每经记者｜杨建 每经编辑｜彭水萍 ｜2025年7月24日 星期四｜ NO.1 香港金管局总裁余伟文：将于下周公布"稳定币发行人发牌制度"的摘要说明 7月23日，香港金管局总裁余伟文发文再谈稳定币。余伟文称，《稳定币条例》通过以后，香港金管局 立即落实条例的监管和反洗钱两份指引，征求市场意见，目前正根据反馈意见适当调整指引的要求，争 取在7月底公布。预期最终的定稿与咨询草稿不会有太大的调整，而鉴于国际监管的共同关注，在反洗 钱方面会订立更严谨的要求，尽量减低稳定币成为洗钱工具的风险，务求让香港稳定币市场有序健康发 展。此外，余伟文称，将于下周公布"稳定币发行人发牌制度"的摘要说明，文件会阐述香港金管局接受 和处理牌照申请的安排。 NO.2 全球RWA数据产业大会暨产学研RWA全球产业联盟启动 7月23日，由中国移动通信联合会、中国通信工业协会指导，多家机构联合发起"全球RWA数据产业大 会暨产学研RWA全球产业联盟启动"活动，该活动定于7月30日在中国香港召开。本次大会的核心使命 之一，为推动"香港RWA全球产业联盟"落地。该联盟由中国通信工业协会区块链专业委员会、中国移 动通信联合会人工智能与元宇宙产业工作委 ...

Group 1 - The Chinese government will hold economic and trade talks with the US from July 27 to 30, focusing on mutual respect and cooperation [2] - Hainan Free Trade Port will start full island closure operations on December 18, with a significant increase in zero-tariff imports from 21% to 74% [2] Group 2 - The National Development and Reform Commission is promoting collaboration between state-owned and private enterprises to enhance industrial chain cooperation and innovation [3] - China will provide elderly care service consumption subsidies to moderately disabled elderly individuals, starting in select pilot regions [3] - The Supreme Court has issued clarifications to protect the rights of home buyers, expanding the scope of consumer protection [3] Group 3 - The A-share market experienced fluctuations, with the Shanghai Composite Index closing at 3582.3 points, while the Shenzhen Component Index fell by 0.37% [4] - The Hong Kong Hang Seng Index rose by 1.62%, with Tencent Holdings increasing nearly 5%, reaching a market value of 500 billion HKD [4] - Financing in the A-share market has accelerated, with the financing balance reaching 1.9196 trillion CNY, marking a new high since April [4][5] Group 4 - 16 central enterprises signed investment agreements for 75 industrial projects in Tibet, totaling 317.537 billion CNY, focusing on clean energy and green minerals [9] - The Ministry of Agriculture is addressing challenges in the pig industry, including high production capacity and price volatility [9] Group 5 - The Shanghai Stock Exchange is focusing on supporting high-quality technology enterprises in the artificial intelligence sector [6] - Mindray Medical is considering a secondary listing in Hong Kong, aiming to raise at least 1 billion USD [6] Group 6 - The U.S. and Japan reached a trade agreement, reducing tariffs and committing to significant investments, particularly in semiconductors and energy [14] - The U.S. stock market saw gains, with major indices rising due to positive trade agreement news [17] Group 7 - Tesla reported a second-quarter adjusted EPS of 0.4 USD, with revenue of 22.5 billion USD, slightly below expectations [18] - Google exceeded revenue expectations with 96.428 billion USD, but its stock fell over 1% post-earnings [18] Group 8 - The domestic bond market is experiencing weakness, with significant increases in yields on government bonds [20] - The bond ETF market is growing rapidly, with the total scale surpassing 507.695 billion CNY, a 191.82% increase since the beginning of the year [20]

The entire altcoin market took a big hit today. And this is because of Ethereum actually, not Bitcoin. What's crazy about this is, you know, I've been seeing a lot of questions asking me, Nick, why did all coins take the leap down today while Bitcoin has barely budged.And that's because we're not focused on Bitcoin anymore. Like I said, we are in phase two of the cycle where it's no longer about Bitcoin. It's more so about what Ethereum does.For an example, if we actually look at the 24hour moves, Bitcoin i ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 DL HOLDINGS GROUP LIMITED 德林控股集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） 自願性公告 有關德林數字金融業務發展規劃 本集團計劃運用現有客戶資源與技術平台，尤其是旗下超高淨值社區及專業 投資者網絡，將RWA等實體資產上鏈，提升流動性並優化資產管理效率。 第三階段：構建合規跨境數字資產基金生態 本集團正設計「國際—香港」混合模式，結合開放市場法規優勢與國際投資人 需求，配合頂級量化交易團隊及母基金(FoF)基金資源，逐步擴大集團受託資 產管理規模(AUM)，引領全球化數字資本市場發展。 本集團的核心優勢與資源 本公告由德林控股集團有限公司（「本公司」或「德林」，連同附屬公司統稱為 「本集團」）自願刊發，旨在知會本公司股東及有意投資者有關本集團於數字 金融業務發展方面的最新規劃與戰略佈局，進一步鞏固本集團在數字金融基 礎 ...

