证券研究报告 | 浙商早知道 报告日期：2025 年 07 月 03 日 浙商早知道 2025 年 07 月 03 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要点评 【浙商计算机 刘雯蜀/叶光亮】京北方（002987）公司点评：携手国富量子，共同拓展稳定币生态——20250702 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 大势：7 月 2 日上证指数下跌 0.09%，沪深 300 上涨 0.02%，科创 50 下跌 1.22%，中证 1000 下跌 1.01%，创业板 指下跌 1.13%，恒生指数上涨 0.62%。 行业：7 月 2 日表现最好的行业分别是钢铁（+3.37%)、煤炭（+1.99%)、建筑材料（+1.42%)、农林牧渔（+0.84%)、 银行（+0.75%)，表现最差的行业分别是电子（-2.01%)、通信（-1.96%)、国防军工（-1.94%)、计算机（-1.64%)、 美容护理（-1.09%)。 资金：7 月 2 日全 A 总成交额为 14051 ...

Summary of the Conference Call Company and Industry Overview - **Company**: 金北方 (Jing Beifang) - **Industry**: Financial Technology, Digital Assets, Blockchain Key Points and Arguments 1. **International Expansion Strategy**: Jing Beifang plans to implement an overseas strategy, utilizing a delivery team in Shenzhen to serve Hong Kong and Southeast Asia, while a base in Macau and Zhuhai will cater to local markets and extend services to financial institutions along the Belt and Road Initiative [2][3][6] 2. **Collaboration with Guofu Quantum**: The partnership with Guofu Quantum focuses on leveraging its Hong Kong license resources combined with Jing Beifang's technology to explore a digital asset trading platform and participate in financial license operations, covering a complete value chain [2][5] 3. **Hong Kong Subsidiary Development**: Jing Beifang is advancing the establishment of a subsidiary in Hong Kong targeting major Chinese clients, providing banking and brokerage services, and considering financing to attract international cornerstone investors, with plans for a future listing in Hong Kong [2][6] 4. **Technological Capabilities**: The company possesses foundational technologies in blockchain privacy computing and digital currency bridges, planning to jointly apply for virtual asset trading licenses with Guofu Quantum [2][7] 5. **Stablecoin Strategy**: Jing Beifang has developed a detailed strategy for stablecoins in response to new regulations in Hong Kong, focusing on digital currency, cross-border payments, and financial technology ecosystems [3][13] 6. **Revenue Models in RWA**: The company is exploring various revenue models in Real World Assets (RWA), including consulting service fees, technical service fees, and platform transaction fees, with 12-15 patents authorized and 7-8 pending [3][17] 7. **Competitive Advantages**: Jing Beifang's competitive edge includes a strong technology reserve with numerous patents, a core team of top-tier graduates, and extensive implementation experience, positioning it well for international expansion [23][24] Additional Important Insights 1. **Virtual Asset Trading Platform Development**: The company is focused on two main directions for virtual asset trading platforms: public chain and RWA on-chain platforms, and compliance licenses in Hong Kong [11][12] 2. **Impact of Stablecoins on RMB Internationalization**: Stablecoins are seen as a crucial tool for the internationalization of the RMB, offering advantages in cross-border payments and potential for significant market expansion [14] 3. **IT System Solutions**: Jing Beifang has developed a range of IT system solutions to support emerging market demands, including blockchain infrastructure and smart contract development platforms [20][22] 4. **Client Base and Market Penetration**: The company has a broad client base across various financial sectors, ranking second in technology and service revenue among A-share financial technology companies, and first in the banking sector [24][28] This summary encapsulates the strategic direction, technological capabilities, and market positioning of Jing Beifang within the financial technology and digital asset landscape.

