Core Viewpoint - The Hong Kong SAR government has completed the licensing framework for Virtual Asset Service Providers (VASP), emphasizing that August 1 is merely a starting date and not a full implementation overnight [1] Group 1 - The government stresses that stablecoins should not be treated as short-term speculative objects in the market [1] - The digitalization of asset markets is described as a "long-term battle," indicating the need for sustained investment and focus [1] - Investors are advised against having a short-sighted perspective on the developments in the virtual asset space [1]

Market Trends & Sentiment - Bull market sentiment suggests that anything can increase in value [1] - The market is potentially entering an altcoin season [1] Cryptocurrency Analysis - $ENA, associated with the E family, stablecoins, and WLFI holdings, has increased nearly 30% in one week [1] - $ENA recently listed on a Korean exchange, and Korean investors have driven up its market capitalization [1] Potential Investment Opportunities - Stablecoins are a potential narrative for speculation before WLFI [1]

Group 1 - JD Coin Chain Technology has issued a statement regarding the fraudulent use of its name in the promotion of a digital currency called JD-HKD, warning users to avoid participation in such scams [1] - The company emphasizes that it is a participant in the Hong Kong Monetary Authority's stablecoin issuance sandbox and is adhering to regulatory guidelines [1] - All tokens claiming to be JD stablecoins or using similar names are identified as scams, and JD will not issue any governance tokens outside of its stablecoin [1] Group 2 - Ant Group also warned about companies exploiting the concepts of "RWA" and "stablecoins" for fraudulent activities, indicating potential false collaborations with Ant Group [2] - The market for stablecoins has been heating up following the passage of the Stablecoin Regulation in Hong Kong, leading to an increase in scams using the stablecoin concept [2] - Regulatory bodies in various regions, including Beijing and Shenzhen, have issued warnings about scams that lure the public with high returns through the packaging of stablecoins and virtual currencies [2] Group 3 - Scams related to stablecoins often evolve from initial misinformation to Ponzi schemes, utilizing fake information and impersonating legitimate institutions [3] - Fraudsters may create fake applications or websites that closely resemble official ones to deceive consumers into making deposits, often showcasing false high returns [3] - The marketing strategies for these scams may include high-return promises, recruitment incentives, and misleading educational events [3]

行业报告 | 行业点评 计算机 证券研究报告 场景广度决定，稳定币未来谁将领跑 7 月 19 日，美国总统特朗普正式签署《GENIUS 法案》，为美国境内合法 使用稳定币建立监管框架。特朗普称其可能是「自互联网诞生以来最伟大 的金融科技革命」。稳定币行业催化不断，针对后市演绎，我们做出以下判 断。 1、发币方是稳定币产业链价值链核心，而场景是关键中的关键 参考美元稳定币发展，中国香港稳定币发币方利润有望快速体现并且具备可 观的空间。货币价值的网络效应决定，发币方需与场景运营方深度合作才 能跑出。比如 Circle 与 Coinbase 深度合作，进而跃居行业 TOP2。 2、支付场景中，小商品城、中油资本所在的相关场景进出口总额超万亿 不同于美元稳定币以 Defi 项目交易为主，港元稳定币侧重在跨境支付。根 据义乌海关，2024 年义乌进出口总额 6689 亿元，对"一带一路"国家合金 进出口 4133 亿元，占同期义乌进出口总值 61.8%。中国 24 年原油进口金额 约 2.31 万亿人民币，管道天然气进口金额 1501.77 亿人民币。基于此，我 们看好小商品城、中油资本的卡位优势。 3、交易所和跨境支 ...

