点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨 本周观点聚焦 周观点 把握中报高增长阿尔法，关注辅助驾驶和金融 IT 本文第二章，对证券 IT 进行了专题跟踪。 风险提示：板块业绩不达预期；下游需求存在景气度不稳定的风险；科技创新可能带来短期业绩下降。 注：文中报告节选自兴业证券经济与金融研究院已公开发布研究报告，具体报告内容及相关风险提示等详见完整 版报告。 证券研究报告： 《 证券 IT ：下游景气持续修复， Web3.0 金融创新加速 》 对外发布时间： 2025 年 6 月 29 日 报告发布机构： 兴业证券股份有限公司（已获中国证监会许可的证券投资咨询业务资格） 本报告分析师 ： 蒋佳霖 SAC执业证书编号： S0190515050002 孙 乾 SAC执业证书编号：S0190518110001 杨本鸿 SAC执业证书编号：S0190522080001 陈 鑫 SAC执业证书编号：S0190522030001 张旭光 SAC执业证书编号：S0190523090002 杨海盟 SAC执业证书编号：S0190523070001 桂 杨 SAC执业证书编 ...

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Core Viewpoint - The company is well-positioned to benefit from the growing interest in stablecoins and has a strong foundation for growth in its payment business, supported by its licenses, compliance, technology, partnerships, and customer resources [1][2]. Group 1: Business Model and Market Position - The company focuses on providing payment services to B2B merchants, differentiating itself from consumer-focused e-wallets and third-party payment processors [1]. - In 2024, the company's digital payment revenue is expected to contribute 88% from TPV fees, with cross-border payments accounting for 61% and domestic payments for 26% [1]. - The company has a unique competitive advantage with its self-built licensing system and an open cooperation ecosystem, supported by 65 global payment licenses [1]. Group 2: Growth Expectations and Future Drivers - The company is expected to maintain a stable growth trajectory with a projected payment revenue growth rate of over 20% in the coming years, driven by a low dependency on any single market [1]. - The company plans to enhance its global licensing and local service capabilities while expanding its value-added services to support comprehensive business operations [1]. - The company has begun exploring opportunities in the Web3 space, which aligns with the application of stablecoins in cross-border payments, potentially improving global payment efficiency [2]. Group 3: Profitability and Valuation - The company maintains its profit forecast, currently trading at 7x/5x P/S for 2025/2026, with a target price increase of 6% to HKD 15.3, reflecting a 45% upside potential [3].

RT Carpenter of Web3⚒️📈 (@CarpenterOfWeb3)What is Going on In SocialFi/InfoFi Special @fantasy_top_ Deck Building Series with @Khallid4397 & @0xBreadguy https://t.co/ZVBxV0S0Xy ...

推特的加密基建有 Kaito、TG 的加密基建有 TON、Kakao 和 Line 的加密基建有 Kaia，那 Instagram 有人去做文章吗？OKX 的 Sahara 填表活动踏空之后我就看了下 OKX 的各种撸毛列表来着，发现他们也会和不少大融资的项目进行合作。其中历史活动里有个 @CygnusFi 就是做 Web3 Instagram App Layer 的，在 Instagram 的基础上做加密基建不过之前 Cygnus 与 OKX 钱包的代币奖励活动已经结束了，据说有很多萌新从 Instagram 那边第一次体验 OKX 钱包。这种可以带流量的项目，交易所应该还是挺喜欢的，可以等之后看看有没有什么其他代币空投活动可以参与根据 @RootDataCrypto 数据显示，OKX Ventures 领投，Pre-seed 轮融资 20M ...

RT 0xJeff (@Defi0xJeff)@CryptoGideon_ Most of it are Web2 AI newsletters (i subscribe to most of the top ones in the category on Substack)The Web3 ones that I follow are- @S4mmyEth- @0xPrismatic- @DefiIgnas- @alpha_pls- @thedailydegenhq- @crypto_linn- @artemis ...

