Group 1 - The logistics sector in China has shown resilient growth in the first four months of this year [7] - The telecommunications industry in China has maintained steady progress during the same period [8] - The electronic information manufacturing industry has seen a year-on-year increase of 11.3% in added value for the first four months [12] Group 2 - The holiday economy has continued to boost consumer activity, with over 1.5 billion express packages collected during the Dragon Boat Festival [10] - The value of tax refunds for outbound tourists in Shenzhen has increased by more than five times year-on-year during the holiday [14] - A total of 5.907 million people entered and exited the country during the Dragon Boat Festival [15]

Core Viewpoint - Hong Kong's Legislative Council has passed the Stablecoin Ordinance, establishing a licensing system for fiat-backed stablecoin issuers to enhance regulatory frameworks for virtual asset activities and promote financial innovation [2][8]. Group 1: Regulatory Developments - The Stablecoin Ordinance is expected to come into effect within the year, allowing the industry sufficient time to understand the licensing requirements [2][8]. - The licensing system includes transitional arrangements to help the industry comply with the new regulations [7][8]. - The Hong Kong Monetary Authority (HKMA) is developing a regulatory framework for stablecoin issuers due to the increasing interconnectivity between traditional finance and virtual asset markets [7][8]. Group 2: Industry Participation - Five institutions are participating in the first batch of stablecoin issuers, with three of them forming a joint venture to apply for a license to issue a stablecoin pegged to the Hong Kong dollar [4][5]. - The joint venture includes Standard Chartered Bank (Hong Kong), Animo Brands Limited, and Hong Kong Telecommunications, highlighting cross-industry collaboration [4][5]. - Other participants include JD Group's JD Blockchain Technology (Hong Kong) and Yuan Coin Innovation Technology, with plans to issue the HKDR stablecoin on the Ethereum platform [4][6]. Group 3: Strategic Goals and Applications - The joint venture aims to explore the role of stablecoins in financial and payment markets, with a focus on enhancing local and cross-border payment experiences [5][6]. - The stablecoin is seen as a mature use case within the Web 3.0 ecosystem, with potential applications in retail, corporate, and institutional sectors [5][6]. - JD Group plans to leverage stablecoin operations to support its global supply chain and cross-border payments, indicating a broader ambition for international reach [6].

Core Insights - The article highlights the significant increase in Chinese enterprises' mergers and acquisitions (M&A) in Japan, with a year-on-year growth of 604% in 2024, indicating Japan's unique appeal to Chinese investors [2][3]. Group 1: M&A Trends and Statistics - Chinese enterprises' M&A activities in Japan reached $4.1 billion in 2024, up from $0.6 billion in 2023, marking a 604% increase [3]. - Japan is the top destination for Chinese overseas M&A in 2024, surpassing other countries such as the UK and South Korea [3]. - The total investment from Chinese enterprises in Japan for 2024 is projected at ¥30,112 million, reflecting a growth rate of 33% [7]. Group 2: Industry Focus and Opportunities - Key sectors for Chinese investment in Japan include manufacturing, healthcare, real estate, services, and high-tech industries, which are seen as vital for enhancing domestic consumption and driving economic growth [8][23]. - The manufacturing sector faces risks related to stricter foreign investment regulations and product quality standards, necessitating compliance management [25][26]. - The healthcare sector must navigate stringent certification and operational integration challenges, particularly in maintaining relationships with key medical personnel [27][28]. - The renewable energy sector is subject to rigorous national security reviews and technical standards, requiring careful assessment of target companies [29][30]. - High-tech industries face risks associated with national security scrutiny and intellectual property protection, emphasizing the need for thorough due diligence [31][32]. Group 3: Risk Management Strategies - Companies are advised to establish compliance management systems to navigate Japan's foreign investment regulations effectively [26]. - In the healthcare sector, ensuring the retention of key medical staff through early communication and contractual agreements is crucial for operational stability [28]. - For renewable energy investments, implementing a mechanism to identify sensitive technologies and ensuring compliance with technical standards is essential [30]. - High-tech firms should conduct comprehensive intellectual property assessments and develop strategies to protect trade secrets during and after M&A transactions [32].

行业研究 市场研究部 2025 年 3 月 17 日 通信行业周报（3 月 10 日- 3 月 16 日） 通信行业市场回顾 2025 年 3 月 10 日- 3 月 16 日，通信（中信）板块上涨了 0.21%，沪 深 300 指数上涨了 1.59%，通信板块跑输沪深 300 指数 1.37 个百分 点。期间通信业区间涨幅位列中信一级行业第 26 位，在 30 个中信一 级行业中表现中下。今年以来，通信行业累计上涨 3.6%，在中信一级 行业中排第 18 位，处于中下水平。截至 3 月 14 日，中信通信行业 PE TTM 为 22.88 倍，处于 26.67%的分位数。 中信通信行业包括上市公司共 123 家，期间 68 家公司收涨，51 家公 司收跌，总体上涨多跌少。涨幅前 3 名分别为国脉科技、菲菱科思及 ST 信通，而跌幅前 3 名则分别为共进股份、博实结及纵横通信。 投资建议 通信行业传统业务稳健发展，创新应用积极布局。近期市场虽有调整， 估值水平仍有回升。通信企业在当前业绩增长的基础上，积极探索未 来新的增长点。近期市场波动加大，普涨后调整，此后或将走势分化。 建议保持谨慎乐观，关注盈利增长持续 ...