Group 1 - Hong Kong University of Science and Technology (HKUST) welcomes international students from Harvard University, offering unconditional admission and support for transfer students amid changes in the global academic environment [4][5] - The International Mediation Institute will establish its headquarters in Hong Kong, enhancing the city's status as a global mediation hub and attracting more international organizations [5][6] - The New Capital Investor Immigration Scheme has received 1,257 applications, expected to bring over HKD 37 billion in investments to Hong Kong, reinforcing its position as a top international investment hub [6][8] Group 2 - The Hong Kong Legislative Council passed the Stablecoin Bill, establishing a licensing system for fiat-backed stablecoin issuers to enhance the regulatory framework for virtual asset activities [7][8] - Hong Kong Investment Company has invested in over 100 projects, with several companies planning IPOs, indicating a focus on AI and innovative technologies [8][9] - The Hong Kong government plans to provide tax incentives for eligible commodity trading activities, aiming to establish a commodity trading ecosystem [9][10] Group 3 - Major state-owned banks in China have lowered three- and five-year deposit rates by 25 basis points, with the Loan Prime Rate (LPR) also reduced by 10 basis points, reflecting a shift in monetary policy [10][11] - The People's Bank of China announced a MLF operation of CNY 500 billion to maintain liquidity in the banking system, indicating ongoing support for the economy [12][13] - The State Administration of Foreign Exchange is working on a draft to improve cross-border fund management for domestic companies listing abroad, aiming to enhance financing convenience [13][14] Group 4 - The European Union proposed a €2 fee on small parcels, primarily targeting e-commerce shipments from China, which accounted for over 90% of such imports [15][16] - The U.S. Congress passed a significant tax reform bill under the Trump administration, which includes various tax cuts and spending increases, potentially impacting the economy and federal debt [21][22] - Bitcoin reached a historic high of $110,000, driven by macroeconomic policies and structural factors, positioning it as the fifth-largest asset globally by market capitalization [26]

Group 1: Market Overview - The Hang Seng Index fell by 1%, down 235 points, closing at 23,366 points, while the Hang Seng Tech Index decreased by 1.32% [1] - The early trading volume in the Hong Kong stock market reached HKD 127.7 billion [1] Group 2: Airline Sector - Airline stocks continued their recent upward trend, with April civil aviation demand growth significantly improving compared to Q1, leading to expected profitability improvements in Q2 [1] - China National Airlines (00753) rose by 5.76%, Southern Airlines (01055) increased by 4.36%, and Eastern Airlines (00670) gained 1.85% [1] Group 3: Nuclear Energy Sector - The signing of the nuclear energy "revitalization order" by Trump indicates a clear trend towards nuclear power development, resulting in significant gains for nuclear stocks [1] - China General Nuclear Power (01164) increased by 5.63%, and China General Nuclear Power Electric (01816) rose by 3.92% [1][3] Group 4: Technology and AI Sector - Fubo Group (03738) surged over 6%, with Q1 total revenue growing approximately 23% year-on-year as the company accelerates its AI ecosystem layout [1] - Tencent Music (01698) rose over 4%, with Q1 ARPPU improving beyond expectations and stable growth in online music services [1] - Kangnate Optical (02276) increased by over 5%, with AI glasses expected to see rapid growth as the company advances both domestic and international sales [1] Group 5: Cryptocurrency and Virtual Assets - Zhong An Online (06060) surged over 13% following the Hong Kong legislation allowing stablecoins, as Zhong An Bank deepens its layout in virtual asset business [1][2] Group 6: Other Notable Stocks - Chaoyun Group (06601) rose over 8% due to strong growth in the pet consumption market as the company enters the emerging pet sector [1] - Xianjian Technology (01302) increased by over 5% after receiving formal registration approval from the National Medical Products Administration for its aortic arch stent system [1] - Rongchang Bio (09995) fell over 5% after raising approximately HKD 800 million through a recent placement, which is expected to strengthen its cash position [4]

