Core Viewpoint - The Hong Kong government plans to issue stablecoin licenses within this year, aiming to enhance the regulatory framework for virtual assets and facilitate cross-border payments [1][4]. Group 1: Stablecoin Licensing - The Hong Kong Monetary Authority (HKMA) is consulting the market on the guidelines for the stablecoin regulation, which will include anti-money laundering and other related requirements [4]. - The number of stablecoin licenses issued is expected to be in single digits, with at least nine institutions expressing interest in applying for licenses, including three that are part of the HKMA's stablecoin issuance sandbox [5]. Group 2: Market Reaction - Following the announcement, stocks related to cross-border payments and stablecoins surged in both A-share and Hong Kong markets, with several stocks hitting their daily limit [2][7]. - In the A-share market, companies like Zhongyi Technology and Huafeng Superfiber saw significant gains, while in the Hong Kong market, firms such as Cathay Financial and Hong Kong Securities experienced substantial increases in stock prices [7][9]. Group 3: Cross-Border Payment Context - The stablecoin is expected to address challenges in cross-border payments, particularly in regions with high local currency risk or underdeveloped financial systems [4][5]. - The HKMA aims to promote stablecoins as effective payment tools to reduce transaction costs and facilitate cross-border transactions [4]. Group 4: Regulatory Developments - The Stablecoin Regulation is set to take effect on August 1, 2023, with the HKMA beginning to accept license applications [5]. - The recent approval of the Stablecoin Regulation by the Legislative Council marks a significant step in establishing a licensing system for stablecoin issuers in Hong Kong [5].

Market Overview - On July 7, A-shares saw a decline across all three major indices, with total trading volume at 1.23 trillion yuan, a decrease of 227.4 billion yuan from the previous trading day [1] - The market focus shifted towards sectors such as electricity, cross-border payments, stablecoins, and digital currencies, while pharmaceuticals, CROs, innovative drugs, and biological products experienced significant declines [1] Stock Performance - A total of 67 stocks hit the daily limit up, with 12 stocks achieving consecutive limit ups, and 10 stocks failed to maintain their limit up status, resulting in a limit up rate of 87% (excluding ST and delisted stocks) [3] - Key stocks included: - Huayin Electric: 5 consecutive limit ups, driven by mid-year report pre-increase and new energy installations [4] - Changcheng Electric: 6 consecutive limit ups, focusing on nuclear power and electrical products [4] - Jinyi Culture: 7 consecutive limit ups, linked to digital RMB and AI models [4] Top Gainers and Losers - Notable gainers included: - Qingdao King: +9.99%, with a trading volume of 169.71 million shares and a turnover of 15.33 billion yuan, attracting institutional net buying of 944.943 million yuan [21] - Xinling Electric: +20.00%, with a trading volume of 4.88 million shares [24] - Significant losers included: - Liugang Co.: -7.95%, with a trading volume of 235.86 million shares and institutional net selling of 1 billion yuan [21] - Xiangxin Technology: -8.32%, with a trading volume of 20.58 million shares [21] Institutional Activity - The top three net buying stocks by institutions were: - Qingdao King: 1.95 billion yuan [6] - Jingbeifang: 1.61 billion yuan [6] - Rongfa Nuclear Power: 1.35 billion yuan [6] - The top three net selling stocks were: - Liugang Co.: 751.583 million yuan [7] - Xiangxin Technology: 659.155 million yuan [7] - Longyang Electronics: 501.416 million yuan [7] Sector Highlights - Qingdao King is positioned in the cross-border payment sector, benefiting from the People's Bank of China's new rules on the CIPS system, with a projected 41.43% increase in overseas revenue for 2024 [10] - Jingbeifang focuses on digital currency and stablecoin concepts, with significant involvement in blockchain and AI technologies [13] - Rongfa Nuclear Power is a key supplier in the nuclear power sector, recently winning a contract worth 189.24 million yuan for a major project [16]

