Core Viewpoint - The news highlights the recent developments in the Hong Kong stablecoin market following the enactment of the Stablecoin Regulation on August 1, with significant interest from major internet companies like JD.com and Ant Group regarding license applications [1] Group 1: Market Reactions - Yao Cai Securities (01428) saw a nearly 8% increase in stock price, reaching HKD 12.36 with a trading volume of HKD 395 million [1] Group 2: Company Developments - JD.com has denied rumors of withdrawing from the stablecoin license competition, stating that it is preparing to apply for a stablecoin license [1] - Ant Group has not officially responded to inquiries but is expected to submit its application soon, indicating a low probability of both companies missing out on the Hong Kong stablecoin market [1] Group 3: Strategic Implications - Ant Group plans to accelerate investments and expand partnerships in global treasury management following the regulation's enactment [1] - The potential acquisition of a 50.55% stake in Yao Cai Securities by Ant Group could enhance Yao Cai's capabilities in virtual asset business, including stablecoin trading and investment management [1] - Yao Cai may consider applying for a Virtual Asset Trading Platform (VATP) license, depending on its existing licenses and regulatory upgrades [1]

Core Viewpoint - Derin Holdings (01709) has announced a conditional subscription agreement with Pangu Software Pte Ltd, involving an investment of $1 million for 1,041 ordinary shares, with an option for an additional $1 million for the same number of shares, aimed at strengthening its strategic position in the digital entertainment and Web3 sectors [1] Group 1: Investment Details - The investment will result in Derin Holdings' fund holding approximately 2.0% of Pangu's equity post-investment, assuming no further issuance or repurchase of shares [1] - The fund is managed by a wholly-owned subsidiary of Derin Holdings, which holds about 11.7% interest in the fund [1] Group 2: Pangu's Business Model - Pangu is a Singapore-registered tech company focused on developing decentralized Web3 gaming platforms, utilizing blockchain and AI technologies to enhance user engagement and digital asset ownership [2] - Pangu operates the MetaCene Universe, which has launched four Web3 titles, including innovative games that support decentralized governance and NFT-based game assets [2] Group 3: Strategic Alignment - The investment aligns with Derin Holdings' long-term vision in digital finance, virtual assets, and real-world asset (RWA) tokenization, facilitating potential new business developments and collaborations in the merging fields of virtual assets and decentralized finance [2][3] - Derin Holdings plans to tokenize RWAs, including commercial properties and fund interests, leveraging blockchain infrastructure to distribute digital rights to qualified shareholders [3] Group 4: Competitive Advantage - The company is expanding its regulatory license to cover various virtual asset activities, viewing virtual assets as a transformative force in inclusive finance and institutional-level digital finance [3] - Pangu's extensive experience in virtual asset operations and its overseas user distribution resources are expected to enhance Derin Holdings' service and product offerings, tapping into new digital economy audiences [3] Group 5: Strategic Value - The investment is anticipated to position Derin Holdings to participate in the rapid development of Web3 technologies and business models, which are strategically significant for its digital finance development plans [4] - By establishing a partnership with Pangu, Derin Holdings aims to seize opportunities in digital entertainment and drive the integration of traditional finance with innovative blockchain-driven asset models, creating long-term value for shareholders and clients [4]

行业研究 证 券 研 究 报 告 非银金融行业数据周报（20250728-20250801） 推荐（维持） 保险板块跑赢大盘，市场活跃度边际下滑 重点公司盈利预测、估值及投资评级 | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 中国太保 | 37.10 | 4.87 | 4.99 | 5.10 | 7.61 | 7.44 | 7.28 | 1.08 | 推荐 | | 中国人寿 | 40.74 | 3.09 | 3.19 | 3.25 | 13.17 | 12.79 | 12.54 | 2.25 | 推荐 | | 广发证券 | 19.34 | 1.45 | 1.55 | 1.68 | 13.36 | 12.46 | 11.50 | 1.17 | 推荐 | | 中信证券 | 28.75 | 1.82 | ...

