Investment Rating - The report assigns an investment rating of "Leading the Market-A" for the banking industry, indicating an expected price increase exceeding the benchmark index by more than 10% [6][11]. Core Insights - The regulatory framework for stablecoins in Hong Kong is being established, which is expected to enhance financial stability. The "Stablecoin Ordinance" will require issuers to obtain licenses and adhere to asset management and redemption regulations, fostering a robust regulatory environment for the sustainable development of stablecoins and digital assets in Hong Kong [6][7]. - The report highlights the ongoing development of the digital renminbi, with a cumulative transaction amount reaching 7 trillion yuan by June 2024, reflecting increasing public demand for retail payment convenience and security [7]. - The establishment of a sandbox for stablecoin issuers in Hong Kong and the collaboration between mainland China and Hong Kong for cross-border payment solutions are seen as significant steps towards enhancing the digital finance ecosystem [7]. Summary by Sections Regulatory Developments - The Hong Kong Legislative Council passed the "Stablecoin Ordinance" on May 21, 2025, which will take effect on August 1, 2025. This ordinance mandates that any entity issuing fiat-backed stablecoins in Hong Kong must apply for a license and comply with specific asset management and redemption requirements [6][7]. Market Opportunities - The report suggests that the improvement of stablecoin regulations and the expansion of application scenarios will create numerous growth opportunities. Recommended companies to watch include Zhong An Online, Guotai Junan International, Dongfang Caifu, Yika, JD Group, Standard Chartered Group, Lianyi Technology, OSL Group, Lianlian Digital, and Zhongke Jincai [7].

Group 1 - Major banks in Guangdong are investigating their cooperation with loan intermediaries as part of risk control measures amid the crackdown on "financial black and gray industries" [1] - The price of polysilicon in the photovoltaic industry is expected to rise, with manufacturers raising prices to a range of 45,000 to 50,000 yuan per ton, although actual transactions at this price range have not yet been observed [2] - The global PC shipment volume increased by 7.4% year-on-year in Q2 2025, reaching 67.6 million units, with laptops accounting for 53.9 million units shipped [3] Group 2 - Amazon is considering a multi-billion dollar investment in AI company Anthropic, having already invested $8 billion previously [4] - Legal & General has entered into a private credit partnership with Blackstone, focusing on the U.S. market and aiming for long-term investments of several billion pounds [6] - Evergrande's Guangzhou land of 437,441 square meters has been reclaimed by the government due to being classified as idle land since June 2021 [7] Group 3 - Card payment service provider Card Friend was fined 7.5 million yuan for violating clearing management regulations [7] - Xie Jian, co-founder of Baichuan Intelligent Technology, is reportedly leaving the company amid a wave of executive departures [9] - Dongfang Electric Group has undergone a leadership change, with Luo Qianyi taking over as chairman [10] Group 4 - Liansheng Technology plans to raise 60 million yuan through a capital increase to optimize its capital structure for its photovoltaic business [11] - Xizi Clean Energy reported new orders of 1.214 billion yuan in Q2 2025, with a total order backlog of 6.119 billion yuan [12] - Aisheng Co. expects a net loss of 170 million to 280 million yuan for the first half of 2025 [13] Group 5 - Changyuan Donggu expects a net profit increase of 62.65% to 88.88% for the first half of 2025, projecting a profit of 155 million to 180 million yuan [14] - Xizi Clean Energy anticipates a net profit decline of 47.40% to 62.01% for the first half of 2025 [15] - Tianbao Infrastructure expects a significant net profit increase of 1581.80% to 2329.27% for the first half of 2025 [16] Group 6 - Xibu Chuangye expects a net profit increase of 88.99% for the first half of 2025, projecting around 295 million yuan [17] - Hailide expects a net profit increase of 47.65% to 63.47% for the first half of 2025 [18] - Longyuan Technology anticipates a net profit increase of 116.61% to 158.26% for the first half of 2025 [19] Group 7 - The Shanghai Composite Index rose by 0.48%, returning above 3500 points, with real estate and urbanization concept stocks experiencing significant gains [20]

Group 1: Solar Industry Insights - The solar industry chain showed significant activity on July 10, with stocks like Tuori New Energy hitting the daily limit. Multiple silicon wafer companies raised their prices by 8% to 11.7% [1] - Analysts believe the industry is transitioning from "price competition" to "quality and price" strategy, with expectations of substantial improvement in supply-demand dynamics next year [1] Group 2: Stock Market Movements - Nvidia's market capitalization briefly surpassed $4 trillion, positively impacting related sectors such as A-share CPO and copper cable stocks, which also saw gains [1] - The military industry sector experienced a collective adjustment, indicating a downturn in that segment [2] Group 3: Hong Kong Stock Performance - On July 10, Hong Kong stock Puxing Energy surged by 286.21% initially, later adjusting but still maintaining a rise of 239.66%. This was driven by the company's announcement of acquiring a stake in HashKey Holdings [4] - HashKey Exchange is the first licensed virtual asset trading platform in Hong Kong, which is set to benefit from the upcoming Stablecoin Regulation effective in August [4] - Other stocks related to stablecoins and digital assets also saw significant increases, with Jin Yong Investment rising over 650% on July 8 and continuing to gain over 20% on July 10 [4] Group 4: Real Estate Market Trends - A-share real estate development stocks showed volatility, with Yuhua Development hitting the daily limit within four minutes of opening, marking its fourth consecutive trading day of gains [8] - Greenland Holdings and other companies also approached their daily limit, supported by data from the China Index Academy indicating a 27.5% year-on-year increase in residential land transfer fees in 300 cities for the first half of 2025, despite a 5.5% decrease in transaction area [9] - The top 20 cities accounted for 68% of residential land transfer fees, with cities like Hangzhou and Beijing exceeding 100 billion yuan in land transfer fees [9]

