Investment Rating - The report assigns an "Outperform" rating for the industry, indicating an expected relative return exceeding the benchmark by over 10% in the next 12-18 months [4][21]. Core Insights - The People's Bank of China has revised the CIPS system rules to enhance the framework for cross-border RMB payments, aiming to facilitate the integration of payment channels and improve clearing efficiency [7][4]. - The updated rules expand the scope of CIPS operations to include additional activities approved by the central bank, thereby supporting the growth and functionality of the CIPS system [7][4]. - The Cross-border Pay Link, launched in Hong Kong, allows for real-time, cost-effective remittances between Mainland China and Hong Kong, significantly improving the efficiency of cross-border transactions [7][4]. Summary by Sections CIPS System Rule Updates - The People's Bank of China released a draft for public comment on the CIPS system rules, focusing on account management, business processing, settlement mechanisms, and risk management [4][7]. - The revisions aim to adapt the rules established in 2018 to current business developments and participant needs, enhancing management standards for CIPS participants [4][7]. Cross-border Payment Innovations - The Cross-border Pay Link, which became operational on June 22, connects the fast payment systems of Mainland China and Hong Kong, allowing residents to conduct cross-border remittances efficiently [4][7]. - This system reduces the remittance process time and costs by minimizing intermediary steps and directly connecting payment infrastructures [4][7]. Investment Recommendations - The report suggests focusing on cross-border payment service providers such as Newland Digital Technology, Xgd Inc, Lakala Payment, and Yeahka Limited, as well as financial IT service providers like Yusys Technologies and Sinodata [7][4].

大智慧（601519）公司股票交易风险提示公告，目前市场关于"稳定币"、"虚拟资产交易"、"跨境支 付"等关注度较高，经公司自查，公司目前无相关资质，未开展相关业务。除此之外，公司未发现对公 司股票交易价格可能产生重大影响的其他需要澄清或回应媒体报道、市场传闻及市场热点概念。 ...

Market Overview - The A-share market saw all three major indices rise in the morning but experienced a significant drop in the afternoon, with a total trading volume of 1.53 trillion yuan, an increase of 528 billion yuan compared to the previous trading day [1] - Over 3,300 stocks in the market declined, with market focus on sectors such as diversified finance, Kimi concept, banking, medical services, and cultural media [1] Stock Performance - A total of 53 stocks hit the daily limit up, with 18 stocks on consecutive limit up days, and 30 stocks failed to close at the limit, resulting in a limit up rate of 64% (excluding ST and delisted stocks) [3] - Notable stocks included: - Huayin Power: 7 consecutive limit ups - Huaguang Huaneng: 5 consecutive limit ups - New Zhonggang: 4 consecutive limit ups - Jin'an Guoji: 5 consecutive limit ups in the PCB sector [3][4] Key Stocks and Their Metrics - **Huayin Power (600744)**: Price at 8.11 yuan, up 10.04%, with a trading volume of 17.747 million and a turnover rate of 10.98% [4] - **Jin'an Guoji (002636)**: Price at 15.09 yuan, up 9.99%, with a trading volume of 1.08 million and a turnover rate of 0.99% [4] - **Forest Packaging (605500)**: Price at 12.07 yuan, up 10.03%, with a trading volume of 4.35 million and a turnover rate of 8.90% [4] - **Huaguang Huaneng (600475)**: Price at 16.73 yuan, up 9.99%, with a trading volume of 9.03 million and a turnover rate of 5.96% [4] Institutional Trading - The top three net buying stocks on the daily leaderboard were: - Kuaijingtong: 318 million yuan net buy - Tongguan Copper Foil: 200 million yuan net buy - Dazhihui: 197 million yuan net buy [6] - The top three net selling stocks were: - Yihua New Materials: 119 million yuan net sell - Rifa Precision: 114 million yuan net sell - Zhongyi Technology: 89.41 million yuan net sell [7] Sector Highlights - **Kuaijingtong**: Recently entered the Japanese market, enhancing its position in the cross-border e-commerce sector [9][10] - **Tongguan Copper Foil**: Notable for its production capabilities in the PCB copper foil sector, with a new project recently launched [18] - **Dazhihui**: Engaged in significant asset restructuring, with a focus on financial information services [17] Trading Dynamics - The trading dynamics showed a significant interest from institutional investors, with notable net purchases in stocks like Dazhihui and Kuaijingtong, while some stocks like Wangzi New Materials faced net selling [25][27]

