Core Insights - The article highlights the transformation of the garment industry in Tianmen, Hubei Province, showcasing the shift from traditional manufacturing to a comprehensive e-commerce and global supply chain model [1][2][3][4][6][7] Group 1: Industry Transformation - Tianmen has established a complete industrial chain for the garment sector, including weaving, fabric production, garment processing, e-commerce marketing, and cross-border logistics, achieving a network transaction volume of 51.3 billion yuan and total sales of 620 million pieces in 2024 [1][2] - The city has transitioned from a reliance on external fabric sourcing to becoming a major fabric supplier, with the chemical fiber textile industrial park producing over 500,000 tons of raw materials annually [2][3] Group 2: Technological Advancements - Automation and digital technologies have significantly improved production efficiency, reducing the production cycle from three days to just four hours through a responsive manufacturing system [6][7] - The integration of AI and IoT in production processes has enabled real-time data transmission and enhanced design capabilities, allowing for rapid adaptation to market demands [6][7] Group 3: Policy Support and Investment - The Tianmen government has implemented a "1+N" policy framework, allocating 1.1 billion yuan in special funds to support technological upgrades and brand development, benefiting over a thousand enterprises [4][5] - Infrastructure investments include the expansion of production facilities and the establishment of logistics centers, which have reduced logistics costs and improved operational efficiency [4][5] Group 4: Global Market Reach - Tianmen's garment products are now exported to over 150 countries, supported by overseas warehouses in regions such as ASEAN and the United States, enhancing global distribution capabilities [3][4] - The city's e-commerce sector has gained significant market share on international platforms, positioning Tianmen as a leading player in the global garment market [3][7]

2025 年 07 月 11 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：76 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 76 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：数据、跨境支付、创新药 1、数据主题：据《央视新闻》报道，为了破解数据流通 交易效率不高的难题，国家数据局、国家市场监督管理总局 首次推出数据流通交易便利化举措，发布数据流通交易合同 示范文本，为有需要的经营主体提供参考。有关企业反馈， 合同应用将大幅降低数据流通交易的协商成本，预计可提升 30%的效率。相关 标 的：奥飞数据（ 300738）、易华录 （300212） 2、跨境支付主题：7 月 4 日，央行发布《人民币跨境支 付系统业务规则（征求意见稿）》，向社会公开征求意见至 8 月 3 日。此次修订简化境外机构参与条件 ...

参考互金与数币，稳定币行情当下在哪个阶段 20250709 摘要 稳定币行情尚处初期，参照互联网金融和数字货币的发展历程，具备时 间和空间上的增长潜力，但需关注标杆企业的出现以验证模式的可持续 性。 金融创新政策的放松是稳定币发展的核心驱动力，香港地区的政策优势 为港股相关企业带来机遇，预计港股将成为本轮稳定币行情的主要受益 者。 稳定币重塑跨境贸易支付体系及 RWA 等万亿级产业，拥有巨大的产业 基础和发展潜力，有望实现收入和利润的爆发式增长。 市场对稳定币的关注点集中在银行 IT 和卡业务公司，但支付场景、供应 链金融以及香港持牌方预计将成为后续明确放量的领域，目前炒作银行 IT 更多是情绪释放。 稳定币产业链包括发牌方、交易所和钱包，相关公司主要集中在香港， 发牌方如京东、ZARA 元币和蚂蚁，交易所如 OSL 集团，钱包如中安银 行和要财证券值得关注。 Q&A 当前稳定币行情处于哪个阶段？ 当前稳定币行情仍处于非常初级的阶段。从空间角度来看，目前由机构主导的 个股涨幅尚未达到 3 倍以上，而参考互联网金融和数字货币行情，互联网金融 曾出现由机构主导的个股涨幅达到 20 倍甚至 30 倍，数字货币也有个 ...

Group 1 - The new "airside direct access" model significantly reduces the export cargo transfer process in Liaoning from 36 hours to just 4 hours, enhancing efficiency for high-value goods like alloy tool heads [1][2] - This model allows export goods arriving on domestic flights to be directly transferred to the international export area, bypassing traditional multiple handling and inspection steps, thus achieving "one handling, one warehousing" [1] - Since the implementation of this model in May, customs statistics indicate a 70% improvement in single shipment customs clearance efficiency and a 30% reduction in logistics costs for enterprises [2] Group 2 - The customs department is focused on addressing the pain points of enterprises, with the aim of streamlining export times and simplifying processes to save costs and capture international market opportunities [2] - Additional measures such as "air-to-air transfer" and "air-to-land transport" have been introduced to further enhance customs facilitation benefits for more enterprises [2] - The customs authority plans to continue optimizing regulatory services to enhance the international hub capabilities of Shenyang Taoxian Airport [2]

