Core Viewpoint - Wang Mingxu, a fund manager at GF Fund, is facing significant performance challenges in 2025, with his flagship fund, GF Domestic Demand Growth Mixed Fund, experiencing a net value decline of 8.72% year-to-date, underperforming its benchmark by approximately 12 percentage points [1][4]. Performance Summary - The GF Domestic Demand Growth Mixed Fund has consistently ranked poorly among its peers, currently positioned 2301 out of 2321 similar products [1][4]. - In the first half of 2025, the fund's net value fell by 7.87%, lagging behind its benchmark by 8.57 percentage points [3][4]. - Over the past year, the fund has underperformed its benchmark by 13.97 percentage points, and over the past three years, the underperformance is 7.5 percentage points [3][4]. Fund Management and Strategy - Wang Mingxu has been managing the GF Domestic Demand Growth Mixed Fund since October 2018, and despite recent struggles, the fund has achieved a cumulative return of over 130% since inception, with an annualized return exceeding 13% [5][6]. - The fund primarily invests in high-quality listed companies benefiting from domestic demand growth, aiming for long-term stable asset appreciation [3][6]. - Recent adjustments in the fund's portfolio included reducing exposure to real estate and brokerage sectors while increasing investments in city commercial banks and high-end liquor companies [6]. Fund Composition - As of the end of Q2 2025, equity investments accounted for 79.71% of the fund's total assets, while bond investments made up 13.37% [6]. - Major holdings in the fund include companies like Midea Group, Jiangsu Bank, and Kweichow Moutai, with over half of the top ten holdings being newly added in Q2 [6]. Broader Context - Wang Mingxu manages a total of eight products, with six of them experiencing net value declines exceeding 6% year-to-date, all underperforming their benchmarks by over 10 percentage points [7]. - The largest fund managed by Wang, GF Balanced Preferred Mixed A, has seen a net value drop of 6.01% this year, also underperforming its benchmark by over 12 percentage points [8].

Investment Rating - The report maintains an "Overweight" rating for the brokerage sector, indicating a positive outlook for relative returns in the industry [3][23]. Core Insights - The brokerage sector is expected to benefit from the transition of the A-share market from a stock market to an incremental market, with trading activity increasing significantly. As of July 22, 2025, the trading volume reached 1.93 trillion yuan, marking a 11.7% increase from the previous trading day [3][6]. - The forecasted net profit growth for the first half of 2025 for 29 brokerages is centered around 75.02%, with a notable 20.66% growth expected in the second quarter of 2025 [3][13]. - The report highlights the potential for brokerages to benefit from the upcoming regulatory changes regarding stablecoins and virtual asset licenses, which could open new revenue streams [7][12]. Summary by Sections Market Dynamics - The report notes that the brokerage sector has seen a significant performance gap between H-shares and A-shares, with H-shares increasing by 73.9% compared to a mere 22.0% for A-shares, indicating a potential for A-shares to catch up [7][16]. - The report identifies a shift in investor strategy from trading to holding, suggesting a more sustainable growth trajectory for the brokerage sector [7][12]. Performance Forecast - The top five brokerages by net profit forecast for 1H25 are: Guotai Junan (156.2 billion yuan, 212% growth), China Galaxy (65.82 billion yuan, 50% growth), and others, indicating strong performance across the sector [6][13]. - The report emphasizes that the brokerage sector is likely to attract more incremental capital as market sentiment shifts, particularly with the implementation of policies aimed at enhancing the quality of public funds [7][12]. Investment Recommendations - The report suggests focusing on leading brokerages such as Guotai Junan, CITIC Securities, and financial technology leaders like Dongfang Wealth, which are expected to benefit from increased market activity [7][12]. - The report also notes that the current valuation of H-shares remains attractive compared to A-shares, with an average price-to-book ratio of 1.0 for H-shares versus 1.5 for A-shares [7][16].

