国泰海通晨报 2025 年 07 月 31 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【非银】综合金融：中国香港地区稳定币发行相关监管细则落地，文件明确了申请人资质要求、 申请流程、储备资产要求、反洗钱、原有发行人过渡期等内容，稳定币申牌在即。 2、【海外科技】谷歌：AI 搜索进展顺利，Token 调用量实现翻倍，多模态搜索降低搜索门槛，AI 时代下谷歌的搜索大盘仍相对稳固。 3、【医药生物】药明康德：药明康德作为全球 CRDMO 龙头，2025 年上半年业绩超预期，利润 率大幅提升，Tides 业务强劲，截至 25H1 在手订单+37%，公司上调全年指引 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 刘欣琦(分析师) 021-38676647 liuxinqi@gtht.com S0880515050001 孙坤(分析师) 021-38038260 sunkun@gtht.com S08805 ...

Core Insights - The financial technology sector is experiencing growth, with the China Securities Financial Technology Theme Index (930986) rising by 0.51% as of July 10, 2025, and notable increases in constituent stocks such as Zhongke Jincai (10.00%) and Cuiwei Co. (6.32%) [3] - The Financial Technology ETF (516860) has shown a weekly increase of 5.05% and a current price of 1.44 yuan, with a total scale of 1.073 billion yuan [3] - Recent regulatory developments, including the issuance of model contracts for data circulation, are expected to enhance the institutional foundation for financial technology development in China [4] Market Performance - The Financial Technology ETF recorded a net outflow of 25.89 million yuan, but has attracted a total of 90.28 million yuan over the last five trading days [4] - Leveraged funds are actively investing, with the latest financing buy-in amounting to 7.11 million yuan and a financing balance of 85.11 million yuan [5] - The Financial Technology ETF has achieved a one-year net value increase of 125.73%, ranking 2nd out of 2907 index stock funds [5] Risk and Return Metrics - The Financial Technology ETF has a year-to-date relative drawdown of 0.44%, with the fastest recovery time among comparable funds at 79 days [6] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in its category [7] - The ETF closely tracks the China Securities Financial Technology Theme Index, which includes companies involved in financial technology, with the top ten weighted stocks accounting for 51.2% of the index [7]

上半年资本市场一句话总结，下一个中国还是中国。经历去年港股A股的价值修复，国际资本寻找下一个值得投资的最佳目的地时，发现有潜力的还是中 国。上周，标普500，纳斯达克，英伟达再创新高，牛逼。但按年看，恒生指数，恒生科技才是更靓的仔。 下半年资本市场一句话展望，下一个美元还是美元...吗？特朗普的答案：有稳定币，就还是。根据《天才法案》，美国财政部发行的国债，产业资本和私人 资本也可以买来作为抵押品，发行同等规模的稳定币，这就等于与美联储共享印钞权了。我只能说，生猛。上一次染指铸币权的美国总统肯尼迪，发行白银 券，被刺sha了。再上一次，林肯，用"绿背美元"（Greenback）绕过金融机构，被刺sha了。罗斯柴尔德说过："只要我能控制一个国家的货币发行，我不在 乎谁制定法律。"这一次，反正天塌下来有个高的顶着。美国上到传统金融业的摩根大通、美银花旗，中到科技零售业的亚马逊、沃尔玛，下到旅游航空业 的Expedia和航空公司们，都在琢磨发行稳定币。Coinbase，则干脆成了美国陆军250周年阅兵的主要赞助商。这不是概念炒作，背后有真利益。沃尔玛2024 年收入达6480亿美元，利润为155亿美元，期间大概需要 ...

Core Viewpoint - Dongwu Securities outlines three potential approaches for the issuance of stablecoins in China, emphasizing the importance of public chains, digital wallets, and licensing acquisition [1] Group 1: Issuance Approaches - The first approach is central issuance, where the central authority directly issues stablecoins on-chain, allowing enterprises to build a stablecoin ecosystem around this central node [1] - The second approach involves a licensing system, where companies must obtain a license to issue stablecoins, requiring them to hold a corresponding amount of fiat assets in reserve [1] - The third approach combines central wholesale with enterprise retail, where the central bank manages the public chain and wholesale issuance, while banks and tech companies are authorized to issue stablecoins [1] Group 2: Market Implications - The manufacturing sector could drive the internationalization of the RMB through stablecoins, leveraging China's strong manufacturing background to enhance the influence of public chains via cross-border trade [1] - Companies in the public chain, digital wallet, and licensing acquisition sectors are recommended for attention as potential investment opportunities [1]

