Core Viewpoint - Yuxin Technology Group Co., Ltd. is planning an IPO on the Hong Kong Stock Exchange, but its recent financial performance shows significant revenue declines and heavy reliance on a few major clients, raising concerns about its growth prospects and funding necessity [1][10]. Financial Performance - In 2024, Yuxin Technology reported a revenue of 3.958 billion, a decrease of 23.94% year-on-year, and in Q1 2025, revenue further declined to 5.25 billion, down 12.57% year-on-year [2][5]. - The net profit for 2024 was 3.8 billion, reflecting a year-on-year increase of 16.62%, but Q1 2025 saw a sharp drop to 0.58 billion, an increase of 81.09% year-on-year [2][5]. Business Segments - The company operates in three main business segments: banking technology solutions, non-banking technology solutions, and innovative operational services. In 2024, all three segments experienced revenue declines [4][10]. - Revenue from banking IT solutions was 3.461 billion, down 25.78% year-on-year, accounting for 87.45% of total revenue [4][5]. Cost Management - To maintain profitability amidst declining revenues, Yuxin Technology significantly reduced its R&D expenses, which were 4.3 billion in 2024 and 0.31 billion in Q1 2025, representing year-on-year decreases of 24.33% and 27.49%, respectively [6][11]. - The company also cut sales expenses, which were 1.24 billion in 2024 and 0.13 billion in Q1 2025, down 23.21% and 35.16% year-on-year [6]. Client Dependency - Yuxin Technology is heavily reliant on its top five clients, with revenue contributions from these clients being 45.3%, 44.5%, and 42.3% from 2022 to 2024, respectively [10]. - The largest client accounted for 18.9%, 25.4%, and 20.4% of total revenue during the same period, indicating a high dependency on a limited client base [10]. R&D and Workforce - The company reduced its R&D personnel from 1,883 in 2023 to 1,357 in 2024, a decrease of 27.93% [7][8]. - The reduction in R&D staff may be linked to declining client demand, as banks have outsourced some IT functions during their digital transformation [8][10]. International Expansion and Funding - Yuxin Technology's international business remains underdeveloped, with revenue from international operations being less than 1% of total revenue [11]. - The company plans to use IPO proceeds for global expansion and advancing technologies like AI and blockchain, despite significant cuts in R&D spending raising questions about the necessity of the fundraising [11][12].

A股三大指数今日集体上涨，截至收盘，沪指涨0.72%，深成指涨0.86%，创业板指涨0.87%，北证50指数涨2.38%，沪深京三市成交额 17271亿元，较上日放量1339亿元。全市场超4000只个股上涨，超110只个股涨停。板块题材上，雅下水电、工程机械、水泥建材、钢 铁、电网设备、新型城镇化板块涨幅居前；跨境支付、银行、教育、光刻机概念股跌幅居前。盘面上，受利好消息影响，水泥建材、 工程机械等大基建板块掀起涨停潮，中国电建（601669）、西藏天路（600326）、保利联合（002037）等几十股涨停。钢铁板块全天 强势，西宁特钢（600117）、八一钢铁（600581）、柳钢股份（601003）封板涨停。电网设备板块午后震荡上行，中国西电 （601179）、许继电气（000400）、国电南自（600268）封板涨停。猪肉股同样表现积极，邦基科技（603151）、神农集团 （605296）涨停。跨境支付板块今日震荡调整，多只高位股下挫，四方精创（300468）、中油资本（000617）、宇信科技（300674） 跌幅居前。银行板块同样表现落后，厦门银行（601187）、西安银行（600928）、兴业银行 ...

A股跨境支付概念股午后走低，四方精创、中油资本跌超5%，宇信科技跌超4%，新国都、青岛金王、 长亮科技跟跌。 ...