Core Viewpoint - The strategic cooperation between Jingbeifang and Guofu Quantum marks the initiation of Jingbeifang's overseas expansion strategy, focusing on the virtual assets and digital currency sectors, particularly in the promising area of stablecoins [1][2]. Group 1: Strategic Cooperation - Jingbeifang and Guofu Quantum have signed a strategic cooperation agreement to collaborate deeply in the virtual asset and digital currency business, emphasizing stablecoins [1]. - Guofu Quantum, as the founding shareholder of Yuan Coin Technology, provides critical support for Jingbeifang's entry into the stablecoin market and expansion into overseas markets through its compliance licenses and ecosystem layout [1][2]. - The partnership aims to build a stablecoin issuance, circulation, and application ecosystem, leveraging both companies' strengths in technology and compliance [1][2]. Group 2: IT Technology Application Innovation - The collaboration will focus on researching the application of foundational technologies such as blockchain, artificial intelligence, big data, privacy computing, and quantum technology in stablecoin operations and virtual asset trading platforms [2]. - Both companies will work on IT infrastructure construction to support various application scenarios, including stablecoin wallets and supply chain finance platforms [2]. Group 3: Financial Business Innovation - The partnership will explore innovative financial business products and operational models within a compliant policy framework, targeting areas like inclusive finance, cross-border payments, and virtual asset transactions [2]. - By closely monitoring stablecoin policy dynamics, the companies aim to seize opportunities in the stablecoin sector and contribute to its healthy development while expanding their growth space in financial technology [2]. Group 4: Market Expansion Strategy - This cooperation is seen as a significant milestone in Jingbeifang's strategy to expand its non-bank financial institution client base, with Hong Kong positioned as a gateway to the international fintech market [3]. - Through collaboration with Guofu Quantum, Jingbeifang aims to break traditional models and achieve a global closed-loop system [3].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has signed a strategic cooperation agreement with Guofu Quantum Innovation Co., Ltd. to expand the stablecoin ecosystem, focusing on virtual assets and digital currency business [1][2] - The partnership aims to leverage both companies' resources in capital markets and fintech to drive innovation in financial scenarios and technology [1][2] - The company is officially launching its overseas strategy, using Hong Kong as a springboard to enter the global fintech and digital transformation market [3] Financial Forecast - The company is projected to achieve revenues of 5.147 billion, 5.685 billion, and 6.291 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.01%, 10.46%, and 10.67% [4][6] - The net profit attributable to the parent company is expected to be 363 million, 416 million, and 472 million yuan for the same years, reflecting growth rates of 16.34%, 14.63%, and 13.54% [4][6] - The earnings per share (EPS) is forecasted to be 0.42, 0.48, and 0.54 yuan for 2025, 2026, and 2027, respectively [4][6]

Core Viewpoint - The financial technology sector is experiencing fluctuations, with the China Securities Financial Technology Theme Index showing a decline of 1.51% as of July 2, 2025, while the Financial Technology ETF has seen a recent net inflow of 54.4 million yuan, indicating ongoing investor interest in this sector [3][4]. Group 1: Market Performance - The China Securities Financial Technology Theme Index (930986) decreased by 1.51% as of July 2, 2025, with component stocks showing mixed results [3]. - The Financial Technology ETF (516860) also fell by 1.65%, with a latest price of 1.37 yuan, but has accumulated a 4.59% increase over the past week [3]. - The ETF recorded a turnover rate of 6.57% and a transaction volume of 58.5 million yuan on the same day [3]. Group 2: Fund Flows and Performance Metrics - The Financial Technology ETF experienced a net inflow of 54.4 million yuan recently, with a total of 32.7 million yuan net inflow over the last five trading days [4]. - The ETF's financing balance reached 747.7 million yuan, indicating continued leverage interest [4]. - Over the past year, the ETF's net value has increased by 109.11%, ranking it 8th out of 2889 index stock funds, placing it in the top 0.28% [4]. Group 3: Risk and Return Analysis - The Financial Technology ETF has shown a maximum monthly return of 55.92% since its inception, with an average monthly return of 10.60% [4]. - The ETF has a historical three-year holding profit probability of 97.28% and an annual profit percentage of 66.67% [4]. - As of July 1, 2025, the ETF's Sharpe ratio was 1.61, indicating strong risk-adjusted returns [4]. Group 4: Fee Structure and Tracking Accuracy - The management fee for the Financial Technology ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [5]. - The ETF has a tracking error of 0.039% over the past month, demonstrating the highest tracking precision among similar funds [5]. Group 5: Index Composition - The China Securities Financial Technology Theme Index includes companies involved in financial technology, with the top ten weighted stocks accounting for 51.2% of the index [6]. - The leading stocks in the index include Dongfang Caifu, Tonghuashun, and Hengsheng Electronics, among others [6].

