Group 1 - The core point of the article highlights the recent performance of Shenzhou Information, which saw its stock price rise by 3.00% to 14.42 yuan on August 22, with a trading volume of 735,728 hands and a transaction amount of 1.068 billion yuan [1] - Shenzhou Information operates in the internet services industry, headquartered in Shenzhen, Guangdong, and is involved in sectors such as fintech and IoT [1] - The company is recognized as a heavy stock by multiple institutions and is part of the actively performing digital currency concept sector, attracting market attention [1] Group 2 - On August 22, Shenzhou Information experienced a net inflow of 139,600 yuan in main funds, although it faced a cumulative net outflow of 6.5678 million yuan over the past five trading days [1]

Industry Overview - The global cross-border payment market is expected to exceed $45 trillion by 2025, with RMB settlement accounting for 5.8% and China's cross-border payment market reaching 9.4 trillion yuan, a year-on-year growth of 25% [1][2] - Three structural changes are occurring in the cross-border payment market: technological revolution driven by blockchain and AI, regulatory breakthroughs such as the EU's MiCA regulation, and market restructuring with local payment ecosystems emerging in Latin America and Southeast Asia [2] Company Highlights 1. Cuiwei Co., Ltd. - Subsidiary Haike Rongtong has blockchain cross-border settlement technology, reducing settlement time to 5 seconds and covering 42 countries [4] 2. Gaweida - Develops digital RMB systems, CIPS cross-border payment solutions, and AI financial applications [6] - Positioned as a key technology supplier for global financial technology services, leveraging national dual circulation strategy and RMB internationalization [7] 3. Donggang Co., Ltd. - Accesses CIPS system through its Hong Kong subsidiary, deploying over 12,000 smart POS terminals in Southeast Asia and the Middle East [9] - Cross-border payment revenue is projected to increase from 3% in 2023 to 8% [9] - Develops a blockchain platform for KYC/AML compliance and real-time monitoring of stablecoin transactions [9] 4. Newland - Recognized as a benchmark enterprise for the integration of digital RMB cross-border business [12] 5. Jinyi Culture - Constructs a distributed system supporting digital wallet management and smart contracts [13] - Integrates AI, digital RMB, and stablecoin technologies for next-generation cross-border payment infrastructure [14] 6. Hailian Jinhui - Core technology partner of Ant Group's stablecoin ecosystem, leading in cross-border payment and digital currency hardware encryption [15] 7. Electric Science and Technology Network Security - Serves as a core supplier for the security foundation of digital currency cross-border payments [16] 8. New Guodu - Employs a three-pronged approach of hardware, systems, and localization to capture emerging market cross-border payment opportunities [17] 9. Xiongdi Technology - Provides digital RMB services to nearly 15,000 merchants and collaborates with major international card organizations [19] - Engages in the mBridge project to enhance the efficiency of digital RMB cross-border transactions [19] 10. Guangdian Yuntong - A leading enterprise in the commercialization of blockchain technology in the cross-border payment sector [21] 11. Lakala - Becomes the preferred partner for small and medium enterprises in cross-border e-commerce through a "payment + e-commerce + risk control" ecosystem [22] 12. Feitian Chengxin - Recognized as a global leader in hardware security for digital currency cross-border payments [23] Market Opportunities - The technological iteration, regulatory breakthroughs, and market restructuring in the cross-border payment and digital currency sectors are expected to create trillion-dollar opportunities [24] - Investors are encouraged to focus on companies with a combination of technology, licenses, and practical applications to benefit from the internationalization of the RMB and the digital finance revolution [24]

