Core Viewpoint - The recent discussions around stablecoins have intensified, particularly following the mention by the central bank governor at the Lujiazui Forum, leading to increased attention from various cities in China, especially Shanghai [1][2]. Group 1: Government and Institutional Interest - Over the past month, more than five cities have mentioned stablecoins, with Shanghai, Wuxi, Qingdao, and Chengdu focusing on research, while Beijing and Shenzhen issued risk warnings [1]. - The Shanghai Municipal State-owned Assets Supervision and Administration Commission emphasized the need to strengthen research on digital currencies and explore blockchain applications in cross-border trade and supply chain finance [1][5]. Group 2: Shanghai's Advantages - Shanghai is positioned as a leading financial hub in China, with a concentration of blockchain resources and talent, making it a prime candidate for stablecoin trials [2][5]. - The Shanghai Free Trade Zone (FTZ) has established a regulatory framework that aligns with international trade rules, which supports the exploration of stablecoins [3][5]. Group 3: Proposed Development Models - Experts suggest that Shanghai could synchronize the development of domestic and offshore versions of the RMB stablecoin, leveraging its FT accounts for a controlled risk environment [3][6]. - The proposed model includes a 1:1 backing mechanism for the RMB stablecoin, supported by a robust regulatory framework involving asset custody and compliance checks [12]. Group 4: Market Demand and Caution - Some scholars express caution regarding the market demand for stablecoins in Shanghai, suggesting that existing financial tools sufficiently meet the needs of local businesses [8]. - The rapid global development of stablecoins, particularly those pegged to the US dollar, poses structural challenges to the RMB, necessitating proactive research and regulation [6][8]. Group 5: Regulatory Framework and Pilot Programs - Establishing a regulatory sandbox and electronic fence in the Shanghai FTZ is deemed essential for testing stablecoin-related activities [9][12]. - A proposed "1+3+N" framework aims to create a core mechanism for stablecoin issuance, supported by three regulatory pillars and multiple ecosystem participants [12]. Group 6: Broader National Interest - Other cities, such as Wuxi and Chengdu, are also exploring stablecoin applications, indicating a nationwide interest in integrating stablecoins into various sectors [13].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, LianLian Digital, is positioned as a leading cross-border digital payment platform, leveraging global licenses and stablecoin innovations to drive growth and profitability [9][11]. - The report highlights a significant revenue growth trajectory, with a projected CAGR of 22% from 2020 to 2024, and a notable improvement in net profit margins as the company transitions towards profitability [9][25]. - The regulatory environment is evolving, with new policies promoting compliance and digitalization in the payment industry, which is expected to benefit well-capitalized firms like LianLian Digital [9][33]. Summary by Sections Company Overview - LianLian Digital has established a robust global payment network since its inception in 2009, with a focus on compliance and technological innovation [15]. - The company has a concentrated shareholding structure, with the actual controller holding approximately 26.84% of the shares, and has implemented long-term incentive plans to attract and retain key talent [18]. - The core team possesses extensive experience in fintech, driving the company's strategic direction and operational management [21]. Industry Development - The payment industry is entering a new phase characterized by increased regulation and digital transformation, with the introduction of the "Non-Bank Payment Institution Supervision and Management Regulations" in 2023 [33][34]. - The digital payment market in China is projected to grow significantly, with total payment volume (TPV) expected to reach 354.1 trillion yuan by 2027, reflecting a CAGR of 14.3% from 2022 [38]. Financial Performance and Valuation - The company is expected to achieve total revenue of 1.315 billion yuan in 2024, with a year-on-year growth rate of 28% [1]. - The net profit is projected to turn positive in 2025, with a significant increase to 1.399 billion yuan, indicating a 932% year-on-year growth [1]. - The report suggests a P/S valuation of 8.0x for 2025 and 7.0x for 2026, reflecting the company's growth potential [9][14].

