证券研究报告 多元金融 东南亚：金融科技下一站 华泰研究 2025 年 6 月 03 日│中国内地 专题研究 东南亚金融科技具备较强发展潜力 支付、信贷、保险和虚拟资产作为金融科技的四大方向，在东南亚的发展潜 力巨大。东南亚人口 6.3 亿，40 岁以下人口占比在 60%以上，2023 年整体 GDP 增速约 4%，其中大部分国家约 5%，数字基础设施建设正逐步铺开， 政策环境相对友好，为金融科技发展提供了良好的宏观环境。数字支付有望 逐步取代目前仍然流行的现金，东南亚现金支付比例为 44%，远高于中国 的 5.8%；互联网信贷余额由 2022 年 480 亿美元增长至 2024 年 710 亿美 元，但 1.8%的渗透率远不及 17 年中国的 3.2%。当地贷款产品定价高且风 险相对可控，保障了互联网信贷公司的盈利；保险科技行业的发展相对早期， 行业渗透率仍然较低；虚拟资产在东南亚普及度高，监管环境相对友好。 数字支付渗透率不断提升 数字支付有望取代现金。24 年东南亚仍有 44%的交易以现金形式完成，而 中国仅有 5.8%（2023），主要受制于支付网络不完善，但东南亚消费者的 支付习惯正逐步线上化。首先 ...

2025 年 6 月 3 日 总量研究 医药主题基金优势延续，股票 ETF 资金转为流入 ——基金市场与 ESG 产品周报 20250603 要点 市场表现综述：大类资产方面，本周（下文如无特殊说明，本周均指代 2025.5.26-2025.5.30 ） 国 内 权 益 市 场 指 数 表 现 分 化 ， 中 证 500 上 涨 0.32%。行业方面，本周环保、医药生物、国防军工行业涨幅居前，汽车、 电力设备、有色金属行业跌幅居前。基金市场方面，本周股混基金集体回 调，现金类产品维持正收益。 基金产品发行情况：本周国内市场新成立基金 30 只，合计发行份额为 189.87 亿份。其中债券型基金 8 只、股票型基金 19 只、混合型基金 3 只。 全市场新发行基金 38 只，从类型来看，混合型基金 18 只、股票型基金 14 只、债券型基金 6 只。 基金产品表现跟踪：长期行业主题基金指数方面，本周医药主题基金表现优 势延续，净值上涨 3.54%。截至 2025 年 5 月 30 日，本周医药、国防军工、 金融地产、TMT、消费、行业轮动、行业均衡、周期、新能源主题基金涨跌 幅分别为 3.54%、0.87%、0 ...

据悉，此次外管局升级的"跨境金融服务平台"功能，通过引入结售汇、收付汇等关键数据，为银行高效 审核企业衍生品业务提供了强大支撑。农行上海市分行充分利用该平台优势，快速高效完成了对客衍生 品交易的审核评估，并在签约后及时在平台完成业务登记。该模式显著降低了企业办理外汇衍生品业务 的门槛和操作成本，使企业能够更加便捷地运用金融工具管理汇率波动风险。 近日，国家外汇管理局上海市分局升级跨境金融服务平台企业汇率风险管理服务功能并推动试点落地。 农行上海市分行第一时间投身试点工作并于6月3日成功通过该平台办理了首笔汇率避险业务。该业务的 成功落地不仅标志着农行上海市分行在政策响应上的高效行动力，更是金融科技赋能企业汇率风险管 理、服务实体经济发展的有力实践。 下一步，农行上海市分行将继续深化科技与数据赋能，深度应用外管局跨境金融服务平台功能，持续优 化衍生品业务办理流程，致力于提升涉外企业外汇金融服务的便利性与获得感。农行上海市分行将坚定 不移地推进国际业务跨境化经营理念，以高效、优质的金融服务赋能企业客户稳健经营与发展，全力支 持上海涉外经济高质量发展，为实体经济注入更强金融动能。(来源：农业银行上海市分行) 该场景 ...

