Core Insights - Visa Inc. reported Q3 fiscal 2025 EPS of $2.98, exceeding the Zacks Consensus Estimate of $2.86 by 4.2%, with a year-over-year increase of 23.1% [1][9] - Net revenues reached $10.2 billion, reflecting a 14.3% year-over-year growth and surpassing the consensus mark by 3.1% [1][9] Business Performance - The increase in quarterly results was driven by higher processed transactions and payment volumes, although partially offset by rising operating expenses [2] - Visa's payments volume grew 8% year over year on a constant-dollar basis, with processed transactions increasing 10% to 65.4 billion, exceeding expectations [3][9] - Cross-border volume rose 12% year over year, with a notable 11% increase excluding intra-European transactions [4] Revenue Breakdown - Service revenues increased 9% year over year to $4.3 billion, aligning with consensus estimates [5] - Data processing revenues grew 15% year over year to $5.2 billion, surpassing the Zacks Consensus Estimate [5] - International transaction revenues rose 14% year over year to $3.6 billion, driven by higher cross-border volumes [6] - Other revenues reached $1 billion, climbing 32% year over year [6] Operating Expenses - Adjusted operating expenses increased 13% year over year to $3.3 billion, primarily due to higher marketing and administrative costs [7] - Interest expenses significantly decreased by 80.1% year over year to $39 million [7] Balance Sheet Highlights - As of June 30, 2025, Visa had cash and cash equivalents of $17.1 billion, up from $12 billion at the end of fiscal 2024 [8] - Total assets increased to $100 billion from $94.5 billion at the end of fiscal 2024 [8] - Long-term debt decreased to $19.6 billion from $20.8 billion as of September 30, 2024 [8] Cash Flow and Capital Deployment - Visa generated net cash from operations of $6.7 billion, a 31.1% year-over-year increase, with free cash flows at $6.3 billion, up 33.3% [10] - The company returned $6 billion to shareholders through share buybacks and dividends, with $29.8 billion remaining under its repurchase program [11] Future Outlook - For Q4 FY25, Visa anticipates high-single-digit to low-double-digit growth in net revenues and low double-digit growth in operating expenses [12] - EPS is expected to grow in the upper-mid to high-single digits [12] - For fiscal 2025, management projects low double-digit growth in net revenues and operating expenses, with EPS growth in the low teens [13]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has released regulatory documents for stablecoin issuance, which will enhance the development of the stablecoin industry and benefit companies with relevant application scenarios [3][5]. Regulatory Details - The regulatory documents include four main components: guidelines for licensed stablecoin issuers, anti-money laundering and counter-terrorist financing guidelines, a summary of the licensing system for stablecoin issuers, and transitional provisions for existing issuers [3][4]. - Applicants must be registered corporations or recognized institutions in Hong Kong, with financial resources of at least HKD 25 million (approximately USD 3.2 million) [4]. - The application process involves several steps, including consultations with the HKMA and relevant regulatory bodies, submission of applications, and processing of applications [4]. - Licensed issuers are required to ensure that reserve assets fully back the stablecoins, which can include cash, short-term bank deposits, and high-liquidity bonds [4]. - Issuers must continuously monitor transactions related to customer wallets to prevent money laundering and terrorist financing risks [4]. Industry Impact - The issuance of stablecoin licenses is expected to be limited initially, with only a few licenses granted, prioritizing companies with cross-border payment applications [5]. - Companies involved in cross-border payments and real-world asset (RWA) scenarios are likely to benefit the most from the regulatory developments [5].

