Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, particularly in the areas of virtual assets and Web3.0 development, suggesting a strong investment opportunity in these sectors [2][9]. Core Insights - The report emphasizes the importance of monitoring global tariff negotiations, particularly the recent developments in U.S.-China trade relations and their potential impact on market dynamics [9]. - There is a notable increase in the quality and risk appetite of Hong Kong assets, with a focus on asset trading platforms as valuable investment opportunities [9]. - The report highlights the active performance of virtual asset-related stocks in Hong Kong, driven by stablecoin policies, and anticipates further regulatory developments in this area [2][9]. Summary by Sections 1. Industry Situation Tracking 1.1 Education - The K12 education sector shows strong growth, with leading institutions reporting over 20% revenue growth for winter training sessions [4]. - Recent product launches in AI education indicate ongoing innovation in the sector [4][17]. 1.2 Luxury Goods - The luxury goods sector is experiencing disruptions due to U.S.-EU tariff policies, with cautious price increases observed among brands [4][19]. - LVMH expresses confidence in the Chinese market despite recent consumption declines, indicating a long-term positive outlook [21]. 1.3 Coffee and Beverage Chains - Coffee and tea remain key categories for delivery platforms, with recent subsidies from platforms like JD.com [4]. - Coffee futures have seen a significant decline, which may alleviate cost pressures for companies like Luckin Coffee [4][27]. 1.4 E-commerce - Major players like Alibaba and JD.com continue to compete aggressively in the delivery and retail sectors, impacting short-term profitability [4]. - The report notes strong performance in the "618" shopping festival, with significant growth in various product categories [32]. 2. Platform & Technology 2.1 Streaming Platforms - The streaming sector shows resilience, with Tencent Music and other platforms benefiting from scale effects [4][33]. - Recent transactions, such as HYBE's sale of SM Entertainment shares to Tencent Music, highlight strategic movements within the industry [34]. 2.2 Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization is reported at $337.44 billion, reflecting a 4% decline [38]. - The introduction of the Stablecoin Regulation in Hong Kong marks a significant step in regulating digital asset activities [41].

Core Viewpoint - The enactment of the Stablecoin Ordinance in Hong Kong marks a significant step in regulating fiat-backed stablecoins, aiming to balance financial innovation with stability in the digital asset sector [1][3]. Summary by Sections Stablecoin Ordinance Implementation - The Stablecoin Ordinance was officially published in the Hong Kong government gazette on May 30, following its passage by the Legislative Council on May 21 [1]. - The ordinance establishes a licensing regime for issuers of fiat-backed stablecoins, requiring them to apply for a license from the Hong Kong Monetary Authority (HKMA) [3]. Regulatory Requirements - Issuers must comply with regulations regarding reserve asset management and redemption, including the segregation of customer assets and maintaining a robust stability mechanism [3]. - The ordinance mandates compliance with anti-money laundering and counter-terrorism financing regulations, risk management, disclosure requirements, and auditing standards [3]. Impact on the Financial Landscape - The HKMA emphasizes that the licensing system will enhance public and investor protection, allowing only licensed entities to sell fiat-backed stablecoins in Hong Kong [3]. - The ordinance is designed to create a stable regulatory environment that aligns with international standards, supporting the sustainable development of the virtual asset market in Hong Kong [3]. Industry Perspectives - Analysts view the passage of the Stablecoin Ordinance as a milestone in the regulatory process for virtual assets in Hong Kong, filling a regulatory gap for fiat-backed stablecoins [5]. - The ordinance is expected to position Hong Kong as a hub for Web3 and digital finance, facilitating the internationalization of the Renminbi and offshore financial services [5]. - The unique "value anchoring regulation" approach differentiates Hong Kong's regulatory framework from those of the EU and Singapore, allowing for comprehensive oversight of stablecoins linked to the Hong Kong dollar [5].

