Core Viewpoint - Huachuang Securities maintains a "recommended" rating for ZhongAn Online, highlighting the company's clear four ecological strategies driving premium growth and its deep involvement in the Hong Kong Web3.0 ecosystem [1] Group 1: Business Strategy - ZhongAn Online's insurance business is supported by four clear ecological strategies that are expected to drive premium growth [1] - The company is actively participating in the Hong Kong Web3.0 ecosystem, indicating a forward-looking approach to innovation and technology integration [1] Group 2: International Business - ZhongAn International holds approximately 20% equity in Yuanbi Technology, positioning itself as one of the first three institutions to enter the sandbox testing for stablecoin issuance by the Hong Kong Monetary Authority [1] Group 3: Investment Rating - Huachuang Securities maintains a target price range for ZhongAn Online between 18.78 and 21.45 HKD, reflecting confidence in the company's growth potential [1]

Group 1 - The stock price of Sinohope Technology Holdings (01611.HK) closed at 3.080 HKD on July 4, down 4.64% from the previous trading day, with an intraday high of 3.500 HKD, marking a near one-year high [1] - On the same day, the net capital outflow was 300.79 thousand HKD, with unspecified amounts flowing in and out [1] Group 2 - Sinohope Technology focuses on digital asset custody, providing various custody solutions to help enterprises securely and conveniently use digital assets [2] - The company's core product, the MPC self-custody platform SINOHOPE, utilizes MPC-CMP technology to support distributed management of private key shards and collaborative signing, addressing single point risks associated with private keys [2] - Sinohope aims to create a next-generation secure and compliant custody platform, allowing users to fully control and recover private keys while reducing operational barriers and enhancing security against hacking and theft [2] - The management team comprises talents from both digital asset and traditional finance sectors, bringing extensive industry experience and unique business insights [2] - The company adheres to principles of safety, compliance, professionalism, and diversity in services, offering centralized and decentralized mixed services, as well as customized products for institutional and high-net-worth clients [2]

Core Viewpoint - Robinhood is leveraging its regulatory licenses to expand into the Web 3.0 financial space, allowing for the tokenization of equity derivatives in Europe, which enhances its competitive edge in the brokerage industry [4][5]. Group 1: Revenue Model - Robinhood operates as a zero-commission brokerage, primarily earning through the bid-ask spread, which is narrower compared to other brokers [4]. - The company’s securities trading license is valuable, enabling it to engage in various financial activities [4]. Group 2: Regulatory Advantages - Robinhood acquired Bitstamp, gaining MiFID II investment company status, allowing it to operate a Multilateral Trading Facility (MTF) and legally facilitate trades of financial instruments recognized by MiFID [4]. - The MTF status enables Robinhood to provide services across the EU with a single regulatory approval, a significant advantage over competitors like Coinbase, which lacks this capability [4]. - Bitstamp has obtained a CASP license from Luxembourg, covering all aspects of crypto asset business, ensuring compliance with KYC/AML regulations [4]. Group 3: Trading Operations - Robinhood offers 24/7 trading, which theoretically exposes it to risk during non-trading hours, as it can only trade tokens when the stock market is closed [6]. - The company can partially mitigate this risk by connecting with market makers during night trading sessions [6]. Group 4: Market Potential - The new business model opens up significant opportunities, especially for European investors trading U.S. stocks, simplifying the process through the Bitstamp platform [8]. - The potential market space for this new business is varied among competitors, indicating a wide range of estimates regarding its success [8]. Group 5: Competitive Landscape - Other firms similar to Robinhood could emerge by combining brokerage services with Web 3.0 capabilities and obtaining MTF licenses in Luxembourg [9].