Investment Rating - The report maintains an "Overweight" rating for the brokerage sector [2] Core Viewpoints - The brokerage sector is expected to benefit from the transition of the A-share market from a stock market to an incremental market, with trading activity increasing and overall market valuations rising [5][6] - The forecasted net profit growth for the brokerage firms in the first half of 2025 is projected to be 75.02%, with significant contributions from leading firms [5][8] - The report highlights the potential for brokers to benefit from stablecoin developments and virtual asset license upgrades, which could create new growth opportunities [5] - There is a notable price discrepancy between A-shares and H-shares of brokerage firms, indicating potential for A-shares to catch up [5][9] - The report suggests that the current market environment is conducive for investing in underperforming brokerage stocks, with a focus on leading firms and fintech companies [5] Summary by Sections Industry Overview - The total number of listed companies in the brokerage sector is 83, with a total market value of 76,326.04 billion yuan and a circulating market value of 73,589.02 billion yuan [2] Market Dynamics - The A-share market has seen a significant increase in trading volume, with a transaction amount of 1.93 trillion yuan on July 22, 2025, marking an 11.7% increase from the previous trading day [5] - The financing balance in the market reached 1.9 trillion yuan, reflecting a 0.8% increase, while the financing purchase balance increased by 7.6% [5] Performance Forecast - The report indicates that 29 brokerage firms have forecasted a net profit growth of 75.02% for the first half of 2025, with the second quarter showing a 20.66% year-on-year growth [5][8] - The top five firms by net profit growth include Huaxi Securities (1189.5%), Guolian Minsheng (1183.0%), and Guosheng Jinkong (315.5%) [5][8] Investment Recommendations - The report recommends focusing on leading brokerage firms such as Guotai Junan, CITIC Securities, and Orient Securities, as well as fintech leaders like Dongfang Wealth and Zhinancun [5]

7月23日，香港金管局总裁余伟文再次发文给稳定币降温。 此外，余伟文还非常关注泡沫化趋势。近期随着稳定币概念的热炒，市场出现了过度亢奋的情绪，一些 上市公司，不管本业与稳定币或者数码资产是否相关，只要宣称有意开拓稳定币业务即"点石成金"，股 价即应声上涨，股票交易量大增之余，公司知名度亦得以大幅提升。 余伟文强调，在开始阶段充其量只会批出数个稳定币牌照，失望者不在少数。而即使取得牌照，基于稳 步发展的考虑，加上初期所需要的资源投入，对公司短期盈利的贡献会有一定的不确定性，希望投资者 在消化市场"利好"消息时保持冷静和独立思考。 同时，余伟文还提醒，最近已经出现了借推销数码资产和稳定币进行的诈骗行径，令民众蒙受损失。 《稳定币条例》8月1日生效，按照条例规定，自生效日起，向香港公众宣传推广任何无牌稳定币均属违 法。他希望市民提高警觉，以免误堕法网。 在文中，余伟文多次强调将加强监管来防范《稳定币条例》生效后可能带来的金融风险。 据余伟文透露，近期各国央行和金融监管当局更大的关注点在于如何避免稳定币被不法分子利用作洗钱 工具，特别是在跨境使用的场景中。国际清算银行在最新的年度经济报告中，就用了不少篇幅强调防范 稳 ...

7月23日，香港金管局总裁余伟文再次发文给稳定币降温。 余伟文表示，已经有数十家机构主动接触金管局团队表达对稳定币牌照的兴趣，但初期只会发放数个稳定币牌 照。余伟文还强调，争取在7月底正式发布《稳定币条例》下的监管和反洗钱两份指引，而金管局将于下周公 布"稳定币发行人发牌制度"的摘要说明，文件会阐述金管局接受和处理牌照申请的安排。 在文中，余伟文表示，稳定币作为新兴的支付工具，并通过监管而逐渐进入传统金融体系，有积极的意义，公 众对它的功能和发展前景感兴趣并有所期待非常正常。但他认为，近期市场和舆论的过度炒作值得关注。 一是过度概念化。余伟文认为，当前围绕稳定币的讨论容易集中于其对传统金融特别是支付体系的颠覆作用， 但是一旦要由虚入实，从概念和理论层面转到应用场景和具体安排，就出现明显落差。他以香港的经验为例， 至今已经有数十家机构主动接触金管局团队，有的明确表示有意申请稳定币牌照，有的属于初步探路性质。总 结这些接触发现，很多只停留在概念阶段，如提出要提升跨境支付效率、支持Web3.0发展、提升外汇市场效 率等愿景，但缺乏实际的应用场景，无法提出切实可行的具体方案和落实计划，更遑论具备管控风险的意识和 能力 ...

