to mitigate risks associated with market volatility, with platforms like XBIT providing tools for asset diversification [6][7] - Continuous monitoring of policy dynamics related to the tech sector and stablecoins is essential for investors to identify cross-market investment opportunities in a complex financial environment [7]

光大证券发布研报称，2024年全球零售跨境支付市场规模达39.9万亿美元，据FXC Intelligence预测， 2032该规模将增至64.5万亿美元，2024-2032年复合年增长率达6.2%。从场景贡献结构看：B2B支付占据 主导地位，贡献79%份额；电子商务支付占5%；服务支付占11%；C2C支付占5%。值得注意的是，在 人民币跨境清算、多币种结算等业务层级中，第三方支付机构已深度嵌入支付全链路服务生态，发挥着 重要作用。预计稳定币将驱动人民币跨境支付基础设施全球扩展、以及应用场景多元化，则第三方支付 公司营收增长空间可期。 ...

Industry News - The State Council held a press conference announcing that starting from January 1, 2022, eligible infants can receive childcare subsidies, with a preliminary budget of approximately 90 billion yuan for this year [6] - A national teleconference on the prevention and control of the Chikungunya virus was held, emphasizing the need for environmental sanitation and effective mosquito control measures [6] - The Chinese medicine industry will implement labeling regulations for medicinal herbs starting August 1, 2023, requiring labels to include expiration dates [7] - The China Coking Industry Association held a market analysis meeting, where representatives agreed to raise coking prices by 50 to 75 yuan per ton starting July 31 [7] - A successful launch of low-orbit satellite internet satellites was conducted using the Long March 8 rocket, marking advancements in automated launch technology [8] Company News - Upwind New Materials announced a suspension of trading due to abnormal stock price fluctuations [3] - CATL reported a net profit of 30.5 billion yuan for the first half of the year, a year-on-year increase of 33.02%, and plans to distribute a cash dividend of 10.07 yuan per share [9] - Vanke A announced that Shenzhen Metro Group will provide a loan of up to 869 million yuan to the company [9] - XGIMI Technology projected a net profit increase of 2062% year-on-year for the first half of the year [9] - Yonghui Supermarket plans to raise no more than 3.992 billion yuan through a private placement for store upgrades [9] - Yangtze Power announced plans to invest approximately 26.6 billion yuan in the construction of the Gezhouba shipping capacity expansion project [9] - Digital Certification announced that its controlling shareholder intends to transfer shares without compensation, changing the controlling shareholder to Beijing Data Group [9] - Chip products from Shanghai Lisan are undergoing optimization, with no revenue generated yet [9] - Zhongwang Software is facing a copyright infringement lawsuit from Autodesk in a U.S. court [9] - Chipsea Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange [9] - Sunshine Dairy announced that its controlling shareholder sold a total of 1.1452 million shares in the past two days [9]