Core Viewpoint - The recent surge in small-cap stocks in the Hong Kong market, particularly those related to stablecoin concepts, has attracted investor attention despite ongoing market consolidation. The stocks exhibit characteristics such as small market capitalization, concentrated ownership, and a history of low trading activity [1][4]. Group 1: Market Activity - On July 10, stablecoin concept stocks in Hong Kong saw significant gains, with Delin Holdings rising over 70% at one point and closing up 18%. Jinyong Investment experienced a dramatic increase of over 650% on July 8, followed by a sharp decline of nearly 47% on July 9 [2][3]. - Jinyong Investment announced a strategic cooperation framework with AnchorX to explore applications of the AxCNH stablecoin in various financial transactions, including securities and foreign exchange [2][3]. Group 2: Industry Concerns - Industry insiders express skepticism regarding the profitability of the cooperation between Jinyong Investment and AnchorX, citing a lack of transparency in their banking custody and auditing mechanisms. The stability of AxCNH remains unverified, and traditional financial institutions are hesitant to adopt stablecoin settlements [3][4]. - The recent trading activity of several Hong Kong stocks linked to stablecoin concepts has raised concerns about speculative trading, as many of these stocks have small market capitalizations and concentrated ownership, leading to potential manipulation [4][6]. Group 3: Company Profiles - Jinyong Investment, listed since October 2007, has a high ownership concentration, with 69.16% of its shares held in the central clearing system and 95.79% of the top ten brokerage positions. The company has a history of unstable profitability, with a projected pre-tax profit of 72.16 million HKD for 2024, up 53% from 2023 [4][5]. - Puxing Energy, listed in 2009, primarily engages in natural gas power plant operations. As of July 10, its market capitalization was under 700 million HKD, and its stock price had been below 1 HKD for an extended period before the recent surge [5].

7月10日，又有公司在认购数字资产金融公司发行的A系列优先股的情况下，股价翻倍上涨。 一笔认购引起股价暴涨 港股普星能量今日开盘后一度暴涨超280%，最高价达到2.24港元/股。截至收盘，该公司的股价仍上涨141.38%。 近期，数字资产相关概念股引起港股市场投资者的极大关注，涉及相关业务或计划涉及相关业务的公司股价大幅走高。 普星能量认为，通过认购事项与HashKey Holdings Limited及其子公司探索新业务领域合作，有利于集团业务的多元化及持续发展。紧随认购事项完成后， 公司持有不多于5% HashKey Holdings Limited的股权，成为HashKey Holdings Limited的股东。认购事项完成后，对集团的业务、运营及财务状况并无重 大影响。 HashKey Holdings Limited连同其子公司（HashKey集团）是亚洲领先、全球布局的数字资产金融服务集团。自2018年起，HashKey集团已在高合规标准的 监管框架内构建起一个遍布中国香港、新加坡、日本、百慕达、迪拜等地的全球化Web3生态版图，专注于投资区块链技术、数字资产的全球化资产管理及提 供合规数字资产 ...

Core Viewpoint - The A-share market has unexpectedly approached the 3500-point mark, with a sense of urgency among investors to capitalize on potential gains amidst fluctuating market conditions [1]. Trade Tensions and Economic Impact - Trump has sent letters to 14 countries, indicating a significant increase in tariffs effective August 1, which could raise the average tariff in Asia to 27% if implemented [2]. - Morgan Stanley highlights that the renewed trade tensions, particularly concerning pharmaceuticals and semiconductors, may lead to prolonged uncertainty affecting corporate confidence, capital expenditure, and trade cycles [2]. Industry Insights - The photovoltaic sector is experiencing a surge, driven by rumors of silicon material storage and a narrative against "involution," leading to notable price increases in silicon materials [4]. - The solar glass industry is highlighted as a sector to watch, with potential for improved returns on equity (ROE) if supply-side discipline is maintained, despite current overcapacity [4]. Market Performance - The A-share market saw collective gains, with the Shanghai Composite Index rising by 0.7%, and over 4200 stocks experiencing price increases [8]. - The photovoltaic equipment sector, along with copper cable and PCB stocks, showed significant upward movement, with multiple stocks hitting the daily limit [8]. Investment Trends - Major investments in AI PCB expansion projects are noted, with several companies announcing substantial capital expenditures for new facilities [6]. - The digital currency sector is gaining traction, with reports of stablecoin usage in cross-border payments in Yiwu, indicating a growing trend in blockchain applications [12]. Financial Performance - Several companies are projecting substantial profit growth for the first half of the year, with increases ranging from 82% to 272% year-on-year [13].