Core Viewpoints - Stablecoins originated in the "wild" world of Web3.0, initially serving as a fiat currency pricing tool for trading cryptocurrencies. As the cryptocurrency market has grown, stablecoins have become essential tools for exchanges, DeFi, and RWA ecosystems. A key to the success of stablecoins is their ability to gain market trust, which involves their credit transmission mechanism [1] - The integration of RWA (Real World Asset tokenization) and stablecoins is seen as the next major narrative in Web3, with RWA being one of the fastest-growing sectors in the cryptocurrency market. The RWA market has surpassed $22 billion, while the stablecoin market exceeds $247 billion, positioning both as dual engines driving the cryptocurrency market [4][5] RWA and Stablecoins as Catalysts - The rapid development of RWA and stablecoins is prompting regulatory advancements. Recent legislative actions in the U.S. and Hong Kong indicate a growing regulatory framework for stablecoins, driven by the swift growth of the stablecoin and RWA markets [6] - The focus on stablecoin payments and international payments is significant, as RWA and stablecoins have established a substantial commercial ecosystem. Payment giant Stripe's acquisition of stablecoin trading company Bridge for $1.1 billion and its subsequent global payment capabilities highlight the potential for stablecoins in the payment sector [7] Investment Analysis - Continuous catalysts are present in the financial technology transformation, with upcoming events such as Circle's IPO and Hong Kong's licensing process being key points of interest [8]

Core Viewpoint - The surge in the stock price of Lianlian Digital is attributed to the favorable policies surrounding "stablecoins" and its strategic positioning in the cross-border payment market, despite ongoing profitability challenges [2][7]. Group 1: Company Overview - Lianlian Digital, established in 2009, is a digital payment solution provider and one of the first companies to enter the cross-border e-commerce payment market [2]. - The company's core business, digital payment services, accounts for over 87% of its revenue, generating income through transaction fees from various payment services [2][3]. Group 2: Financial Performance - In 2024, Lianlian Digital reported total revenue of 1.315 billion yuan, a year-on-year increase of 27.9%, with total payment volume reaching 3.3 trillion yuan, up 64.7% year-on-year [3][9]. - Despite the revenue growth, the company recorded a net loss of 167 million yuan in 2024, although this was a significant reduction compared to previous years [9][10]. Group 3: Market Position and Strategy - The competitive domestic payment market has prompted Lianlian Digital to adopt a forward-looking approach in global and technological sectors, leveraging the emerging "stablecoin" market [4][10]. - The introduction of the "stablecoin sandbox" by the Hong Kong Monetary Authority in 2024 allows companies to test stablecoin issuance in a controlled environment, which Lianlian Digital is actively participating in [5][6]. Group 4: Future Growth Potential - The integration of stablecoins into cross-border transactions is expected to enhance efficiency and reduce costs, potentially improving the profitability of payment companies like Lianlian Digital [13]. - Lianlian Digital has obtained a VATP virtual asset trading platform license, marking a significant step in expanding its services in the virtual asset sector [14].

证券研究报告 |行业点评 gszqdatemark 2025 06 04 年 月 日 区块链 稳定币+RWA：下一个金融科技的大变革 近期随着美国《GENIUS 法案》及香港《稳定币条例》陆续立法通过， 市场对稳定币主题的关注度快速提升。考虑到 Circle 上市在即，结合 Tether 的财报，稳定币主题亦有可对照研究的商业模式，作为金融科技 领域的大变革，值得重视。 稳定币某种程度上充当了加密货币市场"计价工具"的作用，这是对传统 法币交易的一种补充甚至替代。稳定币诞生后不久，加密货币市场最主要 的交易对是稳定币交易对，因此，稳定币在交易工具、价值流通等方面， 充当着"法币"的作用。主流交易所（包括 DEX 去中心化交易所），比 特币现货、期货交易对以 USDT 等稳定币为主，尤其是交易量更为大的期 货合约，主流交易所正向合约（以美元稳定币为保证金的期货合约）几乎 都是 USDT 交易对。 技术上看，稳定币代表着新一代支付技术。USDT 由 Tether 公司于 2014 年推出，1 USDT 锚定 1 美元，是市场较早的一批稳定币，此后逐渐成 为市场上使用最广泛的稳定币产品，当前发行规模超 1500 亿 ...

证券研究报告 |行业点评 gszqdatemark 2025 06 04 年 月 日 区块链 稳定币+RWA：下一个金融科技的大变革 近期随着美国《GENIUS 法案》及香港《稳定币条例》陆续立法通过， 市场对稳定币主题的关注度快速提升。考虑到 Circle 上市在即，结合 Tether 的财报，稳定币主题亦有可对照研究的商业模式，作为金融科技 领域的大变革，值得重视。 稳定币某种程度上充当了加密货币市场"计价工具"的作用，这是对传统 法币交易的一种补充甚至替代。稳定币诞生后不久，加密货币市场最主要 的交易对是稳定币交易对，因此，稳定币在交易工具、价值流通等方面， 充当着"法币"的作用。主流交易所（包括 DEX 去中心化交易所），比 特币现货、期货交易对以 USDT 等稳定币为主，尤其是交易量更为大的期 货合约，主流交易所正向合约（以美元稳定币为保证金的期货合约）几乎 都是 USDT 交易对。 技术上看，稳定币代表着新一代支付技术。USDT 由 Tether 公司于 2014 年推出，1 USDT 锚定 1 美元，是市场较早的一批稳定币，此后逐渐成 为市场上使用最广泛的稳定币产品，当前发行规模超 1500 亿 ...

