Market Overview - On July 4, A-shares showed mixed performance with the three major indices fluctuating. The total trading volume reached 1.45 trillion yuan, an increase of 121 billion yuan compared to the previous trading day, with over 4,100 stocks declining [1] - Market focus was on stablecoins, digital currencies, and cross-border payment sectors, while banking and gaming sectors strengthened. Energy metals and small metals sectors experienced declines [1] Stock Performance - A total of 39 stocks hit the daily limit up, with 10 stocks achieving consecutive limit ups. The limit up rate was 65% (excluding ST and delisted stocks) [3] - Notable stocks included Chengbang Co., which saw a significant drop after hitting the limit up, while innovative drug concept stock Seli Medical achieved a limit up for the fourth consecutive day [3] Key Stocks and Trading Data - **Shenzhou Cell**: Increased by 16.46% with a trading volume of 20.17 million shares and a total transaction value of 1.63 billion yuan. Institutional net buying amounted to 156 million yuan [18] - **Jingxin Pharmaceutical**: Rose by 10.02% with a trading volume of 8.74 million shares and a total transaction value of 1.49 billion yuan. The company focuses on innovative drugs and medical devices [9][10] - **Hengbao Co.**: Engaged in financial technology and digital currency, with a focus on expanding overseas markets. The company reported overseas revenue of 93.62 million yuan, accounting for 10.37% of total revenue [12] - **Jingbeifang**: Engaged in stablecoin and digital currency sectors, recently signed a strategic cooperation agreement to enhance financial technology innovation [15] Institutional Trading - The top three net buying stocks by institutions were Shenzhou Cell, Hengbao Co., and Nanling Technology, with net purchases of 156 million yuan, 98.35 million yuan, and 91.73 million yuan respectively [6] - The top three net selling stocks were Haoshanghao, Jingbeifang, and Yingfangwei, with net sales of 110 million yuan, 105 million yuan, and 72.72 million yuan respectively [6] Summary of Key Companies - **Jingxin Pharmaceutical**: Focuses on the mental health sector and has a first-class innovative drug expected to be listed in March 2024, with plans to enter the medical insurance payment directory [9][10] - **Hengbao Co.**: Involved in financial technology and digital security, with a focus on digital currency innovation and expanding into overseas markets [12] - **Jingbeifang**: Actively participates in the construction of key digital currency systems for major state-owned banks and aims to innovate in financial technology [15]

Group 1 - The "2025 Global Digital Economy Conference Digital Finance Forum" was held in Beijing, focusing on the current status, trends, and technological applications of digital finance [1] - China leads the world in digital finance market scale and has a vibrant digital finance market, with advancements in mobile payment technology and increasing influence of digital finance standards [1] - To further promote digital finance development, four key areas were suggested: adhering to technology neutrality, establishing a robust data security governance system, focusing on customer-centric innovation, and enhancing international cooperation in digital finance [1] Group 2 - Emerging technologies like generative AI and large models are rapidly penetrating the digital finance sector, marking the onset of an "AI moment" in the financial industry [2] - Both large and small financial institutions are encouraged to embrace and accelerate the application of AI models, with a focus on digital transformation, cultivating digital awareness, and enhancing AI talent development [2] - The future of the financial industry is expected to see trends such as highly personalized financial products, automated operational models, real-time risk control systems, open financial service ecosystems, and synchronized regulatory measures [2] - According to the "Global Financial Competitiveness Report 2025," China ranks fourth globally in financial competitiveness and third in fintech competitiveness, narrowing the gap with the United States for four consecutive years [2]

