Group 1: Virtual Assets in Hong Kong - Hong Kong is expected to become a global virtual asset center following the implementation of the Stablecoin Regulation, which will enhance the development of stablecoin issuance, trading, and cross-border payments [1] - Domestic securities firms' subsidiaries in Hong Kong are likely to expand their business through license upgrades, leading to new performance growth points [1] Group 2: Insurance Sector Outlook - The insurance sector is anticipated to experience a "Davis Double" effect, with performance growth and valuation recovery due to stabilized long-term interest rates alleviating pressure on insurance companies' asset allocation [2] - Current valuation levels are seen as overly reflecting the suppression of future investment returns by low interest rates, indicating potential for further valuation recovery [2] Group 3: Robotics and AI Investment Opportunities - The domestic robotics industry is undergoing positive changes, with leading manufacturers accelerating their capitalization processes, which is expected to increase overall industry capital expenditure and create a demonstration effect for future listings [3] - The recent procurement of a 124 million yuan humanoid biped robot contract signifies a significant step in the commercialization of humanoid robots, indicating that exploration in commercial scenarios is progressing [3] - Investment opportunities in "AI + Robotics" should not be limited to humanoid robots; sectors such as sensors, dexterous hands, robotic dogs, exoskeletons, and vertical applications are highlighted as having favorable competitive landscapes and continuous data validation [3]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies Core Insights - The Hong Kong Stablecoin Ordinance will take effect on August 1, 2024, with initial licenses expected to be limited to a single-digit number, focusing on applicants' reserve management, compliance, and technical security [1][34] - The regulatory framework for virtual assets in Hong Kong includes various license types, such as VATP licenses for trading platforms and specific licenses for stablecoin issuers, with stringent requirements [2][35] - The stablecoin supply chain is categorized into upstream (infrastructure), midstream (issuers and distributors), and downstream (application scenarios), highlighting the ecosystem's complexity and interdependencies [3][12][13] Summary by Sections 1. Hong Kong Virtual Asset Regulatory Framework - Different types of licenses are required for various players in the virtual asset space, including VATP licenses for trading platforms and upgraded licenses for existing SFC licensees [2][11] - The entry threshold for stablecoin issuers includes a paid-up capital of at least HK$25 million and compliance with quarterly audits and reserve asset regulations [10][28] 2. Stablecoin Supply Chain - The stablecoin supply chain is divided into three segments: upstream (infrastructure), midstream (issuers and distributors), and downstream (application scenarios) [3][12] - Key players in the midstream include issuers like Circle and Tether, and distributors such as licensed trading platforms and brokers [12][13] 3. Stablecoin Issuance Process - The stablecoin issuance process involves several steps, including user exchange initiation, fund custody, reserve management, and issuance of stablecoins [4][20] - Issuers maintain a 1:1 reserve mechanism to ensure stablecoin value is pegged to fiat currencies, with reserves diversified into cash and low-risk assets [19][20] 4. Profitability Models - Stablecoin issuers generate revenue primarily from interest on reserve assets, while distributors earn from transaction fees and other services [5][23] - The report highlights the clear profitability paths for stablecoin issuers and distributors, emphasizing their potential for resource integration across the supply chain [5][23] 5. Comparison with Mainland China - The report outlines the stablecoin landscape in Hong Kong and mainland China, identifying key participants and their roles within the ecosystem [14][15] - Notable players include custodians, issuers, and distributors, with a focus on the regulatory sandbox initiatives in Hong Kong [16][30] 6. Impact on Traditional Payment Systems - The emergence of stablecoins is expected to disrupt traditional payment models, offering new opportunities for payment service providers to expand their services [31] - Stablecoins may enable payment processors to access diverse payment scenarios and enhance their offerings through technology integration [31]

