Core Insights - The financial technology ETF (516860) has shown strong performance, with a 1.49% increase recently and a 13.88% rise over the past week [1] - The Hong Kong regulatory environment for stablecoins is evolving, with the introduction of the "Hong Kong Digital Asset Development Policy Declaration 2.0," indicating a shift towards a more structured digital asset market [1] - Leverage funds are increasingly investing in the financial technology sector, with a net financing amount of 174.80 million yuan this month [1] Performance Metrics - As of June 27, 2025, the financial technology ETF has achieved a 108.34% increase in net value over the past year, ranking 8th out of 2888 index stock funds [2] - The ETF's highest monthly return since inception was 55.92%, with an average monthly return of 10.19% and a historical three-year holding probability of 97.25% [2] Risk and Recovery - The Sharpe ratio for the financial technology ETF is 1.61 as of June 27, 2025, indicating a favorable risk-adjusted return [3] - The ETF has experienced a relative drawdown of 0.44% this year, with a recovery time of 79 days, the fastest among comparable funds [3] Fee Structure and Tracking Accuracy - The management fee for the financial technology ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [4] - The tracking error for the ETF over the past month is 0.039%, indicating the highest tracking precision among similar funds [4] Index Composition - The CSI Financial Technology Theme Index (930986) includes major companies such as Tonghuashun, Dongfang Caifu, and Runhe Software, with the top ten stocks accounting for 52.03% of the index [4]

盘前要闻 1、中方就美关税谈判再发警告：反对牺牲中方利益，呼吁站在正义一边 类型：宏观 情绪影响：中性 商务部新闻发言人表示，中方乐见各方通过平等磋商解决与美方经贸分歧，但坚决反对任何一方以牺牲 中方利益为代价达成交易，换取所谓关税减免。有评论指出，这是中国商务部对任何与美国达成损害中 国利益贸易协议的国家发出的严厉警告。 2、国常会定调！强化企业科技创新主体地位，深化科技成果转化机制改革 类型：宏观 情绪影响：正面 上周五晚间国常会提出，加快推进高水平科技自立自强，要围绕"补短板、锻长板"加大科技攻关力度， 巩固和提升优势领域领先地位，加快突破关键核心技术，牢牢把握发展主动权，要切实将科技成果转化 为现实生产力。 3、遏制过度炒作！沪深交易所同步出台新规，ST股涨跌停板放宽至10% 类型：市场 情绪影响：正面 沪深交易所同步公告称，拟将各自主板风险警示股票价格涨跌幅限制比例由5%调整为10%。相关制度 调整有利于股票在更大价格空间消化利好或利空因素。从科创板、创业板运行实践来看，调整价格涨跌 幅限制比例有望缓解主板风险警示股票过度波动，减少连续涨停或跌停现象。 类型：宏观 情绪影响：正面 中国人民银行货币政 ...

Group 1 - Hong Kong's stablecoin legislation will take effect on August 1, aiming to create a favorable market environment and necessary regulatory measures to promote the application of stablecoins in various scenarios [1] - The Hong Kong Monetary Authority signed a strategic cooperation agreement with the Asian Infrastructure Investment Bank (AIIB) to invest in risk investment funds focused on emerging markets in Asia, supporting green transformation and infrastructure development [1][2] - Hong Kong's exports increased by 15.5% year-on-year, marking 15 consecutive months of positive growth, with significant increases in exports to Vietnam (59%), Japan (20%), and mainland China (18%) [3] Group 2 - The global South, including Asia, is increasingly favoring the use of local currencies for trade settlements, with China being the world's largest trading nation since 2017, accounting for 12.5% of global trade last year [4] - Hong Kong is enhancing its role as the largest offshore RMB business hub by improving RMB liquidity and optimizing financial infrastructure to support financing, payment, investment, and fund allocation needs [4] - The potential of fintech in cross-border trade is significant, aiming to address long-standing issues of slow payment speeds and high costs, with stablecoins offering cost-effective alternatives for payment and capital market activities [4] Group 3 - The visit to Tianjin included representatives from over 20 startups in various fields such as AI, robotics, and fintech, aiming to explore collaboration and resource sharing with local enterprises [5] - The deepening integration of the Asian region is a crucial and irreversible economic development trend, presenting opportunities for Hong Kong to contribute to regional prosperity [6]

