Investment Rating - The report maintains a "Recommend" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [3][27]. Core Insights - The report emphasizes the ongoing focus on stablecoins and Real World Assets (RWA), particularly in light of recent discussions by the Shanghai State-owned Assets Supervision and Administration Commission regarding cryptocurrency and stablecoin development [6][9]. - RDA (Real Data Assets) is highlighted as a key innovation in the RWA space, aiming to enhance the marketization and valuation of data elements, thus driving efficiency in the integration of real assets and capital [10][12]. Industry Overview - The industry comprises 284 listed companies with a total market capitalization of 3,586.9 billion and a circulating market value of 3,156.1 billion [3]. - The computer sector has shown strong performance, with absolute returns of 78.1% over 12 months and relative performance of 62.3% compared to the benchmark [5]. Market Developments - The report notes significant developments in the stablecoin sector, particularly the push for a pilot program for RMB stablecoins in the Shanghai Free Trade Zone [9][10]. - RDA is positioned as a transformative force in the data asset market, with its framework designed to facilitate the valuation and trading of data assets, thereby unlocking new financing channels for enterprises [12][13]. Investment Recommendations - The report suggests focusing on companies involved in stablecoin issuance, cryptocurrency exchanges, IT service providers, and cross-border payment firms, with specific mentions of companies like 恒生电子, 顶点软件, and 朗新集团 [15][16]. - It also highlights the potential of RDA to accelerate the marketization and valuation of data elements, recommending investments in infrastructure firms and data service providers [16].

Investment Rating - Industry Rating: Recommended [4] Core Insights - The expectation for stablecoin policy is likely to strengthen, with the Shanghai State-owned Assets Supervision and Administration Commission holding a special study meeting on the development trends and response strategies for cryptocurrencies and stablecoins [11][18] - The Hong Kong Stablecoin Regulation has been officially released and is expected to be implemented on August 1, 2025, establishing a licensing system for fiat-backed stablecoin issuers and enhancing the regulatory framework for virtual asset activities [2][19] - The tokenization ecosystem is extending, with application scenarios continuously enriching, as real asset tokenization is accelerating from regional pilots to global collaboration [3][12] Summary by Sections Stablecoin Policy Expectations - The Shanghai State-owned Assets Supervision and Administration Commission's meeting indicates a potential strengthening of domestic stablecoin policies following the implementation of overseas and Hong Kong regulations [11][18] - The Hong Kong Stablecoin Regulation aims to maintain financial stability while promoting financial innovation, with a licensing system for stablecoin issuers [2][19] Tokenization Ecosystem - The tokenization of real assets is gaining momentum, with companies like Ant Group collaborating with Circle Internet Group to adopt stablecoins on their blockchain platform [3][12] - The recent launch of GFToken by Guangfa Securities (Hong Kong) marks a significant step in deploying multi-currency interest rate mechanisms on-chain [3][12] Investment Recommendations - Beneficiary stocks include: - RWA: Xiexin Energy Technology, Langxin Group, Hongbo Co., Hainan Huatie, Youfang Technology, Yingfeng Environment, etc. - Stablecoins: Sifang Jingchuang, Yuxin Technology, Lakala, New Guodu, Jingbeifang, Tianyang Technology, Hengbao Co., Xiongdi Technology, Yuyin Co., Chutianlong, Dazhihui, Yonyou Network, Xinan Century, etc. - Hong Kong stocks: Zhong'an Online, Lianyi Technology, Lianlian Digital, China Everbright Holdings, Yika, etc. - Licensed: China Post Capital, Nanhua Futures, Hongye Futures, Ruida Futures, Guotai Junan International, Yaocai Securities Finance, etc. [6][34] Market Performance - The computer industry saw a weekly increase of 3.22%, outperforming the CSI 300 index, which rose by 0.82% [35][36] - Among 321 stocks in the computer sector, 256 stocks rose, indicating a strong market performance [42] Core Recommended Stocks - The top-performing recommended stock was Yuxin Technology, with a weekly increase of 7.59%, while Langxin Group experienced a decline of 3.42% [48] Valuation Overview - The SW computer industry PE (TTM) has risen from a low of 37.60 times in 2018 to 84.59 times, exceeding the historical average of 58.17 times from 2010 to 2025 [51]

