Group 1: Market Overview - On July 14, the main funds in the Shanghai and Shenzhen markets experienced a net outflow of 26.576 billion yuan, with the ChiNext board seeing a net outflow of 12.112 billion yuan and the CSI 300 index stocks a net outflow of 6.366 billion yuan [1] - Among the 21 industries tracked, mechanical equipment, public utilities, and home appliances saw the largest gains, each rising over 1%, while real estate, media, and non-bank financial sectors fell more than 1% [1] - Four industries received net inflows from main funds, with mechanical equipment leading at 394 million yuan, followed by home appliances at 117 million yuan, and coal and petrochemical sectors each exceeding 37 million yuan [1] Group 2: Individual Stock Performance - Among individual stocks, 37 saw net inflows exceeding 100 million yuan, with six stocks surpassing 200 million yuan in inflows [2] - Zhongji Xuchuang, a leader in optical modules, topped the inflow list with 497 million yuan, benefiting from increased demand for ASIC servers driven by growth in ARR for AWS's Anthropic and Google's Gemini [2] - Notable stocks such as Xiangyang Bearing, Brother Technology, and Kelu Electronics also saw significant inflows, with Kelu Electronics reaching a net inflow of 314 million yuan, the highest since June 23, 2016 [2] Group 3: Notable Outflows - Over 90 stocks experienced net outflows exceeding 100 million yuan, with 21 stocks seeing outflows over 300 million yuan [3] - Leading the outflows were BYD and Northern Rare Earth, each with net outflows exceeding 1.1 billion yuan, with Northern Rare Earth's outflow reaching 1.105 billion yuan, marking a new high since November 4, 2024 [3][4] Group 4: Tail-End Market Activity - At the market close, there was a net outflow of 1.483 billion yuan, with the ChiNext board seeing an outflow of 806 million yuan [6] - Notably, the digital currency concept stock Chutianlong saw a significant reversal, with a net inflow of 204 million yuan, despite a projected loss of 35 to 40 million yuan for the upcoming half-year [7] - Other stocks with notable tail-end inflows included Tianyang Technology and Hanyu Pharmaceutical, each exceeding 40 million yuan [8]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company, Tianyang Technology, is a leader in the credit card system market, maintaining the top market share for six consecutive years. It is also expanding into the stablecoin sector, leveraging its technological advantages [4][5]. - In 2024, the company reported total revenue of 1.766 billion yuan, a year-on-year decrease of 8.76%, and a net profit attributable to shareholders of 78 million yuan, down 33.6% [4][10]. - The company's innovative solutions in cross-border payments significantly reduce transaction times to under 30 seconds and lower fees, providing a competitive edge in the market [6][8]. Company Overview - Latest closing price: 25.20 yuan - Total shares: 474 million, circulating shares: 408 million - Total market capitalization: 11.9 billion yuan, circulating market capitalization: 10.3 billion yuan - 52-week high/low: 27.05/10.36 yuan - Debt-to-asset ratio: 23.3% - Price-to-earnings ratio: 120.00 - Largest shareholder: Ouyang Jianping [3]. Financial Projections - Expected EPS for 2025-2027 are 0.20, 0.26, and 0.35 yuan, with corresponding P/E ratios of 127.96, 95.54, and 70.68 [10][12]. - Revenue projections for 2025-2027 are 2.040 billion, 2.417 billion, and 2.873 billion yuan, with growth rates of 15.5%, 18.5%, and 18.8% respectively [12][15]. - Net profit projections for the same period are 92.57 million, 123.99 million, and 167.60 million yuan, with growth rates of 19.44%, 33.93%, and 35.18% respectively [12][15]. Market Position and Strategy - The company is positioned as a key player in the banking IT solutions market, ranking fourth in the Chinese banking IT solutions market as of 2024 [4]. - The company is actively exploring partnerships with licensed financial institutions to enhance its stablecoin offerings and cross-border payment solutions, particularly in emerging markets like Southeast Asia and the Middle East [9][10].

