【导读】香港金管局余伟文：下周将发布"稳定币发行人发牌制度"的摘要说明 中国基金报记者 吴娟娟 7月23日，香港金融管理局（以下简称香港金管局）总裁余伟文撰文表示，下周将发布"稳定币发行人发 牌制度"的摘要说明。 余伟文表示："近期，市场上针对稳定币牌照申请程序存在不少传言，我们将于下周公布'稳定币发行人 发牌制度'的摘要说明，阐述金管局接受和处理牌照申请的安排"。 余伟文指出，要以稳妥、可持续的原则落实《稳定币条例》，避免过度炒作，并严防金融风险。 避免过度炒作稳定币 稳定币作为新兴的支付工具，将逐渐进入传统金融体系。余伟文强调，有必要防范市场和舆论过度炒 作。 余伟文提到几类值得关注的现象。首先，过度概念化。关于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，但是一旦从概念和理论层面转到应用场景和具体安排，相关讨论就存在明显落差。 目前，有数十家机构曾主动接触香港金管局团队，但很多机构停留在概念阶段。比如，有机构提出要提 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。 而能提供应用场景的 ...

【导读】香港金管局余伟文：下周将发布 " 稳 定币发行人发牌制度 " 的摘要说明 中国基金报记者 吴娟娟 7 月 23 日，香港金融管理局（以下简称香港金管局）总裁余伟文撰文表示，下周将发布 " 稳 定币发行人发牌制度 " 的摘要说明。 稳 定币作为新兴的支付工具，将逐渐进入传统金融体系。余伟文强调，有必要防范市场和舆 论过度炒作。 余伟文提到几类值得关注的现象。首先，过度概念化。关于 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，但是一旦从概念和理论层面转到应用场景和具体安排，相关 讨论就存在明显落差。 目前，有数十家机构曾主动接触香港金管局团队，但很多机构停留在概念阶段。比如，有机 构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。 而能提供应用场景的机构中，部分缺乏发行 稳 定币的技术和管控相关金融风险的经验和能 力。对于这类机构而言，较实际的做法是与其他 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。 其次，余伟文认为，更值得关注的是泡沫化趋势。近期， 稳 ...

Group 1: Hong Kong Stock Market Movements - Jin Jing New Energy (01783) rose over 4.5% as the Hang Seng Index company is set to release its mid-year review results on August 22, with changes effective from September 8 [1] - Paper stocks in Hong Kong continued to rise, with Nine Dragons Paper (02689.HK) increasing over 7%, recording five consecutive gains, while Lee & Man Paper (02314.HK) rose about 5% [1] - Airline stocks saw significant gains, with China National Aviation (0753.HK) up over 7%, driven by the Civil Aviation Administration's emphasis on enhancing the industry’s competitive landscape [1] - Renrui Talent (06919) surged over 19% after announcing a positive earnings forecast, expecting revenue of approximately RMB 2.49 billion to 2.69 billion for the year ending June 30, 2025, representing a year-on-year growth of 21.1% to 30.8% [1] Group 2: Other Notable Stock Movements - China Antibody-B (03681) increased over 8% after entering into subscription agreements for the issuance of 182 million new shares at a subscription price of HKD 2.03 per share [2] - Fufeng Group (00546) rose over 4% with an expected net profit of RMB 1.74 billion for the first half of the year, a 67% increase year-on-year, attributed to higher sales and lower raw material costs [2] - Cao Cao Travel (02643) gained over 4%, reaching a new high following a strategic partnership with a leading commercial aerospace company [2] - NIO-SW (09866) rose over 8%, with a cumulative increase of over 40% in the month [2] Group 3: US Stock Market Highlights - Kohl's (KSS.US) saw a dramatic increase of nearly 90%, becoming a popular "meme stock" among retail investors, closing at $14.34, up 37.62% [3] - Daqo New Energy (DQ.US) closed at $24.60, with a rise of 16.75%, as silicon material prices have been on the rise, with an increase of 25-35% recently [3] - General Motors (GM.US) stock fell by 8.12% to $48.89, with the CFO indicating potential tariff impacts of up to $5 billion this year [3] - The Nasdaq Golden Dragon China Index rose 1.35%, with notable gains in Chinese concept stocks, including PONY.US up 8.62% and NIO.US up 10.84% [3] Group 4: Additional Stock Movements - Faraday Future (FFAI.US) surged over 43% after receiving a non-binding order for 1,000 vehicles valued at up to $100 million [4] - Most new energy vehicle stocks rose, with Lucid Group (LCID.US) closing at $3.13, an increase of about 11% [4] - Circle (CRCL.US) fell by 8.23% after a downgrade from "neutral" to "sell" by Compass Point Research [4] - Replimune (REPL.US) dropped 77% after the FDA rejected its application for a combination therapy for advanced melanoma, citing insufficient evidence [4]

