Core Viewpoint - The Hong Kong "Stablecoin Regulation" will take effect in August, leading to a surge in related concept stocks and potential applications in cross-border payments [1] Group 1: Regulatory Developments - The Hong Kong Financial Secretary revealed that the Monetary Authority is consulting the market on the implementation guidelines for the regulation, with specific details to be announced within the month [1] - The number of approved stablecoin licenses is currently in the "single digits," with hopes to receive applications after the regulation takes effect, aiming to issue licenses within the year [1] Group 2: Market Reactions - In the A-share market, cross-border payment and stablecoin concept stocks have seen significant gains, with companies like Zhongyi Technology and Jingbeifang hitting the daily limit [1] - In the Hong Kong stock market, Chinese brokerage stocks and stablecoin concept stocks have collectively strengthened, with notable gains from companies such as Guotai Junan International [1] Group 3: Market Interest and Applications - At least nine institutions are interested in applying for stablecoin licenses, with three of them planning to issue Hong Kong dollar stablecoins [1] - The Financial Secretary highlighted that stablecoins can address challenges in cross-border payments, serving as a local currency alternative in specific regions [1] Group 4: Future Projections - The People's Bank of China has revised the "Rules for Cross-Border Payment System Business," clarifying account management processes to adapt to the development and upgrade needs of CIPS [1] - Global cross-border payment transaction volume is projected to reach $194.6 trillion by 2024 and $320 trillion by 2032 [1]

【导读】稳定币、电力等概念股走高，港股外卖巨头盘初走低 中国基金报记者晨曦 大家好！来一起关注上午的市场行情和最新资讯~ 7月7日上午，A股市场低位震荡。截至午间收盘，市场主要指数绿多红少，上证指数跌0.21%，深证成指跌0.7%，创业板指跌1.25%。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3465.05 | 10434.83 | 1401.47 | | -7.27 -0.21% - -73.94 - -0.70% - -13.57 - -0.96% | | | | 科创50 | 创业板指 | 万得全A | | 979.12 | 2129.34 | 5322.55 | | -5.68 - -0.58% - -26.90 - -1.25% - -9.84 - -0.18% | | | | 沪深300 | 中证500 | 中证A500 | | 3958.86 | 5895.93 | 4635.59 | | -23.34 -0.59% -15.51 -0.26% -26.93 -0.58% | | | | 中证1000 | 深证100 | 中证红利 | | 63 ...

阿里、美团"补贴对决"，最大赢家出现。 A股市场今天（7月7日）上午低位震荡，主要指数表现相对低迷，房地产板块领涨。个股方面依旧活跃，多股连续涨停。 港股市场上午表现相对低迷，恒生指数小幅下跌。港股市场新茶饮赛道个股集体走强，其中茶百道盘中涨幅一度达15%。消息面上，7月5日晚，阿里与美 团展开史上最大规模补贴对决，而在两大平台的大额补贴下，茶饮股成了最大赢家。 轻工制造、综合、纺织服饰等板块涨幅也居于市场前列。煤炭、通信、医药生物等板块跌幅居前。 概念板块方面，稳定币、跨境支付等概念表现强势，石基信息、浔兴股份、中亦科技、京北方、金时科技、吉宏股份、青岛金王、生意宝等多股涨停。港 股市场多只稳定币概念股亦大涨，截至发稿，云锋金融涨超10%，新火科技控股涨超9%，国泰君安国际、移卡涨超7%。 消息面上，7月4日央行就《人民币跨境支付系统业务规则（征求意见稿）》公开征求意见。此外香港特区政府财经事务及库务局局长许正宇7日表示，目 标今年内可发出稳定币牌照。 多股连续涨停提示相关风险 A股市场今天上午个股表现比较活跃，上涨个股数量多于下跌个股数量，多只个股连续涨停。 A股市场低位震荡房地产板块领涨 A股市场今天（ ...

| 全A | 涨 2925 | 平 248 | 跌 2243 | A股成交额 | | 7831.27亿 | 沪深300期货 | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | 1 | 000001 | 上证指数 | 3465.05 | -7.27 | -0.21% | 3010亿 | 3.38% | | 2 | 399001 | 深证成指 | 10434.83 | -73.94 | -0.70% | 4708亿 | 0.19% | | 3 | 899050 | 北证50 | 1401.47 | -13.57 | -0.96% | 113亿 | 35.04% | | 4 | 881001 | 万得全A | 5322.55 | -9.84 | -0.18% | 7831亿 | 5.99% | | 5 | 000688 | 科创50 | 979.12 | -5.68 | -0.58% | 115亿 | -0.99% | | ଚି | 399006 | 创业板指 | 2129. ...

