On July 21, 2025, leading artificial intelligence company 4Paradigm and fixed-income fintech platform 9M Technologies announced a strategic partnership and jointly released a "Stablecoin Underlying Asset Management Solution"tailored for the stablecoin ecosystem. This solution combines 4Paradigm's powerful AI capabilities with 9M Technologies'extensive experience in managing fixed-income portfolios for over 20 leading financial institutions. The aim is to jointly explore the stablecoin market, address the lack of compliant, secure, and intelligent asset management systems in the stablecoin investment field, and promote the construction of intelligent infrastructure for the stablecoin ecosystem, thereby accelerating the pilot and implementation of compliant stablecoin products. Compared to the previously launched "Stablecoin Intelligent Risk Control & Intelligent Compliance Solution,"the "Stablecoin Underlying Asset Management Solution"focuses on the stability of asset returns.Cooperation Background: New Compliance Stage Drives Core Demand in Stablecoin EcosystemWith the official implementation of Hong Kong's "Stablecoin Ordinance"and the continuous improvement of global regulatory policies, stablecoins, as an important bridge connecting traditional finance and the digital asset economy, are rapidly entering a new stage of compliance and institutional development. As a digital cash anchored to fiat currencies (such as the US dollar), the core stability of stablecoins lies in the issuer's professional management of its real-world asset reserves. To maintain this stability, issuers must effectively manage their equivalent real-world assets (reserves), including reasonable investment portfolio configuration and 24/7 risk monitoring. In this context, the industry urgently needs to build a key infrastructure supporting the healthy operation of the ecosystem—a stable and effective asset management solution aimed at providing a security layer for stablecoin holders'assets, covering reserve management, custody risks, market fluctuations, and potential losses such as fraud, thereby enhancing user confidence. In response to this core demand, 4Paradigm and 9M Technologies have joined forces to address the market's urgent needs and provide innovative security solutions for the stable operation of the stablecoin ecosystem."Stablecoin Underlying Asset Management Solution": AI + Fixed Income for More Efficient Underlying Asset ManagementWith the deep integration of both parties'systems, a closed-loop operation mechanism of "asset allocation—risk warning—compliance verification"will eventually be established. This will not only greatly enhance stablecoin operators'control over asset security and regulatory compliance but also inject strong data intelligence and technical resilience into the entire stablecoin ecosystem, promoting the industry's continuous development towards a more transparent, robust, and compliant direction.Scenario Application: Empowering Stablecoin Underlying Asset ManagementStablecoins, with their low volatility and efficient circulation advantages, have become investment hotspots. However, their core challenge lies in: issuers needing to balance profit demands with asset stability—if reserve asset returns are insufficient or risks are uncontrolled, the "stability"foundation will be shaken. The "Stablecoin Underlying Asset Management Solution"has emerged, ensuring issuers'core operations through the AI + Fixed Income dual engine:Reserve Asset Intelligent Optimization:Dynamically configure fiat currency/government bond collateral asset portfolios to enhance returns while ensuring safe liquidity (e.g., optimizing the ratio of cash to short-term bonds).Real-Time Risk Proactive Defense: Monitor risks such as interest rate fluctuations and credit defaults from multiple dimensions, with AI quantitative models providing real-time warning threshold breaches and timely portfolio adjustments to prevent de-pegging.Liquidity Precise Matching: Manage assets based on liquidity grading, dynamically adjusting the proportion of high-liquidity assets based on redemption forecasts to prevent run risks.Automated Compliance Disclosure: Automatically generate standardized reserve proof reports and verify asset categories/proportions'compliance in real-time (e.g., meeting Hong Kong's "Stablecoin Ordinance").Continuous Upgrade of Operational Strategies: Automate valuation, reconciliation, and stress testing, optimizing asset allocation strategies through historical data backtesting.Cooperation Outlook: Building Intelligent Infrastructure for StablecoinShort-Term Focus: Launch an integrated SaaS solution for "Compliance + Portfolio Management"to assist issuing institutions in quickly establishing standardized system capabilities and accelerate the implementation of regulatory sandbox projects.Mid-Term Deepening: Co-build a stablecoin asset rating system and open API services, providing modular access for commercial banks and licensed platforms, promoting transparency and standardization in reserve