Group 1 - The three major indices collectively declined on July 31, with Pinduoduo and ChatGPT concepts leading the gains, while the seafood and rare metals sectors fell [1] - The financial technology ETF Huaxia (516100) experienced a significant drop of 1.37% after an initial surge, with mixed performance among its holdings [1] - Recent frequent policy announcements regarding stablecoins, including the implementation of Hong Kong's stablecoin regulations on August 1, are expected to benefit the stablecoin industry [1] Group 2 - The Huaxia financial technology ETF closely tracks the CSI Financial Technology Theme Index, covering software development, internet finance, and the digital currency industry, with a stablecoin content of 23.43%, the highest in the market [2] - The index includes leading stocks such as Tonghuashun, Dongfang Caifu, and Runhe Software, as well as popular stablecoin-related stocks [2]

Group 1: US Stock Market Strategy - Recent US stock market performance is strong, with the S&P 500 and Nasdaq frequently hitting historical highs[1] - As of July 24, the S&P 500 index has increased by 1.3% and the Nasdaq 100 index by 1.7% over the last 10 trading days[1] - Over 84.6% of S&P 500 companies reported net profits exceeding Wall Street expectations during Q2 earnings season[1] - Google announced a significant capital investment increase to $85 billion by 2025, surpassing earlier market expectations[1] Group 2: Trade and Economic Factors - Positive developments in US trade negotiations have boosted market sentiment, with agreements reached with the Philippines, Indonesia, and Japan[1] - The US has reduced tariffs on Japan from 25% to 15%, and is nearing a trade agreement with the EU[1] - Market optimism is rising as concerns over significant tariff increases diminish, enhancing risk appetite among investors[1] Group 3: Future Market Outlook - The US stock market is expected to experience short-term upward momentum, particularly in AI technology sectors[1] - If tariff impacts are limited, the Federal Reserve may further lower interest rates, providing additional support for stock market growth[1] - However, potential inflation issues and corporate earnings downgrades could lead to market volatility in the latter half of the year[1]

格隆汇7月31日｜中信建投证券计算机行业首席分析师应瑛近日表示，香港稳定币与数字人民币并非竞 争关系，而是通过"货币桥+链上支付"协同构建"去美元化"支付网络；RWA代币化不止是资产融资，更 将重塑全球资产定价规则；随着香港稳定币牌照发放，券商IT改造、虚拟资产交易等领域将迎来确定性 机会。 ...

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 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].

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]

- The report does not contain any quantitative models or factors related to construction, testing, or evaluation[1][2][3]

Group 1: US-China Trade Negotiations - The third round of US-China trade negotiations in Sweden is significant, especially after the US reached preliminary agreements with multiple countries, leaving China as one of the remaining major trade partners [4][5] - The US is exerting pressure on its remaining trade partners, as evidenced by the announcement of a 25% tariff on India, indicating a strategy to leverage recent agreements with other countries [5][6] - The US aims to reduce supply chain risks in strategic industries such as rare earths, semiconductors, and pharmaceuticals, potentially implementing lower tariffs initially before increasing them later [6][9] - China's expansion of export capacity and improvements in the value chain are seen positively, indicating a strong manufacturing sector that poses challenges to Western economies [7][9] Group 2: Recent Policy Meeting Insights - The core message from the recent policy meeting emphasizes enhancing the attractiveness and inclusivity of the domestic capital market, acknowledging the achievements in stabilizing the market since September of the previous year [12][13] - The monetary policy focus is on maintaining low financing costs across various sectors, including government bonds and corporate loans, rather than explicitly mentioning rate cuts [13] - The meeting highlighted the need to address local government behaviors that contribute to disorderly competition, indicating a structural approach to economic challenges [14] - The real estate sector's focus is on high-quality urban renewal, reflecting a shift towards structural adjustments rather than total volume increases [14][15] Group 3: Market Trends and Observations - The Hong Kong stock market experienced significant declines, particularly in the semiconductor sector, influenced by broader market dynamics and competitive pressures in the electric vehicle market [17][18] - A notable risk in the A-share market is the suspension of trading for a stock due to abnormal fluctuations, signaling potential issues for speculative investments [24] - The bond market has seen considerable volatility recently, marking one of the highest fluctuation periods of the year [25][26]

Core Insights - The implementation of the "Stablecoin Regulation" on August 1 marks a significant milestone in Hong Kong's financial history, establishing the world's first comprehensive regulatory framework specifically for fiat-backed stablecoins [1] - This regulation is expected to reshape the virtual currency landscape in Hong Kong and bring about a reorganization of the extensive stablecoin ecosystem [1] - The unique characteristics of Hong Kong's "Eastern solution" in the context of global regulatory competition are highlighted, particularly regarding the progress of new stablecoins pegged to the Hong Kong dollar that are being developed by major players in the sandbox environment [1]

智通财经APP获悉，华检医疗(01931)尾盘涨超16%，截至发稿，涨16.31%，报4.35港元，成交额1516.12 万港元。 消息面上，7月29日，华检医疗发布公告称，子公司威士达成功获得一笔数亿元循环贷款。该银团贷款 由东亚银行上海分行牵头，三井住友、盛京银行、韩国釜山银行等7家金融机构组成的银团共同参与。 值得注意的是，7月17日，公司宣布构建全球首个聚焦医疗创新药高科技资产的"NewCo+RWA"Web3交 易所生态，命名为"IVDNewCo Exchange"，并配套发行专有稳定币IVD Dollar（IVDD）；7月20日，华 检医疗在美国纽约注册成立全资子公司IVD GROUP INC.，同步启动向SEC、CFTC提交稳定币牌照申请 智通财经APP在《稳定币条例生效前夜 华检医疗(01931)收获三张实际"信任票"》中指出，公司构建名 为"IVDNewCo Exchange"的Web3交易所生态，直击医药行业痛点：一款新药研发需10年，80%资金砸 在临床阶段，普通投资者却被拒之门外。华检医疗的解决方案是将高价值医疗资产——如Ⅱ期临床的 ADC药物、基因疗法专利——通过RWA技术转化为可分割 ...