Economic Performance - Hong Kong's economy shows resilience in the first half of 2025, supported by strong export performance and improved local demand [1][2] - The GDP in Q2 2025 increased by 3.1% year-on-year, marking the tenth consecutive quarter of growth [1] - Private consumption expenditure rebounded with a 1.9% increase year-on-year after four consecutive quarters of decline [1] Retail Sector - Retail sales value in June 2025 was estimated at HKD 30.1 billion, a year-on-year increase of 0.7% [2] - Seasonally adjusted retail sales value in Q2 2025 rose by 0.3% compared to Q1 2025, while retail sales volume increased by 2.7% [2] - The retail sector is stabilizing, supported by rising employment income and a positive stock market [2] Trade and Exports - Total merchandise exports grew by 11.5% year-on-year, accelerating from 8.4% in Q1 2025 [1][3] - Merchandise imports also increased by 12.7%, higher than the 7.2% growth in Q1 2025 [1] Financial Market - The Hong Kong stock market saw significant activity with 42 IPOs raising over HKD 107 billion in the first half of 2025, a 22% increase compared to the previous year [3] - The Hang Seng Index rose by 20% in the first half of 2025, marking the largest half-year increase in history [3] Government Initiatives - The Hong Kong government is implementing measures to boost consumption, attract investment, and diversify markets to support economic growth [2][4] - New initiatives include the "New Industrial Acceleration Program" and "New Industrialization Subsidy Program" to support strategic industries [3][4] - The government is also consulting on legislation for digital asset trading and custody services to promote the digital asset market [4]

认购事项净筹约3300万港元，拟用作围绕RWA(真实世界资产)、数字资产交易、区块链、人工智能等新 兴科技产业项目的开发及运营，以及一般运营资金。 智通财经APP讯，飞扬集团(01901)公布，于2025年7月29日交易时段后，该公司分别与各认购人订立认 购协议，拟向认购人发行合共1.664亿股新股份，认购价为每股认购股份约0.201港元，较股份于认购协 议日期在联交所所报收市价每股0.250港元折让约19.6%。 ...

每股认购股份约0.201港元认购价较股份于认购协议日期在联交所所报收市价每股0.250港元折让约 19.6%；认购事项所得款项总额及所得款项净额分别为约3340万港元及3300万港元。净发行价将约为每 股认购股份0.198港元。认购事项所得款项净额拟用作围绕RWA(真实世界资产)、数字资产交易、区块 链、人工智能等新兴科技产业项目的开发及运营，以及一般运营资金。 格隆汇7月29日丨飞扬集团(01901.HK)公告，于2025年7月29日，公司分别与各认购人订立认购协议，据 此，认购人已有条件同意认购而公司已有条件同意配发并发行合共1.664亿股新股份，认购价为每股认 购股份约0.201港元。认购股份将根据一般授权配发并发行。 ...

飞扬集团(01901)公布，于2025年7月29日交易时段后，该公司分别与各认购人订立认购协议，拟向认购 人发行合共1.664亿股新股份，认购价为每股认购股份约0.201港元，较股份于认购协议日期在联交所所 报收市价每股0.250港元折让约19.6%。 认购事项净筹约3300万港元，拟用作围绕RWA(真实世界资产)、数字资产交易、区块链、人工智能等新 兴科技产业项目的开发及运营，以及一般运营资金。 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the non-bank financial sector, particularly focusing on brokerage firms and the insurance industry, highlighting their performance and market dynamics [1][2][3]. Core Insights and Arguments Non-Bank Financial Sector Performance - The non-bank financial sector has shown resilience, driven by several factors including the upgrade of digital asset trading licenses for brokerages, which injects new vitality into the market [2][3]. - Capital market incremental funding sources include residents' funds, ETF investments, insurance funds, public funds, and wealth management funds, collectively supporting market stability [2][3]. Brokerage Firms - Digital asset trading licenses allow brokerages to expand their business and potentially create new revenue streams, enhancing their competitiveness in international markets [1][5]. - Traditional brokerage business models are facing challenges as reliance on commission-based income diminishes; firms are shifting towards proprietary trading and capital intermediary services to improve return on equity (ROE) [9][10]. - Hong Kong brokerages are viewed as more attractive investments due to lower valuations and higher dividend yields compared to their A-share counterparts [10][11]. Insurance Industry - The insurance sector has seen a recovery in premium growth since April, with a shift towards high-dividend stock investments and increased equity asset allocation [1][6]. - New insurance products and the adjustment of preset interest rates are expected to drive short-term premium income growth, providing flexibility in asset allocation and reducing incremental liability costs [3][18]. - The insurance industry is adapting to a low-interest-rate environment, with a focus on long-term investments and the introduction of market-driven mechanisms for adjusting preset rates [14][15][19]. Public Funds and Wealth Management - Public funds are experiencing a bifurcation in performance; while active equity funds are shrinking, fixed-income products are seeing slight growth, indicating a shift in investor preferences [7]. - Wealth management products are gradually considering equity asset allocations, reflecting a broader trend of seeking higher yields in a low-rate environment [8]. Additional Important Insights - The insurance sector is expected to benefit from improved risk appetite in the market, particularly for life insurance products that exhibit strong leverage effects [16][20]. - The valuation of Hong Kong insurance stocks is relatively low compared to A-shares, with a focus on companies that can quickly adapt to market changes and regulatory adjustments [21]. - The ongoing transition in the insurance industry towards new products and preset rate adjustments is anticipated to enhance overall market performance and investor confidence [18][20]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the non-bank financial sector, particularly focusing on brokerage firms and the insurance industry.