稳定币专题报告解读 20250710 摘要 全球稳定币市场规模达 2,500 亿美元，主要应用于加密货币交易，未来 跨境支付和跨境贸易将成为核心增长点，稳定币支付能显著降低成本并 实现实时到账，推动跨境零售发展。 Meta、沃尔玛、亚马逊、Shopify 等公司正积极探索稳定币支付，预示 着随着法律体系完善，更多企业将进入该领域，推动稳定币更广泛应用。 全球稳定币监管框架逐步成型，欧盟已出台《加密资产市场监管法案》， 香港《香港稳态货条例》将于 8 月 1 日实施，美国《Genius 法案》则 对稳定币发行商提出更严格的监管要求。 USDT 以 1,600 亿美元市值占据市场主导地位（62.5%），其储备金制 度灵活，盈利能力强，但合规性有待提升。USDC 规模超 600 亿美元 （24%），合规性较高但盈利性相对较弱。 渣打银行预测未来三年全球稳定币市场将增长至 2 万亿美元规模，其他 机构预测未来 5-10 年可达 3-4 万亿美元，跨境支付场景将加速市场扩 张。 Ripple 和 Solana 等区块链技术逐渐被广泛支持，其高频交易能力满足 跨境支付需求，成为加密市场与传统金融衔接的重要桥梁。 稳定币市 ...

7月3日，复旦大学经济学院举行南土国际金融政策圆桌会第3期，也是稳定币问题系列讨论的第2场，主 题为"跨学科视野下的稳定币问题"。复旦大学法学院教授、数字经济法治研究中心主任许多奇从法律角 度概述了稳定币的全球监管现状。 许多奇指出，稳定币是锚定法币、通过抵押或算法维持币值稳定的数字资产。其法律属性模糊，既非法 定货币，也难以完全归入证券、信托或电子支付工具等传统范畴，不同类型差异显著，易引发监管真空 与套利风险。2023年 USDC因硅谷银行事件短暂脱锚，凸显其跨法币与数字资产的双重属性带来的风险 传导效应。 她表示，当前全球主要法域正在加速立法，但监管体系对稳定币的适配性仍然不足。美国推动GEIUS法 案，试图将稳定币发行纳入美联储监管；欧盟通过《加密资产市场管理条例》（MiCA），建立统一执 照与跨区域监管机制；中国香港于2025年5月通过《稳定币条例草案》。中国内地从2013年起政策逐步 趋严，但尚未形成系统性回应。 当前世界主要大国都在推动稳定币的合法化，引发广泛的关注。我国选择以香港为试验场，推动传统机 构参与，部分银行已经关注到这一机遇。关于稳定币监管，我国大陆目前的法律体系尚未形成系统性回 应 ...

Group 1: Regulatory Developments - Hong Kong Legislative Council passed the Stablecoin Regulation Draft on May 21, becoming the first region globally to issue licenses for fiat-backed stablecoins [1] - The US Senate is also advancing stablecoin legislation, indicating a growing regulatory focus on this area [1] Group 2: Company Developments - Lakala, a company holding 237 payment licenses, is the only private player in China connected to the CIPS system and the digital RMB cross-border channel [3] - Lakala has upgraded its 5 million POS machines to accept stablecoin payments [4] - There are rumors that JD.com plans to issue stablecoins in Hong Kong, with Lakala as a potential technical partner [5] Group 3: Market Reactions - Following Lakala's announcement of plans to list in Hong Kong on June 16, its stock price hit the daily limit up [6] - The company is being referred to as the "cross-border payment dragon" due to its ability to instantly convert 36 currencies and service over 100 countries [6] Group 4: Financial Performance - Lakala's 2024 revenue is projected at 5.759 billion, a decrease of 2.96% from the previous year, with net profit down 23.26% to 351 million [9] - The Q1 2025 net profit dropped to 101 million, indicating a significant decline [10] - Total transaction volume for 2024 is expected to be 42.2 trillion, down nearly 300 billion from 2023, with a notable decline in card transactions [10] Group 5: Business Transformation Challenges - Lakala's SaaS services added 10,000 stores with a 65% increase in transaction volume, but overall revenue from technology services is declining [11] - Credit card promotion revenue plummeted by 78%, negatively impacting the technology segment [11] Group 6: Future Prospects - If the Hong Kong license is obtained, stablecoin business could yield a gross margin of 68%, potentially contributing 400 million in revenue by 2025 [13] - Based on an 8x PS for cross-border business, the market value could increase by 3.2 billion [14] - The Central Bank's first public discussion on stablecoins occurred on June 18, with Lakala executives present, indicating significant interest in the sector [14]

