Summary of the Conference Call on Jingbeifang's Stablecoin Business Industry Overview - The stablecoin management regulations in Hong Kong will take effect on August 1, 2025, with further policy developments expected in the first half of 2025. Participants need to prepare for technical construction and product planning to seize market opportunities [2][18]. - Jingbeifang is positioned as a core player in financial IT, with extensive experience in digital currency and digital RMB sectors [2][3]. Core Insights and Arguments - **Stablecoin Ecosystem**: Jingbeifang views stablecoins as the starting point of an ecosystem involving various participants, including issuers, operators, financial institutions, and merchants. The company aims to leverage its experience in financial IT to create opportunities in this space [3][7]. - **Technological Preparedness**: The company has a 7-8 year history in building digital currency ecosystems, focusing on issuance, operation, and collaboration layers. It has developed technologies such as issuance technology, smart contracts, and custody services [5][6]. - **Regulatory Compliance**: Jingbeifang emphasizes strict adherence to regulatory requirements in stablecoin system development, including independent asset custody solutions and information disclosure interfaces [3][9]. - **Market Opportunities**: The company identifies significant opportunities in supply chain finance, where stablecoins can enhance transparency and address financing challenges for SMEs [3][15]. Key Advantages of Jingbeifang - **Client Relationships**: The company benefits from a wide range of historical client collaborations, providing a competitive edge in the stablecoin ecosystem [5]. - **Reusable Solutions**: Jingbeifang offers reusable solution products that can be quickly applied to new projects, enhancing operational efficiency [5]. - **Diverse Business Models**: The company has experience in various business models, allowing it to adapt flexibly to market changes [5]. Research and Development - Jingbeifang has established a dedicated research team focused on blockchain and AI technologies, resulting in innovations such as the digital RMB unified access system and smart operation systems [6][12]. Future Trends and Applications - **Public Trust and Usability**: The company believes that stablecoins must address public trust issues through regulatory compliance and user-friendly wallet systems to enhance usability [7][13]. - **Cross-Border Payments**: Stablecoins are expected to significantly reduce cross-border payment costs and improve efficiency, making them attractive for international transactions [7][28]. - **Potential Applications**: The company is exploring various application scenarios, including cross-border payments and supply chain finance, while ensuring compliance and security [22][30]. Conclusion - Jingbeifang is well-positioned to capitalize on the emerging stablecoin market, leveraging its technological capabilities and regulatory compliance to meet the evolving needs of clients in Hong Kong and beyond [31][32].

Group 1 - The core viewpoint of the news is the significant rise in the cross-border payment sector, with several companies experiencing substantial stock price increases following the launch of the cross-border payment system between mainland China and Hong Kong [1][3]. - The cross-border payment system, known as "cross-border payment通," was officially launched on June 22, allowing real-time cross-border remittances for residents of both regions [3]. - The first batch of participating institutions includes major banks from both mainland China and Hong Kong, indicating a strong foundation for future growth in cross-border payment services [3]. Group 2 - Notable stock price increases include: 优博讯 (+19.98% to 21.14), 吉大正元 (+10.01% to 26.16), 神州信息 (+9.99% to 13.54), and 拉卡拉 (+46.34% to 30.00) [2]. - 中信证券 highlights the potential for business growth and increased revenue for the first batch of participating banks due to the new cross-border payment system [3]. - 中信建投 emphasizes the ongoing development of stablecoin policies and their positive impact on the internationalization of the RMB and cross-border payments, suggesting a focus on related investment opportunities [4].

Core Viewpoint - The recent surge in research on stablecoins by brokerage firms indicates a growing interest in the potential for stablecoins to achieve compliant development and expand their applications in the financial sector [1][2][3]. Group 1: Research and Analysis - At least 16 brokerage firms published 24 research reports on stablecoins in the past week, covering various industries such as macroeconomics, computer science, media, finance, and blockchain [3]. - The frequency of roadshows and conference calls focused on stablecoins has increased, with over 30 calls held in the last two weeks, discussing policy interpretations, industry chain analysis, and investment strategies [4]. - Analysts from East Wu Securities emphasize that stablecoins, as a type of cryptocurrency, are linked to specific stable assets to maintain value stability, enhancing payment efficiency and asset liquidity [5]. Group 2: Market Performance - Several A-share stablecoin concept stocks have shown significant price increases since June, with Hengbao Co., Ltd. rising approximately 66%, Chutianlong up 65%, and Sifang Jingchuang increasing about 60% as of June 20 [7]. - Institutions have been actively researching multiple stablecoin concept stocks, focusing on the development prospects of stablecoins and the relevant technologies and application scenarios of listed companies [8]. Group 3: Regulatory Developments - Recent regulatory frameworks in the U.S. and Hong Kong signify a formal acceptance of stablecoins, opening new investment opportunities [12][13]. - The Hong Kong Legislative Council passed the "Stablecoin Ordinance," establishing a licensing system for fiat-backed stablecoin issuers, which is expected to enhance financial stability and promote innovation [12]. - The U.S. Senate passed the "GENIUS Act," creating the first federal regulatory framework for dollar-pegged stablecoins, marking a significant step towards legal oversight of the crypto asset industry [13]. Group 4: Corporate Initiatives - Major internet companies like Alibaba and JD.com are entering the stablecoin space, with Ant International accelerating investments in global financial management and JD.com testing compliant stablecoins in Hong Kong [14][15]. - JD.com's stablecoin is set to be applied in cross-border trade, emphasizing compliance, security, and auditability to meet real payment needs across Asia-Pacific, the Middle East, and Africa [15]. Group 5: Industry Trends - The People's Bank of China has acknowledged the growth of stablecoins and central bank digital currencies, highlighting their potential to streamline cross-border payment processes while posing regulatory challenges [16].

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]

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]

Core Viewpoint - The financial technology sector is experiencing growth, driven by regulatory developments in stablecoins and increased investment in financial technology ETFs, indicating a positive outlook for the industry [3][4]. Group 1: Financial Technology ETF Performance - The financial technology ETF (516860) has seen a recent increase of 0.74%, with a latest price of 1.22 yuan and a trading volume of 59.49 million yuan [3]. - Over the past year, the financial technology ETF has achieved a net value increase of 71.32%, ranking 31 out of 2831 index stock funds, placing it in the top 1.10% [4]. - The ETF has experienced significant growth in shares, with an increase of 22 million shares over the past three months, ranking it in the top third among comparable funds [4]. Group 2: Regulatory Developments - The Hong Kong government has officially enacted the "Stablecoin Regulation," establishing a licensing system for fiat-backed stablecoin issuers, which aims to enhance the regulatory framework for virtual asset activities and promote financial innovation [3]. - The introduction of stablecoin regulations in both the U.S. and Hong Kong marks a new phase of compliance and regulation in the stablecoin industry, which is expected to foster the continued prosperity of related cryptocurrency sectors [3]. Group 3: Key Holdings and Metrics - The top ten weighted stocks in the China Securities Financial Technology Theme Index (930986) account for 52.03% of the index, with notable companies including Tonghuashun (300033) and Dongfang Caifu (300059) [4][7]. - The financial technology ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds [5]. - The ETF has demonstrated high tracking accuracy, with a tracking error of 0.046% over the past two years, the best among comparable funds [5].