Group 1 - The core viewpoint of the news is the significant rise in the cross-border payment sector, with several companies experiencing substantial stock price increases following the launch of the cross-border payment system between mainland China and Hong Kong [1][3]. - The cross-border payment system, known as "cross-border payment通," was officially launched on June 22, allowing real-time cross-border remittances for residents of both regions [3]. - The first batch of participating institutions includes major banks from both mainland China and Hong Kong, indicating a strong foundation for future growth in cross-border payment services [3]. Group 2 - Notable stock price increases include: 优博讯 (+19.98% to 21.14), 吉大正元 (+10.01% to 26.16), 神州信息 (+9.99% to 13.54), and 拉卡拉 (+46.34% to 30.00) [2]. - 中信证券 highlights the potential for business growth and increased revenue for the first batch of participating banks due to the new cross-border payment system [3]. - 中信建投 emphasizes the ongoing development of stablecoin policies and their positive impact on the internationalization of the RMB and cross-border payments, suggesting a focus on related investment opportunities [4].

长期以来，中国人民银行深圳市分行积极推动深港跨境金融合作，1998年起便开展相关先行先试，推出多项跨境支付业务。2024年深港跨境收支 达617.8万笔、9536.7亿美元，资金可实时清算，支票可流通使用。近年来，深圳持续深化跨境支付创新，打造全域支付示范区，推出跨境代理见 证开户等创新支付方式，便利香港居民来深消费。截至2025年5月，香港居民在深圳开立银行账户超321万户，跨境代理见证开户超41万户、累计 交易近351亿元。 在跨境支付通的具体使用方面，有着明确的汇款限额规定。据了解，香港居民使用跨境支付通北向汇款每人每日上限1万港元，每年上限20万港 元，有关限额独立于现行每日8万元人民币同名汇款限额，且每日24小时服务。香港汇款人可以选择以港元或人民币北向汇款，收款人则以人民币 收款。南向汇款方面，内地居民汇款上限为现行个人年度购汇便利化额度5万美元，服务时间每日上午7时至晚上11时。香港收款人可选择以港元 或人民币收款。首批参与跨境支付通的机构中有六家来自香港，即中银香港、东亚银行、建银亚洲、恒生银行、汇丰银行、工银亚洲。这些限额 和参与机构的规定，为跨境支付通的稳定运行提供了保障。 此外，香港金融 ...

6月20日，中国人民银行、香港金融管理局联合发布公告指出，为深化内地与香港金融合作，满足两地 居民安全、高效、便捷的跨境汇款需求，中国人民银行、香港金融管理局共同推动并支持由中国人民银 行清算总中心和香港银行同业结算有限公司开展内地与香港快速支付系统互联互通合作（以下简称"跨 境支付通"）。跨境支付通已于6月22日上线运行。 公告指出，中国人民银行与香港金融管理局在《关于开展内地—香港跨境支付互联互通的谅解备忘录》 框架下，建立跨境支付通有效协作机制，确保相关服务运作有序，符合两地法律规定和监管要求。中国 人民银行清算总中心和香港银行同业结算有限公司将按照稳妥有序、风险可控的原则，协调参与机构为 两地居民提供安全、高效的跨境支付服务，确保系统平稳运行、业务顺畅办理，并积极协调解决有关问 题。此外，跨境支付通参与机构须严格遵守反洗钱、反恐怖融资、防扩散融资及跨境资金结算相关法律 法规规定。 跨境支付通是指通过内地网上支付跨行清算系统与香港快速支付系统"转数快"连接，在遵守两地相关法 律法规的前提下，为两地居民提供实时跨境支付服务。跨境支付通支持两地快速支付系统参与机构为两 地居民提供经常项下人民币、港币便利化汇 ...