Group 1: Company Overview and Market Position - The company offers modern credit card solutions integrated with stablecoin applications, focusing on Southeast Asia and Central Asia markets [3] - There is a growing demand for stablecoin payments in cross-border e-commerce, particularly from Chinese businesses [3] - The company has established partnerships with leading suppliers and technology firms to enhance credit card services and stablecoin recharge capabilities [3] Group 2: U Card and Business Model - The U Card platform includes a comprehensive digital currency service covering wallet, exchange, and card lifecycle management [4] - The revenue model is subscription-based, with a minimum transaction volume and additional fees for exceeding limits [4] - The company is focusing on enterprise procurement cards due to clear demand and regulatory compliance [4] Group 3: Market Opportunities and Challenges - Major companies like JD.com and Ant Group are exploring stablecoin issuance, creating collaboration opportunities for the company [4] - The market for Hong Kong dollar stablecoins is expected to grow as regulatory frameworks mature, despite current limitations [5] - The company is preparing for potential expansion into Real World Asset (RWA) tokenization, pending regulatory developments [5] Group 4: Customer Base and Regional Focus - The primary customer regions for U Card services are Southeast Asia, Central Asia, and Africa, where there is a strong demand for stablecoin payments [5] - Regulatory policies in the U.S. and Hong Kong are enhancing industry compliance awareness, positively impacting stablecoin applications and customer expansion [5]

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]

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].

| 证券代码：300872 | 证券简称：天阳科技 | 公告编号：2025-078 | | --- | --- | --- | | 债券代码：123184 | 债券简称：天阳转债 | | 天阳宏业科技股份有限公司 关于"天阳转债"即将停止转股暨赎回前最后半个交易日 的重要提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 7 月 10 日 截至本公告披露时，距离"天阳转债"停止转股仅剩半个交易日（即 2025 年 7 月 10 日下午交易时段）。2025 年 7 月 10 日收市后，未实施转股的"天阳转债"将停止 转股，并将按照 100.24 元/张的价格被强制赎回。若被强制赎回，投资者可能面临投资 损失。 2、投资者若转股，需开通创业板交易权限。投资者不符合创业板股票适当性管理 要求的，不能将所持"天阳转债"转换为股票，特提请投资者关注不能转股的风险。 3、特提醒"天阳转债"投资者仔细阅读本公告内容，关注相关风险，谨慎交易"天 阳转债"，注意在限期内转股。 特别提示： 1、可转债赎回条件满足日：2025 ...

Group 1 - The A-share market is recovering, but the convertible bond market is facing challenges with frequent strong redemption alerts [1][3] - From July 10 to July 31, nine convertible bonds will have redemption registration dates, posing significant risks for holders who do not act in time [1] - For instance, the Jin Dan Convertible Bond and Tian Yang Convertible Bond could lead to losses of nearly 50% if not converted by the last operation day on July 10 [1][3] Group 2 - The strong redemption frequency is attributed to the continuous rise in stock prices of listed companies [1] - Tian Yang Technology's stock price has remained above 130% of the conversion price for 15 consecutive trading days, triggering conditional redemption clauses [1] - Investors have two options when facing strong redemption: sell the convertible bonds or convert them into stocks, with the latter changing the trading rules from "T+0" to "T+1" [3] Group 3 - Other convertible bonds like Nan Yin, Hua Feng, and Guan Sheng are also set to exit the market, with Guan Sheng Convertible Bond potentially leading to losses exceeding 50% if not acted upon [3] - The occurrence of strong redemptions serves as a reminder for investors to closely monitor announcements related to their holdings, especially as redemption registration dates approach [3]

