Summary of Key Points from Conference Call Records Industry or Company Involved - **Stablecoin and Blockchain**: Ant Group's application for stablecoin licenses in Hong Kong and Singapore [14] - **Memory Storage**: Micron's investment expansion in memory manufacturing to $150 billion [3] - **Cultural and Entertainment**: Various companies involved in IP operations and collaborations in the entertainment sector [5][6][9][13] - **Quantum Computing**: Collaboration with Boson Quantum for quantum computing services [8][16] - **Pharmaceuticals**: Focus on innovative drug development and clinical trials [9][10][17] Core Points and Arguments - **Ant Group's Stablecoin Initiative**: - Ant Group is in discussions with regulators for stablecoin licenses, aiming for large-scale applications in AI, blockchain, and stablecoin innovations [14] - Ant's financial capabilities include processing 100,000 transactions per second and a projected global transaction volume exceeding $1 trillion in 2024 [14] - Stablecoins are linked to fiat currencies or physical assets, enhancing payment efficiency and enabling instant settlements [14] - **Micron's Investment in Memory Manufacturing**: - Micron announced an increase in its investment to $150 billion, significantly impacting the memory chip market [3] - The price of DRAM modules is expected to rise by 18-23% for servers and PCs due to reduced production [3] - **Cultural and Entertainment Developments**: - Companies like Aoya and New Classics are launching new products in the blind box market, capitalizing on the popularity of IP collaborations [5][6] - Light Media is extending the screening of "Nezha" and exploring theme park collaborations [13] - **Quantum Computing Collaboration**: - Electronic City is partnering with Boson Quantum to establish a national quantum computing service network [8][16] - Boson Quantum is recognized for its advanced technology in coherent light quantum computing [16] - **Pharmaceutical Innovations**: - The company plans to launch one innovative drug annually over the next three years, with a focus on a lung cancer drug currently in the final testing phase [10][17] - The potential market for the drug is estimated at 1-1.5 billion yuan annually, with significant profit contributions expected by 2027 [10][17] Other Important but Possibly Overlooked Content - **Ant Group's Strategic Partnerships**: - Various companies are collaborating with Ant Group in the blockchain and digital asset sectors, including Yuanlong Yatu and Annie Co. [14] - **Market Trends in Entertainment**: - The rise of blind box products and IP-driven merchandise is a significant trend, with companies like Bubble Mart leading the market [5][6] - **Technological Advancements in Robotics**: - Companies are developing advanced robotics and AI technologies, with applications in various sectors including entertainment and manufacturing [17] - **Investment in Quantum Technologies**: - The growing interest in quantum computing is reflected in stock price increases and strategic partnerships aimed at enhancing technological capabilities [16] - **Pharmaceutical Market Dynamics**: - The competitive landscape for innovative drugs is intensifying, with companies focusing on unique therapeutic areas and strategic collaborations to enhance market presence [10][17]

Group 1: Macro Dynamics - The article discusses the impact of tariffs on export products, highlighting that products with technical barriers and differentiation show stronger pricing power during tariff shocks, leading to a positive cycle of "volume and price increase + increased dependency" [4] - In the short term, a general decline in exports is observed, with more resilience reflected through transshipment trade. High-dependency products exhibit weak overseas substitution effects, indicating a focus on related importers' replenishment needs [4] Group 2: Semiconductor Industry - Strong AI demand, rising storage prices, and opportunities for domestic substitution are expected to boost the fundamentals of the Hong Kong semiconductor sector. Recommended stocks include SMIC, benefiting from domestic AI demand, and Hua Hong Semiconductor, which is gaining more domestic customer orders due to the trend of local production [9] Group 3: Company Insights - Yika, a leading commercial empowerment technology platform, is expanding its overseas footprint and is expected to see significant growth in net profit from 101 million to 123 million CNY from 2025 to 2027, with an EPS forecast of 0.22 to 0.27 CNY [14] - Shengyi Technology is projected to experience rapid growth driven by AI-related demand, with net profit estimates for 2025-2027 raised to 2.628 billion, 3.280 billion, and 4.044 billion CNY respectively, maintaining a "buy" rating [38] - Chow Tai Fook's FY2025 revenue is reported at 89.656 billion HKD, a decrease of 17.5% year-on-year, but the company is expected to benefit from its transformation strategy, with profit forecasts for FY2026 and FY2027 adjusted upwards [42]

