Core Viewpoint - The acquisition of a 30% stake in Kuaiqian Financial Services (Shanghai) Co., Ltd. by Shanghai Ruyi Starry Enterprise Management Co., Ltd. is expected to enhance China Ruyi's business expansion into the third-party payment and fintech sectors, leveraging synergies with its existing operations in online streaming and gaming services [2][5][6]. Group 1: Acquisition Details - China Ruyi announced the signing of a share transfer agreement involving its indirect wholly-owned subsidiary, Shanghai Ruyi Starry, and Kuaiqian Financial Services [1]. - The acquisition price for the 30% stake in Kuaiqian Financial Services is set at 240 million yuan [2]. - The completion of the transaction is subject to several preconditions, including approval from the central bank [3]. Group 2: Strategic Implications - Following the acquisition, China Ruyi will become the largest single shareholder of Kuaiqian Financial Services, although the latter will not become a subsidiary of China Ruyi [4]. - The acquisition is anticipated to facilitate the expansion of China Ruyi into the fintech sector, with potential long-term growth benefits [5][6]. - Kuaiqian Financial Services is recognized as one of the first partners of the People's Bank of China for digital currency research, indicating its capability to process digital yuan and its active role in cross-border payment solutions [5][6]. Group 3: Historical Context - China Ruyi has previously engaged in multiple acquisitions of assets under the Wanda Group, including a recent acquisition of a 49% stake in Beijing Wanda Investment Co., Ltd. for 2.262 billion yuan [7]. - This acquisition positions China Ruyi as the second-largest shareholder in Wanda Investment, indirectly holding 9.8% of Wanda Film [7][8]. - The series of transactions has resulted in a shift in control of Wanda Film from Wang Jianlin to the Ruyi Group, marking a significant change in ownership dynamics [8].

Core Viewpoint - The regulatory framework for stablecoins is evolving globally, with significant developments in the U.S. and Hong Kong, which are expected to enhance market stability and drive the growth of real-world asset (RWA) tokenization [2][4][7]. Regulatory Developments - The U.S. has adopted a unified legislative approach for stablecoin regulation, with the GENIUS Act set to become law, establishing comprehensive guidelines for issuance, reserves, redemption, and auditing [4][5]. - Hong Kong has implemented the Stablecoin Issuance Regulatory Ordinance, which mandates high liquidity for reserve assets and requires licensed institutions to maintain robust risk management practices [7]. Market Dynamics - The rise of stablecoins is facilitating the digitization of assets and enhancing the efficiency of settlements, creating a cycle of increased asset digitalization, efficient settlement, and structured allocation [2][10]. - Stablecoins are becoming a key innovation in the digital currency space, widely used in cross-border payments and decentralized finance (DeFi) [2]. RWA and Stablecoin Interaction - The integration of stablecoins with RWA is creating a synergistic value cycle, where stablecoins serve as a liquidity tool and pricing benchmark for RWA markets, driving efficient asset circulation [10]. - The use of blockchain technology allows for the transformation of real-world assets into tradeable tokens, with stablecoins playing a crucial role in the digitalization process [9][10]. Efficiency Gains - A practical example in the renewable energy sector demonstrates that using stablecoins for RWA asset transactions can reduce cross-border settlement time and costs by 70-80% [9].

Market Overview - The A-share market continued its upward trend, with the Shanghai Composite Index reaching a new high for the year, closing up 0.72% at 3559.79 points, while the Shenzhen Component Index rose 0.86% and the ChiNext Index increased by 0.87% [2][7] - The total trading volume in the Shanghai and Shenzhen markets was 1.70 trillion yuan, with sectors such as building materials, construction decoration, and steel leading the gains, while banking, computers, and home appliances lagged [2][7] - In the Hong Kong market, the Hang Seng Index closed up 0.68% at 24994.14 points, marking the highest level since February 2022 [2][7] Important News - The President of the European Council, Costa, and the President of the European Commission, von der Leyen, are scheduled to visit China on July 24, 2025, where they will meet with President Xi Jinping and Premier Li Qiang for the 25th China-EU Leaders' Meeting [3][7] - The "Housing Rental Regulations" have been announced and will take effect on September 15, 2025, aimed at standardizing housing rental activities and promoting high-quality development in the rental market [8]