Core Viewpoint - The development of digital assets, particularly stablecoins, is gaining significant attention in the market, with Hong Kong establishing a regulatory framework to promote financial innovation while ensuring safety [4][8]. Regulatory Framework - The "Stablecoin Ordinance" in Hong Kong will come into effect on August 1, marking the introduction of a licensing system for stablecoin issuers pegged to fiat currencies [4]. - This ordinance aims to enhance the regulatory framework for digital asset activities in Hong Kong, ensuring monetary and financial stability while reinforcing its status as an international financial center [4][8]. - The Hong Kong Monetary Authority (HKMA) will begin accepting license applications following the ordinance's implementation, with specific guidelines being developed through market consultation [4][8]. Market Development and Applications - The Hong Kong government is focused on expanding the application scenarios for stablecoins, aiming to address real economic challenges and promote sustainable market development [5]. - The HKMA launched a "sandbox" for stablecoin issuers to experiment with applications in a controlled environment, facilitating innovation [5]. - The recent "Hong Kong Digital Asset Development Policy Declaration 2.0" indicates the government's intention to explore stablecoins as a payment tool [5]. Public Education and Awareness - There is a need for enhanced public education regarding the differences between stablecoins, cryptocurrencies, and central bank digital currencies (CBDCs) to mitigate risks of fraud and unlicensed operations [7]. - The government is committed to investor education to help the public understand the nuances of these digital assets [7]. Challenges and Future Outlook - While the new regulatory framework provides a foundation for stablecoin development, challenges remain, particularly in public trust, risk management, and alignment with international standards [8]. - The proactive approach of Hong Kong in balancing regulation and innovation positions it uniquely to address inefficiencies in cross-border payments [8].

Core Viewpoint - The development of central bank digital currencies (CBDCs) and stablecoins is being driven by new technologies such as blockchain and distributed ledgers, presenting both opportunities and regulatory challenges for financial systems [1] Group 1: Offshore and Onshore RMB Business - Offshore RMB business is primarily conducted in markets outside of China, with Hong Kong as a central hub, while onshore RMB business reflects a dual characteristic of capital flow under specific conditions [1] - There is a growing consensus on the need to pilot offshore RMB stablecoins in Hong Kong before exploring domestic markets, particularly in free trade zones [1] Group 2: Development Models for RMB Stablecoins - A proposed model for domestic offshore RMB stablecoins (CNY Coin, CNYC) involves establishing a stablecoin issuance institution in the Shanghai Free Trade Zone, leveraging the experience of digital RMB operators [3] - Another model suggests that digital RMB operators could directly mint and operate RMB stablecoins in the Shanghai Free Trade Zone, ensuring compliance during the issuance process [4] Group 3: Requirements for RMB Stablecoins - RMB stablecoins must have sufficient asset reserves, including a proportion of digital RMB, to align with central bank digital currency (CBDC) reforms [5] - Issuers of RMB stablecoins should establish robust compliance mechanisms, including risk identification and asset segregation, while expanding application scenarios [5] Group 4: Offshore RMB Stablecoins - For offshore RMB stablecoins (CNH Coin, CNHC), a collaborative issuance model involving both domestic and foreign institutions in Hong Kong is proposed, adhering to local regulations [6] - The CNHC aims to enhance Hong Kong's role in the internationalization of the RMB and facilitate compliance in blockchain financial activities [7] Group 5: Regulatory Cooperation and Future Directions - Continuous cooperation between regulatory bodies and RMB stablecoin issuers is essential to monitor and prevent illegal activities within the blockchain ecosystem [7] - The exploration of RMB stablecoins should be cautious and gradual, with an emphasis on developing relevant legal frameworks to strengthen China's position in the global stablecoin landscape [7]

