Summary of Newland's Conference Call Company Overview - Newland reported a net profit attributable to shareholders of 1.01 billion yuan in 2024, representing a year-on-year growth of 10% [2][3] - In Q1 2025, the company achieved revenue of 1.896 billion yuan, up 9% year-on-year, with a net profit of 311.1 million yuan, reflecting a significant increase of 25.16% [2][3] Industry Insights - The third-party payment industry in China is experiencing a supply-demand structure improvement, leading to enhanced profitability for companies like Newland [3][4] - The company is focusing on small and micro merchants in second and third-tier cities, particularly in the retail and catering sectors, with transaction volumes expected to remain stable throughout 2025 [2][4] Key Developments - Newland's overseas business has expanded to over 120 countries and regions, leveraging smart terminal exports to enhance market share [2][3][6] - The company is actively exploring opportunities in cross-border e-commerce and fintech, aiming to accelerate growth in the cross-border payment sector [2][6] Strategic Initiatives - Newland is applying for overseas payment licenses (MSO, MSB) and expects progress in Q2 2025, which will support its global collection and payment capabilities [2][7] - The company is a key player in the digital RMB ecosystem, being the only central bank-level service provider, and is exploring the internationalization of the digital RMB [2][8][9] AI Integration - Newland is integrating AI across its operations, collaborating with institutions like the Chinese Academy of Sciences and DeepMind to enhance merchant services and compliance [3][10][11] - The company has developed AI-driven products aimed at improving operational efficiency and customer experience, with expectations of significant contributions to growth in 2025 [10][15] Collaborations and Partnerships - Newland has partnered with Alipay to deploy over 200,000 "Tap and Go" terminals, enhancing its service capabilities [3][17] - The company signed a digital business ecosystem partnership with Alibaba Cloud to optimize payment scenarios and risk management [3][18] Market Trends - The domestic consumption sector is rebounding, with retail sales growth reaching 6.1% in May 2025, the highest since the beginning of the year [4] - The company anticipates stable transaction volumes in the second and third quarters of 2025, driven by improved payment services and value-added services [4][23] Future Outlook - Newland's strategic focus includes enhancing its overseas market presence, particularly in Europe and North America, where it has seen significant growth in smart terminal shipments [20][21] - The company aims to leverage its strengths in digital identity and QR code technology to capture more opportunities in the offline market following the implementation of the digital identity policy [22][23]

Group 1 - The China Securities Industrial Internet Theme Index (931495) decreased by 0.91% as of June 19, 2025, with mixed performance among constituent stocks [1] - Notable gainers included Northern Huachuang (002371) up 1.84%, China Software (600536) up 1.22%, and Qiming Star (002439) up 1.00%, while Newland (000997) led the decline [1] - In May, the national industrial added value for large-scale enterprises grew by 5.8% year-on-year, with the equipment manufacturing sector seeing a 9% increase, contributing 54.3% to industrial production [1] Group 2 - The trend indicates that foreign industrial software giants are acquiring AI companies, significantly enhancing the intelligence level of domestic industrial software products [2] - The national government is accelerating the deployment of AI + industrial software initiatives, supporting pilot development of AI + CAE and AI + EDC products [2] - As of May 30, 2025, the top ten weighted stocks in the China Securities Industrial Internet Theme Index accounted for 47.11% of the index, including BYD (002594) and Northern Huachuang (002371) [2]

Group 1 - The China Securities Financial Technology Theme Index (930986) decreased by 1.29% as of June 19, 2025, with mixed performance among constituent stocks [1] - Dongxin Peace (002017) led the gains with an increase of 10.02%, while Hengyin Technology (603106) experienced the largest decline at 6.24% [1] - The Financial Technology ETF (516860) fell by 1.39%, with the latest price at 1.28 yuan and a turnover rate of 5.94% during the trading session [1] Group 2 - The 2025 Lujiazui Forum held on June 18 in Shanghai focused on "Financial Opening and Cooperation in Global Economic Changes and High-Quality Development," with a keynote speech by the Chairman of the China Securities Regulatory Commission [2] - Policies introduced at the forum emphasize openness and technology, aiming to enhance the efficiency of cross-border payments and attract foreign investment in domestic assets [2] - The latest financing buy-in amount for the Financial Technology ETF reached 12.57 million yuan, with a financing balance of 52.24 million yuan [2] Group 3 - As of June 13, 2025, the Financial Technology ETF had a Sharpe ratio of 1.45, indicating strong risk-adjusted returns [3] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [3] - The ETF closely tracks the China Securities Financial Technology Theme Index, which includes companies involved in financial technology [3] Group 4 - As of May 30, 2025, the top ten weighted stocks in the China Securities Financial Technology Theme Index accounted for 52.03% of the index, with Tonghuashun (300033) having the highest weight at 9.50% [3][5] - The performance of the top ten stocks varied, with some experiencing declines, such as Dongfang Caifu (300059) down by 1.67% and Hengsheng Electronics (600570) down by 2.71% [5]

