Core Viewpoint - Stablecoins are becoming a core variable in reshaping the global financial landscape through a dual-driven model of "technological innovation + regulatory development" [1] Group 1: Stablecoin Regulation and Market Impact - The implementation of the "Stablecoin Ordinance" in Hong Kong is expected to solidify and enhance its status as an international financial center, with significant changes anticipated in the financial market ecosystem [2] - The ordinance features a "dual-track" regulatory approach, allowing only approved stablecoin issuers to offer retail stablecoins, while unapproved stablecoins can only be traded among professional investors [6][7] Group 2: Technological Maturity and Financial Inclusion - Stablecoins are breaking down traditional financial barriers, with USDT (Tether) having circulated globally for over 10 years, significantly contributing to financial inclusion [4] - In Africa, approximately 60% of the population lacks bank accounts, yet they can access stablecoin systems via mobile wallets, enabling "account-free cross-border payments" [4] - For Chinese cross-border e-commerce, stablecoins like USDT are becoming essential tools for trade facilitation, with a significant increase in their usage among small merchants [4] Group 3: Role of Hong Kong's Digital Currency Exchanges - HashKey Exchange is positioned as a key player in Hong Kong's virtual asset trading landscape, acting as a "two-way connector" between fiat and stablecoin systems [6][7] - The exchange is implementing stringent KYC and anti-money laundering mechanisms to ensure compliance while facilitating stablecoin transactions [7] Group 4: Pathways for RMB Stablecoin Implementation - The discussion around the impact of the "Stablecoin Ordinance" on the internationalization of the RMB has led to proposals for a "three-phase strategy" for the implementation of RMB stablecoins [8] - The strategy includes issuing offshore RMB stablecoins initially for institutional clients, followed by integration with free trade account systems in specific regions, and eventually launching onshore RMB stablecoins [10]

Investment Rating - The report maintains a positive outlook on the virtual asset sector and trading platforms, indicating a sustained focus on these areas [1][8]. Core Insights - The report highlights the ongoing trend of virtual assets, with increasing regulatory frameworks and institutional involvement, suggesting a favorable long-term outlook for the sector [1][8]. - The Hong Kong government has released a new digital asset development policy, reinforcing its commitment to becoming a global innovation center for digital assets [48]. - The report emphasizes the importance of quality assets in the Hong Kong stock market, particularly in light of the influx of mainland Chinese companies going public [8]. Industry Summary Education - The K12 education sector remains robust, with leading institutions like New Oriental showing positive enrollment feedback for summer programs [3][18]. - The education index rose by 7.41% during the week, outperforming major indices [9][11]. Luxury Goods - The luxury goods sector is experiencing slight pressure due to macroeconomic factors, but brands with strong innovation capabilities are still seeing growth [3][22]. - Notable stock movements include a 6.10% increase for Samsonite and a slight decline for Prada [22][29]. Coffee and Tea - The coffee sector continues to thrive, with net increases in store numbers and positive same-store sales growth for leading brands [3][31]. - The tea beverage sector faces increased competition due to supply growth driven by delivery platform subsidies [3]. E-commerce - The e-commerce sector is under pressure, with a slowdown in overall growth and intense competition, particularly in instant retail [3][30]. - Key players like JD.com and Pinduoduo have shown positive stock performance during the week [30]. Streaming Platforms - Music streaming platforms are highlighted as quality internet assets driven by domestic demand, with continued profitability growth [3][37]. - The report notes a 4.5% decline in the media index, with Spotify and Netflix showing significant gains [37]. Virtual Assets & Trading Platforms - The report emphasizes the positive trend in virtual assets, supported by regulatory developments and institutional interest [1][8]. - The global cryptocurrency market capitalization reached $337.24 billion, with Bitcoin and Ethereum prices increasing [41][48]. Automotive Services - The automotive maintenance sector is monitored, with key players identified and ongoing changes in the aftermarket ecosystem [3][50]. - The report notes a 3.10% increase in the automotive services index, with mixed performances among key companies [50].