【主编观市】 尽管有不少不利因素，但A股创出了年度新高，恒指也被拉起重回24000点。 美国总统特朗普12日宣布，将自8月1日起对从欧盟、墨西哥进口的商品分别征收30%关税。欧洲多方对 美国威胁加征关税表示强烈不满，表示欧洲不应被美威胁吓到，应减少对美依赖；墨方表示将通过外交 方式解决分歧，不会在国家主权问题上作出任何让步。暂时来看关税问题对市场影响有限，因为随时会 变动。 但地缘政治重新变得紧张，据央视新闻，当地时间7月10日，美国总统特朗普透露，将于下周一（当地 时间7月14日）就俄罗斯问题发表"重大声明"。市场对此比较担心， 7月11日收盘，伦敦银现货价格上涨3.77%，每盎司价格站上38美元；COMEX白银期货价格上涨 4.74%，每盎司价格突破39美元。白银现货及期货价格双双创出近14年来新高，刺激黄金、铂金的上 涨。 另外，从7月10日开始，美国空军将举行为期两周的"部队重返太平洋"演习。预计将有近300架战机和数 千名人员参与跨战区部署。海事局：南海部分海域进行实弹射击。如果形势紧张，军工、黄金会进一步 刺激。 当前稳住市场的主要靠大金融，不过银行开始出现松动，证券类和保险类均有利好，如券商可拿 ...

Investment Rating - The report maintains an optimistic outlook on the Hong Kong stock market, particularly regarding new IPOs and sectors such as new consumption and innovative pharmaceuticals [3][10]. Core Insights - The asset trading platform remains a clear direction for investment, with a focus on the expansion of various asset transactions and liquidity [3][10]. - The report highlights the positive trend in virtual assets, including stablecoins, with traditional financial institutions increasingly entering this space [3][10]. - Recent upgrades in subsidies for e-commerce and food delivery platforms are expected to benefit sectors like coffee and tea drinks, as well as advertising channels [3][10]. Industry Situation Tracking 1. Education - The Chinese education index increased by 2.47% from July 7 to July 11, outperforming major indices [11][20]. - Notable stock performances include New High Education Group rising by 24.18% and Fenbi increasing by 13.44% [11][20]. 2. Luxury Goods - The luxury goods sector faced slight pressure due to macroeconomic impacts, with notable stock movements including Samsonite up by 3.76% and Prada down by 0.99% [22][24]. 3. Coffee and Tea Drinks - The coffee sector remains highly prosperous, with significant benefits from platform subsidies, while tea drinks also see substantial gains [26][27]. - Luckin Coffee opened 373 new stores, with a focus on both first and second-tier markets [32]. 4. E-commerce and Internet - The Hang Seng Internet Technology Index saw a slight increase of 0.18%, with stocks like Beike and Dingdong rising by 6.34% and 3.85% respectively [31][36]. - The competition in the e-commerce sector remains fierce, with significant subsidy initiatives impacting profitability [31][38]. 5. Streaming Platforms - The Hang Seng Media Index rose by 2.2%, with stocks like NetEase Cloud Music and iQIYI showing positive performance [37][42]. 6. Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization reached $374.04 billion, with Bitcoin and Ethereum prices increasing by 8.8% and 17.9% respectively [41][43]. - The report emphasizes the ongoing development of regulatory frameworks for virtual assets in both the US and Hong Kong [48].

过去几年，香港的虚拟资产行业经历了从无到有、从探索到逐 步走向规范的过程。正如HashKey Group首席分析师丁肇飞 在接受经济观察报记者采访时所言，过去几年不仅对虚拟资产 交易平台是重要的发展节点，也是整个行业从探索走向制度化 的重要转折点。 作者： 老盈盈 封图：图虫创意 截至7月10日，香港证券及期货事务监察委员会（下称"香港证监会"）官网显示，通过综合账户安 排提供虚拟资产交易服务的获批机构已达到42家。 7月7日，国金证券（600109.SH）在上证e互动平台表示，公司旗下的国金证券（香港）有限公司 正在筹备申请虚拟资产相关交易牌照，并与国际及香港地区具有丰富经验的相关机构就该事项进行 了多次接触，后续将积极推进具体申请事宜。 6月26日，香港特区政府发布了《香港数字资产发展政策宣言2.0》（下称《宣言2.0》），再次重 申了港府坚定建设香港成为全球领先的数字资产中心的愿景。《宣言》发布后，香港资本市场上一 些虚拟资产的概念股股价出现不同程度的上涨。 过去几年，香港的虚拟资产行业经历了从无到有、从探索到逐步走向规范的过程。正如HashKey Group首席分析师丁肇飞在接受经济观察报记者采访时所 ...

