"稳定币"话题近日引起市场广泛关注，券商分析师展开火热研究。上周以来，已有20多家券 商密集发布研报聚焦"稳定币"，主题覆盖计算机、金融、 区块链 、 跨境支付 等领域，同时 配套路演、电话会议等高频次交流活动，资本市场对稳定币赛道的"研究热潮"再度袭来。 中信建投 研报认为，未来稳定币在 跨境支付 、RWA、收益型产品等场景构建闭环生态，或 将成为巨头的主要角力场。其中 跨境支付 和RWA等有望率先迎来发展机遇。 申万宏源 研报认为除了传统加密资产的投资之外，RWA（Real World Asset，真实资产代币 化投资）正在逐步兴起，稳定币的投资场景未来拓展空间巨大。国内数字资产前景广阔，和 稳定币、 数字人 民币等结合有助于推进金融创新和人民币国际化。 目前应用场景确定性较高的是跨境贸易应用，在跨境贸易过程中使用稳定币一直普遍受到关 注，特别是一些小币种国家。因为采用稳定币对于交易款项结算效率提升有极大的助力。传 统跨境支付较为繁琐复杂，涉及多个中间环节，使得交易成本居高不下。资金出境及汇率波 动等方面的不便，也使得大量外贸企业采用稳定币作为支付手段变得尤为迫切。 免责声明 以上观点来自相关机构，不代表 ...

Group 1 - The People's Bank of China Jiangsu Branch announced a special loan credit limit of 300 billion yuan for the technology sector by 2025 [1] - The Jiangsu Institute of Digital and Technological Finance Research was established to promote financial innovation and integration with the real economy, focusing on areas like quantum security and digital assets [1] - The Jiangsu Technology Finance (Innovation Bond) Service and Promotion Center will provide comprehensive financial services to bond issuers, enhancing the issuance of technology innovation bonds in Jiangsu [1] Group 2 - Financial support policies for technological innovation were interpreted by the People's Bank of China Jiangsu Branch and other regulatory bodies, including the "Patent Industrialization + Equity Subscription" work plan [2] - As of the end of Q1 this year, the balance of technology loans in Jiangsu reached 4.9 trillion yuan, with a year-on-year growth of 13.8%, leading the nation [2] - Loans to high-tech enterprises and technology-based SMEs grew by 24.7% and 23% year-on-year, significantly outpacing the growth of other loan categories [2]

Group 1 - The company is deeply involved in the construction and operation of the Guangzhou Data Exchange (Tianhe) service area, providing operational support to create a data element aggregation hub for the government [1][4] - The Tianhe service area is set to officially open in July 2024, establishing a closed-loop system that integrates data services, product incubation, enterprise cultivation, and ecosystem development, contributing to the region's digital economy [1] - The company has received the ISO 55013 Data Asset Management System certification from SGS, enabling it to provide standardized data asset registration services, helping enterprises like Beijing Xincheng Thermal Power Co., Ltd. to realize data asset value and improve operational efficiency [1] Group 2 - The Guangzhou Tianhe Data Trading Platform, in which the company is actively involved, has achieved a cumulative transaction amount exceeding 1.3 billion (13亿), accounting for over 50% of the total in Guangzhou [2] - The company has nurtured 248 data element enterprises in Tianhe District and listed 452 trading items, creating a strong industrial driving effect [2] - The company is also focusing on digital RMB initiatives, collaborating with Postal Savings Bank of Beijing to complete the first card sample integrating digital RMB hardware wallet and signing a cooperation agreement to explore application scenarios for digital RMB [2]

Group 1 - China's renewed interest in stablecoins is driven by concerns over US legislation that may enhance the dominance of the dollar [1] - The US Senate's passage of the GENIUS Act could transform dollar-pegged stablecoins into synthetic dollars, reinforcing their connection to global payment networks [1][2] - The rise of stablecoins is seen as an extension of existing currencies rather than a challenge to the dollar's dominance, expanding its influence into cryptocurrency and emerging markets [1] Group 2 - The People's Bank of China (PBOC) has shifted its stance from banning to planning for stablecoins and digital currencies, aiming to develop a multipolar international monetary system [2] - The digital yuan and stablecoins are proposed as viable alternatives for cross-border settlements, addressing inefficiencies in traditional payment systems [2] - The future of the renminbi stablecoin is constrained by domestic usage bans, capital controls, and the dominance of dollar-pegged stablecoins [2] Group 3 - Hong Kong has become the first jurisdiction to legislate stablecoins, requiring 100% backing by high-quality reserves to establish a 1:1 redemption mechanism [3] - The introduction of offshore renminbi stablecoins in Hong Kong aims to validate cross-border settlement applications while avoiding capital control violations [3] - Stablecoins are viewed as tools to enhance existing monetary frameworks rather than creating a new supranational currency system [3] Group 4 - Despite efforts to build cross-border settlement infrastructure, the internationalization of the renminbi has faced setbacks, with its global reserve currency share declining from 2.8% to 2.0% [4] - Restoring global confidence in China's growth potential is crucial for increasing the renminbi's usage, necessitating structural reforms to shift the economy towards consumption [4] - Achieving renminbi internationalization is expected to be a long and challenging process, requiring careful implementation of reforms [4]