Core Viewpoint - The article highlights the significant rise of the fintech sector, particularly driven by the recent regulatory developments surrounding stablecoins in Hong Kong and the growing market demand for digital financial solutions [6][11][29]. Market Performance - On June 2, the Hong Kong stock market experienced a remarkable recovery, with all major indices closing in the green and trading volumes increasing [1][3]. - The fintech sector emerged as one of the most active segments, with notable performances in digital currencies and cross-border payments [4][6]. Fintech Sector Dynamics - The fintech sector, particularly the financial technology ETF (159851), has seen a substantial increase of over 80% since last year, driven by the implementation of the Stablecoin Regulation in Hong Kong [6][24]. - The global fintech market is projected to exceed $8.5 trillion by 2024, with Asia-Pacific leading at a 45% market share, and China contributing $1.9 trillion [17]. Stablecoin Surge - Stablecoins have gained popularity due to their ability to mitigate the volatility of cryptocurrencies, with a global market cap exceeding $250 billion as of May 31, 2023 [13]. - Recent regulatory frameworks in Hong Kong and the U.S. are expected to enhance institutional trust in stablecoins, potentially increasing U.S. institutional allocations to $80 billion by 2025 [11][12]. Technological Advancements - Technological breakthroughs, such as reduced transaction costs and improved transaction speeds, are facilitating the integration of stablecoins into traditional financial systems [12][22]. - The rise of embedded finance is transforming how financial services are accessed, with predictions indicating a market size of $3.2 trillion by 2027 [19]. Investment Opportunities - The fintech sector is characterized by high volatility and potential for significant returns, with the fintech ETF (159851) being a preferred vehicle for investors seeking diversified exposure [24][26]. - Companies that are technologically advanced, have clear business models, and strong compliance frameworks are positioned to benefit from the ongoing fintech revolution [30].

在国家大力推动金融科技服务实体经济的政策指引下，厦门国际银行以数字化转型为引擎，推出线上供应链金融综合 服务平台，深度融合大数据、区块链、人工智能等前沿技术，打造覆盖供应链全场景的智慧金融服务体系，助力产业 链上下游企业实现降本增效与生态共赢。 "1+N"链式辐射，延伸核心企业信用价值。平台以核心企业为枢纽，通过1家核心企业带动N家上下游小微企业的协同 模式，构建链上企业融资服务生态。小微企业可在线提交融资申请，依托核心企业信用传导，快速获得资金支持，缓 解短期流动性压力，助力产业链资金高效周转。 数据链赋能，构建智能风控体系。平台联合核心企业及场景平台共建数字生态，运用大数据风控与人工智能技术，打 造核心企业信用履约评分体系，实现交易流、数据流、资金流的实时闭环管理。其中，全线上化的"国行链e融"业务， 能够实现供应商T+0的快速融资。 区块链技术，激发产业链资产活力。依托区块链技术平台，将小微企业的应收、应付账款转化为可融资的电子债权凭 证，推动核心企业信用向多级供应商穿透。此举有效盘活链上企业流动资产，降低融资成本，加速资金周转效率。 厦门国际银行线上供应链金融综合服务平台通过技术赋能与模式创新，不仅破 ...

Group 1 - The visit by the China Enterprise Financial Management Association to Deep Technology Group highlighted the importance of digital technology application and platform construction in the financial sector [1][3] - The discussions focused on topics such as supply chain financial innovation, intelligent platform development, and the empowerment of the real economy through financial technology [1][3] - The Chairman of Deep Technology Group shared insights on the company's core sectors, strategic planning, and operational development, praising the association's role in promoting intelligent development in China [3] Group 2 - The association's honorary chairman expressed high expectations for deepening cooperation and praised the strategic model of Deep Technology Group, which focuses on integrated development [3] - The association's vice president shared insights on the exploration and practice of promoting intelligent development, emphasizing the need for member sharing, case presentations, and channel cooperation [3] - The exchange underscored the willingness of both parties to enhance communication and collaboration, aiming to establish a long-term cooperation mechanism to support the development of millions of small and micro enterprises [3]

在经历开业最初几年的快速发展后，近两三年来，民营银行群体的内部分化日趋显著。即便是头部银行，也同样面临着有效融资需求不振、净息差不断收窄、资产 质量承压的挑战。 展望下一个十年，部分受访民营银行人士喊出"先稳住，活下去"，也有民营银行正驶向从零售金融向产业金融转型的发展快车道。无论各家境况有何不同，这个群 体仍希望发挥民营资本敢闯敢试的优势，在风险可控的范围内，通过优化差异化监管、松绑限制性政策要求等方式，为中国银行业的改革探索扮演"急先锋"的角 色。 争得一席立足地 "引进民间资本设立民营银行，在传统的银行经营领域中没有任何优势，一开始就必须寻求差异化、特色化发展，打造出具有鲜明自身特色的金融产品，才能在市场 中争得一席之地。"时任银监会主席尚福林在2015年出席国新办新闻发布会解读《意见》时明确指出。 以数字技术驱动、服务中小微弱群体，既是民营银行过去十年发展历程中的鲜明标识，也是其探索出的差异化经营路径。 "如果让我来给19家民营银行分类，我会分成三类。"南方地区一家民营银行高管对证券时报记者表示，第一类是纯数字化经营，从前端获客到中后端的贷款审批、 贷后管理完全线上化；第二类是深耕属地化经营，扎根当地 ...

