计算机周观察20250622：关注稳定币及跨境支付产业链投资机会

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [2]. Core Insights - The report highlights the launch of the Cross-Border Payment System by the People's Bank of China and the Hong Kong Monetary Authority, which aims to enhance cross-border payment efficiency and reduce costs [9][12]. - The report emphasizes the growing importance of stablecoins in the financial ecosystem, particularly in cross-border payments, as regulatory frameworks evolve [17][18]. - The report suggests investment opportunities in both stablecoin issuers and cross-border payment service providers, indicating a shift towards integrating traditional finance with Web3 technologies [18]. Summary by Sections Industry Overview - The industry comprises 284 listed companies with a total market capitalization of 3,263.3 billion and a circulating market value of 2,874.2 billion [2]. Market Performance - The computer sector experienced a decline of 1.83% in the third week of June 2025, with notable performers including Sifang Jingchuang and Jin Chengzi [19]. Key Developments - The Cross-Border Payment System will officially launch on June 22, 2025, facilitating efficient and secure cross-border transactions between mainland China and Hong Kong [9][12]. - The initial batch of 12 participating institutions includes major banks from both regions, covering three core areas of cross-border payment services [14][12]. Regulatory Environment - The report discusses the recent legislative developments in the U.S. regarding stablecoins, including the passage of the GENIUS Act, which aims to establish a federal regulatory framework for stablecoins [17]. - The report notes that the stablecoin market is projected to exceed 2 trillion by 2028, driven by increasing adoption and regulatory clarity [17]. Investment Recommendations - The report advises focusing on two main categories for investment: 1) issuers and exchanges with strong business models, such as Circle and Coinbase, and 2) cross-border payment service providers and custodial banks, including New Guo Du and Zong An Online [18].