Group 1: Green Economy - The green economy is emerging as a significant growth driver, with opportunities in new energy, energy conservation, and green building sectors [1][2] - The new energy vehicle industry is expected to maintain strong growth, supported by policies, technological advancements, and increased consumer awareness [1] - The energy-saving and environmental protection sector shows promising prospects, with rising demand for industrial energy conservation, building energy efficiency, and wastewater treatment [1] Group 2: Digital Economy - The digital economy is becoming a core force in economic development, with technologies like artificial intelligence, big data, cloud computing, and blockchain creating new growth points [3][4] - Artificial intelligence is being applied across various fields, enhancing efficiency and accuracy in healthcare, manufacturing, and finance [3] - Big data and cloud computing provide robust support for data storage, processing, and analysis, enabling businesses to achieve digital transformation [3] Group 3: Health Industry - The health industry is experiencing a golden development period, driven by increasing health awareness and an aging population [5][6] - There is a growing demand for medical services, including high-end medical care, rehabilitation, and internet healthcare [5] - Health management services are gaining popularity, offering personalized solutions for disease prevention and health maintenance [6] Group 4: New Consumption - The trend of consumption upgrading is creating innovative opportunities in new consumption fields, focusing on personalized, quality, and experiential demands [7] - High-quality food and beverage, fashion beauty, and smart home products are in high demand, with consumers prioritizing quality and brand [7] - New consumption models like live-streaming e-commerce and social e-commerce are rapidly developing, enhancing consumer shopping experiences [7] Group 5: Cross-Border E-commerce - Cross-border e-commerce is experiencing rapid growth, providing new opportunities for businesses to expand into international markets [8] - Emerging markets such as Southeast Asia, the Middle East, and Africa are showing significant consumption potential, with increasing internet penetration [8] - Optimizing supply chains is crucial for cross-border e-commerce, as it involves multiple processes including procurement, warehousing, and logistics [8]

Core Insights - The "14th Five-Year Plan" period has seen a surge in Chinese companies going global, transitioning from "manufacturing exports" to "intelligent manufacturing exports" and from "single operations" to "industry chain collaboration" [1][2] - A total of 3,667 A-share listed companies disclosed overseas business income in 2024, accounting for 68% of A-share companies, with total overseas income reaching 9.52 trillion yuan, a 56.58% increase from 2020 [2] - Manufacturing companies have shown remarkable performance, with overseas income reaching 6.39 trillion yuan in 2024, a 75.42% increase from 2020 [2] Industry Performance - The new growth drivers in foreign trade include new energy vehicles, lithium batteries, and photovoltaics, with companies like Great Wall Motors and Changan Automobile seeing over 600% growth in overseas income compared to 2020 [3] - CATL's overseas income reached 110.34 billion yuan in 2024, growing over 14 times since 2020, with significant investments in Indonesia [3] - The engineering machinery sector has seen overseas income share rise from 11.38% in 2020 to 47.48% in 2024, with major companies like SANY Heavy Industry and Zoomlion contributing over half of their revenue from overseas [3] Strategic Trends - The trend of "industrial chain going overseas" and "ecosystem going overseas" has become prominent, with leading companies enhancing efficiency by leveraging their chain advantages [4] - ASEAN has become China's largest export market, with significant investments in production capacity in Southeast Asia, such as Changan Automobile's new energy vehicle base in Thailand [4] - Latin America is emerging as a new growth area, with companies like BYD and Linglong Tire making substantial investments in Brazil [5] Cross-Border M&A Activity - Cross-border mergers and acquisitions (M&A) have seen a resurgence, with 216 disclosed cases in 2024, a 32.52% increase year-on-year, marking a five-year high [6] - M&A activities are categorized into three types: acquiring overseas brands, core technology acquisition, and channel acquisition, with significant examples in advanced manufacturing and biomedicine [6] Capital Market Developments - In 2025, leading companies in hard technology are accelerating their overseas strategies, with over 50 A-share companies announcing plans to list in Hong Kong [7] - Notable companies like CATL and Hengrui Medicine have successfully listed in Hong Kong, with CATL raising 35.3 billion HKD, the largest IPO globally for the year [7] Future Outlook - Industry experts express optimism about the future of Chinese companies going global, highlighting opportunities in green exports, capacity expansion, and infrastructure projects [10] - The focus on protecting national security and intellectual property while targeting high-end markets is emphasized for companies in high-tech sectors [10]

Core Insights - The North Bay (Guangxi) Commodity Trading Platform has achieved a cumulative transaction volume of 87.6 billion RMB and a physical delivery volume of 21.901 million tons as of June 30 this year, with over 400 member companies from China and ASEAN [1][2] - The platform aims to create a closed-loop service system for cross-border settlement in RMB, connecting domestic and international clients [1] - The platform is focused on building a multi-layered commodity trading market system that integrates futures and spot trading, onshore and offshore, and online and offline interactions [1][2] Group 1 - The North Bay (Guangxi) Commodity Trading Platform is a comprehensive third-party supply chain service platform that includes trading, digital supply chain finance, risk management, and cross-border settlement [2] - The platform has introduced Thai broken rice as a special trading variety aimed at ASEAN, facilitating online cross-border transactions and providing financial solutions to alleviate funding pressures [3] - As of June 30, 2023, the platform has completed a trading volume of 808,500 tons for Thai broken rice, which is set to officially launch on the platform in April 2024 [3] Group 2 - The platform collaborates with financial institutions to provide financing services and has significantly reduced financing costs for enterprises by addressing bottlenecks in cross-border settlement and capital flow [3] - The North Bay (Guangxi) Commodity Trading Platform is positioned as a trading hub for commodities aimed at ASEAN, leveraging national-level open development platforms [2]