Performance Forecast - The company expects a net loss in the current reporting period, estimated between 35 million to 40 million yuan, compared to a loss of 12.70 million yuan in the same period last year [1] - The net profit attributable to shareholders is projected to decline by 175.53%, with an estimated loss of 37 million to 42 million yuan [2] - The basic earnings per share are expected to be a loss of 0.07 to 0.09 yuan per share, compared to a loss of 0.03 yuan per share in the previous year [3] Reasons for Performance Change - The primary reason for the company's loss in the first half of 2025 is attributed to impairment losses. The company's main clients include banks and telecommunications operators, which have strict internal payment approval processes, leading to slower payment collections [3] - Despite the slow payment collection, the clients are considered to have strong capital and good creditworthiness, and there are no risks associated with the recovery of accounts receivable [3] - The company is focusing on expanding orders, improving operational efficiency, controlling costs, and enhancing accounts receivable collection, while also increasing R&D investment to promote the application of digital currency and AI solutions [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 180 million to 240 million yuan for H1 2025, representing a year-on-year growth of 43.8% to 91.8% [1]. - The strong growth in net profit is primarily driven by the accelerated construction of data centers in the internet sector and improved operational efficiency [2]. - The company continues to explore applications for digital currency in cross-border payments, positioning itself as a key player in the digital finance landscape [3]. - The strategic transformation towards "ICT and AI application solutions" is ongoing, with multiple AI application scenarios being explored [4]. - The projected net profits for 2025, 2026, and 2027 are estimated at 550 million, 720 million, and 880 million yuan respectively, with corresponding PE ratios of 26, 20, and 16 [4]. Summary by Sections Financial Performance - For H1 2025, the company anticipates a net profit of 180 million to 240 million yuan, with a growth rate of 43.8% to 91.8% year-on-year [1]. - The second quarter is expected to show a net profit of 140 million to 200 million yuan, reflecting a year-on-year increase of 41.4% to 91.8% and a quarter-on-quarter growth of 227.3% to 369.8% [1][2]. Market Position - The company has maintained its leading position in the 200G/400G data center switch market in China for 13 consecutive quarters, indicating strong market dominance [2]. - The company secured a 21% share in a recent procurement by China Mobile for data center switches, amounting to 350 million yuan [2]. Strategic Initiatives - The subsidiary, Ascend Information, is actively involved in the digital currency sector and is exploring cross-border payment applications [3]. - The company is focusing on AI applications and has launched various innovative solutions in the metaverse and smart retail sectors [4]. Financial Projections - The company forecasts revenues of 16.758 billion yuan for 2024, with a growth rate of 5.3%, and expects revenues to reach 30.12 billion yuan by 2027, with a growth rate of 20.9% [5][10]. - The projected net profit for 2024 is 405 million yuan, with a decline of 4.8%, followed by significant growth in subsequent years [5][10].

著名经济学家宋清辉说，香港可充分发挥其离岸市场优势，探索发行锚定人民币的离岸稳定币，上海应在跨境贸易、供应链金融等领域，提供技 术研发和应用场景对接方面的支持，共同探索人民币稳定币在内地与香港、内地与国际间的应用。另一方面，沪港可协同探索中国央行数字货币 与各类合规稳定币之间的互操作性，构建高效安全的跨境支付结算网络，并共同推动和采纳一套统一或兼容的区块链技术标准及协议，确保两地 数字金融基础设施的顺畅连接与信息共享，并在合规框架下，探索两地数字资产市场的互联互通模式。 专家指，沪港可在合规框 架下，研究数字资产市场的互联互通。图为两地官员签署《沪港国际金融中心协同发展行动方案》。（资料图片 上海国资委集体学习稳定币 沪港数字资产市场联通引憧憬 （香港文汇报 记者 倪巍晨 上海报道）继中国人民银行行长潘功胜6月18日在「2025陆家嘴论坛」上首次提及「稳定币」话题后，上海市国资委党委近日召 开中心组学习会，主题聚焦「加密货币与稳定币的发展趋势及应对策略」。上海市国资委党委书记、主任贺青要求，加强对数字货币的研究探索，坚持产数 融合，探索区块链技术在跨境贸易、供应链金融、资产数字化等领域的运用。有受访专家指，沪 ...