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The successful IPO of stablecoin giant Circle on June 5, 2025, marked a significant milestone, with a first-day increase of 168.48% and a market capitalization of $18.4 billion [4] - Circle's USDC has become the second-largest dollar-pegged stablecoin globally, with a market cap of approximately $60.9 billion as of April 2025, narrowing the gap with Tether (USDT) [4] - The report emphasizes the growing opportunities in the digital currency market, particularly in decentralized finance (DeFi), cross-border payments, and digital asset trading [5][7] Summary by Sections Industry Overview - The report highlights the positive outlook for the computer industry, with a projected growth trajectory [1][2] Circle's Business Model - Circle's revenue model is primarily based on the yield from reserves invested in U.S. Treasury bonds, with total revenue reaching $1.676 billion by the end of 2024, a 15.57% increase from 2023 [6] - The majority of Circle's revenue (99.1%) comes from reserve income, although net profit has decreased to $156 million due to rising distribution and transaction costs [6] USDC Applications - USDC is widely used in various applications, including: 1. Decentralized Finance (DeFi): Dominating stablecoin trading volume (approximately 69%) on platforms like Ethereum and Solana [5] 2. Cross-Border Payments: USDC offers fast (settlement in seconds) and low-cost (less than $0.01) transactions, making it ideal for global remittances [5] 3. Digital Asset Trading: USDC serves as a key liquidity source in cryptocurrency trading, particularly in centralized exchanges like Coinbase [5] Investment Recommendations - The report recommends several companies that are expected to benefit from the digital currency market, including Langxin Group, Jingbeifang, and others [7]

Core Viewpoint - The Chinese government is promoting the development of digital industries in Nansha, focusing on the integration of key digital technologies such as blockchain and artificial intelligence with financial applications [1] Group 1: Government Support - Five government departments, including the People's Bank of China and the Guangdong Provincial Government, have jointly issued opinions to support the development of digital industries in Nansha [1] - The initiative includes the establishment of data computing centers, research and certification centers, evaluation centers, and regulatory platforms for the integration of digital technologies and financial scenarios [1] Group 2: Data Trading and Collaboration - The plan supports the Guangzhou Data Exchange in enhancing comprehensive services for data circulation and trading [1] - There is an emphasis on strengthening cooperation with licensed digital asset trading platforms in Hong Kong to innovate digital asset trading services [1]

BitDa 是一家成立于2023年的数字资产交易平台，获得日本、新加坡顶级区块链机构的投资打造，致力 于为全球用户提供安全、高效、便捷的加密货币服务，包括现货交易、合约交易等，满足多元化的投资 需求。目前已经获得美国MSB合规牌照，拥有超过1000万美金的用户储备金保障。BitDa始终以用户资 产安全为首要目标，通过技术创新、严格合规和完善的安全体系，为用户构建了一个值得信赖的交易环 境。 多重安全技术保障 用户资产稳如磐石 BitDa始终将用户资产安全放在首位，依托国际领先的安全架构，从多个维度构建全方位防护体系： 冷钱包与热钱包分离：绝大部分用户资产存储于多重签名冷钱包中，有效降低外部攻击风险；热钱包则 仅保留必要流动性，配合实时监控与快速响应机制。 多重账户安全设置：平台提供两步验证、反钓鱼码和IP地址白名单等多层防护措施，用户可根据需求灵 活配置。 分布式架构与加密技术：采用先进的分布式系统，防止单点故障；所有敏感数据均采用AES-256级加密 技术存储，确保信息安全。 实时风控系统：配备AI驱动的智能风控系统，实时监测交易行为，自动触发冻结或限制措施应对异常 风险。 关于 BitDa BitDa 是 ...