计算机行业 行业研究 | 深度报告 RWA：真实资产走向链上世界，开启数字 金融新时代 核心观点 投资建议与投资标的 RWA 通过区块链技术将实体资产转化为链上数字资产，是金融科技领域的创新变革，有 望迎来跨越式发展。我们建议投资者关注区块链+金融科技、支付解决方案商以及 RWA 发行方等领域标的。 风险提示 监管政策风险；技术漏洞与安全风险； 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 07 月 13 日 看好（维持） | 浦俊懿 | 021-63325888*6106 | | --- | --- | | | pujunyi@orientsec.com.cn | | | 执业证书编号：S0860514050004 | | 陈超 | 021-63325888*3144 | | | chenchao3@orientsec.com.cn | | | 执业证书编号：S0860521050002 | | 宋鑫宇 | songxinyu@orientsec.com.cn | | | 执业证书编号：S0860524090002 | 香港《稳定币条例》正式成为法例，行业 生态加速构建 2025-06-0 ...

计算机 2025 年 07 月 13 日 周观点：持续看好稳定币和 RWA 投资机会 ——行业周报 | 投资评级：看好（维持） | | --- | 行业走势图 数据来源：聚源 -22% 0% 22% 43% 65% 86% 2024-07 2024-11 2025-03 计算机 沪深300 相关研究报告 《脑机接口：从概念到落地，开启交 互新时代—行业深度报告》-2025.7.11 《稳定币和 AI 产业持续催化—行业周 报》-2025.7.6 《稳定币迎来"奇点"时刻，产业大 趋势已至—行业深度报告》-2025.6.30 | 陈宝健（分析师） | 刘逍遥（分析师） | | --- | --- | | chenbaojian@kysec.cn | liuxiaoyao@kysec.cn | | 证书编号：S0790520080001 | 证书编号：S0790520090001 | 市场回顾：本周（2025.7.7-2025.7.11），沪深 300 指数上涨 0.82%，计算机 指数上涨 3.22%。 周观点：持续看好稳定币和 RWA 投资机会 （1）NIFD 表示人民币稳定币发展可"内外结合"，提升人民币的 ...

证券研究报告 | 行业定期报告 2025 年 07 月 13 日 继续推荐 RWA&稳定币主线，关注 RDA 投资机会 计算机周观察 20250713 TMT 及中小盘/计算机 7 月 10 日，上海国资委组织学习加密货币与稳定币，国家金融改革实验室讨论 在上海自贸区试点推动人民币稳定币。RDA 作为锚定数据资产的 RWA，近期 关注度提升，建议持续关注稳定币&RWA 核心标的及数据要素厂商投资机会。 ❑ 风险提示：相关政策不及预期风险；行业竞争加剧风险。 推荐（维持） 2、《海外推出股票 RWA，国内无人 物流产业深化 ——计算机周观察 20250706》2025-07-06 3、《AI 及无人化聚焦落地，重视稳 定币及 RWA 金融创新——计算机行 业 2025 年 中 期 投 资 策 略 》 2025-06-30 刘玉萍 S1090518120002 liuyuping@cmschina.com.cn 孟林 S1090521040001 menglin@cmschina.com.cn 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 284 | 5.6 | ...

证 券 研 究 报 告 计算机行业周报（20250707-20250711） Grok 4 发布：xAI 引领 Agent 加速落地 行业研究 计算机 2025 年 07 月 13 日 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 8.2% | 4.0% | 51.4% | | 相对表现 | 6.1% | 5.5% | 37.8% | 推荐（维持） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周志浩 邮箱：zhouzhihao1@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 338 | 0.04 | | 总市值(亿元) | 45,343.43 | 4.40 | | 流通市值(亿元) | 39,023.53 | 4.82 | 相对指数表现 -9% 21% 52% 82% 24/07 24/09 24/12 25/02 25/04 25/07 2024-07-15~2025-07-11 ...