Market Overview - The Shanghai Composite Index closed at 3473.13 points, up 0.02%, with a trading volume of 476.2 billion yuan [1] - The Shenzhen Component Index closed at 10435.51 points, down 0.7%, with a trading volume of 732.5 billion yuan [1] - The ChiNext Index closed at 2130.19 points, down 1.21%, with a trading volume of 346.5 billion yuan [1] - The total trading volume of both markets was 1208.65 billion yuan, a decrease of 219.9 billion yuan from the previous trading day [1] Sector Performance - Sectors with notable gains included public utilities, light industry manufacturing, real estate, environmental protection, textiles and apparel, construction materials, media, and chemicals [3] - Active concepts included high-pressure fast charging, cross-border payments, virtual power plants, smart grids, ultra-high voltage, rental and sale rights, air energy heat pumps, ice and snow economy, and sports industry [3] - Sectors with significant declines included coal, pharmaceutical biology, communications, home appliances, electronics, and food and beverage [3] Capital Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 14.04 billion yuan, with the ChiNext experiencing a net outflow of 9.27 billion yuan [7] - Ten sectors saw net inflows, with the light industry manufacturing sector leading with a net inflow of 674 million yuan [7] - The electronic sector had the largest net outflow, totaling 4.14 billion yuan [7] Individual Stock Performance - A total of 1943 stocks experienced net inflows, with 33 stocks receiving over 1 billion yuan in net inflows [11] - Qingdao Kingking had the highest net inflow at 641 million yuan, followed by Tianyu Digital Science and Technology with 606 million yuan [12] - Conversely, 3190 stocks faced net outflows, with 58 stocks seeing over 1 billion yuan in net outflows [15] - Zhongji Xuchuang had the largest net outflow at 686 million yuan [16] Institutional Activity - Institutions had a net buy of approximately 64.06 million yuan, with Qingdao Kingking being the top net buy at approximately 94.49 million yuan [19] - Other notable net buys included Yihua New Materials and Haoshanghao [19]

转自：智通财经 注：智通财经VIP为内容资讯产品，并非投资建议。以下内容仅为资讯价值展示非对相关公 司的推荐建议，非未来走势预测。投资有风险，入市需谨慎。 市场热点一 跨境支付、稳定币 消息面上，7月4日央行就《人民币跨境支付系统业务规则（征求意见稿）》公开征求意见。此外香港特 区政府财经事务及库务局局长许正宇7日表示，目标今年内可发出稳定币牌照。 《公告全知道》：梳理隐藏在公告中的利好、利空。 6月30日21:58《公告全知道》 精选"金一文化"公司公告并展开梳理，发文指出：公司背靠北京海淀区国 资委，主营黄金珠宝首饰的研发设计及销售；公司积极拓展产业链，围绕金融科技纵、横方向发展，其 中开科唯识数字人民币产品利用区块链技术设计数币钱包的分布式账本，独立支持运营钱包核心处理体 系，掌握的部分技术可以应用于稳定币领域。金一文化收获3连板，5日最高涨幅达27.75%。 | | 金一文化(002721) | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 07-07 15:48:09 深 | | | | | | | ...

Core Viewpoint - The A-share market experienced fluctuations, with the charging pile sector receiving positive news, leading to significant stock price increases in related companies [1][13][14]. Market Overview - The Shanghai Composite Index closed up 0.02%, while the Shenzhen Component Index fell by 0.7%, and the ChiNext Index dropped by 1.21% [1]. - A total of 3,255 stocks rose, with 76 hitting the daily limit, while 1,978 stocks declined [2][3]. Charging Pile Sector - The charging pile concept stocks saw a surge, with companies like Aotexun hitting the daily limit [13]. - The National Development and Reform Commission issued a notice promoting the scientific planning and construction of high-power charging facilities, aiming for over 100,000 such facilities nationwide by the end of 2027 [14][15]. - The notice emphasizes the integration of charging networks with existing infrastructure and encourages the development of intelligent charging stations [16][17]. Electric Power Sector - Electric power stocks surged, with companies like Shao Neng Co. and Huayin Electric hitting the daily limit due to increased electricity demand from high temperatures [4][5]. - The notice on charging facilities is expected to further boost the electric power sector as it aligns with the growing demand for electric vehicle charging [14][15]. Other Sectors - The cross-border payment and stablecoin concept stocks also showed volatility, with several companies experiencing significant price increases [6][7]. - Real estate stocks saw a rise following a directive from the Ministry of Housing and Urban-Rural Development to stabilize the market and enhance housing supply [8]. Conclusion - The charging pile sector is positioned for growth due to government support and increasing demand for electric vehicle infrastructure, while the electric power sector benefits from rising electricity consumption [14][15][4].

Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index closing up 0.02% and the ChiNext Index down over 1% [3][4] - A total of 3,255 stocks rose, while 1,978 stocks fell, with a total trading volume of 12,270.67 billion CNY [4][5] Electric Power Sector - Electric power stocks surged against the market trend, with companies like ShaoNeng Co., China Huadian Corp, and Shimao Energy hitting the daily limit [5][6] - The increase in electricity demand was driven by high temperatures across multiple regions, leading to a record high in national electricity load on July 4 [5] Charging Pile Sector - The charging pile sector saw significant gains, with companies like Aotexun hitting the daily limit [12][13] - A notice from the National Development and Reform Commission emphasized the need for scientific planning and construction of high-power charging facilities, aiming for over 100,000 such facilities by the end of 2027 [15][17] - The notice also highlighted the integration of charging facilities with local economic development and the importance of smart management and technology upgrades in the charging infrastructure [16][17] Real Estate Sector - Real estate stocks experienced a rally, with companies like Yuhua Development and Shahe Co. reaching their daily limits [8] - The Ministry of Housing and Urban-Rural Development called for accelerated construction of safe, comfortable, and green housing to stabilize market expectations and activate demand [8] Cross-Border Payment and Stablecoin Sector - Stocks related to cross-border payments and stablecoins showed volatility, with companies like Zhongyi Technology and Jingbeifang hitting the daily limit [7]

| 连板。 | | --- | 7月7日连板股分析：市场连板高度降至3板 电力板块领涨 今日共67股涨停，连板股总数12只，其中三连板及以上个股5只，上一交易日共10只连板股，连板股晋级率50%（不含ST股、退市股）。个股方面，全市场 超3200只个股上涨，但高位股表现低迷，柳钢股份一度跌停，塞力医疗、亚玛顿断板，市场连板高度降至3连板。板块方面，市场高低切换特征明显，高位 的算力硬件、创新药等板块调整，胜宏科技、新易盛等早盘一度跌超5%，而相对低位的电力、房地产板块走强，其中电力板块近10股涨停；7月4日央行就 《人民币跨境支付系统业务规则（征求意见稿）》公开征求意见，受消息刺激，稳定币、跨境支付概念反复活跃，金一文化7天4板，信雅达、京北方晋级2 | 连板数 | 晋级率 | | 2025-7-7 | | --- | --- | --- | --- | | 2进3 | 5/7=71% | 华银电力 (电力+业绩) | | | | | 金一文化 (稳定币+3D打印) | | | | | 华光环能 (电力) | | | 1进2 | 7/29=24% | 深南电A(电力) | | | | | 京北方 (稳定币+跨 ...

