智能合约的引入进一步提升了数字资产管理的自动化与安全性。智能合约是基于区块链的自动执行协议，当预设条件被触发 时，合约条款将自动履行，无需人工干预。例如，在数字版权交易中，智能合约可以自动完成版权验证、费用结算和权益分 配，整个过程公开透明且不可篡改，既避免了人为操作的失误，也杜绝了违约风险。这种"代码即法律"的机制，为数字资产的 流转提供了可靠的技术保障。 在数字化浪潮席卷全球的今天，数字资产已成为个人与企业财富的重要组成部分，从加密货币到数字版权，从游戏道具到身份 凭证，其形态日益丰富。然而，数字资产的虚拟性与可复制性也带来了安全挑战，区块链技术凭借其独特的架构设计，正成为 守护数字资产安全的关键基石。 区块链本质上是一种分布式账本技术，其核心优势在于去中心化、不可篡改与透明可追溯。传统的数字资产存储往往依赖中心 化服务器，一旦服务器被攻击或数据被篡改，用户资产将面临直接威胁。而区块链通过将数据分散存储在全球多个节点上，每 个节点都保存着完整的账本副本，任何单一节点的故障或攻击都无法影响整体系统的运行，从根本上避免了单点故障风险。 哈希算法与时间戳技术为区块链数据提供了"防伪标签"。每一笔交易或数据记录都 ...

在数字经济浪潮席卷全球的2025年，支付的高效性、安全性与低成本需求已成为金融机构布局全球市场的关键竞争力。针对金 融机构在跨境支付、贸易结算及数字资产流转中面临的效率、成本与合规核心等痛点，锐融天下以区块链技术为核心驱动，推 出稳定币发行产品解决方案，助力稳定币发行机构构建起一个近乎实时、低成本且安全合规的全球数字结算网络。 01、锐融天下稳定币发行产品解决方案的独特之处 1、支持多链多币种 支持在主流公有链的多币种代币，具备完善的链上合约部署、升级与统一管理能力，助力机构快速拓展全球市场。 eKYC身份认证 智能合约 申购/赎回 证件OCR 通过OCR技术识别证件信息，提高认证效率。 活体检测 通过移动端实时活体验证，有效防范身份冒用。 人脸比对 将实时人脸与证件照片进行比对，确保申请人身份真实一致。 2、智能合约与发行机制 基于去中心化区块链共识构建发行体系，链上交易通过智能合约自动执行，保障透明可信。发行与储备金管理采用发行方与持 牌银行协同的中心化管控模式，具备完善的审计与信息披露机制，实现高效与合规的平衡。 3、灵活的风险控制 具有灵活的风控规则引擎，支持交易限额、黑白名单、反洗钱规则的设置，满足 ...

Core Insights - The "Shu Tong Chain Valley" has been established as a national blockchain application demonstration zone, aiming to create a global blockchain ecosystem [4] - The event highlighted the integration of financial resources with emerging industries, showcasing blockchain technology's potential to bridge digital and real economies [4][5] - The Shanghai Inclusive Finance Advisory System, initiated in September 2022, aims to provide financial consulting services to enterprises, addressing challenges in financing [5][6] Group 1: Event Overview - The 19th Shanghai Financial Services Entity Economy Negotiation Conference featured a special event at "Shu Tong Chain Valley," focusing on financial empowerment for the real economy [1][4] - The event served as a practical implementation of the conference's theme, facilitating connections between financial resources and emerging industry parks [4] Group 2: Blockchain Industry Growth - "Shu Tong Chain Valley" has seen explosive growth in the blockchain industry within the Jing'an District, demonstrating significant clustering effects [4] - The establishment of the financing service center within "Shu Tong Chain Valley" marks a key step in integrating blockchain industry clusters into a broader financial service network [4][5] Group 3: Financial Services and Challenges - Jing'an District has achieved dual coverage of financing service centers and inclusive finance advisory studios across three strategic emerging sectors: blockchain, ultra-high-definition audio-visual, and beauty health [5] - Enterprises expressed urgent needs for funding and resources to support rapid growth and operational challenges, highlighting the importance of investment partnerships [5][6] - Financial advisors from various institutions provided insights on enhancing enterprise value, utilizing regional policies, and managing financial operations effectively [6]