Core Viewpoint - The main focus of the news is on the net inflow and outflow of major funds in various industries, highlighting the performance of specific sectors and stocks in the market on July 11. Group 1: Industry Performance - The computer and non-bank financial sectors saw significant net inflows, each exceeding 30 billion yuan [2] - Among the 25 industries with net outflows, the electronics sector had the highest outflow at 34.4 billion yuan, followed by the power equipment and media sectors, each exceeding 20 billion yuan [2] - Other sectors such as telecommunications, retail, food and beverage, and real estate also experienced net outflows exceeding 10 billion yuan [2] Group 2: Individual Stock Performance - A total of 73 stocks had net inflows exceeding 1 billion yuan, with 12 stocks seeing inflows over 3 billion yuan [3] - Dongfang Caifu led with a net inflow of 15.97 billion yuan, benefiting from the launch of the HarmonyOS intelligent framework [3] - Zhongyin Securities recorded a net inflow of 4.65 billion yuan, with analysts optimistic about the growth of brokerage and investment banking businesses due to a favorable market environment [4] Group 3: Tail-End Market Activity - At the end of the trading day, the market saw a net outflow of 16.71 billion yuan, with sectors like non-ferrous metals, basic chemicals, and oil and petrochemicals attracting significant late-stage investments [7] - Individual stocks such as Yuxin Technology, Changliang Technology, and WuXi AppTec had net inflows exceeding 1 billion yuan in the tail end [8] - Yuxin Technology, in particular, saw a net inflow of 2.34 billion yuan, focusing on stablecoin ecosystem partnerships [8]

Group 1 - The digital currency concept index rose by 2.31%, ranking 10th among concept sectors, with 78 stocks increasing in value [1][2] - Notable gainers included Gu Ao Technology with a 20% limit up, and Jin Zheng Co., Ji Da Zheng Yuan, and Heng Bao Co. also hitting the limit up [1] - The sector saw a net inflow of 3.174 billion yuan, with 50 stocks receiving net inflows, and 15 stocks exceeding 100 million yuan in net inflow [2] Group 2 - The top net inflow stocks included Heng Bao Co. with 470 million yuan, followed by Jin Zheng Co. and Yu Xin Technology with 453 million yuan and 435 million yuan respectively [2][3] - Gu Ao Technology, Ji Da Zheng Yuan, and Ge Er Software had the highest net inflow ratios at 33.76%, 21.20%, and 16.52% respectively [3] - The digital currency sector's performance was supported by significant trading volumes, with Heng Bao Co. and Jin Zheng Co. showing high turnover rates of 45.74% and 16.10% respectively [3][4]

Core Viewpoint - The MLOps concept has shown a significant increase of 3.05%, ranking second among concept sectors, with notable stocks like StarRing Technology, Yuxin Technology, and TuoerSi leading the gains [1][2]. Market Performance - The MLOps concept sector saw a net inflow of 899 million yuan, with 13 stocks experiencing net inflows, and 5 stocks exceeding 30 million yuan in net inflow. Yuxin Technology led with a net inflow of 435 million yuan, followed by TuoerSi and Runhe Software with net inflows of 188 million yuan and 183 million yuan respectively [2][3]. Stock Performance - Key stocks in the MLOps sector include: - Yuxin Technology: Increased by 7.18% with a turnover rate of 16.64% and a net inflow of 435 million yuan, resulting in a net inflow ratio of 12.38% [3] - TuoerSi: Increased by 6.72% with a turnover rate of 11.30% and a net inflow of 188 million yuan, resulting in a net inflow ratio of 10.11% [3] - Runhe Software: Increased by 2.77% with a turnover rate of 5.61% and a net inflow of 183 million yuan, resulting in a net inflow ratio of 8.31% [3] Additional Insights - Other stocks with notable performance in the MLOps sector include: - Dongfang Guoxin: Increased by 4.00% with a net inflow of 54.9 million yuan and a net inflow ratio of 6.57% [3] - StarRing Technology: Increased by 12.40% with a net inflow of 24.77 million yuan and a net inflow ratio of 5.20% [3]

