昔日牛市"急先锋"今日暴涨！ 今日早盘，在2015和2020年两轮牛市中大放异彩的牛市"急先锋"——恒生电子大爆发，其股价在上午10点过 后，突然急拉，涨幅快速扩大到9%以上，并一度涨停，同时带动财富趋势、国投智能等稳定币及金融科技股 拉升。那么，究竟发生了什么？ 有一则类似券商研究员荐股的信息在市场上流传：刚刚"我们"从产业得知，恒生电子全资子公司恒云科技和蚂 蚁数科达成战略合作（产业可验，细节可私），合作围绕虚拟资产/稳定币的运营及系统建设，香港&出海。 后续蚂蚁-恒云会开稳定币大会，时间大概率为9月。合作打开恒生成长天花板。 恒生电子突然爆发 每一波牛市，恒生电子都会有较强的表现，2015年那一波涨幅近20倍；2020年那一波，涨幅也有近3倍。今 天，该股再度爆发，股价经过震荡之后涨停。 恒生电子的回暖亦带动了稳定币和金融科技股。国投智能涨近20%，东信和平涨超5%续创历史新高，财富趋 势、中油资本、金证股份、拓尔思等冲高。 市场上有流传的"小作文"称，恒生电子全资子公司恒云科技和蚂蚁数科达成战略合作（产业可验，细节可 私），合作围绕虚拟资产/稳定币的运营及系统建设，香港&出海。后续蚂蚁-恒云会开稳定币 ...

7月29日，香港《稳定币条例》实施在即，多家机构确认，香港金管局将于今日下午4时30分举行稳定币 发行人监管制度技术简报会。技术简报会将由金管局高层团队主持，包括副总裁陈维民、助理总裁（法 规及打击清洗黑钱）陈景宏、助理总裁（货币管理）何汉杰，以及数字金融主管何泓哲等。香港金管局 此前曾表示本月将发布稳定币配套执行指引，明确反洗钱、客户身份识别等核心监管细则。监管也提醒 市场应理性看待，切勿过度炒作，首批稳定币发行人牌照数量严格控制在个位数，计划于年内完成发 放。（智通财经 闫军） ...

29日盘中，稳定币概念股局部回暖，恒生电子涨停封板，封单超50万手，带领金融科技"V"型回暖，中 证金融科技主题指数早盘一度下挫逾2%，现逼近翻红。其他热门成份股方面，拓尔思、金证股份、税 友股份、顶点软件等多股涨逾1%。 数据来源：沪深交易所等。 风险提示：金融科技ETF被动跟踪中证金融科技主题指数，该指数基日为2014.6.30，发布日期为 2017.6.22，该指数2020-2024年年度涨跌幅分别为：10.46%、7.16%、-21.40%、10.03%、31.54%，指数 成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。文中指数成份股仅作 展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基 金管理人评估的该基金风险等级为R3-中风险，适宜平衡型（C3）及以上投资者。任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人 须对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投 资建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金投资有 ...

稳定币概念局部回暖 恒生电子涨停 智通财经7月29日电，稳定币概念盘中局部回暖，恒生电子涨停，国投智能涨超10%，东信和平涨超5% 续创历史新高，中油资本、金证股份、拓尔思等冲高。消息面上，民生证券认为，《稳定币条例》于 2025年8月1日正式生效后，蚂蚁集团、京东等大厂依托深厚的区块链技术沉淀和丰富的内循环应用场 景，有望第一批获得香港金管局批准的稳定币牌照，构筑实质的稳定币及RWA的相关产业链。 ...

