炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：喜乐 2025年香港资本市场迎来显著回暖，截至前8个月，港股IPO融资规模达1329亿港元，创下近4年新高，较2024年 全年规模提升50%。更值得关注的是，同期港股增发市场表现更为强劲——募资规模达1905亿港元，不仅远超IPO 融资规模，更较2024年全年增发规模增长3.8倍，单项目平均募资规模达11亿港元，成为推动港股市场活跃度的核 心力量之一。 尽管稳定币概念推动了股价与交易活跃度，但众安在线的科技金融业务对业绩的实际贡献微乎其微：2025年上半 年，众安银行虽实现扭亏为盈，但净利润仅0.49亿港元，占集团净利润比重不足10%；其稳定币相关业务尚处于 布局阶段，未产生实质性收入，所谓"储备银行服务"更多停留在合作框架层面，距离商业化落地仍有距离。 更引发市场疑虑的是重要股东的密集减持与增发的时间关联。2025年以来，众安在线多位核心股东在高位套现： （1）5-6月，创始股东优孚控股分两次减持1751.02万股，套现2.68亿港元，持股比例从6.12%降至4.59%。 （2）6月24日，蚂蚁集团 ...

武汉将大力推进科技金融改革试验。支持武汉申创全国科创金融改革试验区，高水平建 设东湖科技保险创新示范区，积极争取知识产权金融生态综合试点、资本市场金融科技创新 试点等国家金融改革试点示范项目落地湖北。 武汉将系统优化科技金融生态。重塑全牌照、全业态的金融机构与配套中介体系，完善 科技金融经营管理服务机制，优化创新科技人才贷、研发贷、中试贷、创业担保贷、共赢贷 等金融产品。 武汉还将加快打造中国光谷"科创路演中心"、建设国家技术转移中部中心，探索开展跨 区域科技金融对接活动，实施跨境融资便利化试点，促进科技金融资源跨区域高效流动，更 加有效地辐射带动更广区域创新发展。 近日，湖北省委金融办等八部门联合印发《高水平推进武汉科技金融中心建设的工作方 案》（简称《方案》）。湖北省政府新闻办9月1日召开新闻发布会，对《方案》进行解读。 据悉，《方案》围绕强化武汉科技金融中心功能定位、重构功能完备的科技金融服务体 系，提出5个方面、25条具体举措。 《方案》提到，武汉将广泛集聚科技金融资源，优化集成科技金融政策，高标准建设光 谷科创金融集聚区，打造武汉科技金融人才港，推动金融政策、平台、机构、资本、人才等 资源要素加速汇 ...

9月1日，湖北省政府新闻办新闻发布会透露，省委金融办、省科技厅等八部门近日联合印发《高水平推 进武汉科技金融中心建设的工作方案》，明确提出到2027年底初步建成武汉科技金融中心的目标。 构建三大体系：打造科技金融服务新生态 多层次资本市场募资培育体系方面，湖北将充分利用债券市场"科技板"、区域性股权市场"科技创新专 板"等多层次资本市场，推动科技型企业发债、梯次申报上市。每年精选100家符合国家和我省战略需 求、取得关键核心技术突破的科技型企业，实施重点培育，推动企业走向资本市场。 这份重磅文件围绕强化武汉科技金融中心功能定位、重构功能完备的科技金融服务体系，提出了25条具 体举措，旨在面向海内外集聚金融机构、资本、人才等资源要素，大胆推进科技金融改革，持续优化科 技金融生态，有效辐射带动更广区域创新发展。 湖北省地方金融监督管理局局长段银弟在发布会上表示："我们将通过这三大体系的构建，形成覆盖科 技创新全链条、全生命周期的金融服务生态，让金融活水更精准地浇灌科技创新领域。" 创新与辐射：培育科技金融高质量发展新动能 《方案》在推进科技金融改革创新和增强区域辐射力方面提出了一系列创新举措，旨在形成可复制、可 ...

