Core Viewpoint - Guotai Junan International Holdings Limited has received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license, allowing it to provide virtual asset trading services, marking a significant breakthrough for Chinese financial institutions in the Hong Kong virtual asset market [1] Group 1: Market Dynamics - The global stablecoin market is experiencing explosive growth, with a compound annual growth rate (CAGR) exceeding 100%, projected to rise from approximately $5 billion in 2020 to $247.4 billion by mid-2025 [3] - Stablecoins are positioned as a core component of blockchain technology, offering advantages such as strong penetration in payment scenarios, high credibility backed by technology, and stability in value [3] Group 2: Regulatory Environment - The regulatory landscape for stablecoins is rapidly evolving, with significant developments expected in 2025, including comprehensive regulatory frameworks in Hong Kong, the U.S., and the EU [3] - Hong Kong's strategic position in the "de-dollarization" trend is highlighted, with the development of offshore RMB stablecoins seen as a key driver for the internationalization of the RMB [4] Group 3: Company Positioning - Guotai Junan International is the first and only Chinese broker in Hong Kong to offer comprehensive virtual asset trading services, establishing a significant first-mover advantage and a full-service barrier [6] - The company has systematically embedded its virtual asset business within the evolving regulatory framework of Hong Kong, responding quickly to regulatory announcements and launching various virtual asset-related products [6][8] Group 4: Service Ecosystem - The company has achieved full-chain coverage of virtual asset services, including trading, consulting, issuance, and distribution, making it a unique player in the market [7] - Guotai Junan International's comprehensive account trading service allows clients to trade cryptocurrencies and stablecoins directly within the broker's platform, enhancing compliance and convenience [8] - The upgrade of the license is seen as a landmark event, indicating a shift of the Hong Kong virtual asset market from "marginal exploration" to "mainstream integration" [8]

"稳定币"话题近日引起市场广泛关注，券商分析师展开火热研究。上周以来，已有20多家券 商密集发布研报聚焦"稳定币"，主题覆盖计算机、金融、 区块链 、 跨境支付 等领域，同时 配套路演、电话会议等高频次交流活动，资本市场对稳定币赛道的"研究热潮"再度袭来。 中信建投 研报认为，未来稳定币在 跨境支付 、RWA、收益型产品等场景构建闭环生态，或 将成为巨头的主要角力场。其中 跨境支付 和RWA等有望率先迎来发展机遇。 申万宏源 研报认为除了传统加密资产的投资之外，RWA（Real World Asset，真实资产代币 化投资）正在逐步兴起，稳定币的投资场景未来拓展空间巨大。国内数字资产前景广阔，和 稳定币、 数字人 民币等结合有助于推进金融创新和人民币国际化。 目前应用场景确定性较高的是跨境贸易应用，在跨境贸易过程中使用稳定币一直普遍受到关 注，特别是一些小币种国家。因为采用稳定币对于交易款项结算效率提升有极大的助力。传 统跨境支付较为繁琐复杂，涉及多个中间环节，使得交易成本居高不下。资金出境及汇率波 动等方面的不便，也使得大量外贸企业采用稳定币作为支付手段变得尤为迫切。 免责声明 以上观点来自相关机构，不代表 ...

文/李悦 半年，新股融资总额增长810%。 半年，新股融资规模全球第一。 这是今年年初至2025年6月26日，港交所的表现。 久违的沸腾，还在继续。170宗上市申请，处于排队中。 Wind数据显示，截至6月26日，有40家公司成功登陆港交所，募资总额1047亿港元。与去年同期 的27只新股融资115亿港元相比，新股上市数量增加48%，融资总额攀升810%。 据安永预计，2025上半年，香港市场筹资额约1087亿港元 。这一融资额将使其在全球资本市场中 脱颖而出，跃居世界首位。与此同时，目前香港仍有超过170宗正在处理的上市申请个案，显示出强 劲的市场活力。 更令人瞩目的是，赴港上市潮中，很多是A股核心资产中的佼佼者。比如，动力电池龙头宁德时代、 医药龙头恒瑞医药、跨境电商龙头吉宏股份、调味品龙头海天味业等赫然在列。 从财报来看， 这些龙头企业现金储备充沛，且造血能力强劲。在已有A股融资平台且现金流强劲的 情况下，这些A股龙头企业为何仍选择赴港二次上市？ 6月23日，安永大中华区上市服务主管合伙人何兆烽对和讯网表示，部分现金流强劲的A股龙头企业 选择赴港二次上市，并非源于资金短缺，而是出于全球化战略布局、政策红 ...