证券研究报告 | 基金研究（公募） 2025 年 06 月 02 日 港股创新药、金融科技 ETF 领涨，资金大幅流入公司债 ETF ETF 基金周度跟踪（0526-0530） 本报告重点聚焦 ETF 基金市场表现，总结过去一周 ETF 基金市场、不同热门 细分类型 ETF 基金、创新主题及细分行业 ETF 基金的业绩表现和资金流动， 供投资者参考。 ❑ 市场表现： 敬请阅读末页的重要说明 基金研究（公募） 一、ETF 市场整体表现 市场表现方面，本周（5 月 26 日-5 月 30 日）主投 A 股的 ETF 涨跌不一。其中， 医药生物 ETF 涨幅最大，规模以上基金平均上涨 2.19%。相反，中游制造 ETF 跌幅最深，规模以上基金平均下跌 1.79%。 本周（5 月 26 日-5 月 30 日）主投 A 股的 ETF 涨跌不一。其中，医药生物 ETF 涨幅最大，规模以上基金平均上涨 2.19%。相反，中游制造 ETF 跌幅 最深，规模以上基金平均下跌 1.79%。 ❑ 资金流动： 资金大幅流入债券 ETF，全周资金净流入 150.94 亿元。相反，港股 ETF、 QDII-ETF、医药生物 ETF 等板 ...

Group 1 - The core viewpoint of the news highlights the performance of Guofu Quantum (00290.HK), which saw a significant increase in its stock price and has outperformed the Hang Seng Index in recent months [1][2] - As of June 2, the Hang Seng Index closed at 23,157.97 points, down 0.57%, while Guofu Quantum's stock price rose by 19.72% to 1.7 HKD per share, with a trading volume of 10.89 million shares and a turnover of 16.8 million HKD [1] - Over the past month, Guofu Quantum has accumulated a 13.6% increase, and since the beginning of the year, it has risen by 79.75%, outperforming the Hang Seng Index's 16.1% increase [2] Group 2 - Financial data shows that as of September 30, 2024, Guofu Quantum achieved total operating revenue of 27.41 million HKD, a year-on-year increase of 48.88%, while the net profit attributable to shareholders was -9.84 million HKD, a year-on-year increase of 37.39%, with a debt-to-asset ratio of 17.94% [2] - Currently, there are no institutional investment ratings for Guofu Quantum, and its price-to-earnings ratio stands at -451.92, ranking 83rd in the industry, compared to other financial companies with average P/E ratios ranging from 1.93 to 3.69 [3] - Guofu Quantum is positioned as a cross-border financial technology investment platform based in Hong Kong, focusing on various financial services including investment banking, securities brokerage, asset management, and more, while actively responding to the digital economy development strategy of the Hong Kong government [3]

Group 1: Consumer Goods and Market Trends - The sales volume of consumer goods through the old-for-new program has exceeded 1 trillion yuan as of June 1, indicating a strong recovery in consumption [1] - As of May 31, the old-for-new program has driven a total sales volume of 1.1 trillion yuan across five major categories, with approximately 175 million subsidies issued to consumers [1] - The automotive sector has seen 4.12 million subsidy applications, while 49.86 million consumers purchased 77.62 million units of 12 major categories of home appliances [1] Group 2: Stock Market Analysis - The A-share market is experiencing rapid shifts in hotspots, with technology sectors leading the gains, although uncertainties remain due to ongoing overseas tariff issues [2] - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are at 13.69 times and 35.8 times, respectively, indicating a suitable environment for medium to long-term investments [3] - The market is expected to continue a pattern of oscillation and rotation of hotspots, with a focus on technology and consumer sectors [4] Group 3: Stablecoin Industry Developments - Circle, the issuer of the USDC stablecoin, plans to go public on the NYSE, aiming to raise up to $624 million with a total valuation of $6.7 billion [5] - The global stablecoin market is projected to reach nearly $240 billion by April 2025, with USDT and USDC dominating the market with a combined share of nearly 90% [5] - Stablecoins are increasingly being utilized in various payment and transaction scenarios, with a total transfer volume expected to reach $27.6 trillion in 2024, surpassing traditional payment giants [6] Group 4: Industrial Software and Investment Opportunities - The inclusion of industrial software in the "two new" policy is expected to stimulate investment and development in the sector, with a projected market size of 333.2 billion yuan by 2024 [8][9] - The government aims to update approximately 200,000 sets of industrial software and 80,000 sets of operating systems by 2027, focusing on key industries such as petrochemicals and aerospace [8] - Companies like Saiyi Information and Dingjie Zhizhi are recommended for investment due to their involvement in the industrial software sector [9] Group 5: Solid-State Battery Market Insights - Solid-state batteries are anticipated to play a crucial role in the global energy market, with expected shipments reaching 614.1 GWh by 2030 [10][11] - The market for solid-state batteries is driven by demand from electric vehicles, low-altitude economy, and robotics, with significant advantages over traditional lithium-ion batteries [10] - Investment opportunities in the solid-state battery sector include companies such as Sanxiang New Materials and Shanghai Xiba [12]