Core Viewpoint - 瑞和数智 is transforming from a traditional IT service provider to a digital asset trading infrastructure builder, leveraging the Hong Kong regulatory environment and its 20 years of financial IT experience to capitalize on the digital asset market [1][6][15] Group 1: Company Background and Strategy - 瑞和数智 has over 20 years of experience in financial technology and is strategically investing 80 million HKD to enter the Web 3.0 and cryptocurrency sectors [2][6] - The company aims to upgrade traditional financial services through "on-chain" technology, transitioning from an IT supplier to a digital financial ecosystem builder [2][3] - 瑞和数智 has a strong competitive edge, being a national-level specialized small giant enterprise with numerous software copyrights and patents, and has been recognized as the top provider in the Chinese banking IT solutions market [2][3] Group 2: Technological and Human Resources - The company boasts a highly skilled core team, with 89% of its workforce being technical talent, many of whom have over 20 years of experience in big data and AI solutions [3] - 瑞和数智's deep industry understanding and established client relationships differentiate it from purely conceptual Web 3.0 companies [3] Group 3: Financial Position and Investments - 瑞和数智 completed a placement of 130 million shares at 0.301 HKD per share, raising 38.6 million HKD to optimize its capital structure [3] - The company has also made a strategic investment in Tokyo Central Auction, acquiring 15 million shares at 0.44 HKD each, with the current market price at 6.8 HKD, yielding a holding gain of nearly 90 million HKD [3] Group 4: Market Context and Regulatory Environment - The implementation of the Hong Kong Stablecoin Regulation is expected to create significant opportunities for digital asset development, with the Hong Kong Securities and Futures Commission issuing 11 virtual asset trading platform licenses by July 2025 [6][7] - The global stablecoin market is estimated at 240 billion USD, with projected trading volumes exceeding 20 trillion USD in 2024, indicating a growing demand for digital assets [7] Group 5: Valuation and Market Perception - 瑞和数智 is currently undervalued, with a market capitalization of 1.4 billion HKD, while comparable companies have significantly higher valuations [11][12] - The company's price-to-sales ratio is 3.45, the lowest among its peers, indicating a substantial valuation gap despite its competitive advantages [12][14] - Since announcing its strategic transformation, 瑞和数智's stock price has increased by nearly 32% in just four trading days, reflecting positive market sentiment [7][14] Group 6: Future Outlook - As the company transitions into a growth phase, it is well-positioned to benefit from the influx of capital into emerging markets and the increasing interest in digital assets [14][15] - 瑞和数智's strategic investments and partnerships, such as with OSL Group, are expected to accelerate its compliance and regulatory efforts in the digital asset space [7][15]

Group 1: Technology Developments - OpenAI launched ChatGPT Study learning mode aimed at education, providing interactive prompts and personalized guidance for students [2] - Alibaba's Tongyi Qianwen introduced a new version of the Qwen3-30B-A3B model, enhancing long text understanding capabilities [4] - Meituan committed to not self-operating food delivery services, focusing on infrastructure support for merchants, resulting in a significant increase in search volume and order quantity for its new brand [5] Group 2: Corporate Changes and Announcements - ByteDance responded to rumors about creating "Doubao Car," clarifying that it has no plans for smart driving business [6] - Wang Xiaohang, former vice president of Ant Group, joined Ping An Group as CTO, aiming to enhance AI technology development [7] - Dongfang Materials' chairman resigned for personal reasons but will continue as a board member [16][17] Group 3: Market and Financial Updates - The 2025 Fortune Global 500 list revealed that 130 Chinese companies made the list, with Pinduoduo, Meituan, and Lenovo showing significant ranking improvements [10] - Lenovo Holdings reduced its stake in Lakala, decreasing its ownership from 26.54% to 25.86% [11] - China Unicom plans to procure 87,020 general servers, with over 90% being domestic products, reflecting a strong push for local technology [15] Group 4: Strategic Partnerships and Agreements - Wantong Zhikong signed an exclusive authorization agreement with Shanghai Shenming Aosi for sales and cooperation in the embodied intelligence field [12] - Daoshi Technology entered a strategic cooperation agreement focusing on humanoid robot components with Nengsida Electronics and Chipenson Technology [13] - Fourth Paradigm announced a joint venture with Jiuyang Technology to establish a company focused on fintech services, capitalizing on the stablecoin market [20]

