Market Overview - A-shares experienced a volume contraction and consolidation on September 19, with a focus on opportunities in the fintech sector as funds showed interest during declines [1] - The China Securities Financial Technology Theme Index fell over 1% during the day, with several constituent stocks declining, including Hengbao Co., which dropped over 5% [1] - Conversely, stocks like Electric Science Digital and Xin'an Century saw gains of over 2% [1] ETF Performance - The fintech ETF (159851), which has a scale exceeding 10 billion, saw a drop of over 1% during trading, with real-time transactions amounting to 500 million yuan, reflecting a slight decrease in volume [1] - Despite the drop, the fintech ETF received a net subscription of over 100 million units, accumulating nearly 900 million yuan in inflows over the previous three days [1] Investment Sentiment - Goldman Sachs maintains an overweight rating on A-shares and H-shares, predicting potential upside of 8% and 3% respectively over the next 12 months, and recommends investors to buy on dips, focusing on themes like "Top Ten Private Enterprises in China," AI, and shareholder returns [2][3] - The current market conditions are favorable for an upward trend, supported by liquidity and fundamental factors, with expected earnings growth in major indices remaining in the mid-to-high single digits [3] Liquidity and Capital Flow - There is a net inflow of global capital into the A-share market, with household savings increasingly moving into capital markets, creating a continuous source of incremental funds [3] - The recent interest rate cuts by the Federal Reserve are expected to enhance global liquidity, benefiting the A-share technology growth sector [3] Fintech Sector Dynamics - The fintech sector is highlighted as having significant elasticity and is expected to benefit from improved liquidity, with internet brokerage fundamentals anticipated to continue improving [4] - The sector is also experiencing a "technology innovation bull market," with AI, cross-border payments, and big data emerging as new growth points for fintech companies [5] - The fintech ETF (159851) has a scale exceeding 10 billion yuan, with an average daily trading volume of over 1.4 billion yuan in the past month, indicating strong liquidity and market interest [5]

Core Insights - The 2025 China-ASEAN Financial Cooperation and Development Forum highlighted a significant increase in the use of the Chinese yuan in ASEAN countries, with a projected cross-border payment amount of RMB 89,024.7 billion in 2024, marking a year-on-year growth of 50.74%, the fastest in three years [1][3]. Group 1: Cross-Border Payment Developments - ASEAN countries have consistently maintained a leading position in the use of the Chinese yuan for cross-border transactions [3]. - The bilateral use of local currencies between China and ASEAN has made notable progress across various sectors, including deepening monetary cooperation and expanding the coverage of cross-border clearing and settlement networks [3][4]. - The China Payment System (CIPS) reported a year-on-year increase of 41.6% in the number of cross-border yuan transactions and a 95.6% increase in transaction amounts with ASEAN countries [3]. Group 2: Strategic Initiatives and Collaborations - The People's Bank of China (PBOC) is committed to enhancing cross-border payment cooperation with ASEAN nations, focusing on improving CIPS infrastructure and promoting the interoperability of cross-border retail payments [4]. - New projects such as the "Hui Xiao Er" cross-border financial service platform and the North Bay Digital RMB service platform were launched during the forum, indicating a push towards innovative financial solutions [4].

Core Viewpoint - The company is actively advancing its layout in data assets, digital currency, and cross-border payment sectors, leveraging its technological capabilities in various fields [2]. Group 1: Technological Capabilities - The company possesses a digital security system framework, low-latency transmission, ultra-high-definition encoding, 5G video applications, blockchain applications, and smart contracts [2]. - These technologies are expected to positively impact the development of electronic IDs, biometric identification, privacy encryption, and recognition modules, as well as facilitate the construction of data exchanges [2]. Group 2: Payment Licenses and Systems - The company holds internet payment and television payment licenses, indicating its compliance and capability in the payment sector [2]. - The payment company has currently integrated with the cross-border CIPS system, enhancing its operational capabilities in international transactions [2].

Core Insights - The 2025 Shenzhen Cross-Border E-Commerce Expo opened on September 17, attracting over 1,500 exhibitors from around the world [1] - The exhibition covers 14 major categories of quality suppliers, cross-border e-commerce platforms, and professional service providers [1] - The total exhibition area reached 80,000 square meters, showcasing a comprehensive range of resources across the entire cross-border e-commerce industry chain [1] Industry Activities - During the expo, over 100 high-quality concurrent events will be held, featuring experts from cross-border e-commerce platforms, corporate representatives, and industry leaders [1] - The events will include keynote speeches, roundtable discussions, and practical case sharing, focusing on industry trends, marketing innovations, overseas strategies, and cross-border payment issues [1]