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, particularly in the areas of virtual assets and Web3.0 development, suggesting a strong investment opportunity in these sectors [2][9]. Core Insights - The report emphasizes the importance of monitoring global tariff negotiations, particularly the recent developments in U.S.-China trade relations and their potential impact on market dynamics [9]. - There is a notable increase in the quality and risk appetite of Hong Kong assets, with a focus on asset trading platforms as valuable investment opportunities [9]. - The report highlights the active performance of virtual asset-related stocks in Hong Kong, driven by stablecoin policies, and anticipates further regulatory developments in this area [2][9]. Summary by Sections 1. Industry Situation Tracking 1.1 Education - The K12 education sector shows strong growth, with leading institutions reporting over 20% revenue growth for winter training sessions [4]. - Recent product launches in AI education indicate ongoing innovation in the sector [4][17]. 1.2 Luxury Goods - The luxury goods sector is experiencing disruptions due to U.S.-EU tariff policies, with cautious price increases observed among brands [4][19]. - LVMH expresses confidence in the Chinese market despite recent consumption declines, indicating a long-term positive outlook [21]. 1.3 Coffee and Beverage Chains - Coffee and tea remain key categories for delivery platforms, with recent subsidies from platforms like JD.com [4]. - Coffee futures have seen a significant decline, which may alleviate cost pressures for companies like Luckin Coffee [4][27]. 1.4 E-commerce - Major players like Alibaba and JD.com continue to compete aggressively in the delivery and retail sectors, impacting short-term profitability [4]. - The report notes strong performance in the "618" shopping festival, with significant growth in various product categories [32]. 2. Platform & Technology 2.1 Streaming Platforms - The streaming sector shows resilience, with Tencent Music and other platforms benefiting from scale effects [4][33]. - Recent transactions, such as HYBE's sale of SM Entertainment shares to Tencent Music, highlight strategic movements within the industry [34]. 2.2 Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization is reported at $337.44 billion, reflecting a 4% decline [38]. - The introduction of the Stablecoin Regulation in Hong Kong marks a significant step in regulating digital asset activities [41].

Group 1 - The core viewpoint of the news highlights the performance of Guofu Quantum (00290.HK), which saw a significant increase in its stock price and has outperformed the Hang Seng Index in recent months [1][2] - As of June 2, the Hang Seng Index closed at 23,157.97 points, down 0.57%, while Guofu Quantum's stock price rose by 19.72% to 1.7 HKD per share, with a trading volume of 10.89 million shares and a turnover of 16.8 million HKD [1] - Over the past month, Guofu Quantum has accumulated a 13.6% increase, and since the beginning of the year, it has risen by 79.75%, outperforming the Hang Seng Index's 16.1% increase [2] Group 2 - Financial data shows that as of September 30, 2024, Guofu Quantum achieved total operating revenue of 27.41 million HKD, a year-on-year increase of 48.88%, while the net profit attributable to shareholders was -9.84 million HKD, a year-on-year increase of 37.39%, with a debt-to-asset ratio of 17.94% [2] - Currently, there are no institutional investment ratings for Guofu Quantum, and its price-to-earnings ratio stands at -451.92, ranking 83rd in the industry, compared to other financial companies with average P/E ratios ranging from 1.93 to 3.69 [3] - Guofu Quantum is positioned as a cross-border financial technology investment platform based in Hong Kong, focusing on various financial services including investment banking, securities brokerage, asset management, and more, while actively responding to the digital economy development strategy of the Hong Kong government [3]

Group 1 - Stablecoins serve as a bridge between the real world and the Web3 blockchain, facilitating participation in DeFi, NFTs, and cross-border payments while maintaining price stability [1] - Bitcoin acts as a foundational currency in the Web3 ecosystem, contrasting with stablecoins that mitigate price volatility and address traditional financial inefficiencies [1] - The emergence of stablecoins is driven by the need for a new currency system to enhance the efficiency of traditional financial services [1] Group 2 - Hong Kong has officially released its stablecoin regulations, marking a significant step in digital asset regulation in the Asia-Pacific region [3] - The core of the regulations includes a licensing system requiring issuers of fiat-backed stablecoins to obtain a license from the Hong Kong Monetary Authority (HKMA) [3] - The licensing requirements include a minimum paid-up capital of HKD 25 million, asset audits, redemption mechanisms, and compliance standards [3] Group 3 - The stringent regulatory requirements are influenced by the collapse of TerraUSD in 2022, which highlighted the risks associated with algorithmically pegged stablecoins [4] - The failure of TerraUSD, which reached a market cap of USD 18 billion, underscores the need for robust regulatory frameworks to protect consumers and ensure orderly industry development [4] - As of 2023, 25 countries or regions have established stablecoin legislation or regulatory frameworks, with Hong Kong's regulations advancing the compliance process for digital assets [4]