Core Viewpoint - Jingbeifang Information Technology Co., Ltd. has signed a strategic cooperation agreement with Guofu Quantum Innovation Co., Ltd. to focus on virtual assets and digital currency business, marking the start of its overseas strategy with Hong Kong as a launchpad for global fintech and digital transformation [1] Group 1: Strategic Cooperation - The cooperation will leverage both companies' resources in capital markets and fintech to promote the integration and innovative development of financial scenarios and fintech [1] - The strategic partnership will focus on three areas: IT technology application innovation, virtual asset and stablecoin ecosystem collaboration, and financial business innovation [1] Group 2: Market Expansion - The agreement signifies Jingbeifang's formal initiation of its overseas strategy, aiming to steadily enter the vast opportunities in global fintech and digital transformation [1]

Group 1 - The electronic ID concept sector experienced a decline of 2.52%, ranking among the top losers in the concept sector, with Jida Zhengyuan hitting the limit down [1][2] - Among the stocks in the electronic ID sector, notable declines were seen in Xinguodu (-7.29%), Hengbao Shares (-3.97%), and Xiongdi Technology (-8.73%) [2][3] - Conversely, stocks that saw gains included Chutianlong (up 4.08%), ST Renzihang (up 2.43%), and Guoxin Technology (up 1.39%) [1][3] Group 2 - The electronic ID sector faced a net outflow of 1.997 billion yuan, with 33 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 100 million yuan [2] - The stock with the highest net outflow was Xinguodu, with a net outflow of 400 million yuan, followed by Hengbao Shares (270 million yuan) and Xiongdi Technology (215 million yuan) [2][3] - Stocks with the highest net inflow included Chutianlong (160 million yuan), Guoxin Technology (38.5 million yuan), and ST Renzihang (14.1 million yuan) [2][3]

Group 1 - In June, a total of 751 private equity managers participated in A-share listed company research, covering 387 stocks across 28 Shenwan primary industries, with a total of 1,769 research instances [1] - The most researched stock in June was Maiwei Biotechnology, which received 51 research instances, attracting attention from major private equity firms [1] - The electronics and computer industries each had two stocks in the top ten most researched, with Haiguang Information and Zhongke Shuguang both receiving 39 research instances, ranking second [1][2] Group 2 - The electronics industry was the most favored by private equity research, with 56 stocks receiving a total of 275 research instances [2][3] - The pharmaceutical and biological industry followed closely, with 41 stocks receiving a total of 266 research instances [3] - The mechanical equipment industry had 52 stocks that were researched a total of 234 times, while the computer industry had 36 stocks with 213 research instances [3] Group 3 - A total of 85 private equity institutions actively participated in A-share research, with Zhengyuan Investment being the most active, conducting 35 research instances [3] - Among the top ten private equity firms, two were billion-dollar firms, with Panjing Investment and Juming Investment conducting 19 and 13 research instances, respectively [3] - In June, 31 billion-dollar private equity firms participated in A-share research, totaling 176 research instances, with several firms conducting at least ten research instances [3]

Group 1 - The A-share digital currency sector is experiencing a continued decline towards the market close [1] - Companies such as Jida Zhengyuan and Cuiwei Co. have hit the daily limit down [1] - Other companies including Xiongdi Technology, Yuanlong Yatu, Jingbeifang, and Sifang Chuangxin are also following the downward trend [1]

Group 1 - The digital currency sector is experiencing a continuous adjustment, with significant declines in stock prices [1] - Jida Zhengyuan (003029) and Cuiwei Co., Ltd. (603123) hit the daily limit down, indicating severe market reactions [1] - Other companies such as Xiongdi Technology (300546), Yuanlong Yatu (002878), Jingbeifang (002987), and Sifang Chuangxin (300468) also saw declines, reflecting a broader trend in the industry [1]