Group 1 - The ChiNext 50 Index showed strong performance this week, increasing by 3.17% due to positive policy direction and improved market sentiment [1] - Trading activity has significantly increased, with the average daily trading volume in the Shanghai and Shenzhen markets reaching 1.56 trillion yuan, a year-on-year increase of 136.52% [1] - The margin financing balance has risen by 32.25% year-on-year to 1.9 trillion yuan, indicating an improvement in market risk appetite [1] Group 2 - The implementation of policies such as interest rate cuts and reserve requirement ratio reductions is expected to benefit long-term growth of quality stocks in the equity investment sector [1] - The upcoming enactment of the Stablecoin Regulation may further boost the development of financial technology applications, such as cross-border payments and RWA, which could positively impact the technology growth sector [1] - The ChiNext 50 ETF by Guotai (159375) tracks the ChiNext 50 Index (399673), which consists of 50 large-cap, liquid stocks from the ChiNext market, focusing on emerging sectors like information technology, new energy, fintech, and pharmaceuticals [1]

Group 1 - The Hang Seng Internet Technology Index rose by 2.64% on July 23, with the Hang Seng Internet ETF (159688) increasing by 2.76% and trading volume exceeding 150 million [1] - Major component stocks such as Yisou Technology, China Civil Aviation Information Network, Kuaishou-W, Baidu Group-SW, and Tencent Holdings saw significant gains, with Yisou Technology rising over 11% [1] - A global RWA data industry conference is scheduled for July 30 in Hong Kong, aimed at promoting the establishment of the "Hong Kong RWA Global Industry Alliance" and showcasing the latest experimental results in green finance and carbon credits [1] Group 2 - Southbound funds have been actively buying Hong Kong stocks, with net purchases reaching approximately 797.4 billion HKD this year, nearing last year's total of 808 billion HKD [2] - Southbound funds are becoming a key support force for the market, with a diversified allocation into information technology and communication services, while maintaining a core focus on financial stocks [2] - The outlook for the Hong Kong stock market remains positive, supported by the long-term undervaluation of the RMB and the appeal of Hong Kong stocks as core RMB assets [2] Group 3 - The initial DeepSeek market trend led to a revaluation of Chinese assets, which was interrupted by tariff disturbances in April, but since May, the revaluation has been driven by financial, consumer, and pharmaceutical sectors [3] - The Hang Seng Index has returned to 24,000 points, and while negative pressures are expected in the third quarter, recent marginal changes indicate that the pressure may be milder than anticipated [3] - The technology sector, comprising nearly one-third of the Hong Kong market, is highlighted as a key area for investors to focus on for potential revaluation opportunities [3]

Core Insights - The Shanghai Data Exchange hosted a closed-door seminar titled "New Opportunities in Capital Markets: RDA," attended by over ten financial institutions including Guotai Junan Securities, CITIC Securities, and others [1] - The seminar introduced the new paradigm of RDA, emphasizing the integration of real assets and the role of data in verifying and enhancing the value of other tangible assets [1] - A representative from the Shanghai Data Exchange delivered a presentation on the path to data valuation and RDA, analyzing the top-level design of data elements, the path to data assetization, and the new paradigm of asset digitization [1] Industry Developments - The discussions focused on key topics such as data valuation, RWA (Risk-Weighted Assets), and RDA (Real Data Assets), highlighting the trends and core advantages of RDA [1] - The seminar provided insights into the development trends of RWA and the implementation pathways for RDA, indicating a shift towards recognizing data as a valuable asset in the financial sector [1]