Group 1 - The macroeconomic analysis conference hosted by Peking University HSBC Business School focused on China's economic cooperation opportunities with Southeast Asia and the Middle East in 2025 [1] - The conference gathered over 160 experts from various sectors to discuss the economic situation of China and the Guangdong-Hong Kong-Macao Greater Bay Area in the second quarter of 2025 [1] Group 2 - Southeast Asia is projected to be the fifth-largest economy globally, with a GDP growth rate of 4.8% and export growth of 6.8% in 2024, alongside a 10% increase in foreign direct investment [4] - The Middle East accounts for 5.2% of global GDP and is a significant source of energy imports for China, with strong growth in imports of machinery and vehicles [4] - There is substantial cooperation potential between China and Southeast Asia/Middle Eastern countries in supply chain collaboration, digital economy, artificial intelligence, and energy transition [4] Group 3 - China's economic growth is expected to show a pattern of high growth in the first half and lower growth in the second half of 2025, with an overall target of around 5% for the year [5] - The use of targeted consumption vouchers is aimed at temporarily boosting consumption by increasing disposable income, but long-term strategies should focus on increasing income and reducing leverage [5] - There remains a demand for housing, with current policies favoring the second-hand housing market due to its advantages in availability and cost-effectiveness [5] Group 4 - The Guangdong-Hong Kong-Macao Greater Bay Area is experiencing growth supported by consumption, although there is a need to boost corporate investment confidence [6] - From January to May, consumer policies in Guangdong have shown significant effects, with a 6.79% increase in exports of machinery and electrical equipment [6] - The GDP growth for the Greater Bay Area in the second quarter is projected to be 4.3% [6] Group 5 - Key investment opportunities in the Middle East include agriculture, digital products in service trade, the second-hand car market, and manufacturing enterprises with advanced technology [8] - The population of the UAE is 12.5 million, with over 80% being expatriates, indicating significant opportunities due to the influx of people and capital [8] Group 6 - The global industrial transfer process has accelerated, with a decrease in China's share of U.S. imports and an increase in emerging economies like Bangladesh and India [9] - Strategies for China include focusing on trade negotiations, encouraging companies to explore overseas markets, and developing service trade to reduce trade deficits [9] Group 7 - The relationship between macro and microeconomic factors is crucial, with a focus on how weak private investment can lead to reduced employment opportunities and slower income growth [13] - The balance between domestic market development and international expansion is essential for sustainable growth, as seen in developed economies [13]

Core Viewpoint - The Chinese government is intensifying the replication and promotion of the "Shanghai experience" in free trade zones, focusing on innovative applications of digital currency and optimizing electronic payment services nationwide [1][8]. Group 1: Policy and Implementation - The State Council has issued a notification to replicate 77 pilot measures from the Shanghai Free Trade Zone, with 34 measures to be promoted to other free trade zones and 43 measures to be implemented nationwide [1][3]. - The measures focus on seven key areas, including service trade expansion, goods trade liberalization, high-standard digital trade rules, intellectual property protection, government procurement reform, border management reforms, and risk control system enhancement [3][4]. Group 2: Digital Trade and Data Management - The Shanghai Free Trade Zone has initiated extensive reforms in the digital sector, aligning with international digital trade standards and facilitating cross-border data flow, digital technology application, and data sharing [5][6]. - By 2024, Shanghai's digital trade imports and exports are projected to reach $109.53 billion, accounting for 30.1% of the national total, reflecting a year-on-year growth of 4.9% [6]. Group 3: Financial Sector Innovations - The financial sector in Shanghai has developed replicable experiences, including the optimization of cross-border fund management and the establishment of a significant number of cross-border funding pools [7][8]. - The People's Bank of China is set to enhance the functions of free trade accounts and support the development of offshore financial services, aiming to deepen financial openness and innovation in the Shanghai Free Trade Zone [8].