management.Long-Term Co-Building: Collaboratively create a national-level stablecoin technical foundation to support strategic projects such as cross-border digital RMB interoperability, constructing secure and trustworthy underlying capabilities with the "AI Risk Control + Financial Engineering"dual engine.Innovative PathwaysExplore the "Technology-Driven + Compliance Affiliation"model:1)Jointly conduct issuance pilot projects with licensed institutions.2)Position as a core service provider for risk control and system layers.3)Gradually establish compliant issuance capabilities with high technical barriers.In the future, both parties will continue to deepen AI cooperation, strengthen integrated solutions in the financial field and other sectors, continuously empower Chinese enterprises'intelligent operation paradigm innovation, jointly explore markets, and promote the digital transformation and high-quality development of enterprises and institutions.4Paradigm4Paradigm is a leading artificial intelligence technology and service provider, an innovator in data science-driven industry applications, with international foresight in fields such as AutoML and transfer learning. As a benchmark enterprise in the financial technology risk control field, 4Paradigm has served multiple leading Chinese banks over the past decade, intercepting fraudulent transactions exceeding 10 billion yuan, with nearly 2,000 successful implementation cases in government, energy, manufacturing, retail, healthcare, media, education, and internet sectors. Recently, it has keenly captured the demand in the stablecoin ecosystem and accurately launched the "Stablecoin Intelligent Risk Control & Intelligent Compliance Solution."In the future, it will actively lay out and continuously promote the compliant and healthy development of the stablecoin field.9M Technologies9M Technologies is a fintech service provider deeply rooted in the local market and facing the global stage, focusing on providing asset pricing, investment portfolio analysis, and risk management system solutions for financial institutions such as banks, securities firms, and fund companies. With years of service experience and technical accumulation for domestic and foreign leading financial institutions, its self-developed investment portfolio management and risk management systems have been implemented in over 20 large institutions. These clients include bank financial market departments and wealth management, securities proprietary and asset management departments, various fund companies, etc., with the asset management scale served by the system totaling nearly 10 trillion yuan.

According to data from Wind, a financial data platform, 1,468 companies listed in Hong Kong reported share price gains in the first half of 2025, accounting for 55.5% of all listed stocks. This article focuses on analyzing the top gainers to provide valuable insights into capital allocation trends over the past six months.Among the top 100 stocks, companies spanned 10 industries classified by Wind as Tier-1, with 25 from the Consumer Discretionary sector, making it the best-performing industry.Notably, gold-related stocks saw exceptional performance. Sales-end player Mount Everest Gold surged by over 900%, while Laopu Gold soared more than 300%. Four other companies involved in gold mining and refining experienced gains ranging from 175% to 332%, reflecting strong investor interest across the entire gold value chain.Which companies on the top 100 list are poised to become standout performers in the second half of the year? Which have strong fundamentals and are well-positioned for further gains? By analyzing metrics such as year-on-year revenue growth for 2024 and 2023, price-to-earnings (P/E) ratios, and share prices, the author identified 17 companies with consistent revenue growth over the past two years and P/E ratios within a reasonable range.Based on year-on-year revenue growth for 2024, the top five are: Laopu Gold, Pop Mart, Chia Tai Enterprises, Shanghai Chicmax, and Newborn Town.Consumer Discretionary Stocks Lead the Rally; Hong Kong Pharma ETF Surges 44%Within the top 100 list, the Consumer Discretionary sector led with 25 companies (Wind Tier-1 Industry, same below), followed by 16 in Healthcare, 14 in Industrials, 11 in Financials, and 10 in Information Technology (see Table 1).Table 1. Number of Companies by Industry Among the Top 100 HK Stock Gainers in H1 2025 (Source: Wind)Healthcare is the standout sector this year. Among the top 100 list, HBM Holdings-B surged by 355.9%, and Antengene-B gained 347.7%. Additionally, six other healthcare firms saw increases of over 200% (see Table 2).Table 2. Healthcare Companies Among the Top 100 HK Stock Gainers in H1 2025 (Source: Wind)The HK Pharmaceutical ETF (159718) surged 44.1% in H1 (according to Tonghuashun, as noted below), significantly outperforming the Healthcare ETF (159929), which rose by 5.6%.In the Consumer Discretionary sector, Laopu Gold and Pop Mart stole the spotlight. Laopu Gold surged by 321.5% (according