Core Insights - Broadcom Analysis released the "Annual Special Report on the Non-Bank Payment Industry 2025," highlighting industry trends and exemplary companies, with Lianlian International's "Smart Payment+" product matrix recognized as a leading case [1] Group 1: Industry Trends - The globalization of trade and technology services in China has led to increasingly complex and diverse business scenarios and needs for domestic cross-border merchants [4] - More cross-border payment institutions are developing one-stop solutions that include cross-border payment and financial product integration to support the growth of domestic cross-border businesses [4] Group 2: Company Overview - Lianlian International has built a comprehensive "Smart Payment+" product matrix, leveraging years of insights into cross-border trade and service experience, along with self-developed technology and a broad partner network [4] - The company has successfully provided customized comprehensive service solutions to nearly 5.9 million clients, including B2C cross-border e-commerce, B2B foreign trade enterprises, independent site users, and service trade enterprises [4] Group 3: Product Features - Lianlian International's global payment solutions, developed in collaboration with renowned card organizations like VISA, address various payment needs across multiple scenarios, including cross-border travel and international logistics [8] - The "Lianlian Travel Flash Payment" product supports mainstream travel scenarios in over 100 countries and regions, enabling multi-currency account settlements and a fast payment experience [8] Group 4: Value-Added Services - In addition to payment services, Lianlian International offers value-added services that cater to the needs of outbound enterprises in areas such as store opening, operations, and tax refunds [8] - The "Global Leading Plan" allows for one-click store opening, recently upgraded with the "Lianlian Think Tank" AI assistant service to expedite the global store opening process for new sellers [9]

Market Overview - The A-share market experienced a decline today, with all three major indices falling, particularly the ChiNext index which dropped over 1% [1] - At the close, the Shanghai Composite Index rose slightly by 0.02% to 3473 points, while the Shenzhen Component Index fell by 0.7% and the ChiNext index decreased by 1.21% [2][3] - The total trading volume for the day was 1.23 trillion yuan, a decrease of 227.4 billion yuan compared to the previous trading day, with over 3200 stocks rising [3] Sector Performance Power Sector - The power sector saw a surge, with multiple stocks hitting the daily limit, including Huayin Power and Shenzhen Nanshan Electric, among others [4] - Notable performers included Disen Co., which rose over 18%, and Nanshan Technology, which increased by over 14% [6][7] - The maximum power load in China reached 1.465 billion kilowatts last Friday, an increase of approximately 200 million kilowatts since the end of June, and nearly 150 million kilowatts higher than the same period last year [6] Cross-Border Payment Sector - The cross-border payment sector also performed well, with stocks like Zhongyi Technology and Huafeng Super Fiber hitting the daily limit [8][9] - The upcoming implementation of the stablecoin regulations in Hong Kong is expected to boost this sector [9] Real Estate Sector - Real estate stocks experienced significant gains, with companies like Yudai Development and Shahe Shares hitting the daily limit [10][11] Biopharmaceutical Sector - The biopharmaceutical sector faced a downturn, with stocks like Kexing Pharmaceutical dropping over 14% [15][16] Apple Concept Stocks - Apple-related stocks continued to decline, with East Mountain Precision and GoerTek both falling over 5% [17] Gaming Sector - The gaming sector also saw declines, with companies like Gigabit and Giant Network dropping over 3% [18] Investment Recommendations - Companies in upstream resource sectors (copper, aluminum, oil) and capital goods (engineering machinery, heavy trucks) are recommended due to rising overseas demand and domestic policy shifts [19] - Consumer sectors such as hospitality, tourism, and branded apparel are also highlighted for potential investment opportunities [19]

金十数据7月7日讯，今日，A股三大指数早盘走低，午盘维持低位震荡。截至收盘，上证指数收涨 0.02%，深证成指收跌0.7%，创业板指收跌1.21%。受用电预期与午盘政策的共同催化，电力板块全天 强势，华银电力5天4板，韶能股份、豫能控股等多股涨停；跨境支付概念涨幅居前，中亦科技20cm涨 停；多元金融板块走强，永安期货涨停；除此以外，IP经济、冰雪经济等新消费概念今日走高，房地 产、数字货币、新能源、跨境支付等概念收涨。大医药板块集体低迷，生物制品、创新药等概念收跌； 英伟达、苹果概念连日走低。资金面上，今日沪深两市成交额达1.2万亿，较昨日缩量约2200亿，主力 资金净流出超170亿元。 A股收评：沪指收涨0.02%，电力板块午后再冲高 ...