Core Insights - As of July 10, 2023, the Hong Kong Securities and Futures Commission (SFC) has approved 42 institutions to provide virtual asset trading services through comprehensive account arrangements [2] - On July 7, Guojin Securities announced its plans to apply for a virtual asset trading license through its Hong Kong subsidiary, indicating a growing interest in the virtual asset sector [2] - The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0" on June 26, reaffirming its commitment to establishing Hong Kong as a global digital asset hub, which has positively impacted the stock prices of related concept stocks [2] Industry Overview - The virtual asset industry in Hong Kong has evolved from non-existence to a regulated environment over the past few years, marking a significant transition towards institutionalization [2][3] - The SFC categorizes virtual asset-related businesses into five types, with a focus on virtual asset trading platform licenses (VATP) and comprehensive account arrangements [4] - Currently, 11 institutions hold VATP licenses, while 42 financial institutions have been approved to provide virtual asset trading services through comprehensive account arrangements [4] Regulatory Developments - The upgrade of the 1st category license allows licensed brokers to offer virtual asset trading services, but they must connect to licensed virtual asset trading platforms for execution [5] - The recent upgrade has enabled brokers like Futu Securities to provide a one-stop trading experience for various asset classes, including cryptocurrencies [5][8] - The "LEAP" development framework introduced in the Declaration 2.0 outlines strategies for optimizing legal and regulatory frameworks, expanding tokenized product offerings, and promoting cross-sector collaboration [11] Market Dynamics - HashKey Exchange has partnered with traditional financial institutions to integrate virtual assets into the mainstream financial system, focusing on compliance and risk management [7] - The revenue model for virtual asset trading platforms includes transaction fees and a range of services for institutional clients, ensuring stable income streams [9] - Futu Securities has launched features to facilitate cryptocurrency transactions, enhancing the investment options available to clients [8] Future Outlook - The SFC has set a timeline for the implementation of a licensing system for stablecoin activities, with the regulation expected to take effect on August 1, 2025 [12] - HashKey Group is actively engaging with stablecoin issuers to promote compliance and integration within the virtual asset ecosystem [12]

市场消息：加纳要求虚拟资产公司在8月15日前完成注册。 ...

Macro Strategy - The report emphasizes the strategic significance of stablecoin policies and the potential opportunities in the cryptocurrency market, particularly in Hong Kong [1][6][8]. Regulation of Cryptocurrency Assets in Hong Kong - The regulation of virtual asset trading licenses has become a core catalyst for brokerages in Hong Kong, with Guotai Junan International being one of the first to receive approval for comprehensive virtual asset trading services, leading to significant stock price fluctuations [12][9]. - The report outlines various types of intermediaries involved in digital asset activities, including virtual asset trading platform operators and fund managers, highlighting the regulatory framework established by the Hong Kong Securities and Futures Commission [17][21]. Classification of Digital Tokens - Digital tokens are classified based on their use and function, including payment tokens, security tokens, utility tokens, native tokens, asset-backed tokens, and platform tokens, providing a comprehensive framework for understanding the market [30][31]. Catalysts for Cryptocurrency - The report identifies several potential catalysts for the cryptocurrency market, including the increasing adoption of digital assets by institutional investors and the ongoing development of regulatory frameworks that support innovation while ensuring financial stability [12][40]. Bitcoin Characteristics and Investment Cycle - Bitcoin has shown a remarkable price performance, reaching historical highs and attracting significant attention from institutional investors, who view it as a potential digital gold and reserve asset [77][89]. - The report discusses Bitcoin's halving mechanism, which historically leads to significant price increases approximately 18 months after each halving event, indicating a cyclical investment opportunity [89]. Tokenization of Real-World Assets (RWA) - The report highlights the growing trend of asset tokenization, with over $24 billion in various RWA assets currently held on-chain, indicating a strong demand for innovative financial products in emerging markets [35][40]. - Predictions suggest that the market for tokenized assets could reach $187 trillion by 2030, with significant portions of traditional assets being tokenized to enhance liquidity and transparency [36][40]. Stablecoin Developments - The report compares Hong Kong's stablecoin regulations with the U.S. GENIUS Act, noting that Hong Kong's framework supports multi-currency stablecoins while the U.S. focuses solely on dollar-pegged stablecoins [46][48]. - The increasing importance of stablecoins in facilitating cross-border payments and their potential to enhance the reserve currency status of local currencies are emphasized [56][49]. Digital Asset Industry Trends - The report outlines various applications of blockchain technology, including the development of stablecoins and the tokenization of traditional financial assets, indicating a shift towards integrating digital assets into mainstream finance [68][66]. - The ongoing exploration of use cases for digital assets, particularly in cross-border payments and supply chain financing, reflects the industry's innovative potential [68][66].