Market Overview - The three major indices showed mixed results on August 21, 2025, with the Shanghai Composite Index rising by 0.13% to close at 3771.10 points, while the Shenzhen Component Index fell by 0.06% to 11919.76 points, and the ChiNext Index decreased by 0.47% to 2595.47 points [2] - The total trading volume in the two markets was 242.35 billion yuan, an increase of approximately 15.8 billion yuan compared to the previous trading day [2] Market Performance - The market experienced fluctuations throughout the day, with core broad-based indices showing more gains than losses. Micro-cap stocks and the CSI A50 led the gains, while the Northbound 50 and the Sci-Tech 100 faced declines [2] - The A-share market saw a diverse range of sector performances, with over 3000 stocks declining overall [3] Sector Analysis - The agriculture, forestry, animal husbandry, and fishery sectors saw an increase of 1.5%, while the oil and petrochemical sector rose by 1.4%. Conversely, the machinery and electrical equipment sectors experienced declines [4][5] - The banking sector showed resilience with a 0.6% increase, while the electronic and defense industries faced declines of 0.7% and 0.7%, respectively [5] Concept Themes - Notable increases were observed in sectors such as combustible ice (up 3.1%), digital currency (up 2.4%), and cross-border payment (CIPS) (up 2.2%). In contrast, sectors like rare earth permanent magnets and PCB concepts saw declines of 2.1% [6] Hot Industry - Agriculture, Forestry, Animal Husbandry, and Fishery - The sector's positive performance is attributed to strong oilseed prices and an expected acceleration in beef prices during peak season. Analysts are optimistic about a reversal in the domestic livestock cycle and growth in pet consumption [7] - Key insights include expectations for a rebound in the beef and raw milk markets, continued growth in pet consumption, and a favorable outlook for leading low-valuation stocks in the industry [7]

- Model Name: Market New High Trend Tracking; Model Construction Idea: The model aims to track the market trend and identify market hotspots by regularly monitoring stocks that hit new highs; Model Construction Process: The model uses the 250-day new high distance to represent the new high situation. The calculation method is as follows: $ 250 \text{ Day New High Distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ where $\text{Close}_{t}$ is the latest closing price, and $\text{ts\_max(Close, 250)}$ is the maximum closing price in the past 250 trading days. If the latest closing price hits a new high, the 250-day new high distance is 0; if the latest closing price falls back from the new high, the 250-day new high distance is a positive value, indicating the fall back magnitude[11][12][13] - Model Name: Stable New High Stock Tracking; Model Construction Idea: The model focuses on the time series characteristics of momentum, aiming to identify stocks with smooth price paths and continuous new highs; Model Construction Process: The model filters stable new high stocks based on analyst attention, relative stock strength, price path smoothness, and continuity of new highs. Specific screening conditions include: - Analyst Attention: At least 5 buy or hold ratings in the past 3 months - Relative Stock Strength: The past 250-day price change is in the top 20% of the market - Price Path Smoothness: Comprehensive scoring using the following two indicators within the stock pool that meets the above conditions, selecting the top 50% of stocks - Price Path Smoothness: Stock displacement path ratio - Continuity of New Highs: The average 250-day new high distance in the past 120 days in the time series - Trend Continuity: The average 250-day new high distance in the past 5 days in the time series, selecting the top 50 stocks[27][29][30] Model Backtest Results - Market New High Trend Tracking, 250-day new high distance for major indices as of August 22, 2025: Shanghai Composite Index 0.00%, Shenzhen Component Index 0.00%, CSI 300 Index 0.00%, CSI 500 Index 0.00%, CSI 1000 Index 0.00%, CSI 2000 Index 0.06%, ChiNext Index 0.00%, STAR 50 Index 0.00%[12] - Market New High Trend Tracking, 250-day new high distance for major industry indices as of August 22, 2025: Home Appliances 0.00%, National Defense and Military Industry 0.00%, Comprehensive 0.00%, Media 0.00%, Computer 0.00%; Food and Beverage, Coal, Real Estate, Banking, Consumer Services are far from the 250-day new high[13] - Market New High Trend Tracking, 250-day new high distance for major concept indices as of August 22, 2025: Digital Currency, Wind Power, Aerospace Military Industry, Auto Parts, Metal Non-metal, Automobile, Home Appliances are close to the 250-day new high[16] Factor Construction and Backtest Results - Factor Name: New High Stock Monitoring; Factor Construction Idea: