Market Overview - The A-share market experienced a collective decline in the three major indices, with the Shanghai Composite Index down 0.21%, the Shenzhen Component Index down 0.7%, and the ChiNext Index down 1.25% as of midday trading [1] - The total market turnover was 783 billion yuan, a decrease of 95.7 billion yuan compared to the previous day, with over 2,200 stocks declining [1] Sector Performance - The electricity sector saw significant gains, with stocks like Huayin Electric (600744) achieving a five-day streak of gains, and other stocks such as Shaoneng Co. (000601) and New Zhonggang (605162) also performing well [3] - The real estate sector experienced a morning surge, with stocks like Yucheng Development (000514) and Shihe Co. (000014) hitting the daily limit [3] - The cross-border payment and multi-financial sectors showed volatility, with several stocks like Xinyada (600571) and Jingbeifang (002987) reaching the daily limit [3] - The CPO concept stocks collectively adjusted, with stocks like Zhongji Xuchuang (300308) and Tianfu Tongxin (300394) dropping over 4% [3] Notable Stocks - Stocks with three consecutive daily limits include Jin'an Guoji (002636) and Huayin Electric [4] - Stocks with two consecutive daily limits include Shaoneng Co., Jiu Ding New Materials (002201), and Xinyada [5] Hot Sectors - The e-commerce sector led with 13 stocks hitting the daily limit, with a maximum of three consecutive daily limits [6] - The cross-border e-commerce sector had nine stocks hitting the daily limit, with a maximum of four consecutive daily limits [7] - The energy storage sector also performed well, with nine stocks hitting the daily limit and four achieving three consecutive daily limits [8] Key Industry Insights - The electricity sector is experiencing increased demand due to high temperatures and economic growth, with the national maximum electricity load reaching 1.465 billion kilowatts, a historical high [11] - The cross-border payment sector is set to enhance its global competitiveness following the People's Bank of China's new draft rules for the Renminbi Cross-Border Payment System, which aims to improve flexibility and attract more global participants [12] - The football sector is gaining attention with the ongoing Jiangsu City Football League, and the export of sports goods from Jiangsu reached 6.8 billion yuan in the first five months of the year, a year-on-year increase of 7.8% [13]

Group 1 - The core viewpoint of the article highlights the surge in the stablecoin and cross-border payment concepts, with several companies experiencing significant stock price increases [1] - Companies such as Shiji Information and Xunxing Co. reached their daily price limit, while others like Zhongyi Technology, Jingbeifang, Jinshi Technology, Jihong Co., Qingdao Jinwang, and Shiyiba also saw their stocks hit the limit [1] - The People's Bank of China publicly solicited opinions on the "Business Rules for the Renminbi Cross-Border Payment System (Draft for Comments)" on July 4, indicating regulatory progress in this sector [1] Group 2 - The Financial Secretary of the Hong Kong Special Administrative Region, Xu Zhengyu, stated on July 7 that the goal is to issue stablecoin licenses within this year, reflecting a proactive approach to stablecoin regulation [1]

Domestic Market Overview - The market experienced a mixed performance with the Shanghai Composite Index closing at 3472.32 points, up by 0.32%, while the Shenzhen Component Index closed at 10508.76 points, down by 0.25% [1][3][7] - Among the 30 sectors tracked, 13 sectors saw gains, with banking, comprehensive finance, and media leading the increases, while non-ferrous metals, basic chemicals, and light manufacturing faced significant declines [1][3][7] - The total trading volume for the entire A-share market reached 145.45 billion yuan, showing an increase compared to the previous day [1][3][7] News Highlights - The Shenzhen government announced a 5 billion yuan policy to support the semiconductor and integrated circuit industry, aiming for breakthroughs across the entire industry chain [12][15][16] - The Ministry of Finance implemented measures affecting government procurement of certain medical devices imported from the EU, requiring that non-EU products cannot exceed 50% of the total contract amount for projects over 45 million yuan [12][13] - U.S. Treasury Secretary stated that trade negotiations have reached a stalemate, with significant announcements expected in the coming days [12][17][18] Market Drivers - The U.S. government plans to set new unilateral tariff rates, which may range from 10% to 70%, starting August 1 [8] - The integrated circuit industry in Shenzhen reached a scale of 142.4 billion yuan in the first half of 2025, marking a year-on-year growth of 16.9% [15][16] - Global manufacturing PMI rose to 49.5% in June, indicating a slight recovery in the global economy [20]