Group 1 - The core viewpoint indicates that the stablecoin market is expected to continue its upward trend, with financial technology companies poised to benefit from new development opportunities as they provide infrastructure and services for the related industry chain [3]. - The financial technology sector is experiencing a mixed performance, with the China Securities Financial Technology Index down by 0.71%, while certain stocks like Dongxin Peace and Tax Friend Co. saw gains of over 1% [1]. - The financial technology ETF (159851) has shown significant liquidity and scale, with a trading volume exceeding 2.5 billion yuan and a net subscription of over 100 million units during the trading session [1][4]. Group 2 - Institutional perspectives suggest that the stablecoin market is accelerating due to policy resonance, with multiple application scenarios emerging, indicating a shift from policy-driven growth to industry implementation [3]. - The focus on financial technology remains strong, with stablecoins and Real World Assets (RWA) identified as key growth areas, particularly as the market approaches Q2 earnings reports [3]. - The financial technology ETF (159851) has a notable scale of over 8 billion yuan and an average daily trading volume of over 550 million yuan in the past six months, highlighting its liquidity advantages [4].

行业报告 | 行业点评 计算机 证券研究报告 场景广度决定，稳定币未来谁将领跑 7 月 19 日，美国总统特朗普正式签署《GENIUS 法案》，为美国境内合法 使用稳定币建立监管框架。特朗普称其可能是「自互联网诞生以来最伟大 的金融科技革命」。稳定币行业催化不断，针对后市演绎，我们做出以下判 断。 1、发币方是稳定币产业链价值链核心，而场景是关键中的关键 参考美元稳定币发展，中国香港稳定币发币方利润有望快速体现并且具备可 观的空间。货币价值的网络效应决定，发币方需与场景运营方深度合作才 能跑出。比如 Circle 与 Coinbase 深度合作，进而跃居行业 TOP2。 2、支付场景中，小商品城、中油资本所在的相关场景进出口总额超万亿 不同于美元稳定币以 Defi 项目交易为主，港元稳定币侧重在跨境支付。根 据义乌海关，2024 年义乌进出口总额 6689 亿元，对"一带一路"国家合金 进出口 4133 亿元，占同期义乌进出口总值 61.8%。中国 24 年原油进口金额 约 2.31 万亿人民币，管道天然气进口金额 1501.77 亿人民币。基于此，我 们看好小商品城、中油资本的卡位优势。 3、交易所和跨境支 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The global virtual asset licensing system has essentially taken shape, with a systematic regional regulatory framework established [3] - Different regions exhibit variations in virtual asset licensing, reflecting distinct regulatory logics and strategic focuses [3] - Three major collaborative trends are emerging: local currency anchoring, asset custody, and anti-money laundering compliance [3] - Licensed operators and service providers are expected to become mainstream, with regulated trading platforms and stablecoin assets presenting lower risks [3] - The licensing will serve as a significant valuation support factor, with leading companies holding core licenses enjoying first-mover advantages and competitive moats [3] Summary by Sections 01 Global Virtual Asset Licensing System - The licensing framework in Hong Kong includes a dual regulatory structure for stablecoin issuers and virtual asset service providers (VASP) [8][9] - Hong Kong's VASP license requires compliance with strict operational and auditing standards, enhancing market transparency and investor safety [10] - Singapore's regulatory approach emphasizes innovation while ensuring market safety through a clear regulatory framework [11][12] - The European MiCA framework provides comprehensive regulations for crypto assets, categorizing them into electronic money tokens, asset-referenced tokens, and utility tokens [13][14] - The U.S. regulatory landscape is characterized by a complex multi-layered system involving federal and state-level oversight [17][18] 02 Differences and Collaborations in Regional Licensing - Hong Kong's licensing system is more inclusive for retail investors compared to Singapore's cautious approach [26] - The regulatory frameworks in Hong Kong and Europe aim to provide clear guidelines to foster innovation while ensuring compliance [26] - The U.S. regulatory environment is fragmented, requiring compliance with both federal and state regulations [26] 03 Investment Recommendations - Beneficial targets include licensed firms such as Zhongyou Capital, Bank of China Hong Kong, and Coinbase Global [4] - The report highlights the importance of holding licenses as a key factor for valuation and competitive advantage in the virtual asset industry [3][4]