【导读】港股普星能量盘初飙升超 280% 中国基金报记者 安曼 7 月 10 日早盘，光伏产业链反复活跃，拓日新能等多股涨停。消息面上， 7 月 9 日，多家 硅片企业上调了硅片报价，不同尺寸的硅片价格涨幅在 8% ～ 11.7% 。此外，光伏组件含 税含运均价迎来上调。多位分析师认为，行业有望从 " 价格血拼 " 向 " 优质优价 " 转型， 明年供需关系有望迎来实质性改善。 此外，昨夜美股英伟达总市值盘中一度突破 4 万亿美元， A 股 CPO 、铜缆等算力硬件股也 跟随走强；创新药板块继续维持强势。 下跌方面，军工板块集体调整。 | | | Wind热门概念指数 | | | --- | --- | --- | --- | | 光伏玻璃 2.20% | 確能領 2.05% | 创新药 2.06% | 抗生素 2.02% | | 减肥药 | HJT电池 | 稀土 | 干细胞 | | 1.92% | 1.92% | 1.64% | 1.65% | | 光伏屋顶 | 钙钛矿电池 | 大飞机 | 十大军工集团 | | 1.64% | 1.67% | -1.05% | -1.14% | | 水电 | 通用航空 | ...

Group 1 - Puxing Energy's stock surged by 286.21%, reaching HKD 2.24, after the company subscribed to Series A preferred shares issued by HashKey Holdings, acquiring up to 5% equity in the digital asset financial services company HashKey [1] - HashKey Group is a leading digital asset financial services group in Asia, established a global Web3 ecosystem since 2018, focusing on blockchain technology investment and compliant digital asset over-the-counter trading services [3] - The Hong Kong Securities and Futures Commission held a meeting on July 7 to discuss market and regulatory developments in the digital asset sector, particularly regarding the ASPIRe roadmap [3] Group 2 - The Hong Kong "Stablecoin Regulation" will take effect in August, with the Financial Secretary indicating that the Monetary Authority is consulting the market on the implementation guidelines, which will include anti-money laundering requirements [3] - Several Hong Kong stocks related to stablecoins and digital assets have seen significant price increases, with Jin Yong Investment rising over 650% after announcing a strategic partnership with AnchorX [3][4] - Multiple local Hong Kong brokerages, including Victory Securities, have experienced substantial stock price increases following the completion of license upgrades and approvals for cryptocurrency trading services [4]

Investment Rating - The report rates the computer industry as "Outperform" [1] Core Insights - The computer industry continues to follow core trends of AI, localization, and robotics, with significant developments from Huawei, Hong Kong's digital asset policies, and Xiaomi's product launches [3][18] - Huawei's Developer Conference introduced HarmonyOS 6 and new AI cloud services, marking a new phase for the HarmonyOS ecosystem [3][18] - Hong Kong's Digital Asset Development Policy 2.0 aims to establish the region as a global hub for digital assets, emphasizing blockchain's role in enhancing financial transactions [3][19] - Xiaomi's YU7 model achieved remarkable pre-order success, indicating strong market demand and the company's commitment to R&D investment [3][20] Summary by Relevant Sections Huawei Developer Conference - The conference showcased HarmonyOS 6, with over 40 devices now running the system and more than 9000 applications in development [3][18] Hong Kong Digital Asset Policy - The new policy aims to create a diverse digital asset ecosystem, enhancing Hong Kong's position as a leading international financial center [3][19] Xiaomi Product Launch - Xiaomi's YU7 model received over 200,000 pre-orders within 3 minutes, highlighting its market impact and the company's future R&D investment plans [3][20] Key Companies to Watch - The report highlights key companies in the sector, including Empyrean Technology, Dameng Data, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao, Kingdee International, and Huhu Information [3][18]