Group 1 - The company announced a conditional agreement to acquire 30% equity in a target company for a cash consideration of RMB 240 million, to be paid in three installments [1] - The target company is a licensed third-party payment institution in China, providing comprehensive payment solutions and actively expanding into overseas markets [1][2] - The acquisition is expected to enhance the company's business expansion into the third-party payment and fintech sectors, contributing to long-term growth and development [2] Group 2 - The target company holds multiple payment business licenses, including internet payment, mobile payment, and cross-border RMB payment, and has established a solid market position and business foundation [2] - The acquisition is anticipated to create synergies with the company's existing businesses, including online streaming and gaming services, as well as its indirect investment in Wanda Film [2] - The target company is one of the first cooperative institutions with the People's Bank of China for digital currency, indicating strong potential for policy alignment and technological innovation [2]

Core Viewpoint - The company is actively developing a cross-border settlement solution that combines stablecoins and SIM cards for partner banks, leveraging opportunities from the legalization of virtual asset trading in Hong Kong [1] Group 1: Business Development - The company has seen rapid growth in its digital currency system development, with some platforms already delivered for bank operations [1] - The company continues to strengthen its market position in digital currency hardware wallets and acceptance terminals [1] - The company is collaborating with strong partners to advance digital RMB cross-border payment initiatives [1] Group 2: Revenue and Market Position - The company's digital currency business revenue has shown certain growth compared to previous years, although it still represents a low proportion of total revenue [1] - The company is planning to build an eSIM management platform for operators, capitalizing on industry opportunities [1]

Market Overview - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.72% to close at 3559 points, marking a new high for the year [1] - The Shenzhen Component Index rose by 0.86%, and the ChiNext Index increased by 0.87% [1] - Total trading volume reached 1.73 trillion yuan, an increase of 133.9 billion yuan compared to the previous trading day, with over 4000 stocks rising across the market [1] Index Performance - Shanghai Composite Index: 3559.79 (+25.31, +0.72%) [2] - Shenzhen Component Index: 11007.49 (+93.65, +0.86%) [2] - ChiNext Index: 2296.88 (+19.73, +0.87%) [2] - CSI 300: 4085.61 (+27.06, +0.67%) [2] - CSI 500: 6161.31 (+61.70, +1.01%) [2] - CSI 1000: 6612.26 (+60.18, +0.92%) [2] Sector Performance - The water conservancy and hydropower sector surged following the commencement of the Yarlung Tsangpo River downstream hydropower project, with China Power Construction (601669) and other stocks hitting the daily limit [3] - Other sectors that saw gains included civil explosives, cement and building materials, and engineering machinery [3] - The steel sector also performed well, with Bayi Steel (600581) reaching the daily limit [3] - The ultra-high voltage sector experienced a significant rise, with Anke Zhidian (300617) increasing by 20% to hit the daily limit [3] - Sectors that faced declines included cross-border payments, banking, AI, and photolithography [3]

Group 1 - The Guozheng Securities Leading Index (399437) has seen a strong increase of 1.58%, with constituent stocks such as Hualin Securities (002945) rising by 9.97%, Dongfang Securities (600958) by 4.26%, and GF Securities (000776) by 3.98% [1] - Robinhood has launched "stock tokens" in the European market, allowing EU users to trade over 200 US stocks and ETFs, including Nvidia (NVDA), Apple (AAPL), and Microsoft (MSFT) [1] - Minsheng Securities highlights that cross-border payment scenarios are expected to become an important application for stablecoins, which may enhance efficiency and reduce costs in cross-border payments, benefiting fintech companies related to cross-border payments [1] Group 2 - In the long term, stablecoins are anticipated to promote virtual asset trading and the tokenization of real-world assets (RWA) and security token offerings (STO), facilitating on-chain trading of traditional financial assets [2] - Major Chinese securities firms are accelerating their layout in this area, with Guotai Junan International upgrading its virtual asset trading license and GF Securities (Hong Kong) fully integrating with HashKey Chain for on-chain issuance [2] - As of June 30, 2025, the top ten weighted stocks in the Guozheng Securities Leading Index (399437) account for 78.71% of the index, including Dongfang Wealth (300059), CITIC Securities (600030), and Huatai Securities (601688) [2]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities [7]. Core Insights - The Hong Kong "Stablecoin Regulation" will take effect on August 1, 2025, which is expected to enhance the development of the stablecoin industry in Hong Kong. The U.S. Congress has also passed the "Genius Act" to establish a regulatory framework for cryptocurrencies, signed into law by President Trump [1][2]. - Short-term, cross-border payment scenarios are anticipated to be significant applications for stablecoins, improving efficiency and reducing costs. Financial technology companies related to cross-border payments are expected to benefit, with a focus on companies like Lianlian Digital [1]. - Long-term, stablecoins are expected to facilitate virtual asset trading and the tokenization of real-world assets (RWA) and security token offerings (STO). Major Chinese brokerages are accelerating their involvement, with firms like Guotai Junan International upgrading their virtual asset trading licenses [2]. Summary by Sections Market Review - Major indices saw increases, with the Shanghai Composite Index up by 0.69% and the ChiNext Index up by 3.17% during the week [9]. - The non-bank sector experienced an overall decline, with the non-bank financial index down by 1.24% [9]. Securities Sector - The report highlights a significant increase in trading activity, with a total trading volume of 0.73 trillion shares and a turnover of 9.34 trillion yuan, marking a 6.05% increase week-on-week [17]. - The report notes that the margin trading balance reached 1.90 trillion yuan, a 1.52% increase from the previous week [17]. Investment Recommendations - The report suggests focusing on insurance companies such as China Pacific Insurance, New China Life, China Ping An, China Life, and China Property & Casualty Insurance. In the securities sector, it recommends attention to leading firms like CITIC Securities, Huatai Securities, Guotai Junan, and China Galaxy Securities [44][45]. - Non-bank institutions to watch include ZhongAn Online, Lianlian Digital, Hong Kong Exchanges and Clearing, and Lianyi Technology [45].