Group 1: Energy Storage and Capacitors - The international standard for supercapacitors in energy storage, proposed by China, has been successfully established with support from countries like Germany, Japan, and Finland, marking a significant milestone in the industry [1] - The global installed capacity of supercapacitors for energy storage has surpassed 1GW and is expected to reach between 5GW and 10GW by 2030, indicating a clear industry trend [1] - Dongyang Sunshine focuses on the innovation and development of electronic materials, including supercapacitors, with a production capacity of approximately 1.4 billion capacitors annually [2] Group 2: Automotive Industry and Tesla - Tesla has introduced a six-seat version of the Model Y, with analysts optimistic about the core Tier 1 suppliers in the supply chain despite competitive pressures in the domestic market [3] - Tesla aims to reduce production costs of the Model Y by at least 20% by 2026, while also planning a special six-seat version for the Chinese market [3] - Wuzhou Xinchun supplies high-end bearing components to leading manufacturers, including those in the electric vehicle sector, showcasing the interconnectedness of the automotive supply chain [4] Group 3: Pharmaceutical Industry - China National Pharmaceutical has agreed to acquire a 95.09% stake in Lixin Pharmaceutical for up to $950 million, enhancing its position in the innovative drug development sector [6] - The acquisition is expected to bolster the capabilities of China National Pharmaceutical, which is recognized for its efficient R&D team and valuable innovation pipeline [6] - The pharmaceutical sector is witnessing significant advancements in AI-driven drug development, which could accelerate growth and improve valuations for related companies [6] Group 4: Cross-Border Payment Systems - The cross-border payment system has expanded to 17 banks in Hong Kong, enhancing the connectivity between mainland China and Hong Kong for instant payment services [7] - The stablecoin market is experiencing rapid growth, with transaction volumes projected to exceed $27.6 trillion in 2024, surpassing traditional payment systems like Visa and Mastercard [7] - Companies like Kela Software and Yuxin Technology are actively involved in building cross-border payment systems for domestic and international clients, indicating a robust market for payment solutions [8] Group 5: Robotics and Automation - The world's first bipedal robot specialized for cultural and tourism applications has been launched, showcasing advancements in robotics technology [9] - The bipedal robot is set to perform at the 2025 Chengdu World Games, highlighting the growing interest and investment in humanoid robotics [9] - Companies like Xiasha Precision and Double Forest Co. are developing components for humanoid robots, indicating a burgeoning market for robotics applications [10] Group 6: Carbon Fiber Industry - The carbon fiber market in China is projected to reach approximately 17.14 billion yuan in 2024, with an 8.16% year-on-year growth in production [11] - The price of T300-grade carbon fiber has decreased by 70%, making it more accessible for various industries, including aerospace and automotive [11] - Companies like Zhongjian Technology and Jilin Chemical Fiber are enhancing their carbon fiber product offerings, capitalizing on the growing demand in high-end applications [12] Group 7: Solar Energy Industry - The photovoltaic industry is experiencing a recovery phase, driven by policies aimed at high-quality development and a shift away from previous "involution" challenges [13] - Companies like Tongwei Co. and China National Electric are expanding their solar project capacities, with significant orders and production capabilities in place [13] - The collaboration between industry players and government initiatives is expected to foster growth and innovation in the solar energy sector [13]

证券研究报告 合规时代开启，全球竞赛加速 ——稳定币行业深度报告 行业评级：看好 2025 年 7 月 17 日 分析师 刘雯蜀 分析师 童非 研究助理 张致远 邮箱 liuwenshu03@stocke.com.cn 邮箱 tongfei01@stocke.com.cn 邮箱 zhangzhiyuan@stocke.com.cn 证书编号 S1230523020002 证书编号 S1230524050005 摘要 2 1、稳定币：币值稳定的数字货币 • 稳定币是锚定法币、商品或加密资产的加密数字货币，通过足额抵押或算法调节供应量维持价值稳定。相较传统支付，稳定币依托区块链实现点 对点实时清算，交易成本低（如币安$ENA合约资金费率仅为0.25%，2023 Q3全球平均汇款成本为6.18%）、高效（只需几秒到几分钟内，传统 时间需3-5天）、门槛低（稳定币最低只需几美元即可转账）。稳定币已广泛用于交易撮合、DeFi、供应链金融及跨境支付，成为数字经济生态的 重要基石。 2、核心催化：香港《稳定币条例》8月1日实施，美国推进GENIUS法案 95% • 2025年6月6日，香港特区政府在宪报发布公告，指定202 ...

