Company Overview - Jinqiao Information Co., Ltd. is located in Xuhui District, Shanghai, established on August 17, 1994, and listed on May 28, 2015. The company specializes in smart scene solutions, smart building solutions, and big data and cloud platform services [1][2]. Financial Performance - For the first half of 2025, Jinqiao Information achieved operating revenue of 273 million yuan, representing a year-on-year growth of 50.65%. However, the net profit attributable to shareholders was -40.71 million yuan, an increase of 24.18% year-on-year [2]. - The company has distributed a total of 178 million yuan in dividends since its A-share listing, with 21.92 million yuan distributed over the past three years [3]. Stock Performance - As of September 17, Jinqiao Information's stock price increased by 2.03% to 18.64 yuan per share, with a total market capitalization of 6.811 billion yuan. The stock has risen 46.54% year-to-date [1]. - The stock has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on May 15, where it recorded a net buy of -82.28 million yuan [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 10.58% to 68,600, while the average circulating shares per person increased by 11.49% to 5,324 shares [2]. - Notable new institutional shareholders include FuGuo New Emerging Industries Stock A/B and HuaAn Media Internet Mixed A, among others [3]. Industry Classification - Jinqiao Information is classified under the computer-IT services sector, specifically in IT services III. It is associated with concepts such as data rights confirmation, smart governance, online education, blockchain, and cloud video [2].

机构持仓方面，截止2025年6月30日，金证股份十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股1917.40万股，相比上期减少112.81万股。南方中证1000ETF（512100）位居第八大流通股 东，持股612.15万股，相比上期增加116.10万股。华宝中证金融科技主题ETF（159851）位居第九大流 通股东，持股572.34万股，相比上期增加40.77万股。 责任编辑：小浪快报 截至6月30日，金证股份股东户数9.06万，较上期增加31.64%；人均流通股10446股，较上期减少 24.04%。2025年1月-6月，金证股份实现营业收入12.08亿元，同比减少48.55%；归母净利润-3883.38万 元，同比增长51.95%。 金证股份今年以来股价涨15.37%，近5个交易日涨0.96%，近20日跌1.58%，近60日涨8.10%。 分红方面，金证股份A股上市后累计派现5.18亿元。近三年，累计派现8316.95万元。 今年以来金证股份已经1次登上龙虎榜，最近一次登上龙虎榜为1月23日，当日龙虎榜净买入-7566.28万 元；买入总计1.19亿元 ，占总成交额比14.97%；卖出总 ...

Group 1 - The stock price of First Capital rose by 2.00% on September 17, reaching 8.16 CNY per share, with a trading volume of 5.55 billion CNY and a market capitalization of 34.292 billion CNY [1] - Year-to-date, the stock price has decreased by 1.52%, but it has increased by 4.35% in the last five trading days, 2.77% in the last twenty days, and 14.03% in the last sixty days [1] - The net inflow of main funds was 318,600 CNY, with large orders accounting for 19.86% of purchases and 21.17% of sales [1] Group 2 - First Capital Securities Co., Ltd. was established on January 12, 1998, and listed on May 11, 2016, with its main business including securities brokerage, financial advisory, underwriting, and asset management [2] - The revenue composition includes asset management and fund management (32.43%), securities brokerage and credit business (19.44%), fixed income business (18.29%), proprietary investment and trading (18.24%), investment banking (6.38%), and other businesses (4.52%) [2] - As of September 10, 2025, the number of shareholders was 251,500, a decrease of 2.65%, with an average of 16,711 circulating shares per person, an increase of 2.72% [2] Group 3 - Since its A-share listing, First Capital has distributed a total of 1.447 billion CNY in dividends, with 655.6 million CNY distributed in the last three years [3] Group 4 - As of June 30, 2025, the top ten circulating shareholders included the Guotai CSI All-Index Securities Company ETF, which held 64.8414 million shares, a decrease of 6.6767 million shares from the previous period [4] - The Southern CSI 500 ETF increased its holdings by 8.4939 million shares, holding 62.3711 million shares [4] - The Hong Kong Central Clearing Limited became a new shareholder, holding 37.1033 million shares [4]

Core Insights - The recruitment trend in bank credit card centers is shifting towards more refined and specialized job classifications, reflecting the need for targeted talent acquisition in a competitive market [1][2][4] - The focus on technology and AI-related roles is increasing, as banks aim to enhance their digital transformation and operational efficiency through specialized skill sets [3][4] Group 1: Recruitment Trends - Banks are moving from broad job categories to detailed classifications, with positions categorized into technical, functional, market, data, and product roles, leading to a total of 16 specific recruitment directions at institutions like China Merchants Bank [1][2] - The emphasis on hiring innovative and digital talent is a response to the intensifying competition and the need for banks to develop unique products that meet diverse customer needs [2][4] Group 2: Technology and Digital Transformation - The demand for technology and AI talent is evident, with major banks like ICBC and Bank of China actively recruiting for roles focused on financial technology and data analysis, which are crucial for the digital transformation of credit card services [3][4] - The integration of big data, AI, and blockchain technologies is accelerating the digitalization of credit card operations, making technology a core driver of business development rather than just a support tool [3][4] Group 3: Future Directions - Experts predict that the future of bank credit card services will involve deeper integration into various vertical scenarios, enhancing user lifecycle value through a "credit card + scenario service" model [5] - There will be a stronger emphasis on refined operations, utilizing big data and AI for tiered management of users, offering personalized benefits and services tailored to different customer segments [5][6]