Core Viewpoint - Lakala is facing significant operational challenges and is exploring a secondary listing in Hong Kong while accelerating the application of digital currency in cross-border scenarios to enhance its international competitiveness [1][8]. Group 1: Company Background - Founded in 2005 by Sun Taoran, Lakala was a pioneer in the domestic third-party payment sector, starting with card terminals in convenience stores and expanding to a global cross-border payment network covering over 100 countries [1]. - At its peak, Lakala achieved an annual net profit exceeding 1 billion yuan [1]. Group 2: Business Challenges - Lakala is currently experiencing a decline in both revenue and net profit, with a further drop in Q1 2024 [1][6]. - The company has faced increased competition and regulatory scrutiny, particularly from major players like Alipay and WeChat Pay, which have adopted a "card-binding" model for cashless payments [5]. Group 3: Strategic Initiatives - In response to operational pressures, Lakala is pursuing a strategy that integrates "payment + SaaS + AI" and is expanding its cross-border payment services [7]. - The company reported a year-on-year increase of 76% in the number of cross-border merchants and an 85% rise in cross-border payment transaction volume [7]. Group 4: Financial Performance - In Q1 2025, Lakala's revenue decreased by 13.02% to 1.3 billion yuan, while net profit fell by 51.71% to 101 million yuan, with a non-recurring net profit decline of 62.97% [6].

Market Performance - A-shares experienced a collective adjustment on June 20, 2025, with the Shanghai Composite Index closing at 3359.90 points, down 0.07%, the Shenzhen Component Index at 10005.03 points, down 0.47%, and the ChiNext Index at 2009.89 points, down 0.84% [2] - Hong Kong's three major indices closed in the green, with the Hang Seng Index and the Hang Seng China Enterprises Index performing well [2] - U.S. stock indices showed mixed results, with the S&P 500 Index up 1.59% to 5954.5 points, the Nasdaq Composite Index up 1.63% to 18847.28 points, and the Dow Jones Industrial Average up 1.39% to 43840.91 points [2] Regulatory Developments - The National Financial Regulatory Administration issued the revised "Market Risk Management Measures for Commercial Banks," focusing on risks from adverse changes in interest rates, exchange rates, stock prices, and commodity prices, excluding bank book interest rate risk [3] - The revised measures consist of five chapters and forty-three articles, emphasizing the need for a robust market risk governance structure and detailed management requirements [3] Quality Supervision - The State Administration for Market Regulation announced a nationwide quality supervision and sampling inspection for 164 products in 2025, with a total of over 16,000 batches to be sampled [4] - The inspection will focus on children's products, with increased sampling for power banks, electric bicycles, and gas appliances, as well as emerging industries like power batteries and drones [4] Cross-Border Payment - The launch of the Cross-Border Payment System marks the successful interconnection of financial infrastructures between mainland China and Hong Kong, facilitating real-time cross-border remittances [4] - This development is expected to enhance the efficiency and service level of cross-border payments, benefiting trade and personnel exchanges between the two regions [4]

公司方面，据民生证券表示包括： 1）跨境支付产业链：新大陆、新国都、拉卡拉、四方精创、高伟达等。 2）稳定币产业链：中科金财、金证股份、朗新科技、众安在线、连连数字、中国光大控股、宇信科 技、天阳科技、京北方。 *免责声明：文章内容仅供参考，不构成投资建议 6月20日上午，中国人民银行与香港金融管理局联合举办内地与香港快速支付系统互联互通启动仪式。 6月22日，跨境支付通正式上线，全国首笔跨境支付通内地居民南向、港人北向汇款业务落地深圳，标 志着内地与香港快速支付系统已实现互联互通，两地居民可实时办理跨境汇款。跨境支付通的推出，有 利于提升两地跨境支付效率和服务水平，便利两地经贸活动和人员往来，巩固和提升香港国际金融中心 地位。 此外，美股稳定币龙头Circle再度大涨20%。 稳定币相对传统跨境支付体系具有高效、低成本、透明等优势。时效性上，现有的银行跨境汇款通常需 要长达5个工作日才能结算，其中基于跨境银行间通信系统的数字支付，大约30%的汇款需要一天以上 的时间才能完成；基于区块链的跨境支付，100%的交易都会在不到1小时内完成。 开源证券表示，内地与香港跨境支付通正式上线，有利于提升两地跨境支付效率和 ...