1、本员工持股计划涉及的标的股票来源 本员工持股计划的股份来源为公司回购股份专用证券账户的公司A股普通 股股票。 证券代码：300674 证券简称：宇信科技 公告编号：2025-058 北京宇信科技集团股份有限公司 关于2025年员工持股计划非交易过户完成的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何 虚假记载、误导性陈述或者重大遗漏。 北京宇信科技集团股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日、 2025 年 5 月 28 日分别召开了第四届董事会第五次会议及 2025 年第二次临时股 东大会，审议通过了《关于<北京宇信科技集团股份有限公司 2025 年员工持股计 划（草案）>及其摘要的议案》《关于<北京宇信科技集团股份有限公司 2025 年 员工持股计划管理办法>的议案》等相关议案，具体内容详见公司于 2025 年 4 月 29 日、2025 年 5 月 28 日在巨潮资讯网（http://www.cninfo.com.cn）披露的相 关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》《深圳 证券交易所上市公司自律监管指引第 2 号——创 ...

Core Insights - Beijing's Development and Reform Commission held a meeting to discuss challenges faced by private enterprises in expanding overseas, with a focus on feedback from companies like Yuxin Technology [1][2] - Yuxin Technology and other entrepreneurs highlighted high costs, compliance risks, talent shortages, and lack of mutual recognition of international standards as major obstacles to going global [2] - The meeting provided insights into various supportive policies, including customs AEO certification and a comprehensive service platform for the Belt and Road Initiative, which received positive feedback from participating companies [2] Company Developments - Yuxin Technology has made significant progress in overseas markets, securing major contracts with domestic banks for their international operations and achieving notable success with foreign banks [2][3] - The company won a landmark software project with a multinational bank's Hong Kong and international branches, marking its largest single software project order in history, which enhances risk management capabilities [2] - Yuxin Technology also secured a data platform project with a large bank's London branch, further validating its international service capabilities [3] Future Outlook - In 2024, Yuxin Technology anticipates new overseas orders nearing 100 million yuan, focusing on helping foreign financial institutions achieve digital upgrades [3] - The company plans to deepen the application of AI technology in finance and continue expanding its overseas market presence, enhancing sales capabilities and product iterations [3] - Yuxin Technology aims to integrate technology and business operations to drive growth across multiple sectors, creating new opportunities for expansion [3]

