Group 1 - The cross-border payment (CIPS) concept declined by 0.90%, ranking among the top declines in the concept sector, with major declines seen in companies like Sifang Jingchuang, Yuxin Technology, and Zhongyou Capital [1][2] - In the CIPS concept sector, 60 stocks experienced net outflows of main funds totaling 5.157 billion yuan, with Sifang Jingchuang leading the outflow at 732 million yuan [2][4] - The top gainers in the CIPS concept included Shiji Information, *ST Rendong, and Zhongyi Technology, which rose by 4.18%, 2.22%, and 1.63% respectively [1][4] Group 2 - The CIPS concept sector saw a significant net outflow of funds, with 16 stocks experiencing outflows exceeding 100 million yuan, indicating a bearish sentiment among investors [2][3] - Major companies with significant net outflows included Sifang Jingchuang (-7.96%), Zhongyou Capital (-4.52%), and Yuxin Technology (-4.86%) [2][3] - Conversely, companies like China Merchants Bank, Shiji Information, and Yiatong saw net inflows of 157 million yuan, 32.08 million yuan, and 25.01 million yuan respectively, indicating some investor interest in these stocks [2][4]

截至7月21日收盘，数字货币概念下跌0.67%，位居概念板块跌幅榜前列，板块内，四方精创、宇信科 技、中油资本等跌幅居前，股价上涨的有28只，涨幅居前的有东信和平、科创信息、*ST仁东等，分别 上涨10.01%、3.87%、2.22%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 民爆概念 | 8.51 | 跨境支付(CIPS) | -0.90 | | 水泥概念 | 6.85 | 数字货币 | -0.67 | | 抽水蓄能 | 4.76 | 智谱AI | -0.49 | | 水利 | 4.49 | AI语料 | -0.42 | | 房屋检测 | 4.35 | 电子身份证 | -0.40 | | 地下管网 | 4.05 | 移动支付 | -0.39 | | 装配式建筑 | 3.82 | 光刻机 | -0.36 | | 高压氧舱 | 3.78 | Web3.0 | -0.36 | | 兵装重组概念 | 3.57 | 华为盘古 | -0.35 | | 新型城镇化 | 3.46 | 互联网保险 | -0.33 | ...