Group 1 - The core viewpoint of the article highlights the active performance of cross-border payment and stablecoin concepts, with notable stock movements in companies like Xinyada and Jinyi Culture [1] - Xinyada has achieved a consecutive two-day increase in stock price, while Jinyi Culture has seen a rise in stock price for four consecutive days within a week [1] - Other companies such as Huafeng Superfiber, Hailian Jinhui, Jingbeifang, Qingdao Jinwang, and New Guodu have also experienced stock price increases, indicating a broader market trend [1] Group 2 - On July 4, the People's Bank of China publicly solicited opinions on the "Business Rules for the Renminbi Cross-Border Payment System (Draft for Comments)" [1] - The draft rules clarify detailed processes for CIPS participants, including account management, capital injection, and fund settlement [1]

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 央行发布 CIPS 新规，关注跨境支付投资机遇 报告要点 [Table_Summary] 7 月 4 日，中国人民银行发布关于《人民币跨境支付系统业务规则（征求意见稿）》（简称《业 务规则（征求意见稿）》）公开征求意见的通知，拟进一步健全参与者管理机制，提高 CIPS 参 与者管理水平。《业务规则（征求意见稿）》的发布或将加速我国跨境金融系统建设，中国跨境 支付企业或将受益于新的跨境支付体系的建立，迎来更大的发展空间。建议关注中国跨境支付 产业链相关标的，重点关注跨境支付平台标的。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title2] 央行发布 CIPS 新规，关注跨境支付投资机遇 [Table_Summary2] 事件描述 7 月 4 日，中国人民银行发布关于《人民币 ...

Group 1 - The Civil Aviation Administration of China has established a leadership group for general aviation and low-altitude economy development, focusing on key work arrangements and cross-departmental coordination [1] - The State Council Tariff Commission has decided to impose anti-dumping duties on imported brandy from the EU starting July 5, 2025, for a period of five years [5] - The Ministry of Housing and Urban-Rural Development has conducted research in Guangdong and Zhejiang provinces, emphasizing the need to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market [6] Group 2 - The National Energy Administration reported that the national maximum electricity load reached 1.465 billion kilowatts on July 4, an increase of approximately 200 million kilowatts from the end of June and nearly 150 million kilowatts year-on-year, setting a historical high [8] - The China Academy of Information and Communications Technology announced that domestic smartphone shipments in May 2025 totaled 23.716 million units, a year-on-year decline of 21.8%, with 5G smartphones accounting for 89.3% of the total [9] - A total of 57 A-share listed companies have released performance forecasts for the first half of 2025, with 13 companies expecting a net profit increase of over 100% year-on-year [10] Group 3 - Sanan Optoelectronics announced that its 400G optical chip products have achieved mass shipments, while 800G optical chip products have achieved small batch shipments [11] - The Shanghai Stock Exchange's merger and acquisition review committee has approved China Shipbuilding's share swap merger with China Shipbuilding Industry Corporation, making it the largest publicly listed shipbuilding company globally with over 18% of the global market order backlog [15]

Core Insights - The People's Bank of China has released a draft for public consultation regarding the rules for the Cross-Border Interbank Payment System (CIPS), aiming to enhance participant management and adapt to the system's growth [1][2] - The draft emphasizes the establishment of a robust risk management framework for operational institutions, including monitoring and managing various types of risks [2] - CIPS has seen significant growth, with a compound annual growth rate of 35% in transaction volume and 30% in transaction value from 2022 to 2024 [3] Industry Developments - The draft rules are designed to support the expansion of CIPS participants, which have increased to 174 direct participants and 1,509 indirect participants as of May 2025, covering 120 countries and regions [3] - CIPS has processed over 675 trillion yuan in various payment transactions since its launch, indicating its growing importance in cross-border payments [3] - The recent signing of agreements with six foreign institutions marks a significant expansion of CIPS's reach into Africa, the Middle East, Central Asia, and Singapore [3] Company Implications - Major banks like Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China are directly involved in CIPS, leveraging their global networks to enhance cross-border payment capabilities [4][5] - Payment technology companies like Yika are also positioning themselves in the cross-border payment space, focusing on e-commerce and B2B solutions [5] - Bank of China Hong Kong, as an early participant in CIPS, benefits from direct access to the system, reducing costs and improving efficiency in cross-border RMB clearing [5]

