Summary of Yiwu Small Commodity City Conference Call Company and Industry Overview - The conference call discusses **Yiwu Small Commodity City**, focusing on its performance, market conditions, and strategic initiatives in the **small commodity and import/export industry** [2][4]. Key Points and Arguments 1. **Strong Market Demand**: Yiwu Small Commodity City has successfully attracted tenants in its six districts, with site fees rising to **110,000-120,000 yuan**, indicating a high market demand [2][6]. 2. **Impact of Rental Income**: Expected shop rental income is projected to be between **2,000-2,500 yuan/month**, contributing significantly to the company's revenue. Site fees are expected to generate approximately **4 billion yuan annually**, with a conversion rate of about **75%** [2][7]. 3. **Office Space Demand**: There is a robust demand for office spaces, with auction prices around **15,000 yuan**. Five office buildings have been quickly sold out, supporting the company's future performance [2][8]. 4. **Strategic Shift to Financial Services**: The company plans to obtain a **TCSP license** in Hong Kong, transitioning from commercial operations to financial services, enhancing its credibility and competitive edge [2][9]. 5. **Enhanced Financial Services**: With the TCSP license, Yiwu Small Commodity City can offer value-added services like fund custody and guarantee payments, simplifying overseas business processes for Chinese merchants [2][10]. 6. **Future of Import Business**: Yiwu's import business is seen as a strategic asset in trade negotiations, with the government providing unique pilot qualifications to lower costs and time for new product registrations [2][11]. 7. **Merchant Feedback on Import Policies**: Merchants report high barriers to entry for imports, including long registration times and high costs, but generally welcome the policies aimed at reducing business hurdles [2][13]. 8. **Long-term Import Business Outlook**: The outlook for Yiwu's import business is optimistic, with expectations for significant growth by **2027**, targeting **300 billion yuan** in imports, which could substantially increase profit margins [2][15]. 9. **Market Positioning and Future Growth**: The company is well-positioned to benefit from strong demand and limited supply, with expectations for continued high prices and stable valuations in the long term [2][16][17]. Additional Important Insights - **Stock Price Volatility**: Recent fluctuations in stock prices are attributed to profit-taking by investors and the market's reaction to the pricing of the six districts, which did not meet some high expectations [2][4]. - **Government Support**: Local government initiatives to establish inspection agencies for cosmetics and pharmaceuticals are expected to attract more businesses and enhance the economic landscape [2][14]. - **Investment Timing**: The third and fourth quarters of **2025** are highlighted as critical periods for strategic investments in Yiwu Small Commodity City, given the anticipated policy impacts and market conditions [2][15][17].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has completed the leasing of the jewelry sector in the global digital trade center, which is expected to contribute approximately 1.4 billion yuan in selection fee revenue [7] - The company plans to establish a wholly-owned subsidiary in Hong Kong to diversify its payment services, enhancing its cross-border financial service capabilities [7] - The company is actively applying for a stablecoin license in Hong Kong, aiming to provide efficient and low-cost cross-border payment solutions [7] - The controlling shareholder has increased its stake in the company, reflecting confidence in its future development [7] - The profit forecast for the company shows a significant increase in net profit from 4.23 billion yuan in 2025 to 6.83 billion yuan in 2027, with corresponding P/E ratios decreasing from 26 to 16 [7] Financial Projections - Total revenue is projected to grow from 15.74 billion yuan in 2024 to 33.23 billion yuan in 2027, with a compound annual growth rate (CAGR) of 21.68% [7] - The net profit attributable to the parent company is expected to rise from 3.07 billion yuan in 2024 to 6.83 billion yuan in 2027, reflecting a CAGR of 19.46% [7] - The latest diluted EPS is forecasted to increase from 0.56 yuan in 2024 to 1.24 yuan in 2027 [7]