Market Overview - A total of 64 stocks in the A-share market hit the daily limit, with 57 stocks remaining after excluding 7 ST stocks, resulting in a limit-up rate of 79.01% [1] Stock Performance - The highest limit-up stock by order volume was Yingli Automotive with 385,100 hands, followed by Annie Co., Intercontinental Oil & Gas, and GCL-Poly Energy with 326,500 hands, 325,400 hands, and 310,400 hands respectively [2] - In terms of consecutive limit-up days, Beikong Technology achieved 5 consecutive limit-ups, while Yingli Automotive and Huayang New Materials had 3 consecutive limit-ups [2] Investment Highlights - GCL-Poly Energy announced a collaboration with Ant Group to issue the first and largest photovoltaic green asset RWA (Real World Asset) in December 2024, indicating strong investment returns based on the calculated IRR [2] - The oil and petrochemical sector saw multiple stocks limit-up, including Zhun Oil Co., Beiken Energy, Tongyuan Petroleum, and Heshun Petroleum, driven by a significant rise in international oil prices, which increased over 10% [3] - Beiken Energy made breakthroughs in overseas upstream business, acquiring 10 oil and gas rights in Canada, covering an area of 1,510.038 hectares [3] Nuclear Pollution Prevention - Stocks such as Huashengchang, Jieqiang Equipment, and China General Nuclear Power Technology saw limit-ups due to news of explosions at Iran's Natanz nuclear facility [4][5] - Huashengchang focuses on safety protection products for the petrochemical industry, while Jieqiang Equipment specializes in nuclear and biochemical safety [4] Military Industry - Stocks like Beifang Changlong, Chenxi Aviation, and Jieqiang Equipment experienced limit-ups, with Beifang Changlong primarily producing military drones [6] - Chenxi Aviation's products and services are involved in military and civilian applications, including aviation navigation and drone technology [6] Institutional Activity - New Jin Power saw net purchases exceeding 45 million yuan from institutions, with other notable stocks including Rongfa Nuclear Power and Hengbao Co. appearing on the leaderboard [7][8] - The top net purchases by institutions included Hainengda, Chenxi Aviation, and Tongyuan Petroleum, with amounts of 324 million yuan, 151 million yuan, and 128 million yuan respectively [8]

Investment Rating - The report assigns an "Outperform" rating for OSL Group (00863.HK) for the first time [1][4][32] Core Views - The company achieved its first positive net profit in 2024, driven by rapid growth in trading volume and SaaS services, with total revenue reaching HKD 375 million, a year-on-year increase of 78.59% [3][25] - OSL Group is the only listed licensed compliant virtual asset exchange in Asia, providing brokerage services, digital asset custody, and electronic trading platforms [3][7] - The global digital asset trading volume is expected to grow significantly, with OSL's market business revenue projected to reach HKD 283 million in 2024, a 73.3% increase year-on-year [3][25] Summary by Sections Company Overview - OSL Group is the only listed licensed compliant virtual asset exchange in Asia, with a custody asset scale of approximately HKD 5 billion, growing over five times year-on-year [3][7] - The company has successfully obtained multiple licenses, including the first AMLO license in Hong Kong and a digital currency exchange license in Australia [4][11] Financial Performance - In 2024, OSL Group achieved a net profit of HKD 56 million, marking a turnaround from previous losses [25][34] - Revenue is expected to continue growing, with projections of HKD 648 million in 2025 and HKD 1.095 billion in 2026 [25][30] Market Trends - The global digital asset trading volume is projected to reach USD 1,085,710 million in 2024, a year-on-year increase of 43% [3] - The number of individuals holding digital assets globally is expected to grow by 33% year-on-year, with Asia accounting for 327 million holders, a 22% increase [3] Business Expansion - OSL Group is accelerating its global expansion through acquisitions, including the purchase of CoinBest in Japan and plans to acquire a 90% stake in Evergreen Crest Holdings in Indonesia [4][12] - The company aims to enhance its presence in the digital asset market by launching Asia's first digital asset spot ETFs in collaboration with major funds [4][11] Valuation and Investment Outlook - The report anticipates that OSL Group will benefit from the growth of the Web3 industry and its unique position as a licensed trading platform, projecting significant revenue growth in the coming years [5][30] - The estimated price-to-sales ratios for 2025 and 2026 are 12x and 7x, respectively, indicating a favorable valuation compared to peers like Coinbase and Hong Kong Exchanges [30][31]

