Investment Rating - The report maintains a "Recommendation" rating for the industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [24]. Core Insights - Victory Securities reported a significant turnaround in its financial performance, achieving a net profit of 41.25 million HKD in H1 2025, compared to a loss of 5.76 million HKD in the same period last year, driven by a recovery in the Hong Kong stock market and strong growth in virtual asset business [3][4]. - The company's revenue reached 123.72 million HKD in H1 2025, marking a year-on-year increase of 318.5%, with traditional brokerage services recovering and virtual asset services becoming the largest revenue source, contributing 52% to total revenue [4][10]. - A strategic partnership was established between Victory Securities and Cao Cao Travel, focusing on the application of Real World Assets (RWA) in the transportation sector, which includes tokenizing physical assets and optimizing payment experiences using stablecoins [11][12]. Summary by Sections Financial Performance - In H1 2025, Victory Securities achieved a net profit of 41.25 million HKD, a significant recovery from a loss of 5.76 million HKD in H1 2024 [4][6]. - The company's revenue for H1 2025 was 123.72 million HKD, reflecting a year-on-year growth of 318.5% [8]. Business Segments - Traditional brokerage services accounted for 46% of total revenue in H1 2025, while virtual asset services contributed 52%, indicating a shift in revenue sources [12]. - The brokerage business saw a revenue increase of 205% year-on-year, while virtual asset services experienced a staggering growth of 1989% [4]. Strategic Developments - The partnership with Cao Cao Travel aims to explore innovative applications of RWA, including tokenization of physical assets and enhancing payment solutions for international users [11][12]. - This collaboration positions Victory Securities as a leader in the RWA sector in Hong Kong, expanding its Web3.0 investment banking capabilities [12].

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Core Insights - The report highlights a significant increase in the number of initial jobless claims in the US, reaching 226,000, which is higher than expected [4] - The Bank of England has reduced interest rates by 25 basis points, indicating a shift in monetary policy [4] - Japan has revised its annual economic growth forecast downward, reflecting potential economic challenges [4] - OpenAI has officially launched GPT-5, marking a notable advancement in AI technology [4] - Maersk, a major shipping company, has raised its profit outlook despite ongoing trade concerns, suggesting resilience in the shipping industry [4] - China's goods trade imports and exports increased by 3.5% year-on-year in the first seven months of this year [4] - Domestic sales of excavators in China grew by 17.2% year-on-year in July, indicating strong demand in the construction sector [4] - The total amount of bond financing in the real estate sector in China increased by 90.3% year-on-year in July, reflecting a recovery in the industry [4] - The world's first RWA registration platform was officially launched in Hong Kong on August 7 [4] - Semiconductor manufacturer SMIC reported a 16.2% year-on-year increase in revenue for Q2, but a 19.5% year-on-year decline in net profit, indicating mixed performance [4] Economic Data Summary - The Baltic Dry Index rose by 3.80% to 1994.00, indicating an increase in shipping rates [5] - The Nasdaq Composite Index closed at 21,242.70, up by 0.35%, while the Dow Jones Industrial Average fell by 0.51% to 43,968.64 [5] - The price of ICE Brent crude oil decreased by 0.72% to $66.41, while the US dollar index fell by 0.14% to 98.09 [5] - The London gold spot price increased by 0.82% to $3,396.59 [5] - The exchange rate of the US dollar against the Chinese yuan (CFETS) was 7.19, up by 0.03% [5] - The Hang Seng Index closed at 25,081.63, up by 0.69%, while the Hang Seng China Enterprises Index rose by 0.55% to 8,981.73 [5] - The Shanghai Composite Index increased by 0.16% to 3,639.67, while the Shenzhen Composite Index decreased by 0.05% to 2,224.63 [5]