天风证券表示，稳定币有望"重塑全球金融支付体系"，如USDT等稳定币替代传统电汇，成本从25-50美 元/笔降至低于1美元，到账时间从1-5个工作日压缩至分钟级。 隔夜美股稳定币龙头Circle大涨33.8%，市值至444亿美元（约3200亿人民币），且传统支付行业龙头 VISA和Mastercard分别下跌5.4%和4.6%。 据央视新闻报道，美国参议院当地时间6月17日通过了一项立法，旨在为被称为"稳定币"的加密货币建 立监管框架。这项名为"《指导与建立美国稳定币国家创新法案》"（天才法案）的议案获得两党支持， 以68票对30票的结果在参议院获得通过，标志着该院首次批准主要的加密货币立法。 此外，6月18日，央行行长潘功胜在2025陆家嘴论坛上表示，全球希望改善跨境支付体系的呼声不断高 涨，新兴支付基础设施和结算方式不断涌现，推动全球跨境支付体系朝着更加高效、安全、包容、多元 的方向发展，这一趋势未来会持续增强。 德意志银行最新研报显示稳定币市场总规模从2020年的20N亿美元激增至2025年5月的2460亿美元。同 时，交易量增长了598%，2024年以27.6万亿美元的交易量超越Visa和Master ...

Core Viewpoint - The establishment of the Digital Renminbi International Operation Center is a significant step towards enhancing the internationalization of the Renminbi and promoting cross-border payment and trade development, particularly benefiting Shanghai's financial market [2][4][7]. Group 1: Digital Renminbi Development - The Digital Renminbi pilot program was officially launched by the People's Bank of China at the end of 2019, following a gradual approach that includes domestic and international scenarios [3]. - As of the end of 2024, the Digital Renminbi pilot has covered 26 cities across 17 provinces, reaching one-fifth of the national population [3]. - Different cities like Suzhou, Shenzhen, and Shanghai have focused on various innovative applications of the Digital Renminbi, such as smart contracts and cross-border payment innovations [3][4]. Group 2: Financial Reform Initiatives - In addition to the Digital Renminbi International Operation Center, eight financial opening measures were announced, including comprehensive reforms for offshore trade financial services in Shanghai [5]. - The Shanghai International Financial Center aims to enhance cross-border financial service convenience, supporting the Digital Renminbi pilot banks in participating in multilateral central bank digital currency bridge projects [5]. Group 3: Cross-Border Payment Focus - Hong Kong is identified as the largest offshore Renminbi business hub, handling approximately 80% of global offshore Renminbi payment amounts [6]. - The establishment of the Digital Renminbi International Operation Center is seen as a strategic move to enhance cross-border payment efficiency and reduce costs significantly [6][7]. - The use of emerging technologies like blockchain and smart contracts is expected to reshape traditional payment systems and improve cross-border payment processes [7]. Group 4: Challenges and Considerations - While the Digital Renminbi International Operation Center presents opportunities, it also faces challenges in collaboration with other countries' central banks and standardization of technology [8].

Market Overview - The market experienced a rebound after a dip, with the Shanghai Composite Index closing above the short-term trend line, indicating potential for further upward movement [5][12] - However, trading volume was notably low, with total turnover below 1.2 trillion, suggesting insufficient momentum for aggressive market moves [7] - The market remains in a consolidation phase, with support around 3340 and resistance between 3400 and 3450 [7] Sector Performance - The technology sector showed significant activity, driven by policy support for unprofitable companies to list on the Sci-Tech Innovation Board and initiatives to enhance capital market support for tech firms [9] - Positive industry news in storage, optical modules, and smart glasses contributed to the sector's performance [10] - The PCB and CPO sectors led the market gains, with favorable mid-term earnings expectations attracting investor interest [10] Investment Strategy - Investors are advised to maintain a cautious approach, controlling positions around 50% to ensure flexibility in response to market movements [7][13] - The current market environment favors a rotation strategy, with a focus on strong-performing stocks while being prepared for potential volatility [10][13] Blockchain and Digital Currency - Recent developments in blockchain technology are promoting the growth of central bank digital currencies and stablecoins, with goals to reduce cross-border payment costs and improve efficiency [11] - The collaboration between Hong Kong and Shanghai to deepen blockchain applications in payment and settlement is noteworthy, making related sectors a focus for short-term tracking [11]

