稳定币概念普跌，截至发稿，耀才证券金融(01428)跌19.14%港元；连连数字(02598)跌2.9%，报10.06港 元；胜利证券(08540)跌2.66%，报6.94港元；德林控股(01709)跌1.26%，报148.5港元。 针对部分声称近期曾与香港金融监管当局接触的情况，金管局重申在考虑稳定币发行人牌照申请时将采 取稳健及审慎方式，并设立较高的门槛。金管局强调，表达意向或提交稳定币牌照申请，以及金管局与 相关机构的沟通，只是申请牌照的过程，最终获发牌照与否将视乎申请是否符合发牌条件。鉴于这些计 划或申请结果存在重大不确定性，上述由市场情绪或投机驱动的波动突显了在市场狂热时保持警惕的必 要性。股价剧烈波动可能导致非理性决策，使投资者面临不必要的风险。 消息面上，香港金管局及香港证监会就稳定币相关市场波动发布联合声明。声明称，香港金管局和香港 证监会留意到近期出现与稳定币概念相关的市场波动。这些波动看似源于拟在香港申请稳定币发行人牌 照、从事相关活动或探讨此类计划可行性等相关的公告、新闻、社交媒体帖文或市场揣测。 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) issued a joint statement regarding recent market volatility related to stablecoins, emphasizing the need for caution among investors [1] Group 1: Market Volatility - Recent market fluctuations appear to be driven by announcements and speculations regarding the application for stablecoin issuer licenses in Hong Kong [1] - The HKMA noted that these fluctuations highlight the necessity of maintaining vigilance during market exuberance, as stock price volatility can lead to irrational decision-making [1] Group 2: Regulatory Approach - The HKMA reiterated that it will adopt a prudent and robust approach when considering applications for stablecoin issuer licenses, setting high entry barriers [1] - Communication with relevant institutions and the expression of intent to apply for a stablecoin license are part of the application process, and the issuance of licenses will depend on compliance with licensing conditions [1] Group 3: Public Caution - The HKMA and SFC urged the public to remain cautious and to analyze information thoroughly, avoiding decisions based solely on market speculation or price momentum [1] - Market participants are encouraged to act responsibly in public communications to prevent misleading investors or creating unrealistic expectations [1]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) issued a joint statement regarding recent market volatility related to stablecoins, emphasizing the need for caution among investors [1] Group 1: Market Volatility - Recent market fluctuations appear to be driven by announcements and speculations regarding stablecoin issuance licenses in Hong Kong [1] - The HKMA noted that expressions of interest or applications for stablecoin licenses are part of a process, and the issuance of licenses will depend on meeting specific criteria [1] Group 2: Regulatory Approach - The HKMA reiterated its commitment to a prudent and robust approach in considering stablecoin issuer license applications, setting high entry barriers [1] - The authorities highlighted the significant uncertainty surrounding these plans or application outcomes, which underscores the importance of vigilance during market enthusiasm [1] Group 3: Investor Guidance - The HKMA and SFC urged the public to remain cautious and conduct thorough analyses of relevant information, rather than making irrational investment decisions based solely on market speculation [1] - Market participants are encouraged to communicate responsibly to avoid misleading investors or creating unrealistic expectations [1]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) issued a joint statement addressing the recent volatility in the stablecoin market, emphasizing the need for caution amid speculative trading and the high standards for stablecoin issuer license applications [1][2]. Group 1: Regulatory Environment - The HKMA and SFC are closely monitoring market fluctuations related to stablecoins, which appear to be driven by announcements and speculation regarding potential stablecoin issuer licenses in Hong Kong [1]. - The HKMA reiterated that the process of expressing interest or submitting applications for stablecoin licenses does not guarantee approval, and that a prudent approach will be taken with high entry barriers for applicants [2]. - The "Stablecoin Regulation" officially became law on August 1, 2023, establishing a licensing regime for stablecoin activities in Hong Kong [8]. Group 2: Market Reactions - Following the approval of a license upgrade for Guotai Junan International to provide virtual asset trading services, its stock surged by 198% on June 25, 2023, significantly impacting the Hong Kong stock market [2]. - Other stocks related to stablecoins, such as Jinyong Investment, experienced extreme volatility, with a peak increase of over 650% on July 8, 2023, highlighting the speculative nature of the market [3]. - On August 12, 2023, news of Fosun International's engagement in stablecoin initiatives led to a stock price increase of over 20% [3]. Group 3: Industry Developments - Stablecoins are recognized for their advantages in cross-border payments and on-chain transactions, with Binance data indicating that stablecoins account for over 90% of trading as intermediaries [7]. - Hong Kong aims to establish itself as a global hub for virtual assets, with strategic initiatives including the issuance of tokenized green bonds and the approval of the first virtual asset spot ETFs in Asia [7]. - The development of stablecoins and Real World Assets (RWA) is expected to significantly transform the global monetary and financial systems, potentially creating a decentralized financial ecosystem [9].