Summary of Conference Call Industry or Company Involved - Focus on the Chinese economy and its macroeconomic policies, particularly regarding supply-side reforms and the concept of "anti-involution" [1][2][4][5][6][19][21] Core Points and Arguments 1. **Supply-Side Reform and Anti-Involution**: The discussion centers around the ongoing supply-side reforms in China, particularly the government's initiative to combat "involution" and promote structural adjustments in various industries [1][5][19][21] 2. **Market Sentiment and Liquidity**: Recent discussions with private and public investors indicate a warming sentiment in the stock market, with some investors perceiving signs of a bull market, although the fundamental economic situation remains challenging [4][6][19] 3. **Policy Expectations**: The expectation for the second half of the year is that policies will focus on structural adjustments and gradual support, with a recognition that initial measures may only address surface issues rather than deeper structural problems [5][21] 4. **Economic Data Trends**: There is an anticipation of economic activity peaking in the first half of the year, followed by a potential decline in the latter half, influenced by previous policy measures and external factors [5][21] 5. **Impact of U.S.-China Relations**: Ongoing negotiations between the U.S. and China are expected to continue without significant breakthroughs, with tariffs likely remaining at current levels for an extended period [12][13][15][18] 6. **Real Estate Market Dynamics**: The real estate sector is under scrutiny, with expectations for policies to support it, but challenges remain due to mismatches in supply and demand across different cities [25][26] 7. **Social Security and Welfare Reforms**: There are indications of gradual reforms in the social security system, including potential nationwide birth subsidies and free preschool education, aimed at enhancing consumer spending and social welfare [27][28][29] 8. **Inflation and Economic Growth**: The discussion highlights the potential for inflationary pressures in certain sectors, but overall demand remains weak, complicating the path to sustainable economic growth [35][36] Other Important but Possibly Overlooked Content 1. **Historical Context**: The current reform efforts are compared to previous supply-side reforms from 2015 to 2018, with an emphasis on the need for a more profound structural change rather than just addressing superficial issues [22][24][31] 2. **Market Reactions**: There is a caution against overly optimistic market expectations, particularly regarding the speed and effectiveness of policy implementations [45][56] 3. **Investment Opportunities**: The call suggests that while the immediate outlook may be cautious, there are potential long-term investment opportunities arising from structural changes in various industries, particularly those that have previously undergone supply-side reforms [40][44][55]

Core Viewpoint - The company has established a new international headquarters in Singapore, focusing on AI and supply chain technology, aiming to support small and medium-sized enterprises (SMEs) in China to expand globally and enhance supply chain resilience and sustainable growth [1][2] Group 1 - The new Singapore-based subsidiary, SY INTELLECTHUB PTE.LTD., will serve as the core hub for exploring Web3.0 and stablecoin applications [1] - Singapore is recognized as a key global financial, trade, and shipping hub, providing a robust financial system and extensive business network, making it an ideal location for Chinese companies to expand into Southeast Asia and beyond [1][2] - The company has received strategic investment from Singapore's sovereign wealth fund, Temasek, and has been actively exploring international business through partnerships in Singapore, the Philippines, and Indonesia since 2018 [1] Group 2 - The decision to establish the international headquarters in Singapore is based on its unique geographical advantages and mature technology ecosystem that supports global business expansion [2] - Singapore's status as a top financial center, with strong financial infrastructure and regulatory frameworks, has made it a thriving environment for Web3.0 development [2] - The company plans to leverage Singapore as a launchpad for international business, integrating stablecoins and tokenization of real-world assets with traditional supply chain assets to innovate and connect with global markets [2]

Core Viewpoint - The company has decided to establish an international headquarters in Singapore to enhance its international business development and explore Web3 ecosystem and stablecoin innovation applications [1] Group 1: International Headquarters - The establishment of the Singapore international headquarters aims to leverage local financial and technological advantages [1] - This move is expected to accelerate the company's globalization process [1] Group 2: Digital Strategy and Innovation - The company aims to enhance its technological capabilities and business expansion through the exploration of the Web3 ecosystem [1] - The initiative is anticipated to support future innovative projects in the digital field [1]

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 就 因 本 公 告 全 部 或 任 何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SY HOLDINGS GROUP LIMITED 盛業控股集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6069） 自願性公告 設立新加坡國際總部及探索Web3.0生態和 穩定幣創新應用場景 本 公 告 乃 由 盛 業 控 股 集 團 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 司 董 事 會（「董事會」）欣 然 宣 佈，本集團正式將一家名為SY INTELLECTHUB PTE.LTD.的 新 加 坡 公 司（本 集 團 的 一 家 非 全 資 附 屬 公 司）確 立 為 新 加 坡 國 際 總 部（「國 際總部」）。本 集 團 作 為 一 家「AI+產 業 供 應 鏈」的 數 智 科 技 公 司，將 以 國 際 總 部 為 核 心樞紐，積極探 索Web3.0與 穩 定 幣 ...