【导读】香港特区政府及监管部门稳步推进稳定币相关准备工作 中国基金报记者 郭玟君 香港《稳定币条例》8月1日将生效，为此，香港特区政府部门及相关监管机构正紧锣密鼓地 推进相关准备工作，以确保建立可持续且具有竞争力的数字资产生态系统。 近期，以稳定币为代表的数字货币受到市场广泛关注，有不法分子利用社会公众对稳定币等 了解不足的特点，实施违法犯罪行为。针对此现象，深圳市于7月7日发布风险提示，提醒市 民警惕以稳定币等名义实施非法集资。 香港证监会 召开第二次数字资产咨询小组会议 7月7日，香港证券及期货事务监察委员会（以下简称香港证监会）召开第二次数字资产咨询 小组会议。 据香港证监会介绍，本次与持牌虚拟资产交易平台的会议涵盖了香港数字资产领域中有关市 场及监管发展的广泛议题，尤其是香港证监会ASPIRe路线图中的支柱A（Access连接）及支 柱P（Products产品）的相关举措，包括建议引入虚拟资产交易服务和托管服务提供商的监管 制度，以及市场参与和产品供应的措施。 证监会就虚拟资产制定的 "A-S-P-I-Re"路线图 连接(ACCESS) 提供清晰监管以促进市场参与 建立适用于场外交易和 吸引全球平台、 ...

Core Viewpoint - The Hong Kong government plans to issue stablecoin licenses within this year, aiming to enhance the regulatory framework for virtual assets and facilitate cross-border payments [1][4]. Group 1: Stablecoin Licensing - The Hong Kong Monetary Authority (HKMA) is consulting the market on the guidelines for the stablecoin regulation, which will include anti-money laundering and other related requirements [4]. - The number of stablecoin licenses issued is expected to be in single digits, with at least nine institutions expressing interest in applying for licenses, including three that are part of the HKMA's stablecoin issuance sandbox [5]. Group 2: Market Reaction - Following the announcement, stocks related to cross-border payments and stablecoins surged in both A-share and Hong Kong markets, with several stocks hitting their daily limit [2][7]. - In the A-share market, companies like Zhongyi Technology and Huafeng Superfiber saw significant gains, while in the Hong Kong market, firms such as Cathay Financial and Hong Kong Securities experienced substantial increases in stock prices [7][9]. Group 3: Cross-Border Payment Context - The stablecoin is expected to address challenges in cross-border payments, particularly in regions with high local currency risk or underdeveloped financial systems [4][5]. - The HKMA aims to promote stablecoins as effective payment tools to reduce transaction costs and facilitate cross-border transactions [4]. Group 4: Regulatory Developments - The Stablecoin Regulation is set to take effect on August 1, 2023, with the HKMA beginning to accept license applications [5]. - The recent approval of the Stablecoin Regulation by the Legislative Council marks a significant step in establishing a licensing system for stablecoin issuers in Hong Kong [5].