On the last trading day of July, the three major A-share indices opened mixed in the morning session, with the securities sector initially lower before fluctuating upward. As of press time, the Securities ETF (159841) rose 0.18%, with a premium/discount rate of 0.13%, showing clear intraday premium trading. Among its constituents, Tianfeng Securities gained over 1%, followed by Guosheng Financial Holding, Huaxi Securities, Pacific Securities, and others.

Wind data shows that the Securities ETF (159841) has seen net capital inflows for three consecutive days, accumulating over 92 million yuan from July 28 to 30. As of July 30, the ETF’s circulating scale reached 5.828 billion yuan, ranking first among similar products in the Shenzhen market.

The Securities ETF (159841) closely tracks the CSI All Share Securities Companies Index, which focuses on large-cap securities leaders in the A-share market, including both traditional securities giants and fintech leaders. The ETF is also paired with an offshore Securities ETF feeder fund (A: 008590, C: 008591).

On the news front, the Hong Kong Monetary Authority (HKMA) released the following documents on July 29 regarding the regulatory regime for stablecoin issuers, effective August 1, 2025: the consultation conclusion and guidelines for “Regulatory Guidelines for Licensed Stablecoin Issuers”; the consultation conclusion and guidelines for “Guidelines on Anti-Money Laundering and Counter-Terrorist Financing (for Licensed Stablecoin Issuers)”; a summary of the licensing regime and application process titled “Summary of Licensing Regime for Stablecoin Issuers”; and a summary of transitional arrangements titled “Summary of Transitional Arrangements for Existing Stablecoin Issuers.” The two sets of guidelines will be gazetted on August 1, 2025. With the regulatory regime officially taking effect, market participants must comply with the Stablecoin Ordinance and related guidelines.

The HKMA encourages institutions intending to apply for a license to contact the HKMA by August 31, 2025 (Sunday), so the authority can communicate regulatory expectations and provide feedback where appropriate.

Founders Securities believes stablecoins have the potential to disrupt the international payment system, and Hong Kong’s pilot initiative holds significant strategic importance. The firm remains bullish on investment opportunities in the cryptocurrency industry chain. It predicts that in Hong Kong’s stablecoin market, those issued earlier and deeply integrated with well-established trading platforms are likely to break through first, making trading platforms the primary beneficiaries.

Great Wall Securities notes that the recent market has remained active, with pricing reflecting the compensatory effects of new mutual fund assessment rules and policies like capacity reduction. Market liquidity has expanded, and margin trading volatility has hit new highs, with the securities and diversified financial sectors fluctuating upward. The firm anticipates that after August, domestic and international events will enter a period of dense overlap, where grand narratives may become key factors driving further market strength. Non-bank financial sectors, particularly securities, are expected to see volatile breakthroughs.