The factor aims to monitor the market and industry trends by tracking stocks that continuously hit new highs; Factor Construction Process: The factor filters stocks that have hit a 250-day new high in the past 20 trading days within the stock pool that has been listed for more than 15 months. As of August 22, 2025, 1606 stocks have hit a 250-day new high in the past 20 trading days. The industries with the most new high stocks are machinery, medicine, and electronics, with 233, 219, and 174 stocks respectively. The industries with the highest proportion of new high stocks are national defense and military industry, non-ferrous metals, and medicine, with proportions of 52.94%, 51.61%, and 44.88% respectively[20][21] - Factor Name: Stable New High Stock Tracking; Factor Construction Idea: The factor aims to identify stocks with smooth price paths and continuous new highs; Factor Construction Process: The factor filters stable new high stocks based on analyst attention, relative stock strength, price path smoothness, and continuity of new highs. Specific screening conditions include: - Analyst Attention: At least 5 buy or hold ratings in the past 3 months - Relative Stock Strength: The past 250-day price change is in the top 20% of the market - Price Path Smoothness: Comprehensive scoring using the following two indicators within the stock pool that meets the above conditions, selecting the top 50% of stocks - Price Path Smoothness: Stock displacement path ratio - Continuity of New Highs: The average 250-day new high distance in the past 120 days in the time series - Trend Continuity: The average 250-day new high distance in the past 5 days in the time series, selecting the top 50 stocks[27][29][30] Factor Backtest Results - New High Stock Monitoring, number of new high stocks in different industries as of August 22, 2025: Machinery 233, Medicine 219, Electronics 174; proportion of new high stocks in different industries: National Defense and Military Industry 52.94%, Non-ferrous Metals 51.61%, Medicine 44.88%[20] - New High Stock Monitoring, number of new high stocks in different sectors as of August 22, 2025: Manufacturing 512, Technology 403, Cycle 343, Medicine 219, Consumption 79, Big Finance 43; proportion of new high stocks in different sectors: Manufacturing 33.01%, Technology 28.64%, Cycle 30.65%, Medicine 44.88%, Consumption 16.42%, Big Finance 18.86%[21] - New High Stock Monitoring, number of new high stocks in different indices as of August 22, 2025: CSI 2000 613, CSI 1000 275, CSI 500 125, CSI 300 54, ChiNext Index 19, STAR 50 Index 8; proportion of new high stocks in different indices: CSI 2000 30.65%, CSI 1000 27.50%, CSI 500 25.00%, CSI 300 18.00%, ChiNext Index 19.00%, STAR 50 Index 16.00%[21] - Stable New High Stock Tracking, number of stable new high stocks in different sectors as of August 22, 2025: Technology 22, Manufacturing 12; most new high stocks in Technology sector are in Electronics industry; most new high stocks in Manufacturing sector are in Automobile industry[30]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, serving as market indicators and highlighting the effectiveness of momentum and trend-following strategies [1][4][24] - As of August 22, 2025, the Shanghai Composite Index, Shenzhen Component Index, CSI 300, CSI 500, CSI 1000, CSI 2000, ChiNext Index, and Sci-Tech 50 Index all have a distance to their 250-day highs of 0.00%, indicating they are at their recent peaks [5][24] - Among the CITIC first-level industry indices, home appliances, defense and military, comprehensive, media, and computer industries are closest to their 250-day highs, while food and beverage, coal, real estate, banking, and consumer services are further away [8][24] Group 2 - A total of 1,606 stocks reached 250-day highs in the past 20 trading days, with the most significant numbers in the machinery, pharmaceuticals, and electronics sectors [2][13][24] - The highest proportion of new high stocks is found in the defense and military, non-ferrous metals, and pharmaceuticals industries, with respective proportions of 52.94%, 51.61%, and 44.88% [13][16] - The manufacturing and technology sectors have the most stocks reaching new highs this week, with respective counts of 512 and 403 [16][24] Group 3 - The report identifies 48 stocks that have shown stable new highs, with the technology and manufacturing sectors contributing the most, having 22 and 12 stocks respectively [3][21][25] - Within the technology sector, the electronics industry has the highest number of new high stocks, while the automotive industry leads in the manufacturing sector [21][25]