香港特别行政区政府于5月30日在宪报刊登《稳定币条例》，这意味着《稳定币条例》正式成为法例。 此前，香港立法会已经在5月21日正式通过该条例草案，用以在香港设立"法币稳定币" (挂钩法定货币的稳定 币)发行人的发牌制度。该法例旨在推动金融创新的同时保持金融稳定，并标志着香港在数字资产领域迈出了 重要的一步。 《稳定币条例》主要内容 据了解，《稳定币条例》实施后，任何人在香港发行法币稳定币，或在香港或以外发行宣称锚定港元价值的法 币稳定币，必须向香港金融管理专员申领牌照。相关人士须符合储备资产管理及赎回等方面的规定，包括妥善 分隔客户资产、维持健全的稳定机制，以及须在合理条件下按面额处理稳定币持有人的赎回要求。相关人士亦 须符合一系列打击洗钱及恐怖分子资金筹集、风险管理、披露规定及审计和适当人选等要求。 香港金融管理局强调，发牌制度将为公众及投资者提供更好保障。其中，条例只容许指定的持牌机构在香港销 售法币稳定币，而只有由持牌发行人所发行的法币稳定币方可销售予零售投资者。此外，为防范诈骗，只有关 于持牌法币稳定币发行的广告会被允许。 香港金融管理局总裁余伟文表示："条例建立了一个风险为本、务实和灵活的监管制度。 ...

Group 1: Market Overview - The Hang Seng Index fell by 1%, down 235 points, closing at 23,366 points, while the Hang Seng Tech Index decreased by 1.32% [1] - The early trading volume in the Hong Kong stock market reached HKD 127.7 billion [1] Group 2: Airline Sector - Airline stocks continued their recent upward trend, with April civil aviation demand growth significantly improving compared to Q1, leading to expected profitability improvements in Q2 [1] - China National Airlines (00753) rose by 5.76%, Southern Airlines (01055) increased by 4.36%, and Eastern Airlines (00670) gained 1.85% [1] Group 3: Nuclear Energy Sector - The signing of the nuclear energy "revitalization order" by Trump indicates a clear trend towards nuclear power development, resulting in significant gains for nuclear stocks [1] - China General Nuclear Power (01164) increased by 5.63%, and China General Nuclear Power Electric (01816) rose by 3.92% [1][3] Group 4: Technology and AI Sector - Fubo Group (03738) surged over 6%, with Q1 total revenue growing approximately 23% year-on-year as the company accelerates its AI ecosystem layout [1] - Tencent Music (01698) rose over 4%, with Q1 ARPPU improving beyond expectations and stable growth in online music services [1] - Kangnate Optical (02276) increased by over 5%, with AI glasses expected to see rapid growth as the company advances both domestic and international sales [1] Group 5: Cryptocurrency and Virtual Assets - Zhong An Online (06060) surged over 13% following the Hong Kong legislation allowing stablecoins, as Zhong An Bank deepens its layout in virtual asset business [1][2] Group 6: Other Notable Stocks - Chaoyun Group (06601) rose over 8% due to strong growth in the pet consumption market as the company enters the emerging pet sector [1] - Xianjian Technology (01302) increased by over 5% after receiving formal registration approval from the National Medical Products Administration for its aortic arch stent system [1] - Rongchang Bio (09995) fell over 5% after raising approximately HKD 800 million through a recent placement, which is expected to strengthen its cash position [4]

2025.05. 26 本文字数：3734，阅读时长大约6分钟 作者 | 第一财经 周艾琳 近日，香港特区政府表示，欢迎立法会通过《稳定币条例草案》，以在中国香港设立法币稳定币发行 人的发牌制度，完善对虚拟资产活动在香港的监管框架，以保持金融稳定，同时推动金融创新。 就在同一期间，美国的稳定币法案推出在即。《引导和建立美国稳定币国家创新法案》(GENIUS法 案)目前以66票对32票通过了美国参议院的程序性投票，标志着该法案在参议院取得了重要进展。后 续，法案将进入参议院全体表决阶段。如果参议院最终通过，法案还需送交众议院审议并通过，最后 由总统签署生效。 事实上，从三年前起香港特区政府就开始关注稳定币。究竟港元稳定币背后的考量是什么？哪些机构 有资格获得牌照？对此，第一财经独家采访了金融科技集团Hashkey代币化高级经理李炼炫，此前他 负责牵头国内头部公募基金金在香港推出的第一批比特币ETF设计。在他看来，明确监管框架是主要 意图，特别是2022年TerraUSD的崩盘事件后（稳定币一周内价值归零），各地监管机构都开始意识 到，稳定币市场的有序发展需要清晰且明确的监管框架。同时，这也有助于维持香港的国际金 ...