Investment Rating - The report suggests a positive outlook on the Hong Kong stock market, particularly focusing on internet assets and traditional virtual asset companies, indicating a strong medium to long-term logic despite short-term adjustments [9]. Core Insights - The report emphasizes the need for a cautious approach as financial data and verification logic become critical with the onset of new earnings reports from overseas Chinese assets [9]. - It highlights the ongoing trends in blockchain and virtual assets, noting a temporary cooling but a long-term positive trajectory supported by regulatory developments in the U.S. and Hong Kong [9]. - The report identifies potential risks related to U.S.-China tariff issues and the need for vigilance regarding the performance of overseas Chinese assets [9]. Industry Summaries Education - The education index decreased by 0.49%, outperforming major indices like the CSI 300 and Hang Seng Index [10]. - Key players such as New Oriental and TAL Education reported mixed results, with New Oriental's revenue increasing by 9.4% year-on-year [24][10]. - The competitive landscape is intensifying due to the recovery of smaller institutions, leading to a slowdown in growth for leading companies [4]. Luxury Goods - The luxury goods sector faced challenges, with the S&P Global Luxury Goods Index dropping by 6.63% [20]. - Notable companies like Hermès and Prada showed varied performance, with Hermès reporting a 7% increase in revenue while Prada's growth was more modest at 9.1% [25][20]. Coffee and Tea - The coffee sector remains robust, with Luckin Coffee reporting a 47.1% year-on-year revenue increase [29]. - The tea beverage market is under pressure due to regulatory changes affecting promotional activities [4]. E-commerce - The e-commerce sector is experiencing a slowdown, with the Hang Seng Internet Technology Index down by 2.67% [32]. - Companies like Alibaba and Tencent reported declines in stock performance, reflecting ongoing competitive pressures [32]. Streaming Platforms - The media index fell by 1.9%, with major players like Spotify and Tencent Music experiencing significant stock declines [36]. - Spotify's Q2 revenue growth was below expectations, indicating challenges in the streaming market [36]. Virtual Assets & Trading Platforms - The global cryptocurrency market capitalization decreased by 4.7%, with Bitcoin and Ethereum prices also declining [41]. - Regulatory developments, such as the SEC's "Project Crypto," are expected to shape the future of the virtual asset market positively [47]. Real Estate Transactions - Real estate transactions in major cities showed mixed results, with year-on-year changes in transaction volumes ranging from -17% in Beijing to 0% in Shenzhen [36]. Automotive Services - The automotive repair industry is projected to maintain a positive outlook, with a focus on the aftermarket ecosystem [4].

2025年7月31日，瑞和数智科技控股有限公司(03680)发布中期业绩盈利预喜，预估2025上半年业绩收入 扭亏为盈，盈利约4300万至4400万元人民币。这一亮眼成绩的背后，主要源于前瞻性投资布局的丰厚回 报、公司管理层经营效率的显著提升以及持续推进的降本增效。 投资收益成盈利 "新动能"， 战略眼光兑现价值 核心主业稳健，金融科技深耕不辍 在投资业务高歌猛进的同时，瑞和数智始终坚守金融科技核心赛道，在大数据解决方案、营销科技等传 统优势领域持续深耕，服务能力得到金融客户的广泛认可。公司战略清晰，在巩固金融行业领先地位的 基础上，积极拓展客户边界与业务外延： 横向拓展客户群：成功将服务模式从金融机构复制到更广泛的行业。例如联合泉州数据集团(泉州市数 据集团是泉州市属全资国有大数据企业，主要承担市级政务数据汇聚共享平台技术服务及公共数据资源 开发任务)运营地方金融平台、为新能源领军制造企业打造大数据平台等，推动技术能力跨行业迁移， 开辟了新的增长空间。 纵向深耕金融科技：积极探索金融行业的细分蓝海。7月29日，瑞和数智宣布联合香港金融科技领军企 业启动"虚拟加密资产交易系统"的开发，为券商提供合规高效的交易 ...