Core Insights - The 2025 Lujiazui Forum highlighted the focus of Chinese financial authorities on cross-border payment systems, emphasizing the need for innovation and efficiency in this area [1][2] Group 1: Digital Currency and Cross-Border Payments - The People's Bank of China announced the establishment of a digital RMB international operation center in Shanghai to promote the internationalization of the digital currency and financial market development [1] - The rise of central bank digital currencies (CBDCs) and stablecoins is reshaping traditional payment systems, significantly reducing the cross-border payment chain [1][2] - The RMB has become the second-largest trade financing currency and the third-largest payment currency globally, reflecting its increasing international status [2] Group 2: Challenges and Innovations in Cross-Border Payment Systems - Traditional cross-border payment systems face challenges such as low efficiency and high costs, prompting a global call for improvement and diversification [2] - The multilateral central bank digital currency bridge project has shown promising results, with payments processed in 6 to 9 seconds, compared to 2 to 5 days for traditional methods, and nearly halving transaction costs [3] - The interoperability of payment systems is improving, with countries extending operational hours and adopting international messaging standards to enhance cross-border payment efficiency [4] Group 3: Regional Cooperation and Future Trends - The renewal of the bilateral currency swap agreement between the People's Bank of China and the Central Bank of Turkey supports the use of local currencies for cross-border settlements [2] - The trend towards a more efficient, secure, inclusive, and diversified global cross-border payment system is expected to continue [4]

文 | 有界UnKnown，作者丨山茶，编辑｜钱江 最近稳定币又开始火了，很多人可能不知道什么是稳定币，今天来谈一下这个。 5月底，香港立法会近日通过《稳定币条例草案》，以在香港设立法币稳定币发行人的发牌制度，完善对虚拟资产活动在香港的监管框架。之后京东对外 发声，表示正在积极沟通，计划发行"稳定币"来提升跨境支付能力。 随后，蚂蚁集团旗下两家公司也被爆在香港和新加坡申请稳定币牌照。 近日，刘强东在对外的小范围沟通会上又多次提到稳定币，俨然稳定币已经成为京东未来业务发展的最重要方向一般。 刘强东提到：我们希望在全球主要货币国家都申请稳定币牌照，通过稳定币牌照能够实现全球企业之间的汇兑，能够把全球的跨境支付成本降低90%，效 率提高到10秒钟之内。希望有一天大家在全世界消费的时候，京东稳定币可以作为全球的支付手段。 这里有几个关键问题，比如什么是稳定币，为什么稳定币能提升跨境支付效率，我们能使用稳定币吗？ 稳定币真的"稳定"吗？ 当然，提起比特币许多人的第一印象就是"波动"，因为我们经常会看到"比特币价格又创新高"或者"比特币价格又跌破**大关"之类的新闻。 这是因为比特币的发行量有限，加上市场的投机行为、供需 ...

人民网布鲁塞尔6月17日电 （记者牛瑞飞）15日，第三届卢森堡国际龙舟节在摩泽尔河畔雷米希市 举行。作为庆祝端午节的重要文化活动和中卢人文交流年度品牌项目，活动以"同舟共济，共筑未来"为 主题，融合体育竞技、文化交流与金融旅游推广，吸引来自中国、卢森堡及周边国家的众多机构、企业 和市民参与，现场气氛热烈，盛况空前。据统计，本届龙舟节共吸引超过4000人次参与。 活动现场，15支来自中卢各界的队伍在摩泽尔河上展开激烈角逐。经过多轮比赛，中国银行（卢森 堡）分行夺得冠军，卢森堡货运航空公司和卢森堡大学孔子学院分获亚军和季军。河面桨声激荡，岸上 加油声不断，充分展现"同舟共济"的体育精神与跨文化协作的力量。 文化活动区同样热闹非凡。中国音乐学院民乐团带来琵琶、古筝、笛子等传统乐器演奏，悠扬旋律 与鼓点交融，展现中华传统音乐之美。由卢森堡中国文化中心与云南省文化和旅游厅联合主办的"茶和 天下"非遗主题展则以云南少数民族文化为核心，呈现茶艺、服饰、文创等内容，吸引大批观众驻足体 验。现场设有滇红、普洱等名茶品鉴与特色茶点试吃区，浓郁中国风令人流连忘返。 活动还设有"金融与行业展示区"，多家中资金融与文旅企业参与，围绕绿 ...

