Group 1 - The A-share cross-border payment sector is undergoing adjustments, with *ST Rendo hitting the daily limit down [1] - Other companies such as Jingbeifang, Jida Zhengyuan, Sifang Jingchuang, Youbuxun, Lakala, and Tianyang Technology also experienced declines [1]

Market Overview - The A-share market experienced fluctuations on July 1, with the Shanghai Composite Index rising by 0.09%, while the Shenzhen Component Index and the ChiNext Index fell by 0.34% and 0.57% respectively [2][4]. Chip Industry - The chip industry chain continued to rise, with sectors such as photolithography machines and advanced packaging leading the gains. Notable stocks like Blue Eagle Equipment and San Chao New Materials reached the daily limit of 20% increase [6][8]. - The photolithography machine segment is highlighted as a core area for self-sufficiency, with significant market share in semiconductor equipment. Domestic demand for photolithography machines is expected to remain strong as local wafer fabs continue to expand [8]. Stablecoin Concept Stocks - Stablecoin concept stocks saw a significant decline, with companies like Jingbeifang, Xiongdi Technology, and Cuiwei Co. all dropping over 6% [9][10]. - The current divergence in monetary policy between the U.S. government and the Federal Reserve has created uncertainty regarding the future of stablecoin legislation, which is closely tied to the core issue of U.S. dollar issuance rights [10][11].

Summary of the Conference Call for Jinbeifang Company Overview - Jinbeifang is a leading IT company in the banking sector, focusing on software development with over 60% of its clients being large banks, ensuring stable business growth [2][3] - The company is actively expanding its non-banking client base and aims to become a diversified service provider, with AI technology as a primary development direction [2][4] Core Insights and Arguments - Jinbeifang has launched four major AI products, including an AI large model service platform and intelligent testing assistant, which are expected to be promoted to small and medium-sized banks and other non-banking institutions [2][6] - The company is involved in the construction of the digital RMB system and is exploring stablecoin-related businesses in regions like Hong Kong, leveraging its experience with large state-owned banks [2][7][8] - Jinbeifang anticipates maintaining a revenue compound annual growth rate (CAGR) of around 10% starting in 2025, with net profit growth of approximately 15%, projecting revenues of 5.15 billion and profits of 360 million by 2025 [2][9] Growth Drivers - The company is expanding its system construction beyond banks to include non-banking clients, insurance companies, and asset management firms, aiming for a comprehensive service model [4][5] - AI applications and data services are expected to constitute a significant portion of future revenues, with AI-related income projected to grow rapidly [5][6] Competitive Advantages - Jinbeifang's primary advantages include being the largest in software development revenue among listed banking IT companies, focusing solely on software development without involvement in system integration or hardware services [3] - The company has a strong client base of large banks, which provides stability and allows for deep involvement in digital currency and AI initiatives [3][6] Financial Outlook and Valuation Potential - The company is expected to achieve a PE ratio close to 50 times by 2025, with potential for valuation increases compared to peers like Shen Zhou Information and Changliang Technology, which have higher valuations [9][10] - Jinbeifang's stock price could see over 50% upside, driven by stablecoin policy developments and increasing AI orders, with anticipated revenue growth of over 50% in the next two years [10][11] Industry Catalysts - Key catalysts for the stablecoin industry include the implementation of Hong Kong's stablecoin regulations and the US Genius Act, which are expected to encourage more companies to enter the stablecoin issuance and virtual asset trading space [11] - Despite recent stock price increases of 30% to 40%, there remains potential for further growth in the context of macroeconomic dynamics and stablecoin developments [11] Additional Insights - Changliang Technology is noted for its strong position in the stablecoin sector, having successfully sold its core systems overseas and established significant partnerships, particularly in Southeast Asia and Hong Kong [12] - The collaboration between Changliang Technology and Tencent is highlighted as a strategic advantage, with expectations for further developments in stablecoin initiatives [12]

证券代码：002987 证券简称：京北方 公告编号：2025-030 京北方信息技术股份有限公司 关于公司董事、高级管理人员股份减持计划实施完成的公 告 公司董事、副总经理赵龙虎先生、副总经理曹景广先生保证向本公司提供的 信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 京北方信息技术股份有限公司（以下简称"公司"）于2025年5月22日披露 了《关于公司董事、高级管理人员减持股份的预披露公告》（公告编号：2025- 028），公司董事、副总经理赵龙虎先生（持有2,308,382股，占公司总股本的0.2660%） 计划自上述公告披露之日起十五个交易日后的三个月内通过集中竞价交易方式 减持其持有的公司股份不超过529,200股，即不超过公司总股本的0.0610%；公司 副总经理曹景广先生（持有282,240股，占公司总股本的0.0325%）计划自上述公 告披露之日起十五个交易日后的三个月内通过集中竞价交易方式减持其持有的 公司股份不超过43,400股，即不超过公司总股本的0.0050%。 公司于近日收到董事、副总经理赵龙虎先生和副 ...