Core Viewpoint - The establishment of the "Stablecoin Regulation" in Hong Kong marks a significant step in solidifying its position as an international financial center and a hub for virtual assets, with a comprehensive regulatory framework for fiat-backed stablecoins set to take effect on August 1 [2][11]. Group 1: Market Dynamics - The stablecoin market is experiencing a surge in interest, with the total issuance exceeding $250 billion as of June 4, 2025, dominated by USDT at over $150 billion and USDC at over $60 billion [3]. - The first stablecoin, Tether (USDT), was launched in 2014, pegging 1 USDT to 1 USD, and has since become a foundational tool in cryptocurrency trading and cross-border payments [3]. - The recent IPO of Circle, the issuer of USDC, saw its stock price rise nearly 170% on its first day, reflecting growing market enthusiasm for stablecoins [4]. Group 2: Regulatory Framework - Hong Kong is the first global financial center to establish a dedicated regulatory framework for fiat-backed stablecoins, with the "Stablecoin Regulation" passed by the Legislative Council on May 21, 2023 [7][11]. - The regulation includes a licensing system for stablecoin issuers, which will be implemented on August 1, 2023, requiring compliance with core responsibilities such as reserve management and risk management [8][9]. - The Hong Kong Monetary Authority (HKMA) has initiated a "stablecoin issuer sandbox" to allow institutions to test their business models and technology under controlled conditions [9]. Group 3: Strategic Implications - The rapid implementation of the "Stablecoin Regulation" demonstrates Hong Kong's competitive awareness in the digital currency regulatory space, setting a new standard for global fiat-backed stablecoin development [2][11]. - The Hong Kong government aims to enhance market efficiency and liquidity through the "Hong Kong Digital Asset Development Policy Declaration 2.0," reinforcing its ambition to become a global digital asset center [11]. - The integration of stablecoins into the financial ecosystem is seen as a pivotal step towards the tokenization of financial assets, with potential implications for the international monetary system [12].

Group 1 - The core viewpoint of the article is that Guoxiong Capital is making a significant investment in the Web3.0 and cryptocurrency asset sectors, indicating a strong belief in the long-term strategic value of Bitcoin and crypto assets [1] - Guoxiong Capital has been approved for a special budget totaling 200 million yuan, which will be allocated over the next three years for the development of related businesses and investments in crypto assets [1] - The chairman of Guoxiong Capital, Yao Shangkun, expressed confidence that the cryptocurrency sector aligns with global financial development trends and holds substantial growth potential [1]

2025年6月24日，万事达宣布与Chainlink（区块链预言机网络，旨在弥合链下数据与链上智能合约 之间的差距）建立战略合作伙伴关系。有分析认为，这意味着传统支付网络正主动上"链"，在不拆 解合规架构的前提下，将 DeFi（去中心化金融）纳入自身轨道。 现在，一个用户无需理解区块链即可体验链上经济价值、推动Web3.0（基于区块链去中心化的第 三代互联网）从"极客工具"向"大众金融基础设施"转型的支付裂变时刻已至。 金融业正在经历"链改"而非"被颠覆"，最终是否会形成一种 混合型金融服务生态：底层是区块链技术作为新金融基础设 施；中间层是合规框架下的加密资产纳入主流体系；应用层则 由传统金融机构主导。 作者：欧阳晓红 封图：图虫创意 想 象 一 下 ： 2025 年 的 夏 天 ， 在 纽 约 一 家 咖 啡 馆 ， 一 位 年 轻 的 软 件 工 程 师 用 手 中 的 万 事 达 （Mastercard）信用卡轻轻一刷，购买了0.25枚以太坊。他既没有登录加密货币交易平台Binance 或Coinbase，也无需复制粘贴复杂的钱包地址，只是在一个名叫Swapper Finance（兑换者金融） 的小程 ...

Core Insights - Mastercard is transforming the payment landscape by enabling users to purchase cryptocurrencies directly using their credit cards through a new service called Swapper Finance, in partnership with Chainlink [1][2][3] - This collaboration signifies a shift where traditional payment networks are integrating decentralized finance (DeFi) without dismantling existing compliance structures [1][5] Group 1: Strategic Partnerships - Mastercard has partnered with major cryptocurrency platforms like MetaMask, Crypto.com, and Kraken, allowing users to spend stablecoins at 150 million merchants globally [2][3] - The partnership with Chainlink aims to provide a secure bridge between off-chain data and on-chain smart contracts, facilitating seamless transactions [3][4] Group 2: User Experience and Accessibility - Users can now purchase cryptocurrencies like Bitcoin and stablecoins directly from decentralized exchanges (DEX) using their Mastercard, simplifying the process that previously required multiple steps [3][6] - The new system allows for a straightforward transaction process: input card number, select amount, and confirm payment, making it accessible to a broader audience [7][8] Group 3: Regulatory and Compliance Framework - The collaboration emphasizes compliance, consumer protection, and transparency, ensuring that on-chain activities are visible and off-chain identities are compliant [6][9] - The integration of stablecoins into mainstream payment channels represents a significant step towards bridging traditional finance and decentralized finance [5][10] Group 4: Future Implications - The partnership may signal a new era in digital currency competition, focusing on ecosystem connectivity rather than just payment efficiency [9] - The evolving landscape suggests a potential hybrid financial ecosystem where traditional financial services leverage blockchain technology for enhanced functionality [10]

