Market Overview - The Hong Kong stock market started poorly in August, with the Hang Seng Index closing down 1.07% at 24,507.81 points, and a total trading volume of 254.67 billion HKD [1] - The Hang Seng Index fell 3.47% over the week, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index dropped 3.78% and 4.94%, respectively [1] - Concerns about rising overseas risks are prevalent, including the increase in dollar assets potentially reducing global interest in Chinese assets [1] Blue-Chip Performance - ZTO Express (02057) led blue-chip stocks, rising 7.44% to 163.2 HKD, contributing 7.92 points to the Hang Seng Index [2] - Other notable blue-chip performances included Xinyi Solar (00968) up 1.31% and Baidu Group (09888) up 1.06%, while Sinopec (00386) and PetroChina (00857) saw declines of 5.87% and 3.26%, respectively [2] Sector Highlights - The logistics sector saw a positive response to anti-competitive policies, with ZTO Express and Jitu Express (01519) both rising [3] - The photovoltaic sector was active following the Ministry of Industry and Information Technology's announcement of energy-saving inspections, with several solar stocks showing gains [4] - The stablecoin sector experienced a significant downturn after the implementation of the Stablecoin Regulation in Hong Kong, with major declines in related stocks [5][6] Notable Stock Movements - Joy City Property (00207) surged 45.95% after announcing a share buyback plan at a premium price [7] - InnoCare Pharma (02577) rose 30.91% following its inclusion in NVIDIA's partner list for 800V DC power architecture [8] - NIO Inc. (09866) saw an 8.62% increase after launching its new flagship SUV model [9] - Innovent Biologics (09939) faced a 16.8% drop due to a planned share placement at a discount [10] - Sinopec's stock fell 5.87% after a profit warning indicating a significant year-on-year decline in net profit [11]

恒生科技指数跌1.02%。稳定币概念股跌幅居前，耀才证券金融跌约20%，云锋金融跌约16%，金涌投 资跌约11%。英诺赛科涨约31%，英伟达最新800V架构供应商名单曝光，公司为中国唯一入选芯片企 业。部分汽车股上涨，蔚来涨约9%。 ...

港股稳定币概念股跌幅扩大，耀才证券金融跌逾20%，云锋金融跌逾14%，连连数字跌逾10%，国泰君 安国际、金涌投资跟跌。 ...

Group 1 - The concept stocks related to stablecoins in the Hong Kong market have seen a significant decline, with Yao Cai Securities Financial dropping over 20% [1] - Yunfeng Financial has decreased by more than 14%, while Lianlian Digital has fallen by over 10% [1] - Guotai Junan International and Jinyong Investment both experienced declines of over 7% [1] Group 2 - A-share accounts can now facilitate T+0 trading for Hong Kong stocks without the need for the Hong Kong Stock Connect [1]

Core Viewpoint - The concept stocks related to stablecoins in the Hong Kong market experienced a significant decline, indicating a negative sentiment in this sector [1] Group 1: Stock Performance - Yao Cai Securities Financial fell over 15% [1] - Yunfeng Financial dropped 14% [1] - Jinyong Investment and Huajian Medical both decreased by over 10% [1] - Lianlian Digital and Guotai Junan International saw declines exceeding 8% [1]

相关人士须符合储备资产管理及赎回等方面的规定，包括妥善分隔客户资产、维持健全的稳定机制，以 及须在合理条件下按面额处理稳定币持有人的赎回要求。相关人士也须符合一系列打击洗钱及恐怖分子 资 筹集、风险管理、披露规定及审计和适当人选等要求。金融管理专员会适时就制度的详细监管要求 作进一步咨询。 消息面上，8月1日，香港《稳定币条例草案》正式生效，这是在香港设立法币稳定币发行人的发牌制 度，完善对虚拟资产活动在香港的监管框架，以保持金融稳定，同时推动金融创新。《稳定币条例》实 施后，任何人如在业务过程中在香港发行法币稳定币，或在香港或以外发行宣称锚定港元价值的法币稳 定币，必须向金融管理专员申领牌照。 稳定币概念股午后跌幅扩大，截至发稿，耀才证券金融(01428)跌16.67%，报12.3港元；连连数字 (02598)跌9.93%，报10.52港元；OSL集团(00863)跌9.32%，报14.98港元；国泰君安国际(01788)跌 7.97%，报5.89港元。 ...

相关人士须符合储备资产管理及赎回等方面的规定，包括妥善分隔客户资产、维持健全的稳定机制，以 及须在合理条件下按面额处理稳定币持有人的赎回要求。相关人士也须符合一系列打击洗钱及恐怖分子 资金筹集、风险管理、披露规定及审计和适当人选等要求。金融管理专员会适时就制度的详细监管要求 作进一步咨询。 消息面上，8月1日，香港《稳定币条例草案》正式生效，这是在香港设立法币稳定币发行人的发牌制 度，完善对虚拟资产活动在香港的监管框架，以保持金融稳定，同时推动金融创新。《稳定币条例》实 施后，任何人如在业务过程中在香港发行法币稳定币，或在香港或以外发行宣称锚定港元价值的法币稳 定币，必须向金融管理专员申领牌照。 智通财经APP获悉，稳定币概念股午后跌幅扩大，截至发稿，耀才证券金融(01428)跌16.67%，报12.3港 元；连连数字(02598)跌9.93%，报10.52港元；OSL集团(00863)跌9.32%，报14.98港元；国泰君安国际 (01788)跌7.97%，报5.89港元。 ...

港股稳定币概念股午后跌幅扩大，金涌投资(01328.HK)跌超10%，国泰君安国际(01788.HK)跌超9%，众 安在线(06060.HK)跌超6%。 ...

Core Viewpoint - The majority of the 26 listed securities firms have reported significant profit growth for the first half of 2025, with some firms achieving tenfold increases in net profit, indicating a strong recovery in the sector [2][3][5]. Group 1: Performance Highlights - Huaxi Securities expects a net profit of 4.45 billion to 5.75 billion RMB, representing a year-on-year increase of 1025.19% to 1353.90% [5][6]. - Guolian Minsheng anticipates a net profit of 11.29 billion RMB, marking an increase of approximately 1183% compared to the previous year [5][6]. - Among the 26 firms, Guotai Haitong stands out with an expected net profit between 152.83 billion and 159.57 billion RMB, significantly higher than its competitors [3][4]. Group 2: Sector Growth Drivers - The overall net profit growth for the securities sector is attributed to increased trading activity, regulatory optimization, and supply-side reforms, which enhance long-term growth potential and investment value [8][9]. - The sector's main revenue sources, including proprietary trading, brokerage, and investment banking, have shown substantial year-on-year increases, contributing to the overall performance [7][8]. - The integration of Guolian Minsheng with Minsheng Securities has also played a role in boosting its financial results, alongside a general recovery in various business lines [6][8]. Group 3: Market Outlook - Analysts predict a dual boost in valuation and profitability for securities stocks, driven by increased market activity and improved operational efficiency within firms [8][9]. - The recent approval of virtual asset trading licenses for firms like Guotai Junan International is expected to further stimulate interest and investment in the securities sector [9].

Group 1 - Needham raised the target price for Robinhood, a stablecoin concept stock, from $71 to $120 [1]