新大陆 20250618 摘要 新大陆 2024 年归母净利润达 10.1 亿元，同比增长 10%；2025 年一 季度营收 18.96 亿元，同比增长 9%，归母净利润 3.111 亿元，同比增 25.16%，主要受益于欧洲智能支付终端出货量提升，显示公司整体经 营状况良好。 公司海外业务已覆盖超 120 个国家和地区，通过智能终端设备出口增强 市场份额，并关注跨境电商、金融科技等机遇，同时积极探索跨境支付 领域布局，有望加速形成新的增长动能。 国内市场方面，第三方支付行业出清改善供需结构，公司聚焦二三线城 市中小微商户，零售与餐饮领域交易流水自 2024 年 9 月起稳步提升， 预计二三季度保持稳定，全年交易流水预期良好。 公司通过动态智能化调整费率，后端智能化能力提升费率空间，同时积 极申请 MSO、MSB 等海外支付牌照，预计二季度将有进展，为实现全 球收款、分发及收单能力奠定基础。 新大陆积极参与数字人民币产业建设，是唯一总行级服务商，并探索数 字人民币国际化，尽管目前收入不明显，但长期来看，有助于提升人民 币国际市场话语权。 Q&A 今年以来新大陆公司的股价表现非常优秀，公司作为第三方支付龙头，在 ...

Summary of Yiwu Small Commodity City Conference Call Company and Industry Overview - The conference call discusses **Yiwu Small Commodity City**, focusing on its performance, market conditions, and strategic initiatives in the **small commodity and import/export industry** [2][4]. Key Points and Arguments 1. **Strong Market Demand**: Yiwu Small Commodity City has successfully attracted tenants in its six districts, with site fees rising to **110,000-120,000 yuan**, indicating a high market demand [2][6]. 2. **Impact of Rental Income**: Expected shop rental income is projected to be between **2,000-2,500 yuan/month**, contributing significantly to the company's revenue. Site fees are expected to generate approximately **4 billion yuan annually**, with a conversion rate of about **75%** [2][7]. 3. **Office Space Demand**: There is a robust demand for office spaces, with auction prices around **15,000 yuan**. Five office buildings have been quickly sold out, supporting the company's future performance [2][8]. 4. **Strategic Shift to Financial Services**: The company plans to obtain a **TCSP license** in Hong Kong, transitioning from commercial operations to financial services, enhancing its credibility and competitive edge [2][9]. 5. **Enhanced Financial Services**: With the TCSP license, Yiwu Small Commodity City can offer value-added services like fund custody and guarantee payments, simplifying overseas business processes for Chinese merchants [2][10]. 6. **Future of Import Business**: Yiwu's import business is seen as a strategic asset in trade negotiations, with the government providing unique pilot qualifications to lower costs and time for new product registrations [2][11]. 7. **Merchant Feedback on Import Policies**: Merchants report high barriers to entry for imports, including long registration times and high costs, but generally welcome the policies aimed at reducing business hurdles [2][13]. 8. **Long-term Import Business Outlook**: The outlook for Yiwu's import business is optimistic, with expectations for significant growth by **2027**, targeting **300 billion yuan** in imports, which could substantially increase profit margins [2][15]. 9. **Market Positioning and Future Growth**: The company is well-positioned to benefit from strong demand and limited supply, with expectations for continued high prices and stable valuations in the long term [2][16][17]. Additional Important Insights - **Stock Price Volatility**: Recent fluctuations in stock prices are attributed to profit-taking by investors and the market's reaction to the pricing of the six districts, which did not meet some high expectations [2][4]. - **Government Support**: Local government initiatives to establish inspection agencies for cosmetics and pharmaceuticals are expected to attract more businesses and enhance the economic landscape [2][14]. - **Investment Timing**: The third and fourth quarters of **2025** are highlighted as critical periods for strategic investments in Yiwu Small Commodity City, given the anticipated policy impacts and market conditions [2][15][17].

