本周观点 美联储主席转鸽后虚拟资产反弹最大，寻找映射标的： 传媒：游戏板块高景气度维持。2025 年 7 月中国游戏市场规模达 291 亿元，环比增长 8.14%，同比增长 4.62%， 新老产品依旧表现亮眼，驱动行业增长。建议关注心动公司、巨人网络、吉比特、神州泰岳。 投资逻辑 美联储主席转鸽后虚拟资产反弹最大，寻找映射标的。1）海外中国资产重估的热情还在延续，美联储主席转鸽 后，全球流动性外溢预估对中概和港股带来更多估值提升；近期包括腾讯系资产在内的中国资产逐步迎来中报高 峰，许多个股中报大超预期且股价表现惊喜，拼多多等热门企业的中报集中在本周释放，交易中报的情绪浓烈。 风险偏好上行的背景下，市场进一步积极寻找低估值&边际变化的细分赛道或者标的。2）我们持续看好区块链、 虚拟资产相关产业趋势，周五晚美联储主席转鸽后虚拟资产的反弹最大，另外北美 circle、bullish 等虚拟资产 资本化趋势明显。产业趋势已起，我们认为大中华地区的机构必然会参与，积极寻找港股相关映射。 风险提示 后续政策不及预期风险；中美关系变化风险；内容上线及表现不及预期风险；宏观经济运行不及预期风险；AI 技 术迭代和应用不及预期 ...

Group 1 - The overall industry sentiment shows an upward trend in sectors such as power equipment, machinery, electronics, textiles, home appliances, and non-bank financials, while sectors like food and beverage, pharmaceuticals, banking, real estate, public utilities, environmental protection, and retail are experiencing a downward trend [2][24] - Key industry data as of August 17, 2025, includes: - Machinery: Wind turbine accessory price index at 93.89, up 5.05% month-on-month - Automotive: Full steel tire operating rate at 63.09%, up 2.09% month-on-month - Power equipment: Lithium hexafluorophosphate price at 55,000 CNY/ton, up 9.45% month-on-month - Non-ferrous metals: Battery-grade lithium carbonate price at 82,000 CNY/ton, up 14.69% month-on-month [2][25] Group 2 - The report highlights key themes such as brain-computer interfaces, AIDC, and supply-side reforms, indicating a shift towards high-quality development in various industries [3] - In the robotics sector, new product launches are noted, including a quadruped robot and a humanoid robot, reflecting advancements in artificial intelligence and robotics [3] - The electric vehicle market shows a retail sales increase of 12.0% year-on-year in July, indicating a growing trend in the sector [3] Group 3 - The report on Oriental Fortune's half-year performance indicates a significant increase in revenue and net profit, with Q2 revenue at 3.37 billion CNY, up 35.4% year-on-year, and net profit at 2.85 billion CNY, up 35.7% year-on-year [9] - The brokerage's market share continues to rise, benefiting from a substantial increase in market trading volume [9] Group 4 - The report on Stone Technology shows a revenue of 7.9 billion CNY in H1 2025, a 79% increase year-on-year, while net profit decreased by 39.6% [39] - The company maintains a leading market share in the vacuum cleaner segment, with a 30% market share in Q2 2025, up 3.0 percentage points year-on-year [39] Group 5 - The report on Olin Bio indicates that the market for the tetanus vaccine is expanding, with expectations for a market size of 2.4 billion CNY by 2030 [19] - The company is also advancing in the development of a staphylococcus vaccine, which is currently in phase III clinical trials, with a promising market outlook [19]

