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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]

Market Overview - The Hang Seng Index closed down 0.17% at 24,284.15 points, while the Hang Seng Tech Index fell 0.07% to 5,341.43 points, and the Hang Seng China Enterprises Index decreased by 0.47% to 8,762.47 points [2] - The automotive, pharmaceutical, and banking sectors showed weakness, while the metals sector experienced gains [4] Metals Sector Performance - The metals sector saw significant gains, with Jiangxi Copper rising over 7%, Tianqi Lithium and Luoyang Molybdenum both increasing over 6%, and Zijin Mining among the top performers [4] - Notable stock performances included Luoyang Molybdenum at 6.26% with a market cap of 191.02 billion, Tianqi Lithium at 6.78% with a market cap of 56.97 billion, and Ganfeng Lithium at 2.74% with a market cap of 69.64 billion [5] Commodity Price Outlook - Goldman Sachs forecasts that copper prices will peak at approximately $10,050 per ton by August 2025 due to tightening supply in markets outside the U.S. [5] - Ping An Securities reports that the weakening of the U.S. dollar credit system will continue to drive precious metal prices higher, while industrial metals like copper and aluminum are expected to benefit from a loose monetary environment [5] Automotive Sector Dynamics - Xiaomi Group's stock rose by 3.6%, while major automotive stocks like Xpeng Motors, NIO, and BYD saw declines of 3.17%, 1.84%, and 1.19% respectively [6][7] - Market analysts suggest that the automotive sector may be impacted by Xiaomi's competitive pricing strategy for its new YU7 series, with expectations of monthly sales reaching 60,000 to 80,000 units [7] Banking Sector Trends - Chinese bank stocks experienced slight declines, with Luzhou Bank, Chongqing Bank, and China Merchants Bank dropping by 3.49%, 2.91%, and 2.39% respectively [8] - Recent reports indicate that insurance funds have been favoring high-dividend bank stocks, but this trend may be slowing down as investment teams shift focus towards technology innovation board companies [8] Financial Sector Developments - Huaxing Capital Holdings saw a significant intraday rise of nearly 38% before closing up 4.67% at HKD 4.48 per share, following its announcement of a $100 million investment in the Web 3.0 and cryptocurrency asset space [11] - The Hong Kong Securities and Futures Commission announced an increase in position limits for futures and options contracts on major indices, effective July 2, 2025, aimed at enhancing market flexibility [12]

Market Overview - The Hong Kong stock market experienced a high opening but closed lower, with the Hang Seng Index down 0.17% to 24,284.15 points and a total trading volume of HKD 275.115 billion [1] - The Hang Seng Index rose 3.2% over the week, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index increased by 2.76% and 4.06%, respectively [1] Blue-Chip Stocks Performance - Xiaomi Group-W (01810) reached a new high, closing up 3.6% at HKD 58.95, contributing 58.62 points to the Hang Seng Index, following the launch of its first SUV, the Xiaomi YU7, which saw significant pre-order success [2][7] - Other notable blue-chip movements included Alibaba Health (00241) up 6.35%, Zijin Mining (02899) up 4.17%, while China Life (02628) and China Resources Land (01109) saw declines of 2.97% and 2.55%, respectively [2] Sector Highlights - Large tech stocks showed mixed results, with Xiaomi's YU7 orders boosting its stock, while Alibaba saw a slight decline [3] - The non-ferrous metals sector continued to rise, with Jiangxi Copper (00358) up 7.71% and Tianqi Lithium (09696) up 6.78%, driven by rising copper prices amid a squeeze in the London Metal Exchange [3] - The internet healthcare sector performed well, with Ping An Good Doctor rising over 8% and Alibaba Health up over 6% [3] AMC Sector Activity - The AMC sector saw significant gains, with China Cinda (01359) up 7.03% and CITIC Financial Assets (02799) up 2.38%, following announcements of asset management plans [4] - Analysts noted that long-term funds are increasingly seeking high-dividend assets, which may stimulate further activity in the banking sector [4] Notable Stock Movements - Saturday's Fortune (06168) surged 33.83% to HKD 40.15, driven by strong demand in the gold market and positive sentiment in the Hong Kong stock market [8] - Juzi Bio (02367) rebounded 5.75% to HKD 54.25, following announcements of share buybacks by its controlling shareholder [9] - Huaxing Capital Holdings (01911) rose 4.67% to HKD 4.48, after announcing plans to enter the Web3.0 and cryptocurrency sectors with a budget of USD 100 million [10] Weak Performers - Hong Kong Travel (00308) fell 25.63% to HKD 1.48, as the company undergoes strategic reviews without any confirmed decisions [11] - Rongchang Bio (09995) dropped 6.17% to HKD 55.55, attributed to market disappointment over its recent business development transaction [12]

Core Viewpoint - The surge in digital assets has become a central theme in the Hong Kong stock market, with significant price increases in companies like ZhongAn Online and Huatai International, indicating a transformative moment driven by supportive policies and capital enthusiasm [1] Group 1: Strategic Decisions - Huaxing Capital's strategic move into the Web3.0 and cryptocurrency sectors is a response to the global fintech wave and a continuation of its focus on the new economy [3] - The Hong Kong government has established a clear regulatory framework for digital assets, providing a conducive environment for innovation and reducing policy risks for financial institutions like Huaxing Capital [4] Group 2: Huaxing Capital's Position - Huaxing Capital is well-positioned in the digital asset market with significant cash reserves of 1.3 billion RMB, 3 billion RMB in trading financial assets, and zero long-term debt, allowing it to navigate the digital asset wave without historical burdens [2] - The current market valuation of less than 3 billion HKD does not reflect the quality of Huaxing's assets, which are undervalued due to the industry's recent downturn, suggesting potential for recovery and growth [2] Group 3: Competitive Advantages - Huaxing Capital has a competitive edge in compliance, having previously provided regulatory solutions for digital asset firms, which aligns with the Hong Kong government's licensing processes [6] - The company has a history of strategic investments in the digital asset space, including early investments in stablecoin issuer Circle, which has yielded significant returns and validated its foresight in the sector [7] Group 4: Ecosystem Development - Huaxing has built a comprehensive ecosystem in Web3.0, having facilitated the NASDAQ listing of mining leader Canaan and invested in various digital asset platforms, creating a dual-driven model of investment banking services and strategic investments [8] - The appointment of Frank Fu Kan as an independent director enhances Huaxing's capabilities in the digital asset space, bringing extensive experience in compliance and operational management [9] Group 5: Future Outlook - The current market valuation of Huaxing Capital, at 0.4 times its book value, reflects a lag in recognizing the potential of its new digital asset business, which could lead to significant valuation adjustments as it begins to generate revenue [10] - The anticipated growth in Web3.0 business could trigger a substantial re-evaluation of Huaxing's overall value, especially as traditional financial operations recover alongside new business contributions [10]