Group 1 - Hua Xing Capital Holdings has seen its stock price increase by over 140% this year, with a recent rise of 20.24% to HKD 7.07, and a trading volume of HKD 86.177 million [1] - The implementation of the Stablecoin Regulation Draft in Hong Kong aims to establish a licensing system for fiat-backed stablecoin issuers, enhancing the regulatory framework for virtual asset activities [1] - The launch of the world's first RWA registration platform on August 7 is expected to further support the development of the stablecoin and RWA markets [1] Group 2 - In June, Hua Xing Capital announced a budget of USD 100 million to expand into the Web 3.0 and cryptocurrency asset sectors over the next two years [2] - The company plans to increase investments in stablecoins, RWAs, and the entire cryptocurrency ecosystem, building on its previous successful investments in Circle Internet Group and services for leading cryptocurrency firms [2] - Hua Xing Capital is actively seeking to apply for and upgrade relevant business licenses in the cryptocurrency space [2]

Core Viewpoint - The launch of the RWA registration platform in Hong Kong marks a significant step in the tokenization of real-world assets, facilitated by the Hong Kong Web3.0 Standardization Association, which aims to create a comprehensive service system for data, asset, and financialization of RWA assets [1][2]. Group 1: RWA Platform and Standards - The RWA registration platform will enable the tokenization process for real-world assets, with three key standards established: "RWA Tokenization Business Guidelines," "RWA Tokenization Technical Specifications," and "Blockchain-based Stablecoin Cross-border Payment Technical Specifications" [1][2]. Group 2: Green Energy and Carbon Neutrality - The green value of electricity is becoming increasingly important as the EU implements carbon border adjustment mechanisms and regulations affecting exports from China, indicating a shift towards green electricity reforms [2]. - The Gansu thermal power capacity value exceeding expectations reflects potential changes in electricity pricing, emphasizing the importance of "green electricity direct connection," "zero-carbon parks," and "household photovoltaic aggregation participation in trading" [2]. Group 3: Dynamic Revenue Sharing - RWA projects allow for real-time distribution of revenue based on the operational performance of underlying assets, such as charging stations, where investor returns are directly linked to usage rates [2]. Group 4: Profitability of Green Power Assets - The peak-valley price difference arbitrage is identified as the core revenue source for green power asset RWAs, providing a sustainable cash flow foundation [3]. - RWA technology enhances the revenue potential and efficiency of green power assets, transitioning from traditional asset management to a model that encourages global capital sharing [3]. Group 5: Investment Opportunities - The report suggests focusing on investment opportunities that integrate RWA with electricity trading, virtual power plants, and carbon assets, recommending investments in household photovoltaics, charging stations, and carbon assets [3]. - Specific companies highlighted for potential investment include Southern Power Grid Energy, GCL-Poly Energy, Longxin Group, Zhejiang Chint Electrics, and Linyang Energy [3].

Market Overview - The Hang Seng Index fell by 0.66%, down 165 points, closing at 24,916 points, while the Hang Seng Tech Index dropped by 0.99% [1] - Early trading in Hong Kong saw a turnover of HKD 112.6 billion [1] Alternative Assets and Cryptocurrency - U.S. President Trump signed an executive order allowing alternative assets such as private equity, real estate, and cryptocurrencies to enter 401K retirement savings plans, potentially opening up approximately USD 12.5 trillion in retirement account funds for these sectors [1] - Cryptocurrency-related stocks and ETFs surged, with notable increases in prices: - Jia Shi Ether (03179) rose by 6.48% - Bosera Ether (03009) increased by 6.24% - Huaxia Ether (03046) gained 6.13% - Boya Interactive (00434) climbed by 6.46% [1] Company Performance Highlights - Fubo Group (03738) saw a significant increase of over 16%, with a cumulative rise of over 50% this week as the company expands its content industry RWA business [1] - Gilead Sciences-B (01672) rose by 7.65% following the completion of patient enrollment in the IIa phase of ASC30, with strong business development expectations [2] - Junshi Biosciences (01877) increased by 6.5% due to improved market conditions in the PD-(L)1/VEGF sector [3] - Raffles Interior (01376) surged by 80% upon resuming trading after a change in controlling interest, with a buyout offer at a discount of approximately 43.1% [4] - Laopu Gold (06181) rose by 2.96% after being included in the MSCI China Index, with changes effective at the end of this month [5] - Beihai Kangcheng-B (01228) increased by over 30%, with a cumulative rise of nearly 9 times since early June, driven by potential significant business development opportunities for Vilazodone [6] - Dongfeng Motor Group (00489) saw an early morning increase of over 8%, despite a more than 90% year-on-year decline in net profit for the first half, managing to turn a profit compared to the previous quarter [7] - Hutchison Whampoa (00013) experienced a drop of over 15% in early trading, with a 9.2% year-on-year decline in mid-term revenue, although selling joint venture equity led to a net profit increase of over 16 times [8]

