Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The development of Real World Assets (RWA) is accelerating, supported by the regulatory framework for stablecoins, which enhances the liquidity and efficiency of asset financing [3][29]. - The Hong Kong Monetary Authority (HKMA) launched the Ensemble Project Sandbox in August 2024 to promote tokenization experiments for traditional securities and RWAs, indicating a significant step towards modernizing financing methods [28][29]. - The market value of RWAs has reached $23.9 billion, reflecting a growth of over 51% from $15.8 billion at the beginning of the year, showcasing increasing interest in RWAs as a new investment tool [10]. Summary by Sections Definition and Scale of RWA - RWA refers to the tokenization of real-world assets such as real estate, gold, and financial assets, allowing these assets to be split, traded, and circulated across borders [10][26]. - The advantages of RWA include increased asset liquidity, lower investment thresholds, reduced financing costs, improved financing efficiency, and enhanced asset transparency [10][26]. Comparison with Stablecoins - Stablecoins are blockchain-based digital currencies pegged to fiat currencies or commodities, focusing on maintaining stable value, while RWAs focus on tokenizing real-world assets [12][14]. - Stablecoins serve as a stable and trustworthy tool for purchasing RWAs, facilitating international transactions and enhancing liquidity in the RWA market [15][27]. Regulatory Framework and Projects - The HKMA's Ensemble Project Sandbox supports institutions in tokenization experiments, covering themes such as fixed income, liquidity management, green finance, and trade finance [28][29]. - Major cross-border RWA financing projects include Longshine Group's charging station project, GCL Energy Technology's photovoltaic project, and Xunying Travel's battery swapping project, with financing amounts ranging from CNY 100 million to over CNY 200 million [29][30]. Advantages of RWA Financing - RWA financing addresses traditional asset financing challenges by enabling the digitization and tokenization of assets, thus improving liquidity and reducing costs [10][9]. - The flexibility of RWA financing allows enterprises to customize transaction structures according to market demands, enhancing the likelihood of successful fundraising [9][10].

Group 1 - The core viewpoint of the article is that sufficient domestic liquidity is reducing refinancing risks for non-bank financial institutions in emerging markets in the Asia-Pacific region [1] Group 2 - The article highlights that the availability of domestic liquidity is a key factor in stabilizing the financial environment for these institutions [1] - It notes that this liquidity support is crucial for maintaining investor confidence and ensuring smooth operations within the sector [1] - The report suggests that the current economic conditions are favorable for non-bank financial institutions, allowing them to navigate refinancing challenges more effectively [1]

Group 1 - The Hong Kong non-bank ETF (513750) has seen continuous net inflows for 18 consecutive trading days, reaching a new high of 2.64 billion yuan as of June 15, 2023, with shares increasing to 1.858 billion [1] - This ETF is the first and only one tracking the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index (931024), focusing on the "insurance + brokerage" sectors, with a weight of 65.1% in the insurance industry and 32.5% in quality brokerage firms [1][2] - The index has a low price-to-earnings ratio of 8.52, placing it in the 17.93% percentile over the past decade, indicating a valuation below 82% of the time, combined with a dividend yield of 3.22%, showcasing a rare "low valuation + high dividend" characteristic [2] Group 2 - The investment outlook suggests focusing on two main areas: the potential for value re-evaluation in the insurance sector due to reduced liability costs and the expected performance boost in brokerages driven by ADT growth, particularly in the Hong Kong Stock Exchange [2]

The provided content does not include any quantitative models or factors, nor does it provide details about their construction, evaluation, or backtesting results. The document primarily focuses on market trends, fund flows, ETF performance, and fund issuance data. Therefore, there are no relevant quantitative models or factors to summarize based on the given content.