智通财经APP获悉，南方东英资产管理在首尔举办"香港-韩国资本市场论坛"，香港财政司司长陈茂波 发表主旨演讲表示，港股继去年上升18%，今年以来也累积升约两成，交投显著增加；平均每日成交额 增至超过2400亿港元。上半年新股集资额已超过1000亿港元，超越去年全年数字，暂列全球首位。他 称，资金持续流入香港的金融体系，反映了国际投资者在当前国际形势下对香港的信心，加上金融产品 生态丰富多元，包括交易所买卖产品，均能助力全球各地投资者高效连接中国内地以至是全亚洲市场。 陈茂波续指出，香港拥抱数字资产，适当监管同时鼓励创新，降低交易成本，以至便利跨境交易和支 付，香港与韩国都正在积极发展数字资产生态，双方可促成更多交流与合作。他亦指出，欢迎韩国投资 者更多关注及参与港股市场，并期待深化与韩国金融机构和和投资者的合作，为彼此创造机遇。 南方东英行政总裁丁晨表示，对韩国投资者而言，香港市场是理想的海外布局选择。 南方东英亦称，韩国ETF市场于2025年6月首次突破200万亿韩元(约1.15万亿港元);香港ETF市场规模亦 屡创新高，截至2025年6月30日，ETF及杠杆及反向市场总规模接近6000亿港元，较年初上涨1 ...

Core Viewpoint - The Beijing Internet Finance Industry Association warns the public to be highly vigilant against investment projects that promise high returns and capital protection, emphasizing that "high returns are always accompanied by high risks" [1][3] Group 1: Characteristics of Illegal Fundraising Activities - Lack of Qualification: These institutions or individuals lack the legal qualifications to absorb deposits, sell financial products, or issue securities, as they are not approved or registered by the State Council's financial management departments [2] - Concept Packaging: They exploit emerging and complex concepts like "stablecoins," "decentralized finance (DeFi)," and "Web 3.0" to create information asymmetry and confuse investors [2] - False Promises: There is a prevalence of exaggerated claims and false promises, such as "guaranteed profits," "high fixed returns," and "capital protection," which prey on the public's desire for high returns [2] Group 2: Operational Risks and Consequences - Fund Pool Operation: Their operational model often relies on attracting new investors' funds to maintain operations or pay returns to earlier investors, leading to significant risks if the funding chain breaks or the project fails [2] - Risk Spillover: Such activities can easily evolve into illegal fundraising, financial fraud, pyramid schemes, and money laundering, severely disrupting the economic and financial order and harming public property safety [2] Group 3: Consumer Warnings and Recommendations - The association urges consumers to recognize the nature of these investment projects and to verify the legal qualifications of related institutions and products through official channels before investing [3] - Consumers are advised to understand the complexity and volatility of "stablecoins" and related innovations, and to adopt a rational investment mindset [3] - The public is encouraged to resist and stay away from any form of virtual currency speculation, illegal token issuance, and unapproved "digital asset" investment projects to protect personal property [3]

Core Viewpoint - The Beijing Internet Finance Industry Association has issued a warning regarding the risks of illegal fundraising through the use of "stablecoins" and other new financial concepts, highlighting the exploitation of public interest in digital currencies and related technologies [1] Group 1 - The recent market attention on various digital currencies, particularly "stablecoins," has led to the emergence of fraudulent entities that misrepresent themselves as innovative financial institutions [1] - These fraudulent organizations leverage public naivety towards new financial concepts, promoting schemes that promise high returns through the issuance or speculation of so-called "virtual currencies," "digital assets," and "stablecoin investment projects" [1] - The warning emphasizes the need for public awareness and caution against investing in these misleading financial products [1]

Core Viewpoint - The Hong Kong government has launched the "Digital Asset Development Policy Declaration 2.0," marking a significant step in establishing a systematic regulatory framework for digital assets, aiming to position Hong Kong as a global leader in the digital asset sector [1][2]. Group 1: LEAP Framework - The "LEAP" framework proposed in the declaration systematically outlines the development path for Hong Kong's digital asset industry, focusing on optimizing legal and regulatory measures [3]. - A unified and comprehensive regulatory framework for digital asset service providers is being developed, covering trading platforms, stablecoin issuers, and custodial service providers, with the Securities and Futures Commission as the main regulatory body [3]. Group 2: Tokenization and Innovation - The government plans to regularize the issuance of tokenized government bonds and explore other innovative options to provide stable and high-quality digital bonds [4]. - There is an emphasis on expanding the types of tokenized products, including traditional financial products and real-world asset cash flows, as well as precious metals and renewable energy [4]. Group 3: Application Scenarios and Talent Development - The government supports stablecoin and other tokenization projects, implementing a regulatory framework for stablecoin issuers starting August 1 [6]. - There is a focus on talent development in the digital asset industry, particularly in blockchain applications and AI integration, promoting strategic collaborations between universities and the industry [6]. Group 4: Commitment to Digital Asset Leadership - The declaration reflects Hong Kong's commitment to becoming a leader in the global digital asset space through a unified regulatory framework and the promotion of tokenization and stablecoin applications [7]. - The framework aims to provide a clear path for enterprises and investors to thrive in a secure and vibrant digital asset market, ensuring Hong Kong maintains its leading position in the digital transformation wave [7].