Summary of Key Points from Conference Call Industry and Company Involved - The conference call discusses the developments in the **stablecoin** and **Real World Assets (RWA)** sectors in **Hong Kong**. - **China JinDian Group** is highlighted for its active involvement in stablecoin and RWA business. Core Insights and Arguments - The **Hong Kong government** has invested **HKD 50 million** to promote blockchain and digital finance, approved ETF issuance, and passed the stablecoin bill, expected to be released by the end of the year, aiming to address liquidity issues and facilitate capital flow across markets [1][2][3]. - RWA is focused on tokenizing traditional assets to enhance financing avenues, primarily in the primary market, contrasting with the more standardized and dynamic secondary market in the U.S. [1][3]. - The **charging pile revenue rights** face challenges such as variable income and the need for IoT systems for real-time data monitoring, which are essential for investors to assess expected returns [1][6]. - Suitable RWA assets should be highly digitalized, supported by real-time data, and possess intrinsic value, with infrastructure assets like solar power and charging piles being prime examples [1][7]. - The RWA market suffers from a lack of transparency and standardization, necessitating collaboration among major institutions to enhance legal, asset management, custody, and evaluation processes [1][8]. Additional Important Content - The **differences between RWA in China and the U.S.** are notable, with the U.S. having a more developed secondary market and higher standardization, while China focuses on infrastructure assets like solar and charging piles, which are not yet ready for secondary market trading [3][4]. - The **"everything can be RWA"** perspective is debated, with suitable assets needing high standardization and low risk, while agricultural products are deemed unsuitable due to their inherent risks [7]. - The **current RWA application scenarios** are primarily in real estate, financial products, and renewable energy, with potential for expansion into cross-border transactions [10]. - **Stablecoins** are viewed as critical assets in the crypto ecosystem, facilitating global payments and mitigating price volatility risks, with a projected market size of **USD 2 trillion** [11][33]. - The **Hong Kong market** has three main players in stablecoins: JD.com, Standard Chartered Bank, and Yuanbao, with a focus on both B2B and B2C applications [13]. - Future innovations in Hong Kong may include the use of stablecoins for large remittances and the establishment of a comprehensive regulatory framework for OTC trading [16][35]. - **China JinDian Group** plans to apply for a stablecoin license in Hong Kong and is exploring asset securitization of high-quality assets like futures contracts and local government bonds [31][32]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future potential of stablecoins and RWA in Hong Kong and beyond.

Group 1: Stablecoin and Digital Currency Applications - The company is actively collaborating with financial institutions to explore applications in stablecoins and digital currencies, leveraging its experience in retail payment research based on Web3 technology and expanding overseas digital fiat currency operations [2] - The company has extensive involvement in the digital renminbi sector, assisting state-owned banks in promoting digital currency applications and integrating them into consumption scenarios [2][3] Group 2: CIPS Business Focus - The company's focus on CIPS (Cross-border Interbank Payment System) includes infrastructure development, bank channel connections, and business application development, indicating a broad potential for future applications [3] Group 3: Overseas Payment Business - The company is strategically utilizing its domestic clearing and payment transaction systems to establish a comprehensive overseas layout, particularly in cross-border payment services [3] - The company has successfully launched related products and services in regions such as Hong Kong, Macau, and Southeast Asia, supporting local payment business development, including cross-border payments [3] Group 4: Risk Awareness - The investor relations activity highlighted that the content discussed, including future development plans and performance expectations, does not constitute a substantive commitment from the company, emphasizing the need for investors to remain aware of associated risks [3]

Group 1 - The stock price of Chutianlong (003040) increased by 13.48% this week, closing at 14.14 yuan, with a market capitalization of 6.52 billion yuan [1] - Chutianlong's stock reached a maximum price of 14.59 yuan and a minimum price of 12.4 yuan during the week [1] - The company ranks 46th out of 87 in the communication equipment sector and 2309th out of 5146 in the A-share market [1] Group 2 - Multiple block trades occurred this week, with a total transaction amount exceeding 12.75 million yuan [2][4] - On May 30, a block trade was executed at a discount of 10.61%, totaling 4.2976 million yuan [2] - On May 29, four block trades were executed at a discount of 12.17%, totaling 8.4546 million yuan [2] Group 3 - Chutianlong is not currently involved in stablecoin-related business but is monitoring relevant policy developments [3] - The company is increasing its investment in digital RMB technology and products, exploring applications in smart contracts and cross-border settlement [3] - The self-developed consulting robot product won the national first prize in the "2024 Huawei Developer Competition," showcasing the company's strength in AI technology [3] - Future growth points for the company include embedded security products, smart hardware, software and services, and digital RMB business [3] - The company has established a market value management system to maintain a positive image in the capital market [3]