Core Viewpoint - The company announced the completion of share reduction plans by its executives, indicating potential changes in insider sentiment towards the company's stock [1] Summary by Relevant Sections Share Reduction Details - Executive Zhao Longhu reduced his holdings by 529,200 shares, accounting for 0.0610% of the total share capital, at an average price of 16.95 yuan per share [1] - Executive Cao Jingguang reduced his holdings by 43,400 shares, accounting for 0.0050% of the total share capital, at an average price of 17.05 yuan per share [1] Post-Reduction Holdings - After the reduction, Zhao Longhu holds 1,779,200 shares, representing 0.2050% of the total share capital [1] - After the reduction, Cao Jingguang holds 238,800 shares, representing 0.0275% of the total share capital [1]

Core Viewpoint - Jingbeifang is a leading financial technology service provider in China, expected to experience business growth beyond expectations due to the dual drivers of the accelerated implementation of the digital RMB national strategy and the deep integration of AI technology in the financial industry [1] Group 1: Over-Expectation Logic - Market expectations suggest that the advancement of digital currency is slow, and AI's application in the financial sector is also lagging, leading to a belief that these factors will not contribute to short-term performance [2] - The company believes that the pace of policy implementation is accelerating, with the digital currency rollout speeding up, as evidenced by the recent introduction of the stablecoin legislation in Hong Kong [2] - The company has established deep collaborations with banking clients and possesses full-stack service capabilities for digital currency, positioning it to benefit from the promotion of stablecoins [2] Group 2: Driving Factors - The rollout of stablecoins presents business opportunities, with the Hong Kong Legislative Council passing the "Stablecoin Ordinance" on May 21, 2025, indicating a shift in stablecoins from being mere connectors of crypto assets to becoming a new infrastructure for global financial payments [3] - Domestic large models are showing significant breakthroughs in cost and capability, leading to accelerated adoption in the banking sector, which directly benefits the company through private deployment and AI application demands [2][3] Group 3: AI Application and Product Launch - Domestic large models like Deepseek are rapidly being adopted in the financial sector due to their efficient performance, cost-effectiveness, and open-source nature, with banks prioritizing AI for various applications such as intelligent customer service and risk control [3] - The company has officially launched an AI large model service platform and four major products in 2024, catering to the private deployment and AI application needs of major state-owned and joint-stock commercial banks [3] Group 4: Performance Metrics and Catalysts - Key performance indicators include the implementation of stablecoin policy details, AI business orders, and the proportion of AI revenue [4] - Catalysts for growth include the implementation of stablecoin regulations, approval of licenses for tech giants, and the emergence of popular AI products [5] Group 5: Profit Forecast and Valuation - The company forecasts revenues of 5.147 billion, 5.685 billion, and 6.291 billion yuan for 2025-2027, with year-on-year growth rates of 11.01%, 10.46%, and 10.67% respectively, and net profits of 363 million, 416 million, and 472 million yuan, with growth rates of 16.34%, 14.63%, and 13.54% [6] - The company is compared with peers in financial technology and banking IT, with a projected PE of 44 times for 2025, while the average PE of comparable companies is 67 times, indicating a potential target stock price of 28.11 yuan, representing an upside of 54.39% [6]