Group 1 - The latest stock price of Hengbao Co., Ltd. is 28.85 yuan, an increase of 0.35 yuan or 1.23% from the previous trading day's closing price [1] - The opening price for the day was 27.77 yuan, with a highest point of 30.20 yuan and a lowest point of 27.77 yuan, with a trading volume of 2.132 million hands and a transaction amount of 6.2 billion yuan [1] - Hengbao Co., Ltd. specializes in the research, development, production, and sales of smart cards and related products, which are widely used in communication, financial payment, and transportation sectors [1] Group 2 - On August 22, the digital currency concept showed active performance, leading to a rise in related stocks [1] - The net inflow of main funds into Hengbao Co., Ltd. on that day was 49.0733 million yuan, accounting for 0.28% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds was 1.99 billion yuan, representing 11.5% of the circulating market value [1]

Market Overview - A total of 69 stocks hit the daily limit, with a limit-up rate of 87%, indicating strong market sentiment [1] - The Shanghai Composite Index rose 1.45%, while the Shenzhen Component and ChiNext Index increased by 2.07% and 3.36% respectively, with the Shanghai index surpassing 3800 points for the first time in over a decade [1][9] - The total trading volume for the day reached 2.55 trillion yuan, an increase of 122.7 billion yuan compared to the previous trading day [1] Stock Performance - Kosen Technology achieved a six-day limit-up streak, while Garden Shares and Yuyin Shares recorded five and four consecutive limit-ups respectively [1][10] - The semiconductor, CPO, securities, and computing power sectors saw significant gains, while gas, steel, banking, and dairy sectors experienced declines [1] Hot Stocks and Trends - The release of DeepSeek-V3.1 has spurred interest in domestic computing power chip concepts, leading to a surge in related stocks such as Tianpu Shares and Huasheng Technology [5][6] - Major semiconductor stocks like Cambrian and Haiguang Information also hit their daily limit, with Cambrian's market capitalization exceeding 500 billion yuan [5][6] - The computing power chip sector's strong performance is expected to continue, with potential upward pressure on hardware stocks as well [6] Financial Sector Insights - New account openings in the A-share market have surpassed 14.56 million, a year-on-year increase of 36.88%, indicating a steady influx of capital [7] - Securities firms are projected to see a 61.23% year-on-year increase in net profit for the first half of the year, reaching approximately 101.59 billion yuan [7] - Financial technology and securities sectors are experiencing renewed interest, with stocks like Xinda Securities and Everbright Securities hitting their daily limits [7] Commodity Price Movements - Prices for light rare earths have increased by 110,000 yuan per ton since the beginning of the month, while black tungsten prices have risen by 17.03% [7][8] - The tightening supply from major producing countries is expected to support ongoing price increases for cobalt and other metals [8]

Core Insights - The financial technology sector, combining finance and software, is gaining popularity due to its overlap with trending concepts like digital currency and cross-border payments [2] - The CSI Financial Technology Theme Index (930986.CSI) has an ETF total scale exceeding 10 billion, making it a useful tool for investors [2] - The index is heavily concentrated in software applications, particularly in vertical software for securities, with over 55% weight in this area [4][6] Index Overview - The index consists of 57 stocks, with 45 being from the ChiNext and STAR Market, representing 78% of the index [11] - Major components like Eastmoney and Tonghuashun significantly influence the index's performance, with a combined market share of 21% [8][7] - The average market capitalization of the index's constituents is over 20 billion, indicating a small-cap growth style [14] Market Trends - The index shows strong elasticity and offensive capability during market uptrends, outperforming the CSI 300 index in bullish phases [9] - The index is linked to popular concepts such as stablecoins (over 22% weight), AI applications (over 14% weight), and the Huawei Harmony ecosystem (over 14% weight) [16][18][19] - The financial technology ETF (516100.SH) is gaining attention due to policy benefits and technological innovations, attracting investor interest [20] Active Applications - The top ten third-party securities apps show significant user engagement, with Tonghuashun leading at 35.01 million active users [7] - The index's focus on vertical software applications means that during favorable market conditions, revenue from advisory services, fund distribution, and advertising can significantly increase [8]

