Group 1: Market Trends and Performance - The popularity of stablecoins is rising, with recent regulatory developments in the US and Hong Kong attracting market attention [1] - The Wan De Stablecoin Index saw significant increases, rising by 8.39% and 1.38% on June 23 and 24, respectively, reaching new highs [1] - Individual stock performance varied, with Hai Lian Jin Hui hitting the daily limit for two consecutive days, while other companies like Cui Wei Co., Heng Bao Co., and Jing Bei Fang saw gains over 5%, and companies like La Ka La and Si Fang Jing Chuang experienced declines over 4% [1] Group 2: Company Initiatives and Strategies - Jing Bei Fang has welcomed 103 institutional research visits since June, focusing on exploring potential business opportunities in the stablecoin sector, leveraging its technical expertise and service capabilities [1] - Zhong Ke Jin Cai plans to collaborate with banks to explore stablecoin business opportunities while ensuring compliance, utilizing global assets and business scenarios [2] - Chu Tian Long is actively developing technologies and solutions related to digital currency bridges, smart contract design, and cross-border settlement optimization, maintaining a focus on stablecoin-related technologies and industry trends [2] Group 3: Investor Interest and Engagement - Stablecoins have become a frequently asked topic among investors on interactive platforms [3] - Si Fang Jing Chuang's FINNOSafe platform supports various virtual asset operations, aiming to enhance communication with licensed institutions involved in stablecoin business [3] - Hai Lian Jin Hui has accumulated technical capabilities to serve the digital currency and stablecoin payment industry, although it currently does not have direct revenue from these areas [3]

香港《稳定币条例》将于8月1日生效，"稳定币"概念受到越来越多关注。近日，北京宇信科技集团股份 有限公司（以下简称"宇信科技"）、楚天龙股份有限公司、京北方信息技术股份有限公司（以下简 称"京北方"）、北京中科金财科技股份有限公司（以下简称"中科金财"）、国脉科技股份有限公司、天 阳宏业科技股份有限公司等多家A股上市公司在接受机构投资者调研时，均被问及稳定币相关问题。 《证券日报》记者梳理发现，市场关注的重点主要集中在"稳定币特点""稳定币应用领域""企业在稳定 币领域有何探索和布局"等方面，相关上市公司对此进行了详尽解答。 陕西巨丰投资资讯有限责任公司高级投资顾问丁臻宇在接受《证券日报》记者采访时表示："稳定币是 一种通过锚定法定货币或高流动性资产来维持价值稳定的加密货币，目前全球稳定币产业正处于'合规 化起步期'。" 京北方主要围绕稳定币发行机构、运营机构以及合作商户三个方向进行技术支持和系统建设。公司相关 负责人表示："由于不同参与方的具体需求有所不同，公司会积极与客户沟通探讨可落地的合作模式。 公司以合规为前提，以客户需求为导向，并在此基础上寻求商业模式创新。" 苏商银行特约研究员高政扬表示："稳定币 ...

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Group 1 - The A-share market showed strong performance with major indices rising over 1%, and the Financial Technology ETF (516860) surged over 3%, reflecting positive market sentiment [1] - The Financial Technology ETF has seen a cumulative increase of over 86% in the past year, indicating robust growth in the sector [1] - Key stocks within the ETF, such as Dongxin Peace and Hengyin Technology, reached their daily limit, while others like Wealth Trend and Silver杰 also experienced significant gains [1] Group 2 - The People's Bank of China is set to develop a new financial technology development plan, aiming to enhance the digital transformation of finance through policy documents [1] - The introduction of the stablecoin legislation in Hong Kong signifies a proactive approach towards financial technology innovation in the region [2] - The central bank's eight financial opening measures, including the establishment of a digital RMB international operation center, are expected to foster a favorable environment for financial technology innovation [2] Group 3 - The Financial Technology ETF's constituent stocks are expected to benefit from the growth of cross-border payment services, with Sifang Precision being a key player in this domain [3] - Sifang Precision's blockchain technology enables cross-border payments to be completed in five seconds, showcasing its competitive edge [3] - The ETF covers a wide range of sectors, with 57 constituent stocks focusing on electronic and non-bank financial industries, highlighting the dual nature of "finance + technology" [3] Group 4 - The average R&D investment of the ETF's constituent stocks is projected to exceed 15% in 2024, surpassing the average for the A-share technology sector [3] - The index's PE (TTM) stands at 75 times as of June 2025, placing it in the top 75% historical percentile, indicating a valuation with a safety margin [4]

Market Performance - A-shares experienced a rapid rise on June 24, with all three major indices increasing by over 1% [1] - Key sectors that led the gains included non-bank financials, automotive, media, computer, and electrical equipment [1] - The popular Xinchang ETF (562570) rose by over 1.5% in early trading [1] Industry Developments - The HarmonyOS 6 operating system was recently released, featuring significant upgrades in user experience [1] - The developer Beta for HarmonyOS 6 has opened for registration, enhancing connectivity, intelligence, security, and smoothness [1] - The new interconnected architecture supports over 660 applications, with features like automatic visual effects generation based on phone posture and seamless app continuity across multiple devices [1] Investment Insights - The Xinchang ETF (562570) tracks the CSI Information Technology Application Innovation Industry Index, which is closely related to the HarmonyOS [1] - This index covers cutting-edge sectors such as artificial intelligence, data computing power, industrial software, and operating systems [1] - According to Huachuang Securities, the DeepSeek content of the CSI Xinchang Index is 48.1%, ranking first among indices tracked by ETFs [1]