据智通财经6月12日报道，针对有报道称蚂蚁国际正计划在香港和新加坡申请稳定币牌照一事，6月12 日，蚂蚁国际回应称，正在全球财资管理方面加速投资、拓展合作，将我们的AI、区块链和稳定币创 新投入真实可靠的大规模应用。 蚂蚁国际表示："我们欢迎香港立法会通过《稳定币条例草案》，将于法案8月1日生效、相关通道开启 后尽快提交申请，希望为香港建设未来国际金融中心贡献更多力量。" 受消息带动，港股云峰金融等尾盘大涨。 华西证券指出，稳定币是指价值与某种法定货币或资产锚定的加密货币。其基于区块链技术发行，具有 很好的开放性，支持可控匿名，可以直接点对点交易，天然具有跨境属性。 根据DEFILLAMA数据，截至2025年6月8日，全球稳定币总市值已攀升至约2503.05亿美元（约合人民 币1.8万亿元），较2019年末的约50亿美元增长了约50倍，呈现出爆发式增长态势。这一趋势不仅彰显 了稳定币在加密货币生态中的迅猛扩张，也凸显了其在支付、交易及去中心化金融（DeFi）等领城日益 不可替代的地位。 其表示，展望未来，稳定币可能会深度融入全球金融体系，最可能的情况是，稳定币将与传统金融体系 互补，成为银行和支付平台(如Vi ...

Core Viewpoint - Ant Group is seeking to apply for stablecoin licenses in Hong Kong and Singapore, positioning itself as the second major internet company from mainland China to enter the stablecoin market after JD Group [1][2]. Group 1: Company Developments - Ant Group's stablecoin initiative involves two subsidiaries: Ant International based in Singapore and Ant Digital Technologies headquartered in Hong Kong [1]. - Ant International is set to become an independent subsidiary in 2024, focusing on various financial services including mobile payments and digital banking [2]. - Ant Digital Technologies has initiated the application for a stablecoin license in Hong Kong and has engaged in multiple discussions with regulators [2][3]. Group 2: Market Impact - Following the announcement, several Ant Group-related stocks surged, with Yunfeng Financial rising by 54.24% and Alibaba Health increasing by 3.26% [1]. - The stablecoin is viewed as a bridge between traditional finance and tokenized assets, with significant market potential [3]. Group 3: Regulatory Framework - The "Stablecoin Regulation" will come into effect on August 1, 2025, requiring entities to obtain licenses for issuing fiat-backed stablecoins in Hong Kong [4]. - Only licensed issuers will be permitted to sell fiat-backed stablecoins to retail investors, emphasizing the regulatory framework's focus on compliance [3][4].

Steel Industry - The average daily crude steel output of key steel enterprises reached a four-month low in late May 2025, indicating a potential recovery in profitability to historical average levels due to the revised "Steel Industry Normative Conditions" by the Ministry of Industry and Information Technology [4] Copper Industry - COMEX copper inventory hit a new high since September 2018, while LME copper inventory reached a near 12-month low; trade conflicts have eased, leading to a rebound in copper prices, but demand risks remain as the market enters a seasonal lull [5] Basic Chemicals - The rise of the trendy toy industry is driving new consumer demand, with the market size of China's pan-entertainment toy market surpassing 100 billion yuan, expected to reach 212.1 billion yuan by 2029; this growth will benefit the color masterbatch and pigment industries [6] Public REITs - The total market value of public REITs surpassed 200 billion yuan for the first time, with a market value index of 113.91 as of June 6, 2025, reflecting a 19% increase since the end of 2024; the market is expected to continue growing steadily [8] New Energy and Environmental Protection - Recent policies related to the new power system are expected to lead to breakthrough developments, addressing renewable energy consumption issues through market-based pricing mechanisms and innovative supply models [9] Digital Currency and Web3 - The passage of the GENIUS Act in the U.S. Senate and the approval of the stablecoin regulation draft in Hong Kong are expected to catalyze the application of Real World Assets (RWA), creating new pathways for traditional finance to integrate into the digital economy [9] Sunac Services - Sunac Services is expected to experience stable growth as the impact from real estate associations diminishes, with a significant increase in sales amounting to 4.9 billion yuan in May 2025, a year-on-year increase of 128% [10]

