7月22日，京北方连续4个交易日下跌，区间累计跌幅-2.60%。京北方信息技术股份有限公司[股票代码:002987]作为金融科技服务领域的领航者,旨在为客户 提供全方位、高质量的软件与信息技术解决方案及卓越服务,助力客户全面数字化转型。 财报显示，景顺长城基金旗下景顺长城品质长青混合A进入京北方前十大股东，且为今年二季度新进。今年以来收益率30.35%，同类排名356(总4491)。 景顺长城品质长青混合A基金经理为农冰立。 简历显示，农冰立先生:硕士研究生,曾任泰达宏利基金研究部研究员,天风证券研究所电子行业首席分析师,工银瑞信基金研究部分析师、基金经理。2022年 10月加入景顺长城基金管理有限公司,2023年7月起担任股票投资部基金经理。2020年6月11日至2022年9月30日担任工银瑞信新增益混合型证券投资基金基金 经理。曾任工银瑞信智能制造股票型证券投资基金基金经理。2023年7月6日担任景顺长城品质长青混合型证券投资基金基金经理。2024年8月24日担任景顺 长城北交所精选两年定期开放混合型证券投资基金基金经理。 | ○ 基金经理：农冰立 | | | | | | | | | | --- | -- ...

全球虚拟资产牌照知多少 华西计算机团队 2025年7月19日 分析师：刘泽晶 SAC NO：S1120520020002 邮箱：liuzj1@hx168.com.cn 请仔细阅读在本报告尾部的重要法律声明 核心观点 全球虚拟资产牌照体系已基本成型 证券研究报告|行业深度研究报告 全球虚拟资产牌照监管已构建起系统化的区域规则体系 中国香港：明确 VASP 牌照与稳定币发行牌照，严格规范储备金管理与第三方审计机制 新加坡：分级牌照制度及监管沙盒机制，在合规框架内实现创新与风险的动态平衡 欧洲： MiCA 框架以统一分类标准对加密资产服务提供商（CASP）实施规范，明确资本门槛与持续性合规义务 美国：联邦与州级多层监管网络，将 MSB 与 BitLicense 确立为核心合规基础 跨地区虚拟资产牌照的差异与协同 不同地区虚拟资产牌照的差异本质上反映的是区域监管逻辑与战略重心的分化 三大协同趋势已逐步形成：本币锚定、资产托管与反洗钱合规 "持牌运营""透明披露""托管审计"为三项核心要求。能跨地区持牌、适配多种监管的合规平台与基础设施企业，将成为全球资金青 睐的配置重点。全球虚拟资产牌照体系的目标是确保市场合规、保护 ...

人工智能和信创双驱动，新机遇值得期待 京北方(002987) 公司跟踪报告 计算机 [Table_Industry] /信息科技 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 29.31 本报告导读： 人工智能和信创双重启动；新机遇值得期待。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 4,242 | 4,636 | 5,166 | 5,768 | 6,428 | | (+/-)% | 15.5% | 9.3% | 11.4% | 11.7% | 11.4% | | 净利润（归母） | 348 | 312 | 363 | 414 | 481 | | (+/-)% | 25.4% | -10.4% | 16.6% | 14.0% | 16.1% | | 每股净收益（元） | 0.40 | 0.36 | 0.42 | 0.48 | 0.55 | | 净资产收益率(%) | 1 ...