Group 1 - The core viewpoint is that more Hong Kong brokerages are expected to enter the virtual asset business, driven by recent policy support and market conditions [1][2] - The Hong Kong government has released the "Digital Asset Policy Declaration 2.0," aiming to establish the region as a global innovation center for digital assets, with strategies to optimize laws and regulations, expand tokenized product categories, and promote application scenarios [2] - The brokerage sector is entering an earnings window, with expectations that profitability may exceed forecasts due to favorable market conditions [1][2] Group 2 - Recent fluctuations in the ten-year government bond yield, which has been between 1.6% and 1.7%, are anticipated to influence the life insurance sector, potentially leading to a reduction in the preset interest rate for life insurance [2]

Group 1: Policy Declaration 2.0 Overview - Declaration 2.0 represents Hong Kong's determination to become a global leader in the digital asset field, encompassing stablecoins and their surrounding ecosystem [3] - The declaration extends the development expectations for stablecoins to 3-5 years, providing broader development space and application scenarios [2] Group 2: Regulatory Framework - Declaration 2.0 establishes a clear regulatory timeline, with the government set to implement a stablecoin issuer regulatory system starting August 1, 2025 [4] - The Securities and Futures Commission is designated as the main regulatory body for digital asset trading service providers, outlining compliance pathways for market participants [5] - The Hong Kong Monetary Authority will act as the frontline regulator for banks involved in digital asset trading, clarifying the execution of regulations [6] Group 3: Tokenization and Asset Development - The declaration establishes a regularized mechanism for the issuance of tokenized government bonds, expanding the application of stablecoins [7] - It provides incentives for the tokenization of real-world and financial assets, including precious metals and renewable energy [8] Group 4: Company Strategy in Stablecoin Sector - The company is actively expanding its overseas business, preparing for H-share issuance, and plans to invest in digital currency and stablecoin technology development [9] - It is engaging with key participants in the stablecoin ecosystem to explore issuance processes and technical solutions [10] - The company aims to leverage its experience in digital RMB to transition from system builders to financial product designers and operators [11] Group 5: Research and Development - The company is conducting research on blockchain technology applications through the Macau Web3 retail payment system, focusing on transaction performance metrics [12] - It is exploring various operational paths in the stablecoin ecosystem based on the regulatory framework established in Declaration 2.0 [14] Group 6: Collaboration and Partnerships - The company is engaging with both multinational and local banks in Hong Kong to explore technical collaboration opportunities [17] - It is also seeking partnerships with non-bank institutions to enhance system construction and service offerings [18]

Group 1 - The core viewpoint of the article is that the regulatory policies for stablecoins and RWA (Real World Assets) in Hong Kong are expected to accelerate the development of digital asset ecosystems [1] - The introduction of the "Hong Kong Digital Asset Development Policy Declaration 2.0" marks the transition of the digital asset market from a "pilot program" phase to an "implementation and promotion" phase [1] - Brokerage firms are likely to expand into the virtual asset trading service market, which may initiate a wave of license upgrades [1] Group 2 - The digital asset era is anticipated to accelerate its comprehensive launch, with stablecoins and RWA expected to enter a new stage of vigorous development [1]

Core Viewpoint - The Hong Kong Special Administrative Region government has released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to establish Hong Kong as a global innovation center in the digital asset sector, with a focus on stablecoins and tokenized real-world assets (RWA) as core pillars of the policy [1][2][4] Group 1: Policy Upgrades - The new declaration represents a systematic upgrade from the 2022 version, transitioning from a "testing ground" for digital assets to a more institutionalized, scaled, and global approach [1] - The declaration is structured around the "LEAP" strategy, focusing on compliance regulation, asset tokenization, scenario expansion, and talent development [1] Group 2: Terminology Shift - A significant change in terminology from "virtual assets" to "digital assets" reflects a broader regulatory perspective and a shift in focus, encompassing cryptocurrencies, stablecoins, and various forms of tokenized real assets [2] Group 3: Stablecoin Regulation - The declaration emphasizes support for stablecoins and other tokenized projects, particularly exploring the use of stablecoins as payment tools, which could revolutionize payment systems, supply chain management, and capital market activities [2] - A regulatory framework for stablecoin issuers will be implemented starting August 1, 2025, establishing requirements for reserve asset management, stability mechanisms, redemption processes, and prudent risk management [2][4] Group 4: Tokenization of Assets - The Hong Kong government plans to regularize the issuance of tokenized government bonds and promote the tokenization of a wider range of assets and financial instruments, including precious metals and renewable energy [3] - The declaration positions the tokenization of RWA as a key industry development direction, aiming to bridge the gap between the virtual economy and the real economy [4] Group 5: Institutional Innovations - The declaration outlines a clear timeline for stablecoin regulation, with Hong Kong set to become one of the few jurisdictions to provide a "landing pass" for stablecoins, facilitating their legalization and standardization [4] - Tokenized ETFs and digital asset funds, if legislated, will enjoy the same stamp duty and profits tax exemptions as traditional ETFs, significantly reshaping financial market rules and attracting international capital to Hong Kong [4]