Investment Rating - The report maintains a "Positive" outlook for the industry, expecting the industry index to outperform the market index by over 5% in the next six months [8][37]. Core Insights - The fintech sector is driving the development of internet brokerages, with a significant policy push encouraging the migration of household savings towards equity assets. The number of new A-share accounts reached 12.6 million in the first half of 2025, a 33% year-on-year increase [3][18]. - AI technology is reshaping the service ecosystem of internet brokerages, with leading platforms integrating large models for smart risk control and precise marketing. This shift is creating a competitive edge for internet brokerages over traditional firms [3][19]. - Cross-border payment technologies, particularly blockchain and digital currencies, are opening new international opportunities for internet brokerages. The CIPS system is significantly reducing cross-border settlement times, creating a substantial market for these services [3][20]. - Internet brokerages are building differentiated competitive advantages through scenario integration and vertical innovation, enhancing user engagement and transaction frequency [3][21]. - Future competition will focus on domestic substitution of key technologies and deep penetration into core business scenarios, with a need to break down data silos for better business collaboration [3][23]. Summary by Sections Market Review - The computer industry index rose by 5.38% from August 11 to August 15, 2025, outperforming the CSI 300 index by 3.01 percentage points. The computer sector ranked fifth in terms of growth among other industries [2][13][16]. Focus of the Week - The report highlights the dual drivers of policy and capital that are enabling the explosive growth of internet brokerages. The integration of AI technology is transforming service paradigms, while cross-border payment innovations are creating new market opportunities [3][18][20]. - The report emphasizes the importance of differentiated competition and the need for internet brokerages to leverage technology for sustainable growth [3][21][23]. Investment Clues - The market is characterized by diverse participants, including internet brokerages like Dongfang Caifu and Zhinancun, as well as specialized brokerages and exchanges. The integration of AI into core services is enhancing operational efficiency and user experience [4][24].

Core Viewpoint - HHLR Advisors, a fund management platform under Hillhouse Capital, revealed its U.S. stock holdings as of the end of Q2 2025, showing a total market value of $3.10 billion, a decrease from $3.54 billion in the previous quarter, with a continued focus on Chinese stocks, particularly Pinduoduo, which remains the largest holding [2][3][5]. Holdings Summary - HHLR's U.S. stock holdings are primarily concentrated in Chinese stocks, accounting for over 90% of the portfolio, reflecting a long-term optimism towards quality Chinese assets [5][7]. - In Q2 2025, HHLR made two new purchases, added to two existing positions, sold out of 15 stocks, and reduced holdings in nine stocks [5][6]. - The top ten holdings represent 90.28% of the total portfolio, indicating a high concentration in key sectors such as internet technology, consumer goods, and biopharmaceuticals [5][6]. Major Holdings - Pinduoduo remains the largest holding with an increase of 414,200 shares, bringing the total to 6.9768 million shares, valued at $730 million, which constitutes 11.52% of the portfolio [6][7]. - Futu Holdings also saw an increase in holdings to 4.3122 million shares, valued at $533 million, with a year-to-date increase of over 118% [7]. - Webull Corporation (微牛证券) entered the top ten holdings for the first time, with 33.0808 million shares valued at $39.564 million, following its NASDAQ listing in April 2025 [7]. Reductions in Holdings - HHLR reduced its positions in Alibaba, Beike, and NetEase, selling 2.7581 million shares of Alibaba, bringing the total to 1.1497 million shares, valued at $130 million [9]. - The firm also decreased its holdings in Beike by 4.5079 million shares and in NetEase to 1.6637 million shares, reflecting a strategy to lock in profits amid rising stock prices [9]. - Other notable reductions included JD.com, Yatsen Holding, and Vipshop, with complete sell-offs of companies like Baidu and Trip.com [9].