Q1：我们看到 MyStonks 完成了 SEC STO的备案，这听起来很重要，但对于普通人来说，这到底意味 着什么？ Keaton： 谢谢。您这个问题非常好。简单来说，这次备案就像我们向美国政府提交了一份正式的报 告，表明我们正在严格遵守他们的规定来运营。这和大家平时了解的那些不受监管的数字货币项目完全 不同。它告诉大家：MyStonks 的所有行为都是在美国证券法律的框架下进行的。这不仅是我们自己合 规的证明，也让大家可以更放心地使用我们的服务。 Q2：现在很多人都在讨论"代币化"和"RWA"，这些新概念听起来很复杂。能用最简单的话解释一下 吗？ Keaton： 当然可以。您可以把"代币化"想象成"给真实世界的资产制作一张数字证书"。这张证书记录在 区块链上，非常安全，不可篡改。比如，我们做的就是把一张美股股票的"所有权"证书，变成一个可以 在区块链上流通的数字代币。通过这种方式，我们能解决很多传统投资中的麻烦：比如交易时间不再受 限于交易所的开盘时间，可以做到 7x24 小时交易；交易流程也变得更高效，没有那么多繁琐的手续费 和中间商。 专题：香港试验场：稳定币、监管与未来金融体系 最近，美国政府的一个 ...

Investment Rating - The report maintains an "Overweight" rating for the electricity industry, indicating a positive outlook for the sector in the next 6 months [1][7]. Core Insights - The launch of the RWA registration platform in Hong Kong is expected to empower virtual power plants, electricity trading, and carbon trading, creating new investment opportunities [4]. - The "carbon neutrality" process is advancing, with the EU implementing carbon border adjustment mechanisms that may impact China's exports, signaling a shift towards green electricity value [4]. - RWA projects allow for real-time distribution of asset dynamic income rights based on actual operational performance, enhancing investor returns [4]. - The peak-valley price difference arbitrage is identified as the core revenue source for green power asset RWAs, providing sustainable cash flow [4]. - RWA technology can enhance the revenue and efficiency of green power assets, transitioning from heavy asset operations to light asset models, facilitating global capital sharing [4]. - Investment opportunities are recommended in household photovoltaics, charging piles, and carbon assets, with specific companies like Southern Power Grid Energy and GCL-Poly Energy being highlighted [4].

Core Viewpoint - Fubo Group (03738) has seen a significant stock price increase of over 50% this week, with a current price of 5.19 HKD and a trading volume of 831 million HKD, driven by the launch of the world's first RWA registration platform and advancements in Web3.0 standards [1] Group 1 - Fubo Group's stock surged over 17% in early trading, reflecting strong market interest [1] - The launch of the RWA registration platform on August 7 marks a significant milestone for the company, coinciding with the establishment of three Web3.0 standards [1] - The Vobile MAX digital content asset trading platform has successfully completed market testing, enabling the concurrent confirmation and trading of a large number of physical assets (RWA) [1] Group 2 - Ant Group became a major shareholder of Fubo Group in 2020 through a private placement, aiming to develop a decentralized copyright protection and trading platform [1] - Analysts suggest that if Ant's stablecoin is implemented, Fubo Group, as a core partner in copyright trading, will benefit from expanded payment scenarios, potentially elevating its valuation from a "digital copyright service provider" to a "digital asset infrastructure provider" [1]