Core Insights - Stablecoins are becoming the "core infrastructure of global trade," with RDA (Real Data Assetization) expected to be a highly explosive direction [1][5] - The National Financial Development Research Center has proposed that Shanghai and Hong Kong will simultaneously launch offshore RMB stablecoin pilot programs to break through regulatory constraints [3] - Shanghai is anticipated to become a major support for Hong Kong, allowing the stablecoin market to expand from an initial scale of 1.8 trillion yuan to several tens of trillions [4] RDA and Digital Assetization - RDA is a unique model developed in China, focusing on the value of operational data from physical assets, making data tradable and financeable [5] - The Shanghai State-owned Assets Supervision and Administration Commission has explicitly requested the promotion of asset digitalization, positioning RDA as the core direction for stablecoin data infrastructure [6] Key Companies Expected to Experience Explosive Growth - The first company is Tuolsi, a leader in NLP technology, which excels in extracting value from unstructured data and provides RDA processing services for financial institutions, holding a first-mover advantage in the data assetization field [7][8] - The second company is Annie Co., a leader in copyright confirmation in China, utilizing blockchain notarization technology to ensure the credibility and security of RDA, possessing a strong competitive moat in the data asset confirmation sector [9] - The third company is a leading "dark horse" in the stablecoin and RDA space, leveraging "blockchain + digital watermark" technology to establish a comprehensive data confirmation and traceability system, ranking among the top tier in RDA packaging. It has received strategic support from the Shanghai Data Exchange and the Central Bank Digital Currency Research Institute, aiming to challenge the pricing power of US dollars in commodity markets. Recently, social security funds and foreign institutions have collectively increased their holdings by 10 million shares, indicating strong institutional confidence [10]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [37]. Core Viewpoints - The report highlights the positive outlook for financial IT and cross-border payment companies due to the recent policy developments in stablecoins, RDA, and CIPS, which are expected to enhance efficiency, reduce costs, and improve transparency in cross-border payments and settlements [1][4][21]. - The stablecoin market is diversifying, with various participants including fintech companies and traditional banks, which is likely to enhance the credibility and application scenarios of stablecoins [13][14]. Summary by Sections Industry Investment Rating - The industry is rated as "Outperform the Market," with expectations of better performance compared to the benchmark index [37]. Company Dynamics - Jiuyuan Yinhai expects to achieve revenue of 414-454 million yuan in the first half of 2025, a year-on-year increase of 5%-15%, with net profit expected to grow significantly by 130%-180% [3]. - Inspur Information plans to repurchase its A-shares with a total fund of no less than 200 million yuan and no more than 300 million yuan, with an expected repurchase price not exceeding 75.59 yuan per share [3]. Investment Recommendations - The report suggests focusing on companies such as Runhe Software, Nantian Information, Borui Data, Huichen Shares, Digital Government, and Jiuyuan Yinhai, which are expected to benefit from the developments in stablecoins and related technologies [4][21]. Policy Developments - Recent policies in regions like Hong Kong and Shanghai are aimed at promoting the development of stablecoins and their applications, including the issuance of tokenized government bonds and enhancing the management mechanisms for cross-border payment systems [15][18][21]. - The introduction of the RDA paradigm by the Shanghai Data Exchange emphasizes the importance of data in verifying the authenticity and enhancing the value of real-world assets [20][21]. Market Trends - The stablecoin market is expanding into real-world applications, particularly in cross-border payments, B2B payments, and asset tokenization, which are expected to grow rapidly [14][21]. - The report notes that the development of stablecoins will increase the demand for system upgrades and related services from financial IT companies [21].

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, specifically focusing on Real World Assets (RWA) [4] Core Insights - RWA represents a transformative innovation in financial technology by converting real-world assets into digital assets on the blockchain, potentially leading to exponential growth in the sector [2][6] - The global RWA asset market reached $24.5 billion as of June 2025, with projections to exceed $16 trillion by 2030, indicating a significant opportunity for investment [6][18] - The report emphasizes the importance of regulatory frameworks being established globally to support the growth of RWA, with regions like Hong Kong and the EU leading the way [26][30] Summary by Sections RWA: Connecting Real World Assets to Blockchain - RWA involves the tokenization of tangible and intangible assets through blockchain technology, enhancing liquidity and reducing transaction costs [11][12] - The RWA market is rapidly expanding, with a diverse range of assets including real estate, bonds, and commodities being tokenized [15][16] RWA Issuance Process and Regulatory Framework - The RWA issuance process consists of five key steps: asset selection, legal and compliance framework establishment, technology implementation, token issuance, and ongoing management [21][23] - Various countries are developing regulatory frameworks for RWA, with Hong Kong adopting a sandbox approach to foster innovation while ensuring compliance [26][30] Expansion of Asset Classes and RWA Market - RWA assets can be categorized into cash flow, equity, and non-cash flow assets, with credit and bonds currently leading the market [35][36] - The report highlights the significant growth potential in the RWA sector, particularly in tokenized real estate and securities, which are becoming increasingly popular [46][53] RWA Industry Ecosystem - The RWA ecosystem is forming a collaborative industry chain involving asset providers, technology firms, platforms, compliance custodians, and investors [4][6] - Key players in the blockchain and fintech sectors are recommended for investment, including companies like 恒生电子 and 新国都 [2][6]

Investment Rating - The report maintains a positive investment rating for the domestic computing power and AI application sectors, highlighting significant growth potential in these areas [6]. Core Insights - A new round of AI "arms race" has commenced globally, with the release of major models like Grok4 and Kimi K2 expected to significantly boost domestic computing power demand and application ecosystems [4][10]. - The report emphasizes the importance of focusing on domestic AI computing power, particularly in chip design, advanced wafer manufacturing, and liquid cooling technologies [4]. - Various AI application sectors are highlighted, including office automation, programming, terminal AI, ERP/CRM, judicial applications, financial/taxation services, education, healthcare, and customer service [4]. Summary by Sections Market Review - During the week of July 7-11, the CSI 300 index rose by 0.82%, the SME index increased by 0.73%, and the ChiNext index saw a rise of 2.36%. The computer sector (CITIC) experienced a growth of 3.37% [2]. Industry News - Notable company developments include Zhuoyi Information's plan to reduce its shareholding by up to 2,271,445 shares, representing no more than 1.88% of total shares [3]. - Wanjie Technology received nine invention patent certificates from the National Intellectual Property Administration [3]. Weekly Insights - The report suggests focusing on key players in the domestic AI computing power sector, such as Cambrian and Haiguang Information in chip design, and SMIC in advanced wafer manufacturing [4]. - The report also identifies various AI application companies across different sectors, including Kingsoft Office, Hehe Information, and Keda Xunfei in office automation and education [4]. Recent Developments - The report outlines significant investments and acquisitions in the AI sector, including Amazon's potential additional investment in Anthropic and Google's acquisition of AI programming startup Windsurf's core talent and technology [16][17]. - The report notes that xAI, led by Elon Musk, is negotiating a new funding round that could value the company at up to $200 billion, reflecting the growing interest and investment in AI technologies [10][18]. AI Application Ecosystem - The report highlights the rapid growth of AI applications, with OpenAI and Anthropic achieving annual recurring revenues (ARR) of $10 billion and $3 billion, respectively [22]. - Domestic AI applications like deepseek and Doubao are showing significant commercial potential, with user engagement metrics comparable to leading international AI applications [22]. Global AI Company Rankings - The report provides a ranking of global AI companies based on their ARR, with OpenAI leading at $10 billion, followed by Anthropic at $3.008 billion [23].