Core Viewpoint - The "Hong Kong Digital Asset Development Policy Declaration 2.0" introduces a "LEAP" framework aimed at establishing a trustworthy, sustainable digital asset ecosystem integrated with the real economy in Hong Kong [1][4]. Group 1: Policy Framework and Objectives - The "LEAP" framework focuses on optimizing legal and regulatory frameworks, expanding tokenized product categories, promoting application scenarios and cross-industry collaboration, and developing talent and partnerships [1][4]. - The declaration signifies a shift from Hong Kong being a testing ground for digital assets to a more institutionalized, scaled, and global approach [4]. Group 2: Market Reactions and Developments - After the announcement, Guotai Junan International became the first Chinese broker in Hong Kong to offer comprehensive virtual asset trading services, with its stock price experiencing significant fluctuations, rising from HKD 1.24 to a peak of HKD 7.02 [1]. - The implementation of the "Stablecoin Regulation" on August 1 has led to increased activity in stablecoin-related stocks [1]. Group 3: Broker Participation and Services - Multiple local brokers in Hong Kong, including Shengli Securities and Ade Securities, have completed the upgrade for virtual asset trading licenses, indicating a growing interest in the sector [5][6]. - Brokers are primarily offering distribution services rather than operating their own exchanges, facilitating trading of compliant cryptocurrencies like Bitcoin and Ethereum [5][6]. Group 4: Regulatory Environment - The Hong Kong Securities and Futures Commission (SFC) applies a "same business, same risk, same regulation" principle, ensuring that virtual asset activities are regulated similarly to traditional financial services [8]. - Key license types include the upgraded Type 1 license for virtual asset trading (distribution), Type 4 for investment advice, and Type 7 for automated trading services [8]. Group 5: Security and Compliance - Guotai Junan International's advantage lies in its compliance and security measures, as it connects to SFC-licensed exchanges that ensure professional custody of client assets and adhere to strict anti-money laundering (AML) and know-your-customer (KYC) processes [10]. - However, the limited number of tradable assets and lower market liquidity compared to overseas platforms may pose challenges for local exchanges [10]. Group 6: Future Opportunities with Stablecoins - The upcoming issuance of stablecoin licenses is expected to create synergies with existing trading licenses, enhancing the role of licensed institutions as distribution channels for compliant stablecoins [11][12]. - The global stablecoin market is projected to exceed USD 200 billion by the end of 2024, with significant trading volumes anticipated [11]. Group 7: Digital Twin Assets and Market Evolution - The declaration aims to activate "digital twin assets," allowing real-world assets to be tokenized and traded, bridging the gap between traditional finance and Web3 [15]. - Future tokenization efforts will include various asset classes such as precious metals and green energy, indicating a broader ambition for Hong Kong's digital asset landscape [15].

Group 1: Hong Kong Digital Asset Policy - The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0" on June 26, reaffirming its commitment to making Hong Kong a global innovation center in the digital asset field [1] - This update follows the first declaration in October 2022 and clarifies the roadmap for establishing an international virtual asset center in Hong Kong [1] - The new policy marks a shift from "framework construction" to "full implementation," with breakthroughs in retail market access, stablecoin regulation, and tokenized government bonds expected to drive significant capital inflow [1] Group 2: Market Reactions and Developments - Huachuang Securities remains optimistic about the further development and improvement of Hong Kong's cryptocurrency and virtual asset trading ecosystem, noting that the regulatory framework is becoming more complete [1] - Guotai Junan International received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, leading to a nearly 200% surge in its stock price [1] - As of June 24, a total of 40 institutions have upgraded their licenses to provide virtual asset trading services, indicating a growing participation in the market [1] Group 3: Stablecoin Concerns - The Bank for International Settlements issued a warning about stablecoins, stating that they may pose risks to financial stability and monetary sovereignty if not properly regulated [2] - The Hong Kong Monetary Authority's president also emphasized the need for a cautious perspective on stablecoins, suggesting a cooling sentiment in the market [2] Group 4: A-Share Market Overview - The A-share market experienced a collective pullback, with the Shanghai Composite Index down 0.22%, and the Shenzhen Component and ChiNext Index down 0.48% and 0.66%, respectively [3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.5832 trillion, a slight decrease from the previous day [3] Group 5: Sector Performance - The military industry sector saw gains, driven by expectations surrounding the upcoming military parade in September, with historical data suggesting potential for significant price movements in this sector [6] - The innovative drug sector faced a decline, with a 1.34% drop in the sector index, following a period of short-term gains and subsequent corrections [7] - The adjustment of the basic medical insurance directory and commercial insurance for innovative drugs is expected to expand the domestic innovative drug market [8]