Economic Overview - In the first half of 2025, China's economy is showing resilience and a positive trend due to coordinated policies aimed at stabilizing the market, expanding domestic demand, and promoting openness [1] - The external geopolitical risks and internal profit differentiation are critical for breaking through in the latter half of the year [1] Investment Opportunities - The rapid development of artificial intelligence (AI) technology is expected to lead a new wave of technological revolution, providing significant growth potential for the tech industry [3] - The Chinese innovative pharmaceutical industry is entering a "golden year," with opportunities for commercialization in domestic medical insurance, overseas licensing of domestic innovative drugs, and capitalizing on industry cycles and valuation opportunities [4] - The humanoid robot industry is anticipated to become a golden investment track, with China playing a crucial role in global production and technological advancements [5][6] - New consumption trends are emerging, focusing on spiritual consumption, cost-effective products, and brands going overseas, with specific attention on sectors like trendy toys and domestic cosmetics [7] Sector Insights - The semiconductor, innovative pharmaceuticals, and military industries are highlighted as sectors with long-term investment potential, particularly in the context of China's economic transformation [8] - The automotive industry is shifting towards smart technology, with a focus on intelligent vehicles as a core competitive advantage [12] Market Strategies - Investment strategies should focus on low-valuation consumer stocks and cyclical sectors, particularly those maintaining stable profits during economic downturns [9] - AI-related investments are recommended, especially in AI infrastructure and applications, as the market is expected to see significant growth in the coming years [10][11][17] Fund Performance - The Ping An Company Bond ETF has shown strong credit quality and liquidity, becoming a leading choice for various investor groups [16] - The Ping An AI ETF is positioned well for investment, with the AI sector being a key driver of the new technological revolution [17] - The China A50 Index is recognized for its focus on industry leaders and balanced sector structure, making it a valuable tool for enhancing investment in core Chinese assets [18]

全球经济和大类资产半年报 全球经济进入冲顶期 2025年6月26日 F0247894 Z0000112 3 受对等关税冲击，全球制造业PMI4月、5月收缩 于军礼 全球经济和大类资产半年报 联系邮箱：yujunli@greendh.com 2 48.0 48.5 49.0 49.5 50.0 50.5 51.0 51.5 2022-07 2022-09 2022-11 2023-01 2023-03 2023-05 2023-07 2023-09 2023-11 2024-01 2024-03 2024-05 2024-07 2024-09 2024-11 2025-01 2025-03 2025-05 全球制造业PMI指数 48.00 49.00 50.00 51.00 52.00 53.00 54.00 55.00 56.00 2022-07 2022-09 2022-11 2023-01 2023-03 2023-05 2023-07 2023-09 2023-11 2024-01 2024-03 2024-05 2024-07 2024-09 2024-11 2025-01 2025-03 2025- ...

Group 1 - The software service index in China increased by 0.87%, with notable gains from companies such as Hengsheng Electronics (up 6.53%) and Zhina Compass (up 5.48%) [1] - The software ETF (159852) rose by 0.74%, marking its fourth consecutive increase, with a trading volume of 348 million yuan and a turnover rate of 11.53% [1] - The software ETF's net asset value increased by 48.65% over the past year, ranking it 178 out of 2878 in the index stock fund category [1] Group 2 - The "Cross-Border Payment Link" was officially launched, enhancing the connectivity between the payment systems of mainland China and Hong Kong, which is expected to facilitate remittances and further the internationalization of the RMB [2] - The financial technology sector is anticipated to benefit from improved liquidity and increased trading volumes, with internet brokerage firms and financial IT services expected to see positive fundamental changes [2] - The top ten weighted stocks in the software service index account for 59.85% of the index, with notable companies including iFlytek, Kingsoft Office, and Tonghuashun [2][4]

Core Viewpoint - The article discusses the restructuring of the global financial and monetary order, emphasizing the challenges faced by the US dollar and the potential for rebalancing in dollar assets due to ongoing trade policies and the emergence of stablecoins [1][3]. Group 1: Dollar and Stablecoins - The essence of dollar stablecoins reflects the US government's effort to re-centralize emerging cryptocurrencies while tacitly allowing the decentralization of traditional dollars [3][5]. - Dollar credit is under pressure, and the stability of dollar stablecoins is uncertain, leading to a strategic outlook favoring decentralized digital currencies like Bitcoin and diversified stablecoins [6]. Group 2: Renminbi Internationalization - Future directions for the internationalization of the Renminbi include trade settlement, currency swap liquidity, offshore bond financing, and the development of offshore financial markets, particularly in Hong Kong, which is positioned as the largest offshore Renminbi market [8][9]. Group 3: Strategic Asset Allocation - The article highlights the importance of re-evaluating non-dollar assets, gold, and Bitcoin as alternative investment opportunities during periods of dollar depreciation [10]. - Tactical asset allocation for the next 3-6 months suggests a standard allocation to equities, underweighting oil and US Treasuries, while overweighting gold; for the next 6-12 months, global equities and risk assets like copper may present trend opportunities [10].