Core Insights - AnchorX has launched AxCNH, the world's first offshore RMB stablecoin with regulatory approval, aimed at facilitating cross-border transactions [1][2] - The stablecoin is designed to enhance cross-border payment and trade settlement for offshore Chinese enterprises [2] - AxCNH has been tested on the Conflux blockchain and will be listed on the licensed cryptocurrency exchange ATAIX in Kazakhstan, initially available only to professional investors [3] Group 1: Product Launch and Purpose - AnchorX has officially announced the issuance of AxCNH in Hong Kong, marking a significant milestone in the stablecoin market [1] - The primary goal of AxCNH is to provide a new payment settlement tool for cross-border transactions, particularly for Chinese enterprises operating offshore [2] Group 2: Partnerships and Applications - AnchorX has signed memorandums of understanding with several companies, including major players like Zoomlion and Lenovo, to explore applications of AxCNH in cross-border payments, trade settlements, and digital asset transactions [2] - The collaboration with Zoomlion is particularly noteworthy, as the company reported overseas revenue of 23.4 billion RMB in 2024, accounting for over 50% of its total revenue [2] Group 3: Trading and Accessibility - AxCNH will be listed on the ATAIX exchange, offering trading pairs with KZT (Kazakhstani Tenge) and USDT [3] - Currently, trading of AxCNH is restricted to professional clients, reflecting a cautious approach to market entry [3]

Company Overview - Xinyada Technology Co., Ltd. is located in Hangzhou, Zhejiang Province, established on July 22, 1996, and listed on November 1, 2002. The company's main business involves software technology development and consulting services [1][2] - The revenue composition of Xinyada is primarily from the IT industry (99.30%), with minor contributions from the environmental protection industry (0.65%) and other business revenues (0.05%) [1] Financial Performance - For the first half of 2025, Xinyada achieved operating revenue of 861 million yuan, representing a year-on-year growth of 11.24%. The net profit attributable to the parent company was -52.635 million yuan, showing a year-on-year increase of 9.76% [2] - Since its A-share listing, Xinyada has distributed a total of 826 million yuan in dividends, with 143 million yuan distributed over the past three years [3] Stock Market Activity - On September 18, Xinyada's stock price decreased by 2.03%, closing at 17.41 yuan per share, with a trading volume of 230 million yuan and a turnover rate of 2.85%. The total market capitalization is 8.119 billion yuan [1] - Year-to-date, Xinyada's stock price has increased by 39.14%, but it has seen a decline of 3.81% over the last five trading days and 10.95% over the last twenty days [1] - Xinyada has appeared on the "Dragon and Tiger List" 11 times this year, with the most recent appearance on July 11, where it recorded a net buy of -12.1013 million yuan [1] Shareholder Information - As of June 30, 2025, Xinyada had 67,300 shareholders, an increase of 13.50% from the previous period. The average number of circulating shares per person is 6,797, which is a decrease of 11.89% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest, holding 4.3874 million shares, an increase of 92,000 shares from the previous period [3]

Group 1 - The core viewpoint of the news is that New Guodu's stock has experienced fluctuations, with a recent decline in price and significant net outflow of funds, indicating potential investor concerns [1] - As of September 18, New Guodu's stock price was 28.26 yuan per share, with a market capitalization of 16.032 billion yuan and a trading volume of 484 million yuan [1] - Year-to-date, New Guodu's stock has increased by 33.55%, but it has seen declines of 3.29% over the last five trading days, 14.39% over the last 20 days, and 20.95% over the last 60 days [1] Group 2 - New Guodu, established on July 31, 2001, and listed on October 19, 2010, specializes in electronic payment services, providing payment acquisition services and selling electronic payment terminals [2] - The company's revenue composition includes 61.85% from acquisition and value-added services, 35.24% from electronic payment products, and smaller percentages from audit and technical services [2] - New Guodu is categorized under the computer industry, specifically in the segment of other computer equipment, and is involved in concepts such as electronic payment and cross-border payment [2] Group 3 - As of June 30, the number of shareholders for New Guodu increased to 83,400, while the average circulating shares per person decreased by 43.72% [3] - For the first half of 2025, New Guodu reported a revenue of 1.527 billion yuan, a year-on-year decrease of 3.17%, and a net profit of 275 million yuan, down 38.61% year-on-year [3] Group 4 - Since its A-share listing, New Guodu has distributed a total of 1.341 billion yuan in dividends, with 890 million yuan distributed in the last three years [4] - As of June 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 3.7633 million shares, a decrease of 2.6324 million shares from the previous period [4] - The Southern CSI 1000 ETF entered the top ten circulating shareholders with 3.6473 million shares, while Huabao CSI Financial Technology Theme ETF exited the list [4]