Core Insights - The Hong Kong digital asset ecosystem is experiencing expansion opportunities as regulatory frameworks are being optimized, allowing licensed institutions to broaden their business scope [1][3][4] Regulatory Developments - Hong Kong regulators are loosening restrictions on licensed institutions, with the Securities and Futures Commission (SFC) recently approving licensed crypto exchanges to offer staking services upon separate approval [3][4] - The regulatory environment is evolving from strict to more permissive, enabling a wider range of products and services within the digital asset space [3][16] - The principle of "same activity, same risks, same regulation" is being adopted to foster a vibrant and innovative digital asset ecosystem [3][16] Competitive Landscape - The Hong Kong cryptocurrency market consists of three main participants: global exchanges without local licenses (e.g., Binance), licensed exchanges and brokers (e.g., OSL and Futu), and offline stores facilitating small-scale crypto transactions [4][17] - Licensed exchanges and brokers have advantages such as connections with local banks, enhanced customer protection, and the ability to conduct marketing activities in Hong Kong [4][17] - OSL's fee structure for OTC trading is 25 basis points, with comprehensive solutions charging 10-15 basis points, and payment services around 2.5%, which is higher than international peers like Coinbase [4][20] Stablecoins and Their Role - Stablecoins play a crucial role in the Hong Kong digital asset ecosystem, with exchanges facilitating a significant volume of stablecoin-related transactions [5][21] - OSL is applying for stablecoin licenses in the EU and considering applications in Hong Kong and Singapore, emphasizing the importance of sustainable use cases for stablecoin issuance [5][21] - The transition from mainstream stablecoins to Hong Kong dollar-backed stablecoins may face challenges, leading most licensed institutions to operate primarily as stablecoin distributors rather than issuers [5][21][22] RWA Tokenization - The tokenization of Real World Assets (RWA) in Hong Kong is still in its early stages, with OSL providing end-to-end solutions and custodial services [6][23] - Current RWA transactions are conducted in fiat, limiting the potential for 24/7 trading; however, using stablecoins could enable real-time transactions [6][23][24] - The slow development of RWA tokenization presents opportunities for the application of Hong Kong dollar stablecoins [6][24][25] Cross-Border Payment Solutions - OSL is building a global payment network that supports both crypto and fiat transactions, with stablecoins playing a key role [26][30] - The application of stablecoins in payments can significantly reduce transaction times compared to traditional banking methods, which typically take 2 to 5 business days [28][30]

Group 1: Industry Overview - The Hong Kong asset management and private equity industry is demonstrating resilience amidst global geopolitical uncertainties and uneven economic recovery, solidifying its position as a financial hub in the Asia-Pacific region [1][13][18] - By the end of 2024, the total assets under management in Hong Kong's asset and wealth management industry are expected to grow by 13% year-on-year, reaching HKD 35.1 trillion, with net inflows surging by 81% [1][18][21] Group 2: IPO Market Performance - In the first half of 2025, Hong Kong raised HKD 107.1 billion through IPOs, marking the highest level since 2021, driven by "A+H" listings contributing 72% of the total financing [1][21][22] - The strong performance of the IPO market is supported by a robust pipeline of companies in technology, healthcare, and consumer sectors, with a record 26 A-share companies seeking dual listings in Hong Kong [1][21] Group 3: Industry Consolidation and Trends - Global asset management is experiencing significant consolidation, with firms seeking to expand scale and product offerings through mergers and acquisitions, a trend also evident in Hong Kong [2][27][28] - The rise of a "multi-strategy supermarket" model is emerging, where firms offer a wide range of investment solutions to meet the diverse needs of Asia's growing middle class [2][27] Group 4: Regulatory Developments - The Hong Kong Securities and Futures Commission (SFC) is enhancing scrutiny of asset management firms, focusing on potential risks in private fund management and aiming to improve compliance standards [2][34][37] - Key regulatory priorities include investor protection, cybersecurity, and the implementation of robust internal controls to mitigate risks in the digital age [2][34][39] Group 5: Tax Policy Optimization - Hong Kong is reforming its Unified Fund Exemption (UFE) system to include more investment categories and simplify approval processes, enhancing tax certainty for fund managers [3][43][44] - The proposed reforms aim to attract international fund managers by providing clearer guidelines and expanding the scope of tax exemptions [3][43][45] Group 6: Private Equity and Alternative Investments - Despite geopolitical tensions, the Chinese mainland market remains vibrant, with active RMB funding providing exit opportunities for foreign investors [3][48] - The emergence of structured liquidity solutions is accelerating the development of the secondary private equity market, catering to the growing demand for liquidity and exit strategies [3][48] Group 7: Cross-Border Cooperation and Technological Innovation - Hong Kong is enhancing cross-border investment facilitation, with initiatives like "Cross-Border Wealth Management Connect 2.0" expanding participation and product offerings [4][13] - Technological innovations, particularly in artificial intelligence and virtual assets, are reshaping the industry landscape, improving operational efficiency and attracting retail investors [4][5][13] Group 8: Family Offices and Wealth Management - The number of family offices in Hong Kong is projected to grow by 43% by 2025, driven by government initiatives to attract ultra-high-net-worth individuals [5][13] - Local asset management firms are expanding services to include wealth management and tax consulting, enhancing Hong Kong's appeal to global family offices [5][13]

