Core Viewpoint - The recent surge in cross-border payment stocks is driven by the People's Bank of China's release of a draft for the rules governing the Cross-border Interbank Payment System (CIPS), indicating potential expansion into multi-currency services and enhanced operational flexibility for participating institutions [1][2]. Group 1: Market Reaction - On July 7, cross-border payment stocks experienced significant gains, with Zhongyi Technology hitting a 20% limit up, Huafeng Super Fiber rising over 13%, and Xinyada achieving consecutive limit ups [1]. - Other notable performers included Qingdao Kingking, which also reached the limit up, while Hailian Jinhui and Jingbeifang increased by over 8% [1]. Group 2: Regulatory Developments - The draft rules for CIPS, released on July 4, aim to enhance the system's capabilities, including the potential to handle foreign currency payments, which marks a significant development for CIPS, primarily focused on RMB services [1]. - The new provisions in the draft suggest that CIPS may evolve into a more comprehensive platform, aligning with the Shanghai International Financial Center's action plan to improve cross-border financial services [1][2]. Group 3: Strategic Implications - The draft significantly increases the autonomy and flexibility of operational institutions in managing participants, which is expected to help CIPS adapt to market changes and innovations [2]. - The document outlines the potential for CIPS to expand into multi-currency operations, align with international anti-money laundering standards, and integrate new technologies, thereby enhancing its international credibility and attracting more global participants [2].

Market Overview - A-shares experienced a collective decline on July 7, with the Shanghai Composite Index down 0.21%, the Shenzhen Component down 0.7%, and the ChiNext Index down 1.25%. The total market turnover was 783 billion, a decrease of 95.7 billion from the previous day, with over 2,200 stocks declining [1] Key Sectors Electricity Sector - The electricity sector continued its upward trend, with stocks like Huayin Electric and Shaoneng Shares hitting the daily limit. Other stocks such as Shenzhen South Power A and Leshan Power also saw gains. The National Energy Administration reported record high electricity grid loads in six provinces, indicating improved supply-demand dynamics in the electricity market [2] Cross-Border Payment - Stocks in the cross-border payment sector surged, with Xinyada hitting the daily limit and other companies like Hailian Jin Hui and Huafeng Super Fiber also rising. The People's Bank of China released a draft for the rules governing the Renminbi Cross-Border Payment System, which is expected to enhance the demand for cross-border clearing services [3] Real Estate Sector - The real estate sector saw significant gains, with Shahe Shares and Yuhua Development hitting the daily limit. Other companies like Gemdale and New Town Holdings also experienced increases. The Ministry of Housing and Urban-Rural Development emphasized the importance of stable and healthy development in the real estate market, with a positive outlook on new home sales and a recovery in second-hand home transactions [4] Institutional Insights CITIC Securities - CITIC Securities noted that the current market environment resembles the end of 2014, with investors showing improved patience and confidence. The market is currently lacking a catalytic event to ignite further growth, which could come from unexpected policy changes or developments in the technology sector [5] Huatai Securities - Huatai Securities indicated that A-shares are entering a window of internal and external variables, with a technical breakthrough observed in the market. However, potential volatility may increase due to various factors, including tariff policies and funding supply-side influences [6][7] China Galaxy - China Galaxy expressed optimism for a sustained upward trend in A-shares, highlighting that the valuation remains relatively low compared to mature markets. The firm identified four main investment themes: high-margin assets, technology, consumer sectors boosted by policy, and mergers and acquisitions [8]