Core Viewpoint - Tianjin Heda plans to reduce its stake in Jingbeifang by up to 26 million shares, representing 3.00% of the total share capital, due to personal funding needs, which is a normal reduction behavior and will not significantly impact the company's governance or control structure [2] Group 1: Shareholding and Reduction Details - Tianjin Heda holds 42.03 million shares of Jingbeifang, accounting for 6.78% of the total share capital, making it the second-largest shareholder [3] - The planned reduction represents 61.86% of Tianjin Heda's total holdings in Jingbeifang [3] Group 2: Stock Performance - Jingbeifang's stock price has increased by 145.33% this year, reaching a historical high of 27.7 yuan per share on July 9, with a closing price of 24.6 yuan per share on July 11, indicating a potential cash-out value exceeding 630 million yuan from the planned reduction [3] Group 3: Management Actions and Financial Performance - There have been multiple share reductions by Jingbeifang's executives this year, including a reduction of approximately 2 million shares by the vice chairman, generating 42.4 million yuan [5] - Jingbeifang faces pressure of increasing revenue without profit growth, with a projected revenue of 4.636 billion yuan in 2024, a 9.29% increase, but a decline in net profit by 10.36% to 312 million yuan [5] - In Q1 2025, revenue was 1.157 billion yuan, up 3.74%, while net profit fell by 3.71% to 47 million yuan, attributed to increased investments in R&D and customer acquisition, as well as costs from exiting low-profit businesses [5]

Group 1: Blockchain and Cross-Border Payment - The company has developed several blockchain-based platforms, including the Nansha Offshore Trade Comprehensive Service Platform and the Chain Cloud Warehouse Smart Asset Supervision Platform, among others [1] - The company holds an internet payment license and has the capability to provide cross-border payment services, covering scenarios such as cross-border e-commerce and general trade [1] - The company is actively exploring opportunities in the global international payment market and is developing digital RMB payment-related services, including a comprehensive service platform project worth millions [1] Group 2: Domestic Market and Smart Financial Equipment - The company has maintained its leading position in the domestic smart financial equipment market for 17 consecutive years, with over 330,000 service devices [2] - The procurement ratio of new smart financial devices in major banks is approaching 100%, indicating strong demand for innovative financial technology [2] - The integration of AI technologies is driving the upgrade of smart terminals, creating new market demands [2] Group 3: Overseas Business and Market Expansion - The company provides smart financial devices and solutions, with operations in eight international branches covering over 120 countries [2] - Revenue from the North American region is currently minimal, but the company plans to deepen its presence in Europe and Asia-Pacific while exploring new business avenues [2] - The focus will be on accelerating the digital transformation of bank branches and expanding into retail and other new business sectors [2] Group 4: Collaboration with Guangzhou Data Group - The company is a key player in the Guangzhou Data Group, focusing on public data operations and AI computing power solutions [3] - It has undertaken projects worth 3.67 billion and 4.73 billion for the construction of AI computing power centers, supporting various public and private sectors [4] Group 5: Product Offerings and Future Focus - Guangdian Wuzhou specializes in intelligent computing products, including servers and AI solutions, serving various industries such as finance and education [5] - The company aims to strengthen its market presence in key regions and enhance its project conversion capabilities to improve profitability [5] Group 6: Capital Operations Strategy - The company employs a dual-driven strategy of "industry + capital," focusing on acquisitions and strategic investments in high-growth sectors [6] - It targets companies with strong growth potential and sustainable profitability, particularly in hard technology and new business models [6]

