CITIC Securities: Suggests paying attention to investment opportunities in RWA issuances, financial IT, and cross-border payment industries.

The research report of CITIC Securities indicates that the legalization of stablecoins in Hong Kong promotes the continuous expansion of the stablecoin industry chain, with the segmentation of various links constantly extending. We are optimistic about the benefits to be gained by the issuers of RWAs, consulting/technical support service providers, and cross-border payment enterprises. We recommend paying attention to investment opportunities in RWA issuance, financial IT, and cross-border payment industries. At the same time, there are objective issues such as the need for improvement in the mechanism of RWA primary and secondary markets, the observation of financial IT demands after the enactment of laws, and regulatory issues in stablecoin cross-border payments. We are bullish on the positive development of the stablecoin industry accompanying the further improvement of related legislation and rules.