Group 1 - China's cumulative installed capacity of wind power connected to the grid reached 15.5% [10] - The first five months saw Guangxi's import and export with ASEAN amounting to 173.54 billion yuan [13] - The launch of cross-border payment services enables real-time transfers between mainland China and Hong Kong [11] Group 2 - Various regions are innovating consumption scenarios to stimulate new consumer vitality [3] - The "old-for-new" policy has effectively promoted significant upgrades in rural consumption [4] - The national railway sent a total of 1.641 billion tons of goods from January to May [5]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The launch of the "Cross-Border Payment Link" and the rise of stablecoins are reshaping the cross-border payment landscape, enhancing efficiency and supporting the internationalization of the RMB [11][12] - JD Group is actively pursuing stablecoin licenses globally, aiming to reduce cross-border payment costs by 90% and transaction times to under 10 seconds [41][48] - The U.S. Senate has passed the "GENIUS Act," establishing a federal regulatory framework for stablecoins, which mandates full backing by high-quality liquid assets [51][52] Summary by Sections Cross-Border Payment Innovations - The "Cross-Border Payment Link" officially launched on June 22, 2025, connecting payment systems between mainland China and Hong Kong, facilitating efficient cross-border transactions [11][12] - The People's Bank of China and the Hong Kong Monetary Authority are collaborating to enhance cross-border payment services, which will significantly reduce transaction costs and time [22][23] JD Group's Stablecoin Strategy - JD Group plans to issue a stablecoin pegged to the Hong Kong dollar and U.S. dollar, with a focus on cross-border trade settlements [41][49] - The stablecoin project is currently in a regulatory sandbox in Hong Kong, with expectations to launch in the fourth quarter of 2025 [49][50] U.S. Regulatory Developments - The "GENIUS Act" passed by the U.S. Senate requires stablecoins to be fully backed by liquid assets, with strict auditing and compliance measures for issuers [51][52] - This legislation aims to provide a clear regulatory framework, enhancing the legitimacy of stablecoins and potentially increasing their adoption in everyday transactions [56][57]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [2]. Core Insights - The report highlights the launch of the Cross-Border Payment System by the People's Bank of China and the Hong Kong Monetary Authority, which aims to enhance cross-border payment efficiency and reduce costs [9][12]. - The report emphasizes the growing importance of stablecoins in the financial ecosystem, particularly in cross-border payments, as regulatory frameworks evolve [17][18]. - The report suggests investment opportunities in both stablecoin issuers and cross-border payment service providers, indicating a shift towards integrating traditional finance with Web3 technologies [18]. Summary by Sections Industry Overview - The industry comprises 284 listed companies with a total market capitalization of 3,263.3 billion and a circulating market value of 2,874.2 billion [2]. Market Performance - The computer sector experienced a decline of 1.83% in the third week of June 2025, with notable performers including Sifang Jingchuang and Jin Chengzi [19]. Key Developments - The Cross-Border Payment System will officially launch on June 22, 2025, facilitating efficient and secure cross-border transactions between mainland China and Hong Kong [9][12]. - The initial batch of 12 participating institutions includes major banks from both regions, covering three core areas of cross-border payment services [14][12]. Regulatory Environment - The report discusses the recent legislative developments in the U.S. regarding stablecoins, including the passage of the GENIUS Act, which aims to establish a federal regulatory framework for stablecoins [17]. - The report notes that the stablecoin market is projected to exceed 2 trillion by 2028, driven by increasing adoption and regulatory clarity [17]. Investment Recommendations - The report advises focusing on two main categories for investment: 1) issuers and exchanges with strong business models, such as Circle and Coinbase, and 2) cross-border payment service providers and custodial banks, including New Guo Du and Zong An Online [18].

Core Points - The cross-border payment system between mainland China and Hong Kong, known as "Cross-Border Payment Pass," was launched on June 22, allowing for real-time fund transfers between the two regions [1] - The system connects the mainland's online payment interbank clearing system with Hong Kong's Fast Payment System, significantly reducing the cost and time associated with cross-border remittances [1][2] - Users can transfer funds without incurring exchange fees, as the process requires only the input of a mainland bank account number, streamlining the payment process for various services such as tuition fees and insurance premiums [1] Group 1 - The Cross-Border Payment Pass enables "instant transfers" for Hong Kong residents, enhancing their ability to work and live across regions [1] - The system reduces the number of processing steps in cross-border transactions, leading to lower remittance costs [1] - The new payment service supports various financial services, including tuition payments, medical fees, and salary disbursements, making it more convenient for users [1] Group 2 - The initiative is expected to strengthen Hong Kong's position as an international financial center and a hub for offshore RMB business, according to experts [2]

