Core Viewpoint - Hong Kong's new regulatory framework for stablecoins aims to significantly reduce cross-border payment fees, challenging the dominance of the US dollar in the global financial system [1][8]. Group 1: Regulatory Changes - The Hong Kong Monetary Authority (HKMA) has introduced a new regulatory sandbox that mandates stablecoins to be backed 100% by cash or government bonds, addressing vulnerabilities seen in previous algorithmic stablecoins [5]. - Licensed institutions are required to submit monthly audit reports, and reserve accounts will be monitored continuously, creating a robust safety framework [5]. - The new regulations allow for stablecoins pegged to the Hong Kong dollar, Chinese yuan, or even gold, providing flexibility in the market [5]. Group 2: Market Impact - The new regulations have led to a dramatic reduction in transaction costs, with examples showing a decrease from $6,000 to $600 for cross-border payments, enhancing profit margins for businesses [3]. - Everyday consumers are experiencing benefits, such as a reduction in remittance fees from $25 to $0.5, showcasing the positive impact on personal finances [3]. - Major financial institutions, including BlackRock, are adapting to these changes by tokenizing assets, lowering investment thresholds, and enabling 24/7 trading [3]. Group 3: Global Context - The global landscape for stablecoins is becoming increasingly fragmented, with the US pushing for dollar-backed stablecoins and the EU imposing restrictions on non-euro stablecoins [7]. - Hong Kong's approach contrasts with these strategies by promoting innovation and attracting global players with a lower capital requirement for registration [7]. - Currently, 95% of stablecoins are pegged to the US dollar, indicating the significant challenge Hong Kong's new framework poses to the existing dollar-centric system [8].

Investment Rating - The report maintains an "Overweight" rating for the securities industry [3][8]. Core Insights - The Hong Kong Monetary Authority has released regulatory guidelines for stablecoin issuers, with the first license applications due by the end of September 2025 [4][5]. - The market is experiencing high trading volumes, with July IPO financing scale showing a year-on-year increase [7][12]. - The securities sector is expected to attract incremental capital allocation due to active market trading and ongoing performance recovery [8][15]. Summary by Sections Policy Tracking - The Hong Kong Monetary Authority announced the implementation of a stablecoin issuer regulatory framework starting August 1, 2025, with four related documents published [4][10]. - The first batch of stablecoin licenses is anticipated to be approved in August, although the process is currently ongoing [5][10]. - Issuers must have real application scenarios, and only a limited number of licenses will be granted initially [5][10]. Industry Weekly Data Brokerage Business - The average daily stock trading volume in the Shanghai and Shenzhen markets was 17,870 billion yuan, showing a slight decrease of 1.8% week-on-week [7][12]. - New fund issuance in July saw significant increases in stock and mixed funds, with stock funds up 558% year-on-year [7][12]. Investment Banking Business - In July, 33 companies engaged in equity financing, raising a total of 662 billion yuan, with IPOs accounting for 242 billion yuan, marking a 444% year-on-year increase [7][12]. - Cumulatively, the IPO scale from January to July increased by 66.6% year-on-year [7][12]. Investment Recommendations - The report suggests focusing on internet brokerages with strong beta characteristics, such as Zhinan Compass, amid a backdrop of active market trading [8][15].

【导读】港交所上市新规8月4日生效，阿里前董事会主席张勇履新港交所 8月1日，香港三大股指全线下跌。香港恒生指数收跌1.07%，报24507.81点；恒生科技指数跌1.02%，报5397.4点；恒生中国企业指数跌0.88%，报8804.42 点。大市成交2546.7亿港元，南向资金大幅净买入超122亿港元。 | 恒生指数 恒生国企 | 恒生科技 | | --- | --- | | 24507.81 8804.42 5397.40 | | | -265.52 -1.07% -78.53 -0.88% -55.74 -1.02% | | 中国石油化工股份跌5.87%，药明康德（603259）跌3.78%，中国石油股份跌3.26%。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ^ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 中国石油化工股份 | 0386 | 4.330 c | -0.270 | -5.87% | 18.89亿 | 0.91% | | 2 | 药明康德 | 2359 | 101.700 ...