Core Viewpoint - Hong Kong is actively promoting the development of digital assets, establishing a regulatory framework that balances risk management and investor protection, aiming to position itself as a leading digital asset center in Asia [1][2][7] Regulatory Framework - The Hong Kong government has implemented a licensing system for stablecoin issuers, which will take effect next month, enhancing the regulatory environment for digital assets [1][2] - A comprehensive regulatory framework for digital asset service providers is being developed, covering trading platforms, stablecoin issuers, and custodians [3][4] Tokenization and Product Expansion - The government has issued tokenized green bonds and plans to regularize the issuance of tokenized government bonds, providing incentives for the tokenization of real-world assets [4] - The framework aims to expand the variety of tokenized products, including potential exemptions from stamp duty for tokenized ETFs [4] Use Cases and Collaboration - The stablecoin licensing system is expected to facilitate practical applications and address challenges faced by the real economy [5] - Hong Kong is leading discussions on the use of stablecoins as a cost-effective alternative in financial markets, with a focus on enhancing their stability and reliability [5] AI Integration - Hong Kong's financial institutions have the highest usage rate of generative AI (38%) among global markets, indicating a strong trend towards AI integration in financial services [6] - The "LEAP" framework includes a focus on talent and partnership development to foster AI expertise and collaboration between industry and academia [6][7] Support for Startups - The Digital Port has launched a pilot funding scheme for blockchain and digital asset startups, providing financial support to encourage innovative solutions that integrate with the real economy [7]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 23.655 billion yuan, with the ChiNext board seeing a net outflow of 11.352 billion yuan and the CSI 300 index stocks experiencing a net outflow of 6.758 billion yuan [1] Stock Performance - Forest Packaging had the highest limit-up order volume, reaching 545,800 hands, followed by Jin Yi Culture, Huayin Power, and Shaan Energy with limit-up orders of 314,500 hands, 235,800 hands, and 214,800 hands respectively [2] - In terms of limit-up order funds, ten stocks had orders exceeding 100 million yuan, with Forest Packaging, Jin An Guo Ji, Hopson, and Huayin Power leading with 495 million yuan, 150 million yuan, 144 million yuan, and 144 million yuan respectively [2] Digital Currency Sector - The digital currency concept saw significant gains, with stablecoins, cross-border payments, and other fintech-related concepts rising on July 4 [3] - Companies like Desheng Technology are actively participating in digital currency projects, including the Beijing Minsheng Card, which integrates digital RMB [4] - Jingbeifang is involved in the system construction for digital currencies and is exploring stablecoin applications [4] Innovative Pharmaceuticals - Companies such as Seli Medical and Rejing Bio are making strides in innovative drug development, with Seli Medical's new drug application being accepted by the National Medical Products Administration [5] - Rejing Bio is focusing on antibody and nucleic acid drugs through strategic investments in innovative pharmaceutical companies [5] Printed Circuit Board (PCB) Industry - Jin An Guo Ji reported a revenue of 168 million yuan from its PCB business in 2024, marking a year-on-year growth of 32.81% [6] - Aoshikang specializes in high-precision PCB development and production, targeting high-value products in AI servers, automotive electronics, and high-frequency communication devices [7]

Core Insights - The 2025 Global Digital Economy Conference focused on "AI Empowering Digital Consumption and Compliance Safeguarding Information Security" was successfully held in Beijing, highlighting the importance of innovation and compliance in the digital economy era [1] - The "Digital Farmer Platform" by Gaodeng Technology was recognized for its excellence in AI application, compliance practices, and scenario innovation, alongside other leading companies [1][3] Group 1: Digital Economy and Compliance - The release of the list of exemplary digital consumption cases is a significant achievement for Beijing in building a global digital economy benchmark city, aiming to establish practical models for the compliant application of AI technology in the consumption sector [3] - Gaodeng's "Digital Farmer Platform" addresses challenges in the agricultural product acquisition process, leveraging AI technology to enhance compliance and efficiency through innovative scenarios [3][6] Group 2: Technological Innovation and Infrastructure - The platform, built on Tencent Cloud, offers a digitalized agricultural circulation service, providing a "zero-threshold, high-trust, strong compliance" acquisition tool for agricultural entities [5] - The platform's "dual-core AI engine" integrates compliance cognitive models and supply chain credit risk control, facilitating data fusion and intelligent risk control across transaction flows, significantly reducing compliance costs for agricultural enterprises [6][10] Group 3: Industry Recognition and Future Plans - The recognition of Gaodeng's compliance practices as a benchmark case during the forum underscores its commitment to data security, privacy protection, and transaction compliance, which are crucial for building a trustworthy digital consumption environment [8][10] - Gaodeng plans to continue leveraging AI to enhance public service sectors, including smart agriculture, while iterating the "Digital Farmer Platform" to improve the entire supply chain from farm to table [10]