Market Performance - A-shares experienced a significant rally on Wednesday, with the Shanghai Composite Index rising by 1.04% to reach a new high for the year at 3455.97 points [1] - The total trading volume across both markets was 16,028 billion yuan, an increase of 1,882 billion yuan compared to the previous trading day [2] Market Sentiment and Drivers - The market's bullish sentiment was reignited due to several event-driven factors, including improvements in the international market environment and the confirmation of a ceasefire between Iran and Israel [3] - Non-bank financials, defense, and computer sectors led the gains, driven by news such as Guotai Junan International receiving approval to provide cryptocurrency trading services [3][4] Sector Analysis - The financial sector, particularly brokerage firms, saw a significant boost, with Guotai Junan International's stock soaring by 198% on the news of its new service approval [4] - The Hong Kong Securities ETF also experienced record trading volume, surpassing 27 billion yuan, marking a historical high with an increase of 8.51% [4] Economic Outlook - The second quarter earnings will serve as a critical verification point for market trends, with expectations of a recovery in industrial profits as macroeconomic stability improves [7] - Policies aimed at boosting consumption and infrastructure investment are expected to support economic recovery, with a strong likelihood of continued market activity in the second half of the year [7][6] Investment Opportunities - Investment firms are focusing on sectors with high growth potential, such as new technologies, renewable energy, and high-end manufacturing, which are expected to benefit from favorable policies and market conditions [8][9] - The financial sector is highlighted as having significant investment value, particularly in light of recent developments in the cryptocurrency space and the overall recovery of market sentiment [8][9]

Market Overview - The A-share market showed hesitation in the morning but gained momentum in the afternoon, driven by financial stocks, leading to a new high for the Shanghai Composite Index since 2025, which boosted market participants' optimism for future trends [2][5]. Catalysts for Growth - A new catalyst for bullish sentiment emerged with the dovish stance from the Federal Reserve, raising expectations for a new round of interest rate cuts, which is seen as positive for the A-share market. This mirrors the market's reaction to similar news in September last year, which led to significant buying activity [3]. - The approval of Guotai Junan International to upgrade its securities license to provide comprehensive virtual asset trading services has sparked interest in the financial sector, particularly among internet brokerages, leading to a nearly 200% surge in its stock price [4]. Factors Influencing Short-term Breakthrough - The trading sentiment in the A-share market has warmed up significantly, with the Shanghai Composite Index reaching a new high since 2025. However, the sustainability of this momentum depends on two key factors: 1. Trading volume, which reached 1.6 trillion yuan, an increase of 188.2 billion yuan from the previous day, but still not ideal compared to the index's gains [5]. 2. The ability of the financial sector to transition smoothly, as historical trends indicate that a strong market rally requires support from the real economy, particularly the manufacturing sector [5]. Conclusion - Overall, while the trading sentiment in the A-share market is becoming increasingly optimistic, further growth will depend on changes in trading volume and the performance of the real economy [6].

Group 1 - The first batch of 26 new floating rate funds has raised over 12.6 billion yuan, with 13 products already established, indicating strong market interest [1] - Credit bond ETFs have seen their total scale exceed 200 billion yuan, marking a significant growth in the ETF market, driven by a shift towards stable income assets [1] - The People's Bank of China is set to conduct a 300 billion yuan MLF operation, ensuring liquidity remains ample in the market [2] Group 2 - Guotai Junan International has become the first Chinese broker to receive approval for virtual asset trading services, expanding its offerings to include cryptocurrencies [2] - The popularity of the "Su Super" event has significantly boosted weekend consumer spending in participating cities, with a notable increase in group purchase orders [3] - A surge in A-share buybacks has been observed, with 666 companies or major shareholders obtaining buyback loans totaling approximately 133.96 billion yuan [3] Group 3 - BlackBerry reported first-quarter revenue of $121.7 million, exceeding market expectations, and provided guidance for the second quarter [5] - Xero has announced a $2.5 billion acquisition of Melio, a payment platform for small businesses, indicating a strategic move in the fintech sector [5] - Ant Group has reduced its stake in ZhongAn Insurance, becoming the fourth largest shareholder after cashing out approximately 654 million HKD [6] Group 4 - Sanhua Intelligent Controls expects a 25%-50% increase in net profit for the first half of 2025, reflecting positive growth prospects [6] - U.S. stock indices have all risen over 1%, with the Nasdaq reaching a four-month high, driven by easing geopolitical tensions and favorable market conditions [7][8] - The easing of Middle Eastern tensions has led to a significant drop in oil prices, benefiting airline stocks, while gold prices have also decreased [8]