Market Performance - On July 14, 2025, the Shanghai Composite Index rose by 0.27%, while the Shenzhen Component Index fell by 0.11% and the ChiNext Index decreased by 0.45%[2] - The total market turnover was 14,584.58 billion yuan, a decrease of 2,533.86 billion yuan compared to the previous trading day[2] - Out of 5,305 stocks, 3,205 rose and 2,100 fell, indicating a generally positive market sentiment despite the turnover decline[2] Sector and Industry Analysis - The top-performing sectors included Machinery (up 1.21%), Oil & Petrochemicals (up 0.92%), and Power & Utilities (up 0.65%) while the worst performers were Comprehensive Finance (down 3.81%), Real Estate (down 1.25%), and Media (down 1.13%)[2][21] - The market style ranking was led by Cyclical > Defensive > Consumer > Growth > Financial, with large-cap value outperforming mid-cap growth[21] Capital Flow - On July 14, 2025, the net outflow of main funds was 407.42 billion yuan, with large orders contributing to a net outflow of 155.83 billion yuan[3][25] - Small orders continued to see a net inflow of 302.45 billion yuan, indicating retail investor interest despite institutional selling[25] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -21.11 billion yuan and -18.33 billion yuan respectively[3][30] - The total trading volume for these ETFs was 15.00 billion yuan for the SSE 50 ETF and 33.51 billion yuan for the CSI 300 ETF on the same day[30] Global Market Overview - On July 14, 2025, the Hang Seng Index rose by 0.26% while the Nikkei 225 fell by 0.28% and the KOSPI increased by 0.83%[4][33] - The U.S. stock indices experienced declines, with the Dow Jones Industrial Average down 0.63% and the S&P 500 down 0.33%[5][34]

北京商报讯（记者 刘四红）进入7月，火爆一时的稳定币，形势再现显著变化，相较此前的市场热逐，近期出现的更多是风险警示。 继全球监管"泼凉水"，稳定币逐渐降温后，北京商报记者注意到，7月以来，包括北京、深圳、苏州、重庆、宁夏等在内的国内多地接近监管方接 连发布风险提示，严肃指出这一新兴概念正被不法分子当作"障眼法"，肆意用于非法集资、诈骗等违法犯罪活动，危害不容小觑。 7月7日，深圳市防范和打击非法金融活动专责小组办公室率先发声。据其监测，一些不法机构打着"金融创新""数字资产"等幌子，利用公众对稳 定币认识的不足，通过发行所谓"虚拟货币""虚拟资产"等手段吸收资金，诱导公众参与交易炒作。 除此之外，宁夏、重庆、苏州等多地也相继发布类似的风险提示，提醒公众警惕以稳定币等名义实施的非法集资行为。 "此次监管信号很明确，国内一直严禁炒作加密货币，稳定币也不可能替代现有国内成熟的支付体系，更不要说借稳定币集资这种违法行为。"博 通咨询首席分析师王蓬博认为，不法分子借"稳定币"行非法集资、诈骗之事，实际是在扰乱金融秩序。因此，多地提示稳定币风险，也反映出监 管对稳定币被用于违法犯罪活动的重视。 实际上，此次多地集中发布 ...

随着香港《稳定币条例》8月1日生效日期临近，"稳定币"等概念持续升温，成为各方关注焦点。在市场 狂欢的同时，不法分子利用"稳定币"作为噱头的非法活动也开始抬头。 7月以来，北京、深圳、苏州、重庆及宁夏等多地金融部门相继发布风险警示公告，明确表示"稳定 币"正被违法分子利用，成为实施非法集资、金融诈骗等犯罪活动的幌子，其潜在风险值得高度警惕。 7月11日，"苏州金融"微信公众号发布了《关于警惕以"稳定币"等为名开展非法集资的风险提示》。在 风险提示中，苏州市防范和打击非法金融活动工作机制办公室提示广大消费者：虚拟货币不具有与法定 货币等同的法律地位，虚拟货币相关业务活动属于非法金融活动，境外虚拟货币交易所通过互联网向我 国境内居民提供服务同样属于非法金融活动，参与虚拟货币投资交易活动存在法律风险。 "苏州金融"补充提示道，未经国家金融管理部门依法许可的机构，不具有公开吸收公众存款的资质。编 造所谓的"虚拟货币""虚拟资产""数字资产"等投资项目，公开宣传并吸收公众资金的行为是违法行为。 在这之前，深圳市防范和打击非法金融活动专责小组办公室于7月7日就发布了警惕以稳定币等名义实施 非法集资的风险提示。 该提示显示 ...