Group 1 - The core viewpoint is that stablecoins have gained significant attention in various sectors, including personal investment, financial markets, and government regulation, especially with the introduction of the "Genius Act" and increased involvement from major tech companies [1] Group 2 - Stablecoins are not fiat currencies but are issued by private entities, with examples including USDC by Circle and USDT by Tether, and they are primarily traded on private platforms [2] - Stablecoins are pegged to assets like the US dollar, ensuring that 1 stablecoin equals 1 dollar, with reserves backing their issuance, as mandated by the "Genius Act" [2] - The market for stablecoins is highly concentrated, with 99% pegged to the US dollar or dollar assets, and USDT and USDC accounting for approximately 90% of the over $240 billion market cap of stablecoins [2] Group 3 - The US government supports dollar-pegged stablecoins to reinforce the dollar's position as a global payment and reserve currency, especially as its dominance has been challenged [3] - The "Genius Act" allows US debt to be used as reserves for dollar stablecoins, potentially increasing their scale and attractiveness amid rising US federal debt exceeding $36 trillion [3] - The US aims to lead in financial innovation through stablecoins, preventing other countries from establishing new financial orders [3] Group 4 - The support for stablecoins by the US has caused turbulence in global financial markets, with increasing participation from various institutions and companies in issuing stablecoins [4] - Concerns arise regarding the potential for stablecoins to facilitate money laundering and cross-border crime, posing challenges for monetary authorities in managing exchange rates and capital flows [4] - The future status of the dollar as a key currency will depend on the US's economic strength and the international acceptability of its policies, rather than solely on innovations in financial tools [4]

7月18日，复旦大学经济学院联合复旦大学国际金融研究中心、复旦大学绿色金融研究中心举办"稳定币 的商业机遇：来自业界的声音"南土国际金融政策圆桌会。此次会议是复旦大学围绕稳定币主题开展的 第三场专题研讨，汇聚了金融学界、区块链产业、金融机构等领域的十余位专家，深入探讨稳定币在全 球金融格局中的发展现状、商业潜力及监管挑战。 殷剑峰特别提到，中国庞大的工业互联网基础为资产代币化提供了独特场景，若能实现链下资产数据与 链上的有效映射，制造业的物流、信息流与资金流有望实现全链条数字化革新，推动Web3.0在实体经 济中快速落地。 殷剑峰指出，它类似货币市场基金，但最大的缺陷在于缺少最后贷款人支持。而目前美国的GEIUS法案 和香港《稳定币条例》，都没给稳定币发行机构这样的支持。他认为，三五年内，稳定币领域很有可能 会出现重大变局。 以下为殷剑峰发言全文（已经发言人审定）： 我研究稳定币问题期间，读了大量国际清算银行（BIS）的研究报告，今天和大家分享一些体会。 我认为，现在讨论稳定币必须清楚一点：稳定币只是资产代币化（RWA）这个大叙事中的一小部分。 所谓资产代币化的概念，就是将资产转化为代币（token）的过程， ...