综合市场分析来看，金融科技回调下挫或与香港稳定币牌照落地不及预期有关。消息面上，香港《稳定 币条例》将于8月1日实施，7月29日下午，香港金管局披露了稳定币发行人相关监管制度。其中提到， 截至目前，尚未发出任何稳定币发行人牌照，未来将在官网公布获发牌照的稳定币发行人名单。 中信证券解读称，时间线上看，金管局鼓励意向申请人于8月31日前联系监管，成熟申请人申请时限为9 月30日，首批牌照张数仅个位数，预计有望于年底前落地。建议继续关注可能获取首批稀缺牌照的发行 人，及确定性参与稳定币使用场景创设的场景平台两条主线。 周三（7月30日），稳定币、跨境支付等热门题材悉数调整，高位人气股下挫，金融科技板块深度回 调，成份股大面积飘绿。其中，东信和平跌停，天阳科技、四方精创、恒宝股份均下挫超7%，长亮科 技、金证股股份、中科金财、拉卡拉、京北方、中亦科技等跟跌超5%。 热门ETF方面，规模、流动性同类断层第一的金融科技ETF（159851）放量下挫，场内价格收跌3.3%， 跌穿5日、10日均线，退守20日均线。全天成交额达12.75亿元，环比放量超五成！资金逢跌大举揽筹， 159851全天净申购达4.38亿份！ 数据来 ...

Market Overview - The Shanghai Composite Index closed at 3615.72 points, up 0.17%, with a trading volume of 819.63 billion yuan [1] - The Shenzhen Component Index closed at 11203.03 points, down 0.77%, with a trading volume of 1024.65 billion yuan [1] - The ChiNext Index closed at 2367.68 points, down 1.62%, with a trading volume of 503.32 billion yuan [1] - The STAR 50 Index closed at 1058.57 points, down 1.11%, with a trading volume of 35.32 billion yuan [1] - The total trading volume of both markets was 1844.28 billion yuan, an increase of 41.11 billion yuan compared to the previous trading day [1] Sector Performance - Strong sectors included steel, oil and petrochemicals, media, food and beverage, banking, and textiles [3] - Active concepts included aquaculture, oil and gas services, dairy, heparin, film and television, and marine economy [3] - Weak sectors included electric equipment, computers, automobiles, defense and military, securities, telecommunications, machinery, and real estate [3] - The computer sector saw the largest net outflow of funds, amounting to 89.79 billion yuan [5] Fund Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 52.9 billion yuan [4] - The net outflow from the ChiNext was 21.25 billion yuan, while the Shanghai 300 index saw a net outflow of 12.33 billion yuan [5] - Only four sectors saw net inflows: media (10.72 billion yuan), social services (1.99 billion yuan), food and beverage (1.61 billion yuan), and retail (0.75 billion yuan) [5] Individual Stock Performance - A total of 1890 stocks experienced net inflows, with 41 stocks receiving over 1 billion yuan in net inflows [6] - The stock with the highest net inflow was Yingweike, with 867 million yuan [7] - Conversely, 3255 stocks faced net outflows, with 159 stocks seeing over 1 billion yuan in net outflows [8] - The stock with the highest net outflow was Ningde Times, with 1.293 billion yuan [9] Institutional Activity - Institutions had a net sell of approximately 72.4 million yuan, with 14 stocks seeing net purchases and 14 stocks seeing net sales [10] - The stock with the highest net purchase by institutions was Xizang Tianlu, with 126 million yuan [11]

Core Insights - LianLian Digital has been awarded the "Best Cross-Border Payment Solution Provider" for 2025 by Corporate Treasurer magazine, marking another significant international recognition following its inclusion in CNBC's "Top Global Fintech Companies" list in July 2025 [1] - The Corporate Treasurer Awards are prestigious accolades in the Asia-Pacific region, aimed at recognizing top service providers that drive innovation in the financial management sector [1] - LianLian Digital, established in 2009, is a leading digital payment solution provider in China, having successfully listed on the Hong Kong Stock Exchange in March 2024 [1] Financial Performance - In 2024, LianLian Digital's revenue from digital payment services, including global and domestic payments, reached 1.151 billion yuan, representing a significant year-on-year growth of 31.6% [2] - The total payment volume (TPV) for LianLian Digital's global payment business reached 281.5 billion yuan, with a year-on-year increase of 63.1% [2] - The total revenue from global payment services was 808 million yuan, reflecting a year-on-year growth of 23.1% [2] Market Position and Strategy - The cross-border payment market is experiencing rapid growth due to increasing globalization and trade frequency, with LianLian Digital positioned as a key player serving global small and micro enterprises [3] - The company has developed a proprietary technology platform that addresses the complexities of global trade, offering a comprehensive suite of services including payment, fund transfer, global fund distribution, intelligent exchange processing, and risk management [3] - LianLian Digital has established a global payment license framework consisting of 65 licenses, enabling it to serve over 590,000 clients across more than 100 countries and regions, supporting transactions in over 130 currencies [4] Future Outlook - The company aims to deepen the integration of AI and blockchain technologies, expand its global license framework, and enhance its service capabilities [4] - LianLian Digital plans to strengthen collaborations with global partners to provide safer, more efficient, and intelligent digital payment solutions, contributing to the sustainable development of the digital payment ecosystem and global trade [4]

