Core Viewpoint - The company is actively responding to the national financial security strategy by developing a domestic platform for financial payment terminal software and hardware, as well as contributing to the OpenHarmony community ecosystem [1] Group 1: Company Initiatives - The company has signed a cooperation agreement for enabling the OpenHarmony ecosystem through its wholly-owned subsidiary, New Guodu Payment [1] - The company is a member of the OpenHarmony Financial Payment Special Committee and has several products that have passed the compatibility certification for the OpenHarmony ecosystem [1] Group 2: Compliance and Disclosure - The company strictly adheres to relevant laws, regulations, and disclosure rules, committing to timely information disclosure for any cooperative matters that meet disclosure standards [1] - Currently, the impact of this business on the company's overall operating performance is minimal [1]

Market Performance - The electronic ID concept sector declined by 2.82%, ranking among the top losers in the market, with Dongxin Peace hitting the daily limit down [1] - Among the stocks in this sector, the largest declines were seen in Hengbao Co., Guotou Intelligent, and Chutianlong, while only two stocks, Yuanwanggu and Tuolisi, experienced gains of 1.02% and 0.21% respectively [1] Capital Flow - The electronic ID concept sector saw a net outflow of 2.412 billion yuan, with 35 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 100 million yuan [2] - Hengbao Co. led the outflows with a net outflow of 565.39 million yuan, followed by Dongxin Peace, New Guodu, and Jingbeifang with outflows of 365.14 million yuan, 224.62 million yuan, and 219.04 million yuan respectively [2][3] Stock Performance - The stocks with the highest net outflows in the electronic ID sector included Hengbao Co. (-7.83%), Dongxin Peace (-10.00%), and New Guodu (-4.79%) [3] - Conversely, the stocks with the highest net inflows were Guoxin Technology, Tuolisi, and Dongfang Guoxin, with inflows of 20.74 million yuan, 18.26 million yuan, and 6.68 million yuan respectively [2][4]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵司旗下的嘉联支付在海南是否设立分支机构？ 若有，请问可以开展哪些业务，是否包含跨境支付业务？ 新国都（300130.SZ）7月30日在投资者互动平台表示，公司子公司嘉联支付拥有全国性银行卡收单业务 牌照的第三方支付机构，主要为国内不同行业及规模的客户提供便捷的支付结算服务，在全国设立了36 家分公司，其中包括海南分公司。分公司渠道有利于嘉联支付为银行合作伙伴、商户以及消费者提供国 内银行卡收单服务。同时，跨境支付业务是由公司组建的跨境事业群负责开展，旗下跨境支付品牌 PayKKa已推出B2B跨境贸易收款、B2C跨境电商收款、独立站全球收单、境外本地收单等一系列支付 服务产品。 ...

Core Viewpoint - The company has successfully expanded its cross-border payment services, obtaining multiple licenses and launching innovative products to support local payment solutions in various regions, particularly along the Belt and Road Initiative. Group 1 - The company has acquired licenses including the Luxembourg PI license, Hong Kong MSO license, and US MSB license [1] - The cross-border payment brand PayKKa has launched local acquiring and B2B foreign trade collection products, supporting local payment accounts in regions such as the EU and Southeast Asia [1] - The company is actively responding to national initiatives like the Belt and Road, enhancing its cross-border payment business coverage in a wider range of countries and regions [1]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to market benchmarks [5]. Core Insights - Stablecoins are anticipated to drive the internationalization of the Renminbi (RMB), with significant growth in its global payment share from approximately 2% in December 2015 to an estimated 4% by December 2024, alongside a rise in cross-border payment volume from 12 trillion yuan to 64 trillion yuan [1][2]. - The global cross-border payment market is projected to reach approximately 200 trillion USD by 2024, with a compound annual growth rate (CAGR) exceeding 6% from 2024 to 2032, indicating substantial potential for RMB payment growth [2][10]. - Third-party payment institutions are expected to benefit from the increasing RMB cross-border payment scale, with the retail cross-border payment market projected to grow from 39.9 trillion USD in 2024 to 64.5 trillion USD by 2032, reflecting a CAGR of 6.2% [3][17]. Summary by Sections Section 1: Stablecoins and RMB Internationalization - Stablecoins are positioned as a key driver for RMB internationalization, leveraging decentralized architecture and offshore circulation capabilities to enhance the RMB's global usage [1][8]. - The RMB's global payment share is expected to rise significantly, supported by upgrades in cross-border clearing systems and the expansion of offshore markets [2][16]. Section 2: Global Cross-Border Payment Market - The global cross-border payment market is on a stable growth trajectory, with transaction volumes projected to reach 194.6 trillion USD by 2024, growing at a CAGR of approximately 9% from 2019 to 2024 [2][10]. - By 2032, the market is expected to expand to 320 trillion USD, with a sustained CAGR of 6.4% [2][10]. Section 3: Opportunities for Third-Party Payment Institutions - The report highlights the significant role of third-party payment institutions in the retail cross-border payment market, where B2B payments dominate with a 79% share [3][17]. - The integration of stablecoins is expected to enhance the global expansion of RMB cross-border payment infrastructure and diversify application scenarios, leading to increased revenue potential for third-party payment companies [3][23]. Section 4: Investment Recommendations - The report recommends focusing on specific companies within the A-share market, including Xinguodu, Lakala, and Newland, as well as Hong Kong-listed companies like Lianlian Digital and Yika [3][27].