Group 1 - The Ministry of Commerce announced that China will approve export applications for controlled items that meet certain conditions, and the US will correspondingly lift a series of restrictive measures against China [1] - The People's Bank of China emphasized the role of large banks in supporting the real economy and utilizing various financial instruments to stabilize the capital market [5] - The National Development and Reform Commission stated that the third batch of funds for the replacement of old consumer goods will be allocated in July [6] Group 2 - The State Council issued a plan to improve the credit repair system, focusing on systematic regulations across ten aspects [2] - The new version of the Anti-Unfair Competition Law will take effect on October 15, 2025, aiming to enhance market competition order and establish a unified market system [6] - The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to position Hong Kong as a global innovation center in the digital asset field [8] Group 3 - The release of the new generation of domestically developed CPU, Longxin 3C6000, signifies China's advancement in independent technology without reliance on foreign authorization [9] - Alibaba reported a revenue of 996.347 billion yuan for the 2025 fiscal year, with a net profit increase of 77% to 125.976 billion yuan [10] - Xiaomi launched its first SUV, YU7, with significant initial sales, indicating strong market demand for new automotive products [10]

► 三、投资建议 [Table_Title2] 计算机行业周报 [Table_Summary] 本周观点: ► 一、稳定币：合规提速与应用破局并行 韩国通过《数字资产基本法》草案，大幅降低稳定币 发行门槛至 5 亿韩元，激发 Kakao Pay 等支付巨头及 银行联盟加速布局韩元稳定币；中国香港则发布《数 字资产发展宣言 2.0》，明确将于 2025 年 8 月实施稳 定币发牌机制；同时国泰君安国际获批成为首家拥有 虚拟资产全牌照的中资券商。两地政策驱动与头部机 构行动清晰表明，稳定币正深度嵌入主流金融体系， 这标志着亚洲本币稳定币生态加速成型，传统金融与 加密生态的融合进入规模化落地新阶段。 ► 二、代币化生态延伸，RWA 应用加速 中国移动通信联合会设立"RWA 联合实验室"，强化 标准与场景协同；国家数据局"数据要素×"行动联 合多部委，打通数据确权、跨域流通机制，为 RWA 提 供制度锚点。全球市场同步爆发，广发中国香港试水 离岸人民币代币化证券，拉美完成首笔链上能源资产 并购，Canton 获 1.35 亿美元融资凸显隐私合规基建 价值。RWA 通过资产上链重构传统金融效率，其"制 度设计+技术验证 ...

事关稳定币。 香港财政司司长陈茂波6月29日发表司长随笔《亚洲新时代》。陈茂波表示，金融科技在跨境贸易应用 的潜力巨大，目标是解决跨境支付速度慢、成本高等长期存在的痛点，在支付领域更好地服务实体经 济。而上周发布的《数字资产发展政策宣言2.0》，四个支柱之一便是"推进应用场景及跨界别合作"， 当中提到稳定币是在传统金融系统以外提供具成本效益的替代方案，有潜力为支付及资本市场活动带来 变革，包括跨境支付。 陈茂波表示，《稳定币条例》将在今年8月1日生效，香港特区政府及金融监管机构将致力营造有利的市 场环境，配以必要的监管措施，推动发行人把稳定币应用推展至不同场景，助力解决企业经商以至市民 生活中的实质痛点。 当前全球政治经济格局正在重塑、新兴经济体的发展仍面临不少挑战，香港在投资和创科领域的资源、 知识、经验和网络等方面优势，也能助力亚洲新兴经济体以科技和创新加快实现更繁荣和更普惠包容的 发展。 陈茂波表示："我们将进一步加强与亚投行的协作，通过金融创新，例如发行更多币种和不同年期的债 券、把基建抵押贷款证券化和发行巨灾债券等，支持区内经济体的基建和其他发展的资金需要。" 责编：李丹 值得一提的是，陈茂波此前在 ...