Core Viewpoint - The company, Jingbeifang (002987), has not yet established subsidiaries or branches in Hong Kong but has been actively involved in cross-border payment solutions for several years, assisting clients with SWIFT and CIPS system integration [1] Group 1 - The company has a rich experience in cross-border payment solutions, having participated in various projects such as the digital currency bridge project [1] - The company possesses a strong technical and talent reserve related to cross-border payment systems [1]

Group 1 - A total of 34 companies were investigated by institutions on June 4, with 25 companies being surveyed by funds, indicating strong interest in specific firms [1] - The most popular company among funds was Cuihua Jewelry, which had 25 participating funds, followed by Yuxin Technology with 20 funds and Sunshine Nuohuo with 11 funds [1] - The surveyed companies were categorized into various sectors, with the machinery and equipment, and computer industries having the highest representation, each with 5 stocks [1] Group 2 - Among the surveyed stocks, 18 experienced price increases over the past 5 days, with notable gains from Zhongli Co., Chaojie Co., and Cuihua Jewelry, which rose by 25.56%, 24.41%, and 21.99% respectively [1] - Conversely, 7 stocks saw declines, with Haichuang Pharmaceutical, Yuntu Holdings, and New Times falling by 9.05%, 3.03%, and 2.64% respectively [1] - In terms of net capital inflow over the past 5 days, 13 stocks recorded positive inflows, with Zhongli Co. leading at 255 million yuan, followed by Jingbeifang and Chaojie Co. with inflows of 211 million yuan and 184 million yuan respectively [2]

Group 1: Kede CNC - Kede CNC is focusing on humanoid robot technology, particularly in motion control technology adaptation and core component manufacturing applications [1] - The company has developed proprietary five-axis machining centers and linear motors to enhance precision and acceleration in manufacturing robot parts [1] - The demand for large aircraft in China is projected to require 8,278 new passenger aircraft from 2024 to 2043, significantly boosting the aviation manufacturing supply chain [1] - Kede CNC's products are applicable in manufacturing core components for large aircraft, including engines and structural parts, and the company has established partnerships with major aviation manufacturers [1] Group 2: Jingbeifang - Jingbeifang is focusing on stablecoin technology and its advantages in cross-border payments, emphasizing improved timeliness and reduced costs [2] - The company plans to enhance communication and collaboration with clients to explore the application of stablecoin technology in various business scenarios [2] - Jingbeifang aims to strengthen partnerships with both financial and non-financial institutions to expand business opportunities while adhering to regulatory requirements [2]

Summary of Conference Call Records Industry Overview - The conference call discusses the implications of stablecoins, digital currencies, and Real World Assets (RWA) within the context of the financial technology industry, particularly focusing on Hong Kong's regulatory environment and its strategic importance in global finance [1][2][3]. Key Points and Arguments 1. **Hong Kong's Stablecoin Legislation**: The legislation enhances Hong Kong's position as a global settlement network center, increasing the demand for digital currency payment settlements among financial institutions [1]. 2. **Cross-Border Payment Solutions**: Stablecoins address the pain points of cross-border payments and are part of efforts to move away from the SWIFT system, which has significant political and diplomatic implications [1][7]. 3. **Technological Preparedness**: The company has long-term reserves in blockchain, privacy computing, and smart contracts, positioning itself well for future stablecoin applications, especially in cross-platform integration and RWA commercialization [1][10]. 4. **Market Expansion**: The development of stablecoin policies will significantly expand the user base for digital currencies and RWAs, providing greater business opportunities for related enterprises [2]. 5. **Regulatory Developments**: Recent stablecoin regulations in the U.S. and Hong Kong have garnered significant attention, indicating a shift in the financial system that could enhance stability and international financial standing [3][4]. 6. **Collaboration with Financial Institutions**: The company plans to collaborate with local and Chinese banks, as well as internet platforms, leveraging its understanding of financial services and IT solutions to quickly implement applications [3][13]. 7. **Future of Digital Currency**: The company anticipates that stablecoins will have better application scenarios than previous digital currency iterations, particularly in financial innovation areas such as inclusive finance and asset securitization [10][21]. 8. **Role in Financial Innovation**: The company aims to provide compliant financial services while driving business growth through technological innovation in areas like big data, AI, and blockchain [21][22]. Additional Important Insights - **Impact of Global Events**: The ongoing geopolitical tensions, such as the Russia-Ukraine conflict, have highlighted the need for alternatives to SWIFT, further emphasizing the importance of stablecoins [7][8]. - **Digital Renminbi's Role**: The future of stablecoins in Hong Kong is expected to be closely tied to the offshore digital renminbi, which will play a crucial role in the de-dollarization and internationalization of the renminbi [9][10]. - **Technological and Regulatory Readiness**: The company has proactively engaged in technical preparations and discussions regarding business models and regulatory compliance, positioning itself favorably for the upcoming stablecoin applications [12][22]. - **Market Performance**: The company has shown strong performance in recent years, particularly in infrastructure development, indicating robust growth potential [23]. This summary encapsulates the critical insights from the conference call, highlighting the strategic positioning of the company within the evolving landscape of digital currencies and stablecoins.