目前，南向便利化汇款业务支持持有中国境内居民身份证、军人身份证件和武装警察身份证件的境内居 民个人从内地参与银行账户汇出至香港参与机构账户，北向便利化汇款业务支持持有香港身份证的香港 居民个人从香港参与机构账户汇入至内地参与银行账户。 首批参与跨境支付通的内地机构包括工商银行、农业银行、中国银行、建设银行、交通银行、招商银 行；香港机构包括中银香港、东亚银行、建银亚洲、恒生银行、汇丰银行、工银亚洲，后续将逐步扩大 参与范围。两地居民只需在手机银行"跨境支付通"功能模块，输入手机号码或组合输入户名和收款账号 便可进行跨境汇款，同时还可根据需要灵活选择到账币种为人民币或港币。 （文章来源：人民日报） 6月22日，在中国人民银行和香港金融管理局共同推动下，跨境支付通正式上线，标志着内地与香港快 速支付系统已实现互联互通，今后两地居民可实时办理跨境汇款。当日，全国首笔跨境支付通内地居民 南向、港人北向汇款业务落地深圳。 "以前我给在香港读书的女儿汇钱，需要先将人民币兑换成港币，汇出后至少要等半天才能到账。现在 使用跨境支付通，不仅可以直接使用人民币汇款，还能实现资金实时到账，操作起来十分便捷。"深圳 市民房女士说。当 ...

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday regarding significant stock market events, including suspensions, increases or decreases in holdings, investment wins, acquisitions, earnings reports, unlocks, and high transfers, with key announcements marked in red to assist investors in identifying investment hotspots and preventing black swan events [1] - The company is currently laying out products related to solid-state batteries, indicating a strategic focus on this emerging technology [1] - The company provides information services such as CIPS and digital currency bridges to numerous banks, showcasing its involvement in digital currency, military applications, cross-border payments, cloud computing, blockchain, and low-altitude economy [1] - The company plans to restructure and acquire a computing power enterprise, indicating its expansion into cross-border e-commerce, computing power, and AI glasses [1]

Core Insights - The stablecoin sector is witnessing a competitive rush among institutions as Hong Kong's Stablecoin Regulation approaches and the U.S. GENIUS Act progresses [1][2] - Major players like Ant Group and JD.com are actively applying for stablecoin licenses in Hong Kong, aiming to leverage stablecoins for cross-border payments and retail transactions [4][5][10] - The focus is on addressing traditional cross-border payment challenges such as high costs and slow processing times, with stablecoins offering a potential solution through "payment upon settlement" features [1][11] Company Actions - Ant Group has initiated dual applications for stablecoin licenses through its subsidiaries, Ant Digital and Ant International, with the former already in discussions with regulators and completing sandbox trials [4][5] - JD.com is in the second phase of sandbox testing for its stablecoin, targeting cross-border payments and retail transactions, with ambitions to reduce global enterprise remittance costs by 90% [6][10] - Other companies like Lianlian Digital and Xiaogoods City are also exploring stablecoin licenses, indicating a broader institutional interest in the space [1][5] Industry Trends - The competition for stablecoins is shifting from mere issuance to the dominance of application ecosystems, with firms needing to establish compliant and replicable business models to capture value in the trillion-dollar market [1][8] - The stablecoin market is projected to exceed $1 trillion, driven by the demand for high-frequency, large-value B2B payments, as traditional cross-border payment systems face structural inefficiencies [16][17] - The regulatory landscape is evolving, with Hong Kong providing a compliant entry point for mainland institutions to connect with the global digital finance market [7][12] Regulatory Challenges - Compliance with varying regulations across jurisdictions remains a critical challenge for institutions entering the stablecoin space, particularly in navigating the boundaries of legality in China [12][18] - The high standards of regulation in Hong Kong imply significant compliance costs and operational hurdles, necessitating strong capital, risk management, and technical capabilities from institutions [18]

计算机 2025 年 06 月 22 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -22% 0% 22% 43% 65% 86% 2024-06 2024-10 2025-02 计算机 沪深300 相关研究报告 《巨头陆续入局，稳定币前景可期— 行业点评报告》-2025.6.16 《重视AI应用和稳定币投资机会—行 业周报》-2025.6.15 《周观点：AI 创新持续涌现—行业周 报》-2025.6.8 跨境通上线，重视跨境支付机会 ——行业点评报告 | 陈宝健（分析师） | 刘逍遥（分析师） | | --- | --- | | chenbaojian@kysec.cn | liuxiaoyao@kysec.cn | | 证书编号：S0790520080001 | 证书编号：S0790520090001 | liuxiaoyao@kysec.cn 证书编号：S0790520090001 跨境支付通正式上线，内地与香港金融基础设施成功实现互联互通 6 月 20 日上午，中国人民银行与香港金融管理局联合举办内地与香港快速支付 系统互联互通启动仪式。6 月 22 日，跨境支付通正式上线，全国首笔跨境支 ...