Summary of Conference Call on Stablecoins and Their Impact Industry Overview - The discussion primarily revolves around the **stablecoin** industry, focusing on its architecture, market dynamics, and implications for global currency systems, particularly the **Chinese Yuan (RMB)** and its internationalization efforts [1][9][10]. Key Points and Arguments 1. **Understanding Stablecoins**: Stablecoins are seen as a form of currency that relies on existing monetary consensus, such as the US dollar, rather than creating new consensus [2][5]. 2. **Types of Stablecoins**: The stablecoin market is categorized into four types: fiat-backed, crypto-collateralized, algorithmic, and commodity-backed stablecoins. The primary representatives are USDT and USDC, which are fiat-backed [3][5]. 3. **Market Growth**: The stablecoin market has seen rapid growth, surpassing **$250 billion** in market capitalization, with over **90%** being dollar-pegged stablecoins [5][6]. 4. **Ecosystem Structure**: The stablecoin ecosystem is divided into three segments: upstream (infrastructure and asset management), midstream (payment service providers and exchanges), and downstream (users and applications) [3][4]. 5. **Impact on Global Currency Systems**: Stablecoins could potentially reinforce the position of fiat currencies like the US dollar in the global market, especially if they gain significant traction in cross-border transactions [9][11]. 6. **Regulatory Landscape**: The introduction of comprehensive regulations in Hong Kong is expected to catalyze systemic changes in the stablecoin industry, enhancing its legitimacy and operational framework [13][14]. 7. **Potential Beneficiaries**: Companies involved in cross-border payments, digital wallets, and those holding regulatory licenses are likely to benefit from the growth of stablecoins. Key players include companies like **LianLian**, **Nika**, and **Lakala** [14][25]. 8. **RMB Internationalization**: The stablecoin framework is viewed as a transitional tool for the internationalization of the RMB, with the potential to overcome existing barriers in cross-border trade and payment systems [21][22][27]. 9. **Market Dynamics**: The competitive landscape for stablecoins is influenced by factors such as regulatory approvals, technological capabilities, and market demand for cross-border payment solutions [25][26]. 10. **Future Outlook**: The stablecoin market is expected to evolve, with a focus on enhancing liquidity and stability, while also addressing regulatory challenges and market volatility [8][17]. Other Important Insights - **Technological Dependence**: The reliance on traditional systems like SWIFT poses challenges that stablecoins could help mitigate through blockchain technology [21]. - **Market Share Projections**: The potential increase in cross-border payment volumes could lead to significant revenue growth for third-party payment companies, with estimates suggesting an increase of **¥3 trillion** in payment flows [26]. - **Regulatory Challenges**: The issuance of private cryptocurrencies in China remains restricted, which could limit the growth of RMB-backed stablecoins in the domestic market [10][11]. This summary encapsulates the critical insights from the conference call, highlighting the stablecoin industry's current state, its implications for global finance, and the potential beneficiaries within this evolving landscape.

Group 1 - The A-share market has successfully broken through the 3500-point mark, leading to increased enthusiasm among investors and a rise in public fund research activities [1] - A total of 127 public fund institutions participated in A-share research activities last week, covering 116 stocks across 25 Shenwan primary industries, with a total of 618 research instances, representing a 24.35% increase from the previous week [1][2] - The electronics sector, particularly Lexin Technology, received significant attention, being researched 52 times, making it the most focused stock by public funds last week [1][2] Group 2 - The top ten stocks researched by public funds last week were concentrated in specific industries, with notable representation from the electronics, computer, and machinery equipment sectors [1][2] - The computer industry saw Shengshi Technology researched 24 times, ranking fourth, while Yuxin Technology was researched 13 times, ranking tenth [1][2] - The machinery equipment sector included three stocks in the top ten: Aopute, Noli Co., and Liugong, with research instances of 21, 15, and 15 respectively [1][2] Group 3 - The pharmaceutical and electronics industries led in research instances, with the pharmaceutical sector being researched 105 times across 16 stocks, including notable performers like Nami Technology and Kefu Medical [3] - The electronics sector was researched 103 times, covering 11 stocks, including Lexin Technology and Rijiu Optoelectronics, which also showed good performance [3] - The machinery equipment industry had 12 stocks researched a total of 72 times, including Aopute and Noli Co., which performed well in the market [3]