新大陆数字技术股份有限公司投资者关系活动记录表 编号：2025-004 | 特定对象调研□分析师会议 |  | | --- | --- | | 投资者关系活动 | □媒体采访□业绩说明会 | | □新闻发布会□路演活动 类别 | | |  现场参观 |  其他（线上交流） | | | 信达澳亚基金王建华；国君资管范明；富国基金陈天元；易 | | | 米基金杨浩伟；鹏华基金杨飞；国寿资产曹阳高奕昂朱丽江； | | | 国泰基金韩知昂顾益辉；广发基金敖明皓；华创自营杜郁坤； | | 参与单位名称及 人员姓名 | 上银基金张和睿；国海证券郭义俊；中金证券童思艺；光大 | | | 证券白玥；中信建投证券应瑛；中邮证券丁子惠；东北证券 | | | 吴源恒唐凯；华创证券周楚薇；中信证券潘儒琛；广发证券 | | 刘雪峰李婉云 线下交流时间： | | | 2025 年 6 月 2025 年 6 月 | 5 日（周四）14:00-15:00 6 日（周五）10:00-11:00 | | 2025 年 6 月 | 6 日（周五）15:00-16:00 | | 年 月 2025 6 | 10 日（周二）14:00-15:00 ...

中国人民银行等六部门联合印发《关于金融支持提振和扩大消费的指导意见》，其中指出，持续优化支 付服务。支持金融机构聚焦"食、住、行、游、购、娱、医"等重点消费场景，持续推进支付便利化建 设，有效提升现金、银行卡、移动支付、数字人民币等各类支付方式的兼容性，为消费者提供更高效、 便捷的支付体验。持续提升适老化支付服务水平，优化重点领域外卡受理环境，深化信用卡消费与各类 场景的合作，有效满足老年人、外籍来华人员等群体支付服务需求。鼓励试点地区在消费领域积极稳妥 推行数字人民币。 ...

Core Viewpoint - The China Postal Savings Bank's Kunming branch successfully launched a digital RMB hard wallet at the 2025 South Asia Expo, attracting significant public interest and enhancing the local consumer market [1][4][9] Group 1: Digital RMB Hard Wallet Launch - The bank set up a dedicated 180 square meter financial service area at the expo, where over 500 digital RMB hard wallets were opened in just three hours [1][4] - The hard wallet features a unique design incorporating local cultural elements and is aimed at promoting safe and reliable digital transactions [4][6] Group 2: Financial Services and Products - The bank is not only targeting individual consumers but also offering tailored financial products for businesses, including the "Huinong e-loan" for coffee farmers, which provides quick funding without collateral [6][7] - Various financial products are designed to meet the diverse needs of different types of enterprises in the coffee industry, including credit loans and cross-border financing options [7][9] Group 3: Strategic Goals and Future Plans - The bank aims to deepen the integration of digital RMB with the real economy and leverage technology and finance to enhance regional development [9]

Core Viewpoint - The recent upgrade of the digital RMB APP to version 1.2 enhances user experience and operational convenience, reflecting the developers' commitment to user feedback and the creation of a secure and efficient payment platform [2][3]. User Experience and Interface Improvements - The homepage layout of the digital RMB APP has been significantly adjusted, moving frequently used functions like "Deposit to Bank" to the front for easier access [1]. - The wallet management experience has been optimized, allowing users to switch wallets more easily and customize their display order [1][2]. - The new version includes a streamlined process for removing digital RMB hard wallets, allowing users to unregister even if the wallet is lost or damaged [2]. Application Scenarios and Market Expansion - The digital RMB hard wallet has made progress in various application scenarios, including smart elderly care and campus environments, facilitating transactions in daily life [3]. - Future enhancements will support immediate tax refunds for foreign visitors, further expanding the use cases for the digital RMB hard wallet [3]. - Beyond retail payments, the digital RMB is also being applied in enterprise payments, cross-border transactions, and has established replicable models in non-tax payments and B2B transactions [3]. Industry Support and Development Potential - Industry experts are calling for increased support and legal protection for the digital RMB, emphasizing the need for market-driven incentive mechanisms to stimulate its development [4]. - Establishing such mechanisms is seen as crucial for attracting more merchants and service providers to adopt digital RMB, thereby broadening its application scenarios [4].

