Group 1 - The core viewpoint of the article highlights that Guotai Junan International (01788) experienced a significant stock price increase, rising over 10% at the close, with a current price of 5.42 HKD and a trading volume of 1.916 billion HKD [1] - The company has released a profit forecast indicating a projected net profit of 515 million to 595 million HKD for the first half of 2025, representing a substantial increase of 161% to 202% compared to approximately 197 million HKD in the same period of 2024 [1] - The expected growth in net profit is attributed to a significant rise in revenue from core businesses, including wealth management, corporate financing, asset management, and trading and investment [1] Group 2 - Guotai Junan International has upgraded its Hong Kong Type 1 license to offer virtual asset trading services, allowing clients to trade cryptocurrencies (such as Bitcoin and Ethereum) and stablecoins (like Tether) directly on its platform [1] - Additionally, there is potential for the upgrade of the Type 9 license, which could expand the investment scope to include virtual assets, indicating a future trend where Chinese brokerage firms may extend their virtual asset business from client trading to asset management [1]

Core Viewpoint - Fosun International (00656) has seen a significant stock price increase of over 20% following reports that the company has confirmed its application for a stablecoin license in Hong Kong [1] Group 1: Stock Performance - Fosun International's stock rose by 20.6%, reaching HKD 6.44, with a trading volume of HKD 287 million [1] Group 2: Stablecoin License Application - The company has established a complete team for the stablecoin license application in Hong Kong [1] - On August 6, Fosun's team, led by Guo Guangchang, met with Hong Kong's Chief Executive John Lee and Financial Secretary Paul Chan [1] - The Financial Secretary oversees the Hong Kong Monetary Authority, which is responsible for the approval of stablecoin licenses [1] Group 3: Trademark Registrations and Business Expansion - On July 21, Fosun International's subsidiary submitted trademark applications for "Xing Coin" and "Fosun Wealth RWA," indicating an accelerated move into virtual assets and tokenization [1] - Fosun International has obtained an upgraded Type 1 license from the Hong Kong Securities and Futures Commission, allowing it to provide comprehensive account services through a Virtual Asset Trading Platform (VATP) [1] - The company’s subsidiary, Xinglu Technology, held a product launch summit for RWA on July 23, planning to introduce version 1.0 of its virtual asset trading system [1] - CEO Cai Hua has indicated that multiple asset tokenization projects are in progress, and the trademark registrations suggest the establishment of a blockchain-based ecosystem [1]

Core Viewpoint - The company, FTFT, is taking significant steps to expand its financial services by applying for a Virtual Asset Service Provider (VASP) license in Hong Kong, which will allow it to operate in the emerging virtual asset market [1][2][3] Group 1: Company Actions - FTFT's wholly-owned subsidiary, FTFT International Securities Limited, has signed an agreement with a compliance consultant to apply for the VASP license and a 9th asset management license [1] - The application aims to cover both traditional and virtual asset management services, indicating a strategic move to diversify offerings [1][2] - The company has established a dedicated team to prepare the application materials and is collaborating closely with legal and compliance advisors to ensure a smooth application process [2] Group 2: Market Context - The global virtual asset market is rapidly growing, and FTFT recognizes the potential and opportunities within this sector [2] - Hong Kong's status as an international financial center with a robust regulatory framework is conducive to the development of virtual assets [2] - The successful acquisition of the VASP license will enhance FTFT's market competitiveness and industry influence, providing clients with more diverse investment options [2] Group 3: Leadership Perspective - The CEO of FTFT, Li Hu, emphasized that the application for the VASP license is a strategic move for the company's development and reflects Hong Kong's proactive approach to virtual asset regulation [3] - The company aims to leverage its traditional financial strengths to create a unique virtual asset service platform while maintaining a strong focus on risk management and compliance [3] - FTFT is committed to contributing to the healthy development of Hong Kong's virtual asset market through innovation and improved service quality [3]

Investment Rating - The industry rating is "Outperform the Market" [3][25]. Core Viewpoints - The report emphasizes the ongoing effects of the Federal Reserve's interest rate cuts, suggesting that the growth trend in margin financing is likely to continue. The market is currently influenced by various factors including public fund assessment regulations, capacity reduction policies, and U.S. tariff policies, leading to fluctuations in the non-bank financial sector, particularly in brokerage and multi-financial sectors [1][11]. - The insurance sector is experiencing adjustments due to new public fund regulations and is expected to see a shift in product pricing, with major companies like China Life and Ping An Life adjusting their product rates by the end of August [2][13]. - The report recommends focusing on specific stocks within the brokerage sector, such as Xinda Securities and China Galaxy, and highlights companies with strong comprehensive capabilities and those benefiting from ETF developments, like Huatai Securities and CICC [1][12]. Summary by Sections 1. Main Points - The report covers the performance of major indices, with the CSI 300 Index at 4104.97 points (up 1.23%), the insurance index at 1304.49 points (up 0.25%), and the brokerage index at 6869.85 points (up 0.8%) [8]. - The report suggests that the non-bank financial sector may experience a volatile trend, influenced by macroeconomic narratives and overseas economic data [1][11]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is viewed as having attractive valuation recovery potential, with recommendations for companies like China Ping An, China Taiping, and New China Life due to their stable operations and strong growth [14]. 2.2 Brokerage Sector - The report highlights mid-sized securities firms benefiting from innovation and market conditions, recommending companies like East Money and Zhejiang Securities. It also suggests focusing on leading firms with diversified revenue structures, such as Huatai Securities and China Galaxy, which have strong earnings outlooks [15][16].