[Table_Title] 上海学习稳定币，全球政策共振 [Table_Title2] 计算机行业周报 [Table_Summary] 本周观点: 一、上海市国资委党委召开专题学习会，中国香港《稳 定币条例》落地在即 上海市国资委党委召开专题学习会，稳定币政策预期有 望强化。根据证券时报消息，7 月 10 日，市国资委党委 召开中心组学习会，围绕加密货币与稳定币的发展趋势 及应对策略开展学习。市国资委党委书记、主任贺青主 持会议并讲话。贺青讲话提及，加强对数字货币的研究 探索，探索区块链技术在跨境贸易、供应链金融、资产 数字化等领域的运用。我们认为，继海外及香港稳定币 政策相继出台后，国内政策出台预期有望强化。 中国香港《稳定币条例》已正式发布，预计 8 月 1 日正 式实施。根据新华社消息，中国香港立法会 21 日通过 《稳定币条例草案》，在中国香港设立法币稳定币发行 人的发牌制度，完善对虚拟资产活动的监管框架，保持 金融稳定，同时推动金融创新。6 月 6 日，中国香港特 别行政区政府于宪报刊登《稳定币条例（生效日期）公 告》，指定 2025 年 8 月 1 日为《稳定币条例》（第 656 章）开始实施的日 ...

Group 1 - The digital currency concept index rose by 2.31%, ranking 10th among concept sectors, with 78 stocks increasing in value [1][2] - Notable gainers included Gu Ao Technology with a 20% limit up, and Jin Zheng Co., Ji Da Zheng Yuan, and Heng Bao Co. also hitting the limit up [1] - The sector saw a net inflow of 3.174 billion yuan, with 50 stocks receiving net inflows, and 15 stocks exceeding 100 million yuan in net inflow [2] Group 2 - The top net inflow stocks included Heng Bao Co. with 470 million yuan, followed by Jin Zheng Co. and Yu Xin Technology with 453 million yuan and 435 million yuan respectively [2][3] - Gu Ao Technology, Ji Da Zheng Yuan, and Ge Er Software had the highest net inflow ratios at 33.76%, 21.20%, and 16.52% respectively [3] - The digital currency sector's performance was supported by significant trading volumes, with Heng Bao Co. and Jin Zheng Co. showing high turnover rates of 45.74% and 16.10% respectively [3][4]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 11, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - TSMC leads the list with a market capitalization of approximately $11,916.56 million [3]. - Tencent Holdings ranks second with a market capitalization of about $5,885.24 million [3]. - Alibaba is in third place with a market capitalization of around $2,544.49 million [3]. - Pinduoduo follows in fourth place with a market capitalization of $1,490.20 million [3]. - Meituan and NetEase are also notable, with market capitalizations of $947.31 million and $807.83 million, respectively [3][4]. Group 2: Additional Notable Companies - Semiconductor Manufacturing International Corporation (SMIC) has a market capitalization of $472.08 million, ranking eighth [4]. - JD.com and Tencent Music are positioned ninth and tenth, with market capitalizations of $450.04 million and $309.78 million, respectively [4]. - Baidu and Li Auto are also significant players, with market capitalizations of $304.03 million and $291.16 million [4]. Group 3: Emerging and Smaller Companies - Companies like Xpeng Motors and ZTO Express have market capitalizations of $166.15 million and $154.59 million, respectively [4]. - Other companies in the list include iFlytek with $149.34 million and Baosight Software with $95.10 million [4][5]. - The list also features companies like Kingdee International and Wancloud Data, with market capitalizations of $70.72 million and $67.09 million, respectively [5].

Core Viewpoint - The article emphasizes the importance of long-term value investing and the need for investors to remain patient and focused on their investment goals, even when market trends do not align with their current holdings [2][3]. Group 1: Market Trends and Investment Strategy - The current market is characterized by a focus on bank stocks and small-cap stocks, which the author's friend's portfolio lacks, leading to underperformance compared to market trends [2]. - A portfolio consisting of high ROE stocks can outperform the market over the long term, provided that investors are not overly focused on short-term gains [3]. - Investors should be cautious of high-risk investments, as most individuals lack the ability to manage such risks effectively, and high returns are not guaranteed [4]. Group 2: Valuation Metrics - The banking sector currently has a dividend yield of around 4%, but the high leverage involved poses significant risks, making it less attractive compared to lower-leverage consumer stocks with similar yields [4]. - The current PE ratio of the CSI 2000 index is 132, placing it in the 92.36th percentile historically, indicating limited upward potential [4]. - The PB ratio of the CSI 2000 index is 2.46, which is in the 94.98th percentile historically, suggesting that valuations are stretched and may not support further price increases [4][5]. Group 3: Investment Philosophy - The article advocates for a rational and detached approach to investing, where investors avoid chasing trends and instead focus on the long-term value of their holdings [5]. - The "Snowball Three-Point Method" is introduced as a strategy for long-term investment and asset allocation, emphasizing diversification across assets, markets, and timing to achieve risk mitigation and diversified returns [6].