Group 1 - The core argument presented by U.S. Treasury Secretary Bessent is that the notion of the renminbi becoming a major global reserve currency is a "fallacy," and he believes it will not achieve internationalization in the future [1][3] - Bessent's reasoning is based on the traditional view that "capital freedom of movement is a prerequisite for reserve currency," asserting that China's financial market is not sufficiently open, although technological advancements have rendered this standard outdated [3][5] - The cross-border payment system for renminbi is projected to handle 175.49 trillion yuan in 2024, marking a 42.6% year-on-year increase, with participation from 1,683 financial institutions globally, creating a clearing network independent of the Western SWIFT system [3][9] Group 2 - Bessent's claim that 1.4 billion Chinese people wish to transfer assets abroad lacks data support; in 2024, the cross-border renminbi settlement volume is expected to reach 64.1 trillion yuan, with 74.5% of this being capital items primarily used for overseas investments by enterprises [5][7] - Nearly 50% of Chinese enterprises use renminbi for over 20% of their foreign investments, establishing a cycle of "using renminbi to procure Chinese manufacturing overseas" [5][7] - The inclusion of Chinese government bonds in major indices has led to a threefold increase in the scale of renminbi assets held by foreign central banks compared to five years ago, indicating a growing acceptance of the renminbi [5][7] Group 3 - The erosion of trust in the U.S. dollar is attributed to the U.S. itself, with a national debt of $36 trillion and a fiscal deficit of $1.7 trillion in 2023, leading to a decline in global confidence [7][9] - The weaponization of the dollar, exemplified by the freezing of Russian foreign reserves, has prompted many countries to reduce their dollar assets, with Saudi Arabia's dollar reserves dropping from 70% to 55% [7][9] - The rise of the renminbi is not merely a replacement for the dollar but represents a new paradigm, with cross-border supply chain finance addressing overseas receivables risks and enhancing the renminbi's role in the industrial chain [7][9] Group 4 - The digital renminbi pilot has expanded to 129 countries, with daily transaction peaks exceeding 1 trillion yuan, and new models are being explored to bind resources to currency [9] - The integration of onshore and offshore currency accounts in the Guangdong-Hong Kong-Macao Greater Bay Area and real-time cross-border payments through CIPS in ASEAN countries further facilitate renminbi internationalization [9] - The renminbi's internationalization is seen as an inevitable choice for mutual benefit, providing diverse asset allocation channels while mitigating exchange rate risks for other countries [9]

7月3日，面对中欧政策制定者今年对美元地位提出质疑，认为全球金融体系要经历变革，摆脱长期依赖美元的情况。美国财政部长贝森特接受彭博社采访时 明显是急眼了，他说："想让人民币上位，成为全球主要储备货币实为谬误。它们是不可自由兑换的货币，要如何成为储备货币？"贝森特说出这番话的背景 是，美元指数今年上半年11%的跌幅如同一道刺眼的伤口——这是自1973年布雷顿森林体系崩溃以来最惨烈的半年表现。 人民币国际化选择了一条与美元截然不同的道路。在岸与离岸市场人民币价差若走阔，可能引发套利冲击，2023年中央金融工作会议明确"守住不发生系统 性风险底线"，资本账户开放必须与经济需求匹配；同时，在与俄罗斯、中东的能源贸易中推进人民币结算，沙特石油人民币定价机制已覆盖15%的原油交 易，直击石油美元命门。 另外，数字人民币为跨境支付提供新解决方案，其可编程性与跨境试点，正绕开传统资本管制障碍。美元霸权根基的三大支柱已现裂痕。经济上，美国贸易 逆差持续50年，2023年仍达7730亿美元，迫使美国不断向外国借债；制度优越性上，技术移民收紧、法治不确定性上升，削弱了全球资本对美国的信心；地 缘政治方面，特朗普对北约的消极态度，使 ...