美国积极地拥抱加密货币稳定币，主要源于"以币还债"的大胆尝试，却触及了一个历史深远的议题： 当国家面临财政困境时，能否通过货币手段，特别是发行或利用新兴、高波动性的货币资产来解决？ 纵观历史，试图通过操纵货币来应对财政或债务危机的案例屡见不鲜。不幸的是，这些尝试都以失败告终。这促使我们重新审视一个根本性问题： 金融的根基究竟在哪里？是印钞机、新兴技术，还是更深层、更扎实的物质财富和实体经济？ "发币还债"：历史上的危险游戏 "以币还债"，或者更广义地说，试图通过货币手段（无论是过度发行、强制改制还是利用其他高波动资产）来弥补财政赤字或偿还债务，历史上几乎都是一 条通往崩溃的死胡同。其核心问题在于，它忽视了货币的本质——货币是实体经济的媒介和反映，而非独立于实体经济的财富源泉。 王莽的币制混乱：一场掠夺性的货币实验 中国历史上的王莽新朝（公元8年-公元23年），是频繁通过币制改革变相掠夺民间财富的典型。王莽在短短十余年内进行了四次大规模的货币改制¹'²。 第一次改制（公元7年），发行"大泉五十"、"契刀五百"、"一刀平五千"，强制与五铢钱并行，企图通过提高新币面值来掠夺铜材利润³。第三次改制（公元 10年）更是 ...

Group 1: Company Overview and Business Development - The company is actively monitoring the stablecoin policies in Hong Kong, especially after the recent legislative developments [3] - The digital RMB pilot program is steadily advancing across 26 pilot areas in 17 provinces, with ongoing support from local governments and continuous upgrades in technology [4] - The company is increasing its investment in digital RMB technology and applications, focusing on various innovative use cases [4] Group 2: Financial Performance and Client Base - Financial institutions, including banks, are significant clients, contributing to the company's revenue through long-term partnerships [5] - The company has not separately quantified the revenue share from banking institutions, but it has seen an increase due to the transition to the third-generation social security card [6] Group 3: AI and Technological Advancements - The company has developed an award-winning AI consulting robot, showcasing its capabilities in smart governance solutions [7] - Key features of the AI solutions include self-service processes, AI digital assistants, and comprehensive monitoring systems to ensure data security [7] Group 4: Future Growth Opportunities - Future growth will focus on embedded security products, aiming to maintain market leadership in the third-generation social security card sector [8] - The company plans to enhance its AI integration in hardware and software, creating new collaborative production capabilities [8] - There are ongoing efforts to explore digital currency applications and potential mergers or acquisitions to strengthen the industry chain [9] Group 5: Market Value Management - The company has established a market value management system to enhance its capital market image through various strategies, including mergers, cash dividends, and investor relations [9]

Core Insights - The mBridge project, aimed at facilitating cross-border payments using central bank digital currencies (CBDCs), has successfully entered the Minimum Viable Product (MVP) phase, with recent applications demonstrating its effectiveness in real-world transactions [1][3] Group 1: Project Overview - The mBridge project is a collaborative initiative involving the People's Bank of China, the Hong Kong Monetary Authority, the Bank of Thailand, and the Central Bank of the UAE, supported by the Bank for International Settlements (BIS) [3] - The project aims to create a high-efficiency, low-cost, and scalable cross-border payment solution centered around CBDCs, utilizing blockchain/distributed ledger technology (DLT) [3] - The project traces its origins back to 2021, with successful pilot transactions involving four different CBDCs completed in 2022, leading to the current MVP phase announced in June 2024 [3] Group 2: Recent Developments - Recently, the Wenzhou branch of Industrial Bank successfully executed the first cross-border RMB payment transaction via mBridge, marking the largest mBridge transaction in Zhejiang Province to date [1][4] - The project has seen increased participation from banks, with notable transactions including a cross-border capital pool settlement of 637 million RMB by the Shenzhen branch of Bank of China in March 2025 [4] Group 3: Advantages and Future Prospects - The mBridge's point-to-point settlement model reduces the need for intermediary banks, enhancing cost efficiency and competitiveness for financial institutions [4] - The project is expected to support the development of cross-border inclusive finance by lowering payment fees [4] - As tokenized assets gain traction, banks may leverage mBridge's atomic settlement feature for synchronized delivery of digital assets and currencies [4] Group 4: Policy Support and Market Potential - Recent policy documents have emphasized the importance of mBridge, encouraging financial institutions to participate in its development and application [5][6] - The global cross-border payment market is growing, and mBridge is positioned to address the inefficiencies of traditional systems like SWIFT, potentially becoming a valuable channel for the internationalization of the digital RMB [6]