截至2025年7月10日 11:03，中证软件服务指数下跌0.37%。成分股方面涨跌互现，同花顺领涨1.07%，虹软科技上涨0.75%，财富趋势上涨0.61%；光环新网 领跌，中科星图、深信服跟跌。软件ETF(159852)下修调整。 数据显示，截至2025年6月30日，中证软件服务指数前十大权重股分别为科大讯飞、金山办公、同花顺、恒生电子、润和软件、三六零、软通动力、拓维信 息、指南针、中国软件，前十大权重股合计占比60.56%。 规模方面，软件ETF近2周规模增长177.38万元，实现显著增长，新增规模位居可比基金第一。资金流入方面，拉长时间看，软件ETF近10个交易日内有6日 资金净流入，合计"吸金"2.40亿元。 数据显示，杠杆资金持续布局中。软件ETF最新融资买入额达838.58万元，最新融资余额达1.12亿元。 截至7月9日，软件ETF近1年净值上涨55.55%，指数股票型基金排名141/2907，居于前4.85%。从收益能力看，截至2025年7月9日，软件ETF自成立以来，最 高单月回报为39.35%，最长连涨月数为3个月，最长连涨涨幅为69.40%，上涨月份平均收益率为9.98%。 工信部数据 ...

Core Insights - The implementation of the Hong Kong Stablecoin Regulation in July 2025 marks a significant step in the regulation of stablecoins, enhancing cross-border payment efficiency by over 90% and reducing costs to one-tenth of traditional methods [1][3] - The expansion of the digital yuan pilot to 50 cities, with annual transactions exceeding 1 trillion yuan, highlights China's advancements in digital currency, prompting major tech companies like Ant Group and JD.com to invest in compliant stablecoins [3] - Stablecoins are positioned as a bridge between cryptocurrencies and traditional finance, addressing long-standing issues in cross-border trade such as high fees, slow settlements, and low transparency, with the market for cross-border payments growing at an annual rate exceeding 200% [3] Company Summaries - **Four方精创**: A key service provider for the Hong Kong Monetary Authority, developing the mBridge cross-border clearing module and offering a platform for stablecoin issuance, with potential annual revenue exceeding 250 million HKD if the stablecoin market reaches 50 billion HKD [5] - **拉卡拉**: The only domestic third-party payment institution with a full license for cross-border RMB payments, supporting stablecoin payments through 5 million POS terminals, with a projected revenue of 200 million yuan from stablecoin-related activities in 2025 [6] - **海联金汇**: Holds the only MSO license among A-share companies, with significant market share in Southeast Asia and participation in the mBridge project, reporting a 950% year-on-year increase in net profit in Q1 2025 [6] - **恒宝股份**: A leading supplier of hardware security modules for digital currencies, with a market share exceeding 30%, providing hardware for stablecoin transactions and participating in the mBridge project [7] - **新大陆**: A global leader in smart terminals, integrating digital yuan and stablecoin functionalities, with a projected order of 200,000 terminals in Southeast Asia in 2025 [7] - **京北方**: The only A-share company explicitly linked to stablecoin technology, providing underlying settlement technology for major banks and participating in the mBridge project [8] - **雄帝科技**: Developed a dual-track payment system compatible with both digital yuan and stablecoins, providing key services for the Hong Kong pilot [8] - **华峰超纤**: Collaborating with JD Wallet to test stablecoin retail scenarios in the UAE, with a focus on programmable payment protocols [9] - **恒生电子**: Provides core system support for Ant Group's stablecoin operations, with a significant market share in asset management systems [10] - **数字认证**: Supplies key management services for stablecoins to the Hong Kong Monetary Authority, with a strong presence in government blockchain projects [10]