Core Viewpoint - The company New Guodu (300130) has a subsidiary, Jialian Payment, which operates as a third-party payment institution with a national bank card acquiring business license, providing convenient payment settlement services across various industries in China [1] Group 1: Company Overview - Jialian Payment has established 36 branches nationwide, including one in Hainan, enhancing its ability to serve banking partners, merchants, and consumers with domestic bank card acquiring services [1] - The company has formed a cross-border business group to manage its cross-border payment operations, under the brand PayKKa [1] Group 2: Service Offerings - PayKKa has launched a range of payment service products, including B2B cross-border trade collection, B2C cross-border e-commerce collection, independent site global collection, and local collection services overseas [1]

Group 1 - The company, Wanxing Technology, primarily focuses on the sales and services of digital creative software products [2] - The company does not engage in internet finance business [2]

Regulatory Framework - The Hong Kong Monetary Authority (HKMA) has released regulatory documents for stablecoin issuance, detailing applicant qualifications, application processes, reserve asset requirements, anti-money laundering measures, and a transition period for existing issuers[2][7]. - The regulatory documents supplement the "Stablecoin Ordinance" effective from August 1, 2025, aiming to refine the licensing process and subsequent supervision of stablecoin issuers[7]. Application Requirements - Applicants must be registered corporations in Hong Kong with a minimum paid-up capital of HKD 25 million (approximately USD 3.2 million) or equivalent in freely convertible currency[7][8]. - The application process includes consultations with the HKMA and relevant regulatory bodies, submission of applications, and processing of applications[7]. Reserve Asset Guidelines - Licensed issuers must ensure that reserve assets fully back the stablecoins, which can include cash, bank deposits with a maturity of no more than 3 months, and high-liquidity bonds with a maturity of no more than 1 year[4][7]. - If using currencies other than the reference currency for stablecoins, prior written approval from the HKMA is required[4]. Anti-Money Laundering Measures - Issuers are required to continuously monitor transactions involving customer wallets, including both custodial and non-custodial wallets, to prevent money laundering and terrorist financing risks[4][7]. Transition Period for Existing Issuers - Existing issuers wishing to apply for a license must do so by October 31, 2025, at the latest[4][7]. Market Implications - The issuance of stablecoin licenses is expected to benefit companies with relevant applications, particularly in cross-border payments[8]. - The HKMA anticipates that only a limited number of licenses will be granted initially, prioritizing companies with applicable use cases[8]. Investment Recommendations - Companies with a strong presence in payment solutions, such as LianLian Digital, Lakala, and Yika, are recommended for investment due to their potential benefits from stablecoin licensing[8][9]. - The report highlights the importance of companies accelerating their engagement in real-world asset (RWA) scenarios, such as Linklogis and Jiufang Zhitu Holdings[8]. Risks - Potential risks include slower-than-expected regulatory progress and increased competition within the stablecoin industry[8].