Core Viewpoint - By the end of 2027, Wuhan aims to establish a technology finance center that radiates the central region, connects nationwide, and links overseas, enhancing financial support for technological innovation [1][2]. Group 1: Development Goals - The plan outlines a "new blueprint" for the construction of the Wuhan Technology Finance Center, targeting significant growth in key indicators such as technology loan scale, venture capital fund quantity, and the number of technology companies listed by 2027 [1]. - By 2030, the goal is to achieve "four first-class" standards in technology finance innovation capability, regional influence, modern financial service systems, and ecological environment [1]. Group 2: Specific Initiatives - The plan includes 25 specific measures to strengthen the functional positioning of the Wuhan Technology Finance Center and to reconstruct a comprehensive technology finance service system [1]. - It aims to create offline and online comprehensive service platforms, support the establishment of a national technology finance reform pilot zone, and develop a venture capital center with national influence [2]. Group 3: Recent Achievements - In the first half of this year, Wuhan added 15 new venture capital funds, with private equity fund investment projects increasing by 47.9% year-on-year, ranking fifth nationwide [2]. - The loan balance for technology enterprises exceeded 420 billion yuan, reflecting a year-on-year growth of 13.5% [2].

Core Viewpoint - The construction of the Wuhan Science and Technology Financial Center is aimed at enhancing financial support for technological innovation and industrial integration in Hubei province, with a clear roadmap and specific tasks outlined in the recent plan [1][2]. Group 1: Key Components of the Plan - The plan consists of four main functions: resource aggregation, reform experimentation, ecological optimization, and radiation-driven development, focusing on enhancing the financial roles of equity investment, credit financing, and public fundraising [1][2]. - It includes overall requirements, functional positioning, a complete service system, and service guarantees, with 25 specific measures to drive technological and industrial innovation [2][3]. Group 2: Goals and Timeline - By the end of 2027, the goal is to establish a preliminary Wuhan Science and Technology Financial Center with significant growth in key financial indicators [4]. - By 2030, the aim is to achieve a first-class level in innovation capability, regional influence, service systems, and ecological environment in technology finance [4]. Group 3: Financial Support and Initiatives - The plan emphasizes attracting financial institutions, capital, and talent from both domestic and international sources, while promoting reforms in technology finance [2][3]. - Hubei has established 74 specialized technology financial institutions and has implemented a multi-layered financial product service system, with significant increases in technology loans and support for small and medium-sized technology enterprises [6][7]. Group 4: Recent Achievements - As of June, technology loans in Hubei grew by 14.3%, and loans to technology SMEs increased by 25.1%, surpassing national averages [6][7]. - Twelve enterprises have issued technology innovation bonds totaling 13 billion yuan, leading the central region in bond issuance [7].

Group 1 - The core viewpoint of the news is the launch of a comprehensive plan to establish Wuhan as a high-level technology and finance center by 2027, with a focus on significant growth in key technology finance indicators [1] - The plan includes 25 specific measures across five key tasks, emphasizing the positioning of Wuhan to leverage resources and support technological innovation [1][2] - The initiative is part of a broader national strategy to support various regional technology innovation centers, with Wuhan being the only selected city in Central China [1] Group 2 - In terms of resource aggregation, the plan aims to create offline and online comprehensive service platforms for technology finance, and establish a talent hub in Wuhan [2] - The plan supports the establishment of a national technology finance reform pilot zone in Wuhan and aims to build a high-level technology insurance innovation demonstration area [2] - The initiative includes optimizing the financial ecosystem by restructuring financial institutions and enhancing various financial products tailored for technology enterprises [2][3] Group 3 - The plan seeks to reconstruct the government guidance fund system to create a nationally influential venture capital center, facilitating large-scale investment funds [3] - It aims to enhance credit systems for technology enterprises, providing more accessible financing options through a combination of data and fiscal credit enhancements [3] - The initiative also focuses on improving the listing guidance service system for enterprises, utilizing various capital markets to support technology companies in raising funds [3]