Group 1: Regulatory Developments - The Hong Kong "Stablecoin Regulation" came into effect on August 1, marking a significant milestone for the development of virtual assets in Hong Kong [1] - The regulation aims to integrate stablecoins into a broader financial system, attracting interest from various institutions and individuals [1] Group 2: Market Growth - The global stablecoin market value surged from $3.95 billion in 2020 to an estimated $230.7 billion by 2025, reflecting a compound annual growth rate (CAGR) of 97% [2] - By 2025, the stablecoin market is projected to reach a level of $100 trillion, indicating a potential explosion in the sector [2] Group 3: Cross-Border Payment Innovations - The cross-border payment landscape is evolving, with the number of countries covered by the Renminbi Cross-Border Payment System (CIPS) increasing to 120 [3] - The multilateral central bank digital currency bridge project involves 20 central banks, reducing transaction costs by 30%-50% [3] - China's blockchain cross-border payment technical specifications have become an ISO standard, covering over 80% of Belt and Road Initiative countries [3] Group 4: Company Highlights - **Tianyang Technology**: Focuses on software application development and technology services, providing digital RMB integration services to over 30 banks [13][14] - **Zhongyou Capital**: Engaged in the production and research of financial products, with a projected cross-border energy settlement amount exceeding 200 billion yuan in 2024 [11][12] - **Xinan Century**: Specializes in security products and services, with a 40% revenue share from digital currency security business [9][10] - **Xinguodu**: Offers payment services and digitalization solutions, with over 50% of its POS terminal models supporting digital RMB [8] - **Nantian Information**: Develops systems and products related to digital RMB, facilitating low-cost access for commercial banks [6][7]

Group 1 - The Shanghai Composite Index reached above 3700 points for the first time since December 2021, indicating a strong market sentiment [1] - In July, the Shanghai Stock Exchange saw 1.9636 million new A-share accounts opened, a year-on-year increase of 70.5% and a month-on-month increase of 19.3%, reflecting heightened market activity [1] - The margin trading balance exceeded 2 trillion yuan, marking a ten-year high, driven by a bullish market atmosphere and improved external conditions [1] Group 2 - The A500 ETF (512050) has gained significant traction, with trading volume exceeding 5 billion yuan, ranking it second among all stock ETFs in the market [1] - The A500 ETF tracks the CSI A500 Index, employing a dual strategy of industry balanced allocation and leading stock selection, covering all 35 sub-industries [2] - The ETF is designed to provide low-cost access to core A-share assets, with a focus on sectors such as AI, pharmaceuticals, renewable energy, and defense, showcasing a natural "barbell" investment strategy [2]

Market Overview - A-shares experienced slight gains with the Shanghai Composite Index rising 0.37% to 3696.98, while the Shenzhen Component Index fell 0.02% and the ChiNext Index decreased by 0.19% [1][6] - The Hang Seng Index closed up 0.18% at 25659.26, and the Hang Seng Tech Index saw a marginal increase of 0.01% [2][3] Sector Performance - The stablecoin concept was active, and sectors such as real estate, insurance, and semiconductor chips showed strength [1] - The securities sector saw a rally, with notable gains in stocks like Changcheng Securities and Huatai Securities [6] - Digital currency stocks were also active, with Zhongke Jincai and Sifang Jingchuang experiencing significant increases [12][13] Bond Market - The bond market saw a decline, with the 30-year treasury futures contract dropping 0.42%, the 10-year contract down 0.12%, and the 5-year and 2-year contracts falling by 0.05% and 0.01% respectively [3][4][8] Commodity Market - Domestic commodity futures declined, with coking coal falling over 3%, coking coke and aluminum oxide down over 2%, and rebar and glass dropping over 1% [4][5] Company Highlights - Tencent Holdings saw its stock price exceed 600 HKD for the first time in four years, following a strong Q2 earnings report showing a 15% year-on-year revenue increase to 184.5 billion CNY and a 17% rise in net profit [17][18] - The company attributed its growth to a strong recovery in its gaming business and a 20% increase in advertising revenue driven by AI technology [18]