Core Viewpoint - The article discusses the upcoming implementation of the "Stablecoin Regulation" in Hong Kong, which is set to take effect in August. The regulation aims to establish guidelines for stablecoin issuance, focusing on anti-money laundering and related requirements, with a limited number of licenses expected to be issued this year [2][4]. Group 1: Stablecoin Regulation - The Hong Kong Monetary Authority (HKMA) is currently consulting the market on the implementation of the stablecoin regulation guidelines, which will be announced within the month [2][4]. - The number of stablecoin licenses issued is expected to be in the "single digits," with at least nine institutions expressing interest in applying for licenses, including three that are part of the HKMA's stablecoin issuance sandbox [4][8]. - The regulation aims to address challenges in cross-border payments, particularly in regions with high local currency risk or underdeveloped financial systems, by facilitating transactions through stablecoins backed by fiat currencies [4][9]. Group 2: Market Reaction - In the A-share market, stocks related to cross-border payments and stablecoins have shown strong performance, with several companies hitting their daily price limits [3][6]. - Notable stocks include Zhongyi Technology, which reached a 20% increase, and others like Huafeng Superfiber and Xunxing Co., which also saw significant gains [6][7]. Group 3: Future Prospects - The global cross-border payment transaction volume is projected to reach $194.6 trillion by 2024 and is expected to grow to $320 trillion by 2032, highlighting the increasing importance of stablecoins in this sector [10]. - The People's Bank of China is revising the rules for the Renminbi Cross-Border Payment System (CIPS) to adapt to the evolving needs of cross-border payment services, indicating a supportive regulatory environment for stablecoin development [7][10].

Market Overview - A-shares experienced a collective decline on July 7, with the Shanghai Composite Index down 0.21%, the Shenzhen Component down 0.7%, and the ChiNext Index down 1.25%. The total market turnover was 783 billion, a decrease of 95.7 billion from the previous day, with over 2,200 stocks declining [1] Key Sectors Electricity Sector - The electricity sector continued its upward trend, with stocks like Huayin Electric and Shaoneng Shares hitting the daily limit. Other stocks such as Shenzhen South Power A and Leshan Power also saw gains. The National Energy Administration reported record high electricity grid loads in six provinces, indicating improved supply-demand dynamics in the electricity market [2] Cross-Border Payment - Stocks in the cross-border payment sector surged, with Xinyada hitting the daily limit and other companies like Hailian Jin Hui and Huafeng Super Fiber also rising. The People's Bank of China released a draft for the rules governing the Renminbi Cross-Border Payment System, which is expected to enhance the demand for cross-border clearing services [3] Real Estate Sector - The real estate sector saw significant gains, with Shahe Shares and Yuhua Development hitting the daily limit. Other companies like Gemdale and New Town Holdings also experienced increases. The Ministry of Housing and Urban-Rural Development emphasized the importance of stable and healthy development in the real estate market, with a positive outlook on new home sales and a recovery in second-hand home transactions [4] Institutional Insights CITIC Securities - CITIC Securities noted that the current market environment resembles the end of 2014, with investors showing improved patience and confidence. The market is currently lacking a catalytic event to ignite further growth, which could come from unexpected policy changes or developments in the technology sector [5] Huatai Securities - Huatai Securities indicated that A-shares are entering a window of internal and external variables, with a technical breakthrough observed in the market. However, potential volatility may increase due to various factors, including tariff policies and funding supply-side influences [6][7] China Galaxy - China Galaxy expressed optimism for a sustained upward trend in A-shares, highlighting that the valuation remains relatively low compared to mature markets. The firm identified four main investment themes: high-margin assets, technology, consumer sectors boosted by policy, and mergers and acquisitions [8]

