[Table_Title] 研究报告 Research Report 18 Jun 2025 VISA VISA (V US) 稳定币冲击 VISA，影响几何？ The Stablecoins Challenge to VISA 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 近日 VISA 股价出现显著波动，我们认为市场担忧大型零售平台发行稳定币可能影响支付生态，对 VISA 等传统支付 网络构成潜在冲击，是此次股价下行的主要诱因。自 6 月 13 日《华尔街日报》发布《Walmart 和 Amazon 正在探 索发行自己的稳定币》以来，市场对大型零售平台可能重构支付生态的担忧迅速升温，支付类股票集体承压。其 中，行业龙头 VISA 和 Mastercard 分别下跌 5.4%和 4.6%。投资者担心，若平台型稳定币 ...

Core Insights - The agricultural terminal market is experiencing significant growth driven by national initiatives promoting new agricultural development, leading to increased demand [1] - The complexity of the agricultural supply chain necessitates a comprehensive digital transformation approach, which is the primary goal of the company’s app [1] Group 1: Company Overview - The company has developed a platform that integrates blockchain technology for agricultural purchasing and transfer, enhancing efficiency and transparency [3] - The app employs advanced technologies such as big data, IoT, and AI, combined with a professional operational team to achieve a controllable and digitalized agricultural ecosystem [3] Group 2: Digital Transformation Strategy - The company has established five production warehouses and several sales warehouses across the country, creating a nationwide logistics network that improves delivery efficiency and supply chain transparency [3][5] - The digital transformation strategy encompasses the entire agricultural supply chain, from production to retail, forming a closed-loop ecosystem [3] Group 3: Market Position and Future Plans - The company has achieved significant success in market promotion and project development, with its internet platform reaching nationwide coverage [5] - The company plans to go public in late July, marking a significant milestone in its development and the digital agriculture sector [5] - Post-IPO, the company aims to increase investments in technology research and market expansion, further enhancing its digital agricultural ecosystem [5]

Group 1: International Monetary System - The discussion on reforming the international monetary system has two main directions: reducing reliance on a single sovereign currency and promoting a few strong sovereign currencies to create healthy competition [2] - The second direction involves the potential for a supranational currency, such as the IMF's Special Drawing Rights (SDR), to become the international dominant currency, though it faces political consensus challenges and limited market depth [3] Group 2: Cross-Border Payment System - There is a growing demand for improvements in the cross-border payment system, with emerging payment infrastructures and settlement methods driving it towards greater efficiency, security, inclusiveness, and diversity [4] - The cross-border payment system is diversifying, with more countries using local currencies for settlement, and new payment systems emerging alongside traditional models [4] - The interoperability of payment systems is improving, with countries extending operational hours and adopting international messaging standards to enhance efficiency and reduce costs [5] Group 3: Global Financial Stability System - The global financial stability system faces new challenges, including fragmented regulatory frameworks and insufficient oversight in emerging digital finance sectors [6] - A strong IMF is essential for building a diverse and efficient global financial safety net, maintaining consistency and authority in global financial regulatory rules [6] Group 4: Governance of International Financial Organizations - The IMF plays a central role in global economic governance, with its quota system determining crisis response capabilities and member voting rights [7] - Current IMF quotas do not reflect the relative positions of member countries in the global economy, and adjusting these quotas is crucial for enhancing the IMF's governance legitimacy and representation [8]

Group 1 - The action plan aims to enhance the competitiveness and influence of Shanghai as an international financial center while consolidating Hong Kong's status, promoting deeper financial market connectivity and cooperation between the two regions [1] - Specific directions for cooperation include financial market connectivity, cross-border financial service innovation, green finance development, and technology finance collaboration, enriching the content of financial cooperation [1] - The interconnectivity between mainland and Hong Kong financial markets began with the launch of the Shanghai-Hong Kong Stock Connect in 2014 and has been continuously deepening and expanding [1] Group 2 - The action plan proposes measures to efficiently connect financial institutions, payment networks, and fund management systems between Shanghai and Hong Kong, supporting mainland enterprises in their global expansion [2] - Hong Kong has been enhancing its international fundraising platform's competitiveness and attractiveness, aiming to assist more quality mainland enterprises in their international development [2] - Hong Kong provides high-value services such as trade financing, supply chain management, and professional consulting to support mainland enterprises in going global [2] Group 3 - The two regions will strengthen cooperation in financial standards, product innovation, and information sharing, promoting the broader application of technologies like artificial intelligence and blockchain in asset management and payment settlement [3] - Financial policies will support the development of innovative technology industries, encouraging insurance institutions to include new medical devices in their coverage to promote the biopharmaceutical industry [3] - Shanghai is accelerating the establishment of a globally influential technology innovation hub, while Hong Kong is working with the Guangdong-Hong Kong-Macao Greater Bay Area to become a comprehensive international innovation and technology center [3]