Core Insights - As of the end of June, the outstanding balance of technology loans in Wuhan exceeded 800 billion yuan, representing a growth of 12.4% compared to the beginning of the year [1] Group 1: Financial Developments - Wuhan has been included in the pilot programs for financial asset investment company equity investment and technology enterprise acquisition loans, which has prompted the city to actively guide investments towards early-stage, small-scale, and hard technology [1] - Four AIC equity investment funds have been established in Wuhan, with a total scale of 3.6 billion yuan [1] - Under the pilot policy, technology enterprise acquisition loans amounting to 482 million yuan have been disbursed [1]

Core Viewpoint - Wuhan aims to establish a comprehensive financial support chain covering "basic research - technological breakthroughs - industrial transformation" by 2027, as outlined in the recently released work plan for building the Wuhan Science and Technology Financial Center [1][4]. Group 1: Financial Support Initiatives - The plan includes 25 specific measures to promote the development of the Wuhan Science and Technology Financial Center, with a focus on significant growth in key indicators related to science and technology finance by the end of 2027 [1]. - As of June, the balance of technology loans in Wuhan exceeded 800 billion yuan, reflecting a 12.4% increase since the beginning of the year [2]. - The establishment of four AIC equity investment funds in Wuhan, totaling 3.6 billion yuan, aims to support early-stage investments in hard technology [2]. Group 2: Insurance and Risk Management - The East Lake Technology Insurance Innovation Demonstration Zone has introduced 18 innovative technology insurance products, providing risk coverage for 4,984 technology enterprises, amounting to 442.474 billion yuan [2]. - The introduction of the first "university concept verification insurance" and "drug research and development pilot insurance" fills a gap in risk coverage for early-stage research and development [2]. Group 3: Financial Product Development - The "Wisdom Brain" data platform for science and technology enterprises has onboarded 96 financial institutions, offering 171 technology financial products, including innovative credit products [2]. - A total of over 103.3 billion yuan in loans has been disbursed to more than 10,000 enterprises through various technology credit products [2]. Group 4: Comprehensive Service Platforms - The plan aims to create offline and online comprehensive service platforms for technology finance, enhancing the financial ecosystem in Wuhan [3]. - The initiative includes the establishment of a full-license, multi-type financial institution and intermediary system to provide a complete range of financial services for technology innovation enterprises [3]. Group 5: Support for Technology Enterprises - The plan outlines measures to support technology enterprises in their listing processes, covering all stages from initial creation to public listing [3]. - The goal is to create a financial service system that is accessible, affordable, and secure for enterprises, facilitating their growth from seed to maturity [4].

Core Viewpoint - The acquisition of 20.31% stake in Guofu Quantum by Huajian Medical for approximately HKD 31.42 billion signifies a strategic move to enhance its business landscape and capitalize on the burgeoning RWA market [1][2]. Group 1: Strategic Considerations - The acquisition is driven by Huajian Medical's development needs and the trends in the RWA industry, which is projected to reach a market size of USD 16 trillion by 2030, accounting for 10% of global GDP [2]. - Huajian Medical aims to create a new growth curve through the establishment of the world's first innovative drug intellectual property RWA exchange, ivd.xyz, utilizing a "NewCo + RWA + stablecoin" model to tokenize high-value medical assets [2][3]. - The RWA technology allows for the segmentation of early-stage innovative drug pipeline assets into smaller tokens, broadening financing channels and improving efficiency [2]. Group 2: Market Opportunities - In the first half of 2025, China's innovative drug License-out total reached approximately USD 66 billion, surpassing the total BD transaction amount for 2024, indicating a significant opportunity for Huajian Medical's RWA business [3]. - Guofu Quantum, with its comprehensive financial licenses and expertise in quantum computing, AI, and blockchain, complements Huajian Medical's RWA strategy, addressing challenges such as the scarcity of financial licenses and expertise in digital assets [3][4]. Group 3: Business Synergy - The collaboration between Huajian Medical and Guofu Quantum is expected to create a complete ecosystem for the tokenization of innovative drug intellectual property, leveraging Huajian's medical industry resources and Guofu's financial technology capabilities [4]. - Huajian Medical can utilize Guofu Quantum's 22.5% stake in Southern Dongying to build a blockchain and financial technology-centric on-chain financial ecosystem, promoting asset tokenization and cross-border flow [4]. Group 4: Future Growth Potential - Post-acquisition, Huajian Medical is poised to expand its RWA asset types and enhance its market competitiveness by leveraging Guofu Quantum's resources [5][6]. - The partnership is expected to attract more enterprises into the RWA ecosystem, facilitating the tokenization of assets beyond innovative drugs and enhancing Huajian Medical's role as a bridge between Chinese assets and global capital [6][7]. - With the growing RWA market, Huajian Medical's unique position in the medical asset tokenization space, combined with its upgraded financial licenses and technical capabilities, positions it favorably for future competition [7]. Group 5: Conclusion - The acquisition represents a significant resource integration effort, aiming to reconstruct the link between finance and industry through RWA, with Huajian Medical potentially becoming a model for the digitalization of quality Chinese assets and compliant global capital allocation [8]. - The deepening synergy between the two companies may drive a new paradigm in the RWA industry, transitioning from single asset tokenization to a comprehensive ecosystem value co-creation [8].