Core Viewpoint - The article highlights significant investment opportunities in the engineering machinery and environmental sectors, driven by large-scale infrastructure projects and the increasing trend of high-dividend stocks in the market [2][4][6]. Engineering Machinery - The commencement of the 1.2 trillion yuan Yarlung Tsangpo River hydropower project is expected to create a demand for engineering machinery worth approximately 150 billion yuan, with a potential annual profit increase of up to 4 billion yuan [2][8]. - The project involves the construction of five hydropower stations with a total investment of about 1.2 trillion yuan, which is one-ninth of the Three Gorges Project's static investment, and aims for a total installed capacity of 60 GW, generating an estimated annual output of 3,000 billion kWh [8]. - The high-altitude location of the project presents opportunities for electric and unmanned engineering machinery, which could lead to higher equipment value due to the harsh operating conditions [9]. - The overseas market for engineering machinery is showing signs of recovery, with profits from exports expected to exceed 80%, supported by favorable conditions in regions such as Indonesia, South America, Africa, the Middle East, and Europe [10]. Environmental Sector - The article discusses the potential for RWA (Risk-Weighted Assets) in environmental operations, emphasizing the importance of digitalization and data monitoring in enhancing asset value [4][6]. - The industry’s dividend payout ratio has increased by 14 percentage points over the past five years, reaching 48.5%, indicating a strong trend towards high-yield stocks [2][6]. - The expectation of national subsidies in 2025 is anticipated to improve cash flow within the sector, further supporting investment strategies focused on dividend returns [5][6].

Core Viewpoint - The company, Caitong Securities, is facing challenges in operational efficiency and market performance, as highlighted by investor concerns regarding its reporting practices and stock performance compared to peers [2][3]. Group 1: Stock Performance - As of July 22, 2025, Caitong Securities' stock closed at 8.17 yuan, down 0.12%, with a turnover rate of 0.79% and a trading volume of 365,700 shares, amounting to a total transaction value of 298 million yuan [1]. - Among 50 listed securities companies, Caitong Securities is one of only two whose stock price remains below its initial offering price, with a decline of 12.93% [2]. Group 2: Investor Relations - Investors have expressed concerns about the company's adherence to regulatory deadlines for annual and semi-annual reports, suggesting a perception of inefficiency in service delivery and operational processes [2]. - The company has confirmed that it will disclose its semi-annual report on August 29, 2025, adhering to regulatory requirements [2]. Group 3: Financial Announcements - Caitong Securities announced the successful repayment of its 2024 seventh short-term financing bond, which had a total issuance of 2 billion yuan and a maturity of 235 days, with a coupon rate of 1.92% [4][5]. - The total principal and interest paid for this bond amounted to approximately 2.02 billion yuan [4][5]. Group 4: Market Activity - On July 22, 2025, the net capital flow for Caitong Securities showed a net outflow of 25.72 million yuan from institutional investors, while retail investors contributed a net inflow of 19.08 million yuan [3][5].

Investment Rating - The report maintains a "Buy" rating for Hainan Huatie, with a target price of 13.05 CNY based on a 29 times price-to-earnings ratio for 2025 [3][5][8]. Core Views - The company is expected to face challenges in its equipment leasing business in 2024 due to macroeconomic factors, leading to a downward revision of revenue and profit forecasts [3][8]. - The projected earnings per share for 2025-2027 are 0.45 CNY, 0.71 CNY, and 0.96 CNY, respectively, down from previous estimates of 0.75 CNY and 0.98 CNY for 2025 and 2026 [3][8]. - Hainan Huatie is positioned to benefit from the growing trend of Real World Asset (RWA) tokenization, leveraging its substantial asset base in equipment leasing and its new foray into computing power leasing [7][8]. Financial Summary - Revenue is projected to grow from 4,444 million CNY in 2023 to 10,984 million CNY in 2027, with a compound annual growth rate (CAGR) of 26.2% [4][10]. - Operating profit is expected to increase from 981 million CNY in 2023 to 2,363 million CNY in 2027, reflecting a significant growth trajectory [4][10]. - The net profit attributable to the parent company is forecasted to rise from 801 million CNY in 2023 to 1,908 million CNY in 2027, with a notable increase in the net profit margin from 18.0% to 17.4% over the same period [4][10]. - The company's gross margin is projected to decline from 46.5% in 2023 to 40.9% in 2027, indicating potential cost pressures [4][10]. Market Position and Strategy - Hainan Huatie is a leading equipment leasing company in China, managing over 470,000 tons of construction support equipment and more than 180,000 aerial work platforms [7]. - The company has begun to explore computing power leasing as a second growth curve, with signed contracts exceeding 7 billion CNY [7]. - Strategic partnerships, such as the collaboration with the RWA Research Institute, aim to enhance the company's capabilities in asset tokenization and establish industry standards [7].