每日观点 今日沪深三大指数小幅调整，两市成交缩量至1.62万亿。昨日国家统计局公布7月PMI指数，制造业和 非制造业指数均较前值有所回落，其中制造业PMI超预期回落，结构上生产和需求指数均进入收缩区 间，究其原因，一方面生产进入淡季呈现季节性回落，叠加高温多雨等极端天气影响；另一方面此前 的"抢出口"效应逐渐弱化，出口订单出现回落。但数据中也有亮点，"反内卷"政策令大宗商品价格反 弹，主要原材料购进价格指数和出厂价格指数均有回升，前者自今年3月份以来首次升至临界点以上。 往后看，7月政治局会议再次强调"反内卷"，可关注中下游反内卷效果及内需的变化。 消息面 国务院常务会议审议通过《关于深入实施"人工智能+"行动的意见》，大力推进人工智能规模化商业化 应用，推动人工智能在经济社会发展各领域加快普及、深度融合。会议部署实施个人消费贷款贴息政策 与服务业经营主体贷款贴息政策，更好激发消费潜力、提升市场活力。 简评：今年以来，在一系列增量政策措施推动下，国内消费市场回升向好，但恢复的态势并不稳固，特 别是居民消费需求仍然较为疲软。贴息政策通过财政金融联动的方式，降低居民信贷成本和服务业经营 主体融资成本，有助于更好激 ...

Core Viewpoint - The "Stablecoin Regulation Draft" officially came into effect on August 1, establishing a licensing system for fiat-backed stablecoin issuers in Hong Kong, enhancing the regulatory framework for virtual asset activities to maintain financial stability while promoting financial innovation [1] Group 1 - The regulation aims to create a structured environment for the issuance of fiat-backed stablecoins in Hong Kong [1] - It is part of a broader effort to improve the regulatory framework surrounding virtual assets in the region [1] - The initiative seeks to balance the need for financial stability with the encouragement of financial innovation [1]

Core Viewpoint - Stablecoins are transitioning from decentralized experiments to institutionalized frameworks, with a focus on compliance, custody, and asset tokenization, particularly in regions like Hong Kong where regulatory frameworks are being established [1] Group 1: Stablecoin Industry Chain Overview - The stablecoin ecosystem is complex, involving various key participants such as custodians, issuers, distributors, payment and IT providers, and RWA participants [2][3][4][5] - Custodians are responsible for safeguarding the reserve assets backing stablecoins, such as USD and short-term government bonds [2] - Issuers must obtain licenses to legally issue stablecoins, with over 50 companies expressing interest in applying for licenses in Hong Kong [3] - Distributors facilitate the circulation of stablecoins, with 11 virtual asset trading platforms already licensed in Hong Kong [4] - RWA participants provide real-world asset backing for stablecoins, expanding their value beyond just USD [5] Group 2: Stablecoin Issuance Mechanism - The stablecoin issuance process involves five key steps: user requests for exchange, funds entering a custody account, reserve management, stablecoin minting, and user receipt and usage [7][8][9] Group 3: Global Stablecoin Trends - Regulatory frameworks are being established globally, with major economies implementing licensing requirements for stablecoin issuance [12] - Traditional financial institutions are increasingly adopting stablecoins as settlement tools, enhancing their role in mainstream financial infrastructure [13] - Non-USD stablecoin options are emerging, promoting a multi-polar ecosystem with local currency stablecoins in regions like Southeast Asia and Latin America [14] Group 4: RWA as a Key Application Scenario - RWA (Real World Assets) is gaining attention as a potential new underpinning for stablecoins, moving the focus from merely USD backing to more robust asset support [15] - RWA involves mapping real-life assets onto the blockchain, providing legal certainty and regulatory compliance [16] - The RWA market is projected to grow significantly, with estimates suggesting it could reach $16 trillion by 2030, becoming a foundational element of the stablecoin ecosystem [19]