Core Viewpoint - The news highlights the active performance of stocks related to stablecoins in Hong Kong and A-shares, driven by the recent legislative developments regarding stablecoins in Hong Kong and the growing global interest in the stablecoin market [1][4][5]. Group 1: Stock Performance - Stocks related to stablecoins have shown significant gains, with notable performers including Zhongyi Technology, which reached a 20% increase, and Huafeng Super Fiber, which rose over 13% [1][2]. - Other companies such as Jingbeifang, Qingdao King, and Xinyada also hit their daily limit up, indicating strong market sentiment [1][2]. Group 2: Legislative Developments - Hong Kong's Legislative Council passed the Stablecoin Ordinance, which will take effect in August, igniting market enthusiasm for stablecoins [4]. - The Financial Secretary of Hong Kong announced that the Monetary Authority is consulting the market on the implementation guidelines, which will include anti-money laundering requirements [4]. Group 3: Market Predictions - Standard Chartered predicts that the market size for stablecoins could reach $2 trillion by 2028, while Bernstein forecasts a supply increase to approximately $4 trillion over the next decade [6][7]. - However, JPMorgan expresses skepticism about the mainstream adoption of stablecoins, projecting a market value growth to only $500 billion by 2028 [8][9]. Group 4: Investment Opportunities - Investment focus should be on issuers, cross-border payment providers, and financial IT service companies, with a particular emphasis on those that can obtain licenses for stablecoin issuance [10][11]. - The stablecoin industry is still in its early stages, and companies with expertise in traditional banking IT and those involved in the digital RMB system are well-positioned to leverage this transition [12]. Group 5: Related Companies - Key players in the stablecoin ecosystem include issuers like Circle and Tether, as well as technology service providers such as Lakala and Xinguang [13].

Market Overview - On July 7, stablecoins, cross-border payments, and RWA-related concepts saw significant gains, with Jin Yi Culture achieving a three-day consecutive rise, Xinyada also rising consecutively, and Qingdao Jinwang hitting the daily limit. Other companies like Huafeng Superfiber and Hangzhou Garden also experienced increases exceeding 10% [1]. Stock Performance - Jin Yi Culture (002721.SZ) latest price: 4.42, up 9.95%, market cap: 11.754 billion [2] - Xinyada (600571.SS) latest price: 20.39, up 9.98%, market cap: 9.334 billion [2] - Jingbeifang (002987.SZ) latest price: 25.63, up 10.00%, market cap: 21.617 billion [2] - Qindao Jinwang (002094.SZ) latest price: 9.25, up 9.99%, market cap: 6.387 billion [2] - Huafeng Superfiber (300180.SZ) latest price: 10.29, up 15.49%, market cap: 15.287 billion [2] Events - On July 4, the People's Bank of China released a notice soliciting opinions on the draft rules for the Renminbi Cross-Border Payment System (CIPS), aiming to optimize the system's functions and services [3]. - Hainan Huatie has completed the digitalization of nearly 26 billion yuan in assets and signed a strategic cooperation agreement with the RWA Research Institute [3]. - The Hong Kong Stablecoin Regulation will take effect in August, with the Financial Secretary indicating that the Monetary Authority is consulting the market on the implementation guidelines [3]. Institutional Insights - The central bank's proposed revisions to the CIPS rules aim to lower entry barriers and simplify transaction procedures, which will help promote the internationalization of the Renminbi [4]. - The official launch of the Hong Kong FRS license in August 2025 is expected to accelerate the global settlement of USDC/PYUSD and the growth of on-chain money market funds [4]. - With Hong Kong leading the pilot projects, the integration of data rights and on-chain credit in mainland China is expected to make RWA a key component of the national strategy for "digital-physical integration" [4].

Group 1 - The core viewpoint of the article highlights the active performance of cross-border payment and stablecoin concepts, with notable stock movements in companies like Xinyada and Jinyi Culture [1] - Xinyada has achieved a consecutive two-day increase in stock price, while Jinyi Culture has seen a rise in stock price for four consecutive days within a week [1] - Other companies such as Huafeng Superfiber, Hailian Jinhui, Jingbeifang, Qingdao Jinwang, and New Guodu have also experienced stock price increases, indicating a broader market trend [1] Group 2 - On July 4, the People's Bank of China publicly solicited opinions on the "Business Rules for the Renminbi Cross-Border Payment System (Draft for Comments)" [1] - The draft rules clarify detailed processes for CIPS participants, including account management, capital injection, and fund settlement [1]

A股跨境支付概念短线走高，海联金汇涨超8%，信雅达、华峰超纤、京北方、天阳科技等个股跟涨； 消息面上，央行发布《人民币跨境支付系统业务规则（征求意见稿）》。 ...