Core Viewpoint - The article discusses the recent performance and strategic positioning of Lianlian Digital (02598.HK) in the context of the stablecoin market and its efforts to adapt to changes in cross-border trade dynamics. Group 1: Market Performance - Lianlian Digital's stock price experienced a significant increase of 158% over nine trading days, followed by a 40% drop on the tenth day, stabilizing at 10.54 HKD as of June 27 [2] - The stock price rose approximately 65% from May 21 to June 27, following the Hong Kong Legislative Council's approval of the Stablecoin Bill [3] Group 2: Stablecoin and Virtual Asset Strategy - Lianlian Digital is actively involved in the stablecoin sector, having partnered with Yuan Coin Technology, one of the first three stablecoin issuers in Hong Kong, to develop the "Yuan Coin Wallet" [3] - The company has obtained a Virtual Asset Trading Platform (VATP) license, which positions it to expand its virtual asset financial services [4] - The stablecoin concept is seen as a key entry point for traditional finance, offering advantages in payment efficiency and cost [4] Group 3: Financial Performance - In 2024, Lianlian Digital reported total revenue of 1.315 billion CNY, a year-on-year increase of 27.9%, and achieved a profit of 78.7 million CNY, reversing a previous loss of 403 million CNY [7] - The total payment volume (TPV) reached 3.3 trillion CNY, a significant increase of 64.7% year-on-year, driven by growth in cross-border e-commerce and B2B traditional trade [8] Group 4: Strategic Adjustments - The company sold a 14.56% stake in Lian Tong Company for approximately 1.6 billion CNY, reducing its ownership to 17.63%, which alleviates the financial burden from previous losses [9] - Lianlian Digital is focusing on global expansion by acquiring local licenses and supporting transactions in over 130 currencies, aiming to mitigate risks from changing trade dynamics [13] Group 5: Industry Challenges and Opportunities - The cross-border payment sector faces challenges due to uncertain tariff policies, which may increase transaction costs and compliance risks [11][12] - Lianlian Digital plans to enhance its competitiveness through technology-driven operations and by expanding into emerging markets such as Southeast Asia and Latin America [15]

Core Viewpoint - The company, Yuanxiang Group, is expanding its business into the trendy toy industry, aiming to increase revenue sources and create synergies with existing advertising services, ultimately enhancing shareholder value [1] Group 1: Business Expansion - The company will engage in advertising and marketing for trendy toys, sales of trendy toys, intellectual property operations, and creative design [1] - The strategic move is driven by the growing popularity of trendy toys, presenting significant opportunities for market growth [1] Group 2: Trendy Toy Market Insights - Trendy toys combine elements of pop culture and fashion, featuring unique designs and aesthetics, often inspired by licensed pop culture content [1] - The trendy toy market includes a wide range of products such as blind boxes, action figures, and adult assembly toys, designed around cultural and entertainment IPs [1] - The global trendy toy market is experiencing significant growth, driven by trends in entertainment, nostalgia, and consumer engagement [2] Group 3: Market Projections - According to a report, by 2026, the retail market value of collectible toys in China is expected to reach RMB 101.1 billion, with a compound annual growth rate of 24% [2] - The number of consumers purchasing toys in China is projected to reach 40 million by 2025 and 49 million by 2030 [2] - Average monthly spending on related products is expected to increase from RMB 27 in 2015 to RMB 254 by 2030 [2] Group 4: Differentiation Strategy - To further develop its trendy toy business and distinguish itself from competitors, the company will offer additional services, such as IP registration through the Web3.0 ecosystem [2] Group 5: Corporate Name Change - The board of directors has proposed changing the company's Chinese name from "Yuanxiang Group Limited" to "Trendy Toy Group Limited" [3]