新华财经香港7月23日电 香港金融管理局总裁余伟文23日发文表示，稳定币作为新兴支付工具通过监管 逐渐进入传统金融体系，具有积极意义，但有必要防范市场和舆论过度炒作，严防金融风险。 余伟文认为，围绕稳定币的讨论容易集中于其对传统金融特别是支付体系的颠覆作用，但是一旦要由虚 入实，从概念和理论层面转到应用场景和具体安排，就会出现明显落差。参与稳定币可以有多种模式， 他建议，对于一些机构而言，较实际的做法可以是与其他稳定币发行机构合作，提供应用场景，而非追 求作为发行主体。 此外，更值得关注的是泡沫化趋势。余伟文强调，近期随着稳定币概念的热炒，市场出现了过度亢奋的 情绪。而金管局早前已明确表明，在初期阶段充其量只会批出数个稳定币牌照。而即使取得牌照，基于 其希望稳步发展的考虑，加上初期所需要的资源投入，对公司短期盈利的贡献会有一定的不确定性，希 望投资者在消化市场"利好"消息时保持冷静和独立思考。 据悉，香港金管局将于下周公布"稳定币发行人发牌制度"的摘要说明，文件会阐述金管局接受和处理牌 照申请的安排。 （文章来源：新华财经） 稳定币是近期各国央行和金融监管当局讨论较多的课题。余伟文指出，讨论的焦点集中在稳定币 ...

他表示，稳定币作为新兴的支付工具，并通过监管而逐渐进入传统金融体系，有积极的意义，公众对它的功能 和发展前景感兴趣并有所期待，正常不过。但是有必要防范市场和舆论过度炒作，最近有一些现象值得关注。 他表示，总结这些接触的经验，很多只停留在概念阶段，如提出要提升跨境支付效率、支持Web3.0发展、提 升外汇市场效率等愿景，但缺乏实际的应用场景，无法提出切实可行的具体方案和落实计划，更遑论具备管控 风险的意识和能力。一部分能提供应用场景的，机构本身却缺乏发行稳定币的技术和管控各类金融风险的经验 和能力。参与稳定币可以有多种模式，对于这类机构而言，较实际的做法似乎是与其他稳定币发行机构合作， 提供应用场景，而非追求作为发行主体。 他还表示，当局早前已明确表明，在初阶段充其量只会批出数个稳定币牌照，换言之，失望者不在少数。而即 使取得牌照，基于当局希望稳步发展的考虑，加上初期所需要的资源投入，对公司短期盈利的贡献会有一定的 不确定性，希望投资者在消化市场"利好"消息时保持冷静和独立思考。 刚刚，早盘放飞的券商午后突然走弱！ 7月23日上午，两地券商股集体大涨。港股方面，中州证券一度大涨超17%，国联民生一度大涨超10% ...

Group 1: Core Strategies and Developments - JD.com is actively participating in the competitive landscape of food delivery, while also investing in stablecoins and artificial intelligence projects [2][3] - The company aims to apply for stablecoin licenses in major currency countries to reduce cross-border payment costs by 90% and improve efficiency to within 10 seconds [2][8] - JD.com has made significant investments in leading companies in the embodied intelligence sector, indicating a strategic focus on enhancing its supply chain and industry chain capabilities [2][4] Group 2: New Business Models - The launch of "Seven Fresh Kitchen" represents JD.com's innovative approach to the food delivery market, positioning it as a quality restaurant production platform [3][6] - JD.com is not merely entering the traditional food delivery space but is exploring a new business model that integrates various stakeholders in the food industry [7][10] - The company is actively recruiting culinary partners to co-develop dishes, showcasing a collaborative approach to business [3][6] Group 3: Integration of Technology and Operations - JD.com emphasizes the integration of digital and physical economies, aiming to find effective ways to merge with the real economy [5][6] - The company is leveraging its supply chain advantages to apply embodied intelligence across various operational scenarios, enhancing efficiency and reducing costs [9][10] - JD.com has established a dedicated "Intelligent Robotics Business" department to promote the sale of robotic products across multiple platforms [8][9] Group 4: Future Outlook - JD.com's recent activities reflect a strategic intent to adapt to the evolving market landscape and enhance its operational capabilities [4][10] - The company's focus on new technologies and business models is seen as a pathway to finding new growth opportunities [7][10] - JD.com is positioning itself to remain competitive in the internet industry by continuously refining its strategies and operations [10]