Group 1: Market Dynamics and Company Positioning - Stablecoins are innovative financial tools that combine traditional asset values with blockchain technology, offering strong stability and potential for cross-border payment systems [3] - The rapid introduction of the Hong Kong Stablecoin Regulation enhances the role of stablecoins in global settlement networks and increases demand across various business scenarios, including issuance, custody, operation, redemption, regulation, compliance, cross-border payments, supply chain finance, and cross-currency exchanges [3] - The company is a leading digital technology and financial services provider in China, with substantial technical expertise in blockchain, privacy computing, and smart contracts, and is actively exploring related business opportunities [3] Group 2: Q&A Highlights - The company has established a mature technical team in the stablecoin sector and plans to enhance communication with clients to explore application opportunities in various business scenarios [3] - Stablecoins are expected to address pain points in the traditional SWIFT-based cross-border payment system, such as high remittance costs and uncertain transaction times, offering better efficiency and lower transaction costs [3] - The company has built a comprehensive client matrix centered on the banking sector, covering insurance, securities, trusts, and funds, and aims to deepen cooperation with both financial and non-financial institutions to expand its business [3] Group 3: Event Details - The investor relations activity took place on June 4, 2025, in Beijing, in the form of an online meeting [2] - Participants included representatives from various securities firms and investment funds, with the company being represented by Chairman Fei Zhenyong and Secretary of the Board Wang Xiao [2] - The event did not involve the disclosure of any significant information [3]

国投证券指出，美国和香港相继发布稳定币相关监管法案，标志着稳定币产业进入合规监管背景下的新发展阶段，有望推动相关加密货币产业的持续繁荣， 关注跨境支付、加密货币区块链技术相关的投资机会。 金融科技ETF紧密跟踪中证金融科技主题指数，中证金融科技主题指数选取产品与服务涉及金融科技相关领域的上市公司证券作为指数样本，以反映金融科 技主题上市公司证券的整体表现。 份额方面，金融科技ETF近3月份额增长2200.00万份，实现显著增长，新增份额位居可比基金1/3。 数据显示，杠杆资金持续布局中。金融科技ETF前一交易日融资净买额达407.49万元，最新融资余额达4414.26万元。 截至6月3日，金融科技ETF近1年净值上涨71.32%，指数股票型基金排名31/2831，居于前1.10%。从收益能力看，截至2025年6月3日，金融科技ETF自成立以 来，最高单月回报为55.92%，最长连涨月数为3个月，最长连涨涨幅为113.16%，上涨月份平均收益率为10.19%，年盈利百分比为66.67%，历史持有3年盈利 概率为96.95%。截至2025年6月3日，金融科技ETF成立以来超越基准年化收益为0.55%。 截至202 ...

Group 1 - The focus is on the performance of the Xinchuang ETF fund (562030), which has seen a price drop of 1.89% amid market fluctuations, while financial IT and cross-border payment stocks remain active [1] - Notably, stocks like Langchao Software and Jingbeifang have risen over 5%, and Tianyang Technology has increased by more than 3% [1] - The Xinchuang ETF fund has experienced a continuous net inflow of funds for 10 days, totaling 116 million yuan [1] Group 2 - Hong Kong's Legislative Council has passed the Stablecoin Bill, establishing a licensing system for fiat-backed stablecoin issuers, marking a significant step in regulatory oversight of virtual assets [3] - The U.S. government is also advancing stablecoin legislation, with the Senate passing the GENIUS Act, aimed at providing federal regulation for dollar-pegged stablecoins [3] - Stablecoins are seen as a bridge between traditional finance and cryptocurrencies, offering potential for faster and cheaper transactions while reducing price volatility [3] Group 3 - The Xinchuang ETF fund and its linked funds are focused on the software development industry, tracking the Zhongzheng Xinchuang Index, which covers key areas of the Xinchuang industry chain [4] - The investment logic for the Xinchuang industry includes geopolitical factors, macroeconomic support for local procurement, technological advancements by domestic manufacturers, and the timing of procurement standards [4]