Major Events - Silver Noble Pharmaceuticals-B (02591) is set to conduct an IPO from August 7 to August 12, with an expected listing date of August 15 [1] - Boan Biotechnology (06955) plans to place 48 million shares at a discount of approximately 8.78%, aiming to raise about HKD 780 million [1] - Derin Holdings (01709) intends to raise HKD 653.3 million, focusing on the development of blockchain, RWA, and virtual asset businesses [1] - Fuhong Hanlin (02696) received FDA approval to initiate a Phase 1 clinical trial for HLX43, a PD-L1 targeted antibody-drug conjugate for thymic cancer treatment [1] - China Biopharmaceuticals (01177) obtained NMPA approval for the Phase II clinical trial application of LM-24C5, a dual-target antibody [1] Financial Reports - China Mobile (00941) reported a mid-year profit attributable to shareholders of HKD 84.235 billion, a year-on-year increase of 5.03% [1] - Manulife Financial-S (00945) announced a core profit of CAD 1.7 billion for the second quarter [1] - Swire Properties (01972) reported a mid-year profit attributable to shareholders of HKD 4.42 billion, a year-on-year growth of 15% [1] - Hutchison Whampoa (00013) disclosed a mid-year net income of USD 455 million, a significant increase of 1663.32% year-on-year [1] - MGM China (02282) reported a mid-year net profit of HKD 2.383 billion, a year-on-year decrease of 11.25% [1] - SMIC (00981) announced a second-quarter profit of USD 132 million, with third-quarter revenue guidance indicating a sequential growth of 5% to 7% [1] - Zai Lab (09688) reported a 15.35% year-on-year increase in total revenue for the first half, reaching approximately USD 216 million [1] - Innovent Biologics (01801) achieved over RMB 5.2 billion in total product revenue for the first half, maintaining a strong growth rate of over 35% year-on-year [1] - Pacific Basin Shipping (02343) reported a mid-year profit attributable to shareholders of USD 25.6 million, a year-on-year decrease of 56% [1] - Lee & Man Paper Manufacturing (02314) announced a mid-year profit of HKD 811 million, a year-on-year increase of 0.7%, with an interim dividend of HKD 0.066 per share [1] - Swire Group reported a mid-year profit attributable to shareholders of HKD 815 million, a year-on-year decrease of 79% [1] - Lee & Man Chemical Company (00746) reported a 36% increase in profit to HKD 327 million, with an interim dividend of HKD 0.195 per share [1] - Hua Hong Semiconductor (01347) announced a second-quarter profit of USD 7.952 million, a year-on-year increase of 19.2% [1] - Wheelock Properties (01997) reported a mid-year loss attributable to shareholders of HKD 2.406 billion, a year-on-year increase of 128.71%, with the first interim dividend of HKD 0.066 per share [1] - Decon Agriculture (02419) issued a profit warning, expecting mid-term biological asset fair value adjustments to yield profits between RMB 1.1 billion and 1.4 billion [1] - Mongolian Mining (00975) issued a profit warning, anticipating a net loss of approximately USD 15 million to 25 million for the first half, marking a shift from profit to loss year-on-year [1] - Dongfeng Motor Group (00489) issued a profit warning, expecting a mid-term net profit decline of 90% to 95% [1]

华泰证券表示，稳定币市场正处在一个关键的转折点，从一个主要服务于加密货币交易的利基工具，演 变为日益融入全球支付和金融体系的基础设施层。长期看，稳定币的规模或具备三阶段需求驱动：1.作 为不可或缺的"链上现金"，或受益加密资产规模增长；2.服务现实世界金融应用，作为新一代支付轨 道，或重塑跨境支付全球格局；3.从金融领域延伸到社交、游戏等去中心化应用全生态，捕获金融应用 以外的价值。 智通财经APP获悉，全球首个RWA注册登记平台于8月7日正式上线，由香港 Web3.0 标准化协会发起， 将打通RWA资产代币化的资料化、资产化和金融化全过程服务体系。同日，Web3.0三项标准立项，包 括《RWA代币化业务指南》、《RWA代币化技术规范》、《基于区块链的稳定币跨境支付技术规范》 等。 大湾区RWA孵化器认为，中国香港正系统性建构"监管-创新-税收"的虚拟资产战略，或推动更多虚拟资 产ETF、结构性产品上市，推动传统金融(如基金、资管)与虚拟资产技术(如区块链、代币化)结合。传 统资产的链上流动性将被显著释放，赋能实体经济。 ...