Group 1 - The China Securities Hong Kong Stock Connect Non-Bank Financial Theme Index (931024) experienced a decline of 0.56% as of June 12, 2025, with mixed performance among constituent stocks [1] - The Hong Kong Non-Bank ETF (513750) recorded a turnover of 27.29% and a trading volume of 659 million yuan, indicating active market participation [1] - The Hong Kong Non-Bank ETF reached a new high in size at 2.4 billion yuan and in shares at 1.672 billion, both since its inception [1] Group 2 - The top ten weighted stocks in the China Securities Hong Kong Stock Connect Non-Bank Financial Theme Index accounted for 82.79%, with Hong Kong Exchanges and Clearing (00388) being the largest at over 16% [2] - The brokerage sector is expected to see continued growth in self-operated income, supported by performance improvements, mergers, and refinancing, which may enhance net asset scale and ROE [2] - The current favorable policies aimed at stabilizing growth and boosting the capital market are expected to positively influence the securities sector's outlook [2] Group 3 - The Hong Kong Non-Bank ETF (513750) is the first and only ETF tracking the Hong Kong Non-Bank Index, with over 70% of its composition in insurance stocks [3] - The ETF selects up to 50 listed companies that meet the non-bank financial theme criteria from the Hong Kong Stock Connect securities range [3]

非银行业深度研究 新旧金融的桥梁：稳定币如何重塑非银金融生态？ 2025 年 06 月 09 日 ➢ 什么是稳定币？稳定币是加密货币的一种特殊类型，其设计的核心目的是维 持加密货币价格的稳定，通常通过将其价值锚定到一种或者一篮子相对稳定的底 层资产来实现，主要锚定资产包括法定货币、其他加密货币、大宗商品以及算法 等。稳定币是加密资产货币生态系统中至关重要的基础设施，是提供价值稳定的 交易媒介，充当法币和加密货币之间交易的核心中介。 ➢ 稳定币的核心机制和分类。稳定币通过与某种类型的稳定资产（如美元、欧 元等法定货币、黄金等实物资产、一揽子资产或者算法等）挂钩，比如 1:1 锚定 美元，来降低相关加密货币的价格波动。从主要的锚定标的类型来看，主要可以 分为 4 类：1）法币抵押型；2）商品抵押型；3）加密货币抵押型；4）算法型。 ➢ 稳定币的核心价值：为何需要稳定币？稳定币在充当支付工具、价值存储、 便利交易等方面应用广泛。稳定币既充当计价单位，为加密世界提供了一个波动 性较低的"价值标尺"，让参与者能够清晰地衡量、比较和结算各种资产和交易的 价值，也充当加密生态中的"现金"等价物，满足相关避险需求，同时还能降 ...

Core Views - The market is expected to remain in a "top and bottom" scenario, with attention on the upcoming Lujiazui Forum and FOMC meeting for further guidance [2][3] - The recent trading volume of micro-cap stocks is approaching levels seen in November 2023, indicating a crowded market, but the odds of participating in small-cap trends are currently low [2][5] - With the current trading volume not significantly increasing, the speed of sector rotation may remain rapid, with themes like innovative drugs and new consumption already fully played out [2][4] Market Dynamics - The short-term market lacks clear upward momentum, with increased divergence near key levels, but strong support exists at the market bottom [3] - Structural pressures on the macro economy persist, with manufacturing and domestic demand needing improvement, with potential for trend improvement in the second half of the year [3] - The financing balance remains stable at around 1.8 trillion, indicating a baseline scenario of stock game [3] Sector Rotation Opportunities - Recent adjustments in innovative drugs and new consumption sectors suggest a need for investors to reassess their positions [4] - The current internal rotation within innovative drugs and new consumption is relatively sufficient, with a decline in cost-effectiveness [4] - The TMT sector's trading volume has dropped to a low since 2023, presenting potential excess return opportunities in low-positioned technology sectors with industrial catalysts [4][6] Investment Strategy - The report emphasizes the importance of "odds thinking" in investment strategy, suggesting a focus on relatively low-crowded technology sectors such as AI computing chips, storage chips, optical fibers, and smart driving [6] - Mid-term focus should be on core assets represented by A50, consumption, and finance, especially considering the potential for RMB appreciation due to "de-dollarization" [6]