Core Viewpoint - The Shanghai Lingang New Area is positioned as a key breakthrough for exploring offshore financial development in China, focusing on three-dimensional innovations in offshore trade financial services [1][7]. Group 1: Innovations in Offshore Trade Financial Services - Establishment of dedicated offshore trade accounts (FTT accounts) allows for cross-border fund transfers in seconds, aiming for a threefold increase in fund turnover rate by 2025 compared to traditional accounts [1]. - Implementation of digital RMB for cross-border settlements, with a target to cover 80% of offshore trade scenarios by 2026 [1]. - Simplification of business processes through blockchain technology, reducing the number of required paper documents from 20 to 3, significantly decreasing verification time from multiple days to seconds [1]. Group 2: National-Level Authenticity Verification Platform - Integration of data from six major systems, including foreign exchange, customs, and taxation, to create a national-level offshore trade authenticity verification blockchain platform, improving verification accuracy from 82% to 99% [2]. - The platform includes a risk heat map for automatic triggering of enhanced due diligence on high-risk transactions, ensuring full traceability of cross-border funds [2]. Group 3: Tax and Service Ecosystem - Upgraded tax incentives for offshore trade enterprises, including exemptions from income tax and VAT for offshore RMB settlement businesses [2]. - Introduction of a comprehensive financial service package, providing financing based on accounts receivable and establishing a service center for offshore trade enterprises [2]. Group 4: Offshore Bond and Multi-Currency Strategy - Legislative measures to establish a regulatory framework for offshore bonds by the end of 2025, enhancing the offshore attributes of these instruments [3]. - Expansion of available currencies in FTT accounts to 19 and signing currency swap agreements with countries like Vietnam and Egypt [3]. - Development of a digital RMB offshore bond lifecycle management platform by 2026, reducing settlement cycles and costs significantly [3]. Group 5: Pricing and Global Capital Attraction - Collaboration with Hong Kong and Singapore to create a RMB offshore bond yield curve, aiming to become a core pricing benchmark by 2030 [4]. - Implementation of tax exemptions for foreign investors in offshore bonds, with plans to introduce RMB offshore bond futures and options by 2026 [4]. Group 6: Institutional and Corporate Engagement - Integration of various account types into a new FT account, with a target increase in non-resident account penetration from 5.9% to 45% by 2026 [5]. - Incentives for state-owned enterprises to use RMB for at least 50% of payments in Belt and Road projects, along with export tax rebates for RMB settlements [5]. Group 7: Infrastructure and Regional Service Enhancement - Development of a global RMB offshore clearing center in Lingang by 2027, with a daily clearing volume target of 50 trillion yuan [6]. - Upgrading CIPS to a platform for both settlement and asset custody, with a goal of 50 trillion yuan in offshore bond custody by 2025 [6]. - Establishing a three-tier service structure to enhance offshore financial services across the Yangtze River Delta region [6]. Group 8: Long-term Vision - The strategy aims to establish Shanghai as a global offshore asset allocation center centered around RMB by 2030, enhancing its status in international financial governance [7].

Core Viewpoint - The company is focusing on providing technical support and system construction for stablecoin issuers, operators, and partner merchants as the stablecoin market enters a phase of compliance following the implementation of Hong Kong's Stablecoin Regulation [1] Group 1: Company Strategy - The company has accumulated rich experience in the digital RMB ecosystem and possesses core products such as a blockchain public service platform [1] - The company aims to innovate its business model based on compliance and customer needs, actively communicating with clients to explore feasible cooperation models [1] - The company has established a localized delivery team for digital currency in the Greater Bay Area, demonstrating extensive experience in system construction and customer service [1] Group 2: Business Development - The company is currently working on optimizing and upgrading its business delivery model in Hong Kong [1]