Core Viewpoint - The computer sector is experiencing a rise, particularly in software ETFs, driven by increased interest in stablecoins and advancements in AI technology [1][3][4]. Group 1: Software ETFs Performance - Software 50 ETF (159590) rose by 2.14%, marking two consecutive days of net inflow [1]. - The majority of the underlying index components for Software 50 ETF showed positive performance, with notable gains from companies like Four Directions Technology (20% limit up), Hengsheng Electronics, and Jingbeifang, which rose over 6% [3]. - The stablecoin sector has garnered significant attention, with at least 16 brokerages publishing over 24 research reports focused on stablecoins in the past week [3]. Group 2: Stablecoin Developments - The U.S. has passed a stablecoin bill, leading to a continuous rise in Circle's stock price, while Hong Kong's stablecoin regulations will take effect on August 1, 2025 [3]. - Analysts believe that the global regulatory landscape is improving, which is expected to promote the compliant and stable development of the stablecoin industry [3]. Group 3: AI and Technology Advancements - Huawei's Developer Conference (HDC 2025) showcased the official release of HarmonyOS 6, emphasizing a new all-scenario architecture and the launch of over 50 Harmony agents [3]. - The AI sector is witnessing rapid commercialization, with OpenAI announcing an ARR of $10 billion, nearly doubling year-on-year, and Kuaishou reporting over 150 million yuan in revenue for its AI products [3][4]. Group 4: Investment Opportunities - Key investment opportunities for the second half of 2025 include domestic substitution in the chip sector, with significant advancements in AI chips and the release of the DeepSeek-R1 model [4][5]. - The domestic computing power infrastructure is expected to see concentrated deliveries, with advancements in liquid cooling technology driving growth in the cloud computing market [5]. Group 5: Index Composition - The DeepSeek concept stocks hold a weight of 48.1% in the Zhongzheng Xinchuang Index, with significant allocations in computer software (43%), cloud services (23%), and semiconductor sectors (13%) [6]. - The Software 50 ETF focuses on a comprehensive layout of the AI software industry chain, with approximately 67% of its weight in application software and over 15% in AI-related fields [6].

Core Insights - Yuxin Technology has been recognized in the 2024 Beijing Top 100 Service Enterprises list, highlighting its leading position in the service industry, particularly in financial services [1] - The company integrates big data, artificial intelligence, and cloud computing to create an intelligent financial service system, significantly enhancing service response times and customer satisfaction [3] - Yuxin Technology is committed to increasing R&D investment and building advanced technology research laboratories to attract top talent in the industry, aiming for continuous technological innovation [3] Company Strategy - The company focuses on digital upgrades for financial institutions through its comprehensive financial business system, which allows for rapid market response and supports financial innovation [3] - Yuxin Technology plans to develop customized service solutions based on individual customer needs, utilizing regular feedback mechanisms to optimize service processes [3] - The company actively participates in industry standard-setting and collaborates with financial institutions on joint innovation projects, exploring applications in emerging areas such as cross-border business and green finance [3]

近期，各券商研究所掀起稳定币研究热潮。据统计，仅过去一周，就有至少16家券商发布24篇研报对稳定币进行系统研究，其中不乏专题及深 度研究。 券商掀起稳定币研究热潮 与此同时，本月以来多只稳定币概念股被机构扎堆调研。券商普遍认为，随着全球各地监管政策的落地，稳定币行业有望实现合规发展，未来有望在应用广度和深 度上不断延伸。 根据券商中国记者不完全统计，仅过去一周（6月15日至6月21日），就有至少16家券商发布24篇研报全面研究稳定币，内容覆盖宏观、计算机、传媒互联网、金 融、区块链等多个行业角度。其中不乏一些券商推出稳定币专题及深度研究，比如国金证券、中泰证券、东吴证券、天风证券均推出稳定币专题或深度研究，中信 证券宏观、海外、银行、非银等多个研究团队从各个行业角度深入研究。 伴随券商研报密集出炉，路演和电话会议热度也持续攀升。券商中国记者获悉，仅近半个月，券商举办的以稳定币为主题的电话会议就超过30场，覆盖了政策解 读、产业链分析和投资策略等多个维度。 | 券商 | 研报标题 | 研报发布日期 | | --- | --- | --- | | 国会证券 | 海外稳定币跟踪: Circle + Coinbase ...