Group 1 - The State Council has deployed new measures to stabilize the real estate market, focusing on stabilizing expectations, activating demand, optimizing supply, and mitigating risks [2] - Central and local governments will coordinate policies to implement targeted measures for the real estate market [2] Group 2 - In May, non-bank deposits in China reached a nearly ten-year high, with a monthly increase of nearly 1.2 trillion yuan, reflecting significant changes in fund flows [4] - The total RMB deposit balance reached 316.96 trillion yuan, with a year-on-year growth of 8.1% [4] Group 3 - The pharmaceutical sector is experiencing a surge, with nine out of the top ten actively managed equity funds being healthcare-themed, highlighting a significant shift in fund performance rankings [5] - The top-performing fund, Huatai-PineBridge Hong Kong Advantage Select A, achieved a return of 103.67% [5] Group 4 - The Hang Seng AH Premium Index has dropped to its lowest level in five years, with a decline of over 10% year-to-date [6] - As of June 13, 42 companies still have an AH premium rate exceeding 100%, while some companies are showing a discount of H-shares compared to A-shares [6] Group 5 - The Shenzhen pilot program for red-chip companies to list in Hong Kong has garnered attention, with expectations for enhanced investor confidence in China's capital market [7] - The policy aims to facilitate financial collaboration in the Guangdong-Hong Kong-Macao Greater Bay Area [7] Group 6 - The trend of companies issuing "suspension warnings" is increasing, allowing investors to reassess their investment decisions [8] - This proactive approach provides a buffer period for investors to evaluate potential risks [8] Group 7 - The announcement of a three-year cumulative return for pension funds aligns with the trend of long-term investment assessments [9] - This new metric is intended to guide pension management institutions towards long-term investment strategies [9] Group 8 - Dongshan Precision plans to acquire Source Photonics for up to 59.35 billion yuan, marking a strategic move into the optical communication sector [13][14] - The acquisition will be executed through a combination of equity purchase and convertible bond subscription [13][14] Group 9 - Bozhong Precision announced a high acquisition premium of 352% for a 70% stake in Shanghai Wodian, aiming to enter the automotive intelligent equipment market [15]

Group 1 - The Hong Kong innovative drug sector has seen significant growth, with ETFs such as the Hong Kong Innovative Drug ETF, Hang Seng Innovative Drug ETF, and Hong Kong Stock Connect Innovative Drug ETF rising over 70% year-to-date [1][3] - The sector demonstrated resilience, with a slight decline of less than 1% followed by a recovery, contrasting with broader market declines, as the Hang Seng Biotechnology Index surged by 4% [1] - The year-to-date performance of the top three ETFs in the innovative drug sector includes 71.59% for the Hong Kong Stock Connect Innovative Drug ETF, 71.27% for the Hang Seng Innovative Drug ETF, and 70.79% for the Hong Kong Innovative Drug ETF [1][3] Group 2 - The capital inflow into the Hong Kong Stock Connect Innovative Drug Index was notable, attracting 2.51 billion yuan, while other indices experienced significant outflows [7] - The report indicates that the innovative drug sector's growth is attributed to factors such as low valuations, policy support, and international business development [5][6] - The potential for the Hong Kong Stock Connect Innovative Drug ETF to double in value within a short timeframe is highlighted, assuming a daily growth rate of 3% [5][6]

Group 1 - Circle's IPO performance exceeded expectations, with a subscription rate over 20 times the offering amount and a closing price increase of 168% [1] - The $1.1 billion IPO is the most notable cryptocurrency IPO since Coinbase's direct listing in 2021, potentially boosting confidence for other crypto companies considering IPOs [1] - Other cryptocurrency companies, such as BitGo and Kraken, are reportedly planning IPOs, while Gemini has secretly submitted an IPO application [1] Group 2 - Circle is distinct from other crypto companies like Coinbase, as its revenue primarily comes from U.S. Treasury bonds and other income-generating instruments, rather than transaction fees [2] - The timing of Circle's IPO coincides with a rebound in the stock and cryptocurrency markets, with eToro Group's stock rising 20% since its mid-May listing [2] - U.S. Congress is considering legislation to regulate stablecoins, and Circle claims to have the second-largest stablecoin by market cap, following Tether [2] Group 3 - Circle's CEO Jeremy Allaire stated that the IPO will enhance trust, compliance, and transparency for its regulated stablecoin network, improving collaboration with mainstream financial institutions [3] - The IPO could also uplift the valuations of other companies, particularly those with lower valuations compared to previous years [3] - Chime Financial is expected to be the next major fintech IPO, with a diluted valuation potentially reaching $11 billion, significantly down from its $25 billion valuation in 2021 [3]

（原标题：美股前瞻 | 三大股指期货齐跌，美国银行业巨头联手探索稳定币发行，下周一美股休市） 1. 5月23日(周五)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.23%，标普500指数期货 跌0.23%，纳指期货跌0.30%。 2. 截至发稿，德国DAX指数跌0.06%，英国富时100指数跌0.04%，法国CAC40指数跌0.63%，欧洲斯托 克50指数涨0.43%。 3. 截至发稿，WTI原油涨0.07%，报61.24美元/桶。布伦特原油涨0.12%，报64.52美元/桶。 市场消息 交易提示：因美国阵亡将士纪念日，下周一美股休市一天。5月26日(周一)为美国阵亡将士纪念日，美 股休市一天，5月27日(周二)恢复正常交易。洲际交易所(ICE)旗下布伦特原油合约交易提前于北京时间 27日01:30结束。芝加哥商品交易所(CME)旗下贵金属、美国原油和外汇合约交易提前于北京时间27日 02:30结束，股指期货合约交易提前于北京时间27日01:00结束。 美国银行业巨头联手探索稳定币发行。据报道，由摩根大通、美国银行、花旗集团、富国银行等华尔街 巨头组成的银行联盟正通过Zelle运营方Early Wa ...

Core Viewpoint - Three major entities in Abu Dhabi are planning to issue a stablecoin backed by the local currency, with one of the issuers being the sovereign wealth fund ADQ [1] Group 1 - The stablecoin initiative aims to enhance the financial ecosystem in Abu Dhabi and promote digital currency adoption [1] - The involvement of ADQ, a significant player in the region, indicates strong institutional support for the stablecoin project [1] - This move aligns with global trends where various countries and institutions are exploring the potential of stablecoins and digital currencies [1]