行业研究丨深度报告丨零售业 [Table_Title] 渠道精选聚焦，品牌细分增长——零售行业 2025 年度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 当前阶段我们建议把握三条投资主线：第一，品牌端：K 型细分需求崛起，本质上对消费者洞 察提出更高要求，我们选择在高端化和极致质价比两条主线中，渠道运营精细、强消费者洞察 和品牌运营能力的企业；第二，渠道端：线下渠道于新兴细分业态重启扩张，背后考验的仍是 供应链能力，优选供应链端具备优化空间的企业；第三，从中长期而言，全球贸易格局重塑背 景下，中国优质制造、品牌和商业模式出海仍然是大势所趋，在此基础上看好具备深刻用户洞 察能力、供应链能力持续夯实的优质出海企业。 分析师及联系人 [Table_Author] 李锦 罗祎 秦意昂 SFC：BUV258 SAC：S0490514080004 SAC：S0490520080019 SAC：S0490524110002 请阅读最后评级说明和重要声明 2/29 %% %% %% %% research.95579.com 2 ...

Core Insights - The implementation of the Hong Kong Stablecoin Regulation in July 2025 marks a significant step in the regulation of stablecoins, enhancing cross-border payment efficiency by over 90% and reducing costs to one-tenth of traditional methods [1][3] - The expansion of the digital yuan pilot to 50 cities, with annual transactions exceeding 1 trillion yuan, highlights China's advancements in digital currency, prompting major tech companies like Ant Group and JD.com to invest in compliant stablecoins [3] - Stablecoins are positioned as a bridge between cryptocurrencies and traditional finance, addressing long-standing issues in cross-border trade such as high fees, slow settlements, and low transparency, with the market for cross-border payments growing at an annual rate exceeding 200% [3] Company Summaries - **Four方精创**: A key service provider for the Hong Kong Monetary Authority, developing the mBridge cross-border clearing module and offering a platform for stablecoin issuance, with potential annual revenue exceeding 250 million HKD if the stablecoin market reaches 50 billion HKD [5] - **拉卡拉**: The only domestic third-party payment institution with a full license for cross-border RMB payments, supporting stablecoin payments through 5 million POS terminals, with a projected revenue of 200 million yuan from stablecoin-related activities in 2025 [6] - **海联金汇**: Holds the only MSO license among A-share companies, with significant market share in Southeast Asia and participation in the mBridge project, reporting a 950% year-on-year increase in net profit in Q1 2025 [6] - **恒宝股份**: A leading supplier of hardware security modules for digital currencies, with a market share exceeding 30%, providing hardware for stablecoin transactions and participating in the mBridge project [7] - **新大陆**: A global leader in smart terminals, integrating digital yuan and stablecoin functionalities, with a projected order of 200,000 terminals in Southeast Asia in 2025 [7] - **京北方**: The only A-share company explicitly linked to stablecoin technology, providing underlying settlement technology for major banks and participating in the mBridge project [8] - **雄帝科技**: Developed a dual-track payment system compatible with both digital yuan and stablecoins, providing key services for the Hong Kong pilot [8] - **华峰超纤**: Collaborating with JD Wallet to test stablecoin retail scenarios in the UAE, with a focus on programmable payment protocols [9] - **恒生电子**: Provides core system support for Ant Group's stablecoin operations, with a significant market share in asset management systems [10] - **数字认证**: Supplies key management services for stablecoins to the Hong Kong Monetary Authority, with a strong presence in government blockchain projects [10]

一直以来，经济格局似乎呈现南强北弱的特点，在跨境电商领域也是如此。 初步统计显示，2024年，我国跨境电商进出口2.63万亿元，同比增长10.8%，各地区跨境电商产业园区超1000个，建设海外仓超2500个、面积超3000万平 方米。跨境电商企业为什么会"北迁"，因为对比已经人满为患的广东、福建、深圳，北方显得没那么拥挤。 国内的跨境电商阵营里，广州、深圳、佛山、东莞、珠海、宁波、汕头、义乌……一众南方城市占据主导地位。数据显示，2015年至2023年，仅广东一个 省的跨境电商年均增速高达71.4%，贡献了全国超1/3的份额。 但时至今日，全国跨境电商的版图正逐渐北上。 数据显示，仅在深圳跨境电商的相关从业人员超过400万，公司数量超80万家，中小卖家达29万。同时，"电数宝"监测显示，2024年跨境电商领域内"死 亡"的规模性企业达到50家，大部分位于广东、福建、浙江。 另一边，赛道略显宽阔的北方以及内陆地区逐渐凸显出"跨境"的优势。 首先是"政策虹吸"效应。比如，早在2016年，青岛就被列入"跨境电商综试区"，天眼查数据显示，这两年，有高达41.3%跨境企业将青岛作为"北上"的第 一站，截至目前，青岛跨境 ...

