2025 年 7 月 25 日 行业研究 稳定币有望助推人民币国际化，看好第三方支付公司 ——稳定币专题报告之二 要点 稳定币有望成为人民币国际化的驱动力。 2015 至 2024 年间，在央行跨境贸易 结算试点、货币互换协议扩容等多维战略推动下，人民币国际化取得显著突破： 根据 SWIFT 监测数据，其全球支付份额从 2015 年 12 月约 2%升至 2024 年 12 月约 4%，跨境收付规模由 12 万亿元增至 64 万亿元。然而，资本账户管制、离 岸应用场景局限及地缘政治壁垒等结构性约束，导致后续增长动能边际趋缓。在 此背景下，稳定币凭借其去中心化架构、离岸自由流通特性及技术代偿能力，通 过数字人民币（e-CNY）、多边央行数字货币桥项目（简称 mBridge）形成协同 效应，共同构建"传统货币与数字货币双轨并行"的国际化战略体系，有望突破 现有流动性瓶颈，驱动人民币国际使用活跃度的加速跃升。 2024 年全球跨境支付规模约 200 万亿美元，预计 24-32 年 CAGR 大于 6%,人民 币全球支付规模不断提升。全球跨境支付市场持续稳定扩张，2024 年交易流量 总额达 194.6 万亿美元，2 ...

值得关注的是，股东减持动作持续引发市场关注。7月21日公告显示，股东孙浩然于6月19日至7月17日 通过集中竞价及大宗交易累计减持1092.3万股，其与一致行动人持股比例由8.88%降至7.50%，符合5月 披露的减持计划。此外，联想控股计划自7月23日起三个月内减持不超过2364.3万股。 2025年7月22日，拉卡拉（300773）发生两笔大宗交易，合计成交20万股，成交金额489.2万元，成交均 价24.46元，较当日收盘价27.80元折价12.01%。其中，机构专用席位通过招商证券北京车公庄西路证券 营业部买入10万股，成交金额244.6万元；另一买方中信证券深圳分公司亦买入10万股，成交金额相 同。这两笔交易合计占当日成交总额的0.44%。 当日拉卡拉股价波动收窄，开盘报27.72元，最高触及28.15元，最低下探27.69元，最终收于27.80元，跌 幅0.39%，成交额11.20亿元，换手率5.47%，总市值219.09亿元。据一季报显示，公司当季营收12.99亿 元，同比减少13.01%；归母净利润1.01亿元，同比下滑51.71%。 拉卡拉近期因筹划港股上市及探索稳定币业务备受关注。6月16 ...

证券代码：300773 证券简称：拉卡拉 公告编号：2025-039 拉卡拉支付股份有限公司 关于 持股 5%以上股东及一致行动人权益变动触及 1%整数倍的公告 股东孙陶然、孙浩然保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 拉卡拉支付股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日在巨潮 资讯网（www.cninfo.com.cn）披露了《拉卡拉支付股份有限公司关于部分股东 减持计划的预披露公告》（公告编号：2025-030，以下简称"预披露公告"）。 孙浩然先生于 2025 年 6 月 19 日-2025 年 7 月 17 日期间通过集中竞价方式、 大宗交易方式累计减持公司股份 10,923,000 股。孙浩然先生为公司 5%以上股东 孙陶然先生的一致行动人，本次权益变动后，孙浩然及其一致行动人合计权益比 例由 8.88%减少至 7.50%，达到 1%的整数倍。 1.基本情况 信息披露义务人 孙浩然 住所 北京市海淀区***路***号 权益变动时间 2025 年 6 月 19 日-2 ...

金融界7月21日消息，上证指数高开高走，中证全指其他金融行业指数 (其他金融行业，932134)报 1143.84点。 数据统计显示，中证全指其他金融行业指数近一个月上涨12.73%，近三个月上涨21.03%，年至今上涨 14.22%。 从中证全指其他金融行业指数持仓样本的行业来看，其他综合性金融服务占比59.62%、特殊金融服务 占比36.34%、多领域投资占比4.04%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证全指指数调整样本时，中证全指行业指数样 本随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证全指行业指 数样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形 的处理，参照计算与维护细则处理。 从指数持仓来看，中证全指其他金融行业指数十大权重分别为：中油资本（15.53%）、拉卡拉 （10.17%）、五矿资本（9.42%）、江苏金租（9.2 ...