Summary of Key Points from Conference Call Records Industry or Company Involved - **Semiconductor Packaging Industry**: Focus on TSMC's CoWoS technology and related companies - **RISC-V Architecture**: Development and adoption in high-performance computing - **Micro-Short Drama Industry**: Growth and government support in Shenzhen - **Brain-Computer Interface (BCI) Technology**: Medical applications and market potential - **AI in Healthcare**: Investment trends and technological advancements - **Tourism and Cruise Industry**: Summer tourism trends and company initiatives - **Robotics and AI**: Development in military and healthcare applications Core Insights and Arguments Semiconductor Packaging - TSMC is advancing its CoWoS technology, with expected Q3 sales between $31.8 billion and $33.1 billion, exceeding market estimates [2][3] - The global market for CoWoS technology is projected to exceed $10 billion by 2026, with China leading growth at 71% [2] RISC-V Architecture - The fifth RISC-V China Summit highlighted the acceleration of high-performance computing products [4] - Companies like Aojie Technology and Allwinner Technology are leading in RISC-V CPU subsystem development [5] Micro-Short Drama - Shenzhen's government has introduced measures to support the micro-short drama industry, with a market size expected to reach 68.6 billion yuan in 2025, growing at 36% [6][7] Brain-Computer Interface - The global BCI medical application market is projected to reach $40 billion by 2030, with significant growth in central nervous system disease treatments [8] - Companies like Yanshan Technology and Sanbo Brain Science are pioneering BCI applications [9] AI in Healthcare - The global AI healthcare investment landscape is heating up, with significant advancements in molecular modeling technology [11] - The company is collaborating with Tencent AI Lab to enhance drug discovery processes [11] Tourism and Cruise - The domestic summer tourism consumption is expected to reach 1.8 trillion yuan, with the company launching themed cruise lines [13] Robotics and AI - The military robotics sector is accelerating, with new developments in multifunctional robots for reconnaissance and inspection [16] - Companies are also focusing on healthcare robotics, with applications in rehabilitation and elderly care [15] Other Important but Potentially Overlooked Content - The CoWoS technology's capacity is directly linked to HBM production, indicating a critical supply chain relationship [2] - The RISC-V architecture's integration into data centers could disrupt traditional CPU markets [4] - The micro-short drama market's growth is driven by free content, highlighting a shift in consumer preferences [6] - The BCI technology's commercialization is supported by new pricing regulations in Hubei province [8] - The AI healthcare sector is seeing a convergence of technology and traditional pharmaceutical practices, enhancing drug development efficiency [11] - The cruise tourism initiative is part of a broader strategy to diversify offerings in response to changing consumer demands [13] - The military robotics market is expected to see increased government investment and interest, particularly in AI applications [16]

稳定币、跨境支付概念活跃 中油资本涨停 智通财经7月18日电，稳定币、跨境支付概念盘中局部活跃，中油资本涨停，焦点科技、凯撒旅业、浔 兴股份、青岛金王、东信和平涨幅靠前。消息面上，近日，中国工业互联网研究院举办"稳定币与工业 数字资产研讨会"，围绕稳定币政策监管、工业数字资产转化、RWA与工业互联网融合发展等核心议 题，展开交流研讨。此外协鑫科技发布公告，拟就RWA的全球发行与太保资管香港达成战略合作。 ...