Group 1: Market Overview - The Hang Seng Index closed at 25,524, down 37 points or 0.2%, while the Hang Seng Tech Index fell 0.4% to 5,644 [3][4] - The total trading volume was 267 billion, with net inflow from northbound trading reaching 12.72 billion [3] - Major blue-chip stocks like HSBC and Tencent saw slight declines of 0.3% and 0.1% respectively, while AIA rose by 1% [3] Group 2: Regulatory Developments - The Hong Kong Monetary Authority (HKMA) plans to issue the first phase of stablecoin licenses by early next year, focusing on compliance, specificity, and sustainability [7][9] - The HKMA emphasizes the need for stablecoin issuers to have practical application scenarios and a viable business plan [7] Group 3: Company News - Ideal Automotive announced the launch of its new electric SUV, the Ideal i8, set to begin deliveries on August 20, featuring a new high-voltage electric platform and a nationwide supercharging network [13] - Skyworth Group anticipates a 50% year-on-year decline in its interim net profit due to the ongoing downturn in the Chinese real estate market and increased impairment provisions [15] - Giant Legend has partnered with Yushutech to develop consumer-grade robots with strong IP attributes, focusing on a four-legged robot with social interaction capabilities [12]

Market Overview - A-shares have seen a significant increase in activity, with the Shanghai Composite Index surpassing 3600 points and reaching a new high, while the ChiNext Index broke through 2400 points, entering a technical bull market [1] Hot Stocks - The top ten hot stocks in A-shares include Xizang Tianlu, Shanhe Intelligent, Hengsheng Electronics, WuXi AppTec, Baogang Co., Asia-Pacific Pharmaceutical, China Power Construction, Xining Special Steel, Zhongyin Securities, and Northern Rare Earth [2] Industry Trends - The Yarlung Tsangpo River downstream hydropower project concept has resurfaced, with Xizang Tianlu, Shanhe Intelligent, and China Power Construction being the leading stocks. Xizang Tianlu holds over 60% market share in the cement sector, benefiting from geographical advantages [3] - The national-level strategic project, with a total investment of 1.2 trillion yuan, is expected to require over 40 million tons of cement and an annual infrastructure investment of 80 billion yuan, stimulating demand across the construction materials, engineering machinery, and hydropower sectors [3] Company Performance - Northern Rare Earth and Baogang Co. confirmed their successful bids for the Yarlung Tsangpo hydropower project's rare earth alloy steel project, with Northern Rare Earth's net profit surging 18 to 20 times year-on-year, driven by rising prices and volumes of rare earth products [3] - Baogang Co. raised its third-quarter rare earth concentrate transaction prices by 14.14%, enhancing performance growth expectations [3] - Hengsheng Electronics saw a surge in interest following Hong Kong's implementation of a regulatory framework for stablecoin issuers, alongside news of Ant Group applying for a stablecoin license, leading to strong market expectations for potential collaboration [3] Financial Results - WuXi AppTec reported a record high revenue of 20.8 billion yuan and a net profit of 8.56 billion yuan for the first half of the year. The easing of geopolitical risks and supportive policies for innovative drugs have contributed to this performance [4] - Asia-Pacific Pharmaceutical's mid-year performance is expected to increase over 17 times, primarily due to non-recurring income from the sale of a subsidiary, along with advantages from its product line [4] - WuXi AppTec plans to raise its share repurchase price limit from 90.72 yuan to 114.15 yuan, which has positively impacted market sentiment [4]

【导读】香港金管局宣布8月1日起实施稳定币发行人监管制度 中国基金报记者 郭玟君 7月29日， 香港金管局 发布稳定币发行人监管相关制度，并宣布该制度将于8月1日起实施。 当天下午，香港金管局举行简报会，详细介绍了具体的监管安排，同时呼吁广大投资者 慎防 稳定币相关的炒作及诈骗 。 稳定币发行人监管制度发布 8月1日正式实施 7月29日，香港金管局就8月1日起实施的稳定币发行人监管制度发布四份文件：《持牌稳定 币发行人监管指引》及相关咨询总结，《打击洗钱及恐怖分子资金筹集指引（持牌稳定币发 行人适用）》及相关咨询总结，与发牌制度及申请程序相关的《稳定币发行人发牌制度摘要 说明》，以及《原有稳定币发行人过渡条文摘要说明》。 其中， 《持牌稳定币发行人监管指引》详细阐述了多方面的监管要求，包括储备资产管理， 发行、赎回及分销，财政资源，风险管理及企业管治 等 。 《打击洗钱及恐怖分子资金筹集指引（持牌稳定币发行人适用）》则列明了反洗钱方面的监 管要求，包括风险评估、客户尽职审查、持续监察、稳定币转账及可疑交易报告 等 。 两套指引将于2025年8月1日刊宪。监管制度正式生效，市场参与者应遵守《稳定币条例》及 相关 ...