Company Overview - Zhuoyue Technology, established on February 26, 2004, and listed on March 16, 2010, is located in Nanshan District, Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of network communication, consumer electronics, and smart terminal products [1][2]. Financial Performance - For the first half of 2025, Zhuoyue Technology achieved operating revenue of 870 million yuan, representing a year-on-year growth of 6.96%. The net profit attributable to the parent company was -78.39 million yuan, showing a year-on-year increase of 9.37% [2]. - Since its A-share listing, Zhuoyue Technology has distributed a total of 257 million yuan in dividends, with no dividends paid in the last three years [3]. Stock Performance - As of September 17, Zhuoyue Technology's stock price increased by 2.09%, reaching 10.24 yuan per share, with a trading volume of 133 million yuan and a turnover rate of 2.31%. The total market capitalization is 5.806 billion yuan [1]. - Year-to-date, Zhuoyue Technology's stock price has risen by 61.01%, with a 4.81% increase over the last five trading days, 6.67% over the last 20 days, and 6.00% over the last 60 days [1]. Shareholder Information - As of August 20, the number of shareholders for Zhuoyue Technology was 120,800, a decrease of 3.39% from the previous period. The average number of circulating shares per shareholder increased by 3.51% to 4,688 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 3.002 million shares as a new shareholder [3]. Industry Classification - Zhuoyue Technology belongs to the electronic industry, specifically in the consumer electronics sector, focusing on consumer electronic components and assembly. The company is associated with concepts such as QLED, blockchain, WIFI, artificial intelligence, and the metaverse [2].

Core Viewpoint - 中粮资本's stock price has shown a positive trend with a year-to-date increase of 2.33% and a significant rise of 9.97% over the past 60 days, indicating a stable performance in the financial market [1] Financial Performance - For the first half of 2025, 中粮资本 reported operating revenue of 4.893 billion yuan, a year-on-year decrease of 62.60% [2] - The net profit attributable to shareholders for the same period was 848 million yuan, reflecting a year-on-year decrease of 27.83% [2] Shareholder Information - As of August 29, 中粮资本 had 136,000 shareholders, an increase of 7.94% from the previous period [2] - The average circulating shares per person decreased by 7.35% to 16,941 shares [2] Dividend Distribution - 中粮资本 has distributed a total of 1.503 billion yuan in dividends since its A-share listing, with 850 million yuan distributed over the past three years [3] Major Shareholders - As of June 30, 2025, 南方中证500ETF was the fourth largest circulating shareholder, holding 13.6631 million shares, an increase of 1.6479 million shares from the previous period [3] - 香港中央结算有限公司 ranked fifth among the top circulating shareholders, holding 13.4116 million shares, an increase of 613,640 shares [3]

Economic Performance - Jing'an District's GDP reached 336.99 billion yuan in 2024, surpassing the 300 billion yuan mark, with a per capita GDP of 360,000 yuan, which is 1.5 times that of 2020 [1] - The district's general public budget revenue reached 30.22 billion yuan, ranking among the top in the city [1] Headquarters Economy - Since the 14th Five-Year Plan, Jing'an has added 85 new regional headquarters of multinational companies, bringing the total to 142, along with 26 private enterprise headquarters, leading the city in this regard [2] - The tax revenue contribution from headquarters economy has grown at an average annual rate of 11.1% [2] - Jing'an has attracted 1,122 foreign direct investment projects from 2021 to 2024, an increase of 220 projects compared to the previous five-year period, with contracted foreign capital of 4.83 billion USD, up by 210 million USD [2] Emerging Industries - Jing'an is focusing on enhancing traditional industries while also nurturing emerging sectors, such as the beauty and health industry, aiming to create a new trillion-yuan industry [3] - The "Beauty Innovation Community" has been established as a core platform for collaboration among government, medical research institutions, and enterprises [3] - The district is developing three major platforms: "Digital Communication Valley," "Audio-Visual Jing'an," and "Beauty Innovation Community" to foster innovation and upgrade emerging industries [3] Retail and Consumption - Jing'an has introduced 991 new flagship stores since 2021, making it a leader in the city for new retail formats [4] - Notable projects include the "Louis Vuitton Extraordinary Journey" which opened on June 26, covering 1,600 square meters and significantly boosting foot traffic and sales in the surrounding area [4] - The average daily foot traffic in the shopping district reached 509,300, a year-on-year increase of 61.7%, with nearby businesses also experiencing substantial sales growth [4] Housing and Living Conditions - Jing'an has focused on improving living conditions, with the establishment of the "New Era Builders' Home" providing affordable housing options [5] - The average rent for the apartments is approximately 800-1,000 yuan per bed, with various amenities available [5] - Since the 14th Five-Year Plan, nearly 3,000 new beds have been added to support urban builders [5] Urban Renewal and Infrastructure - The district has prioritized urban renewal, completing the renovation of 47 old residential areas ahead of schedule, benefiting 4,849 households [6] - A total of 1,495 elevators have been installed in existing multi-story residential buildings, and nearly 15,000 rental housing units have been constructed and supplied [6]