Group 1 - The Ministry of Finance issued a notice to guide insurance funds for long-term stable investment and to strengthen long-cycle assessments of state-owned commercial insurance companies. The assessment method for "return on net assets" has been adjusted to include annual, 3-year, and 5-year indicators with respective weights of 30%, 50%, and 20% [1][5][16] - The Ministry of Industry and Information Technology (MIIT) is promoting digital transformation in manufacturing and small and medium-sized enterprises (SMEs) through pilot programs and guidelines, aiming to enhance the digital capabilities of key industries [2][3] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the need for state-owned enterprises to focus on strategic emerging industries and enhance their role in technological innovation and industrial control [3] Group 2 - The Ministry of Finance allocated 197 million yuan to support agricultural disaster recovery in seven provinces affected by floods and typhoons, focusing on crop replanting and infrastructure repair [4] - The National Development and Reform Commission and the National Energy Administration announced plans to increase the green power consumption ratio for steel, cement, polysilicon industries, and new data centers by 2025 [2] - The Shanghai Stock Exchange released guidelines for the "Science and Technology Innovation Growth Layer," allowing 32 unprofitable companies to enter this new tier without additional listing thresholds [5] Group 3 - The China Securities Regulatory Commission (CSRC) has initiated investigations into companies suspected of financial misconduct, including Yuandao Communication for false financial reporting and Jiaoda Anlian for information disclosure violations [7][32] - The National Energy Administration reported that the new energy capacity connected to the grid exceeded 203 million kilowatts in the first half of the year, marking a 108.7% year-on-year increase [20] - The automotive industry in China is experiencing stability compared to other countries, with a noted decline of only 12% in the passenger car market from 2018 to 2020, indicating strong macroeconomic support [21]

Group 1 - The article highlights that 42 stocks appeared on the weekly trading list, with 24 showing net purchases from the Shenzhen Stock Connect [1] - The top three stocks with the highest net purchases were Zhongyou Capital, China Rare Earth, and Jingbeifang, with net purchases of 215.28 million, 213.55 million, and 142.71 million respectively [1] - The average increase of stocks with net purchases from Shenzhen Stock Connect was 14.37%, outperforming the Shanghai Composite Index, which rose by 1.09% [1] Group 2 - Among the stocks with net sales, the top two were Shaoneng Co. and Dadongnan, with net sales of 40.50 million and 36.76 million respectively [2] - The stock with the highest increase was Tongguan Copper Foil, which saw a price increase of 43.72% over the week [1] - The trading turnover rate for the stocks with net purchases was notably high, with some stocks like Hengbao Co. and Zhongke Jincai exceeding 170% [1]

Core Viewpoint - Tianjin Heda plans to reduce its stake in Jingbeifang by up to 26 million shares, representing 3.00% of the total share capital, due to personal funding needs, which is a normal reduction behavior and will not significantly impact the company's governance or control structure [2] Group 1: Shareholding and Reduction Details - Tianjin Heda holds 42.03 million shares of Jingbeifang, accounting for 6.78% of the total share capital, making it the second-largest shareholder [3] - The planned reduction represents 61.86% of Tianjin Heda's total holdings in Jingbeifang [3] Group 2: Stock Performance - Jingbeifang's stock price has increased by 145.33% this year, reaching a historical high of 27.7 yuan per share on July 9, with a closing price of 24.6 yuan per share on July 11, indicating a potential cash-out value exceeding 630 million yuan from the planned reduction [3] Group 3: Management Actions and Financial Performance - There have been multiple share reductions by Jingbeifang's executives this year, including a reduction of approximately 2 million shares by the vice chairman, generating 42.4 million yuan [5] - Jingbeifang faces pressure of increasing revenue without profit growth, with a projected revenue of 4.636 billion yuan in 2024, a 9.29% increase, but a decline in net profit by 10.36% to 312 million yuan [5] - In Q1 2025, revenue was 1.157 billion yuan, up 3.74%, while net profit fell by 3.71% to 47 million yuan, attributed to increased investments in R&D and customer acquisition, as well as costs from exiting low-profit businesses [5]