2025.05. 26 本文字数：3734，阅读时长大约6分钟 作者 | 第一财经 周艾琳 近日，香港特区政府表示，欢迎立法会通过《稳定币条例草案》，以在中国香港设立法币稳定币发行 人的发牌制度，完善对虚拟资产活动在香港的监管框架，以保持金融稳定，同时推动金融创新。 就在同一期间，美国的稳定币法案推出在即。《引导和建立美国稳定币国家创新法案》(GENIUS法 案)目前以66票对32票通过了美国参议院的程序性投票，标志着该法案在参议院取得了重要进展。后 续，法案将进入参议院全体表决阶段。如果参议院最终通过，法案还需送交众议院审议并通过，最后 由总统签署生效。 事实上，从三年前起香港特区政府就开始关注稳定币。究竟港元稳定币背后的考量是什么？哪些机构 有资格获得牌照？对此，第一财经独家采访了金融科技集团Hashkey代币化高级经理李炼炫，此前他 负责牵头国内头部公募基金金在香港推出的第一批比特币ETF设计。在他看来，明确监管框架是主要 意图，特别是2022年TerraUSD的崩盘事件后（稳定币一周内价值归零），各地监管机构都开始意识 到，稳定币市场的有序发展需要清晰且明确的监管框架。同时，这也有助于维持香港的国际金 ...

香港财经事务及库务局局长许正宇表示，条例秉持"相同活动、相同风险、相同监管"的原则，着重风险 为本，致力缔造稳健的监管环境，不仅符合国际监管要求，亦为香港的虚拟资产市场提供稳定的基础， 推动行业的可持续发展，保障用户的权益，巩固香港作为国际金融中心的地位。 香港金融管理局总裁余伟文表示，条例建立了一个风险为本、务实和灵活的监管制度。相信稳健和适切 的监管环境可以缔造有利条件，支持香港稳定币以至数码资产生态圈的健康、负责任和可持续发展。 香港政府表示，会继续支持虚拟资产业界发展。随着虚拟资产交易平台及稳定币发行人监管制度的落 实，政府接下来将就虚拟资产场外交易及托管服务展开咨询，并将发表第二份发展虚拟资产政策宣言。 智通财经APP获悉，5月21日，香港立法会今日通过《稳定币条例草案》，以在香港设立法币稳定币发 行人的发牌制度，完善对虚拟资产活动在香港的监管框架。条例预计将在今年内生效，让业界有足够时 间了解发牌制度下的要求。发牌制度亦设有过渡期安排，以便业界能按照条例的要求申领牌照及作出适 当的业务安排。 《稳定币条例》实施后，任何人如在业务过程中在香港发行法币稳定币，或在香港或以外发行宣称锚定 港元价值的法币 ...

Core Viewpoint - Hong Kong aims to enhance its role not just as a financing center but as a platform for industries to establish operations, particularly attracting high-quality mainland enterprises to set up their supply chains in the region [1][2]. Group 1: Financial Market Development - The government plans to expand the financial value chain by promoting the internationalization of the Renminbi and establishing markets for gold and non-ferrous metals [2]. - There is a focus on creating new financial sectors, including fintech, virtual assets, stablecoins, and green finance, with legislative support for stablecoin regulation expected soon [2]. - Hong Kong's new listing of CATL has attracted global cornerstone investors, indicating a robust capital market [3]. Group 2: Economic Environment and Stability - Hong Kong provides a stable business environment, essential for mitigating uncertainties arising from global policy changes, particularly in response to U.S. tariff policies [4]. - The city has seen significant growth in new stock fundraising, with approximately HKD 60 billion raised this year and over HKD 170 billion in total fundraising in the first four months, marking a year-on-year increase of over three times [3]. Group 3: Renminbi Internationalization - Hong Kong is the largest offshore Renminbi hub, with 80% of offshore Renminbi transactions occurring through the city, and it has accumulated over CNY 1 trillion in Renminbi funds [5]. - The government aims to continue promoting Renminbi internationalization through various channels, enhancing connectivity between mainland and Hong Kong markets, particularly through stock and bond connect programs [5].

