Group 1: Legislative Framework - The GENIUS Act marks the first federal legislation for stablecoins in the U.S., establishing a comprehensive regulatory framework for digital dollar stablecoins [1][3] - The act restricts stablecoin issuance to banks, deposit institutions, and approved non-bank financial entities, requiring strict approval for other issuers [3] - It mandates 100% cash or short-term U.S. Treasury securities as reserve assets, prohibiting rehypothecation or leverage to mitigate risks [3] Group 2: Market Dynamics - The global stablecoin market has reached a valuation of over $260 billion, with U.S. dollar stablecoins dominating at $256.4 billion, accounting for 99% of the market [3][4] - USDT and USDC form a duopoly, holding a combined market share of 86.5%, with USDC projected to grow at 40.9% annually, potentially surpassing USDT by 2030 [4] Group 3: Traditional Finance Engagement - Major financial players are entering the stablecoin space, with PayPal launching PYUSD and banks like JPMorgan and Citigroup discussing joint issuance of stablecoins [7] - Circle and Standard Chartered are collaborating to create a stablecoin payment network aimed at disrupting SWIFT's dominance in cross-border payments [7] Group 4: Cross-Border Payment Efficiency - Stablecoins are revolutionizing cross-border payments, reducing costs by 90% and settlement times to under 10 seconds compared to traditional systems [8] - The global Real World Assets (RWA) market is projected to grow significantly, with stablecoins playing a crucial role in facilitating this transition [8] Group 5: Technological Innovations - Zero Extreme Distributed Technology is positioned as a leader in distributed trusted computing, aligning its innovations with the technical needs of stablecoins [9][10] - The technology offers quantum-level security, enhancing the safety and reliability of stablecoin transactions [10]

Core Insights - The rapid development of stablecoins, which are cryptocurrencies with "pegged" attributes, is reshaping the financial landscape, with a projected global market value exceeding $250 billion by mid-2025 [2][3] Group 1: Impact on Financial Systems - Stablecoins are expected to revolutionize cross-border payment and settlement systems, offering advantages such as convenience and lower costs, which could challenge traditional banking and payment institutions [2] - The rise of stablecoins may disrupt the monetary policy transmission mechanism and financial stability by causing shifts in bank deposits and altering money velocity [3] Group 2: International Monetary Dynamics - The dominance of stablecoins, primarily pegged to the US dollar, reinforces dollar hegemony, but increased innovation in non-dollar stablecoins could challenge this status and reshape international currency competition [3] Group 3: Financial Innovation - Stablecoins are pivotal in the growth of decentralized finance (DeFi) and the tokenization of real-world assets (RWA), lowering barriers for user participation and facilitating the digital transformation of tangible assets [3] Group 4: Strategic Responses - China is encouraged to integrate digital yuan with stablecoin technology to enhance the internationalization of the yuan, exploring applications in cross-border trade and investment [5] - Traditional financial institutions should upgrade and innovate their services in response to the pressures from stablecoins, with regulatory support to foster the development of new financial products [5][6] - There is a need for a comprehensive regulatory framework for stablecoins to ensure their development is compliant and to mitigate financial risks, alongside international cooperation on regulatory standards [6]

Core Viewpoint - SenseTime Technology, known as the "first AI stock," announced a subscription agreement to issue approximately 1.667 billion shares at a price of HKD 1.5 per share, raising around HKD 2.5 billion for business development in areas like embodied intelligent robots and digital assets [1] Group 1: Financing and Business Structure - This marks SenseTime's third round of refinancing since its IPO at the end of 2021, following two rounds that raised nearly HKD 4.8 billion in June and December 2024 [2] - The company was founded in 2014 by AI scientists from the Chinese University of Hong Kong and has received significant investment from major firms, including SoftBank and IDG [2] - SenseTime's IPO in late 2021 raised approximately HKD 5.8 billion, making it the first AI software company listed on the Hong Kong Stock Exchange [4] Group 2: Revenue and Business Focus - SenseTime has shifted its revenue focus from smart business and smart city solutions to generative AI, which has become its core narrative [4] - In 2024, revenue from generative AI grew by 103.1% year-on-year to HKD 2.404 billion, accounting for 63.7% of total revenue, while revenue from visual AI dropped by 39.5% to HKD 1.112 billion [4] - The company restructured its business into a "1+X" model, focusing on generative AI and separating other business units for independent financing [5] Group 3: Financial Performance and Challenges - Since 2018, SenseTime has not achieved profitability, accumulating losses exceeding HKD 50 billion, with cash reserves totaling HKD 12.75 billion as of the end of 2024 [5] - The net cash used in operating activities increased to HKD 3.927 billion in 2024, attributed to higher resource demands from generative AI [5] - As of December 31, 2024, accounts receivable stood at HKD 6.974 billion, with a notable increase in overdue receivables over three years [6]