Group 1 - A-shares major indices mostly declined on May 30, with few sectors like agriculture and banking showing gains [1] - Concept sectors such as nuclear power, photolithography, Huawei automotive, and AI computing faced significant declines, while sectors like poultry, CRO, innovative drugs, pig industry, and digital currency were active during the trading session [1] - The 信创 ETF (562570) saw a drop of over 1.5% in the afternoon, with most of its holdings declining, while digital currency concept stocks like Tianyang Technology and Beijing Fang showed notable gains [1] Group 2 - The Guangdong-Hong Kong-Macao Greater Bay Area is accelerating its development into a global fintech hub, supported by national strategies [1] - On May 21, Hong Kong's Legislative Council passed the Stablecoin Bill, recognizing the legal status of stablecoins, which strengthens Hong Kong's position as an international financial center [1] - The establishment of a licensing system for stablecoin issuers lays the foundation for the compliant application of digital currencies, RWA (Real World Asset tokenization), and supply chain finance, supported by blockchain and smart contract technologies [1] Group 3 - The concept of self-controllability remains popular, with the 信创 ETF (562570) attracting over 180 million yuan in net inflows in the past five days, achieving a net inflow rate of 42.83% [2] - Strategic restructuring announcements from Haiguang Information and Zhongke Shuguang are expected to leverage both companies' strengths, accelerating the domestic computing integration and replacement process [2] - The 信创 ETF (562570) tracks the China Securities Information Technology Application Innovation Industry Index, focusing on new productivity and covering leading companies in AI, data computing, industrial software, and information security [2]

Group 1 - The electronic ID concept sector rose by 5.62%, ranking second among concept sectors, with 39 stocks increasing in value [1][2] - Notable stocks in the electronic ID sector include Xiongdi Technology, which hit a 20% limit up, and Hengbao Co. and Jingbeifang, which also reached their limit up [1][2] - The top gainers in the sector included Youbuxun, Xinguodu, and Xin'an Century, with increases of 14.13%, 14.01%, and 11.17% respectively [1][2] Group 2 - The electronic ID sector attracted a net inflow of 1.123 billion yuan from main funds, with 30 stocks receiving net inflows [2][3] - Jingbeifang led the net inflow with 225 million yuan, followed by Xiongdi Technology and Hengbao Co. with net inflows of 180 million yuan and 152 million yuan respectively [2][3] - The net inflow ratios for Jingbeifang, Hengbao Co., and Xiongdi Technology were 29.10%, 26.72%, and 18.87% respectively [3] Group 3 - The trading volume and turnover rates for key stocks in the electronic ID sector were significant, with Jingbeifang showing a turnover rate of 6.91% and Xiongdi Technology at 42.90% [3][4] - Other notable stocks included Youbuxun with a turnover rate of 17.39% and Renzi Hang with 16.74% [3][4] - The overall market performance of the electronic ID sector indicates strong investor interest and potential growth opportunities [1][2]

Group 1 - The core viewpoint of the article highlights the significant rise in stock prices of various companies in the digital currency sector following the approval of the Stablecoin Bill by the Hong Kong Legislative Council on May 21 [1] - Companies such as Jingbeifang and Zhongke Jincai experienced a limit-up in their stock prices, while others like Sifang Jingchuang, Xiongdi Technology, Hengbao Co., and Hailian Jinhui also saw their stocks hit the limit-up [1] - The digital currency concept stocks, particularly Zhong An Online, saw a substantial increase, with its stock price rising by 36% in the afternoon session and accumulating over 90% growth for the month [1] Group 2 - The article mentions that several companies, including Lakala, Xinguodu, Youbuxun, Feitian Chengxin, and Chuangshijia, experienced stock price increases exceeding 10% [1] - The approval of the Stablecoin Bill is a significant regulatory development that is likely to impact the digital currency market positively [1] - The overall market sentiment appears to be bullish for digital currency-related stocks following this legislative action, indicating potential investment opportunities in this sector [1]