Group 1 - The core viewpoint of the articles emphasizes the dual nature of stablecoins, highlighting their potential for financial innovation while also acknowledging the systemic financial risks they pose [1][2][3] - Stablecoins are defined as digital assets that maintain stable value by being pegged to sovereign currencies and backed by reliable financial assets, with Tether's USD Tether being the first mainstream stablecoin [2][3] - The recent legislative developments in the U.S. and Hong Kong signify that stablecoins are officially entering the global financial stage, necessitating further observation of their roles in the global monetary system [3][4][5] Group 2 - The U.S. is accelerating the opening of decentralized finance, with significant regulatory changes such as the adoption of fair value accounting for crypto assets and the approval of Bitcoin spot ETFs [4][5] - The passage of the CLARITY Act and the Anti-CBDC Act in the U.S. Congress marks a significant step in promoting decentralized finance, allowing traditional financial institutions to participate in the crypto market [5][6] - The structural issues of the U.S. economy, particularly the "twin deficits," are highlighted as potential risks to the stability of the dollar and, consequently, the dollar-pegged stablecoins [6][7] Group 3 - Hong Kong's stablecoin regulations reflect a cautious approach, with a unified regulatory framework and strict requirements for issuance and management [7][8] - The core functions of Hong Kong's stablecoins are limited to payment mediums and value storage, contrasting with the broader investment functionalities seen in other stablecoins like Tether [8][9] - The potential for Hong Kong stablecoins to facilitate cross-border payments is significant, especially as they could connect China with global markets, enhancing their utility [10][11] Group 4 - The internationalization of the Renminbi (RMB) is supported by the development of Hong Kong's stablecoin, which may eventually be pegged to both the Hong Kong dollar and the RMB [13][14] - The Hong Kong government aims to position the region as a global innovation center for digital assets, with policies that promote the development of tokenized products and cross-border payment applications [13][14] - The articles suggest that stablecoins could create new scenarios for RMB internationalization, emphasizing the need for a diversified international monetary system [15][16] Group 5 - The articles call for close monitoring of decentralized finance trends, particularly in the context of U.S. developments, to understand their implications for global financial competitiveness [16][17] - Research is encouraged on the integration of decentralized finance with traditional financial systems, as well as the regulatory frameworks needed to manage associated risks [16][17]

每经编辑｜彭水萍 风险提示： 投资人应当充分了解基金定期定额投资和零存整取等储蓄方式的区别。定期定额投资是引导投资人进行 长期投资、平均投资成本的一种简单易行的投资方式。但是定期定额投资并不能规避基金投资所固有的 风险，不能保证投资人获得收益，也不是替代储蓄的等效理财方式。 无论是股票ETF还是LOF基金，均属于较高预期风险和预期收益的证券投资基金品种，其预期收益及预 期风险水平高于混合型基金、债券型基金和货币市场基金。 基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易规则等差异带来的特有风 险，提请投资者注意。 7月29日，稳定币概念尾盘拉升，软件ETF（515230）上涨1.57%。 恒生电子盘中涨停。市场传闻公司与蚂蚁数科就稳定币进行合作，但公司表示目前投资者关系部暂时无 法确认公司是否与蚂蚁数科达成合作，仍需以官方公告信息为准。（风险提示：上述个股仅用于行业表 现说明，非个股推荐） 香港稳定币法案即将落地。此前5月30日，中国香港特别行政区政府在宪报上刊登《稳定币条例》，意 味着《稳定币条例》正式成为法例，《稳定币条例》将于2025年8月1日正式生效。7月29日，香港金管 局就8月 ...