Core Viewpoint - Newland Digital Technology Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable increase in revenue and net profit year-on-year, indicating potential growth in the company's financial performance [1][2]. Financial Performance - As of September 10, Newland reported a revenue of 4.02 billion yuan for the first half of 2025, representing a year-on-year growth of 10.54% - The net profit attributable to shareholders reached 595 million yuan, showing a year-on-year increase of 12.36% [2]. Stock Performance - On September 18, Newland's stock price decreased by 2.04%, trading at 28.33 yuan per share, with a total market capitalization of 28.701 billion yuan - The stock has increased by 43.54% year-to-date, but has seen a decline of 7.66% over the past 20 days and 10.93% over the past 60 days [1]. Shareholder Information - As of June 30, 2025, Newland had 69,700 shareholders, a decrease of 1.10% from the previous period - The average number of circulating shares per shareholder was 14,449, down by 0.76% [2][3]. Major Shareholders - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 24.3876 million shares, an increase of 11.5104 million shares from the previous period - Southern CSI 500 ETF and Huabao CSI Financial Technology Theme ETF are also among the top shareholders, with varying changes in their holdings [3]. Business Segments - Newland's main business segments include electronic payment products and information reading products (49.30%), merchant operations and value-added services (37.65%), and industry applications and software development (12.92%) [2]. Dividend Distribution - Since its A-share listing, Newland has distributed a total of 2.694 billion yuan in dividends, with 1.062 billion yuan distributed over the past three years [2].

Company Overview - Zhongke Soft Technology Co., Ltd. is located in Haidian District, Beijing, and was established on May 30, 1996. The company was listed on September 9, 2019. Its main business involves computer software development, sales, and services [1]. - The company's revenue composition includes 71.83% from software development and services, 26.63% from system integration and services, 1.29% from software products, and 0.26% from other sources [1]. Financial Performance - As of August 29, Zhongke Soft reported a revenue of 2.853 billion yuan for the first half of 2025, representing a year-on-year growth of 1.21%. However, the net profit attributable to shareholders decreased by 43.36% to 107 million yuan [2]. - The company has distributed a total of 1.728 billion yuan in dividends since its A-share listing, with 977 million yuan distributed over the past three years [3]. Stock Performance - On September 18, Zhongke Soft's stock price increased by 2.04%, reaching 21.03 yuan per share, with a trading volume of 216 million yuan and a turnover rate of 1.25%. The total market capitalization is 17.477 billion yuan [1]. - Year-to-date, the stock price has decreased by 1.31%, but it has seen a 1.25% increase over the last five trading days, a 1.30% increase over the last 20 days, and a 9.36% increase over the last 60 days [1]. Shareholder Information - As of August 29, the number of shareholders increased to 66,600, with an average of 12,477 circulating shares per person, a decrease of 2.11% from the previous period [2]. - Among the top ten circulating shareholders, the Southern CSI 500 ETF holds 8.6218 million shares, an increase of 1.185 million shares compared to the previous period, while Hong Kong Central Clearing Limited holds 6.4659 million shares, a decrease of 867,350 shares [3]. Market Position - Zhongke Soft is classified under the computer-software development industry, specifically in vertical application software. It is associated with concepts such as Huawei Euler, intelligent transportation, cross-border payment, Huawei Kunpeng, and smart governance [1].

Core Insights - The cross-border payment industry is entering a new phase characterized by a significant trend of "going global," with companies actively seeking overseas licenses to enhance their competitive edge [1][2][3] Group 1: Company Developments - CoGoLinks International has officially obtained a "money service license" in the UAE, allowing it to operate payment accounts, process transactions, and issue payment tools [2][3] - CoGoLinks is a subsidiary of the Jiehang Technology Group, focusing on providing digital solutions in cross-border trade, including e-commerce and traditional foreign trade [2] - The company has also received preliminary approval from the Monetary Authority of Singapore to prepare for a large payment institution license [3] Group 2: Industry Trends - The competition among cross-border payment institutions has shifted from a "channel war" to a "license arms race," with many companies applying for and acquiring licenses globally [3][4] - As of now, companies like Lianlian Digital and PingPong hold numerous licenses across key markets, indicating a trend towards building a robust compliance foundation [3][4] Group 3: Market Dynamics - The push for overseas licenses is driven by intense competition in the domestic payment market and the higher fees associated with cross-border payments [4][5] - Companies are expanding their services beyond simple payment processing to include local acquiring, multi-currency settlement, and foreign exchange management [6][10] Group 4: Strategic Considerations - Firms are advised to prioritize obtaining key licenses in strategic markets to balance compliance depth with service breadth [8][10] - The focus is shifting from merely acquiring licenses to enhancing comprehensive service capabilities, including technology innovation and localized service [9][10] Group 5: Challenges and Risks - Obtaining overseas payment licenses involves navigating complex regulatory environments and can take 1-2 years, requiring extensive communication with local regulators [7][9] - There are risks associated with license retention, as some countries may revoke licenses if certain market performance indicators are not met [9]