Core Viewpoint - Stablecoins, once a gray area in the blockchain world, are now being actively integrated into regulatory frameworks by governments worldwide, indicating a shift towards a new order in global digital finance [1] Group 1: Definition and Importance of Stablecoins - Stablecoins are digital currencies that anchor their value to fiat currencies (e.g., USD, HKD, EUR), providing price stability and programmability, serving as a crucial bridge between traditional finance and the Web3 world [2] - As of May 2025, the global market capitalization of stablecoins is projected to reach approximately $245.8 billion, reflecting a year-on-year growth of about 53%, with monthly stablecoin transaction volumes expected to exceed $3.7 trillion, a growth of over 150% from the previous year [2] Group 2: Need for Regulation - The rapid expansion of stablecoins has revealed several risks, such as insufficient reserve transparency and stability mechanisms, prompting global regulatory bodies to intervene [3] - Issues like the lack of transparency in reserves (e.g., USDT's undisclosed asset backing) and the failure of algorithmic mechanisms (e.g., Terra UST's collapse) highlight the necessity for clear regulatory boundaries and legal frameworks [3] - The IMF has warned that unregulated stablecoins could threaten monetary sovereignty and has recommended the establishment of unified standards to address their cross-border impacts [3] Group 3: Global Regulatory Approaches - Major economies are accelerating the establishment of stablecoin regulatory frameworks, with the EU leading by passing the MiCA regulation, categorizing stablecoins as electronic money tokens (EMT) and implementing a unified licensing system [4] - The US is proposing the GENIUS Act and state-level regulations that include a ban on unlicensed issuances and a requirement for 100% reserves [4] - Hong Kong's recently implemented Stablecoin Regulation adopts a dual-track model of licensing and sandboxing, setting a compliance benchmark globally [4] Group 4: Highlights of Hong Kong's Regulatory Model - The "licensing system" principle in Hong Kong mandates that any entity wishing to issue or circulate stablecoins must obtain a license from the HKMA, effectively curbing unauthorized issuances and associated risks [5] - Key regulatory standards include a minimum capital requirement of HKD 25 million, 100% asset backing for all stablecoins, prohibition of interest payments to users, regular audits, and compliance with AML and KYC standards [6][7] Group 5: Political and Financial Implications of Stablecoin Legislation - The legislative process surrounding stablecoins reflects deeper geopolitical and financial dynamics, including the competition between digital currencies and national sovereign currencies [9] - The control over cross-border payment channels and the establishment of who can legally issue stablecoins are central to the ongoing power struggle in the financial landscape [9] - Stablecoins are not just a form of currency but are also reshaping the foundational infrastructure of global finance, influencing the future of asset circulation [9] Group 6: Future Trends in Stablecoin Regulation - The potential for a unified international regulatory standard is a focal point for regulators and policymakers, with institutions like the BIS and FSB advocating for coordinated frameworks [10] - The emergence of a "stablecoin rating" system by third parties or official bodies may help users identify quality stablecoins [10] - The relationship between stablecoins and central bank digital currencies (CBDCs) is becoming increasingly intertwined, with some countries exploring parallel mechanisms [10]