Investment Rating - The report rates Futu Holdings as "Outperform" with a target price of HKD 125.00, projecting a P/E of 18 for 2025 and 14 for 2026 [1]. Core Insights - The report highlights the evolving regulatory landscape in Hong Kong's virtual asset sector, emphasizing the implementation of the Virtual Asset Service Provider (VASP) licensing system, which has led to increased institutional participation and product innovation [2][7]. - Hong Kong has become a leader in Asia for virtual asset ETFs, with a total of 6 spot ETFs and 3 futures ETFs currently available, reflecting a growing market for virtual asset investment products [3][38]. - The report discusses the strategic moves by traditional and internet brokers to enter the virtual asset market, including license upgrades and partnerships with licensed virtual asset trading platforms [4][30]. Summary by Sections 1. Current Status of Virtual Asset Development in Hong Kong - The VASP licensing system was implemented in June 2023, requiring all virtual asset trading platforms in Hong Kong to obtain licenses under the Anti-Money Laundering Ordinance [2][9]. - As of now, there are 10 licensed virtual asset trading platforms, 6 spot ETFs, and 3 futures ETFs in Hong Kong, with 38 brokers upgrading to provide virtual asset trading services [7][12]. 2. Current Status of Brokers Offering Virtual Asset Services - Internet brokers are rapidly establishing trading services, with three licensed platforms originating from internet broker backgrounds [3][31]. - Traditional brokers like Victory Securities are transitioning into the virtual asset space, achieving significant trading volumes [33][36]. 3. Insights from the Development of the Blockchain Industry in Hong Kong - Brokers are enhancing their market competitiveness through license upgrades, diversified product strategies, and collaborations with fintech companies [4][43]. - The report notes that brokers are actively pursuing innovative financial products and services to cater to the growing demand in the virtual asset market [43][44].

Group 1 - As of the end of April this year, ten virtual asset trading platforms have obtained licenses in Hong Kong, with the Securities and Futures Commission actively processing other license applications to ensure compliance with regulatory requirements [1] - The Hong Kong government submitted the "Stablecoin Bill" to the Legislative Council at the end of last year to establish a regulatory framework for fiat-backed stablecoin issuers, with a second reading scheduled for May 21 [1] - If the bill is passed, the government plans to implement the regulatory framework within this year, including preparing regulatory guidelines and educational materials [1] Group 2 - The Hong Kong Securities and Futures Commission is focusing on investor education while ensuring investor protection, collaborating with the Investor and Financial Education Council to enhance public awareness of virtual asset products and services [2] - As of April this year, online seminars have recorded approximately 880,000 views, indicating a significant demand for education on virtual assets [2] - An animated short film aimed at primary and secondary school students was launched in March to explain the basics of virtual assets and encourage good financial attitudes, achieving 2.1 million views during its promotional period [2]

Investment Rating - The report maintains a positive outlook on certain sectors, particularly focusing on undervalued stocks and sectors that have shown resilience despite market fluctuations [1][11]. Core Insights - The report emphasizes the importance of monitoring quarterly changes in overseas assets, particularly in light of the ongoing US-China trade negotiations and the impact of tariffs on Chinese assets [1][11]. - It suggests that the difficulty in identifying undervalued stocks is increasing as the declines in overseas Chinese assets are being filled [1][11]. - The report highlights specific sectors and companies to watch, including Chinese concept stocks in the US, internet assets in Hong Kong, and consumer goods companies preparing for IPOs [1][11]. Summary by Sections 1. Current Perspectives - The report stresses the need to focus on quarterly changes in overseas assets and the implications of US-China tariff negotiations [1][11]. 2. Industry Tracking 2.1 Consumer & Internet - **Education**: The Chinese education index rose by 2.80%, outperforming major indices, with notable gains from companies like Gaotu and Youdao [10][21]. - **Luxury Goods**: The report notes mixed performance among luxury goods companies, with Richemont showing resilience in high-end jewelry despite macroeconomic fluctuations [24][28]. - **Coffee & Beverage**: The coffee and tea segment remains a key focus for delivery platforms, benefiting from subsidies [11][30]. - **E-commerce**: JD and Alibaba reported strong earnings, with JD's retail business performing particularly well [11][40]. 2.2 Platforms & Technology - **Streaming Platforms**: Tencent Music and NetEase Cloud Music reported strong earnings, with Tencent Music's revenue exceeding expectations [41][46]. - **Virtual Assets & Internet Brokers**: The global cryptocurrency market saw a slight increase, with Bitcoin and Ethereum prices rising [48][49]. 2.3 Media - The report highlights the recent changes in regulations regarding major asset restructuring, which may accelerate the pace of mergers and acquisitions in the media sector [11][28].