7月29日，港交所披露易显示，BlackRock,Inc.（即贝莱德）于7月22日买入了中金公司港股126.24万股，耗 资2552.45万港元，折合人民币约2333.71万元。截至7月29日，贝莱德对中金公司的好仓持股比例超过5%。 披露易信息还显示，贝莱德早在6月份就买入了中金公司港股，并在此后进行了多番买入卖出操作。Wind显 示，截至7月29日，中金公司港股最近一月累计涨幅为22%。 近期频繁交易中金公司和中国银河 分析师称券商板块此轮上涨持续性或更强 中金公司和中国银河证券同为中央汇金旗下，两家公司日前均发布了业绩预增公告。其中，中金公司预计上半 年实现归母净利润为34.53亿元到39.66亿元，同比增加55%到78%。中金公司称，上半年公司投资银行、股票 业务、财富管理等业务板块收入同比增加，公司业绩同比增长。 7月29日披露易的信息显示，贝莱德于7月22日买入了中金公司港股126.24万股，平均价格为20.2190港元/股。 这番买入后，贝莱德对中金公司的好仓持股为9539.97万股，持股比例为5.01%；淡仓持股为759.96万股，持股 比例为0.40%。 在港股市场，由于金融机构在市场中同时 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) is set to implement a regulatory framework for stablecoin issuers starting August 1, 2025, with the issuance of licenses expected to be limited initially to a few entities, establishing a robust compliance and trust foundation for the market [1][4][8]. Regulatory Framework - The HKMA has released several documents related to the stablecoin regulatory framework, including guidelines for licensed stablecoin issuers and anti-money laundering directives, which will be published on August 1, 2025 [4]. - Institutions interested in applying for a license are encouraged to contact the HKMA by August 31, 2025, to understand regulatory expectations and improve their application materials [4][8]. - The initial phase of license issuance will be limited, with only a few licenses expected to be granted, emphasizing the need for applicants to present concrete business rationales and application scenarios [8][9]. Market Participation - Several institutions, including Ant Group and JD.com, are predicted to be among the first to receive licenses due to their strong blockchain technology foundations and application scenarios [2]. - The HKMA has noted that while many institutions have expressed interest in obtaining licenses, many proposals remain conceptual without practical application plans [8]. Sandbox Testing - The HKMA plans to launch a "stablecoin issuer sandbox" in March 2024, allowing institutions to test their business models and technology systems in a controlled environment [8][9]. Virtual Asset Regulation - Hong Kong is actively developing a global virtual asset center and exploring the application of offshore Renminbi (CNH) stablecoins, with a regulatory roadmap aimed at balancing innovation and risk management in the virtual asset market [11]. - The regulatory framework for virtual assets in Hong Kong is taking shape, with different licenses required for various types of virtual assets, including those linked to stablecoins [11][12]. Institutional Developments - Chinese securities firms are rapidly entering the virtual asset trading service sector, with several firms obtaining licenses to provide compliant digital asset trading services [12]. - The approval of licenses for virtual asset trading services is seen as a significant step for Chinese banks to engage in the virtual asset market, indicating a growing interest and potential for development in this area [12].

Core Viewpoint - 瑞和数智 (03680) has entered into a cooperation framework agreement with an independent third-party institution for the joint development of a virtual cryptocurrency trading platform, aligning with the national digital economy strategy and aiming to enhance the trading systems of Hong Kong securities firms [1] Group 1 - The third-party institution is a leading company in the fintech solutions industry, having served over 50 securities firms and other financial institutions [1] - The agreement emphasizes the importance of upgrading virtual asset trading systems to meet market demands and regulatory standards, leveraging the strengths of both parties [1] - The company will hold the copyrights for jointly developed patents, while the third-party institution will have permanent usage rights for these patents [1] Group 2 - The board believes that this strategic cooperation aligns with the company's diversification strategy into the virtual asset trading industry, enabling it to seize opportunities in the rapidly growing digital economy [1] - The collaboration is expected to accelerate the company's adaptation to market trends and regulatory changes, thus capturing new business opportunities [1] - The board considers the strategic cooperation plan to be fair, reasonable, and in the overall interest of the company and its shareholders [1]