Summary of Stablecoin Industry and Market Dynamics Industry Overview - The stablecoin industry is characterized by its reliance on fiat currency credit, with USD-pegged stablecoins depending on the credibility of the US dollar. [1] - The stablecoin ecosystem consists of three segments: upstream (infrastructure, issuers, asset management), midstream (payment service providers, exchanges, cross-chain clearing institutions), and downstream (transaction settlement, cross-border payments). [1][4] Key Players and Market Share - USDT, issued by Tether, holds a dominant market position with approximately 60% market share and a market capitalization exceeding $150 billion. However, its reserve transparency has been questioned. [3] - USDC, issued by Circle, is viewed as a compliance benchmark but incurs higher costs, with over 50% of its revenue allocated to distribution expenses. [6] - DAI is a collateralized stablecoin that uses over-collateralization of crypto assets to enhance risk resistance, relying on complex algorithms. [6] Market Dynamics - The stablecoin market exhibits a "dual super, many strong" structure, with USDT and USDC accounting for about 85% of the market share. [5] - Stablecoins enhance the USD's status as a global reserve currency and may further penetrate international trade and financial systems through digital means. [1][6] - The expansion of stablecoin usage can increase fiat transaction volume, reinforcing its reserve status. [1] Regulatory Impact - Hong Kong's new regulations, set to take effect in August, represent the first comprehensive regulatory framework globally, expected to drive systemic changes in the industry. Beneficiaries include cross-border payment and clearing service providers, digital infrastructure firms, and banks involved in IT system upgrades. [11][12] Implications for the Chinese Yuan - The development of stablecoins presents both challenges and opportunities for the Chinese Yuan. While the Yuan is currently not a mainstream pegged currency, China is accelerating the development of a digital RMB to enhance its international influence. [7][9] - The stablecoin market could serve as a significant support for the internationalization of the RMB, reducing reliance on the SWIFT system and expanding usage scenarios. [14][15] Future Projections - By 2030, the RMB's share in global cross-border trade payments is projected to increase from 4% to 10%, driven by the growth of stablecoin technology. [16] - Traditional third-party payment companies are expected to benefit significantly from the increase in RMB cross-border payment volumes, with companies like LianLian and Newland positioned to capitalize on this growth. [18][19] Potential Beneficiaries in the Industry - Key beneficiaries in the stablecoin ecosystem include: - Payment service providers (e.g., LianLian, LaKaLa) - Digital infrastructure and security service providers (e.g., Hengbao) - IT system upgrade firms in banking (e.g., Yuxin Technology) [11][22] - The issuance of stablecoin licenses in Hong Kong is expected to create significant opportunities for early adopters in the sandbox experiment. [21] Conclusion - The stablecoin industry is poised for significant growth and transformation, with regulatory developments in Hong Kong likely to catalyze systemic changes. The interplay between stablecoins and traditional currencies, particularly the USD and RMB, will shape the future of global finance and cross-border transactions. [1][11][14]

Core Viewpoint - Yuxin Technology is actively exploring new business system upgrades and collaboration opportunities with state-owned banks in Hong Kong while supporting foreign banks in their digital transformation efforts [1] Group 1: Business Development - Since its international expansion in 2019, the company has successfully implemented various front, middle, and back office business systems for foreign banks [1] - The company is focusing on supporting foreign banks' digital upgrades and completing the construction of next-generation systems [1] Group 2: Collaboration Opportunities - Yuxin Technology is in ongoing discussions with state-owned banks in Hong Kong regarding new business system upgrades and related collaboration opportunities [1] - The company aims to leverage its accumulated technological capabilities, product reserves, and customer ecosystem resources to engage with various licensed institutions abroad for comprehensive technological empowerment [1]

投资者关系活动记录表 证券代码：300674 证券简称：宇信科技 北京宇信科技集团股份有限公司 答：稳定币作为一种数字资产需要与传统金融机构有机深度融合才 能持续发展，传统金融机构能够在稳定币生态中扮演多重角色，从基础 的资金托管方、稳定币兑换赎回，到数字资产服务提供商、代销以及资 产打包决策支持等。宇信科技目前已有的产品技术和运营能力将成为连 接多层次金融机构体系与数字资产生态的重要节点，不仅限于技术供应 商，更将为各类型发币机构拓展生态运用空间，拓展数字货币的使用场 景，将公司已有的传统金融的营销能力、运营能力赋能生态。 投资者关系活动记录表 编号：2025-017 | 投资者关系活动 | 特定对象调研 分析师会议 媒体采访 | | | | --- | --- | --- | --- | | 类别 | 业绩说明会新闻发布会 路演活动 | | | | | 现场参观 其他（券商策略会、电话会议）  |  | | | 参与机构名称 | 东北证券、太平基金、光大证券、国投证券、华夏基金、易知投资、兴 | | | | | 合基金、中金资管、新华资产、华泰证券等 | | | | 时间 | 年 月 日- ...