1、 当地时间7月28日，中美两国经贸团队在瑞典斯德哥尔摩举行中美经贸会谈。 这是继瑞士日内瓦经贸会谈达成一系列重要共识、英国伦敦经贸会 谈确立伦敦框架后，中美双方再次就经贸问题举行面对面磋商，旨在将两国元首重要共识转化为具体政策和行动、落实日内瓦经贸会谈共识和伦敦 框架，推动中美经贸关系沿着正确轨道向前发展。 2、 国家育儿补贴制度实施方案正式公布，从2025年1月1日起，每孩每年发放育儿补贴3600元，至其年满3周岁。 对符合法律法规规定生育的3周岁以下婴 幼儿，无论一孩、二孩、三孩，均可申领育儿补贴。对2025年1月1日之前出生、不满3周岁的婴幼儿，按应补贴月数折算计发补贴。 预计各地可以在8月 下旬陆续开放申领育儿补贴。 国新办将于周三就育儿补贴制度及生育支持措施有关情况举行新闻发布会。 3、 香港长和公告称，正考虑邀请一家中国主要策略投资者加入由美国主导的财团，共同协商巴拿马运河港口业务交易事。外交部对此回应称，中国政府 将依法进行监管， 坚决维护国家主权、安全、发展利益，维护市场公平公正。 1、国家主席对防汛救灾工作作出重要指示。 习近平指出，要扎实做好防汛抢险救灾各项工作，全力搜救失联被困人员， ...

Company News - China Railway Construction (01186.HK) reported a new contract amount of approximately 1,056.17 billion yuan for the first half of the year, a year-on-year decrease of 4.04% [2] - China Metallurgical Group (01618.HK) announced a new contract amount of 548.2 billion yuan for the first half of the year, down 19.1% year-on-year [2] - Sichuan Chengyu Expressway (00107.HK) won the bid for the G5 Jingkun Expressway Chengdu to Ya'an section expansion project, with a total investment of approximately 28.548 billion yuan [2] - Road King Infrastructure (01098.HK) reported total property sales of 5.232 billion yuan for the first half of the year, a decrease of 28.37% year-on-year [2] - Amax Holdings (00880.HK) plans to acquire a property in Hengqin for 724.2 million yuan to diversify its business portfolio [2] - Chaoyue Eye Hospital (02219.HK) signed a construction contract for the first phase of its comprehensive medical facility project, with a contract value of 223 million yuan [2] - Bay Area Development (00737.HK) reported total toll revenue of 243 million yuan for June, a year-on-year decrease of 4% [2] - Decent Pharmaceuticals-B (06996.HK) received approval for its drug, Hivio®, for the second-line treatment of multiple myeloma in China [2] - Tianchen Holdings (01201.HK) plans to invest 30 million yuan to establish a joint venture in Shenzhen for new energy heavy truck charging stations [2] Performance Summary - WuXi AppTec (02359.HK) reported mid-year revenue of 20.799 billion yuan, a year-on-year increase of 20.64%, and a net profit of 8.561 billion yuan, up 101.92% year-on-year [3] Earnings Announcements - China Nonferrous Mining (01258.HK) issued a profit warning, expecting mid-term net profit of approximately 258 million USD, a year-on-year increase of about 18% [4] - Hualing Pharmaceutical-B (02552.HK) issued a profit warning, expecting mid-term net profit of approximately 1.184 billion yuan, turning from loss to profit [4] - Little Yellow Duck (02250.HK) issued a profit warning, expecting mid-term revenue to increase by over 30% year-on-year [4] - Qingci Games (06633.HK) issued a profit warning, expecting mid-term net profit to increase by approximately 78%-130% year-on-year [4] - Goodbaby International (01086.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 40%-50% year-on-year [4] - Qianhai Health (00911.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 60%-70% year-on-year [4] - Tianan Health (00383.HK) issued a profit warning, expecting mid-term net profit to decrease to approximately 7 million to 17 million HKD [4] - Pacific Network (00543.HK) issued a profit warning, expecting mid-term net loss of approximately 5 million to 15 million yuan [4] Buyback and Increase Dynamics - HSBC Holdings (00005.HK) repurchased 348,700 shares for approximately 35.487 million HKD at a price of 101.4-102 HKD [3] - China Eastern Airlines (00670.HK) repurchased 2.5 million shares for approximately 7.4983 million HKD at a price of 2.97-3.03 HKD [3] - Founder Holdings (00418.HK) canceled a total of 17.9962 million shares that had been repurchased [3]