Group 1: Market Performance - A-shares experienced a significant rebound on June 25, with the Shanghai Composite Index reaching a new high for the year, and the ChiNext Index rising over 3% [1][3] - The total market capitalization of A-shares reached 99.93 trillion yuan, marking a historical peak [1] - Over 3,900 stocks in the A-share market rose, with a trading volume of 1.64 trillion yuan on the same day [1][3] Group 2: Institutional Research and Preferences - In June, 836 listed companies received institutional research, with nearly 70% of these companies showing positive returns [2] - The electronics sector was the most favored by institutions, with 94 companies receiving research, particularly in PCB, AI applications, and semiconductor chips [2] - The pharmaceutical and biotech sectors also attracted significant institutional interest, especially in the CXO (contract research organization) segment [2] Group 3: Foreign Investment Sentiment - Global market risk appetite has improved, leading to a surge in Chinese assets, with foreign institutions expressing optimism about the Chinese stock market [3] - Key factors for this optimism include resilient macroeconomic conditions, improving corporate profits, and supportive incremental policies [3] - As of June 25, 21 companies had provided earnings forecasts for the first half of 2025, with 15 expecting positive net profit growth [3] Group 4: Cross-Border Business Development - Domestic securities firms are establishing cross-border business collaboration platforms and forming specialized teams for Hong Kong stock market expansion [4] - The Hong Kong Stock Exchange has introduced measures to facilitate A-share companies listing in Hong Kong, leading to a quicker review process [4] Group 5: Virtual Asset Trading - Guotai Junan International received approval to upgrade its trading license to include virtual asset trading, resulting in a significant stock price increase [5] - The approval has led to a surge in the Hong Kong Chinese brokerage index, with other firms also actively applying for similar licenses [5] Group 6: Short Drama Industry Growth - The short drama industry has seen explosive growth, with the interactive game index for short dramas rising 5.72% this year, outperforming the broader market [8] - Several listed companies in this sector have experienced stock price increases exceeding 40% [8] - Major internet companies are intensifying competition in the short drama space, with notable initiatives from Tencent, Xiaohongshu, and Bilibili [8]

1 、国务院总理李强出席 2025 年夏季达沃斯论坛开幕式并致辞。 李强表示，当前国际经贸格局正在发生深刻变化。我们应当坚定不移 拥抱普惠包容的经济全球化，维护自由贸易和多边主义，促进世界经济稳定发展。中国将继续积极融入全球市场，为世界经济所需贡献 中国经济所能。 2 、 周三 A 股再度强势上扬，上证指数午后涨超 1% 创年内新高，创业板指大涨超 3% ； 港股亦走强，恒生指数、恒生科技指数均涨 超 1% 。国泰君安国际获香港虚拟资产交易牌照，股价当日暴涨近 200% ，带动"牛市旗手"券商股整体大幅走高。中国银行、建设银 行、交通银行、工商银行均刷新历史新高，银行板块成为今年上半年表现最好的行业板块之一。 3 、 美国总统特朗普表示，美方将于下周与伊朗就一项潜在的核协议展开会谈，但他多次强调自己并不认为这类协议"有多必要"。 他 补充说，美方此次将提出与此前在中东局势升级前与伊朗谈判时相同的要求。 特朗普表示，自己"非常确信"以色列与伊朗之间的军事冲 突已经结束。 以色列和伊朗之间的冲突可能再次爆发，也许很快 。 他不认为伊朗会重新进行核计划 。 特朗普表示，不会放弃对伊朗 施压，也不会接管石油。 1 、 ...

Group 1: Cross-Border Payment System - The cross-border payment system has officially launched, allowing residents from mainland China and Hong Kong to transfer funds in real-time using just a phone number or account name [1] - The first cross-border payment transaction occurred in Shenzhen, marking a significant step towards the interconnectivity of payment systems between mainland China and Hong Kong [1] Group 2: Digital Renminbi International Operations - The establishment of the Digital Renminbi International Operations Center in Shanghai is a first for China, aimed at enhancing the international competitiveness of the Renminbi [2] - The integration of blockchain and smart contracts in the digital Renminbi allows for real-time settlement and programmable transactions, providing a technological edge in the global digital currency competition [2] - This initiative is expected to improve the Renminbi's status in the international monetary system and facilitate cross-border trade by reducing traditional payment complexities and costs [2] Group 3: Currency Risk Management Tools - The People's Bank of China is exploring the promotion of Renminbi foreign exchange futures trading to address increasing currency risk faced by enterprises due to global market volatility [4] - There has been a notable increase in the number of A-share listed companies engaging in hedging activities, with a 12% rise in related announcements from January to May 2025 compared to the same period in 2024 [4][5] - The demand for more flexible and cost-effective foreign exchange risk management products is growing, particularly among small and medium-sized enterprises [6] Group 4: Cross-Border Investment and Financing - The State Administration of Foreign Exchange has released a draft notice to deepen reforms in cross-border investment and financing, which includes a package of facilitation policies [7] - The notice aims to streamline foreign direct investment processes and enhance the efficiency of capital utilization, thereby accelerating investment implementation [7] - Specific measures include raising the foreign debt facilitation quota for qualified high-tech and specialized small and medium enterprises to the equivalent of 1 million USD and 2 million USD respectively [7]