Core Viewpoint - The article discusses the emergence of a new economy driven by AI and blockchain technologies, emphasizing the integration of real-world assets (RWA) into mainstream finance through tokenization, as exemplified by Figure's recent IPO on Nasdaq [2][4][24]. Part 01: What is the Future New Economy - The future new economy is defined as a complex system emerging from the integration of AI and blockchain, which will reshape traditional economic structures and interactions [6][7]. - The new economy formula is expressed as: Future New Economy = (AI + Embodiment + Brain-Machine) x (Blockchain + Cryptocurrency + Tokenization of RWA) x (Existing World + Existing Humanity + Existing Economy) [7]. - The shift from offline to online economic activities has evolved, with predictions that future economies will see a significant portion of value creation occurring on-chain [9][10]. Part 02: Paradigm Shift from AI and Blockchain - Decentralization will be enhanced as AI reduces the costs of entrepreneurship and business practices, allowing for the rise of "small but large" companies that leverage AI for value creation [12][13]. - The trend of disintermediation is expected to continue, with intermediaries needing to adapt their business models to survive in a landscape where trust is increasingly established through blockchain technology [15][17]. - The reliance on physical labor will decline as AI and embodied intelligence take over many labor-intensive tasks, leading to a rise in the importance of human creativity [20][21]. - The concept of a "robot and intelligent agent economy" is introduced, where autonomous systems will operate independently to create value, representing a significant shift in economic dynamics [22]. Part 03: Positive and Negative Outlooks - There is optimism regarding the potential for significant growth in the RWA token market, with estimates suggesting a thousandfold increase in value as traditional assets transition to blockchain [27]. - The article expresses skepticism about the viability of stablecoins issued by many enterprises due to their fragile profit models [28]. - The potential for a creator economy powered by AI and blockchain is highlighted, as these technologies can enhance creators' rights and value sharing [30]. - Concerns are raised about the sustainability of businesses based on information asymmetry, which are likely to face challenges as AI advances [31].

Core Viewpoint - Plutus Financial Group Ltd is positioning itself as a "white knight" in the capital markets, leveraging technology such as blockchain and artificial intelligence to redefine financial services and create value in the evolving landscape [1][6]. Group 1: Company Overview - Plutus Financial successfully listed on NASDAQ in February 2023, marking a significant milestone for the company [1]. - The company has a comprehensive financial service platform that includes securities trading, asset management, and capital market services [12]. Group 2: Strategic Focus - The company emphasizes its ability to adapt to market changes and capture opportunities, particularly in the fields of financial technology and blockchain [6][8]. - Plutus Financial is focusing on artificial intelligence, asset digitization, and green finance as key areas for future investment and development [7][9]. Group 3: Mergers and Collaborations - The company is in the process of merging with a revenue-based financing company in Singapore, which is expected to enhance its competitiveness in AI and financial technology [8]. - Plutus Financial is exploring partnerships with Deloitte and Hong Kong Science Park to support the growth of emerging enterprises and facilitate their entry into the Hong Kong capital market [13][14]. Group 4: Commitment to Sustainability - The company recognizes the importance of sustainable development and aims to play a significant role in promoting green finance, collaborating with other financial institutions to seize market opportunities [9].

Group 1 - The core argument emphasizes that the international status of the Renminbi (RMB) determines the strategic space for China's stablecoin, rather than technology alone [1][3] - Blockchain technology is viewed as a tool that cannot create currency credit on its own; stablecoins are a digital extension of sovereign credit [1][2] - The essence of Real World Assets (RWA) is the digital representation of asset credit, not the creation of credit through tokenization [2][3] Group 2 - The article discusses the evolution of blockchain from a utopian ideal to a pragmatic tool in finance, highlighting its role in reducing trust costs and improving collaboration efficiency [4][5] - It identifies the need for a balanced blockchain architecture that combines centralized efficiency with decentralized trust [6][11] - The future of stablecoins is framed as a digital battleground for sovereign currency dominance, with the U.S. aiming to establish a "digital dollar hegemony" through regulatory frameworks [12][16] Group 3 - Stablecoins are categorized into three types: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, each facing unique challenges and market dynamics [12][13][14] - The article notes that the market for stablecoins is projected to grow significantly, driven by speculative trading rather than everyday payment use [15][19] - The potential for RWA to bridge the gap between real-world assets and blockchain technology is emphasized, marking a shift towards the digitization of tangible assets [21][23] Group 4 - The challenges facing RWA include legal ambiguities, cross-jurisdictional conflicts, and high compliance costs, which hinder its widespread adoption [27][28][29] - The article concludes that the integration of stablecoins and RWA is essential for the development of a sustainable Web3 economy, where both elements work together to enhance capital allocation and financial inclusivity [30][31]