Market Overview - The Hong Kong stock market experienced a collective decline on July 29, with the Hang Seng Index falling by 0.15% to 25,524.45 points, the Hang Seng Tech Index down by 0.35% to 5,644.38 points, and the National Enterprises Index decreasing by 0.34% to 9,145.92 points [1] - Pharmaceutical stocks remained strong, while major tech and financial stocks showed weakness. Notable individual stock movements included Alibaba and BYD rising slightly, while Xiaomi dropped over 2.5% and Meituan and Kuaishou fell over 0.5% [1] Southbound Capital - Southbound capital has significantly increased its investment in the Hong Kong stock market this year, with a net purchase of HKD 12.72 billion on July 29. Cumulatively, southbound capital has net inflows exceeding HKD 840 billion this year, marking a historical high for annual net inflows [2] Key Messages 1. The Hong Kong Stock Exchange reported that the average daily trading volume for the first half of 2025 reached HKD 240.2 billion, a substantial increase of 118% year-on-year. The trading volume for ETFs surged to HKD 33.8 billion, reflecting a year-on-year growth of 184% due to the expansion of the ETF interconnection plan and the continuous launch of new ETF products [3] 2. The Hong Kong Monetary Authority announced the implementation of a regulatory framework for stablecoin issuers, with the first licenses expected to be issued early next year. The stablecoins backed by offshore RMB must clearly define their use cases and reserve assets [3] 3. Major banks in Hong Kong have begun integrating Alibaba's AI technology, with Alibaba Cloud winning a project with China Construction Bank and the Industrial and Commercial Bank of China applying Alibaba's Qwen model for smart risk control. This marks the first deep collaboration between national financial institutions and Alibaba in five years [3] Institutional Insights - CITIC Securities forecasts that the mid-year earnings for Hong Kong stocks will be concentrated in release around mid to late August 2025. The overall revenue growth rate for the Hang Seng Index is expected to significantly increase compared to the same period last year, although profit growth may moderate. There is an enhanced confidence trend in certain sectors such as new consumption, technology, and pharmaceuticals, with upward revisions in earnings expectations prior to financial disclosures [4]

Group 1 - The China-US economic talks were held in Stockholm, focusing on trade relations and macroeconomic policies, with a consensus to extend the suspension of certain tariffs for 90 days [2] - The 2025 Fortune Global 500 list was released, showing a total revenue of approximately $41.7 trillion, a year-on-year increase of about 1.8%, with companies' total assets and net assets reaching record highs [3][4] - Huawei returned to the top 100 of the Fortune Global 500 after two years, while Nvidia had the highest net profit margin among the listed companies [4] Group 2 - Guangzhou's GDP grew by 3.8% in the first half of the year, which is lower than the provincial growth rate of 4.2% and the national rate of 5.3% [12] - The retail sales of Polestar in China dropped significantly, with only 6 units sold in June, indicating a near halt in its business operations in the market [27] - Apple announced the closure of its first store in Dalian, citing the departure of multiple retailers from the shopping center [26]

7月29日，香港金融管理局发布持牌稳定币发行人监管制度系列指引（简称"指引"），提出法定稳定币的定义， 明确发行人牌照申请的财务条件、人员资质、储备资产、风险管理和监管要求等。 按香港金管局披露，"指明稳定币"是完全参照一种或多种官方货币以维持稳定价值的稳定币，一般称为"法定稳定 币"。 合法的稳定币持牌发行人，只可委托认许提供者要约提供法定稳定币，以及该发行人是属牌照批准，认许提供者包 括：持牌人、银行业条例认可机构、支付牌照、获批的虚拟交易平台提供的符合《反洗钱条例》界定的虚拟资产服 务、香港证监会批准的1号牌。 截至目前，香港金管局尚未发出任何牌照，根据8月1日生效的《稳定币条例》，虚假声称自己为持牌人或申请人均 属违法。 截至目前，香港金管局尚未发出任何牌照，根据8月1日生效的《稳定币条例》，虚假声称自己为持牌人或申请人均 属违法，建议已准备充分并希望尽早获批的机构应于2025年9月30日之前提交申请。 稳定币发行人牌照管理 稳定币具有加密货币的特征，可用于货品或服务付款、清偿债务、投资等交易，可通过电子方式转移、储存或买 卖，还可以在分布式分类账或类似信息储存库上操作，并参照单一资产或一揽子资产维持 ...