Core Viewpoint - The company, Xinan Century, is a technology innovation-oriented provider of information security products and solutions, focusing on identity security, communication security, and data security in the context of increasing digitalization and cloud computing trends [3]. Group 1: Company Overview - Xinan Century was established on August 31, 2001, and went public on April 21, 2021. The company is located in Haidian District, Beijing [7]. - The main business revenue composition includes 82.26% from information security products and 17.74% from services [8]. - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [3]. Group 2: Financial Performance - For the first quarter of 2025, Xinan Century achieved operating revenue of 75.16 million yuan, representing a year-on-year growth of 6.44%. However, the net profit attributable to the parent company was -10.38 million yuan, showing a significant year-on-year increase of 65.13% in losses [8]. - The company has distributed a total of 141 million yuan in dividends since its A-share listing, with 59.13 million yuan distributed over the past three years [9]. Group 3: Market Activity - On August 22, the stock price of Xinan Century fell by 1.25%, with a trading volume of 322 million yuan and a turnover rate of 7.97%, resulting in a total market capitalization of 4.266 billion yuan [1]. - The stock has seen a net outflow of 16.04 million yuan from major investors, indicating a lack of clear trend in major holdings [4][5]. Group 4: Product and Service Development - The company has developed various products from its early identity authentication technology, including solutions applicable to digital currency, which are actively utilized in banking and government sectors [2]. - Xinan Century's products and solutions are designed to protect network applications, with successful bids for CIPS standard transceiver projects in several provinces [2].

Core Viewpoint - The company, Digital Vision, is actively leveraging blockchain technology and digital currency applications to enhance its business model and expand into new markets, particularly in digital rights management and internet finance [2][3]. Group 1: Business Developments - The subsidiary, Kuaishiting, is focused on utilizing blockchain technology to empower the industry and expand applications in the metaverse, issuing digital collectibles to provide new rights and copyright proof for digital content [2]. - The company has made significant advancements in copyright protection through blockchain-based digital rights management, ensuring stricter control over authors' copyrights compared to traditional methods [2]. - Digital Vision is developing digital currency application products and is actively pursuing market collaborations to support the adoption of digital currency payment scenarios [2][3]. Group 2: Financial Performance - For the first half of 2025, Digital Vision achieved operating revenue of 265 million yuan, representing a year-on-year growth of 24.66%, and a net profit attributable to shareholders of 16.7 million yuan, a substantial increase of 2747.64% [8]. - The company has distributed a total of 370 million yuan in dividends since its A-share listing, with cumulative distributions of 42.83 million yuan over the past three years [9]. Group 3: Market Position and Shareholder Information - Digital Vision's main business segments include video technology products and services (34.01%), information service terminals (21.46%), and financial technology products (6.70%) [7]. - As of July 10, 2025, the number of shareholders in Digital Vision was 80,000, a decrease of 6.49% from the previous period, with an average of 16,018 circulating shares per person, an increase of 6.93% [8]. - The company is classified under the computer-IT services sector and is involved in concepts such as digital watermarking, digital currency, and blockchain [8].