行业研究 非银行金融 2025 年 06 月 07 日 证 券 研 究 报 告 金融资金面跟踪：量化周报（2025/06/02~2025/06/06） 推荐（维持） 成交量有所提升，基差总体有所收敛 华创证券研究所 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：刘潇伟 邮箱：liuxiaowei@hcyjs.com 执业编号：S0360525020001 上周量化私募总体正超额。上周样本量化私募收益及超额如下：1）300 增强策略周 /月/年初以来平均收益分别为-0.4%/+3%/+1.3%，周/月/年初以来平均超额分别为 +0.6%/+1%/+4.5%；2）500 增强策略周/月/年初以来平均收益分别为+0.7%/+3.5%/+5.6%， 周/月/年初以来平均超额分别为+0.2%/+2.4%/+9.4%；3）A500 增强策略周/月/年初以来平 均收益分别为-0.4%/+3.1%/+8.9%，周/月/年初以来平均超额分别为+0.6%/+1.3%/+12.5%； 4）1000 增强策略周/月/年初以来平均收益分别为 ...

Group 1: Investment Rating - No information about the industry investment rating is provided in the report Group 2: Core View - The report tracks the weekly data of green bonds from June 2, 2025, to June 6, 2025, including primary market issuance, secondary market trading, and valuation deviation of individual bonds [1][2][3] Group 3: Summary by Content Primary Market Issuance - This week, 10 green bonds were newly issued in the inter - bank and exchange markets, with a total issuance scale of about 9.57 billion yuan, a decrease of 12.436 billion yuan from last week. The issuance term is mostly 3 years, the issuer nature includes local state - owned enterprises, other enterprises, state - owned enterprises, and central enterprise subsidiaries, the issuer's main credit ratings are mostly AAA and AA, and the bonds are issued in various regions and types [1] Secondary Market Trading - The weekly trading volume of green bonds this week totaled 53.1 billion yuan, a decrease of 8.1 billion yuan from last week. By bond type, the top three in trading volume were non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds, totaling 28.1 billion yuan, 17.1 billion yuan, and 6 billion yuan respectively. By issuance term, bonds with a term of less than 3 years had the highest trading volume, accounting for about 80.30%. By issuer's industry, the top three industries in trading volume were finance, public utilities, and construction, with trading volumes of 21.8 billion yuan, 11.6 billion yuan, and 3.3 billion yuan respectively. By issuer's region, the top three regions in trading volume were Beijing, Guangdong, and Hubei, with trading volumes of 18.1 billion yuan, 8.1 billion yuan, and 4.8 billion yuan respectively [2] Valuation Deviation of Top 30 Individual Bonds - The overall valuation deviation of the weekly average trading price of green bonds this week was not significant, with the discount trading amplitude greater than the premium trading amplitude and the proportion of discount trading greater than that of premium trading. Among the discount bonds, the top three in discount rate were G23 Dali 1 (- 1.6985%), 25 Bishuiyuan MTN001 (green science and technology innovation) (- 0.7796%), and 22 Vanke GN002 (- 0.7553%), and the main industries of the issuers were public utilities, real estate, and construction. Among the premium bonds, the top four in premium rate were 25 CNOOC Leasing MTN001 (green new - energy and new - technology) (0.3348%), 21 Shen G12 (0.2879%), 23 Shandong Energy GN001A (0.1197%), and 24 Greentown Real Estate GN001 (0.1174%), and the main industries of the issuers were transportation equipment, real estate, public utilities, and construction [3]

Group 1 - The core viewpoint of the article indicates that the style rotation model has been continuously validated, with macroeconomic factors driving large-cap and value signals in Q2 2025. In May, the market favored large-cap and value styles, with large-cap outperforming small-cap by 0.56% and value outperforming growth by 3.40% [1][2]. - In May, the single-factor multi-strategy model showed a monthly return of 3.31%, with an excess return of 0.33% relative to the benchmark [1][2]. - The dual-driven rotation strategy for large-cap and value signals received a composite score of 3, predicting a favorable outlook for large-cap and value styles in Q2 2025 [1][2]. Group 2 - The industry rotation model for May indicated that the single-factor multi-strategy outperformed with an excess return of 0.33%, while the composite factor strategy had an excess return of -0.64% [2]. - For June, the recommended long positions in the single-factor multi-strategy include non-bank financials, electronics, and banks, while the composite factor strategy recommends non-bank financials, pharmaceuticals, building materials, basic chemicals, and steel [2].