Group 1: 6G Technology - Beijing has released its first special policy for the 6G industry, aiming to promote the development of 6G technology through supportive measures and collaboration between academia and industry [1] - The 6G industry is expected to enter a commercial phase after 2029, with significant transformations anticipated in sectors such as education, entertainment, and manufacturing [1] Group 2: Superconductors - The State-owned Assets Supervision and Administration Commission emphasizes the need to enhance the security of important metal mineral resources and accelerate the development of new production capabilities, particularly in superconducting materials [2] - The demand for superconducting materials in nuclear fusion devices is expected to increase, potentially driving down costs and expanding application areas [2] Group 3: AI in Healthcare - Beijing has launched an action plan to integrate AI with healthcare, aiming to establish itself as a leading innovation hub in this field by 2027 [3] - The AI healthcare sector is anticipated to accelerate, addressing limitations in human resources and enhancing precision and efficiency in medical services [3] Group 4: Brain-Computer Interface - Sichuan has introduced a plan to foster the development of brain science and brain-computer interface technologies, focusing on original technology breakthroughs and clinical applications [4] - This initiative is expected to invigorate the emerging industry landscape in Sichuan, creating new opportunities for future industrial development [4] Group 5: Cell Therapy - A team at Huazhong University of Science and Technology has successfully treated multiple myeloma using an in-body CAR-T therapy, which simplifies the process and reduces costs compared to traditional methods [5] - The global cell therapy market is projected to reach hundreds of billions of dollars as various cell treatment technologies gain traction [5] Group 6: Data Elements - The National Data Bureau has introduced measures to enhance the efficiency of data circulation and transactions, including a standardized contract template [6] - The data circulation market is expected to grow significantly, with projections of reaching 200 billion yuan by 2025 and 700 billion yuan by 2030 [6] Group 7: Cross-Border Payments - The People's Bank of China has released a draft for the rules governing the Cross-Border Interbank Payment System (CIPS), aiming to streamline operations and enhance efficiency [7] - CIPS is crucial for the internationalization of the renminbi, with significant growth in cross-border payment volumes anticipated [7] Group 8: Solid-State Batteries - Chery is accelerating its development of solid-state batteries, with plans to expand its research team and focus on various materials [8] - Solid-state batteries are expected to see widespread application by 2030, driven by their high energy density and safety advantages [8]

Market Overview - The Shanghai Composite Index rose by 0.32% on July 4, with 13 out of the 28 sectors experiencing gains, led by the banking and media sectors, which increased by 1.84% and 0.91% respectively [1] - The sectors that saw the largest declines were beauty care and non-ferrous metals, with decreases of 1.87% and 1.60% respectively [1] - The computer industry experienced a slight decline of 0.05% [1] Capital Flow Analysis - The net outflow of capital from the two markets was 21.926 billion yuan, with 8 sectors seeing net inflows [1] - The computer industry had the largest net inflow of capital at 2.811 billion yuan, despite its decline [1] - The banking sector also saw a net inflow of 758 million yuan while increasing by 1.84% [1] Computer Industry Performance - Within the computer industry, there are 335 stocks, with 94 stocks rising and 231 stocks falling [2] - The top three stocks with the highest net inflow were Dazhihui, Changliang Technology, and Xinyada, with net inflows of 479 million yuan, 425 million yuan, and 353 million yuan respectively [2] - The stocks with the largest net outflows included Xuanji Information, Inspur Information, and Hikvision, with net outflows of 203 million yuan, 163 million yuan, and 105 million yuan respectively [2][3] Capital Inflow and Outflow Rankings - The top stocks in terms of capital inflow included: - Dazhihui: +6.83%, 13.07% turnover, 479.43 million yuan inflow - Changliang Technology: +13.31%, 31.83% turnover, 425.40 million yuan inflow - Xinyada: +10.03%, 24.29% turnover, 352.72 million yuan inflow [2] - The top stocks in terms of capital outflow included: - Xuanji Information: -6.12%, 18.77% turnover, -202.71 million yuan outflow - Inspur Information: -1.24%, 2.10% turnover, -163.17 million yuan outflow - Hikvision: -0.36%, 0.33% turnover, -105.02 million yuan outflow [3]