Core Points - The China Securities Index for other financial industries has shown significant growth, with a 12.73% increase over the past month, 21.03% over the past three months, and a 14.22% increase year-to-date [1] - The index is designed to reflect the performance of representative and investable listed companies within the financial sector, based on liquidity and market capitalization criteria [1] - The index's top ten weighted companies include Zhongyou Capital (15.53%), Lakala (10.17%), and Wukuang Capital (9.42%) among others [1] Index Composition - The index is composed of companies listed on both the Shenzhen Stock Exchange (56.70%) and the Shanghai Stock Exchange (43.30%) [1] - The industry breakdown of the index shows that 59.62% is in other comprehensive financial services, 36.34% in special financial services, and 4.04% in multi-sector investments [1] Sample Adjustment - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, but can be modified in the event of special circumstances affecting sample companies [2]

Group 1 - The electronic ID concept sector declined by 0.40%, ranking among the top declines in concept sectors, with major declines seen in companies like Zhengyuan Wisdom, New Guodu, and Chutianlong [1] - Among the electronic ID concept stocks, 13 stocks experienced price increases, with Dongxin Peace, Kexin Information, and Xintong Electronics leading the gains at 10.01%, 3.87%, and 2.30% respectively [1] - The electronic ID concept sector saw a net outflow of 976 million yuan from main funds, with 35 stocks experiencing outflows, and 7 stocks seeing outflows exceeding 50 million yuan [2] Group 2 - The top net outflow stock in the electronic ID concept was New Guodu, with a net outflow of 212 million yuan, followed by Chutianlong, New大陆, and China Software with net outflows of 126 million yuan, 114 million yuan, and 102 million yuan respectively [2] - The stocks with the highest net inflow in the electronic ID concept included Dongxin Peace, Kexin Information, and Entropy Technology, with net inflows of 209 million yuan, 72 million yuan, and 12.8 million yuan respectively [2][3] - The trading volume and price changes of various electronic ID stocks indicate a mixed performance, with some stocks like Dongxin Peace showing significant gains while others faced declines [3]

Summary of Conference Call Records Companies and Industry Involved - Companies: 新大陆 (Newland), 新国都 (Newland), 拉卡拉 (Lakara) - Industry: AI applications in payment and marketing sectors Key Points and Arguments AI Business Developments - 新大陆 has integrated major AI models such as Deepseek, 科大讯飞, and 阿里通义千问 through API, developing AI marketing assistants like 新易付 and 会来电 to reduce marketing costs and improve service efficiency [1][2][3] - 新大陆's AI algorithm business revenue approached 10 million yuan in the first half of 2024, with significant advancements in hardware for complex QR code scanning [1][5] - 新国都 launched AIGC products in the consumer sector, achieving nearly 100 million yuan in profits, and provides value-added services to merchants in the business sector [1][4][6] - 拉卡拉 has adopted an "AI first" strategy, replacing 70% of human customer service with AI agents, handling approximately 8 million customer service calls annually [2][8] Financial Performance and Investments - 新国都 holds a 35% stake in an overseas AIGC company, generating annual revenues of about 150 million yuan and profits of 100 million yuan, confirming investment income of 35 to 40 million yuan each year [6] - 拉卡拉 has signed contracts with over 50 institutions, including banks, for its AI solutions, enhancing transaction security and efficiency [2][8] Future Prospects - The three companies are expected to benefit from the increasing penetration of AI applications, which will likely enhance revenue and profit margins while improving merchant loyalty through value-added services [2][9] - 新国都's domestic subsidiary, 十二区, focuses on AI digital employee products, with a promising outlook for revenue and profit as it has secured million-level orders [6] Additional Insights - AI technology is being applied in decoding and chip production, with significant progress in QR code recognition chips, contributing to independent revenue streams [5] - The overall strategy of these companies emphasizes both software and hardware advancements in AI, leading to improved operational efficiency and cost reduction [2][9] Other Important but Overlooked Content - The integration of AI in payment processes is not only enhancing efficiency but also ensuring compliance and risk management through automated systems [2][4][8] - The competitive landscape in the AI payment sector is evolving, with these companies positioning themselves as key players through innovative solutions and strategic investments [4][9]