Core Viewpoint - The global stablecoin sector is entering a "window period" with significant regulatory developments, including the signing of the Genius Act by the U.S. government and the implementation of the Stablecoin Regulation in Hong Kong, which will take effect on August 1 [1][5]. Group 1: Regulatory Developments - The U.S. government has recently signed stablecoin-related policies, marking a shift in the regulatory landscape that has previously left stablecoins outside systematic oversight [5]. - The European Commission has passed amendments to the Crypto Asset Market Regulation, further shaping the regulatory environment for stablecoins [1]. Group 2: Market Dynamics - Major financial institutions like JPMorgan and Citigroup are accelerating their plans for corporate stablecoin issuance, indicating a growing interest in stablecoins as a digital financial infrastructure [1]. - Companies such as Amazon and Walmart are reportedly preparing to launch their own stablecoins, highlighting the trend of large corporations entering the stablecoin market [1]. Group 3: Competitive Landscape - The core competition in the stablecoin market lies not in which fiat currency they are pegged to, but in the real and credible transaction scenarios that support them [1][2]. - The ability to use stablecoins for purchasing goods, assets, and services will drive their adoption and usage [2]. Group 4: Economic Implications - The Trump administration views stablecoins as a potential solution to the U.S. debt issue, aiming to absorb market dollars or short-term funds to replace traditional debt financing [6]. - Stablecoins could help maintain the global dominance of the U.S. dollar while addressing domestic trade balance and manufacturing concerns, representing a form of institutional innovation [6][9]. Group 5: Risks and Challenges - There is a risk of over-issuance by stablecoin issuers, which could lead to financial instability if not properly regulated [10][11]. - The potential for stablecoins to disrupt monetary sovereignty in smaller economies is a concern, as they may undermine local currency issuance [12]. Group 6: Future Outlook - The future of stablecoins may see increased competition among various issuers, with the focus shifting to who can establish the rules and frameworks governing their use [16]. - Real-world assets (RWA) and real data assets (RDA) are expected to become more prevalent in the stablecoin ecosystem, potentially attracting users for investment purposes [17].

新华财经上海7月21日电（记者杜康）18日至20日，Conflux树图技术与生态发展大会在上海举行，旨在 探讨探讨区块链和下一代互联网Web3的技术发展和应用趋势。会上，Conflux树图公链3.0发布，以更好 服务真实世界资产（RWA）、稳定币等领域安全性、合规性需求。 今年以来，稳定币、RWA等依托区块链技术的新生事物引起了全球关注。在这一背景下，打造自主可 控的高性能公链系统具有重要价值。会上，Conflux树图公链3.0发布。 树图公有链主网于2020年10月上线。截至2025年3月，树图公有链拥有独立账户总数超 2502 万个，处理 交易总数近 1.7 亿笔，部署智能合约数量近2万个，性能和安全性均达到世界领先水平。在稳定的跨链 服务和丰富的开发者工具支持下，树图公有链已孵化并承载了数百个海内外生态项目。 "树图从孩童时来到上海。我们在上海实现测试网上线、主网上线，截至目前主网已稳定运行近五 年。"上海树图区块链研究院院长龙凡说。2020年1月，上海树图区块链研究院落户上海徐汇区，专注于 区块链底层基础设施和共性关键技术研发。 此次Conflux 树图公链 3.0 版本，性能和兼容性全面升级。"树图 ...

Core Viewpoint - The company has entered into a strategic partnership with Fulong Consulting Limited, marking a significant step into the high-growth stablecoin market through a share swap investment of HKD 60 million [1][2]. Group 1: Strategic Investment - The investment allows the company to leverage Fulong's extensive network and expertise in digital asset solutions, enhancing its position in the evolving financial landscape [1][2]. - The partnership is expected to facilitate the company's entry into the rapidly growing stablecoin sector, projected to exceed USD 2 trillion by 2028 [2]. Group 2: Business Collaboration - Fulong will apply for a stablecoin license in Hong Kong, and upon approval, will collaborate with the company to promote stablecoin applications and business cooperation [1]. - The collaboration aims to utilize Fulong's merchant and user ecosystem to support product offerings and investor relations for the company and its affiliates [1]. Group 3: Operational Efficiency and Growth - The strategic cooperation is anticipated to enhance operational efficiency, capture new revenue opportunities, and strengthen competitiveness by integrating stablecoin technology into the company's financial services and product portfolio [2]. - This investment is also expected to synergize the company's efforts in the real-world asset (RWA) business with stablecoin scenarios, further solidifying its industry position in the RWA sector [2].