Group 1 - The core viewpoint of the article highlights that Jiufu (JFU) experienced a stock price increase of 4.33%, reaching $1.98 per share, with a total market capitalization of $23.31 million as of August 13 [1] - Financial data indicates that Jiufu's total revenue is projected to be 310 million RMB for the year ending December 31, 2024, representing a year-on-year decrease of 24.85%, while the net profit attributable to shareholders is expected to be 49.984 million RMB, showing a significant year-on-year increase of 135.65% [1] - Jiufu Group operates as an internet brokerage service platform and technology company, holding various licenses and providing services in securities trading, investment consulting, asset management, and more through its subsidiaries [1] Group 2 - The company has established a diverse portfolio of wholly-owned or controlled subsidiaries, including institutions with licenses in banking, consumer finance, fund sales, insurance brokerage, and financing guarantees [1] - Jiufu Group leverages digital technologies such as artificial intelligence, cloud platforms, and big data to empower its business partners in areas like user acquisition, user screening, user operation management, risk management, and data modeling [1]

资料显示，玖富有限公司('玖富集团')是一家互联网券商服务平台和科技公司。集团旗下拥有数十家独 立全资或控股子公司,控股或参股了银行、消费金融、基金销售、保险经纪、融资担保等多个具有牌照 资质的机构,同时,集团通过旗下子公司持有香港证监会颁发的第1、4、5、9类证券牌照,具备提供证券交 易、证券投资咨询、期货投资咨询、资产管理服务的资质,能够为投资者提供便捷高效的全球资产配置 服务。 同时,集团通过人工智能、云平台及大数据等数字科技为商业伙伴在其用户获取、用户筛选、用户运营 管理、风险管理、数据建模等需求场景提供科技赋能服务。 本文源自：金融界 作者：行情君 8月13日，玖富(JFU)盘中上涨2.72%，截至00:34，报1.89美元/股，成交6.46万美元，总市值2225.16万美 元。 财务数据显示，截至2024年12月31日，玖富收入总额3.1亿人民币，同比减少24.85%；归母净利润 4998.4万人民币，同比增长135.65%。 大事提醒： 8月8日，玖富2024财年年报归属股东应占溢利4998万人民币，同比增长135.65%，基本每股收益0.21人 民币。 ...

Core Insights - The article discusses the potential for internet brokers to expand their services in cryptocurrency trading, leveraging retail customer flow to provide liquidity to exchanges [1][3] - Regulatory frameworks in various countries are evolving, allowing brokers to legally offer cryptocurrency trading services [2] Group 1: Cryptocurrency Trading Landscape - Cryptocurrency trading is primarily led by hedge funds and retail investors, with 69% of Bitcoin held by individuals as of Q2 2025, while institutional investors account for approximately 80% of trading volume [1] - Major centralized exchanges like Binance and MEXC dominate the market, accounting for about 50% of global trading volume [1] Group 2: Regulatory Developments - The EU introduced the MiCA regulation in June 2023, enabling securities firms to register as crypto asset service providers (CASP) [2] - The U.S. House of Representatives passed a cryptocurrency bill in July 2025, allowing brokers to register with the CFTC as digital commodity exchanges (DCE) and engage in various trading activities [2] - Hong Kong's SFC proposed the A-S-P-I-RE roadmap, allowing securities firms to apply for licenses to operate digital asset trading platforms [2] - Singapore's new regulations require digital token service providers (DTSP) to register for conducting digital token services [2] Group 3: Internet Brokers' Business Models - Internet brokers are capitalizing on their retail customer flow to provide liquidity to exchanges, with Robinhood utilizing a Payment for Order Flow (PFOF) model to package and sell customer orders to market makers [3] - This model allows brokers to offer commission-free trading while generating revenue from the spread [3] - The PFOF model also facilitates the retention of customer assets within brokerage accounts, enabling the expansion of business scenarios such as crypto asset staking and self-custody wallets [3]