Key Points - The 2025 Lujiazui Forum opened on June 18, with the People's Bank of China Governor Pan Gongsheng announcing eight significant financial opening measures [1] - Establishment of an interbank market trading report database to analyze trading data across various financial sub-markets [1] - Creation of a digital RMB international operation center to promote the internationalization of digital RMB and support financial market innovation [1] - Establishment of a personal credit agency to provide diversified credit products for financial institutions, enhancing the social credit system [1] - Launch of offshore trade finance service reform pilot in Shanghai's Lingang New Area to support offshore trade development [1] - Development of offshore bonds in free trade zones to broaden financing channels for enterprises involved in the Belt and Road Initiative [1] - Optimization of free trade account functions to enhance cross-border trade and investment facilitation [1] - Innovation in structural monetary policy tools in Shanghai, including blockchain credit refinancing and cross-border trade refinancing [2][3] - Discussion on the evolution of the international monetary system and the potential for a multi-polar currency landscape [4][5] - The SDR (Special Drawing Rights) is proposed as a potential international reserve currency, but faces challenges in political consensus and market depth [5] - The RMB has become the second-largest trade financing currency globally and ranks third in the IMF SDR currency basket [5] - China's banking system has met all standards for total loss-absorbing capacity, ensuring stability in the financial sector [6][9] - A comprehensive cross-border payment clearing network for RMB has been established, enhancing the efficiency and security of cross-border transactions [6] - The application of new technologies like blockchain in cross-border payments is reshaping traditional payment systems [6] - Regulatory oversight of non-bank intermediaries is highlighted as an area needing improvement due to rising leverage and opacity [7] - The need for unified standards in the application of artificial intelligence in finance is emphasized [8] - The People's Bank of China has signed bilateral currency swap agreements with over 30 countries, contributing to the global financial safety net [9]

Core Viewpoint - The signing of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" aims to enhance Shanghai's competitiveness as an international financial center and consolidate Hong Kong's position, deepening cooperation between the two regions to support the national financial power strategy [1][4]. Group 1: Financial Cooperation Mechanisms - The action plan focuses on optimizing mechanisms such as "Bond Connect" and "Swap Connect" to create a global center for RMB asset allocation and risk management, supporting high-quality development of the Belt and Road Initiative and facilitating enterprises' international expansion [4]. - The plan emphasizes the importance of financial market connectivity and cross-border financial service innovation, including new initiatives for cross-border clearing cooperation and the application of digital RMB in cross-border payments [6][8]. Group 2: Innovation and Development - The action plan promotes innovation in financial services, particularly in green finance, digital finance, and technology finance, to support key national strategic areas and the real economy [5][7]. - It encourages the application of technologies such as AI and blockchain in asset management, insurance, and settlement, while also supporting financial policies that benefit technology innovation enterprises [7]. Group 3: Regulatory and Institutional Framework - The plan outlines the need for regular communication among financial regulatory bodies, cooperation among financial institutions, information sharing, standard alignment, and talent mobility to create a market-oriented, rule-of-law, and international business environment [6]. - It includes measures to enhance the financial infrastructure and service systems between Shanghai and Hong Kong, such as facilitating the establishment of non-resident accounts and promoting the use of RMB for trade settlements [8]. Group 4: Future Directions - The next steps involve leveraging the action plan as a new starting point to promote the complementary development of the Shanghai and Hong Kong financial centers, enhancing China's influence and voice in the global financial system [8].

值得一提的是，方案明确两地要开创新的合作领域，譬如在跨境清算上的合作，在黄金产品和交易上 的互联互通，在数字人民币跨境支付上的新的应用的场景，以及上海的金融机构通过香港拓展再保险 业务等。 二是共推业态创新发展，强化科技金融、绿色金融、数字金融等领域的协同联动，加强对重大战略重 点领域薄弱环节的金融支持，进一步增强金融服务实体经济的能力。 根据行动方案，两地将合作推动人工智能、区块链技术更广泛地应用在资产管理保险以及结算的场 景。同时也致力通过金融政策来支持创科企业的发展。比如说，鼓励保险机构把两地新药械纳入保障 的范围，促进生物医药产业的发展。 据上观新闻，陆家嘴论坛开幕之际，在同一个场地沪港两地今天共同举行发布会，签署《沪港国际金 融中心协同发展行动方案》，进一步明确了沪港合作的具体方向，包括金融市场的互联互通、跨境金 融服务创新、绿色金融发展、科技金融合作等，为两地多层次多领域的金融合作注入新的更丰富的内 容。 面临多种风险挑战，持续深化沪港金融协作，既是落实金融强国要求的战略之举，也是进一步提升两 个金融中心发展韧性的长远之策。 《行动方案》聚焦推进沪港两地基础设施互联互通、共建金融产品服务体系、上海 ...