Investment Rating - The report assigns a "Buy" rating for Hengyin Technology (603106) for the first time [1]. Core Views - Hengyin Technology is a leader in banking intelligent terminals and is continuously expanding its blockchain capabilities to empower digital currency [1]. - The company is expected to see revenue growth recovery starting in 2024, with significant contributions from overseas markets and the digital renminbi [8][20]. - The strategic focus includes transitioning from hardware provider to software and service provider, enhancing its international presence, and leveraging AI in financial services [41]. Summary by Sections 1. Business Overview - Hengyin Technology specializes in the research, production, and sales of financial intelligent terminals, providing comprehensive products and services to major banks [13]. - The company has developed core technologies for cash handling modules and holds numerous patents, positioning itself as a leading smart banking solution provider in China [13]. 2. Financial Performance - The company is projected to recover revenue growth in 2024, with a forecasted total revenue of 4.37 billion yuan in 2024, increasing to 8.04 billion yuan by 2027 [1]. - The gross margin is expected to improve due to product structure optimization and cost control measures [16]. - The net profit is anticipated to turn positive in 2024, with a significant increase in profitability expected in the following years [16]. 3. Digital Currency and Blockchain - The digital renminbi is positioned as a transformative force in the payment landscape, with the central bank emphasizing its infrastructure development in the latest five-year plan [22]. - Blockchain technology is highlighted as a new generation of digital infrastructure, providing decentralized management and data integrity [37]. 4. Strategic Initiatives - The company has outlined a development strategy focusing on four transformations: expanding from domestic to global markets, diversifying application scenarios, enhancing product offerings, and transitioning to a service-oriented business model [41]. - Hengyin Technology aims to leverage AI and blockchain to enhance its product offerings and improve customer interactions [43][44]. 5. Valuation and Profit Forecast - The report forecasts revenue growth for Hengyin Technology, estimating revenues of 5.04 billion yuan in 2025, 6.25 billion yuan in 2026, and 8.04 billion yuan in 2027, with corresponding growth rates of 15.3%, 24.0%, and 28.6% respectively [49]. - The company is expected to maintain a gross margin of around 27.4% to 30.1% during this period [49].

Core Viewpoint - Recently, COFCO Easy Procurement Technology (Beijing) Co., Ltd. was established, indicating COFCO Group's expansion into supply chain management and technology services [1] Group 1: Company Overview - COFCO Easy Procurement Technology is fully owned by COFCO Group [1] - The company has a registered capital of 50 million yuan [1] Group 2: Business Scope - The business scope includes supply chain management services, smart agricultural management, blockchain technology-related software and services, and an artificial intelligence public data platform [1]

香港特别行政区政府投资推广署署长刘凯旋表示："香港一直是内地企业开往世界的母港，我们会继续 发挥带领内地企业走向国际的导航角色，透过内地企业出海专班平台，为连连数字及其他有意借香港扬 帆出海的企业提供一站式支持，协助内地企业'走出去'。" 连连数字董事长兼执行董事章征宇表示：依托香港总部，连连将聚焦以下三大战略方向：第一，打造区 块链技术与人工智能双核之力，重塑跨境支付新范式。第二，深化科技合规双支柱，做监管可信的数字 基建者。连连将严格遵循监管框架，并将自身在反洗钱、数据隐私与跨境资金管理方面的科技合规系统 进一步产品化，旨在为行业提供可复用的合规科技服务，助力香港构建"既创新又稳健"的金融科技生 态。同时，将以现有成熟支付网络为根基，持续夯实全球客户全链路服务能力，筑牢业务基本盘；并携 手监管机构与业界伙伴，共同探索数字资产、智能合约在跨境贸易中的创新应用场景。第三，以"全球 协同"为路径，增强技术创新拼图。将积极联合香港及国际顶尖的科技企业、学术机构与投资伙伴，通 过技术并购、联合研发与生态共建等多种形式，快速引入区块链、AI等前沿能力，持续增强公司在跨 境支付与数字金融生态中的技术壁垒，为业务创新与发 ...

Core Insights - The Hong Kong Special Administrative Region (HKSAR) government is enhancing its role as a "super connector" and "super value creator" to assist mainland enterprises in expanding globally [1][3] - The government is providing top-notch resources for fintech companies to develop various products and services [1] - The establishment of a one-stop support platform for mainland enterprises aiming to utilize Hong Kong as a launchpad for international expansion is emphasized [3] Group 1: Government Initiatives - The HKSAR government has introduced new policies to strengthen its dual role in facilitating global business for mainland companies [1] - The government aims to provide a collaborative environment for businesses to thrive in Hong Kong and beyond [1][3] Group 2: Company Developments - Lianlian Digital has announced the establishment of its overseas headquarters in Hong Kong, citing the region as a natural bridge between China and the world [3] - The company plans to focus on three strategic directions: leveraging blockchain and AI for cross-border payments, enhancing regulatory compliance, and fostering global collaboration with top tech firms [4] Group 3: Investment Activities - Alibaba Group and Ant Group have jointly invested $925 million (approximately 6.6 billion RMB) to acquire a commercial building in Hong Kong, establishing their headquarters to further international business development [4]

