韩冬认为，数据安全的核心挑战在于数据的可控性及合规性。数据安全必然有对应的技术手段和算法来 解决；要实现数据安全的国际化协同应对，需要构建"技术+制度+生态"一整套防护体系，既要满足跨 境业务需求，又要符合当地市场监管要求。比如技术协同方面，在保持各自数据不出行的前提下实现多 家银行联合建模；制度协同方面可以实现跨境黑白名单互认、联合应急响应机制等；生态协同方面可以 通过数据安全联盟等达成数据价值的共享。 日前，2025腾讯云金融数智峰会举办。腾讯金融云联合宇信科技等生态合作伙伴共同推出"金融智能体 创造营"合作计划，聚焦"信贷助手""智能柜面""理赔助手""智能投顾""智能合规""智能运营"等高价值的 金融业务场景，打造高质量的金融AI应用。宇信科技副总裁韩冬受邀出席发布仪式。 20多年前，中国金融业全球化的显著特征主要是跨境支付和跨境融资领域，主动与世界对接，实现互联 互通。而现在的市场需求已经明显不同：包括宇信科技在内的一批金融科技企业，正在从输出金融基础 服务，转向输出技术标准，输出金融生态，进而输出以科技驱动的跨境业务创新应用；同时开始深化区 域化布局，针对东南亚、中东、欧洲等地海外市场，采取不同策 ...

公开资料显示，宇信科技成立于1999年，主要为金融机构提供全栈科技解决方案，业务涵盖银行科技解 决方案、非银科技解决方案及创新运营服务三大类。 近年来，公司营收波动较为明显：2021年和2022年净利润分别同比下滑12.60%和36.09%。2024年和 2025年一季度营收分别同比减少23.94%和12.57%。 分业务来看，公司的三大业务收入在2024年均出现不同程度下滑：银行IT解决方案收入34.61亿元，同 比下降25.78%；非银IT解决方案收入3.71亿元，同比下降1.98%；创新运营业务收入1.22亿元，同比下 降22.36%。 近期，宇信科技（300674.SZ）向港交所提交招股书，计划在香港主板上市，由华泰国际与法国巴黎银 行联合保荐。 该公司为国内银行IT领域龙头，于2018年在深交所创业板上市。若此次成功登陆港股，公司将构建 起"A+H"双资本平台。宇信科技表示，推进此次上市旨在深化全球战略，加快海外业务发展，进一步增 强公司资本实力，提升国际品牌形象。 然而，该公司当前正面临营收下滑的挑战，对银行客户的深度依赖也使其业绩增长持续性承压。在此背 景下，实控人折价减持套现、大幅涨薪并拿走高 ...

截至7月21日收盘，智谱AI概念下跌0.49%，位居概念板块跌幅榜前列，板块内，宇信科技、正元智 慧、因赛集团等跌幅居前，股价上涨的有20只，涨幅居前的有盛通股份、优刻得、凌云光等，分别上涨 6.35%、5.24%、4.10%。 | 600640 | 国脉文化 | 0.24 | 0.66 | -668.31 | | --- | --- | --- | --- | --- | | 603956 | 威派格 | -0.42 | 3.06 | -639.23 | | 002908 | 德生科技 | 0.36 | 7.85 | -633.41 | | 300571 | 平治信息 | -0.68 | 3.28 | -589.81 | | 688244 | 永信至诚 | -0.91 | 2.94 | -447.95 | | 605069 | 正和生态 | 0.27 | 11.30 | -266.68 | | 688365 | 光云科技 | -2.59 | 3.18 | -8.11 | | 003032 | *ST传智 | -0.89 | 1.64 | 81.83 | | 002712 | 思美传媒 | 0.69 | 2. ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：木 2025年6月18日，宇信科技集团股份有限公司（以下简称"宇信科技"）在港交所递交招股书，拟香港主 板IPO上市，华泰国际、法国巴黎银行为联席保荐人。 近年来，宇信科技的业绩表现略显波动。2024年全年营收39.58亿元，同比下滑23.94% ；2025年一季度 营收5.25亿元，同比再降12.57% ，反映核心业务增长引擎失速。虽然营收下滑，但公司仍靠缩减期间 费用开支维持利润正向增长，这主要得益于公司研发费用的大幅缩减，2024年及2025年一季度，公司的 研发费用分别为4.3亿元、0.31亿元，分别同比下降24.33%、27.49%，研发人员减少500多人。 近年来，宇信科技的业绩表现略显波动，2021年、2022年净利润接连下滑，2024年、2025年一季度营收 下滑。2021-2024年及2025年第一季度，宇信科技的营收分别为37.26亿元、42.85亿元、52.04亿元、 39.58亿元及5.25亿元，分别同比变动24.97%、14.99%、21.45%、-23.94%及-12.57 ...

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 ...

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].

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]

Core Viewpoint - The company emphasizes the necessity of integrating stablecoins into daily economic life for sustainable development, particularly in retail payment scenarios [1] Group 1: Company Insights - The company believes that the continuous expansion of stablecoin usage and circulation channels will directly enhance the ecological value and liquidity of the product [1] - The company has been conducting research on stablecoin integration into daily retail life since last year [1] - The company asserts that the richer the ecosystem surrounding stablecoins, the stronger their market vitality will be [1]

Group 1: Overview of Stablecoin Opportunities - Stablecoins represent a new financial product driven by technological advancements, offering flexibility and efficiency in cross-border payments compared to traditional methods [3] - Traditional cross-border payments can take 1 to 5 business days, while stablecoin payments enable real-time settlement, significantly reducing costs associated with intermediaries [3] - The programmability of stablecoins, combined with DeFi ecosystems, opens up diverse application scenarios and innovation potential [3] Group 2: Company's Strategic Positioning - The company has established a leading advantage in connecting banking systems with stablecoin systems, leveraging its experience with over 1,000 financial institutions [4] - The company is actively exploring the integration of stablecoins into daily retail scenarios to enhance their ecological value and liquidity [5] - The company aims to utilize its expertise in credit business to innovate in tokenized assets and RWA (Real World Assets), creating new opportunities in supply chain finance [5] Group 3: Business Model and Future Directions - The company is focused on a collaborative operational model that fosters deep relationships with clients, ensuring sustainable service and mutual value creation [6] - The comprehensive service model combining "operations + products" will be a key strategic direction for the company, moving beyond single product solutions [8] - In 2024, the company plans to upgrade its entire product line for overseas clients, with new orders expected to reach nearly 100 million yuan, indicating growth in the overseas market [8]