Group 1: PCB and Special Glass Fiber Cloth - The price of key materials for PCB upgrades has increased by over 16%, with three domestic companies expected to see profit releases and valuation reassessments [2] - The rapid iteration of PCB and CCL driven by AI development has led to a supply-demand gap for special glass fiber cloth, indicating a strong market demand [4] - The market for special electronic cloth is anticipated to grow rapidly, with domestic manufacturers accelerating their market penetration [5] Group 2: Stablecoins - The scale of stablecoins is expected to reach $3.7 trillion in 3-5 years, with profits comparable to "money printing," highlighting key beneficiary selections [6][8] - The development of compliant stablecoins and payment infrastructure is projected to expand rapidly in the next few years [10] - The strategic significance of developing compliant stablecoins in Hong Kong is noted, with a recommendation to monitor licensing applications and issuance progress [11] Group 3: Huangjiu Industry - The Huangjiu industry is undergoing a structural change, with leading companies focusing on "premiumization," "youthfulness," and "nationalization," suggesting a potential bottoming phase for the industry [12] - The historical cultural significance of Huangjiu is emphasized, indicating a promising outlook for the industry [14] - The concentration of the Huangjiu industry is increasing, with a trend towards strengthening the dominance of leading companies [16]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Viewpoints - The report continues to favor investment opportunities in stablecoins and Real World Assets (RWA), emphasizing the potential for the development of RMB stablecoins to enhance the global influence of the RMB [6][12] - The implementation of the Hong Kong Stablecoin Regulation on August 1, 2025, will require licenses for issuing stablecoins, which is seen as a key entry point for traditional banks and fintech companies [7][13] - The market for stablecoins is rapidly expanding from cryptocurrency trading to broader payment applications, with significant growth in market size and trading activity anticipated [8][14] Summary by Sections Weekly Perspective - The report highlights the ongoing positive outlook for stablecoins and RWA investment opportunities, suggesting a combined development model for domestic and offshore RMB stablecoins [6][12] - The report notes that the Hong Kong Stablecoin Regulation will officially take effect on August 1, 2025, requiring licenses for stablecoin issuance, which will impact market dynamics [7][13] Company Dynamics - Companies such as iFlytek are forecasting a revenue increase of 15%-20% for the first half of 2025, while other firms like Rui Ming Technology expect a net profit increase of 53.64% to 77.90% [17] - Strategic collaborations are being formed, such as the partnership between Zhongke Xingtou and Zhongke Shuguang to advance technology in the space sector [22] Industry Dynamics - The report mentions that the AI unicorn Zhipu AI is preparing for simultaneous listings in Hong Kong and A-shares, indicating strong market interest [27] - Amazon is considering a significant investment in AI startup Anthropic, which reflects ongoing trends in the AI sector [30]