Market Overview - The Hong Kong stock market showed a strong performance in the morning session, with the Hang Seng Index rising by 1.88% to 25,439.91 points, and the Hang Seng Tech Index leading with a gain of 2.35% to 5,566.72 points [1] - The market sentiment has improved significantly, as evidenced by the Hang Seng Index climbing 470 points above the 25,000 mark [1] Sector Performance - Major sectors such as large technology stocks, financials (insurance, banks, brokerages), and state-owned enterprises saw collective gains, contributing to the overall market rally [3] - Notable stock performances included Alibaba rising by 4.37%, and Meituan, Tencent, and Baidu each increasing by over 3% [3] - The biopharmaceutical sector also experienced significant gains, with companies like CanSino Biologics, Zai Lab, and Innovent Biologics leading the innovation drug concept [3] Individual Stock Highlights - Among brokerage stocks, Guolian Minsheng surged nearly 8%, leading the rise in Chinese brokerage shares [3] - Other financial stocks such as AIA Group, China Ping An, Industrial and Commercial Bank of China, and Agricultural Bank of China also recorded notable increases [3] Declining Stocks - Conversely, sectors such as gaming and paper manufacturing faced declines, with Galaxy Entertainment dropping as much as 4% during trading [3] - Other companies in the paper industry, including Chenming Paper and Nine Dragons Paper, also saw declines [3] - Additionally, nearly 30 stocks in the market experienced declines of over 10% [3]

Report Industry Investment Rating - Not provided Core View of the Report - On August 12, the current-month contracts of the four major index futures all rose. The overall trading volume of index futures declined, indicating a decrease in investors' trading enthusiasm. The overall open interest of all four major index futures decreased [1][2]. - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The market is in a situation of global resonance, oscillating with a slight upward bias [6]. Summary by Relevant Catalogs 1. Index Futures Data Tracking - **IF Series**: The closing price of the underlying CSI 300 was 4143.83, up 0.52%. Among the futures contracts, IF2508 closed at 4144.4, up 0.52%, with a basis of 0.57; IF2509 closed at 4131.2, up 0.51%, with a basis of -12.63; IF2512 closed at 4102, up 0.51%, with a basis of -41.83; IF2603 closed at 4069.6, up 0.51%, with a basis of -74.23. The total trading volume decreased by 1165 lots, and the total open interest decreased by 8595 lots [1][2]. - **IH Series**: The closing price of the underlying SSE 50 was 2807.01, up 0.61%. Among the futures contracts, IH2508 closed at 2809.8, up 0.62%, with a basis of 2.79; IH2509 closed at 2809.6, up 0.61%, with a basis of 2.59; IH2512 closed at 2811.4, up 0.64%, with a basis of 4.39; IH2603 closed at 2811, up 0.64%, with a basis of 3.99. The total trading volume increased by 8277 lots, and the total open interest decreased by 1720 lots [1][2]. - **IC Series**: The closing price of the underlying CSI 500 was 6418.16, up 0.41%. Among the futures contracts, IC2508 closed at 6409.2, up 0.52%, with a basis of -8.96; IC2509 closed at 6342.6, up 0.52%, with a basis of -75.56; IC2512 closed at 6190, up 0.58%, with a basis of -228.16; IC2603 closed at 6051.6, up 0.54%, with a basis of -366.56. The total trading volume decreased by 14462 lots, and the total open interest decreased by 9999 lots [1][2]. - **IM Series**: The closing price of the underlying CSI 1000 was 6963.61, up 0.28%. Among the futures contracts, IM2508 closed at 6954.2, up 0.31%, with a basis of -9.41; IM2509 closed at 6883.6, up 0.31%, with a basis of -80.01; IM2512 closed at 6694.2, up 0.30%, with a basis of -269.41; IM2603 closed at 6512, up 0.30%, with a basis of -451.61. The total trading volume decreased by 38939 lots, and the total open interest decreased by 20490 lots [1][2]. 