Core Insights - HSBC is launching a tokenized deposit service that enhances cross-border payment solutions for global enterprises, already operational in strategic financial hubs like Hong Kong, Singapore, the UK, and Luxembourg [1][2] - The adoption of tokenized deposits is gaining traction among major financial institutions, with collaborations such as UBS and Ant Group in Singapore, indicating a shift from concept validation to large-scale application [1][2] Industry Trends - The proliferation of tokenized deposit technology is expected to reshape the competitive landscape of the cross-border payment market, significantly improving transaction efficiency compared to traditional SWIFT systems [2] - As more financial institutions adopt this technology, standards and regulatory frameworks will evolve, supporting the digital transformation of the financial industry [2] Key Advantages - The service supports 24/7 near-instantaneous transactions, optimizing liquidity management for large enterprises by eliminating traditional banking hours [3] - It operates on a private blockchain, ensuring transaction security and privacy while maintaining compliance with financial regulations [3] Expansion Plans - HSBC plans to extend tokenized deposits to programmable payments and autonomous treasury management, enhancing financial management efficiency for enterprises [4] - The bank is exploring the stablecoin sector, potentially issuing its own or collaborating with other banks, to strengthen its position in the blockchain finance landscape [4]

本轮周期，关注加密货币的人们总是会看见下面这样的新闻标题： 毫无疑问，这些都是我们曾经想看到的进展，可为什么市场会跌成这个鸟样？ 为什么美国股市今年涨了 15–20%，而比特币却只是坐了一次"上蹿又下跳"的过山车？为什么你最爱的山寨币总是越套越深，即使主流观 点上已不再将加密货币行业视作骗局？ 我们来谈谈原因。 采用 ≠ 上涨 Crypto Twitter（加密推特）内有一个根深蒂固的假设："只要机构来了、监管明确了、巨头们乐意发币了……一切问题都将解决，价格就 将登月。" 好吧，他们确实来了，你在新闻里肯定也看到了，但你也看到了我们现在是什么处境…… 在投资领域，只有一个真正的关键问题 —— 市场是否已经提前对利好进行了定价？ 这永远是最难判断的事，但市场行为正在告诉我们一个很难接受的事实：我们想要的一切都实现了，但价格却没涨。 市场效率很低吗？当然了！为什么会这样？因为大部分加密资产的定价和现实严重脱节。 1.5 万亿美元的山寨市值……到底对应着什么？ 让我们把视角放大一点。 比特币是完全独立的一类资产 —— 完美的叙事，就像黄金。比特币的市值约 1.9 万亿美元，而黄金约 29 万亿美元，前者只占后者市 ...

Core Insights - The 15th Asian Logistics and Maritime Conference opened in Hong Kong, focusing on "New Trade Landscape: Creating Growth Together" with over 80 speakers discussing industry trends and opportunities [1][3] Group 1: Government Initiatives - The Hong Kong government has established "partner port" relationships with ports in Guangxi, Dalian, and San Antonio, Chile [3] - Plans to develop a port community system utilizing AI and blockchain for trade digitization were announced [3] - Expansion of the low-altitude economy "regulatory sandbox" pilot project aims to enhance logistics innovation applications [3] - A roadmap for ESG (Environmental, Social, and Governance) in the logistics industry was introduced to promote sustainable development [3] Group 2: Industry Trends - The global trade network and supply chains are undergoing a structural transformation, presenting new opportunities for businesses [3] - Major economic shifts in trade policies, accelerated trade digitization, and increased demand for sustainability are influencing the logistics sector [3] - Hong Kong is positioned as a crucial hub for air and maritime logistics, enhancing its role as a "super connector" and "super value creator" [3] Group 3: Conference Activities - The conference includes a business matching segment to facilitate partnerships between cargo owners and service providers [4] - Exhibitions feature 90 exhibitors showcasing the latest logistics and supply chain solutions across various sectors, including air transport and low-altitude economy [4] - Discussions will cover key topics such as supply chain management, sustainable development, green energy, and innovative technologies [4]