宏观 锚定高质量发展，深化金融改革开放 ——2025 陆家嘴论坛开幕式主题演讲点评 2025 年 6 月 19 日 宏观研究/事件点评 投资要点： 事件：2025 陆家嘴论坛 6 月 18 日召开，会议主题为"全球经济变局中 的金融开放合作与高质量发展"。开幕式上，中国人民银行行长潘功胜、金 融监管总局局长李云泽、中国证监会主席吴清、国家外汇局局长朱鹤新出席 会议并发表主题演讲。 中国人民银行行长潘功胜的演讲题目是《关于全球金融治理的若干思 考》，强调央行将积极参与完善全球金融治理、不断做好评估和完善货币政 策。今年以来，在美国长期债务问题以及"美国例外论"动摇的情况下，美 元持续走弱，以美元主导的国际货币体系面临前所未有的挑战。报告聚焦国 际货币体系、跨境支付体系、全球金融稳定体系、国际金融组织治理四个问 题，探讨了我国在完善全球金融治理中所坚持的方向。 报告指出，国际主导货币具有全球公共品的属性，由一国主权货币来承 担，与生俱来就存在一些内在的不稳定问题，主要源于主权货币国会更多考 虑自身利益，以及主权货币国的财政和金融监管问题、内部经济结构性矛盾 的不断累积，会以金融风险的形式向全球溢出。未来，国际货币 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has completed the leasing of the jewelry sector in the global digital trade center, which is expected to contribute approximately 1.4 billion yuan in selection fee revenue [7] - The company plans to establish a wholly-owned subsidiary in Hong Kong to diversify its payment services, enhancing its cross-border financial service capabilities [7] - The company is actively applying for a stablecoin license in Hong Kong, aiming to provide efficient and low-cost cross-border payment solutions [7] - The controlling shareholder has increased its stake in the company, reflecting confidence in its future development [7] - The profit forecast for the company shows a significant increase in net profit from 4.23 billion yuan in 2025 to 6.83 billion yuan in 2027, with corresponding P/E ratios decreasing from 26 to 16 [7] Financial Projections - Total revenue is projected to grow from 15.74 billion yuan in 2024 to 33.23 billion yuan in 2027, with a compound annual growth rate (CAGR) of 21.68% [7] - The net profit attributable to the parent company is expected to rise from 3.07 billion yuan in 2024 to 6.83 billion yuan in 2027, reflecting a CAGR of 19.46% [7] - The latest diluted EPS is forecasted to increase from 0.56 yuan in 2024 to 1.24 yuan in 2027 [7]

加密货币交易所Yellow Card Financial与支付巨头Visa(V.US)签署了一项协议，以推动在新兴市场使用稳 定币进行跨境支付。成立于2016年的Yellow Card希望在其运营的约20个非洲国家推广稳定币，并利用 无处不在的Visa平台来覆盖其目标市场。 他表示，Yellow Card计划今年至少在一个非洲市场与Visa合作推出稳定币交易，之后再扩展到其他市 场。此举得益于非洲数字技术的普及率不断提高，加纳、肯尼亚、南非和尼日利亚等国家正在制定该领 域的监管规定。 Yellow Card高级法律顾问Edline Murungi表示，肯尼亚的立法草案《虚拟资产服务提供商法案》是非洲 最先进的法案，因为它区分了稳定资产和投机资产，并承认了各种用例。 Murungi表示："这些用例将真正改变整个行业。如果其他国家也效仿，那么肯尼亚将成为许多数字资产 活动的中心。" Yellow Card表示，毛里求斯于2021年成为首个颁布此类法律的非洲国家，而博茨瓦纳则于2022年颁发 了首张许可证。六个国家和中部非洲经济与货币共同体已制定了相关立法。 Yellow Card联合创始人兼首席执行官Chris ...

天风证券表示，稳定币有望"重塑全球金融支付体系"，如USDT等稳定币替代传统电汇，成本从25-50美 元/笔降至低于1美元，到账时间从1-5个工作日压缩至分钟级。 隔夜美股稳定币龙头Circle大涨33.8%，市值至444亿美元（约3200亿人民币），且传统支付行业龙头 VISA和Mastercard分别下跌5.4%和4.6%。 据央视新闻报道，美国参议院当地时间6月17日通过了一项立法，旨在为被称为"稳定币"的加密货币建 立监管框架。这项名为"《指导与建立美国稳定币国家创新法案》"（天才法案）的议案获得两党支持， 以68票对30票的结果在参议院获得通过，标志着该院首次批准主要的加密货币立法。 此外，6月18日，央行行长潘功胜在2025陆家嘴论坛上表示，全球希望改善跨境支付体系的呼声不断高 涨，新兴支付基础设施和结算方式不断涌现，推动全球跨境支付体系朝着更加高效、安全、包容、多元 的方向发展，这一趋势未来会持续增强。 德意志银行最新研报显示稳定币市场总规模从2020年的20N亿美元激增至2025年5月的2460亿美元。同 时，交易量增长了598%，2024年以27.6万亿美元的交易量超越Visa和Master ...

Core Viewpoint - The People's Bank of China announced eight policy measures to further advance the construction of Shanghai as an international financial center, emphasizing the need for a diversified and efficient global financial safety net and the consistency and authority of global financial regulatory rules [1][5]. Group 1: Policy Measures - Establishment of an interbank market trading report database to collect and analyze trading data across various financial sub-markets [2]. - Creation of a digital RMB international operation center to promote the internationalization of digital RMB and support financial market innovation [2]. - Establishment of personal credit institutions to provide diversified credit products and enhance the social credit system [3]. - Launch of offshore trade finance service reform pilot in the Lingang New Area to support the development of offshore trade [4]. - Development of offshore bonds in the free trade zone to broaden financing channels for enterprises involved in the Belt and Road Initiative [4]. - Optimization of free trade account functions to enhance the efficiency of cross-border trade and investment [4]. - Implementation of innovative structural monetary policy tools in Shanghai, including blockchain credit refinancing and carbon reduction support tools [4]. - Collaboration with the China Securities Regulatory Commission to promote RMB foreign exchange futures trading to improve the foreign exchange market product series [4]. Group 2: Global Financial Governance - Discussion on the need to reduce reliance on a single sovereign currency and promote a competitive environment among a few strong sovereign currencies to enhance the resilience of the international monetary system [5]. - The potential for Special Drawing Rights (SDR) to serve as a super-sovereign international currency, though facing challenges in political consensus and market depth [5]. - Emphasis on the importance of a diversified global cross-border payment system and the role of emerging technologies in reshaping traditional payment systems [6][7]. - Recognition of the challenges facing the global financial stability framework, including fragmented regulatory frameworks and insufficient regulation of non-bank intermediaries [7]. - The need for a strong IMF to build a diversified and efficient global financial safety net and to adjust the quota shares to reflect member countries' positions in the global economy [7].