中新网福州6月18日电 题：海内外新生代闽商热议福建发展机遇 作者 叶秋云 闫旭 "我们深知，没有根，就没有现在；没有根，就没有未来。福建厦门，就是我们的根。"18日，厦门海辰 储能科技股份有限公司(以下简称"海辰储能")联合创始人王鹏程在福建福州深情说道。 新大陆科技集团有限公司副总裁胡鹄也结合企业实际，畅谈该企业在福建扎根的故事。他表示："我们 这一代，对新技术、新业态、新模式有着天然的敏锐和天生的激情，因此，如何通过数字化手段获取数 字经济时代可持续竞争优势，成为我们求新求变的主旋律。" 而在厦门创业的澳门青年苏升则聚焦海洋经济。他认为，闽港澳台合作潜力巨大。福建的制造基础、台 湾的设计工艺、澳门的休闲旅游经验，能在海洋经济领域形成优势互补的"黄金组合"。 活动现场，全球华裔新生代联盟、英国商业联盟、菲律宾福建青年联合总商会、福建省海外归国人员互 助发展协会等15家海内外新生代商会组织签订《友好合作协议》，携手凝聚新生代闽商力量。 6月18日，在福建福州举行的海内外新生代闽商大会上，15家海内外新生代商会组织签订《友好合 作协议》。 中新网记者 王东明 摄 作为一位青年海归闽商，福建省海外归国人员互助发 ...

天风证券表示，稳定币有望"重塑全球金融支付体系"，如USDT等稳定币替代传统电汇，成本从25-50美 元/笔降至低于1美元，到账时间从1-5个工作日压缩至分钟级。 隔夜美股稳定币龙头Circle大涨33.8%，市值至444亿美元（约3200亿人民币），且传统支付行业龙头 VISA和Mastercard分别下跌5.4%和4.6%。 据央视新闻报道，美国参议院当地时间6月17日通过了一项立法，旨在为被称为"稳定币"的加密货币建 立监管框架。这项名为"《指导与建立美国稳定币国家创新法案》"（天才法案）的议案获得两党支持， 以68票对30票的结果在参议院获得通过，标志着该院首次批准主要的加密货币立法。 此外，6月18日，央行行长潘功胜在2025陆家嘴论坛上表示，全球希望改善跨境支付体系的呼声不断高 涨，新兴支付基础设施和结算方式不断涌现，推动全球跨境支付体系朝着更加高效、安全、包容、多元 的方向发展，这一趋势未来会持续增强。 德意志银行最新研报显示稳定币市场总规模从2020年的20N亿美元激增至2025年5月的2460亿美元。同 时，交易量增长了598%，2024年以27.6万亿美元的交易量超越Visa和Master ...

Group 1 - The article highlights three companies that are highly associated with "stablecoins," suggesting they have the potential to double or even increase tenfold in value [1][3] - It emphasizes that only companies holding relevant payment licenses can issue stablecoins, which is a crucial requirement [3] - Ant Group's subsidiary, Ant Digital Technology, has initiated stablecoin license applications in regions like Hong Kong and Singapore, generating significant attention [3] Group 2 - The first company mentioned is Newland, which has successfully implemented a Hong Kong dollar stablecoin cross-border settlement system in the Greater Bay Area, positioning it as a core beneficiary [5] - The second company is Xiongtai Technology, whose Hong Kong subsidiary is involved in the compliance review for stablecoin issuance and has a long-term partnership with Alipay in identity verification [5] - The last company is noted for being certified by both Ant Group and JD.com, and it is the only company in the A-share market that operates in both smart manufacturing and financial technology sectors, holding a crucial third-party payment license [6]