Group 1 - InnoCare (02577) saw a price increase of over 8% after announcing a cornerstone investment agreement with STMicroelectronics Limited, which includes a six-month lock-up commitment for 12.5921 million H-shares [1] - Haotian International Investment (01341) rose over 3%, with a peak increase of over 15% after reporting a revenue of HKD 145 million for the year ending March 31, 2025, a decrease of 16.18% year-on-year [1] - King’s Ray Biotechnology (01548) increased by over 3% following the announcement of receiving approximately USD 214 million in payments under a revised licensing agreement [1] - Lao Pu Gold (06181) surged over 8% after the opening of its new store at Marina Bay Sands in Singapore, which exceeded expectations according to a Morgan Stanley analyst's on-site research [1] Group 2 - Brain-machine interface stocks opened higher, with Nanjing Panda Electronics (00553) up 8.87% and MicroPort NeuroTech (02172) up 4.72%, following Neuralink's recent demonstration of its research and product development [2] - E-Surfing (02550) opened nearly 15% higher after announcing a framework cooperation agreement with a Hong Kong technology company that is a Huawei cloud solution provider [2] - Military stocks continued their upward trend, with AVIC (02357) up 4.69% and China Shipbuilding Defense (00317) up 2.49%, following a government announcement regarding an upcoming military parade featuring domestic equipment [2] - CRO concept stocks saw significant gains, with Zai Lab (06127) up 13.73% and Tigermed (03347) up 6.03% [2] Group 3 - Orange Sky Golden Harvest (01132) surged 50% after announcing the completion of lease terminations for several locations [3] - Three-Six Zero (01530) rose over 3% as UBS recognized the company's strong R&D capabilities following a record licensing agreement with Pfizer worth USD 6.15 billion [3] Group 4 - Fuhong Hanlin (02696) increased by over 6% after the board approved a stock option plan and restricted stock unit plan, pending shareholder approval [4] - Emperor International (00163) saw a drop of over 15% after reporting total revenue of HKD 1.376 billion for the year ending March 31, 2025, a year-on-year increase of 41.47%, but a significant loss of HKD 4.743 billion [4] - Huaxing Capital Holdings (01911) rose over 8% after announcing plans to enter the Web 3.0 and cryptocurrency asset sectors with a budget of USD 100 million over the next two years [4] - Guotai Junan International (01788) increased by over 12% after receiving approval to upgrade its securities trading license to include virtual asset trading services [4] Group 5 - LKK Technology (00558) saw a price increase of over 20% after reporting annual revenue of HKD 5.825 billion for the year ending March 31, 2025, with a significant 24.5% quarter-on-quarter increase in the second half of the fiscal year [5] Group 6 - Ferrari (RACE.US) rose 2.8% after announcing a prototype sailboat set to launch next year, marking its entry into the sailing industry [6] - JinkoSolar (JKS.US) increased by over 4.6% after announcing a record-breaking efficiency for its N-type TOPCon photovoltaic modules [6] - Boeing (BA.US) rose 5.9% as Fitch Ratings reported improvements in production that could stabilize the aerospace sector [6] - Century Internet (VNET.US) surged over 18% after announcing plans to build a 10GW hyperscale data center cluster over the next decade [6] Group 7 - Nike (NKE.US) increased by 15% as the company reported a slowdown in annual sales decline, indicating the effectiveness of its CEO's strategic initiatives [7] - AI healthcare stocks saw collective gains, with Hims & Hers Health (HIMS.US) up over 6.7% and Teladoc Health (TDOC.US) up over 4.4% [8]