Core Viewpoint - The financial technology sector is experiencing significant growth, with internet brokerages and related ETFs showing strong performance in the market, indicating a shift towards an incremental market in A-shares since June 2025 [1][3]. Group 1: Market Performance - Internet brokerages are gaining traction, with financial technology stocks rising over 1%, and specific stocks like Guiding Compass increasing by over 4% [1]. - The financial technology ETF (159851) has seen a rise of 1.31%, surpassing all moving averages, with a real-time transaction volume exceeding 150 million yuan [1]. - As of July 18, the financial technology ETF (159851) has a total scale exceeding 8 billion yuan, with an average daily trading volume of over 550 million yuan in the past six months, leading in scale and liquidity among similar ETFs [3]. Group 2: Investment Insights - The non-banking sector presents relative return opportunities as the market transitions from a stock-based to an incremental market, with increased trading activity and rising overall valuation [2]. - The focus on financial technology remains strong, with stablecoins and RWA being key development directions, and the market is increasingly attentive to the Q2 performance of listed companies in this sector [3]. - Investors are encouraged to consider the financial technology ETF (159851) and its associated funds, which cover a wide range of themes including internet brokerages, financial IT, cross-border payments, and AI applications [3].

Group 1 - The core viewpoint of the articles highlights the strong performance of the fintech sector, particularly in stablecoins and internet brokerage firms, with significant gains in related stocks and indices [1][4][5] - The fintech index has surged over 39% in the last three months, outperforming other major indices such as the ChiNext Index and the Shanghai Composite Index [4] - Major stocks in the fintech sector, including GuoYing Technology and ZhiNanZhen, have seen substantial price increases, with ZhiNanZhen rising over 12% to reach a historical high [1][2] Group 2 - The financial technology ETF (159851) has shown remarkable performance, with a closing price increase of 3.76% and a trading volume of 1.827 billion yuan, marking a historical high [2][5] - The Shanghai State-owned Assets Supervision and Administration Commission has emphasized the importance of exploring blockchain technology applications in various sectors, indicating a supportive regulatory environment for stablecoins [1][3] - Analysts suggest that the internet brokerage sector is poised for growth due to improved market sentiment and the potential for earnings growth, making it an attractive investment opportunity [3][5]

Market Overview - The A-share market is showing signs of a bull market, with the Shanghai Composite Index reaching a 9-month high of 3555.22 points on July 11, 2025, and closing at 3510.18, the highest since January 25, 2022 [1] - The total trading volume for the day was 1.74 trillion yuan, indicating a surge in market sentiment [1] - The week from July 7 to July 11 saw the Shanghai Composite Index and Shenzhen Component Index both rise by 1.78%, while the ChiNext Index increased by 2.36%, marking a three-week streak of gains [2] Financial Technology Sector - The financial technology sector is experiencing significant growth, driven by the "stablecoin concept" and internet brokerage firms, with the financial technology ETF (159851) rising by 3.76% to reach a historical high [2][3] - Major stocks in the sector, such as Guoao Technology and Jinzheng Co., saw strong performance, with several stocks hitting the daily limit [2] - The financial technology index has surged over 39% in the past three months, outperforming other major indices [4] Brokerage Firms - Brokerage firms are leading the market rally, with the top brokerage ETF (512000) rising by 4.35% to set a new yearly high, and total trading volume reaching 19.52 billion yuan, a 139.8% increase from the previous day [5][8] - Major brokerage stocks like Dongfang Wealth and Zhongyin Securities saw significant inflows, with Dongfang Wealth achieving a trading volume of 263.14 billion yuan [8][9] - Three brokerage stocks hit the daily limit, indicating strong market interest and performance [12] Rare Earth and Nonferrous Metals - The rare earth sector is also witnessing a strong rally, with major companies like Northern Rare Earth and Baotou Steel announcing price increases, leading to significant gains in related stocks [16][19] - The nonferrous metals sector attracted substantial capital inflows, with a net inflow of 99.89 billion yuan, ranking among the top three sectors for capital inflow [17] - The rare earth ETF (159876) rose by 2.18%, reaching a new yearly high, driven by strong performance from leading companies in the sector [16] Earnings Reports - The earnings season is underway, with companies like China Shipbuilding and WuXi AppTec forecasting significant profit increases, contributing to a bullish sentiment in their respective sectors [1] - The brokerage sector is expected to continue its high growth trajectory, supported by increased trading activity and favorable market conditions [15]