2025全球数字经济大会"国央企数智化转型链通产业新质生产力"论坛现场。 东城区区长陈献森强调，作为首都功能核心区，东城依托央企总部集聚优势，正全力打造央地协同数字化转型"北京样板"，推动政策、技术、资本深度融 合，为新质生产力培育厚植沃土。知识产权出版社董事长刘超指出："知识产权是数智化转型的'基石'与'引擎'。"出版社将通过专利导航、数据资产化服 务，为国央企筑牢创新"护城河"，畅通成果转化"立交桥"。北京市经信局副局长顾瑾栩葛表示："国央企的数智化转型，是北京打造全球数字经济标杆城市 的关键支撑。需勇当'排头兵'，以技术融合突破体制机制壁垒，激活产业升级'强引擎'。" 论坛上，东城区副区长邓慧敏推介了东城区数字经济高质量发展布局及政策，聚焦算力、大模型与产业融合，释放政策引力。本次论坛主旨演讲环节汇聚7 位行业领袖，呈现硬核实践。随后进行的圆桌对话环节，7位来自高校、企业、服务机构和投资机构的嘉宾聚焦"构建产业生态，合作共赢新范式"展开深入 讨论。 中国经济网北京7月4日讯(记者魏敏)7月3日，2025全球数字经济大会专题论坛"国央企数智化转型链通产业新质生产力"召开。会上，北京市东城区新智算力 与大模 ...

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The global stablecoin market is expected to grow explosively from a market cap of $3.95 billion in 2019 to $230.7 billion by 2025, with a compound annual growth rate (CAGR) of 97.0% [11][12] - USDT and USDC dominate the market, holding approximately 86.8% of the total market share, with USDT projected to reach a market cap of $150.3 billion by 2025 and USDC expected to grow to $60.8 billion [11][12] - Hong Kong has established a regulatory framework for stablecoins, which includes licensing, full reserves, timely redemption, strict auditing, and anti-money laundering (AML) measures [17][20] - The introduction of a stablecoin sandbox by the Hong Kong Monetary Authority (HKMA) allows institutions to test their operational plans in a controlled environment [21] Summary by Sections Mainstream Stablecoin Mechanisms and Market Size - USDT and USDC are the two main stablecoins in the U.S., with market shares of 61.3% and 25.5% respectively [8][10] - The market cap of USDT is expected to reach $150.3 billion by 2025, while USDC is projected to grow to $60.8 billion, benefiting from its transparency in reserves [11][12] Hong Kong's Stablecoin Regulation Framework - The U.S. Senate passed the GENIUS Act on June 17, 2024, establishing a regulatory framework for stablecoins, which includes full backing by liquid assets and annual audits for issuers with a market cap over $50 billion [17][18] - Hong Kong's Stablecoin Ordinance was enacted on May 30, 2025, focusing on licensing, reserve management, and compliance with AML and counter-terrorism financing (CFT) regulations [20] Potential for RMB Internationalization - The HKMA's stablecoin sandbox allows for testing in various applications, including payments and supply chain management [21] - Stablecoins offer advantages in cross-border payments, such as low costs and fast transaction speeds, which could enhance the international use of the RMB [25][28]

Group 1 - The market index reached a new high, but 4000 stocks declined, indicating a disparity between the index performance and individual stock performance [1] - Traditional sectors like banking, coal, and steel are driving the market, while technology stocks are experiencing a downturn [1][2] - Digital currencies showed strong performance, but there are concerns about their sustainability and future performance [2] Group 2 - The digital currency sector managed to recover and surpass a critical level, but there are doubts about its ability to maintain momentum [2] - Stocks that previously led the market are now facing corrections, indicating a potential shift in market dynamics [2] - The market is experiencing volatility, with a warning about potential declines if technology stocks do not recover [3]