(2025年6月23日，香港)以金融科技为核心的全方位金融集团艾德金融与香港持牌虚拟资产交易平台 EXIO Limited 宣布达成策略性合作。艾德金融将为 EXIO Limited 各类虚拟资产交易提供流动性支持以 及结算服务，为市场参与者提供更高效、更安全的交易体验。 关于EX.IO EXIO Limited 是一家创新且合规的虚拟资产交易平台(VATP)，于2024年12月获得香港证券及期货事务 监察委员会(SFC)颁发的全面营业许可牌照，成为香港获在《打击洗钱条例》下的牌照发牌照制度下首 批正式持牌的虚拟资产交易平台之一。平台致力于桥接传统金融(Web2)与 Web3 生态系统，并提供合规 的交易、支付及多元化金融服务。EX.IO 采取多维的监管策略，严格遵循香港 SFC 及杜拜 VARA 的规 范来运营并提供金融服务；平台除整合了法币与加密货币转换、资产托管、潜在的 RWA 以及创新的 PayFi(支付+金融)解决方案外，更凭借稳固的银行合作关系及一支融合传统金融与区块链技术专长的专 业团队，来持续确保并提升服务的安全性与前瞻性。 此次合作充分体现了双方的专业实力与市场影响力。艾德金融凭借其在传统金 ...

Core Insights - The development of stablecoins is reshaping traditional payment systems and enhancing financial service accessibility, as highlighted by the People's Bank of China's governor [1][5] - HashKey Group is actively involved in the stablecoin ecosystem, partnering with JD.com to promote stablecoin applications in cross-border payments and real-world assets [1][5] Group 1: Importance of Stablecoins - Stablecoins address the "last mile" issue in inclusive finance, broadening its accessibility [5] - The emergence of stablecoins like USDC and USDT has expanded the boundaries of inclusive finance, with major global financial centers pushing for stablecoin development [5] - The global circulation of stablecoins was under $200 billion in 2022, supporting approximately $20 trillion in payments, indicating a leverage effect of 100 times [5] Group 2: Regulatory Framework and Development - The establishment of a legal and regulatory framework is crucial for the advancement of stablecoins, with Hong Kong leading the way by introducing the Stablecoin Regulation ahead of the U.S. [7] - Hong Kong is positioned as a testing ground for China's stablecoin initiatives, which could facilitate the internationalization of the Renminbi [7] Group 3: Cross-Border Trade and Compliance - Cross-border e-commerce is expected to be a significant beneficiary of stablecoins, as they can streamline the conversion of stablecoins to local currencies for merchants [9] - Licensed exchanges in Hong Kong play a vital role in facilitating the exchange of stablecoins into fiat currency, ensuring compliance with regional regulations [10] Group 4: Bridging Traditional Finance and Web3 - HashKey Exchange aims to connect traditional finance with Web3, with its self-developed HashKey Chain facilitating the tokenization of financial assets [10] - Stablecoins are not only payment tools but also have investment potential, allowing users to purchase tokenized money market funds or obtain loans through stablecoin staking [10]

中国基金报记者 郭玟君 【导读】 HashKey集团肖风：推动稳定币发展，提升金融服务获得性 肖风认为，稳定币真正解决了普惠金融"最后一公里"问题。 在肖风看来，普惠金融的核心在于可获得性。USDC（USD Coin）和USDT（Tether）等稳 定币的出现，拓宽了普惠金融的边界。目前，全球排名前五的国际金融中心，都在积极推动 稳定币发展，在稳定币监管和法律框架的制定上步调一致。 长远看，代币化和稳定币的发展将彻底改变全球金融市场的运作方式。"相信十年之后，稳定 币将使代币化成为主流的支付结算工具，并最终取代旧有系统，这一'良币驱逐劣币'的趋势是 不可阻挡的。原因很简单——它的效率更高、成本更低、环节更少，还能做到'7X24小时'交 易。" 肖风介绍，2022年，全球稳定币的流通量只有不到2000亿美元，但已支撑了全球约20万亿 美元的支付、交易和清算，杠杆效应高达100倍。美国财政部部长在参议院稳定币法案通过时 提到，到2030年，全球将有3.7万亿美元至3.9万亿美元的稳定币流通。而目前，全球传统金 融市场的交易金额大约在300万亿美元至350万亿美元之间。 香港可作为 中国稳定币的"试验田" 6月18 ...