Company Movements - Xiaomi Group's chairman Lei Jun announced the official launch date of Xiaomi's first SUV, the Xiaomi YU7, set for June 26, with sales targets aimed at challenging Tesla's Model Y. Other new products include the Xiaomi Flip2 foldable phone and the Xiaomi Pad 7S Pro [5] - Alibaba Group's CEO Wu Yongming announced the merger of Ele.me and Fliggy into Alibaba's China e-commerce business group, aiming for centralized decision-making and unified operations. Alibaba Cloud introduced a new framework, PAI-TurboX, which can reduce training time by 50% [5] - Meituan's "Meituan Youxuan" is exiting several loss-making cities while retaining operations in Guangdong and Hangzhou. The company is shifting its strategy to explore a "next-day delivery + self-pickup" model and new community retail formats [5] - Changan Automobile announced a name change for its controlling shareholder from "China Changan Automobile Group Co., Ltd." to "Chanzhi Automotive Technology Group Co., Ltd." and has completed the necessary business registration changes [5] - WuXi AppTec announced the completion of a 1 billion yuan share buyback plan, with the actual repurchased shares accounting for 0.5462% of the total share capital [5] Investment News - The IPO acceptance has reached a mini-peak in 2023, with 34 companies accepted for IPOs in June, marking a monthly record for the year. The Beijing Stock Exchange led with 17 companies, while the Shanghai and Shenzhen Stock Exchanges accepted 9 and 8 companies, respectively [4] - International asset management institutions are accelerating their entry into the Chinese market, with nine foreign wholly-owned public funds established in China. As of June 23, 26 new public funds have been established this year, raising a total of 32.401 billion yuan, representing increases of 117.67% in number and 42.5% in scale compared to the same period last year [4] - Insurance capital continues to show strong interest in bank stocks, with Ping An Life recently increasing its holdings in China Merchants Bank's H-shares by 6.2955 million shares, bringing its stake above 15% and triggering a third round of regulatory scrutiny [4]

Core Viewpoint - The company is focusing on providing technical support and system construction for stablecoin issuers, operators, and partner merchants as the stablecoin market enters a phase of compliance following the implementation of Hong Kong's Stablecoin Regulation [1] Group 1: Company Strategy - The company has accumulated rich experience in the digital RMB ecosystem and possesses core products such as a blockchain public service platform [1] - The company aims to innovate its business model based on compliance and customer needs, actively communicating with clients to explore feasible cooperation models [1] - The company has established a localized delivery team for digital currency in the Greater Bay Area, demonstrating extensive experience in system construction and customer service [1] Group 2: Business Development - The company is currently working on optimizing and upgrading its business delivery model in Hong Kong [1]

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].

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 ...

Summary of the Conference Call on Jingbeifang's Stablecoin Business Industry Overview - The stablecoin management regulations in Hong Kong will take effect on August 1, 2025, with further policy developments expected in the first half of 2025. Participants need to prepare for technical construction and product planning to seize market opportunities [2][18]. - Jingbeifang is positioned as a core player in financial IT, with extensive experience in digital currency and digital RMB sectors [2][3]. Core Insights and Arguments - **Stablecoin Ecosystem**: Jingbeifang views stablecoins as the starting point of an ecosystem involving various participants, including issuers, operators, financial institutions, and merchants. The company aims to leverage its experience in financial IT to create opportunities in this space [3][7]. - **Technological Preparedness**: The company has a 7-8 year history in building digital currency ecosystems, focusing on issuance, operation, and collaboration layers. It has developed technologies such as issuance technology, smart contracts, and custody services [5][6]. - **Regulatory Compliance**: Jingbeifang emphasizes strict adherence to regulatory requirements in stablecoin system development, including independent asset custody solutions and information disclosure interfaces [3][9]. - **Market Opportunities**: The company identifies significant opportunities in supply chain finance, where stablecoins can enhance transparency and address financing challenges for SMEs [3][15]. Key Advantages of Jingbeifang - **Client Relationships**: The company benefits from a wide range of historical client collaborations, providing a competitive edge in the stablecoin ecosystem [5]. - **Reusable Solutions**: Jingbeifang offers reusable solution products that can be quickly applied to new projects, enhancing operational efficiency [5]. - **Diverse Business Models**: The company has experience in various business models, allowing it to adapt flexibly to market changes [5]. Research and Development - Jingbeifang has established a dedicated research team focused on blockchain and AI technologies, resulting in innovations such as the digital RMB unified access system and smart operation systems [6][12]. Future Trends and Applications - **Public Trust and Usability**: The company believes that stablecoins must address public trust issues through regulatory compliance and user-friendly wallet systems to enhance usability [7][13]. - **Cross-Border Payments**: Stablecoins are expected to significantly reduce cross-border payment costs and improve efficiency, making them attractive for international transactions [7][28]. - **Potential Applications**: The company is exploring various application scenarios, including cross-border payments and supply chain finance, while ensuring compliance and security [22][30]. Conclusion - Jingbeifang is well-positioned to capitalize on the emerging stablecoin market, leveraging its technological capabilities and regulatory compliance to meet the evolving needs of clients in Hong Kong and beyond [31][32].