to Wind, as noted below), while Pop Mart soared by 198.6% in H1. Both brands generated long queues outside their stores, with scalpers reselling products at premium prices. At Laopu Gold’s IFC store, customers must scan a QR code to join the queue—each person receives one number, and missed numbers are forfeited.Other major gainers included Mexan Limited (+1,163.8%), Mount Everest Gold (+962.5%), and Tokyo Chuo Auction (+910.2%). Companies such as TOMO Holdings, HOME Control, and HK Robotics also saw gains of over 500%.Note of Caution: Mexan Limited and TOMO Holdings are priced below HK$1 (see Table 3).Table 3. Consumer Discretionary Companies Among the Top 100 HK Stock Gainers in H1 2025 (Source: Wind)Among the top 100 gainers, there are four gold mining companies, including Tongguan Gold, Lingbao Gold, China Hanking, and Wanguo Gold, which benefited from surging gold prices that lifted their revenue baselines (see Table 4).Table 4. Materials Sector Companies Among the Top 100 HK Stock Gainers in H1 2025 (Source: Wind)17 'Hidden Champions' with Strong Fundamentals Poised for Continued Growth in H2Which companies on the top 100 list are not just the result of short-term capital speculation, but offer genuine medium- to long-term investment potential? Which ones are showing meaningful performance improvements, with their share prices on an upward trajectory and further room for growth in the second half?The author applied the following three criteria to the top 100 list: 1) Revenue growth in 2024 and 2023; 2) A trailing P/E ratio (as of July 10) below 300; 3) A share price above HK$1 as of July 10.A total of 17 companies meet all three criteria (see Table 5).Table 5. Companies Selected Based on the Three Criteria (Source: Wind)As shown in the table, 11 companies have demonstrated accelerating revenue growth over the past two years. These include Laopu Gold, Pop Mart, Chia Tai Enterprises, Shanghai Chicmax, Newborn Town, Yixin Group, Dekon Food and Agriculture Group, Biocytogen-B, Harbin Electric, 3SBio Inc., and Lingbao Gold.Among them, Laopu Gold specializes in the sale of gold products. Founded in 2009, it was the first heritage gold jewelry brand in China to promote the concept of 'heritage gold,' reshaping the landscape of China's gold jewelry market.Pop Mart specializes in the design and sale of designer toy collections. By the end of 2024, it had 13 IPs, each generating over RMB 100 million in revenue.In 2024, THE MONSTERS, MOLLY, SKULLPANDA, and CRYBABY recorded revenues of RMB 3.04 billion, RMB 2.09 billion, RMB 1.31 billion, and RMB 1.16 billion, respectively.Chia Tai Enterprises focuses on animal health products, chlortetracycline, and industrial businesses. For the year ended December 31, 2024, the Group’s revenue increased by 76.9% to USD 307.7 million (2023: USD 174 million), reflecting the successful execution of its key strategy to expand sales to major customers.Shanghai Chicmax specializes in the manufacturing and sale of skincare, maternity and childcare, washing and personal care, and makeup products. Its portfolio includes brands such as Kans, One Leaf, Baby Elephant, and newpage. This multibrand approach has consistently enabled the company to seize market opportunities and stand out from competitors.Newborn Town is a global social entertainment company with a diversified, 'bush-like' apps portfolio across the MENA region, Southeast Asia, Europe, the Americas, Japan, and Korea. As of December 31, 2024, its flagship products, MICO and YoHo, continued to generate steady profits as reliable cash cows, while newer products like TopTop and SUGO saw year-on-year revenue growth of 100% and 200%, respectively, providing additional earnings momentum.Newborn Town continues to upgrade its AI middle-platform engine to enhance social matching, content recommendations, and content ecosystem operations, further improving monetization efficiency. Looking ahead, with a vision of 'creating positive emotional value,' the company will continue advancing in the global social entertainment space, exploring user needs, strengthening business barriers, and building a heartwarming and valuable product ecosystem.

Jinxin Fertility Group Limited has always been highly regarded by market investors as a stock featured scarcity on the Hong Kong Stock Exchange. In recent years, however, Jinxin Fertility's performance has been under pressure in the capital market, but from a fundamental perspective, the Group's overall performance is still commendable. In addition, the assisted reproductive industry is facing policy benefits, especially from provinces that have already included assisted reproductive in medical insurance, greatly increasing the business volume of assisted reproductive services (ARS). So, what are the expected differences in the market behind the lack of resonance between fundamentals and valuation? How should we view the current opportunities in the context of the certainty of favorable industry policies? 1. Profitability continues to rise with sustained operating results