Core Perspective - Mixed Martial Arts Group Limited (MMA) is positioned to redefine the martial arts experience through immersive, blockchain-enabled platforms aimed at engaging 700 million global fans of mixed martial arts [1][2][5] Group 1: Platform Development - MMA is developing a dual-layer platform that integrates Web 2.0 familiarity with Web 3.0 potential, featuring instant reward systems, live competitions, and a creator-centric economy [2][3] - The platform will utilize a native utility token to facilitate staking, governance, exclusive content access, and microtransactions, ensuring fast performance and low fees [4][5] Group 2: Partnerships and Technology - MMA has partnered with Morphotech Pte Ltd, a technology company specializing in Web3 infrastructure, to lead the technical development of the platform [3][5] - Morphotech will leverage its blockchain expertise to create a resilient architecture and transparent smart contracts, enhancing the user experience within the martial arts metaverse [3][5] Group 3: Community Engagement - The initiative aims to create a vibrant community where fighters, fans, and content creators are rewarded with tokens for their participation, fostering a global on-chain martial arts economy [2][5] - MMA's existing user base includes over 5 million social media followers, 530,000 user profiles, and 50,000 active students, indicating strong community engagement [6] Group 4: Future Innovations - Key features of the platform will include tokenized experience and rewards systems, NFT marketplaces, competitive arenas, and immersive training tools [7] - The company operates multiple platforms such as TrainAlta, Hype, MixedMartialArts.com, and BJJLink, each designed to enhance user engagement and revenue generation [8]

Group 1: Hong Kong Talent Investment Fund - Hong Kong has launched a talent entrepreneurship investment fund with an initial scale of HKD 1 billion, focusing on cutting-edge fields such as technology, healthcare, and consumption [3] - The fund is initiated by the founder of the High Talent Service Association and aims to support approximately 8,000 high talents arriving in Hong Kong each month [3] - The first tranche of HKD 300 million is confirmed, targeting investments in biotechnology, artificial intelligence, fintech, high-end manufacturing, and Web3 [3] Group 2: AIC Chain Master M&A Fund - The first AIC chain master M&A equity investment fund has been established in Ningbo with a total scale of CNY 1 billion [4] - This fund is unique as it integrates industry players to create an AIC equity investment fund centered around the industry chain master, focusing on mergers, acquisitions, and direct equity investments in innovative projects [4] - The fund aims to assist the automotive industry in integrating upstream and downstream resources to enhance local automotive parts and vehicle manufacturing [4] Group 3: Luoyang Industrial Investment Fund - Luoyang Economic Development Zone has announced a total scale of CNY 3 billion for its industrial investment mother fund, focusing on strategic emerging industries and future frontiers [5] - The fund will invest in electronic information, biomedicine, new materials, high-end equipment, and intelligent manufacturing [5] - The investment structure includes a mother fund, direct investment projects, and market-oriented sub-funds, with a total duration of 12 years [5] Group 4: Hubei Green New Leading Fund - The Hubei Green New Leading Equity Investment Fund has been signed with a total scale of CNY 1.5 billion, focusing on ecological and environmental protection [6] - The fund will cover areas such as pollution prevention, ecological restoration, energy conservation, and clean energy, aligning with the national "dual carbon" strategy [6] Group 5: Foshan Chancheng Industrial Fund System - Foshan Chancheng has launched a "1+1" industrial fund system aiming to build a total scale of no less than CNY 8 billion within 8 years [7] - The system consists of the government-backed "Qihang Fund" with a total scale of CNY 2 billion and the "Leading Fund" with a total scale of CNY 3 billion [8] - The funds will focus on advanced manufacturing, modern services, and technology innovation, with various investment strategies including direct investment and sub-funds [7][8] Group 6: Jinan Aerospace Industry Fund - Jinan has established an aerospace industry investment fund with a scale of CNY 205 million, focusing on satellite manufacturing and low-altitude economy [9] - The fund aims to accelerate the incubation of quality projects in the aerospace sector [9] Group 7: Yangzhou Biomedicine Fund - Yangzhou has set up a biomedicine industry investment fund with a total scale of CNY 250 million, focusing on medical materials and chemical materials [10] - The fund will support high-end medical consumables and aims to attract quality enterprises to settle in Yangzhou [10]