Core Viewpoint - The RWA (Real World Asset) project is emerging as a new concept following virtual currencies, NFTs, DeFi, DAPP, and DAO, aiming to tokenize real-world assets on the blockchain for investment and trading purposes [3][4][5] Group 1: RWA Project Overview - RWA projects aim to link real-world physical assets, such as art and commodities, to blockchain technology, allowing these assets to be traded as digital tokens [3][4] - The essence of RWA projects is to create a token economy that mirrors real-world functions, similar to previous blockchain initiatives like NFTs and DeFi [6] Group 2: Key Elements of RWA Projects - The first essential element is the existence of real physical assets, which provide a basis for value assessment, distinguishing RWA from previous virtual currencies that lacked underlying assets [4][5] - The second element is the blockchain technology required for asset tokenization, with a preference for public chains over consortium chains to ensure decentralization and transparency [5][6] - The third element involves issuing tokens that anchor the real-world assets, which serve as proof of ownership and facilitate transactions [5][6] - The fourth element is the necessity of a trading platform for these tokenized assets, which is currently not permissible in the domestic market [7] Group 3: Regulatory Challenges - RWA projects face significant regulatory hurdles in China, including prohibitions on token issuance and trading services, as outlined in several government documents [6][7] - Collaborations with local exchanges for RWA projects may not be viable due to regulatory restrictions on the operations of these exchanges [7][8] - Historical cases, such as the prosecution of a local exchange for token trading, highlight the legal risks associated with RWA initiatives [8]

Core Viewpoint - The company is actively constructing a Web3 exchange ecosystem centered around high-tech medical innovation assets, aiming to enhance liquidity, financing efficiency, and accessibility in the global medical innovation drug market [1][2]. Group 1: Strategic Developments - The company has established a wholly-owned subsidiary in New York, IVD GROUP INC., which will serve as the core operational entity for advancing the IVDNewCo Exchange strategy in the U.S. [1][2] - The subsidiary has officially initiated the application process for a stablecoin license with relevant U.S. regulatory bodies, demonstrating the company's commitment to global compliance and proactive strategy execution [2][3]. - The IVDNewCo Exchange ecosystem plan will be implemented in the U.S., including the creation of a tokenization platform for real-world assets based on medical innovation drug assets and establishing compliant financial infrastructure for the issuance, trading, and clearing of the IVDD stablecoin [2][3]. Group 2: Market Positioning - The company aims to become the first compliant trading platform focused on medical innovation drug RWA, leveraging its commercial network covering 1,674 tertiary hospitals in China and its capability to acquire quality NewCo assets globally [3]. - The strategic acceleration in the U.S. marks the transition of the company's "NewCo + RWA + stablecoin" strategy into a phase of large-scale implementation, positioning it to participate in the trillion-dollar compliant stablecoin market [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責 任。 IVD Medical Holding Limited 華檢醫療控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：1931） 自願性公告 美國穩定幣牌照申請及 IVDNewCo Exchange生態落地正式開啓 本 公 告 由 華 檢 醫 療 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 自 願 作 出。本 公 告 旨 在 進 一 步 更 新 本 公 司 於 二 零 二 五 年 七 月 十 七 日 發 布 之 自 願 性 公 告（「前次公告」）所 披 露 的 戰 略 舉 措 進 展，並 向 股 東 及 潛 在 投 資 者 提 供 本 集 團 業 務 發 展 之 資 料。除 非 文 義 另 有 所 指，否 則 本 公 告 所 用 詞 彙 與 前 次 公 告 所 界 定 者 ...

Investment Rating - The report maintains a recommendation for investment in the stablecoin sector, emphasizing its potential to revolutionize global payment efficiency and its implications for the financial system [2][10]. Core Insights - Stablecoins represent a technological innovation that enhances global payment efficiency while also reflecting the digital extension of dollar hegemony and the ongoing competition within sovereign financial systems [2][10]. - The future development of stablecoins will depend on the maturation of regulatory frameworks and the evolution of a multipolar stablecoin ecosystem, which could determine their role as a core component of inclusive global financial infrastructure [2][10]. Summary by Sections Stablecoin 1.0: Efficiency Revolution in Traditional Payment Models - Stablecoins leverage smart contracts for automated payments, reducing credit risk and enhancing efficiency [11][12]. - They significantly lower cross-border payment costs, with fees dropping to as low as $0.00025 per transaction compared to traditional systems [19][20]. - In high-inflation economies, stablecoins serve as a hedge against inflation and facilitate cross-border settlements [27][28]. Stablecoin 2.0: Digital Extension of the Dollar - As of July 4, 2025, the global stablecoin market is valued at $241.634 billion, predominantly backed by the US dollar [30][32]. - The issuance of stablecoins is expected to increase demand for US Treasury securities, reinforcing the dollar's dominance [33][36]. Stablecoin 3.0: New Variables for Global Financial Stability - The stability of stablecoins relies on trust mechanisms, with potential systemic risks emerging from liquidity and credit risks [37][42]. - The rise of stablecoins may challenge sovereign monetary policies and reduce the effectiveness of macroeconomic controls [38][42]. Stablecoin 4.0: Future Compliance and Ecosystem Integration - The report anticipates four concurrent trends in stablecoin development: regulatory frameworks enhancing compliance, deeper integration with traditional finance, the creation of stablecoin application ecosystems, and the emergence of a multipolar stablecoin system [45][52]. - Regulatory developments in regions like the EU, the US, and Hong Kong are expected to shape the future landscape of stablecoins [46][48].