南报网讯（记者 曹丽珍） "有了跨境支付通，南京汇款到香港秒到账，太方便了！"市民施女士日前与 闺蜜分享这一好消息。记者29日从中国人民银行江苏省分行获悉，自6月22日上线以来，截至7月21日， 江苏省共办理跨境支付通业务3.3万笔，金额2.1亿元。 今年6月22日正式上线的跨境支付通，是中央政府支持香港发展和便利民生、推动内地与香港合作的又 一项重要举措，实现内地网上支付跨行清算系统与香港快速支付系统"转数快"互联互通，在遵守两地法 律法规的前提下，支持参与机构为两地居民提供高效、便捷、安全的跨境支付服务。该业务首批参与的 银行机构，包括中银香港、东亚银行等6家香港机构，以及6家内地机构，分别为工商银行、农业银行、 中国银行、建设银行、交通银行和招商银行。 随着跨境支付通的上线，用户可以通过手机银行、网上银行等渠道线上发起内地与香港间人民币和港元 的跨境汇款，能够有效提高支付效率，降低交易成本。南京的施女士，正是这项业务的受益者之一。 "南京汇款到香港秒到账！" 上线"满月"，江苏共办理跨境支付通业务总额2.1亿元 记者了解到，施女士的公婆现居住在香港。以前，她给公婆转账时，需要通过银行电汇方式办理，耗时 ...

Core Viewpoint - Tianfeng Securities has initiated coverage on Weishi Jiajie (856.HK) with a "Buy" rating and a target price of HKD 11.52 [1] Group 1: Company Overview - Weishi Jiajie is a leading technology product channel developer and integrated service provider in the Asia-Pacific region, focusing on ICT industry solutions, particularly in enterprise systems, consumer electronics, and cloud computing [2] - The company has experienced high growth in recent years, with revenue projected to increase from 63.7 billion to 81.1 billion by 2024, representing a year-on-year growth of 20.6% [2] - The net profit attributable to the parent company is expected to grow from 830 million in 2023 to 958 million in 2024, a year-on-year increase of 14.09% [2] - The operating cash flow is projected to significantly improve to 1.659 billion in 2024, reflecting a year-on-year growth of 185% [2] Group 2: Market Trends - The demand for computing power and AI is driving growth in the Chinese ICT market, with global ICT spending expected to reach approximately USD 5.3 trillion in 2024 and grow to USD 6.9 trillion by 2028, representing a five-year CAGR of 7% [3] - The Chinese ICT market is anticipated to grow from approximately USD 626 billion in 2024 to USD 751.76 billion by 2028, with a CAGR of 6.5% [3] - The enterprise-level ICT market in China is projected to reach approximately USD 269.36 billion in 2024, with a year-on-year growth of 11.7% [3] Group 3: Regional Developments - The data center market is highly concentrated in North America, Asia, and Europe, with Southeast Asia experiencing a digital infrastructure construction boom [4] - By the end of 2024, Asia's data center installed capacity is expected to reach 22,780 MW, accounting for 44% of the global total [4] - Major global tech companies are investing heavily in Southeast Asia's data centers and computing infrastructure, positioning the region as the third-largest new computing power market globally [4] Group 4: Business Strategy - Weishi Jiajie is leveraging its strong ICT channels and financial management to rapidly expand in Southeast Asia, focusing on AI and cloud service upgrades [5] - The company's Southeast Asia business is projected to see a significant revenue increase of 74% in 2024, with net profit contributing approximately 51% [5] - Collaborations with top cloud service providers are enhancing the company's cloud business, covering over 30 intelligent computing centers in China [5] - The company is also advancing its initiatives in electric vehicle solutions and cross-border payment scenarios, which are expected to synergize with its core ICT distribution business [5] Group 5: Financial Projections - Revenue forecasts for Weishi Jiajie from 2025 to 2027 are projected at 103.7 billion, 129.63 billion, and 155.55 billion, with growth rates of approximately 28%, 25%, and 20% respectively [6] - The net profit attributable to the parent company is expected to be 1.251 billion, 1.532 billion, and 1.883 billion from 2025 to 2027, with growth rates of 30%, 22.4%, and 22.9% respectively [6] - Given the ongoing high demand for computing power and the acceleration of digital infrastructure in Southeast Asia, the current valuation is seen to have significant upside potential, with a target price of HKD 11.52 based on a PE of 12x for 2025 [6]