Investment Rating - The report maintains a "Cautious Recommendation" rating for the industry, indicating a potential growth of 5% to 15% relative to the benchmark index over the next 12 months [8]. Core Insights - The recent implementation of the stablecoin legislation in Hong Kong signifies an acceleration in the development of blockchain and fintech innovations, reflecting a positive attitude towards financial technology in the region [6][41]. - The global stablecoin market has surpassed $250 billion, with USDT and USDC dominating the market, holding approximately 86% of the total market share [18][19]. - The Circle stablecoin has seen a price increase of over 675% since its listing, with a market capitalization exceeding $36.7 billion, highlighting significant interest from overseas capital markets [6][41]. Summary by Sections Market Review - During the week of June 16-20, the CSI 300 index fell by 0.45%, the SME index decreased by 0.43%, and the ChiNext index dropped by 1.66%. The computer sector (CITIC) saw a decline of 1.87% [3][49]. Industry News - Midjourney launched its first AI video generation model, V1, which supports image-to-video conversion with a maximum duration of 21 seconds [4]. - Huawei Cloud released the Pangu Model 5.5, announcing the launch of a new generation of Ascend AI cloud services [4][45]. Company News - Henghua Technology announced a reduction of 5,800,000 shares by a major shareholder, representing 0.97% of the total share capital [5]. - Jingye Technology plans to reduce its shares by up to 2,313,800 shares, accounting for no more than 1% of the total share capital [5][48]. Weekly Insights - The report suggests focusing on the stablecoin industry chain, including companies like Zhongke Jincai, Jinzhen Co., and Longxin Technology, as well as the cross-border payment industry chain, which includes Newland, Xinguodu, and Lakala [6][41].
计算机周报20250622：稳定币深度研究框架-20250622
Minsheng Securities·2025-06-22 13:21