Core Viewpoint - The article highlights the remarkable success story of Lucy Liu, a 35-year-old Chinese financial entrepreneur who became New Zealand's first female billionaire, with a net worth of 700 million NZD (approximately 3 billion CNY) through her investment in Airwallex, a cross-border payment company [4][10]. Group 1: Investment Journey - Lucy Liu invested 1 million USD in Airwallex at the age of 25, acquiring a 20% stake, which has now yielded over 1200 times return on her investment [6][10]. - Airwallex, co-founded by four Chinese entrepreneurs, has achieved a valuation exceeding 6.2 billion USD (approximately 44.6 billion CNY) after multiple funding rounds, including a recent 300 million USD Series F round [9][10]. - The company has experienced significant growth, with an annual revenue of 720 million USD, representing a 90% year-on-year increase, and is projected to reach 1 billion USD in annual revenue by 2025 [16]. Group 2: Background and Early Career - Lucy Liu was born in Northern China and moved to New Zealand at the age of 12, where she developed an early interest in finance due to her family's background [14]. - She began investing in stocks at 18, achieving a 100% return on her first investment in Minsheng Bank within six months [15]. - After obtaining a master's degree in finance from the University of Melbourne, she worked in various financial roles before co-founding Airwallex in 2015 [6][15]. Group 3: Company Development and Achievements - Airwallex has been recognized as one of the fastest-growing fintech companies globally and was awarded the HR Asia 2023 Best Employer in Asia [4][10]. - The company has successfully navigated challenges in securing funding, initially facing rejections from several venture capital firms before receiving support from Gobi Partners and later from major investors like Sequoia and Mastercard [8][9]. - Liu has played a multifaceted role in the company, contributing to various functions beyond her initial investment, and has been instrumental in its rapid growth and success [16].

首批参与跨境支付通的内地机构和香港机构各包括六家银行。其中，内地机构包括工、农、中、建、交 五家国有大行以及招商银行；香港机构包括中银香港、工银亚洲、建银亚洲、汇丰银行、恒生银行、东 亚银行。业内人士表示，参与机构可根据市场交易主体类别、交易特征、业务场景等，从风险防控角度 合理确定各类业务的单笔或累计交易限额。后续参与机构范围也将逐步扩大。 《中国经营报》记者从中国银行方面了解到，跨境支付通主要应用于三类跨境汇款业务场景：一是境内 居民个人汇出至香港地区银行账户的"南向便利化汇款业务"，可选择人民币汇出、人民币或港币到账。 二是香港居民个人汇入至内地银行账户的"北向便利化汇款业务"，可选择港币或人民币发起、人民币到 账。三是个人与机构间的"双向跨境人民币支付业务"，如留学缴费、公共事业缴费、就医、薪资和补贴 发放等，可选择双边本币或双边人民币汇款。与现有传统跨境汇款相比，跨境支付通具有实时到账、价 格优惠、操作便利等优势。 中国人民银行、香港金融管理局于6月20日发布联合公告称，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跨境支付通。 金诚同达律师事务所合伙人律师、国际公认反洗钱专 ...

新华财经深圳6月22日电（记者卫韦华）记者从中国人民银行深圳分行获悉，22日跨境支付通正式上 线，当日深圳落地首笔跨境支付通内地居民南向、港人北向汇款业务。 近年来，深圳不断深化跨境支付创新，持续打造全域支付示范区，率先推出了跨境代理见证开户、"外 包内用"和"外卡内绑"等创新支付方式，便利香港居民来深消费。据人民银行深圳分行公布的最新数据 显示，截至2025年5月末，香港居民在深开立银行账户超321万户，其中跨境代理见证开户超41万户、累 计交易近351亿元，占大湾区九成。 人民银行深圳分行有关负责人表示，深圳作为跨境支付通转换中心的所在地，发挥了金融基础设施的重 要作用。下一步，深圳将进一步推动金融支持粤港澳大湾区建设，并持续推进深港两地金融领域规则衔 接、机制对接，稳步扩大金融高水平双向开放。 （文章来源：新华财经） "以前我给在香港读书的女儿汇钱都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。"成功尝 试首笔跨境支付业务的深圳市民房女士说。 据了解，中国人民银行、香港金融管理局日前发布联合公告称，共同推动并 ...