Core Viewpoint - A strategic acquisition valued at HKD 3.142 billion is reshaping China's global competitive landscape in the Real World Asset (RWA) tokenization sector [1] Group 1: Strategic Collaboration - The acquisition involves Huajian Medical acquiring approximately 1.848 billion shares of Guofu Quantum, representing 20.31% of the latter's issued share capital, for a total consideration of HKD 3.142 billion [1][4] - This transaction positions Huajian Medical as the largest shareholder of Guofu Quantum, which holds multiple financial licenses in Hong Kong, thereby creating a crucial bridge between traditional finance and Web3 on-chain finance [4][5] - The collaboration is expected to release significant synergies, combining Huajian Medical's leadership in medical testing equipment distribution with Guofu Quantum's comprehensive technology and financial investment platform [5] Group 2: Policy Alignment - The strategic move aligns with national policy directions aimed at fostering technological financial innovation, as outlined in a joint policy document by several Chinese government departments [6][7] - Recent regulatory advancements in Hong Kong, including the implementation of a stablecoin licensing regime, provide a clear compliance framework for RWA token issuance and trading [7] Group 3: Economic Impact - The acquisition's strategic value extends beyond commercial interests, aiming to enhance national innovation and public welfare by improving the liquidity of high-value medical assets through RWA tokenization [8] - The Chinese innovative drug transaction volume is projected to reach USD 60.8 billion in the first half of 2025, reflecting a 129% year-on-year increase, indicating growing global recognition of Chinese innovative drug assets [8] Group 4: Ecosystem Development - Huajian Medical is accelerating the establishment of an RWA exchange platform and on-chain financial ecosystem, including applying for a stablecoin license in the U.S. [9] - The company has initiated a strategic partnership with HashKey to enhance its Ethereum (ETH) treasury strategy, aiming to become a leading entity in ETH reserves within the Hong Kong and global markets [9] - The formation of the "Hong Kong Digital Asset Listed Companies Association" will support Huajian Medical's ecosystem expansion, connecting various stakeholders in the digital asset space [9] Group 5: Industry Growth - The RWA sector is transitioning from concept validation to large-scale application, with total locked value (TVL) in RWA reaching USD 12.5 billion by June 2025, a 124% increase from 2024 [9] - The market size surged from USD 8.6 billion to USD 23 billion in the first half of 2025, marking an increase of over 260% [9] Group 6: Strategic Significance - The partnership between Huajian Medical and Guofu Quantum signifies a critical step for China in the RWA infrastructure sector, potentially securing a first-mover advantage in global competition and enhancing the country's autonomous capabilities in digital financial infrastructure [10]