Group 1: Investment Opportunities - Vili Zhibo-B (HK02617) has launched its IPO with a subscription rate of approximately 178.91 times on the first day, indicating strong investor confidence in its prospects [1] - Aux Group has refiled its listing application with the Hong Kong Stock Exchange, aiming to enhance brand influence and expand into international markets [2] - Fourth Paradigm (HK06682) plans to place 25.9 million shares at a subscription price of HKD 50.50 per share, raising approximately HKD 1.306 billion for investment in emerging fields like AI and blockchain [3] - October Rice Field (HK09676) expects an adjusted net profit of at least HKD 283 million for the six months ending June 30, 2025, representing a growth of no less than 90% year-on-year due to product innovation and improved sales channels [4] Group 2: Market Performance - The Hang Seng Index closed at 24,498.95, down 0.08% on July 17 [5] - The Hang Seng Tech Index increased by 0.56% to 5,448.85 [5] - The National Enterprises Index fell by 0.09% to 8,853.10 [5]

Group 1 - The Hong Kong SAR government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to establish Hong Kong as a global innovation center in the digital asset field [1] - The new policy declaration builds on the first declaration from October 2022, emphasizing the government's vision for digital asset development and the practical application of tokenization [1] - The declaration aims to create a robust digital asset ecosystem that integrates with the real economy and social life, reinforcing Hong Kong's position as an international financial center [1] Group 2 - The National Financial Regulatory Administration and the People's Bank of China jointly issued the "Implementation Plan for High-Quality Development of Inclusive Finance," targeting the establishment of a high-quality inclusive financial system within five years [2] - The plan focuses on optimizing the inclusive financial service system, enhancing the inclusive credit system, and strengthening the inclusive insurance system to support private enterprises [2] Group 3 - China Mobile is seeking nationwide partners for the "RWA Ecological Cooperation" initiative to promote the digitalization and capitalization of real-world assets (RWA) [3] - The initiative will select 20 units to form the "RWA Joint Laboratory," focusing on data resource integration, technology research and development, and funding support [3] Group 4 - The Ministry of Commerce announced plans to implement an integrated action for domestic and foreign trade, aiming to cultivate leading enterprises in this area [4] - The ministry will host over 330 events for foreign trade promotion and enhance policy support for enterprises facing difficulties [4] Group 5 - The National Development and Reform Commission plans to implement a loan interest subsidy policy for equipment updates to reduce financing costs for businesses [5] - The sales of related products for the "old-for-new" policy have exceeded 1.4 trillion yuan this year [5] Group 6 - The National Medical Insurance Administration has included a commercial health insurance innovation drug directory in the 2025 adjustment plan, highlighting the growing role of commercial health insurance in the multi-tiered medical security system [6] Group 7 - A new generation of domestically developed CPU, the Longxin 3C6000, was released, which does not rely on any foreign supply chains and meets various computing needs [7][8] Group 8 - The Central and State Offices issued opinions to advance flood control reservoir construction and improve the flood control engineering system [9] Group 9 - The National Development and Reform Commission announced additional central budget investments to support local implementation of labor substitution projects, aiming to address employment and income issues for key groups [10] Group 10 - Shanghai is focusing on industries such as cell and gene therapy, quantum technology, and 6G, aiming to enhance its technological innovation and research capabilities [11]

Group 1: Stock Performance and Market Activity - 20 stocks had closing orders exceeding 100 million yuan, with New Tonglian leading at 621 million yuan [2] - New Tonglian achieved a five-day consecutive limit-up, while Jida Zhengyuan had four consecutive limit-ups [2] - The top four stocks by closing order volume were Aijian Group, Heli Tai, New Tonglian, and Cangzhou Mingzhu, with volumes of 505,600 hands, 469,600 hands, 454,300 hands, and 350,600 hands respectively [2] Group 2: Industry Insights - New Tonglian operates in the packaging and printing industry and confirmed no undisclosed major information, including asset restructuring or significant transactions [2] - The military industry saw stocks like Guorui Technology and Beifang Navigation experience limit-ups, with Beifang Navigation focusing on dual-use products in navigation control and ammunition information technology [3] - The marine economy is targeted for growth, with Shenzhen aiming for a marine industrial added value of 215 billion yuan by the end of the 14th Five-Year Plan, growing at an average of over 12% annually [5] Group 3: Investment Trends - The RWA (Real World Assets) sector is gaining attention, with companies like Jingbeifang and Ketech Information actively engaging in blockchain and data management technologies [4] - The top net buying stocks included Chutianlong, Nord Shares, and Hainan Huatie, with net purchases exceeding 1 billion yuan [6] - Institutional investors showed significant interest in stocks like Yuyin Shares and Hainan Huatie, with net purchases of approximately 76.56 million yuan and 76.42 million yuan respectively [6]

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].