Investment Rating - The report maintains a "Recommend" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [3][27]. Core Insights - The report emphasizes the ongoing focus on stablecoins and Real World Assets (RWA), particularly in light of recent discussions by the Shanghai State-owned Assets Supervision and Administration Commission regarding cryptocurrency and stablecoin development [6][9]. - RDA (Real Data Assets) is highlighted as a key innovation in the RWA space, aiming to enhance the marketization and valuation of data elements, thus driving efficiency in the integration of real assets and capital [10][12]. Industry Overview - The industry comprises 284 listed companies with a total market capitalization of 3,586.9 billion and a circulating market value of 3,156.1 billion [3]. - The computer sector has shown strong performance, with absolute returns of 78.1% over 12 months and relative performance of 62.3% compared to the benchmark [5]. Market Developments - The report notes significant developments in the stablecoin sector, particularly the push for a pilot program for RMB stablecoins in the Shanghai Free Trade Zone [9][10]. - RDA is positioned as a transformative force in the data asset market, with its framework designed to facilitate the valuation and trading of data assets, thereby unlocking new financing channels for enterprises [12][13]. Investment Recommendations - The report suggests focusing on companies involved in stablecoin issuance, cryptocurrency exchanges, IT service providers, and cross-border payment firms, with specific mentions of companies like 恒生电子, 顶点软件, and 朗新集团 [15][16]. - It also highlights the potential of RDA to accelerate the marketization and valuation of data elements, recommending investments in infrastructure firms and data service providers [16].

近段时间以来，数字货币领域里以"稳定币"为代表的相关概念热度一度飙升，引发市场持续聚焦。 日前，包括北京、深圳、苏州、重庆、宁夏等在内的多地机构接连发布风险提示，严肃指出这一新兴概念正被 不法分子当作"障眼法"，肆意用于非法集资、诈骗等违法犯罪活动，危害不容小觑。 深圳：增强理性投资意识 进入7月份，最早的一份关于警惕稳定币所涉相关风险的提示出自深圳。 7月7日，深圳市委金融办官网显示，深圳市防范和打击非法金融活动专责小组办公室（"专责小组"）就稳定币 涉及的相关风险发出风险提示。 据专责小组监测发现，一些不法机构以"金融创新""数字资产"等为噱头，利用社会公众对稳定币等了解不足的 特点，通过发行所谓"虚拟货币""虚拟资产""数字资产"等方式吸收资金，诱导社会公众参与交易炒作，扰乱经 济金融秩序，滋生非法集资、赌博、诈骗、传销、洗钱等违法犯罪活动，严重危害社会公众财产安全。 深圳市防范和打击非法金融活动专责小组办公室提示：此类不法机构未经国家金融管理部门依法许可或者违反 国家金融管理规定，不具有公开吸收公众存款的资质。 该类机构利用稳定币等新概念进行炒作，编造所谓的"虚拟货币""虚拟资产""数字资产"等投资项 ...

近段时间以来，数字货币领域里以"稳定币"为代表的相关概念热度一度飙升，引发市场持续聚焦。 该类机构利用稳定币等新概念进行炒作，编造所谓的"虚拟货币""虚拟资产""数字资产"等投资项目，公开虚假 宣传并吸收公众资金，滋生非法集资、赌博、诈骗、传销、洗钱等违法犯罪活动。 "请广大群众增强理性投资意识，不要盲目相信天花乱坠的承诺，树立正确的货币观念和投资理念，切实提高 风险意识，避免上当受骗。"风险提示称，若发现相关机构以投资稳定币等名义从事非法集资行为，请及时向 市、区处非牵头部门或公安部门举报。 实际上，在深圳市防范和打击非法金融活动专责小组办公室发布风险提示之后，"宁夏防非打非办""重庆打 非"等微信公众平台陆续发布类似的关于警惕以稳定币等名义实施非法集资的风险提示。 苏州：虚拟货币相关业务活动属于非法金融 日前，包括北京、深圳、苏州、重庆、宁夏等在内的多地机构接连发布风险提示，严肃指出这一新兴概念正被 不法分子当作"障眼法"，肆意用于非法集资、诈骗等违法犯罪活动，危害不容小觑。 深圳：增强理性投资意识 进入7月份，最早的一份关于警惕稳定币所涉相关风险的提示出自深圳。 7月7日，深圳市委金融办官网显示，深圳市 ...