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [5]. Core Insights - The computer (Shenwan) index decreased by 1.83% during the week of June 16-20, 2025, reflecting a market pullback, with the Shanghai Composite Index down 0.51%, the Shenzhen Component Index down 1.16%, and the ChiNext Index down 1.66% [10][21]. - The Huawei Developer Conference (HDC 2025) was held in Dongguan, where HarmonyOS 6 was officially launched, showcasing a new all-scenario architecture and over 30,000 applications and meta-services in development across nearly 20 industries [3][22]. - The report highlights the significant growth of companies like Dameng Data, which expects a revenue of approximately 495-513 million yuan for the first half of 2025, representing a year-on-year increase of 40.63%-45.74% [2][18]. Summary by Sections 1. Index Performance - The Shenwan computer index fell by 1.83%, with sub-sectors such as computer equipment, IT services II, and software development showing declines of -1.18%, -1.73%, and -2.30% respectively [10][13]. 2. Major Events - The report discusses the launch of various AI models and platforms, including Midjourney's video model and Microsoft's innovative algorithms, indicating a competitive landscape in AI technology [16][19]. 3. Key Announcements - Dameng Data reported a positive business outlook with expected revenue growth, while Shengshi Technology secured a significant contract for the Shanghai Oriental Hub project valued at approximately 221.49 million yuan [2][18]. 4. Investment Perspective - The report emphasizes the ongoing bottom oscillation of the computer index and the potential benefits for companies deeply involved in Huawei's ecosystem, particularly in the context of the advancements in HarmonyOS and AI technologies [3][21].

公司方面，据民生证券表示包括： 1）跨境支付产业链：新大陆、新国都、拉卡拉、四方精创、高伟达等。 2）稳定币产业链：中科金财、金证股份、朗新科技、众安在线、连连数字、中国光大控股、宇信科 技、天阳科技、京北方。 *免责声明：文章内容仅供参考，不构成投资建议 6月20日上午，中国人民银行与香港金融管理局联合举办内地与香港快速支付系统互联互通启动仪式。 6月22日，跨境支付通正式上线，全国首笔跨境支付通内地居民南向、港人北向汇款业务落地深圳，标 志着内地与香港快速支付系统已实现互联互通，两地居民可实时办理跨境汇款。跨境支付通的推出，有 利于提升两地跨境支付效率和服务水平，便利两地经贸活动和人员往来，巩固和提升香港国际金融中心 地位。 此外，美股稳定币龙头Circle再度大涨20%。 稳定币相对传统跨境支付体系具有高效、低成本、透明等优势。时效性上，现有的银行跨境汇款通常需 要长达5个工作日才能结算，其中基于跨境银行间通信系统的数字支付，大约30%的汇款需要一天以上 的时间才能完成；基于区块链的跨境支付，100%的交易都会在不到1小时内完成。 开源证券表示，内地与香港跨境支付通正式上线，有利于提升两地跨境支付效率和 ...

