Group 1: Stablecoin Legislation in Hong Kong - The Hong Kong Legislative Council passed the "Stablecoin Ordinance" on May 21, marking Hong Kong as one of the first regions globally to establish a comprehensive regulatory framework for fiat-backed stablecoins [1] - The Hong Kong Monetary Authority (HKMA) will initiate a licensing system to regulate stablecoin issuance and related activities, with compliance applications expected to be accepted by the end of 2025 [1] - Stablecoins are seen as a means to promote the internationalization of the Hong Kong dollar and the Renminbi, challenge the dominance of the US dollar in the digital currency era, and enhance the cross-border payment environment [1] Group 2: Investment Opportunities and Benefits - Issuers of stablecoins can gain commercial benefits such as minting profits, increasing user engagement within their ecosystems, and expanding customer reach, particularly among unbanked populations [1] - Investors can benefit from stablecoins by avoiding cryptocurrency volatility, meeting cross-border payment needs, participating in DeFi investments, and managing liquidity [1] - Licensed institutions are expected to generate revenue through a combination of interest spreads, fees, and ecosystem services [1] Group 3: Company Announcements and Financial Performance - China Eastern Group reported a sales volume of approximately 1.8 million tons of self-produced steel products for the first quarter, with a gross profit of about 100-150 RMB per ton [9] - Shenzhen Expressway reported a revenue of 97.14 million RMB for its outer ring project in April, reflecting a year-on-year decrease of approximately 9.21% [10] - Sany International reported a revenue of 5.876 billion RMB for the first quarter, a year-on-year increase of 14.6%, with a net profit attributable to shareholders of 635 million RMB, up 23.2% [17]

Core Viewpoint - Baiyunshan (600332) has received approval from the National Medical Products Administration for the marketing application of Tofacitinib Tosylate, which is primarily used for the first-line treatment of advanced liver cancer, advanced kidney cancer, and locally advanced or metastatic thyroid cancer resistant to radioactive iodine therapy [1] Group 1 - Baiyunshan Chemical Pharmaceutical Factory has invested approximately 3.3655 million yuan in the research and development of Tofacitinib Tosylate [1] - The approval will enhance the variety of anti-tumor products offered by Baiyunshan Chemical Pharmaceutical Factory, thereby improving the company's competitiveness in the anti-tumor market [1]