HashKey Exchange由Hash Blockchain Limited营运，为香港持牌虚拟资产交易所，获香港证监会批准持 有第1类(证券交易)及第7类(提供自动化交易服务)牌照，并持有经《打击洗钱条例》规管的虚拟资产交 易平台牌照。 本文源自：财华网 公司认为，集团在商业地产开发及运营方面具备丰富经验与资产组合，结合HashKey Exchange作为香港 持牌虚拟资产交易所的专业能力，将有助于提升集团资产管理效率及多元化布局。 【财华社讯】中国新城市(01321.HK)公布，于2025年8月4日，公司与HashKey Exchange订立战略合作备 忘录，旨在共同探索合规虚拟资产配置及托管等业务合作机会，提升资产管理效率与安全性。 ...

Market Overview - The Shanghai Composite Index rose by 0.12% to close at 3633.99, while the Shenzhen Component Index fell by 0.13% and the ChiNext Index dropped by 0.52% [2][3] - The total market turnover reached 1.21 trillion CNY, showing a significant increase compared to the previous day [5] Semiconductor Industry - The semiconductor industry chain experienced a strong rally, with key sectors such as IGBT, advanced packaging, and memory chips seeing substantial gains [5][9] - Notable stocks included East China Semiconductor and Fuman Micro, both hitting the daily limit up of 20% [9][10] - The overall semiconductor sector rose by 2.13%, with specific segments like memory chips increasing by 2.40% [7] Pharmaceutical Sector - The pharmaceutical and biotechnology sector showed mixed performance, with medical devices remaining active while CRO, innovative drugs, and weight-loss drugs faced declines [15] - Qianhong Pharmaceutical saw a significant drop, hitting the limit down with a decrease of 10.01% [16] - The sector's downturn was reflected in the broader market, with many pharmaceutical stocks declining over 6% [15][17] Hong Kong Market - The Hong Kong stock market also showed positive movement, with the Hang Seng Index rising by 0.52% and the Hang Seng Tech Index increasing by 0.54% [5] - Notable performers included Huahong Semiconductor, which surged over 4% [5][8] Other Notable Stocks - Apple’s supply chain stocks maintained upward momentum, with companies like Furi Electronics achieving a four-day consecutive rise [11] - Cao Cao Travel saw a significant increase of over 19% following a strategic partnership announcement with Victory Securities [18][20]

Core Viewpoint - Derin Holdings (1709.HK) experienced a significant drop of over 9% in intraday trading, reaching a new low of 3.04 HKD since late June, with a trading volume of 810 million HKD [1] Group 1: Fundraising and Share Placement - The company is conducting a placement of 201 million shares using a "old shares first" method, along with an additional placement of 20 million shares under a special authorization agreement [1] - The subscription price for the shares is set at 2.95 HKD each, representing a discount of approximately 11.94% compared to the closing price from the previous day [1] - The total amount raised from this fundraising effort is approximately 653 million HKD [1] Group 2: Use of Proceeds - The funds raised will be utilized to support the company's strategic acquisitions or investments [1] - The capital will also be directed towards expanding the RWA tokenization program and developing Bitcoin mining operations, as well as establishing Bitcoin reserves [1] - Additionally, the company plans to use the funds to create a licensed virtual asset over-the-counter trading and retail network in Hong Kong [1]

Core Viewpoint - Derin Holdings (01709) experienced a significant decline of over 7% in its stock price following the announcement of a share placement and capital raising plan [1] Group 1: Share Placement Details - The company announced a placement of 201 million shares, representing approximately 11.96% of the enlarged share capital, at a price of HKD 2.95 per share, which is about 11.94% lower than the closing price of HKD 3.35 on August 6 [1] - The expected net proceeds from this placement are approximately HKD 581 million [1] Group 2: Additional Share Issuance - The company will also issue 20 million shares to DA Wolf, a company wholly owned by executive director and controlling shareholder Chen Ningdi, at the same price of HKD 2.95 per share, with expected net proceeds of about HKD 58.57 million [1] Group 3: Use of Proceeds - Approximately 30% of the net proceeds will be allocated to support strategic acquisitions and/or investments, and to expand the RWA tokenization plan [1] - About 15% will be used for developing Bitcoin mining operations and establishing Bitcoin reserves [1] - Approximately 7% is earmarked for establishing a licensed virtual asset over-the-counter trading and retail network in Hong Kong, as well as applying for and upgrading compliance licenses for virtual asset-related businesses in Hong Kong and other jurisdictions [1] - Around 8% will be used for further development of the group's digital assets, cryptocurrency, and stablecoin-related business plans [1] - About 10% will be invested in the ONE Carmel premium residential project in the United States [1] - Another 10% will be allocated for information technology facilities and system upgrades [1] - Approximately 10% will be used to create exchange-traded funds and develop quantitative investments [1] - The remaining 10% will be used to supplement working capital and support daily operations [1]