Macro Strategy - The economic resilience in May is highlighted by a year-on-year industrial added value growth of 5.8% and a service production index growth of 6.2%, indicating a slight weakening in industrial supply and a slight strengthening in the service sector [1][18] - Retail sales increased by 6.4% year-on-year, surpassing the previous month's growth by 1.3 percentage points, while fixed asset investment showed a cumulative year-on-year growth of 3.7%, down 0.3 percentage points from the previous month [1][18] - The report identifies three distinct economic narratives: (1) sectors supported by policy, such as infrastructure and durable goods consumption, (2) new productive forces with strong endogenous momentum, and (3) real estate and non-subsidized consumption, which are relatively weaker [1][18] Industry Insights - The solid-state battery industry is accelerating its 0-1 industrialization, with significant policy support and application advancements, including the establishment of a standard system for solid-state batteries by the Ministry of Industry and Information Technology [9][10] - Equipment manufacturers are expected to benefit from the ongoing optimization and iteration of solid-state battery production equipment, with companies like Xianlead Intelligent and Winbond Technology actively advancing their equipment layouts [10] - The report emphasizes the importance of self-research in baseband chips for major manufacturers, as it is crucial for brand influence and achieving competitive technological levels [12][13] Financial Products - The Guangfa CSI Hong Kong Stock Connect Non-Bank ETF (513750.SH) is noted for its strong liquidity and active trading, with a net subscription of 4.74 million units in Q1 2025, reflecting increasing market interest [11] - The ETF has demonstrated excellent performance with a cumulative return of 22.1% and an annualized return of 49.2%, positioning it favorably among non-bank financial products [11] Recommendations - The report recommends companies in the oil service equipment and gas turbine sectors to benefit from high oil prices, highlighting firms like Jereh and Neway as key players [14] - In the real estate sector, it suggests focusing on companies like China Resources Land and Poly Developments, which are expected to stabilize and recover in the current market environment [14] - The report also identifies opportunities in the gas industry, particularly for companies with strong long-term contracts and cost advantages, such as New Hope Energy and China Gas [15]

Investment Rating - The report rates the industry as "Outperform" [1][7]. Core Insights - The development of AI foundation models is progressing positively, with decreasing costs, which is expected to accelerate the adoption of AI applications [2][7]. - The report highlights specific companies to watch, including Empyrean Technology, Dameng Database, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd., Guangzhou Sie Consulting, and Hehe Information, with Wuxi Unicomp Technology Co., Ltd. as a related target [2][7]. Summary by Sections - **AI Model Developments**: OpenAI's o3-pro model was launched, outperforming Google's Gemini 2.5 Pro and Anthropic's Claude 4 Opus in key benchmarks, with an 80% price reduction for the o3 model, enhancing its cost-effectiveness [8]. - **Doubao Model Launch**: The Doubao 1.6 model introduced innovative pricing based on input length, significantly reducing costs by 63% compared to previous models, which is expected to facilitate AI adoption across various industries [9]. - **Ant International's Stablecoin Plans**: Ant International plans to apply for a stablecoin license in Hong Kong, indicating a positive outlook on stablecoin development and potential market growth [10].

Investment Rating - The report assigns an "Outperform" rating for the computer sector, indicating a positive outlook for investment in this industry [1]. Core Insights - The implementation of the "Stablecoin Ordinance" in Hong Kong on August 1 is expected to significantly boost the stablecoin market, with a projected market capitalization growth of nearly $200 billion from 2020 to 2025, reaching approximately $245 billion by May 2025 [7]. - The "Government Data Sharing Ordinance," effective August 1, 2025, aims to enhance the efficiency and security of government data sharing, addressing issues like "data islands" and improving data supply efficiency [8]. - The anticipated release of GPT-5 in July 2025 is expected to surpass existing AI models, potentially driving further advancements in the AI industry and application deployment [9]. Summary by Sections Stablecoin Market - The "Stablecoin Ordinance" establishes a licensing system for fiat-backed stablecoin issuers, enhancing regulatory frameworks for virtual assets in Hong Kong [7]. - The stablecoin market has seen significant growth since 2020, with expectations for rapid expansion following the ordinance's implementation [7]. Government Data Sharing - The "Government Data Sharing Ordinance" aims to promote secure and efficient sharing of government data, enhancing digital governance and service efficiency [8]. - The ordinance clarifies management systems and establishes mechanisms for data sharing, which is expected to benefit the government data market significantly [8]. AI Developments - GPT-5 is set to be released in July 2025, with expectations of outperforming current models like GPT-4, which could lead to advancements in AI applications [9]. - OpenAI emphasizes quality over speed in the development of GPT-5, indicating a focus on achieving performance goals before release [9]. Recommended Stocks - The report highlights several companies to watch, including Empyrean Technology, Dameng Data, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd., Guangzhou Sie Consulting, and Hehe Information, all rated as "Outperform" [3][6].

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The release of the online certificate management measures is expected to expand the market for online numbers and certificates, driving significant demand for identity verification equipment [8][9] - AI development continues to progress steadily, with a positive outlook for the computer sector [8] Summary by Sections Online Certificate Management - The management measures encourage voluntary use of online numbers and certificates, providing services for applying for these and identity verification [9] - The measures are set to take effect on July 15, 2025, and are expected to benefit the sector significantly [9] AI Development - The release of Claude 4 models marks a shift in AI capabilities, allowing for long-term task execution and complex project handling [10] - Google's integration of AI products into daily workflows signifies a transition from mere technological upgrades to practical applications [11] Investment Recommendations - The report suggests focusing on companies such as Empyrean Technology, Dameng Database, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd., Guangzhou Sie Consulting, and Hehe Information, with related targets including Wuxi Unicomp Technology Co., Ltd. [8]