Investment Rating - The report assigns an "Outperform" rating for the computer sector, indicating a positive outlook for investment in this industry [1]. Core Insights - The implementation of the "Stablecoin Ordinance" in Hong Kong on August 1 is expected to significantly boost the stablecoin market, with a projected market capitalization growth of nearly $200 billion from 2020 to 2025, reaching approximately $245 billion by May 2025 [7]. - The "Government Data Sharing Ordinance," effective August 1, 2025, aims to enhance the efficiency and security of government data sharing, addressing issues like "data islands" and improving data supply efficiency [8]. - The anticipated release of GPT-5 in July 2025 is expected to surpass existing AI models, potentially driving further advancements in the AI industry and application deployment [9]. Summary by Sections Stablecoin Market - The "Stablecoin Ordinance" establishes a licensing system for fiat-backed stablecoin issuers, enhancing regulatory frameworks for virtual assets in Hong Kong [7]. - The stablecoin market has seen significant growth since 2020, with expectations for rapid expansion following the ordinance's implementation [7]. Government Data Sharing - The "Government Data Sharing Ordinance" aims to promote secure and efficient sharing of government data, enhancing digital governance and service efficiency [8]. - The ordinance clarifies management systems and establishes mechanisms for data sharing, which is expected to benefit the government data market significantly [8]. AI Developments - GPT-5 is set to be released in July 2025, with expectations of outperforming current models like GPT-4, which could lead to advancements in AI applications [9]. - OpenAI emphasizes quality over speed in the development of GPT-5, indicating a focus on achieving performance goals before release [9]. Recommended Stocks - The report highlights several companies to watch, including Empyrean Technology, Dameng Data, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd., Guangzhou Sie Consulting, and Hehe Information, all rated as "Outperform" [3][6].

Group 1 - The core viewpoint of the article highlights the significant growth potential in the stablecoin market following the implementation of the "Stablecoin Regulation" in Hong Kong, which is set to take effect on August 1 [2] - The stablecoin market has seen a substantial increase since 2020, with a projected market capitalization growth of nearly $200 billion from 2020 to 2025, reaching approximately $245 billion by the end of May 2025 [2] - The "Stablecoin Regulation" aims to create a robust regulatory environment for virtual asset activities in Hong Kong, reinforcing its status as an international financial center [2] Group 2 - The "Government Data Sharing Regulation" has been announced, which will take effect on August 1, 2025, and aims to enhance the efficiency and security of government data sharing [3] - This regulation establishes a clear management system and mechanisms for data sharing, addressing the issue of "data silos" and improving data supply efficiency [3] - The introduction of this regulation is expected to bring significant benefits to the government data market by promoting orderly and efficient data utilization [3] Group 3 - The upcoming release of GPT-5 is anticipated to surpass the performance of existing models like GPT-4, with a target launch in July 2025 [4] - OpenAI representatives have indicated that while the development costs are currently unclear, they aim to ensure the model's quality over rushing the release [4] - The introduction of GPT-5 is expected to further stimulate the development of the AI industry and the practical application of AI technologies [4]