Group 1 - The "EY Entrepreneur Of The Year" 2025 award ceremony has been launched in Hong Kong, celebrating its 20th anniversary and marking the beginning of a new chapter for the award [1][3] - The award serves as a platform for showcasing entrepreneurial innovation and leadership, aiming to enhance international collaboration and contribute to high-quality economic development in the Greater China region [3][5] - The Hong Kong government is implementing strategic measures to foster new productivity, including strengthening capital markets and promoting emerging industries such as green finance, virtual assets, and artificial intelligence [5][7] Group 2 - The award has witnessed significant growth over the past two decades, with an independent judging panel committed to recognizing entrepreneurs who embody vision, innovation, and social responsibility [7][12] - DBS Bank (Hong Kong) has been announced as the platinum sponsor for this year's award, highlighting Hong Kong's role as a vibrant economic hub and its strategic position in the internationalization of the Renminbi [9][10] - The launch event featured discussions among notable past award winners, focusing on collaboration between Hong Kong and mainland enterprises to explore global market opportunities [12][13]

Investment Rating - The report maintains a positive outlook on certain sectors, particularly focusing on undervalued stocks and sectors that have shown resilience despite market fluctuations [1][11]. Core Insights - The report emphasizes the importance of monitoring quarterly reports from overseas assets, particularly in light of ongoing US-China trade negotiations and the impact of tariffs on Chinese assets [1][11]. - It suggests that the difficulty in identifying undervalued stocks is increasing as the declines in overseas Chinese assets are being filled [1][11]. - Key sectors to watch include US-listed Chinese assets, Hong Kong internet assets, and consumer-related stocks, with specific recommendations for companies like Pinduoduo, Beike, and Tencent Music [1][11]. Summary by Sections 1. Education - The Chinese education index rose by 2.80% from May 12 to May 16, outperforming major indices [10]. - Notable stock performances include Gaotu (+15.11%), TAL Education (+11.68%), and Youdao (+7.85%), while Thinking Academy fell by 9.85% [10][21]. 2. Luxury Goods - The luxury goods sector showed mixed results, with Richemont's jewelry division demonstrating resilience amid macroeconomic fluctuations [3][24]. - The report notes a decline in sales for brands like Burberry, which saw a 17% drop in revenue, while Richemont reported a 4% increase in revenue [24][28]. 3. Coffee and Beverage Chains - The non-essential consumption index increased by 1.39%, with companies like Ctrip and Tim Hortons showing positive stock performance [30]. - Luckin Coffee's stock decreased by 2.32%, indicating competitive pressures in the beverage market [30][35]. 4. E-commerce and Internet - The Hang Seng Internet Technology Index rose by 2.10%, with notable performances from Vipshop (+10.85%) and Pinduoduo (+7.26%) [32]. - Alibaba's revenue grew by 9% in the last quarter, while JD.com reported a 15.8% increase in revenue [41]. 5. Streaming Platforms - The Hang Seng Media Index increased by 4.3%, with Tencent Music and NetEase Music showing significant gains [42]. - Tencent Music's revenue rose by 8.7%, driven by strong growth in music subscriptions and advertising [47]. 6. Virtual Assets & Internet Brokers - The global cryptocurrency market cap reached $341.9 billion, with Bitcoin and Ethereum prices increasing by 0.6% and 15.8%, respectively [49]. - Companies like Coinbase and Robinhood saw substantial stock price increases, reflecting positive sentiment in the virtual asset sector [50].