2. Top 20 Member Open Interest Changes - **IF Contracts**: For IF2508, long positions decreased by 5297 lots, with a net change of -8242 lots; short positions decreased by 5061 lots, with a net change of -7997 lots. For IF2509, long positions decreased by 2979 lots, and short positions decreased by 2507 lots. For IF2512, long positions increased by 344 lots, and short positions decreased by 254 lots. For IF2603, long positions decreased by 310 lots, and short positions decreased by 175 lots [5]. - **IH Contracts**: For IH2508, long positions decreased by 1110 lots, with a net change of -1400 lots; short positions decreased by 1003 lots, with a net change of -1056 lots. For IH2509, long positions increased by 76 lots, and short positions increased by 416 lots. For IH2512, long positions decreased by 366 lots, and short positions decreased by 469 lots. The data for IH2603 was not announced [5]. - **IC Contracts**: For IC2508, long positions decreased by 4194 lots, with a net change of -9005 lots; short positions decreased by 4730 lots, with a net change of -8928 lots. For IC2509, long positions decreased by 2972 lots, and short positions decreased by 2715 lots. For IC2512, long positions decreased by 1306 lots, and short positions decreased by 1069 lots. For IC2603, long positions decreased by 533 lots, and short positions decreased by 414 lots [5]. - **IM Contracts**: For IM2508, long positions decreased by 8911 lots, with a net change of -16351 lots; short positions decreased by 9453 lots, with a net change of -17297 lots. For IM2509, long positions decreased by 5810 lots, and short positions decreased by 6384 lots. For IM2512, long positions decreased by 1630 lots, and short positions decreased by 1460 lots. The data for IM2603 was not announced [5]. 3. Important Drivers - **Policy News**: China and the US issued the Joint Statement of the China-US Stockholm Economic and Trade Talks. Both sides will continue to suspend the implementation of 24% reciprocal tariffs for 90 days. The three departments jointly issued the Implementation Plan for the Fiscal Interest Subsidy Policy for Personal Consumption Loans, and eligible personal consumption loans can enjoy the interest subsidy policy [6]. - **Global Market Conditions**: Inflation data strengthened the expectation of interest rate cuts. The Nasdaq and S&P reached new highs, Ethereum rose 9%, and the Russell small-cap index soared 3%. The 2-year US Treasury yield fell nearly 3 basis points, the US dollar fell 0.47%, gold fluctuated widely around $3350, and crude oil closed lower [6]. - **A-share Market**: The A-share market continued its slow-bull pattern. The STAR 50 led the rise, and the ChiNext Index broke through its previous high. More than 3100 stocks closed lower, and market divergence intensified before reaching new highs [6].

Group 1 - The Shanghai Composite Index reached a new high of 3656.85, just 18 points away from the critical level of 3674, raising questions about when and how this level will be breached [1] - Historical patterns show that significant market expectations often drive breakthroughs at key levels, as seen in previous years [1][2] - The current market lacks a unified capital force, with over 60 billion net outflow from stock ETFs in the past month, indicating a divergence in market sentiment [5][7] Group 2 - Recent events, such as the potential for three interest rate cuts by the Federal Reserve and the shutdown of a lithium mine by CATL, are seen as positive influences on the market [9] - The market atmosphere remains optimistic, but without a significant event to unify capital, the index may experience fluctuations around the 3674 level [9] - The structure of the CSI 1000 index shows a strong upward trend, while the Shanghai Composite Index is still in a consolidation phase, indicating potential challenges for sustained upward movement [12]