Industry Investment Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - The report discusses the deep impact of stablecoins on the financial system, including effects on the Federal Reserve's balance sheet, commercial banks, and financial infrastructure [4][6] - It highlights the potential for stablecoins to disrupt traditional banking and payment systems while also presenting new opportunities for financial IT service providers and blockchain companies [6] Summary by Sections 1. Impact of Stablecoins on the Financial System - Stablecoins act as a stable digital representation of value, potentially influencing monetary control systems without directly affecting them [13] - The Federal Reserve may face indirect impacts on its balance sheet due to changes in demand for government bonds and bank deposits caused by stablecoin transactions [14] - Stablecoins can challenge existing monetary policy tools by increasing liquidity fluctuations and affecting short-term interest rates [22][23] 2. Comparison of Stablecoin Development in China and the U.S. - The report contrasts the motivations behind stablecoin development in the U.S. and China, emphasizing the need for regulatory frameworks to adapt to the evolving landscape [10] 3. Investment Recommendations - The report suggests that while stablecoin trading is illegal in mainland China, there are growth opportunities for financial IT service providers and payment solution companies [6] - It recommends focusing on banks and investment banks that are exploring virtual asset trading and innovative business models [6] 4. Effects on Commercial Banks - Stablecoins may lead to a disintermediation effect, impacting the balance sheets of commercial banks by shifting deposits to custodial accounts [36] - The report notes that banks may need to adjust their liquidity and interest rate risk management strategies in response to the rise of stablecoins [40] 5. Impact on Financial Infrastructure - Stablecoins can enhance payment efficiency by enabling real-time transactions and reducing costs, particularly in cross-border payments [42] - The competition from stablecoins may drive traditional payment systems to adopt distributed ledger technology to improve their services [42]

另一更值得关注的是泡沫化趋势。余伟文称，近期随著稳定币概念的热炒，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字资产是否相关，只要宣称有意开拓稳定币业务，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大提升。 余伟文重申早前香港金管局已明确表明，在初阶段只会批出数个稳定币牌照，并建议投资者在消化市场 所谓"利好"消息时保持冷静和独立思考。 余伟文表示，《稳定币条例》通过以后，香港金管局立马落实条例的监管和反洗钱两份指引征求市场意 见，目前正根据反馈意见适当调整指引的要求，争取在7月底公布。预期最终的定稿与咨询草稿不会有 太大的调整，而鉴于国际监管的共同关注，在反洗钱方面会订立更严谨的要求，尽量减低稳定币成为洗 钱工具的风险，务求让香港稳定币市场有序健康发展。 余伟文表示，有必要防范市场和舆论对于稳定币的过度炒作，最近有以下一些现象值得关注。一是过度 概念化。余伟文透露，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。但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 ...

余伟文：将于下周公布"稳定币发行人发牌制度"的摘要说明 金十数据7月23日讯，香港金管局总裁余伟文发文再谈稳定币，其中提到，《稳定币条例》通过以后， 我们马上就落实条例的监管和反洗钱两份指引征求市场意见，目前正根据反馈意见适当调整指引的要 求，争取在7月底公布。我们预期最终的定稿与咨询草稿不会有太大的调整，而鉴于国际监管的共同关 注，在反洗钱方面会订立更严谨的要求，尽量减低稳定币成为洗钱工具的风险，务求让香港稳定币市场 有序健康发展。我们也注意到近期市场上对申请程序有不少的传言，我们将于下周公布"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。 ...

余伟文：避免稳定币过度炒作 在初阶段充其量只会批出数个稳定币牌照 金十数据7月23日讯，香港金管局总裁余伟文再谈稳定币，近期随著稳定币概念的热炒，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大提升。其实，我们早 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，基于我们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。 ...

智通财经7月23日电，香港金管局将于下周发布稳定币发行人规则摘要。 ...

香港金管局将于下周发布稳定币发行人规则摘要。 ...

Core Viewpoint - ZhongAn Online (06060) is currently trading at 1.3x P/B, with CICC maintaining the company's profit forecast for 2025-2026 largely unchanged. The firm raised the target price by 31% to HKD 21, corresponding to 1.5x 2025e P/B and a 14.13% upside potential, while maintaining an outperform rating on the industry [1]. Group 1 - The total premium income for ZhongAn Online is expected to grow by 9% year-on-year in 1H25, with health insurance projected to achieve over 40% growth, driven by the popularity of the Zhongminbao series products. The auto insurance business is anticipated to grow by over 30%, mainly due to the new compulsory insurance and proactive development by the company [2]. - The underwriting profitability is expected to improve significantly, with the combined cost ratio (CoR) improving by 1.0 percentage point to 96.9%. This, combined with premium growth, is expected to lead to a substantial increase in underwriting profit to over RMB 500 million, resulting in a projected net profit increase of 870% year-on-year to RMB 540 million in 1H25 [2]. Group 2 - The technology business is expected to continue reducing losses, with the virtual bank projected to achieve overall profitability for the year. ZhongAn Bank has received permission to provide reserve banking services for stablecoin issuers, which could lead to various revenue streams through collaborations with digital asset exchanges and stablecoin issuers [3]. - The health insurance business is experiencing rapid growth due to the strong sales of Zhongminbao mid-to-high-end medical insurance. The company is viewed positively regarding its product creation and operational capabilities, with the overall opportunities in the health insurance sector expected to outweigh challenges amid healthcare reform [4].