Core Insights - The demand for customized corporate websites in China is expected to grow by 35% year-on-year by 2025, but the market has a mix of service providers, which can lead to brand misalignment, poor user experience, and data security risks [1] Group 1: High-End Custom Websites - Target Audience: Large enterprises and multinational corporations that focus on brand premium and long-term competitiveness [2] - Core Competencies: Deep integration of brand strategy and user experience, forward-looking technical architecture, and full lifecycle services [2] - Notable Service Provider: Mountor, with 25 years in high-end customization, has served over 10,000 companies, including more than 500 listed firms, excelling in global corporate website construction [3][5] Group 2: Small and Micro Enterprise Template Websites - Target Audience: Small enterprises, startups, and personal brands with limited budgets needing quick deployment [14] - Core Competencies: Ease of use, a variety of templates, and integrated basic marketing functions [15] - Notable Service Providers: Alibaba Cloud offers a one-stop service with deep integration with e-commerce platforms, while WordPress, with over 40% global market share, supports plugin expansion and SEO optimization [16][17] Group 3: E-commerce Independent Sites - Target Audience: Cross-border e-commerce, self-owned brands, and businesses needing to accumulate private traffic [18] - Core Competencies: Multi-currency payment, logistics integration, and data security compliance [19] - Notable Service Providers: Wix offers a drag-and-drop editor with over 3,000 industry templates, while Shopify, used by over a million merchants, will introduce AI product analysis and TikTok live integration in 2025 [20][21] Group 4: Selection Strategies and Pitfalls - Clear Needs and Budget: Companies should define their website goals and budget, with high-end custom services being more suitable for larger enterprises, while template and e-commerce platforms are better for smaller businesses [24] - Evaluate Technical Strength and Service Quality: A good website provider should master cutting-edge technology and have a robust after-sales service system [25] - Reference Industry Cases and User Reviews: Reviewing past cases and user feedback can provide insights into service quality and industry adaptability [26] - Focus on Security and Compliance: Data security and privacy protection are critical considerations, and companies should choose providers compliant with international regulations [27] Future Outlook - The website construction industry will continue to evolve with the deepening application of Web 3.0 and metaverse technologies, emphasizing the need for companies to partner with innovative service providers to build sustainable competitive advantages in the digital race [28]

Group 1 - The Web3.0 concept index rose by 4.43%, ranking 8th among concept sectors, with 58 stocks increasing in value [1] - Notable gainers in the Web3.0 sector included Sifang Jingchuang, which hit the daily limit up of 20%, and other stocks like Tiandi Online, Zhongke Jincai, and Hongbo Co., which also saw significant increases [1][2] - The sector experienced a net inflow of 2.455 billion yuan, with 35 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflow [2] Group 2 - The top stocks by net inflow in the Web3.0 sector included Sifang Jingchuang with a net inflow of 661 million yuan, followed by Hongbo Co. and Zhongke Jincai, each with net inflows of 468 million yuan and 198 million yuan respectively [2][3] - The highest net inflow ratios were observed in Yuanlong Yatu, Jinqiao Information, and Tiandi Online, with net inflow ratios of 33.45%, 29.88%, and 29.57% respectively [3][4] - Stocks like Tiandi Online and Xianjin Shuyuan also showed strong performance with daily increases of 10.01% and 8.28% respectively [4][5]

2025年5月25日，武汉九通海源酒店会场内华灯璀璨、高朋满座，聚龙吟控股集团湖北分公司开业盛典在此盛大启幕，以"数字新纪元，聚势创未来"为主 题，如同一颗璀璨的新星，正式扎根荆楚大地，翻开了数字赋能区域发展的崭新篇章。 集团运营部总经理唐六阳先生分享了《集团年度战略规划》，解读了当下互联网发展趋势、新型消费趋势，以及当下如何帮助小微企业实现传统生意的数 字化转型。同时分享了聚龙吟的企业发展理念及集团的发展历程。基于当下的经济环境，剖析了集团的商业模式，制定了短期的发展规划和远期的战略部 华中大区总裁韩枫先生正式发布《华中区战略规划及授牌仪式》，回顾了2024年华中区在市场竞争中取得的阶段性成果，以数据为锚点凸显业绩韧性，并 以"五位一体，赢战2025"为核心战略，聚焦管理体系、架构体系、市场布局、人才培育领域，规划了2025年华中区四省业务布局。现场同时举行授牌仪 式，标志着华中大区"组织变革、人才培育、市场拓展"协同推进的高质量发展新阶段全面启动。 署。 在开场致辞中，聚龙吟控股集团董事长魏喜妹目光坚定而温暖地强调："聚龙吟作为绿色消费积分领域的创新者，我们坚持"正心、正德"的发展理念，通 过区块链技术构 ...