Core Viewpoint - Shanghai is set to implement eight policy measures aimed at enhancing its status as an international financial center, focusing on financial openness and innovation in response to global economic trends [1][4][6]. Group 1: Policy Measures - Establishment of an interbank market transaction reporting database [6] - Creation of a digital RMB international operation center [6] - Formation of a personal credit agency [6] - Launch of a comprehensive reform pilot for offshore trade finance services in the Lingang New Area [6] - Development of offshore bonds in the free trade zone [6] - Optimization and upgrading of free trade account functions [6] - Innovation of structural monetary policy tools through "first trial" initiatives [6] - Collaboration with the China Securities Regulatory Commission to promote RMB foreign exchange futures trading [6] Group 2: Financial Openness and Cooperation - Emphasis on attracting foreign financial institutions and long-term capital to Shanghai, enhancing its role as a financial hub [2][11] - Commitment to expanding institutional financial openness and improving the business environment for foreign investments [11][13] - Focus on creating a more inclusive international financial system and enhancing global financial stability [11][10] Group 3: Technological and Market Development - Promotion of the integration of technological innovation and industrial innovation, particularly in the capital market [3] - Support for the development of a technology finance service system to facilitate the transformation of technological achievements into new productive forces [3][17] - Continuous improvement of the financial market structure and internationalization to enhance global resource allocation capabilities [2][3] Group 4: Risk Management and Regulatory Framework - Strengthening financial regulation and risk prevention measures to ensure stability in the financial sector [3][20] - Implementation of a more convenient, open, secure, and intelligent foreign exchange management system [16][21] - Introduction of supportive policies to stabilize employment, enterprises, and market expectations amid changing external environments [21][22]

Key Points - The People's Bank of China announced eight policy measures to be implemented in Shanghai, focusing on enhancing the financial market infrastructure and promoting digital currency [1][2] - The establishment of an interbank market trading report database aims to collect and analyze trading data across various financial sub-markets [1] - A digital RMB international operation center will be set up to facilitate the internationalization of digital currency and support financial market innovation [1] - The creation of a personal credit agency will provide diversified credit products to financial institutions, improving the social credit system [1] - A pilot program for offshore trade finance services will be launched in the Shanghai Lingang New Area to support offshore trade development [1] - The development of offshore bonds will expand financing channels for enterprises involved in the Belt and Road Initiative [1] - The optimization of free trade account functions will enhance the efficient flow of funds between quality enterprises and foreign capital [1] - Structural monetary policy tools will be innovated in Shanghai, including blockchain credit refinancing and cross-border trade refinancing [2] - The discussion on the international monetary system highlights the need for a balanced competition among a few strong sovereign currencies [2][3] - The potential for Special Drawing Rights (SDR) to become an international reserve currency is emphasized, requiring political consensus and operational improvements [3] - The global cross-border payment system is evolving towards greater efficiency and inclusivity, driven by emerging technologies [3] - The global financial stability framework faces new challenges, necessitating a robust international financial safety net led by the IMF [4] - The governance of international financial organizations, particularly the IMF, requires adjustments in quota shares to reflect the economic standing of member countries [5]

6月18日，2025陆家嘴论坛在上海开幕，中国人民银行行长潘功胜出席并发表主题演讲。作为本届论坛 的共同轮值主席，潘功胜就"关于全球金融治理的若干思考"的主题发言，分别谈了国际货币体系、跨境 支付体系、全球金融稳定体系和国际金融组织治理。 中国人民银行行长潘功胜在2025陆家嘴论坛上发表主题演讲。图片来源：中国人民银行 关于国际货币体系的两个讨论方向 关于国际货币体系，潘功胜认为，从历史看，国际货币体系始终处于演进之中，国际主导货币的更替反 映了国际格局的深刻变化和国家竞争力的迭代。 17世纪，荷兰盾成为早期国际通用货币；18世纪末至20世纪上半叶，英镑成为国际主导货币；二战后， 美元确立主导地位并延续至今。但国际主导货币由一国主权货币来承担，与生俱来就存在一些内在的不 稳定问题。 关于跨境支付体系，潘功胜认为，跨境支付体系是全球货币资金运行的"动脉"，是促进国际贸易和投融 资、维护金融稳定的重要依托，也是国际货币体系的重要支撑。 但是近年来，传统跨境支付体系面临的问题逐渐凸显。在潘功胜看来，全球希望改善跨境支付体系的呼 声不断高涨，新兴支付基础设施和结算方式不断涌现，推动全球跨境支付体系朝着更加高效、安全、 ...