Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Viewpoints - The report continues to favor investment opportunities in stablecoins and Real World Assets (RWA), emphasizing the potential for the development of RMB stablecoins to enhance the global influence of the RMB [6][12] - The implementation of the Hong Kong Stablecoin Regulation on August 1, 2025, will require licenses for issuing stablecoins, which is seen as a key entry point for traditional banks and fintech companies [7][13] - The market for stablecoins is rapidly expanding from cryptocurrency trading to broader payment applications, with significant growth in market size and trading activity anticipated [8][14] Summary by Sections Weekly Perspective - The report highlights the ongoing positive outlook for stablecoins and RWA investment opportunities, suggesting a combined development model for domestic and offshore RMB stablecoins [6][12] - The report notes that the Hong Kong Stablecoin Regulation will officially take effect on August 1, 2025, requiring licenses for stablecoin issuance, which will impact market dynamics [7][13] Company Dynamics - Companies such as iFlytek are forecasting a revenue increase of 15%-20% for the first half of 2025, while other firms like Rui Ming Technology expect a net profit increase of 53.64% to 77.90% [17] - Strategic collaborations are being formed, such as the partnership between Zhongke Xingtou and Zhongke Shuguang to advance technology in the space sector [22] Industry Dynamics - The report mentions that the AI unicorn Zhipu AI is preparing for simultaneous listings in Hong Kong and A-shares, indicating strong market interest [27] - Amazon is considering a significant investment in AI startup Anthropic, which reflects ongoing trends in the AI sector [30]

Group 1: Foreign Exchange Reserves and Gold Holdings - As of June 2025, China's foreign exchange reserves reached $33,174 billion, an increase of $322 million from May, marking a 0.98% rise and maintaining stability above $32,000 billion for 19 consecutive months [2] - The People's Bank of China reported that as of the end of June, the country's gold reserves stood at 7.39 million ounces (approximately 2,298.55 tons), with a month-on-month increase of 70,000 ounces (about 2.18 tons), representing the eighth consecutive month of gold accumulation [2] Group 2: Automotive Industry Regulations - The Ministry of Industry and Information Technology released a mandatory national standard for passenger car braking systems, effective January 1, 2026, which includes "single-pedal braking" requirements to enhance predictability and safety in braking operations [3] - The new standard mandates that vehicles cannot be brought to a stop by simply releasing the accelerator pedal; drivers must use the brake pedal, thus formally regulating the "single-pedal mode" at the national standard level [3] Group 3: Corporate Developments - Industrial Fulian expects a net profit of between 11.958 billion and 12.158 billion yuan for the first half of 2025, representing a year-on-year increase of 36.84% to 39.12% [4] - The company reported that its cloud computing business experienced rapid growth in the second quarter, with overall revenue increasing by over 50% year-on-year, and AI server revenue growing by over 60% [4] - Longxin Storage has initiated the listing guidance process, with China International Capital Corporation and CITIC Securities serving as advisory institutions [3] Group 4: Market Reactions and Economic Indicators - Following the announcement of new tariffs by the U.S. on imports from Japan and South Korea, U.S. stock markets experienced declines, with the Dow Jones Industrial Average falling by 0.94% [5] - The S&P 500 index decreased by 0.79%, and the Nasdaq Composite index dropped by 0.92% [5]

Group 1 - The Shanghai Stock Exchange and China Securities Index Company announced the launch of the Shanghai Stock Exchange's specialized index for innovative small and medium-sized enterprises on July 21 [2] - The Shenzhen Stock Exchange will also release its specialized index for innovative small and medium-sized enterprises on the same date [2] - A new mandatory national standard for passenger car braking systems will be implemented starting January 1, 2026, introducing new requirements for electric transmission braking systems and emergency braking signals [2] Group 2 - XinYada's cross-border payment business is expected to account for less than 5% of the company's total revenue in 2024 [3] - BlueDai Technology is planning a change in company control, leading to a stock suspension [3] - Xingye Co. confirmed that there is no significant information that should have been disclosed but was not [3] Group 3 - Ruixin Microelectronics expects a year-on-year net profit increase of 185% to 195% for the first half of the year [4] - Four-dimensional Map New Technology will develop parking software products for two models of BAIC New Energy [3] - Yinglian Co. anticipates a year-on-year net profit increase of 360.57% to 460.7% for the first half of the year [4]