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]

Group 1 - The stock price of Sinohope Technology Holdings (01611.HK) closed at 3.080 HKD on July 4, down 4.64% from the previous trading day, with an intraday high of 3.500 HKD, marking a near one-year high [1] - On the same day, the net capital outflow was 300.79 thousand HKD, with unspecified amounts flowing in and out [1] Group 2 - Sinohope Technology focuses on digital asset custody, providing various custody solutions to help enterprises securely and conveniently use digital assets [2] - The company's core product, the MPC self-custody platform SINOHOPE, utilizes MPC-CMP technology to support distributed management of private key shards and collaborative signing, addressing single point risks associated with private keys [2] - Sinohope aims to create a next-generation secure and compliant custody platform, allowing users to fully control and recover private keys while reducing operational barriers and enhancing security against hacking and theft [2] - The management team comprises talents from both digital asset and traditional finance sectors, bringing extensive industry experience and unique business insights [2] - The company adheres to principles of safety, compliance, professionalism, and diversity in services, offering centralized and decentralized mixed services, as well as customized products for institutional and high-net-worth clients [2]

可以预见，融合必将成为未来商业发展的新趋势，那些率先拥抱融合的企业与个体，将在这场变革中抢 占先机。 伴随时代的演变，博鳌房地产论坛亦与时俱进，以新的发展模式适应新的行业环境，升级博鳌房地产论 坛系列活动。让住宅地产(代建、城市更新)、商业地产(零售及不动产、住房租赁、康养文旅)、工业地 产(产业及物流园区)、数字科技、物业及城市服务、资本金融市场等实现全产业链融合，让各类型企业 与市场主体互为甲方乙方，互相融合连接，投资与被投资，并在博鳌这个全产业链的生态平台下知识共 享、资源大整合，让融合穿透产业壁垒。 2025年，地缘博弈、贸易争端与全球供应链不确定性上升构成多重压力，全球经济增长前景进一步承 压。面对复杂的外部环境，中国经济的增长动能正从传统要素驱动转向新质生产力主导，内需与科技的 创新战略全面升级，为不确定的世界重塑增长逻辑。 在这个关键的转型时期，科技与创新无疑是推动经济发展的核心引擎。一项项颠覆性的技术创新，不仅 催生了全新的产业形态，更打破了传统产业的固有格局；消费与内需则是支撑经济穿越周期波动的坚实 基石，庞大的国内市场需求为企业发展提供了广阔空间。 而消弭传统产业壁垒，推动资源与要素在全域 ...

Core Viewpoint - MicroPulse has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its AI medical capabilities and expand its healthcare management ecosystem, while attracting more investors for long-term development [1] Financial Performance - MicroPulse has reported continuous losses over the past three years, with revenues of 5.12 billion, 6.28 billion, and 6.53 billion yuan for 2022, 2023, and 2024 respectively, and net losses of 4.14 billion, 1.50 billion, and 1.93 billion yuan for the same years [2] - The company's revenue is primarily derived from three segments: full-course management services (72% of revenue), medical health product sales (19.4%), and insurance brokerage services (8.6%) for 2024 [2] Business Strategy - MicroPulse has developed a clear strategy to achieve profitability, focusing on controlling operational costs, particularly in sales and distribution, and leveraging government policies and AI technology to streamline processes [3] - The company aims to create a sustainable and diversified revenue model by expanding into adjacent fields such as insurance brokerage and medical health product sales, enhancing patient engagement and lifetime value [3] Gross Margin Analysis - MicroPulse's gross margin has been below 20% for three consecutive years (17.2%, 18.9%, and 19.9% from 2022 to 2024), attributed to strategic pricing and the initial phase of its business layout [4] - The company believes that while low gross margins may impact short-term performance, they will lead to a more stable customer base and sustained revenue in the long run [4] Competitive Landscape - The digital health sector is competitive, with listed companies such as Beijing New Oxygen Technology, Alibaba Health, JD Health, and Dingdang Health, alongside numerous unlisted firms also entering the market [5] Market Potential - MicroPulse is seen to possess unique advantages and growth potential, with the IPO expected to provide additional funding to solidify its business layout and scale operations towards profitability [6]

7月3日，"2025全球数字经济大会 数字金融论坛"在北京·银行保险产业园盛大召开。本届论坛由北京市 石景山区人民政府、亚洲数据集团共同举办，作为2025全球数字经济大会重要活动之一，汇聚来自美 国、英国、德国、日本、芬兰等多个国家的政府部门、金融机构、专家学者，围绕 "产城融合，科创赋 能"这一主题，展开深度交流讨论。 北京市委金融办分管日常工作的副主任、市委金融工委分管日常工作的副书记、市金融管理局局长曾林 峰，石景山区委副书记、区长万隆，石景山区委常委、副区长李文化，北京市经济和信息化局二级巡视 员张宇航，石景山区副区长于杰，亚洲数据集团总裁朱东方等领导出席论坛。 在随后举行的主题演讲中，与会嘉宾围绕"构建数字金融新生态，重塑产城融合新版图"开展深入交流。 区委副书记、区长万隆为大会致辞，他表示：北京市深入打造具有国际影响力的数字金融发展示范高 地，为全球数字经济标杆城市建设注入澎湃动力。作为中心城区之一，石景山区正在深入实施产业转型 发展战略，加快打造京西数字金融新增长极，集聚全国银行保险业信息数据中枢、国家金融科技测评中 心，推动北京数据(数字)资产流通创新中心启动运营，加快全市首个"数字人民币综合 ...