Investment Rating - The report maintains an optimistic outlook on the Hong Kong stock market, particularly regarding new IPOs and sectors such as stablecoins, new consumption, and innovative pharmaceuticals [3][10]. Core Insights - The report highlights new investment paths following the implementation of stablecoin legislation, emphasizing the positive sentiment towards Hong Kong and U.S. Chinese stocks, with a notable shift towards new concepts and small-cap stocks [3][10]. - There is a sustained bullish view on virtual assets, including stablecoins, with recommendations for traditional virtual asset companies and infrastructure assets related to blockchain technology [3][10]. - The report identifies potential risks associated with overseas Chinese assets, particularly concerning U.S.-China tariff issues, and suggests monitoring the progress of global tariff negotiations [3][10]. Industry Situation Tracking Education - The Chinese education index increased by 2.10% from July 14 to July 18, outperforming the CSI 300 and SSE 50 indices, while underperforming the Hang Seng Tech Index [11]. - Notable stock performances include a 25.09% increase for Fenbi and a 14.37% increase for Dongfang Zhenxuan, while New Oriental saw a decline of 3.39% [11][19]. Luxury Goods - The luxury goods sector faced slight pressure, with a 6% year-on-year decline in Burberry's sales revenue for Q1 of FY2026, although the decline was less severe than previous periods [25]. - The report notes that the jewelry segment remains a growth driver, with Richemont's jewelry sales increasing by 11% year-on-year [31]. Coffee and Tea Beverages - The coffee sector maintains high growth, while the tea beverage sector shows signs of recovery, benefiting from summer demand and delivery subsidies [5][28]. E-commerce - The e-commerce sector is experiencing slight pressure, with a slowdown in overall growth and intensified competition among platforms [5][34]. - The report highlights a 742.95 billion yuan online retail sales figure for the first half of 2025, reflecting an 8.5% year-on-year growth [37]. Streaming Platforms - The streaming media index rose by 7.8%, outperforming both the Hang Seng Index and the Hang Seng Tech Index [38]. - Notable stock performances include a 12.08% increase for NetEase Cloud Music and an 11.37% increase for Tencent Music [38]. Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization reached $392.19 billion, with Bitcoin and Ethereum prices increasing by 0.4% and 19.9%, respectively [40][43]. - The report emphasizes the positive trend in virtual assets following the passage of the GENIUS Act in the U.S., which establishes a regulatory framework for stablecoins [49].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the overseas market from July 14 - July 18, 2025, including market performance, policy news, and economic fundamentals. The market's expectation of interest rate cuts has decreased due to factors like better - than - expected economic data. Trump's policies have impacts on trade, stablecoin, and government spending. The overseas economy shows mixed trends in different aspects such as overall sentiment, employment, demand, and production [1][2][3]. 3. Summary According to the Directory 3.1 Overseas Market One - Week Review - **Equity Market**: US stocks' three major indices showed different trends, with the Nasdaq performing well. Factors influencing US stocks include decreased interest - rate cut expectations, the signing of the stablecoin bill, and the approval of H20 chip sales to China. As of July 18, the S&P 500 and Nasdaq rose 0.59% and 1.51% respectively, while the Dow fell 0.07%. Some international indices also had gains [10]. - **Foreign Exchange**: The US dollar continued to rebound. Retail sales being better than expected, initial jobless claims lower than expected, and the June CPI showing tariff impacts led to a decrease in interest - rate cut expectations. As of July 18, the US dollar index rose 0.60%, and the euro, yen, and RMB depreciated against the US dollar [10]. - **Interest Rates**: US Treasury bonds fluctuated within a narrow range. After the release of CPI, retail sales, and jobless claims data, Treasury yields rose, but fell on Friday due to Fed Governor Waller's dovish remarks. As of July 18, the 2Y Treasury yield fell 2bp, and the 10Y rose 1bp [11]. - **Commodities**: Crude oil, gold, and silver prices declined. Market risk - aversion sentiment decreased, and Trump's sanctions on Russia did not include new energy - export restrictions. As of July 18, COMEX gold and silver fell 0.31% and 1.75% respectively, and WTI crude oil fell 2.11% [11]. 