买入 全面升级为全栈 AI 产品和服务商，探索数字货币和 RWA 中国软件国际（354.HK） 2025-6-9 星期一 【投资要点】 ➢ 2024 年收入和利润相对稳定，AIGC 新业务成增长亮点 2024 全年公司实现收入 169.5 亿元人民币（-1.0%），归母净利润 5.1 亿元 人民币（-28.1%）。H2 财务环比回升，显示新业务拉动初现。全年经营活 动现金流净额 6.03 亿元，同比下降 16.3%。 ➢ 全栈 AIGC 能力体系加速成型，战略转型进入规模化落地阶段 公司加快 AIGC 战略落地，构建以"模型工场 2.0"和"Agent 工厂"为核 心的一体化能力体系，推动 AI 产品在多个行业场景中规模化复制，标志公 司由技术投入迈向商业化阶段。2024 年"全栈 AI 产品及服务"收入达人民 币 9.57 亿元，占集团总收入的 5.6%。其中，下半年该板块收入环比大幅上 升 135.44%，成为推动集团业绩触底反弹的关键动力之一。 ➢ 持续深化与华为生态合作，推动信创产品化落地 公司深化与华为合作，拓展 KaihongOS 在智能终端与开发工具链应用，并 完成超 200 个华为云 CTSP ...

Investment Rating - The report maintains an "Outperform" rating for the computer industry [2][8]. Core Insights - The report highlights the progress of stablecoin regulations in Europe, the United States, and Hong Kong, indicating a clearer compliance path that could stimulate financial innovation and enhance the value of digital currencies and assets [4]. - Circle's IPO has generated significant demand, with the global stablecoin market projected to reach $1.6 trillion by 2030, driven by regulatory clarity and increased acceptance among financial users [4]. - Stablecoins are expected to evolve from mere transaction mediums to critical financial infrastructure, presenting investment opportunities in the digital currency sector [4]. Summary by Sections Market Performance - The computer industry has shown a performance trend against the CSI 300 index, with fluctuations observed from June 2024 to February 2025 [3]. Related Research - Several related reports are mentioned, focusing on the implications of AI and data analysis in the industry, as well as the financial performance of specific companies [4]. Investment Recommendations - The report suggests focusing on companies involved in stablecoins and Real World Assets (RWA), listing several firms such as Lianlian Digital, Zhong'an Online, and others as potential investment opportunities [4].

隔夜美股"稳定币第一股"Circle上市首日大涨超168%后，次日又大涨近30%，当前股价报107.7美元，市 值超过200亿美元。 众安在线(06060)：为香港稳定币概念核心标的，公司联营公司ZA Bank是首家为香港稳定币发行人提供 储备银行服务的本地数字银行，与香港金管局稳定币沙盒计划参与者圆币科技合作。 华兴资本控股(01911)：6月6日早间宣布，其管理的华兴新经济基金所投企业Circle Internet Group成功登 陆纽交所上市，成为全球稳定币领域第一个IPO的标志性事件。 OSL集团(00863)：香港合规交易所，香港版"Coinbase"，和Ethena合作推出稳定币生息产品。 6月6日，香港特区政府于宪报刊登《稳定币条例(生效日期)公告》，明确2025年8月1日为《稳定币条 例》(第656章)实施日期。 香港财经事务及库务局局长许正宇在一个电台节目表示，稳定币的底层是法定货币，日后可以电子资产 形式，通过区块链等科技，用作支付功能。 中信建投（601066）研报认为，稳定币立法落地有利于加快RWA的大规模应用，2030年RWA市场规模 有望飙升至16万亿美元。截至2025年6月2日 ...