Core Viewpoint - The company, Chutianlong, is focusing on the integration of digital currency solutions and embedded security products to enhance its market position and drive future growth [1][2]. Group 1: Company Performance and Market Position - As of May 23, 2025, Chutianlong's stock closed at 12.46 yuan, down 1.66% from the previous week, with a total market capitalization of 5.746 billion yuan, ranking 51st in the communication equipment sector [1]. - The company reported a comprehensive digital RMB platform that provides a one-stop service for industry clients, enhancing financing efficiency and transparency for small and medium enterprises [1][4]. Group 2: Growth Drivers - Future growth points include the embedded security products sector, which is expected to solidify the company's industry position through a comprehensive business model [2]. - The company is also focusing on smart hardware and software services, leveraging I+ technology integration to create an industry-specific intelligent system [2]. - In the digital RMB business, the company is exploring various applications, including smart contract design and cross-border settlement optimization [2]. Group 3: Industry Outlook - The industry is experiencing significant changes due to advancements in technologies such as I and large models, national encryption algorithms, blockchain, and quantum encryption [2]. - Embedded security products are becoming increasingly important in the digital economy, while the digital RMB pilot projects are progressing steadily, indicating a promising future for smart contracts and business platform services [2]. Group 4: Dividend Announcement - Chutianlong's 2024 annual equity distribution plan was approved, with a cash dividend of 0.30 yuan per share, totaling approximately 13.83 million yuan to be distributed [3][4].

Core Viewpoint - The company is actively expanding its international payment and digital currency services while focusing on cost reduction and efficiency improvement strategies to enhance overall profitability. Group 1: Company Performance and Market Position - As of May 23, 2025, the company's stock price is 11.57 yuan, down 1.87% from the previous week, with a total market capitalization of 28.733 billion yuan, ranking 9th in the computer equipment sector and 496th in the A-share market [1] - The company’s subsidiary, Guangdian Wuzhou, has shown rapid revenue growth from 558 million yuan in 2022 to 1.702 billion yuan in 2024, indicating a strong development phase [3][6] Group 2: Business Development and Innovations - The company holds an internet payment license and has cross-border RMB payment qualifications, providing services for cross-border trade, including e-commerce and general trade [1] - The company is one of the few in China offering full-stack technology services for digital RMB, providing hardware and software solutions for various financial institutions [2] - The company has won a significant project for a digital RMB comprehensive service platform in the Beibu Gulf, focusing on cross-border applications [2][6] Group 3: International Expansion and Strategy - The company has established eight branches globally, covering over 120 countries and regions, and aims to deepen its presence in Europe and Asia-Pacific markets [4][6] - The company is exploring opportunities in the international payment market and is committed to localizing its global strategy [4] Group 4: Cost Reduction and Efficiency Improvement - The company has implemented dynamic production management and a mature supply chain system to enhance manufacturing flexibility and reduce costs [5] - Management expenses have shown a declining trend from 2018 to 2024, reflecting significant achievements in cost reduction and efficiency enhancement [5][6] Group 5: Capital Operations and Future Plans - The company follows a "dual-wheel drive" strategy of "industry + capital," focusing on acquisitions and strategic investments in high-growth sectors such as artificial intelligence and new business models [7]

Core Viewpoint - The company aims to integrate green development into its strategic plan, targeting a scale of 100 billion yuan in green credit, green leasing, and green investment by 2025 [1] Group 1: Green Financial Products - In 2024, the company developed specialized green credit products such as "Wind Power Loan" and issued the lowest interest rate green financial bonds in Xinjiang [1] - The current balance of green credit stands at 49.36 billion yuan, while the scale of green leasing and green trust projects is 24.85 billion yuan [1] Group 2: Digital Currency Initiatives - The company is actively conducting research and planning regarding digital renminbi, having completed the technical development and construction of the foundational platform for digital renminbi business [1]

Financial Performance - The company achieved an operating income of 902.79 million yuan and a net profit attributable to shareholders of 95.02 million yuan for the fiscal year 2024 [2] - The overseas business revenue for 2024 was 93.62 million yuan, accounting for 10.37% of total revenue [8] Future Growth Drivers - The company will focus on core businesses and leverage opportunities in emerging fields such as IoT, fintech, data security, and big data for technological breakthroughs and product innovation [3] - Plans to deepen product capabilities and increase investment in security products like communication modules, RFID, mobile smart terminals, and identity recognition [5] Industry Outlook - The company is positioned at a pivotal point in the industry, benefiting from technological revolutions and policy incentives, with a focus on AI, blockchain, and quantum encryption technologies [3][6] - The overall market demand in the industry has decreased, leading to intensified competition [6] Strategic Initiatives - The establishment of Jiangsu Zhenjiang Yunbao Technology Industry Development Co., Ltd. aims to optimize strategic layout and enhance market competitiveness [7] - The company is actively seeking partnerships with major tech firms to provide high-end intelligent products and digital security solutions [5] Stock Performance and Market Sentiment - The stock price is influenced by macroeconomic factors, industry developments, and investor sentiment, leading to uncertainty [5] - The management expresses confidence in the company's sustainable and stable development despite external challenges [5] Shareholder Engagement - The company is committed to enhancing shareholder value through effective cash management and securities investment [4] - Future share repurchase plans will be disclosed in a timely manner if they arise [7]