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has issued a circular allowing licensed virtual asset trading platforms to offer staking services, marking a significant step in the implementation of the A-S-P-I-Re roadmap for virtual asset industry development [1][2] Group 1: Staking Services and Regulatory Framework - The introduction of staking services is a key practice under the "Product Innovation" pillar of the A-S-P-I-Re roadmap, aiming to create a complete ecosystem from basic trading to derivative services [1] - The SFC's approval of staking services signifies a critical advancement in the financial engineering of virtual assets in Hong Kong, aligning with traditional financial tools like bond repurchase and securities lending [1][2] Group 2: Policy Implications and Risk Management - The policy includes specific arrangements for the staking of spot ETFs, requiring platforms to set a maximum staking ratio to mitigate liquidity spiral risks, reflecting a proactive approach to risk management [2] - The expansion of qualified virtual assets indicates a strategic consideration to enhance market breadth and attract international capital, laying the groundwork for future regulatory recognition with regions like the Middle East and Singapore [2] Group 3: Implementation Challenges and Opportunities - Despite positive market feedback, there are three main risks to monitor: operational pressure on technology, cross-market risk transmission, and management of yield expectations for retail investors [3] - The new regulations are seen as a landmark event in Hong Kong's adherence to the A-S-P-I-Re roadmap, balancing institutionalization, productization, and internationalization in virtual asset regulation [3]

香港财经事务及库务局局长许正宇表示，条例秉持"相同活动、相同风险、相同监管"的原则，着重风险 为本，致力缔造稳健的监管环境，不仅符合国际监管要求，亦为香港的虚拟资产市场提供稳定的基础， 推动行业的可持续发展，保障用户的权益，巩固香港作为国际金融中心的地位。 香港金融管理局总裁余伟文表示，条例建立了一个风险为本、务实和灵活的监管制度。相信稳健和适切 的监管环境可以缔造有利条件，支持香港稳定币以至数码资产生态圈的健康、负责任和可持续发展。 香港政府表示，会继续支持虚拟资产业界发展。随着虚拟资产交易平台及稳定币发行人监管制度的落 实，政府接下来将就虚拟资产场外交易及托管服务展开咨询，并将发表第二份发展虚拟资产政策宣言。 智通财经APP获悉，5月21日，香港立法会今日通过《稳定币条例草案》，以在香港设立法币稳定币发 行人的发牌制度，完善对虚拟资产活动在香港的监管框架。条例预计将在今年内生效，让业界有足够时 间了解发牌制度下的要求。发牌制度亦设有过渡期安排，以便业界能按照条例的要求申领牌照及作出适 当的业务安排。 《稳定币条例》实施后，任何人如在业务过程中在香港发行法币稳定币，或在香港或以外发行宣称锚定 港元价值的法币 ...

Group 1 - The meeting was chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, focusing on the development of Dubai's economic and financial sectors [1][2] - The committee is responsible for approving high-level economic and financial policies, reviewing industry laws and regulations, and enhancing transparency and governance [1] - A comprehensive long-term agenda for the development of Dubai's financial sector was reviewed, emphasizing key pillars such as attracting global capital and enhancing Dubai's position as a leading asset and wealth management center [2] Group 2 - The agenda includes support for startups and scaling businesses, with a focus on attracting unicorn companies [2] - There is a commitment to developing a competitive and innovative banking and investment environment, alongside promoting digital transformation in the financial sector through virtual assets and fintech [2] - The committee will also work on updating relevant laws and regulations to improve transparency and governance in the economic and financial services sectors [2]

Group 1: Government Initiatives - The Hong Kong SAR government is actively promoting the development and application of fintech and artificial intelligence through various measures [1] - The Hong Kong Monetary Authority (HKMA) has established the Cargox expert group to optimize the digital ecosystem for trade financing, focusing on utilizing logistics data [6][8] - The HKMA and Cyberport launched the second phase of the GenA.I. sandbox to support the development and testing of AI solutions in the banking sector [10][11] Group 2: Virtual Assets and Compliance - HashKey Capital has received approval from the Hong Kong Securities and Futures Commission (SFC) to open a physical subscription channel for its actively managed fund, allowing investors to use top 100 tokens for investment [3] - HashKey Exchange has achieved the largest global coverage for virtual asset insurance, enhancing its position as a leading virtual asset exchange in Asia [4] - The SFC continues to support compliance innovation in the virtual asset industry, reflecting its commitment to fostering a regulated environment [2][3] Group 3: Fast Track Program - The Hong Kong Investment Promotion Agency announced the launch of the eighth Global Fast Track Program 2025, expanding opportunities for fintech and other verticals [12][14] - The program will provide participants with one-on-one meetings, industry expert guidance, and opportunities to connect with over 120 investors and industry leaders [14][16] - The collaboration with Hong Kong Science Park and Accenture aims to assist startups in expanding their business in Hong Kong, offering various support measures [15][16]