Core Viewpoint - The mobile payment sector has shown a positive trend with a 0.82% increase, ranking sixth among concept sectors, indicating a growing interest and investment in this area [1][2]. Group 1: Market Performance - As of July 4, the mobile payment concept saw 48 stocks rise, with notable performers including Jin Yi Culture, Xinya Da, and Desheng Technology reaching their daily limit up [1]. - The top gainers in the mobile payment sector included Changliang Technology, which increased by 13.31%, followed by Zhengyuan Wisdom at 8.57%, and Chuangshi Technology at 6.94% [1][2]. - Conversely, the sector also experienced declines, with Yunnei Power, Boshi Jie, and Guanghong Technology falling by 4.70%, 3.13%, and 2.79% respectively [1]. Group 2: Capital Flow - The mobile payment sector attracted a net inflow of 1.995 billion yuan, with 55 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflow [2]. - Changliang Technology led the net inflow with 425 million yuan, followed by Xinya Da, Jingbeifang, and Desheng Technology with net inflows of 353 million yuan, 247 million yuan, and 221 million yuan respectively [2][3]. - In terms of net inflow ratio, Desheng Technology, Xinya Da, and Hemei Group had the highest ratios at 31.21%, 17.66%, and 15.52% respectively [3]. Group 3: Stock Performance Metrics - The top stocks in the mobile payment sector based on daily performance included Changliang Technology with a 13.31% increase and a turnover rate of 31.83%, and Xinya Da with a 10.03% increase and a turnover rate of 24.29% [3]. - Other notable stocks included Jingbeifang with a 10.01% increase and a turnover rate of 15.16%, and Desheng Technology with a 10.02% increase and a turnover rate of 20.73% [3].

Core Insights - The China Securities Financial Technology Theme Index (930986) has seen a strong increase of 1.95% as of July 4, 2025, with notable gains in constituent stocks such as Tianyang Technology (300872) up 14.49% and Xinyada (600571) up 10.03% [3] - The Financial Technology ETF (516860) has risen by 1.82%, reaching a latest price of 1.4 yuan, and has accumulated a 9.13% increase over the past two weeks [3] - The Hong Kong Legislative Council has passed the Stablecoin Ordinance, set to take effect on August 1, establishing a comprehensive regulatory framework for fiat-backed stablecoins [3] Market Performance - The Financial Technology ETF has reached a new high in scale at 1.024 billion yuan and a new high in shares at 746 million [4] - The ETF has seen continuous net inflows over the past three days, with a maximum single-day net inflow of 90.37 million yuan, totaling 190 million yuan [4] - Leveraged funds have been actively buying into the ETF, with a maximum single-day net purchase of 13.79 million yuan [4] Historical Performance - The Financial Technology ETF has achieved a net value increase of 108.38% over the past year, ranking 8th out of 2897 index equity funds [5] - The ETF's highest monthly return since inception was 55.92%, with an average monthly return of 10.60% and a historical three-year holding probability of 97.31% [5] Risk and Fee Structure - The ETF has a Sharpe ratio of 1.61 over the past year, indicating strong risk-adjusted returns [6] - The management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [6] - The tracking error for the ETF over the past year is 0.045%, demonstrating high tracking precision [6] Index Composition - The top ten weighted stocks in the China Securities Financial Technology Theme Index account for 51.2% of the index, with major companies including Dongfang Caifu (300059) and Tonghuashun (300033) [6]