Core Insights - The development of digital RMB has accelerated significantly this year, with the recent expansion of the "tap and go" trial in Shanghai's entire metro network, allowing passengers to use various forms of digital RMB wallets for quick access [1][2] - Multiple cities, including Beijing, Guangzhou, and Shanghai, have released development plans for digital RMB trials, enhancing application scenarios and optimizing the ecosystem [1][4] Group 1: Application Expansion - The application scenarios for digital RMB have expanded from retail payments to include government services, public transportation, and financial services, creating a comprehensive and multi-layered application landscape [4] - In the first half of the year, various local governments actively promoted the expansion of digital RMB application scenarios and technological innovation [4][5] - Digital RMB consumption red envelopes have been issued to stimulate consumption and support economic growth [4] Group 2: Cross-Border Payment and Future Prospects - Cross-border payment has emerged as a highlight in the development of digital RMB, with pilot banks participating in the multilateral central bank digital currency bridge project [6] - The digital RMB is expected to become a new channel for global digital trade settlement, reducing cross-border transaction costs and improving settlement efficiency [6][7] - Experts predict that digital RMB will play a larger role in cross-border payments, green finance, and smart economy, contributing to a more efficient and secure digital economic ecosystem [7]

（原标题：应该为人民币稳定币立规则） 随着国际上一些经济体就稳定币展开立法进程，各界对稳定币的发展有了各种憧憬和讨论，同时也对人 民币稳定币如何发展进行探讨。本文认为，稳定币作为一种支付结算领域的辅助工具，在金融领域的应 用是有效的，同时，对货币发行、货币流通和货币政策有一定的正面和负面影响，需要加以规范和监 管。因此，应该尽快制定有关人民币稳定币的法规，确保相关业务的有序开展，防范可能的风险。 一、 关于稳定币相关观念的辨误 稳定币是在以比特币为代表的各类加密货币基础上出现的一种与真实资产锚定的支付工具，其中锚定法 定货币的稳定币与其他加密货币在金融功能上具有不同的性质和特点。但目前在叙述锚定法定货币的稳 定币中，往往与其他加密货币相混淆，同时，也如前些年互联网金融一样，以技术特性代替金融本质， 造成很多误解，干扰了稳定币的正常发展。 1、香港、美国等经济体为稳定币立法，不是稳定币的合法化，而是加强对稳定币的监管。 按普通法系的原则，法律没有明确禁止的行为，都不是非法行为。因此，可以说，在没有稳定币立法的 情况下，稳定币、稳定币支付结算是合法的。之所以立法，说明两个问题：一是稳定币支付在经济生活 中是有良好 ...

Core Insights - Beijing Kelong Software (300663.SZ) has launched a global naming event for its revolutionary financial technology product, the Hongmeng Intelligent Digital Currency Robot, with the slogan "One Word is Worth a Thousand Gold" [1][2] - The event aims to find a brand name that encapsulates the product's essence and global market positioning, with the winner receiving a Huawei Aito M5 flagship smart car [1][2] Group 1: Product Overview - The Hongmeng Intelligent Digital Currency Robot is positioned as a game-changer in the financial services sector, with a market potential estimated in the trillions [3] - Its core competitive advantages include integration of the Hongmeng operating system, AI capabilities, and robotics, enabling a seamless transition to intelligent financial ecosystems and replacing traditional banking services [3] - The product supports digital currencies and cross-border payments, leveraging Kelong Software's extensive experience in digital currency and blockchain technology [3][4] Group 2: Market Strategy - The robot offers an integrated payment solution that combines online and offline services, ensuring a consistent user experience regardless of location [4] - It features a modular design that allows for quick deployment without extensive renovations, promising significant cost reductions and improved customer experiences for banks [4] - The domestic market for this technology exceeds hundreds of billions, with substantial potential for global expansion targeting the trillion-dollar market [4] Group 3: Company Background - Kelong Software has a 26-year history of leading financial technology innovations, maintaining a dominant market position in digital and mobile banking [5] - The company has been recognized as a leader in the industry, holding the number one market share in digital banking for nine consecutive years according to IDC reports [5] - Kelong's strategic focus on AI technologies positions it well for future growth, with the Hongmeng Intelligent Digital Currency Robot being a key product in its AI strategy [5][6]