3.2 Overseas Policy and News 3.2.1 Overseas Central Bank Dynamics - Fed officials had different stances. Waller continued to be dovish, while Collins and Bostic were hawkish. The market's expectation of interest rate cuts cooled. As of July 19, the probability of a rate cut by September was 52.9% (down from 60.3% a week ago), and the expected number of rate cuts in 2025 was 1.82 (down from 2.01 a week ago) [2][29]. - The Fed's Beige Book showed that manufacturing activity declined slightly, corporate recruitment was cautious, and the economic outlook was neutral to slightly pessimistic [29]. 3.2.2 Trump Policy Tracking - **Trade**: The US government approved the sale of NVIDIA H20 chips to China, and Trump was optimistic about reaching an agreement on illegal drugs with Beijing. Trump announced an agreement with Indonesia, aiming to reduce the trade deficit. He also mentioned the possibility of imposing tariffs "slightly above 10%" on smaller trading partners [35]. - **Stablecoin**: Trump signed the "Genius Act" to establish a regulatory framework for US stablecoins, marking the implementation of stablecoin regulatory legislation [38]. - **Government Lay - offs and Expenditure Cuts**: The US Supreme Court allowed large - scale lay - offs in the Department of Education. The government also cancelled federal aid for the California high - speed rail project and a Massachusetts highway project [38]. 3.3 Overseas Economic Fundamental High - Frequency Tracking 3.3.1 Overall Sentiment - Bloomberg's median forecast showed that the probability of a US recession was 35% and that of the eurozone was 30%, both unchanged from a week ago. Polymarket's bet on a 2025 US recession decreased to 18% from 20% a week ago [43]. - The US and German weekly economic activity indices decreased. The New York Fed's Nowcast model raised Q2 and Q3 GDP growth expectations, while the Atlanta Fed's GDPNow model lowered the Q2 expectation [44][48]. 3.3.2 Employment The number of initial jobless claims decreased for the fifth consecutive week. As of July 12, it was 22.1 million, lower than the expected 23.3 million [53]. 3.3.3 Demand - Retail sales were stable. The red - book commercial retail sales annual rate was 5.2% as of July 12. Airport security check - in numbers were higher than the previous year, and railway transportation volume rebounded [57]. - The real - estate market activity declined. The 30 - year mortgage fixed - rate rose, and mortgage application activities decreased [57]. 3.3.4 Production The US production side remained stable. As of July 12, the crude - steel capacity utilization rate was 78.7%, and the crude - steel output was 178.3 million short tons, both higher than the previous year. The refinery capacity utilization rate was 93.9% [63]. 3.3.5 Shipping International freight indicators showed mixed trends. The Baltic Dry Index, Panamax Freight Index, and Capesize Freight Index rose, while the Drewry World Container Freight Index (WCI) and some China - related container freight indices fell [66]. 3.3.6 Price US retail gasoline prices fell. The 1 - year and 2 - year inflation swaps rose, indicating an increase in inflation expectations [70]. 3.3.7 Financial Conditions The US financial pressure slightly increased. The OFR US Financial Stress Index rose, the CCC high - yield bond credit spread was basically flat, and the SOFR - ON RRP spread widened [72]. 3.4 Next Week's Overseas Important Event Reminders Next week (July 21 - July 25, 2025), key events include the ECB's interest - rate meeting (market expects a pause in rate cuts), the preliminary PMI values of the eurozone and US manufacturing and service sectors, US durable goods orders, and US second - hand and new home sales [77].