Core Viewpoint - Yuxin Technology Group Co., Ltd. is planning an IPO on the Hong Kong Stock Exchange, but its recent financial performance shows significant revenue declines and heavy reliance on a few major clients, raising concerns about its growth prospects and funding necessity [1][10]. Financial Performance - In 2024, Yuxin Technology reported a revenue of 3.958 billion, a decrease of 23.94% year-on-year, and in Q1 2025, revenue further declined to 5.25 billion, down 12.57% year-on-year [2][5]. - The net profit for 2024 was 3.8 billion, reflecting a year-on-year increase of 16.62%, but Q1 2025 saw a sharp drop to 0.58 billion, an increase of 81.09% year-on-year [2][5]. Business Segments - The company operates in three main business segments: banking technology solutions, non-banking technology solutions, and innovative operational services. In 2024, all three segments experienced revenue declines [4][10]. - Revenue from banking IT solutions was 3.461 billion, down 25.78% year-on-year, accounting for 87.45% of total revenue [4][5]. Cost Management - To maintain profitability amidst declining revenues, Yuxin Technology significantly reduced its R&D expenses, which were 4.3 billion in 2024 and 0.31 billion in Q1 2025, representing year-on-year decreases of 24.33% and 27.49%, respectively [6][11]. - The company also cut sales expenses, which were 1.24 billion in 2024 and 0.13 billion in Q1 2025, down 23.21% and 35.16% year-on-year [6]. Client Dependency - Yuxin Technology is heavily reliant on its top five clients, with revenue contributions from these clients being 45.3%, 44.5%, and 42.3% from 2022 to 2024, respectively [10]. - The largest client accounted for 18.9%, 25.4%, and 20.4% of total revenue during the same period, indicating a high dependency on a limited client base [10]. R&D and Workforce - The company reduced its R&D personnel from 1,883 in 2023 to 1,357 in 2024, a decrease of 27.93% [7][8]. - The reduction in R&D staff may be linked to declining client demand, as banks have outsourced some IT functions during their digital transformation [8][10]. International Expansion and Funding - Yuxin Technology's international business remains underdeveloped, with revenue from international operations being less than 1% of total revenue [11]. - The company plans to use IPO proceeds for global expansion and advancing technologies like AI and blockchain, despite significant cuts in R&D spending raising questions about the necessity of the fundraising [11][12].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The global virtual asset licensing system has essentially taken shape, with a systematic regional regulatory framework established [3] - Different regions exhibit variations in virtual asset licensing, reflecting distinct regulatory logics and strategic focuses [3] - Three major collaborative trends are emerging: local currency anchoring, asset custody, and anti-money laundering compliance [3] - Licensed operators and service providers are expected to become mainstream, with regulated trading platforms and stablecoin assets presenting lower risks [3] - The licensing will serve as a significant valuation support factor, with leading companies holding core licenses enjoying first-mover advantages and competitive moats [3] Summary by Sections 01 Global Virtual Asset Licensing System - The licensing framework in Hong Kong includes a dual regulatory structure for stablecoin issuers and virtual asset service providers (VASP) [8][9] - Hong Kong's VASP license requires compliance with strict operational and auditing standards, enhancing market transparency and investor safety [10] - Singapore's regulatory approach emphasizes innovation while ensuring market safety through a clear regulatory framework [11][12] - The European MiCA framework provides comprehensive regulations for crypto assets, categorizing them into electronic money tokens, asset-referenced tokens, and utility tokens [13][14] - The U.S. regulatory landscape is characterized by a complex multi-layered system involving federal and state-level oversight [17][18] 02 Differences and Collaborations in Regional Licensing - Hong Kong's licensing system is more inclusive for retail investors compared to Singapore's cautious approach [26] - The regulatory frameworks in Hong Kong and Europe aim to provide clear guidelines to foster innovation while ensuring compliance [26] - The U.S. regulatory environment is fragmented, requiring compliance with both federal and state regulations [26] 03 Investment Recommendations - Beneficial targets include licensed firms such as Zhongyou Capital, Bank of China Hong Kong, and Coinbase Global [4] - The report highlights the importance of holding licenses as a key factor for valuation and competitive advantage in the virtual asset industry [3][4]

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].

Group 1 - Yuxin Technology has initiated systematic layouts in stablecoin issuance, payment, and financial innovation, aiming to support the development of new asset and circulation ends through technology and solution outputs [1] - The recent investor relations activities highlight the alignment of stablecoin business with Yuxin Technology's global strategy, reflecting the acceleration of financial technology companies' participation in the stablecoin ecosystem [1][2] - The Chinese government has released clear signals for stablecoin development, emphasizing innovation and research in digital currencies, which aligns with Yuxin Technology's strategic direction [2] Group 2 - Hong Kong is actively advancing its stablecoin framework, with the "Stablecoin Ordinance" set to take effect on August 1, 2023, and the launch of a "stablecoin issuer sandbox" by the Hong Kong Monetary Authority [3] - Yuxin Technology aims to create innovative business models, particularly in overseas markets, by implementing a diversified product portfolio and a comprehensive service model that integrates operations and products [4] - The company plans to leverage its extensive experience serving over 1,000 financial institutions to address the technical and business challenges of connecting the banking system with the stablecoin system [4] Group 3 - Yuxin Technology's strategy is closely aligned with current market opportunities, particularly in the tokenization of bonds and real-world assets (RWA), leveraging its strengths in credit services [5] - The company has established a mature ecosystem operation capability, helping financial institutions expand their business scale through technology empowerment [6] - The stablecoin industry is expected to bring benefits to financial IT and companies with stable asset holdings, with Yuxin Technology positioned to benefit from this trend [6] Group 4 - The rise of stablecoins reflects a global demand for efficiency and trust in the financial system, with Yuxin Technology's efforts representing a shift of Chinese financial IT capabilities to new markets [7] - The development of stablecoins presents new opportunities for the financial industry, requiring collaborative efforts from industry participants to foster a healthy ecosystem [7] - Stablecoins are seen as a core bridge connecting traditional finance and the crypto world, with the potential to enhance cross-border payment efficiency and reshape the international monetary landscape [8]

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]