拉卡拉推行"AI first"理念，接入多个大模型，AI 客服智能体替代 70% 人工客服，处理约 800 万次接线服务；风控智能体实现 100%商户审核 与合规运营自动化，并为商户提供智慧管店、AI 菜单等解决方案。 拉卡拉自主研发语音外呼机器人、培训机器人及质检机器人，已签约 50 多家机构，包括银行与企业客户，致力于通过 AI 技术优化支付流程，提 高交易安全性与效率。 新大陆、新国都和拉卡拉均在 AI 应用上进行了布局，通过软件端营销助 手、智能客服助手，内部商户审核与合规运营，以及硬件端算法优化， 不仅带来实际收入，还显著提高了运营效率，未来有望受益于 AI 渗透， 增加收入并增厚利润。 新大陆、新国都、拉卡拉的 AI 业务有哪些，进展如何？ 20250720 和会来电的 AI 营销助手，帮助银行及企业降低营销沟通成本，提高服务效率。 此外，公司正在加紧开发一个名为 AI engine 的平台，将推出多个针对不同场 景的 agent，为商户提供个性化服务。 在硬件端，新大陆优化工业识读设备中 的算法，通过蒸馏适配的小模型提升终端设备性能，如用于复杂二维码扫描的 解码设备。这些措施不仅提高了内部运营效 ...

证券代码：300773 证券简称：拉卡拉 公告编号：2025-038 拉卡拉支付股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 公司近日接到公司股东孙陶然先生通知，获悉其所持有公司的部分股份办理了解除质押 登记手续，具体事项如下： | | 是否为控股 股东或第一 | 本次解除质押 | 占其所持股份比 | 占公司总 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | | | | | 起始日期 | 解除日期 | 质权人 | | | 大股东及其 | 股份数量（股） | 例 | 股本比例 | | | | | | 一致行动人 | | | | | | | | | | | | | | | 红塔证券 | | 孙陶然 | 否 | 1,000,000 | 1.81% | 0.13% | 2024/7/19 | 2025/7/14 | 股份有限 | | | | | | | | | 公司 | | | | | | | | | 红塔证券 | | 孙陶然 | 否 | 13,910,000 | 2 ...

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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]

Group 1: Regulatory Developments - Hong Kong Legislative Council passed the Stablecoin Regulation Draft on May 21, becoming the first region globally to issue licenses for fiat-backed stablecoins [1] - The US Senate is also advancing stablecoin legislation, indicating a growing regulatory focus on this area [1] Group 2: Company Developments - Lakala, a company holding 237 payment licenses, is the only private player in China connected to the CIPS system and the digital RMB cross-border channel [3] - Lakala has upgraded its 5 million POS machines to accept stablecoin payments [4] - There are rumors that JD.com plans to issue stablecoins in Hong Kong, with Lakala as a potential technical partner [5] Group 3: Market Reactions - Following Lakala's announcement of plans to list in Hong Kong on June 16, its stock price hit the daily limit up [6] - The company is being referred to as the "cross-border payment dragon" due to its ability to instantly convert 36 currencies and service over 100 countries [6] Group 4: Financial Performance - Lakala's 2024 revenue is projected at 5.759 billion, a decrease of 2.96% from the previous year, with net profit down 23.26% to 351 million [9] - The Q1 2025 net profit dropped to 101 million, indicating a significant decline [10] - Total transaction volume for 2024 is expected to be 42.2 trillion, down nearly 300 billion from 2023, with a notable decline in card transactions [10] Group 5: Business Transformation Challenges - Lakala's SaaS services added 10,000 stores with a 65% increase in transaction volume, but overall revenue from technology services is declining [11] - Credit card promotion revenue plummeted by 78%, negatively impacting the technology segment [11] Group 6: Future Prospects - If the Hong Kong license is obtained, stablecoin business could yield a gross margin of 68%, potentially contributing 400 million in revenue by 2025 [13] - Based on an 8x PS for cross-border business, the market value could increase by 3.2 billion [14] - The Central Bank's first public discussion on stablecoins occurred on June 18, with Lakala executives present, indicating significant interest in the sector [14]