Core Viewpoint - The recent surge in research on stablecoins by brokerage firms indicates a growing interest in the potential for stablecoins to achieve compliant development and expand their applications in the financial sector [1][2][3]. Group 1: Research and Analysis - At least 16 brokerage firms published 24 research reports on stablecoins in the past week, covering various industries such as macroeconomics, computer science, media, finance, and blockchain [3]. - The frequency of roadshows and conference calls focused on stablecoins has increased, with over 30 calls held in the last two weeks, discussing policy interpretations, industry chain analysis, and investment strategies [4]. - Analysts from East Wu Securities emphasize that stablecoins, as a type of cryptocurrency, are linked to specific stable assets to maintain value stability, enhancing payment efficiency and asset liquidity [5]. Group 2: Market Performance - Several A-share stablecoin concept stocks have shown significant price increases since June, with Hengbao Co., Ltd. rising approximately 66%, Chutianlong up 65%, and Sifang Jingchuang increasing about 60% as of June 20 [7]. - Institutions have been actively researching multiple stablecoin concept stocks, focusing on the development prospects of stablecoins and the relevant technologies and application scenarios of listed companies [8]. Group 3: Regulatory Developments - Recent regulatory frameworks in the U.S. and Hong Kong signify a formal acceptance of stablecoins, opening new investment opportunities [12][13]. - The Hong Kong Legislative Council passed the "Stablecoin Ordinance," establishing a licensing system for fiat-backed stablecoin issuers, which is expected to enhance financial stability and promote innovation [12]. - The U.S. Senate passed the "GENIUS Act," creating the first federal regulatory framework for dollar-pegged stablecoins, marking a significant step towards legal oversight of the crypto asset industry [13]. Group 4: Corporate Initiatives - Major internet companies like Alibaba and JD.com are entering the stablecoin space, with Ant International accelerating investments in global financial management and JD.com testing compliant stablecoins in Hong Kong [14][15]. - JD.com's stablecoin is set to be applied in cross-border trade, emphasizing compliance, security, and auditability to meet real payment needs across Asia-Pacific, the Middle East, and Africa [15]. Group 5: Industry Trends - The People's Bank of China has acknowledged the growth of stablecoins and central bank digital currencies, highlighting their potential to streamline cross-border payment processes while posing regulatory challenges [16].

Core Viewpoint - The article highlights various companies' strategic expansions and innovations in international markets, particularly focusing on Southeast Asia and the Middle East, showcasing significant growth opportunities in these regions [3][4][5]. Group 1: Company Expansions - LoBo Fast Run plans to enter the Southeast Asian market by the end of 2025, focusing on Singapore and Malaysia for its autonomous taxi services [8]. - Transsion Holdings is reportedly exploring the two-wheeler electric vehicle market, having incubated this project for nearly three years, primarily targeting Africa and South Asia [8]. - JD Logistics has launched a new B2C express delivery brand, JoyExpress, in Saudi Arabia, enhancing local e-commerce logistics [9]. - Geely Automobile has signed a joint venture agreement with Renault to strengthen its market presence in Brazil [11]. Group 2: Market Opportunities - The Chinese cross-border e-commerce export scale has surpassed 2 trillion yuan, indicating a 16.9% year-on-year growth [15]. - The short drama market in China has seen explosive growth, with the market size reaching 50.5 billion yuan, surpassing annual box office revenue for films [18]. - China's industrial robot exports have increased by 55.4% in the first five months of the year, reflecting a growing demand for high-end and customized products [19]. Group 3: Financing and Investments - Yushun Technology has completed a C-round financing, with a valuation exceeding 10 billion yuan, indicating strong investor confidence [20]. - UniUni has raised over $70 million in D1 round financing to enhance its logistics capabilities in North America [20]. - EHang Intelligent has secured significant funding to expand its urban air mobility services in Europe and Latin America [11].

Investment Rating - Industry Rating: Recommended [4] Core Insights - The launch of the "Cross-Border Payment Link" and the rise of stablecoins are reshaping the cross-border payment landscape, enhancing efficiency and supporting the internationalization of the RMB [11][12] - JD Group is actively pursuing stablecoin licenses globally, aiming to reduce cross-border payment costs by 90% and transaction times to under 10 seconds [41][48] - The U.S. Senate has passed the "GENIUS Act," establishing a federal regulatory framework for stablecoins, which mandates full backing by high-quality liquid assets [51][52] Summary by Sections Cross-Border Payment Innovations - The "Cross-Border Payment Link" officially launched on June 22, 2025, connecting payment systems between mainland China and Hong Kong, facilitating efficient cross-border transactions [11][12] - The People's Bank of China and the Hong Kong Monetary Authority are collaborating to enhance cross-border payment services, which will significantly reduce transaction costs and time [22][23] JD Group's Stablecoin Strategy - JD Group plans to issue a stablecoin pegged to the Hong Kong dollar and U.S. dollar, with a focus on cross-border trade settlements [41][49] - The stablecoin project is currently in a regulatory sandbox in Hong Kong, with expectations to launch in the fourth quarter of 2025 [49][50] U.S. Regulatory Developments - The "GENIUS Act" passed by the U.S. Senate requires stablecoins to be fully backed by liquid assets, with strict auditing and compliance measures for issuers [51][52] - This legislation aims to provide a clear regulatory framework, enhancing the legitimacy of stablecoins and potentially increasing their adoption in everyday transactions [56][57]

