李卢霞 曹凤文 黄斯佳 王靖斐 杨妍 祝修业 研 究 夯实增长引擎 巩固枢纽角色 ——香港特区政府《行政长官 2025 年施政报告》解读 阅读摘要 报 告 《2025 年施政报告》延续主动对接国家发展战略、聚焦本 地经济民生的政策思路，致力推动香港加快迈向"由治及 兴"的新阶段，主要内容包括： 提升产业竞争力。重点巩固国际金融中心地位，包括拓展 离岸人民币业务、推动金融科技创新、发展黄金及大宗商 品交易，并强化股市、债市、绿色金融及资管等优势。同 时，积极培育人工智能、生命健康、新能源、低空经济等 新兴产业，吸引高增值企业落户。 夯实发展基础。加快北部都会区建设，首次提出成立北都 发展委员会、订立专属法例。强化"超级联系人"角色， 一方面，成立"内地企业出海专班"、持续深化大湾区互联 互通，另一方面，推动共建"一带一路"、深化国际经贸网 络，增强"超级联系人"枢纽地位。打造专业人才高地， 提出扩大非本地生招生名额至 50%，加速建设"北都大学 城"，推广"香港留学"品牌，推出"产学创科人才交流计 划"。 欢迎扫码关注 工银亚洲研究 中国工商银行（亚洲） 东南亚研究中心 关爱民生福祉。提出增加房屋供应、优化置业 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [18]. Core Insights - The "Policy Declaration 2.0" aims to establish Hong Kong as a global innovation center for digital assets, building on the initiatives from the first declaration in October 2022 [2]. - The declaration introduces the "LEAP" framework, focusing on optimizing legal and regulatory frameworks, expanding tokenized product varieties, promoting application scenarios and cross-sector collaboration, and developing talent and partnerships [2][3][4]. - The framework emphasizes the establishment of a comprehensive regulatory framework for digital asset service providers, including trading platforms and custodians, with the Hong Kong Securities and Futures Commission as the main regulatory body [2]. - The declaration encourages the tokenization of a wider range of assets and financial instruments, including government bonds and traditional financial products, to stimulate innovation [2][4]. - The report highlights the importance of linking financial tools with the real economy, suggesting that the development of the RWA (Real World Asset) market in Hong Kong is a key focus area [4]. Summary by Sections Legal and Regulatory Optimization - Establish a unified regulatory framework for digital asset service providers, including trading platforms and custodians [2]. - The Hong Kong Securities and Futures Commission will oversee the licensing mechanism for digital asset service providers [2]. Expansion of Tokenized Products - Promote the tokenization of various assets and financial instruments, including government bonds and traditional financial products [2][4]. - Encourage innovative applications through projects like the HKMA's Ensemble project [2]. Application Scenarios and Cross-Sector Collaboration - Support the development of digital asset infrastructure and provide funding for impactful projects through initiatives like the Digital Port's blockchain pilot funding scheme [3]. Talent and Partnership Development - Invest in professional talent development and infrastructure to enhance the financial system's service capabilities abroad [4]. - Address the mismatch between trade and financial status in the context of Chinese enterprises going global [4]. Investment Recommendations - The report suggests tracking the progress of Hong Kong's Web 3.0 development and the entry of significant financial institutions into the digital asset ecosystem [6]. - Recommended stocks include Nanhua Futures, Ruida Futures, Tianfeng Securities, and Guangfa Securities for A-shares, and ZhongAn Online, Lianyi Technology for Hong Kong stocks [6].