Market Overview - On July 4, U.S. markets were closed for Independence Day, leading to a risk-off sentiment in global markets, with S&P 500 futures down 0.6% and European blue-chip index STOXX 50 falling over 1% [2] - The 10-year German bond yield decreased by 0.8 basis points, while the UK bonds saw a weekly increase of 5 basis points [2] - Gold prices rose nearly 0.6% amid increased risk aversion, while WTI crude oil dropped by 1.5% due to OPEC+ expected production increases [2] Key News - The Chinese Ministry of Commerce announced reciprocal measures against the EU's restrictions, impacting procurement of medical devices [6] - Trump signed 12 trade letters, shifting from complex negotiations to unilateral actions, creating uncertainty in global markets [6] - Musk announced the formation of the "American Party" aimed at avoiding U.S. bankruptcy, with plans to participate in the 2026 midterm elections [7] - Alibaba and Meituan engaged in a fierce competition in the food delivery sector, with Meituan reporting over 1.2 billion orders in a single day [8] - OPEC+ agreed to increase production by 548,000 barrels per day in August, exceeding expectations [8] Domestic Companies - Hon Hai's Q2 report met market expectations, with a 15.8% year-on-year revenue increase to NT$1.8 trillion, driven by strong demand for AI servers and iPhones [11] Overseas Macro - The passage of the "Big Beautiful Bill" is expected to lead to a surge in U.S. Treasury issuance, potentially pushing the 10-year yield above 5% [12] - The U.S. government is betting on short-term financing to cover a trillion-dollar deficit, raising concerns about market liquidity [12] Industry Insights - The PCB industry is expected to benefit from increased demand for AI and infrastructure investments [15] - The semiconductor sector is seeing advancements in domestic production capabilities, particularly in AI chip manufacturing [15] - The pharmaceutical sector anticipates a recovery in demand for medical devices and strong growth in profits for certain companies [15]

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, which include significant stock market updates such as suspensions, increases or decreases in holdings, investment wins, acquisitions, earnings reports, unlocks, and high transfers [1] - A company has systematically laid out its strategy around stablecoin ecosystems and has partnered with Huawei to launch over 30 fintech solutions [1] - Another company supports digital RMB payment collection across multiple commercial scenarios, integrating digital currency, mobile payments, data elements, and artificial intelligence [1] - A company in the chip, commercial aerospace, humanoid robotics, and intelligent driving sectors is expected to see its net profit increase by nearly two times year-on-year in the first half of the year [1]

- The report discusses the market performance of various indices, including the Shanghai Stock Exchange 50 Index, which performed well with a rise of 0.58%[6] - The report highlights the performance of sector indices, noting that the banking, comprehensive finance, media, steel, and pharmaceutical industries performed well, with returns of 1.85%, 1.13%, 0.72%, 0.52%, and 0.41%, respectively[7] - The report provides data on market sentiment, including the number of stocks that hit their daily limit up and down, with 41 stocks hitting the limit up and 13 stocks hitting the limit down at the close of trading[12] - The report includes information on the financing and securities lending balance, which stood at 18,591 billion yuan as of July 3, 2025, with a financing balance of 18,464 billion yuan and a securities lending balance of 127 billion yuan[16] - The report discusses the premium and discount rates of ETFs, noting that the innovative drug ETF Huatai Bairui had the highest premium at 0.92%, while the Kechuang New Materials ETF Huatai Bairui had the highest discount at 0.74%[20] - The report provides data on block trading, noting that the average daily transaction amount over the past six months was 1.2 billion yuan, with the transaction amount on July 3, 2025, being 1.8 billion yuan and the average discount rate over the past six months being 5.75%[23] - The report discusses the annualized discount rates of stock index futures, noting that the annualized discount rates of the main contracts of the Shanghai Stock Exchange 50, CSI 300, CSI 500, and CSI 1000 stock index futures were 3.86%, 5.27%, 15.75%, and 14.40%, respectively, on July 4, 2025[25] - The report provides data on institutional attention and the Dragon and Tiger list, noting that the stocks with the highest net inflows from institutional seats were Shenzhou Cells, Xice Testing, Longyang Electronics, Guangsheng Tang, Nanling Technology, Rejing Biology, Desheng Technology, Yihong New Materials, Xuedilong, and Canning Power[27][30][33] - The report includes data on the net inflows and outflows of stocks from the Shanghai-Hong Kong Stock Connect, noting that the stocks with the highest net inflows were Beijing New Pharmaceuticals, Hengbao Shares, Bomin Electronics, Longyang Electronics, Guangsheng Tang, and Shenzhou Cells[34]