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].

Summary of Key Points Core Viewpoint The article provides an overview of the recent activities in the Hong Kong stock market, highlighting the number of companies that have submitted applications for listing, those that have passed the hearing, and details about their financial performance and market positions. Group 1: New Applications - A total of 19 companies submitted applications to the Hong Kong Stock Exchange from June 16 to June 22 [3] - New Hope Group (600803.SH) is the largest private natural gas company in China, with a market share of approximately 6.1% in 2024 [3] - Wolong Technology (002130.SZ) is the second-largest high-speed copper cable manufacturer globally, holding a 24.9% market share [4] - Beijing Geekplus Technology Co., Ltd. is the largest provider of AMR solutions globally, maintaining its leading position for six consecutive years [5] - Banu International Holdings is the largest hot pot brand in China by revenue, with a market share of 3.1% [6] - Hope Sea Inc. is the largest comprehensive electronic product import supply chain solution provider in China, with an import GMV of approximately RMB 34.8 billion in 2024 [7] - Guangzhou Shiyuan Electronic Technology Co., Ltd. ranks first in the Chinese market for interactive smart panels with a 25.0% market share [8] - Anmai Biotechnology Co., Ltd. ranks second globally in T-cell connector therapy, with total transaction values exceeding USD 2.1 billion [9] - Beijing Haizhi Technology Group focuses on industrial-grade AI solutions, ranking fifth in the Chinese market [10] - Suzhou Jiyi Technology Co., Ltd. ranks second in digital retail operations in China [11] - Drip Irrigation International Investment Co., Ltd. is the first global exchange group based on revenue-sharing models [12] - Zhaowei Electromechanical (003021.SZ) provides integrated micro-drive systems, with revenues projected to grow [13] - Meige Intelligent (002881.SZ) ranks fourth globally in wireless communication modules, holding a 6.4% market share [14] - Yuxin Technology (300674.SZ) is a leading fintech solution provider in China, with significant market shares in various sectors [15] - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. ranks second in the digital education market for higher education in China [16] - Zhaoyi Innovation (603986.SH) is the second-largest NOR Flash provider globally, with an 18.5% market share [17] - Changchun Changguang Chenxin Microelectronics Co., Ltd. specializes in high-performance CMOS image sensors [18] - Weichai Lovol Smart Agriculture Technology Co., Ltd. is a leading provider of smart agricultural solutions in China [19] - PPIO is an independent distributed cloud computing service provider [20] - Xiangkang Holdings is a major technical apparel manufacturer for high-end brands [22] Group 2: Companies Passing Hearings - Four companies passed the listing hearing this week, including Fuwai Group, which is a pan-Asian life insurance company with projected insurance revenue growth [24] - Fengcai Technology focuses on chip design for BLDC motor control, ranking sixth in the Chinese market [25] - Xunzhong Communication Technology Co., Ltd. is the third-largest cloud communication service provider in China [26] - Cloudbreak Pharma Inc. is a clinical-stage ophthalmic biotech company with two core products [27] Group 3: Recent IPOs - Haitan Flavor Industry (03288.HK) raised approximately HKD 10.1 billion in its IPO, with a slight decline in stock price post-listing [28] - Sanhua Intelligent (02050.HK) had a strong subscription rate for its IPO [29] - Baize Medical (02609.HK) and other companies also reported significant subscription rates for their IPOs [30][31][32][33]