Core Insights - Stablecoins are evolving from a niche concept in the cryptocurrency space to a key player in reshaping international payment systems and financial landscapes [1] - The recent regulatory developments in Hong Kong and the United States signify a new phase for the global stablecoin market, with implications for compliance and operational frameworks [10] Regulatory Frameworks - Hong Kong's Financial Management Authority has established a rigorous evaluation system for stablecoin license applications, emphasizing the practicality and sustainability of stablecoin projects [3] - The regulatory framework in Hong Kong allows for flexibility in the definition of stablecoins, potentially accommodating various asset-backed forms in the future [4] - The U.S. legislation supports the development of dollar-backed stablecoins while limiting the advancement of Central Bank Digital Currencies (CBDCs), aiming to maintain the dollar's dominance in the digital economy [6][9] Market Dynamics - The relationship between CBDCs and stablecoins is characterized by competition and coexistence, with each serving different market needs [6] - Cross-border payment capabilities are a core application for stablecoins, prompting regulatory bodies in Hong Kong and other jurisdictions to explore mutual recognition of licenses and regulatory cooperation [7] - Hong Kong's regulatory measures aim to protect consumers by restricting the issuance of stablecoins to licensed entities, thereby preventing unregulated foreign stablecoins from entering the market [8] Comparative Analysis - The regulatory models in Hong Kong and the U.S. differ significantly, with Hong Kong adopting a centralized and efficient approach, while the U.S. employs a complex multi-layered regulatory system [9] - Hong Kong prioritizes investor protection and aims to create a transparent and secure market environment, contrasting with the U.S. focus on reinforcing the dollar's position in the global digital payment system [9][10]

近日，多名香港稳定币生态参与者向记者透露了最新的准备进展。例如，圆币创新科技有限公司（RD InnoTech Limited，以下简称圆币创新）称，公司已完成多项稳定币牌照申请相关准备，正积极探索稳 定币在以太坊等区块链上的发行计划。HashKey Exchange（虚拟资产交易平台）表示，预计相关法案在 反洗钱、金融风险管控上非常严格，平台已为此做好充分准备。 香港稳定币生态参与者已着手准备相关业务 首批香港稳定币发行人"沙盒"（sandbox，指一种隔离的测试环境）参与者之一的圆币创新对记者表 示，其母公司圆币科技集团（RD Technologies，以下简称圆币科技）已成功完成接近4000万美元A2轮 融资，其在香港构建合规稳定币基础设施领域的地位有望进一步巩固。 据悉，本轮融资由众安国际（ZA Global）、中湾国际（China Harbour）、璀璨投资（Bright Venture） 及Hivemind Capital等现有及新投资人共同领投，其他投资人包括红杉中国（HSG）、恒久数字资本 （Eternal Digital）、君实投资与国泰君安国际私募股权基金等。 圆币创新表示，随着香港《稳定币 ...

Core Viewpoint - Stablecoins are reshaping the underlying logic of cross-border payments and asset transactions, serving as a "digital anchor" that connects traditional finance with digital assets, particularly in Hong Kong's strategy to become a global innovation center in the digital asset space [1] Regulatory Framework Development - Since 2022, Hong Kong has initiated a systematic exploration of stablecoin regulation, moving from legislative preparation to sandbox trials, and establishing a regulatory framework focused on the core value of "trust" [1] - The Hong Kong Monetary Authority (HKMA) recognized the dual impact of stablecoins on financial stability and innovation, aiming to balance these aspects in its regulatory approach [2] - In December 2023, HKMA proposed that issuers of fiat-backed stablecoins must apply for a license, with only licensed issuers allowed to sell to retail investors [3] Legislative Progress - 2024 is a pivotal year for Hong Kong's stablecoin regulation, with the HKMA and the Financial Services and the Treasury Bureau set to release a consultation report that establishes design principles for the regulatory framework [4] - The consultation received 108 submissions, indicating broad support for introducing regulatory measures for fiat stablecoin issuers to manage potential monetary and financial stability risks [4] - The legislative process accelerated in December 2024 with the publication of the Stablecoin Regulation Draft, which outlines licensing requirements, reserve asset standards, and risk protection mechanisms [6] Implementation and Market Response - The Stablecoin Regulation was officially passed by the Hong Kong Legislative Council on May 21, 2025, marking the introduction of a licensing system for fiat stablecoin issuers [8] - The HKMA has maintained a cautious stance amidst market enthusiasm, emphasizing that stablecoins are payment tools without appreciation potential, and warning against speculative behavior [9][10] - Initial licensing will be limited, with expectations that only a few licenses will be granted, reflecting a stringent regulatory environment [11]