Summary of Conference Call Records Industry Overview - The conference call discusses the performance and outlook of the financial technology (FinTech) sector, particularly focusing on the capital markets and banking IT companies in China. The analysis covers 36 fund companies and 26 listed brokerages, providing insights into their revenue, IT investments, and personnel trends from 2019 to 2024 [1][2][3]. Key Points and Arguments Revenue and Growth Trends - For 2024, the overall revenue and operational metrics of the fund companies are expected to remain stable compared to 2023, with some indicators showing a decline, yet still better than 2020 [1]. - The total revenue of ten A-share capital market IT companies is projected to decline year-on-year in 2024, despite an increase in gross profit margin [3]. - Retail software companies are experiencing significant growth, with one company reporting a 60% year-on-year increase in revenue due to an acquisition in November 2023 [4]. IT Investment Insights - The growth rate of IT investments among brokerages is lower than revenue growth, attributed to budget constraints and the timing of budget approvals [2]. - In 2024, the IT investment of the six major state-owned banks is expected to remain flat, accounting for 3.52% of total revenue, a slight increase from 2023 [5][6]. - Despite a trend of reducing personnel, the number of technology staff in brokerages has seen a slight year-on-year increase of 0.8%, indicating a focus on technology despite overall staff reductions [2][6]. Profitability and Challenges - The profitability of banks is under pressure, with a notable decline in net profit by approximately 20% due to reduced IT investments and extended project timelines [7]. - The cash flow for 2024 is expected to decline year-on-year, reflecting the overall revenue downturn in the industry [9]. Future Growth Drivers - The growth drivers for both capital market IT and banking IT in 2025 are anticipated to include innovation, artificial intelligence (AI), and exploration of overseas markets [9][15]. - Companies are increasingly focusing on AI to enhance operational efficiency, with various firms developing integrated solutions for smaller banks to improve their service capabilities [11][12]. Market Opportunities - There is a growing trend of companies exploring international markets, particularly in Southeast Asia, with some firms already achieving over 15% of their revenue from overseas [15]. - The competitive advantage of Chinese IT firms in Southeast Asia is highlighted, with successful project implementations in countries like Thailand [15]. Other Important Insights - The conference call emphasizes the importance of monitoring large project confirmations and the impact of AI on business restructuring within the financial IT sector [10][12]. - The overall sentiment towards the capital market remains optimistic, with expectations of improved performance driven by AI and new innovations in 2024 [16]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current state and future outlook of the financial technology industry in China.

Investment Rating - The report maintains a positive outlook on the computer industry for Q2 2025, indicating an expected improvement in performance [2][4]. Core Insights - The report predicts a gradual recovery in industry profits starting from Q2 2025, with revenue growth rates of 5% and 21% for Q4 2024 and Q1 2025 respectively, and net profit growth rates of -68% and 82% [4][5]. - A total of 55 tracked A-share and Hong Kong-listed computer companies are analyzed, with 13 companies expected to achieve over 50% net profit growth, representing 23.6% of the sample [4][5]. - The report identifies key investment targets across various segments, including AIGC, digital economy leaders, and data innovation [4][5]. Summary by Category Company Performance Predictions - Companies with over 50% net profit growth include: - Jinzheng Co. (4493%) - Zhongke Chuangda (333%) - Zhina Zhen (313%) - Kalait (265%) - Hengsheng Electronics (233%) [4][5][6]. - Companies with 30%-50% net profit growth include: - Dameng Data (48%) - Fanwei Network (39%) - New Point Software (38%) [4][5][6]. - Companies with 0%-30% net profit growth include: - Dongfang Caifu (27%) - Haiguang Information (27%) - Desai Xiwai (27%) [4][5][6]. - Companies with -30% to 0% net profit growth include: - Weining Health (-4%) - Nova Star Cloud (-11%) [4][5][6]. - Companies with less than -30% net profit growth include: - Qiming Star (-30%) - Top Point Software (-36%) [4][5][6]. Key Investment Targets - AIGC Segment: Jinshan Office, Wanxing Technology, Daotong Technology, Hongsoft Technology, and others [4]. - Digital Economy Leaders: Hikvision, Jinshan Office, Hengsheng Electronics, and others [4]. - Data Innovation: Haiguang Information, Ruantong Power, Suocheng Technology, and others [4]. - AIGC Computing Power: Langchao Information, Haiguang Information, and others [4].