Core Viewpoint - The frequent occurrence of forced redemption events for convertible bonds in the A-share market is highlighted, with specific emphasis on the upcoming redemption dates for several bonds [1][4]. Group 1: Forced Redemption Events - As of July 10 to July 31, nine convertible bonds will have their redemption registration dates, leading to their exit from the market [1]. - Jin Dan Convertible Bond and Tian Yang Convertible Bond will face forced redemption on July 10, with significant losses for holders who do not act promptly [2][4]. - Tian Yang Convertible Bond has a current price of 197.478 yuan per bond, and failure to convert will result in a loss of 49.24% for investors [3]. Group 2: Company Announcements and Actions - Tian Yang Technology issued 9.75 billion yuan worth of convertible bonds, with a conditional redemption triggered due to the stock price exceeding 130% of the conversion price for 15 trading days [2][4]. - The board of Tian Yang Technology decided to exercise the early redemption rights based on current market conditions [2]. Group 3: Market Trends and Investor Actions - Other convertible bonds, such as Nan Yin and Hua Feng, will also exit the market following the redemption of Jin Dan and Tian Yang bonds [4]. - Investors have two main options to mitigate risks: selling the convertible bonds or converting them into stocks, with the latter changing the trading rules from "T+0" to "T+1" [5]. - New regulations have introduced a "Z" identifier for the last trading day of convertible bonds, alerting investors to act promptly [6].

| 证券代码：300872 | 证券简称：天阳科技 | 公告编号：2025-077 | | --- | --- | --- | | 债券代码：123184 | 债券简称：天阳转债 | | 天阳宏业科技股份有限公司 关于"天阳转债"即将停止转股暨赎回前最后一个交易日 的重要提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 7 月 10 日 2025 年 7 月 10 日为"天阳转债"最后一个转股日，当日收市前，持有"天阳转债" 的投资者仍可进行转股；2025 年 7 月 10 日收市后，未实施转股的"天阳转债"将停止 转股，并将按照 100.24 元/张的价格被强制赎回。若被强制赎回，投资者可能面临投资 损失。 截至 2025 年 7 月 9 日收市后，距离"天阳转债"停止转股日（2025 年 7 月 11 日） 仅剩 1 个交易日。 3、投资者若转股，需开通创业板交易权限。投资者不符合创业板股票适当性管理 要求的，不能将所持"天阳转债"转换为股票，特提请投资者关注不能转股的风险。 4、特提醒"天阳转债"投 ...

Market Performance - The ChiNext Index rose by 2.39%, closing at 2181.08 points, with a total trading volume of 436.544 billion yuan, an increase of 90.032 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 1167 stocks closed higher, with 15 stocks rising over 10%, including Xinling Electric, International Composite Materials, and Shouhang New Energy, which hit the daily limit [1] - The average turnover rate for the ChiNext today was 4.34%, with 67 stocks having a turnover rate exceeding 20% [1] High Turnover Stocks - In the high turnover stocks, 49 stocks increased in value today, with Xinling Electric, Shouhang New Energy, and Yihua New Materials closing at the daily limit [2] - The power equipment sector had the most stocks with a turnover rate exceeding 20%, totaling 10 stocks, followed by the electronics and computer sectors, each with 9 stocks [2] Institutional Activity - Seven high turnover ChiNext stocks appeared on the Dragon and Tiger List, with six stocks showing institutional activity [3] - Among these, Zhongyi Technology had four institutional special seats, with a total net purchase of 24.4925 million yuan, while Longyang Electronics had a net sell of 3.1228 million yuan [3] Capital Flow - Among high turnover stocks, 40 stocks experienced net inflows of main funds, with significant inflows into Kela Software, Tianyang Technology, and Shouhang New Energy, amounting to 291 million yuan, 221 million yuan, and 194 million yuan respectively [4] - The stocks with the highest expected net profit growth include Hanyu Pharmaceutical, with an expected net profit median of 152 million yuan, representing a year-on-year increase of 1567.36% [4] Key Stocks Overview - Xinling Electric closed at 38.09 yuan with a daily increase of 20.01% and a turnover rate of 73.19% [5] - Shouhang New Energy closed at 36.00 yuan with a daily increase of 20.00% and a turnover rate of 49.62% [5] - Zhongyi Technology closed at 50.30 yuan with a daily decrease of 1.80% and a turnover rate of 54.32% [5]