Group 1 - Federal Reserve Chairman Powell stated that the Fed is adjusting its overall policy framework, indicating that zero interest rates are no longer a baseline scenario and that there is a need to reconsider the language around labor market slack and average inflation rates, with an expectation that April PCE will drop to 2.2% [8] - Coinbase reported that customer data was compromised, and the company rejected a $20 million ransom from hackers, while the SEC is investigating its alleged misreporting of user numbers [10] - Alibaba's fourth fiscal quarter revenue reached 236.45 billion yuan, and the company plans to distribute $4.6 billion in dividends, while also forecasting that profits may be impacted by investments in instant retail [10] Group 2 - The U.S. stock market saw the Dow Jones Industrial Average rise by 0.65%, while the S&P 500 increased by 0.4%, and the Nasdaq Composite fell by 0.18% [4] - European stock indices experienced gains, with Germany's DAX 30 rising by 0.72% and the UK's FTSE 100 increasing by 0.57% [4] - The Hong Kong stock market faced volatility, with the Hang Seng Index closing down 0.79% at 23,453.16 points, and the Hang Seng Tech Index dropping by 1.56% [4]

Core Viewpoint - The A-share market experienced a significant upward trend, with the ChiNext Index rising nearly 2% and total market turnover exceeding 1.3 trillion yuan [1] Market Performance - The Shanghai Composite Index increased by 1.13% - The Shenzhen Component Index rose by 1.84% - The ChiNext Index saw a rise of 1.97% [1] Sector Highlights - The controllable nuclear fusion concept stocks surged, with companies like Zhongzhou Special Materials, Jiusheng Electric, and Hezhuan Intelligent hitting the daily limit [1] - Rare earth permanent magnet concept stocks also saw significant gains, with Shenghe Resources and Zhongzhou Special Materials reaching the daily limit [1] - Huawei's HarmonyOS concept stocks experienced a strong increase, with Jiulian Technology and Changshan Beiming hitting the daily limit [1] - Other sectors that performed well include digital currency, CPO, liquid cooling servers, computing power, humanoid robots, diversified finance, and non-ferrous metals [1] - The banking sector, in contrast, experienced a decline [1] Market Activity - The total market turnover exceeded 1.3 trillion yuan, with approximately 5,000 stocks rising [1]

Core Insights - The cross-border payment concept stocks have surged significantly due to favorable policies, with Lakala (300773.SZ) rising over 47% in three days and its market capitalization exceeding 20 billion yuan [2][5]. Policy Impact - The surge in cross-border payment stocks is primarily driven by favorable policy developments, including the issuance of the "Shanghai International Financial Center Action Plan" by several regulatory bodies, which aims to enhance the functionality and global coverage of the Cross-Border Interbank Payment System (CIPS) [5][6]. - The plan encourages more banks to join CIPS and aims to improve the service level for enterprises going global, while also exploring blockchain technology applications for secure and efficient settlement services in global trade and investment [5]. Company Performance - Lakala's cross-border payment business operates through partnerships with banks to access CIPS and SWIFT systems, facilitating both cross-border RMB and foreign currency settlements [7]. - In 2023, Lakala reported over 20 million merchants served, with a total payment transaction volume of 4.51 trillion yuan, and its cross-border payment service network covers over 100 countries [7][11]. Industry Trends - The cross-border payment sector is experiencing a shift towards regionalization due to "reciprocal tariffs," which may accelerate the development of the RMB cross-border payment system [6]. - The popularity of Chinese cross-border e-commerce platforms, such as Dunhuang.com and Alibaba International Station, has also fueled enthusiasm for cross-border payment stocks [6]. Competitive Landscape - The tightening of payment regulations is expected to benefit leading companies like Lakala, as the number of payment licenses has been decreasing, leading to a higher market share for top players [19][23]. - The overall revenue growth of domestic third-party payment platforms has slowed, with transaction volumes slightly rebounding to 346 trillion yuan in 2023 after a decline in 2022 [23].