跨境支付通是指将中国内地快速支付系统与其他货币当局的快速支付系统连接，制定配套政策 安排，为中国内地居民与境外居民间提供高效、便捷、安全的跨境支付服务。快速支付系统是 为用户快速支付进行清结算的零售类金融基础设施，与传统支付系统相比，其具有运行时间长 以及收款人资金实时到账的特点。 作 者丨曹媛 编 辑丨孙超逸 跨境支付通今日上线运行，全国首笔业务落地深圳。 视频编辑：张迎 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 。 南方财经记者获悉，今日， 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 。 近年来，深圳也推出了跨境代理见证开户、"外包内用"和"外卡内绑"等支付方式。截至2025年 5月，香港居民在深开立银行账户超321万户，其中跨境代理见证开户超41万户、累计交易近 351亿元，占大湾区九成。 人民银行深圳市分行有关负责人表示，"深圳作为跨境支付通的转换中心所在地，发挥了金融 基础设施的重要作用。刚刚上线的跨境支付通，为深港经贸活动与人员往来提供了更加安全、 高效、便捷的支付服务，有 ...

Group 1: Hong Kong Stock Market Activity - Hong Kong Stock Exchange (HKEX) has seen significant activity with approximately 190 companies queued for listing, and 33 new stocks launched this year, raising about 88 billion HKD, making it the top global market for IPO financing [2] - The launch of the "Cross-Border Payment" system between mainland China and Hong Kong aims to enhance cross-border payment efficiency, allowing residents to make instant payments and transfers [2] Group 2: Banking Sector Performance - Bank stocks have shown strong performance, with 19 out of 42 A-share bank stocks reaching historical highs this year, representing 45.24% of the total, and the banking index has increased by 12.73% year-to-date [2] - Analysts attribute this strength to factors such as loose monetary policy, high dividend value, and inflows from institutional investors [2] Group 3: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued 11 administrative penalties related to insider trading, with fines totaling approximately 60 million CNY, reflecting a commitment to maintaining market order and protecting investor rights [3] Group 4: Financial Challenges - Gree Titanium's financial difficulties are highlighted by the freezing of its 1.806 billion CNY stake in Zhuhai Guangtong Automobile, with total liabilities reaching 24.786 billion CNY and an asset-liability ratio nearing 100% [3] Group 5: U.S. Monetary Policy and Economic Outlook - The Federal Reserve's latest monetary policy report indicates a stable positioning of monetary policy, with rising inflation expectations and uncertain economic growth prospects [4] - President Trump has called for interest rate cuts, suggesting a potential reconsideration of Federal Reserve Chair Powell's position [4] Group 6: Semiconductor Industry Developments - Huawei's self-developed EUV lithography machine has completed installation and testing, with a core light source efficiency of 3.42%, capable of processing 250 wafers per hour, and expected to significantly reduce costs compared to imported equipment [5] - China's holdings of U.S. Treasury bonds have dropped to a 16-year low of approximately 757 billion USD, continuing a trend of reduction since the trade tensions began [5]

Core Viewpoint - The recent surge in interest in stablecoins is driven by significant regulatory developments in both the US and Hong Kong, which are expected to promote a more structured and compliant market for stablecoins [1][5]. Group 1: Stablecoin Overview - Stablecoins are cryptocurrencies pegged to fiat currencies, primarily the US dollar, designed to maintain price stability by backing with stable assets [4]. - The efficiency and cost advantages of stablecoins in cross-border payments are key factors driving market interest, as they enable near-instant settlements and reduce transaction costs compared to traditional systems [4][6]. - The global stablecoin market is currently valued at approximately $245 billion, representing about 7% of the total cryptocurrency market, indicating significant growth potential [6]. Group 2: Regulatory Developments - Recent regulatory frameworks in the US and Hong Kong require stablecoin issuers to maintain 100% fiat reserves, prohibit interest payments, and enforce asset disclosure, thereby reducing policy uncertainty [5][6]. - Hong Kong's stablecoin regulations introduce a "sandbox" approach, allowing institutions to test cross-border payment solutions, which is expected to attract more players into the market [5][6]. Group 3: Key Players in the Stablecoin Market - Major players in the stablecoin sector include Tether (USDT), Circle (USDC), and companies like JD.com and LianLian Digital, which are actively involved in issuing and utilizing stablecoins [9]. - Circle has successfully listed and operates under a compliant framework, emphasizing asset transparency and regular audits, which enhances its credibility in the market [9]. Group 4: Impact on Financial Technology and IT Services - The rise of stablecoins creates new growth opportunities for fintech companies, particularly those involved in cross-border payments and supply chain finance [10][11]. - Financial IT service providers are seeing increased demand for blockchain development, compliance auditing, and other technical services necessary for stablecoin issuance [11]. - Traditional financial institutions, such as banks, are adapting to the stablecoin ecosystem by offering custodial and settlement services, thus generating new revenue streams [12].