Core Insights - Graphics cards have evolved from being gaming hardware to essential tools for cryptocurrency mining, particularly in the context of Bitcoin and Ethereum [1][3][4] Group 1: Historical Context - The history of graphics card mining dates back to the inception of Bitcoin, where initially CPUs were used for mining, but the increasing complexity of the Bitcoin network led to the adoption of GPUs due to their parallel processing capabilities [3] - The emergence of Ethereum marked a significant milestone for GPU mining, as its mining algorithm was more suited for GPUs, resulting in a surge in demand and a temporary shortage of graphics cards [3] Group 2: Technological Evolution - The introduction of ASIC miners, designed specifically for mining certain cryptocurrencies, has reduced the efficiency of GPU mining for Bitcoin, as ASICs outperform GPUs in processing specific algorithms [3] - Despite the dominance of ASIC miners in Bitcoin mining, GPUs remain the primary tool for mining many other cryptocurrencies, especially those with ASIC-resistant features [3] Group 3: Economic and Social Implications - The mining craze has led to advancements in graphics card technology but has also caused significant price increases and supply shortages, negatively impacting consumers and gamers [4] - The high energy demands of mining operations have raised environmental concerns, highlighting the dual-edged nature of the cryptocurrency mining boom [4] Group 4: Future Outlook - The future of GPU mining is uncertain due to market volatility and regulatory changes, yet the historical significance of graphics cards in the cryptocurrency landscape remains undeniable [4] - As blockchain technology continues to evolve, graphics cards may find new applications, maintaining their unique value in the digital realm [4]

Core Viewpoint - The article discusses the increasing security issues in blockchain technology, particularly focusing on DDoS attacks and how quantum convolutional neural networks (QCNN) developed by Micro Algorithm Technology (NASDAQ: MLGO) can enhance detection and response capabilities against these threats [1][7]. Group 1: Quantum Convolutional Neural Network (QCNN) Development - Micro Algorithm Technology has innovatively improved QCNN for detecting DDoS attacks in blockchain networks by optimizing quantum bit initialization and control methods, enhancing stability and reliability [1][7]. - The structure of QCNN has been adjusted to better handle blockchain transaction data and network status information, making it more suitable for the specific characteristics of blockchain data [1][7]. - Specialized quantum state reading and parsing technologies have been developed to accurately extract features related to DDoS attacks from quantum computation results [1][7]. Group 2: Data Collection and Preprocessing - Data collection involves gathering various types of data from the blockchain network, including transaction data, node status information, and network traffic data, using APIs and monitoring tools [3]. - Preprocessing of collected data is crucial for the effective operation of QCNN, involving data cleaning, noise reduction, and standardization to ensure data quality [3]. - Feature extraction is performed to identify characteristics related to DDoS attacks, such as transaction frequency and network traffic changes, which serve as inputs for the QCNN [3]. Group 3: Quantum Operations - Quantum bit initialization ensures that quantum bits are in a stable initial state, balancing the number of quantum bits with computational complexity [4]. - Quantum convolution operations utilize the properties of quantum bits to extract features and recognize patterns from input data through a series of quantum gate operations [4]. - Quantum pooling operations reduce data dimensions while retaining important features, employing a measurement-based pooling method to select the most probable quantum states [5]. Group 4: Classification and Output - After quantum convolution and pooling, a quantum fully connected layer processes the low-dimensional quantum state for DDoS attack classification and detection [6]. - The output from the quantum fully connected layer is a quantum state representing classification results, which is converted into a readable format using specialized quantum state reading techniques [6]. - If the probability distribution indicates a high likelihood of a DDoS attack, alerts are generated to notify network administrators for appropriate defensive actions [6]. Group 5: Applications and Future Prospects - The QCNN developed by Micro Algorithm Technology can monitor blockchain networks in real-time, promptly detecting signs of DDoS attacks and issuing alerts for immediate defensive measures [7]. - This technology can be integrated with other security measures, such as encryption and access control, to create a more secure blockchain environment [7]. - As quantum computing technology advances, the application prospects for QCNN in detecting DDoS attacks will expand, potentially enhancing computational power and accuracy [7].

6月18日消息，三大指数集体低开，仿制药板块跌幅居前。截至今日开盘，沪指报3386.14点，跌 0.04%；深成指报10142.58点，跌0.09%；创指报2046.69点，跌0.16%。 消息面： 1、当地时间6月17日，国家主席习近平在阿斯塔纳出席第二届中国-中亚峰会期间会见乌兹别克斯坦总 统米尔济约耶夫。两国元首就当前中东局势交换意见。习近平表示，以色列发动对伊朗军事行动，造成 中东地区紧张局势骤然加剧，中方对此深感担忧。我们反对任何侵犯别国主权安全和领土完整的行为。 军事冲突不是解决问题之道，地区局势升温不符合国际社会共同利益。各方应该推动冲突尽快降温，避 免紧张事态进一步升级。中方愿同各方一道努力，为恢复中东地区和平稳定发挥建设性作用。 2、国务院副总理张国清15日至17日在广东调研产业创新和促进平台经济健康发展等工作。他强调，要 推动科技创新和产业创新深度融合，不断塑造发展新动能新优势，坚持发展和规范并重，着力健全平台 经济治理体系，构建公平有序的平台经济发展环境。 3、国家外汇管理局副局长李斌表示，5月份企业、个人等非银行部门跨境资金净流入330亿美元。其 中，货物贸易资金净流入保持在较高水平， ...