Group 1: RWA Industry Insights - The RWA (Real World Asset) industry is experiencing renewed interest, particularly in the context of Hong Kong's stablecoin regulations, which are expected to facilitate the issuance and trading of RWA [2][6][8] - The recent RWA forum in Shanghai attracted over 200 attendees, indicating a strong interest from wealth management institutions, venture capitalists, and technology investors in the feasibility of issuing RWA backed by real-world assets in Hong Kong [2][6] - The successful issuance of RWA by companies like Ant Group has sparked discussions on the operational pathways for mainland assets to be tokenized and issued in Hong Kong [7][8] Group 2: Stablecoin Developments - The upcoming implementation of Hong Kong's Stablecoin Regulation is anticipated to accelerate the development of stablecoins, particularly in the context of RWA [5][6] - Stablecoins are being recognized for their potential in cross-border payments, offering advantages such as reduced transaction times and lower costs compared to traditional banking methods [4][9] - The integration of stablecoins into cross-border payment systems is seen as a way to enhance efficiency and create new revenue streams for payment platforms [10][11] Group 3: Compliance and Challenges - The exploration of cross-border issuance of RWA involves significant compliance challenges, particularly concerning anti-money laundering (AML) and Know Your Customer (KYC) regulations [3][11] - The successful implementation of stablecoins in cross-border payments will depend on their compliance with regulatory frameworks and the ability to maintain trust among users [10][11] - The need for robust compliance measures is critical for the widespread adoption of stablecoins in the financial ecosystem, as they must be securely linked to fiat reserves to prevent risks of over-issuance or fraud [11]

Core Viewpoint - JD.com has made a significant entry into the food delivery market, which has created a tense atmosphere in the industry. Founder Liu Qiangdong expressed that the past five years have been a period of stagnation and lack of innovation for the company, marking it as a lost era in his entrepreneurial journey [2][8]. Group 1: JD.com's Entry into Food Delivery - Since the launch of JD.com’s food delivery service in February 2023, the company has rapidly expanded its presence, implementing initiatives such as "zero commission recruitment for quality dining restaurants" and being the first platform to provide social insurance for delivery riders [4]. - JD.com’s food delivery service has seen impressive growth, with daily order volume surpassing 1 million on March 24 and reaching over 10 million by April 22 [4]. - Liu Qiangdong emphasized that the competition with Meituan in the food delivery sector is fundamentally about fresh supply chains, stating that the front-end food sales are not profitable, but the supply chain can generate revenue [5][6]. Group 2: Strategic Reflections and Future Plans - Liu Qiangdong reflected on the past five years as a period without growth or innovation, but mentioned that JD.com currently has six innovative projects underway, including plans for a stablecoin to facilitate global cross-border payments [8]. - The company aims to achieve a transaction volume of over 4 trillion yuan and net income of 115.88 billion yuan by 2024, with a significant increase in employee numbers, expecting to reach 900,000 by the end of Q2 2025 due to the expansion of the food delivery service [9]. - Liu Qiangdong also highlighted the importance of employee welfare, stating that JD.com has increased salaries seven times in the past year and a half, with total salary expenses reaching 116.1 billion yuan [9].