Core Viewpoint - The stock of Jingbeifang experienced a significant increase, reaching the daily limit with a turnover rate of 12.56% and a trading volume of 1.805 billion yuan, indicating strong market interest and volatility [2] Group 1: Trading Activity - The stock's daily fluctuation was 15.25%, with a price increase deviation of 8.59%, leading to its listing on the exchange's watchlist [2] - Institutional investors net sold 9.76 million yuan, while the Shenzhen Stock Connect saw a net purchase of 28.70 million yuan [2] - The top five trading departments accounted for a total transaction volume of 355 million yuan, with net buying of 100 million yuan [2] Group 2: Institutional Participation - Among the trading departments, two institutional special seats were involved, with a total buying amount of 37.77 million yuan and selling amount of 47.53 million yuan, resulting in a net sell of 9.76 million yuan [2] - The Shenzhen Stock Connect was the largest buying and selling department, with a buying amount of 71.93 million yuan and selling amount of 43.23 million yuan, leading to a net purchase of 28.70 million yuan [2] Group 3: Capital Flow - The stock saw a net inflow of 307 million yuan from main funds, with a significant inflow of 347 million yuan from large orders, while large orders experienced a net outflow of 39.94 million yuan [2] - Over the past five days, the main funds have seen a net inflow of 331 million yuan [2] Group 4: Margin Trading Data - As of June 24, the stock's margin trading balance was 427 million yuan, with a financing balance of 426 million yuan and a securities lending balance of 1.76 million yuan [3] - In the last five days, the financing balance increased by 27.36 million yuan, representing a growth of 6.87%, while the securities lending balance rose by 0.21 million yuan, a growth of 13.67% [3]

Group 1 - The digital currency concept index rose by 3.12%, ranking 7th among concept sectors, with 80 stocks increasing in value [1] - Notable gainers included Cuiwei Co., Jingbeifang, and Jida Zhengyuan, which hit the daily limit, while Chutianlong, Dongxinheping, and Huaming Intelligent saw the largest declines [1] Group 2 - The digital currency sector experienced a net inflow of 3.726 billion yuan, with 58 stocks receiving net inflows and 17 stocks exceeding 100 million yuan in net inflow [2] - Leading the net inflow was Xinguodu with 439 million yuan, followed by Hengsheng Electronics, Jingbeifang, and Yinzhijie with 420 million yuan, 307 million yuan, and 271 million yuan respectively [2] Group 3 - The top stocks by net inflow ratio included Jida Zhengyuan, Jingbeifang, and Zhidu Co., with net inflow ratios of 45.28%, 17.02%, and 16.73% respectively [3] - The digital currency concept's top stocks by performance included Xinguodu with a 14.42% increase and a turnover rate of 36.88% [3]

证券代码：002987 证券简称：京北方 公告编号：2025- 029 京北方信息技术股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 京北方信息技术股份有限公司（以下简称"公司"）股票（证券简称：京北 方，证券代码：002987）连续三个交易日内（2025 年 6 月 23 日、2025 年 6 月 24 日，2025 年 6 月 25 日）日收盘价格涨幅偏离值累计超过 20%，根据《深圳证券 交易所交易规则》的相关规定，属于股票交易异常波动的情形。 二、公司关注并核实情况的说明 6、经自查，公司不存在违反公平信息披露规定的其他情形。 三、是否存在应披露而未披露信息的说明 一、股票交易异常波动的情况介绍 针对公司股票交易异常波动，公司对相关事项进行了核实，现就有关情况说 明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息； 3、公司近期经营情况正常，内外部经营环境未发生重大变化； 4、公司、控股股东及实际控制人不存在关于公司 ...

Group 1 - The financial sector is experiencing a strong performance, with significant gains in fintech stocks and a notable increase in trading volumes for financial technology ETFs [1][2] - Major fintech stocks such as Jinbeifang and Zhaori Technology have seen substantial price increases, with some stocks hitting the daily limit up [1] - The approval of Guotai Junan International's license upgrade by the Hong Kong Securities and Futures Commission allows for direct trading of cryptocurrencies and stablecoins, enhancing the fintech landscape [1] Group 2 - The central bank is set to develop a new financial technology development plan, aiming to promote digital transformation in finance through policy documents [2] - The recent legislative changes in Hong Kong and the central bank's financial opening measures are creating a favorable policy environment for fintech innovation [2] - The financial technology sector is expected to benefit from improved liquidity and active market trading, with internet brokerages and financial IT services showing strong growth potential [2][3] Group 3 - The fintech ETF (159851) and its associated funds are recommended for investment, covering a wide range of themes including internet brokerages and AI applications [3] - As of June 18, the fintech ETF has a scale exceeding 4.8 billion, with an average daily trading volume of over 500 million in the past six months, highlighting its liquidity advantages [3]