Market Overview - The A-share market experienced a collective decline in the three major indices, with the Shanghai Composite Index down 0.21%, the Shenzhen Component Index down 0.7%, and the ChiNext Index down 1.25% as of midday trading [1] - The total market turnover was 783 billion yuan, a decrease of 95.7 billion yuan compared to the previous day, with over 2,200 stocks declining [1] Sector Performance - The electricity sector saw significant gains, with stocks like Huayin Electric (600744) achieving a five-day streak of gains, and other stocks such as Shaoneng Co. (000601) and New Zhonggang (605162) also performing well [3] - The real estate sector experienced a morning surge, with stocks like Yucheng Development (000514) and Shihe Co. (000014) hitting the daily limit [3] - The cross-border payment and multi-financial sectors showed volatility, with several stocks like Xinyada (600571) and Jingbeifang (002987) reaching the daily limit [3] - The CPO concept stocks collectively adjusted, with stocks like Zhongji Xuchuang (300308) and Tianfu Tongxin (300394) dropping over 4% [3] Notable Stocks - Stocks with three consecutive daily limits include Jin'an Guoji (002636) and Huayin Electric [4] - Stocks with two consecutive daily limits include Shaoneng Co., Jiu Ding New Materials (002201), and Xinyada [5] Hot Sectors - The e-commerce sector led with 13 stocks hitting the daily limit, with a maximum of three consecutive daily limits [6] - The cross-border e-commerce sector had nine stocks hitting the daily limit, with a maximum of four consecutive daily limits [7] - The energy storage sector also performed well, with nine stocks hitting the daily limit and four achieving three consecutive daily limits [8] Key Industry Insights - The electricity sector is experiencing increased demand due to high temperatures and economic growth, with the national maximum electricity load reaching 1.465 billion kilowatts, a historical high [11] - The cross-border payment sector is set to enhance its global competitiveness following the People's Bank of China's new draft rules for the Renminbi Cross-Border Payment System, which aims to improve flexibility and attract more global participants [12] - The football sector is gaining attention with the ongoing Jiangsu City Football League, and the export of sports goods from Jiangsu reached 6.8 billion yuan in the first five months of the year, a year-on-year increase of 7.8% [13]

Group 1 - The core viewpoint of the article highlights the surge in the stablecoin and cross-border payment concepts, with several companies experiencing significant stock price increases [1] - Companies such as Shiji Information and Xunxing Co. reached their daily price limit, while others like Zhongyi Technology, Jingbeifang, Jinshi Technology, Jihong Co., Qingdao Jinwang, and Shiyiba also saw their stocks hit the limit [1] - The People's Bank of China publicly solicited opinions on the "Business Rules for the Renminbi Cross-Border Payment System (Draft for Comments)" on July 4, indicating regulatory progress in this sector [1] Group 2 - The Financial Secretary of the Hong Kong Special Administrative Region, Xu Zhengyu, stated on July 7 that the goal is to issue stablecoin licenses within this year, reflecting a proactive approach to stablecoin regulation [1]

Domestic Market Overview - The market experienced a mixed performance with the Shanghai Composite Index closing at 3472.32 points, up by 0.32%, while the Shenzhen Component Index closed at 10508.76 points, down by 0.25% [1][3][7] - Among the 30 sectors tracked, 13 sectors saw gains, with banking, comprehensive finance, and media leading the increases, while non-ferrous metals, basic chemicals, and light manufacturing faced significant declines [1][3][7] - The total trading volume for the entire A-share market reached 145.45 billion yuan, showing an increase compared to the previous day [1][3][7] News Highlights - The Shenzhen government announced a 5 billion yuan policy to support the semiconductor and integrated circuit industry, aiming for breakthroughs across the entire industry chain [12][15][16] - The Ministry of Finance implemented measures affecting government procurement of certain medical devices imported from the EU, requiring that non-EU products cannot exceed 50% of the total contract amount for projects over 45 million yuan [12][13] - U.S. Treasury Secretary stated that trade negotiations have reached a stalemate, with significant announcements expected in the coming days [12][17][18] Market Drivers - The U.S. government plans to set new unilateral tariff rates, which may range from 10% to 70%, starting August 1 [8] - The integrated circuit industry in Shenzhen reached a scale of 142.4 billion yuan in the first half of 2025, marking a year-on-year growth of 16.9% [15][16] - Global manufacturing PMI rose to 49.5% in June, indicating a slight recovery in the global economy [20]

Group 1 - The core viewpoint of the article highlights the active performance of cross-border payment and stablecoin concepts, with notable stock movements in companies like Xinyada and Jinyi Culture [1] - Xinyada has achieved a consecutive two-day increase in stock price, while Jinyi Culture has seen a rise in stock price for four consecutive days within a week [1] - Other companies such as Huafeng Superfiber, Hailian Jinhui, Jingbeifang, Qingdao Jinwang, and New Guodu have also experienced stock price increases, indicating a broader market trend [1] Group 2 - On July 4, the People's Bank of China publicly solicited opinions on the "Business Rules for the Renminbi Cross-Border Payment System (Draft for Comments)" [1] - The draft rules clarify detailed processes for CIPS participants, including account management, capital injection, and fund settlement [1]