2025年最能让全球投资人失眠的两件事 【编者按】 7月9日，国新办举行"高质量完成'十四五'规划"系列首场主题新闻发布会。会议指 出，国家文化软实力和中华文化影响力显著提升，网剧网文网游等中国文化"新三样"在海外影 响甚广，国际影响力感召力明显上升。近期，中国潮玩IP LABUBU火爆全球，不少买家感 叹"一布难求"。那么，LABUBU这类潮玩IP为何如此火爆？中国潮玩何以全球圈粉？ 记者丨 黄欣然,刘巷 编辑丨谭婷 一是想不通LABUBU为什么火 二是后悔没有投资泡泡玛特 LABUBU 一只尖牙利齿的小精灵 被顶流巨星争相收藏 让爱马仕为它做配 其初代产品的拍卖价 更是一只能抵一套房 最近LABUBU也热搜不断 一会和优衣库官宣联名 一会进驻法国卢浮宫 模仿蒙娜丽莎的限定版被热情的法国粉丝一扫而空 泡泡玛特还宣布将推出LABUBU的动画剧集 以后可不能再说LABUBU是个"没作品"的明星了 超高热度下 2025年一季度，泡泡玛特整体营收翻了一倍不止 其中，海外营收同比增长400%以上 市场预计，今年泡泡玛特的海外收入会超过国内市场收入 资本市场也迎来"狂欢" 据Wind数据 泡泡玛特的市值已超过了三丽鸥等 ...

Core Viewpoint - The launch of a new international cargo route from Guangzhou to Auckland and Sydney marks the first regular all-cargo flight from mainland China to New Zealand, enhancing logistics efficiency for cross-border e-commerce and high-end manufacturing in the Greater Bay Area [1] Group 1: New Route Details - The new route operates under the fifth freedom rights, allowing the airline to carry passengers and cargo between third countries while operating an international route [1] - The route is serviced by Boeing 777 freighters, operated by China Southern Airlines Logistics, addressing the capacity gap in the Oceania direction [1] Group 2: Impact on Logistics - The new service significantly reduces transportation time for goods between the Greater Bay Area and Australia/New Zealand, providing more efficient logistics solutions for over 300 cross-border e-commerce and high-end manufacturing companies in the region [1] - China Southern Airlines Logistics currently operates 19 Boeing 777 freighters, conducting over 80 regular international flights weekly, contributing to the establishment of a global cargo route network from the Greater Bay Area [1]

继去年亚马逊海外购进驻京东、海内外两大巨头深化供应链合作后，这个七月亚马逊在进口电商板块的 业务更进一步。7月8日至12日，亚马逊上线专为中国消费者打造的首个年度级夏日大促"海折节"。 除了赋能更多中国卖家走上跨境电商的出海之路，亚马逊的海外购则瞄准中国消费者。年中大促，亚马 逊不想错过。据悉，亚马逊"海折节"期间，将有超过30000个国际品牌、200多万件海外商品上线，消费 者不仅可享受全球零门槛包邮、海外好物最快2日达等多种购物体验，还有全新"进口超市"满足一站式 日用品购物需求。 缘何加码进口电商？亚马逊中国副总裁、亚马逊海外购中国及亚马逊新加坡电商负责人李岩川告诉南都 ·湾财社记者，除了国内政策驱动、中国消费市场改善外，"海折节"本身也是亚马逊探索更好服务本地 消费者的重要一步。在本土化上，亚马逊关注视频号、直播电商等新机遇，加速布局内容电商。 入局年中促销 亚马逊海外购"零门槛"全球包邮 无凑单、无复杂计算以及大促全周期无预售，亚马逊"海折节"有国内大促消费里熟悉的配方。海淘 的"高成本"在物流，如何打出差异化？ 据麦肯锡2025年中国消费报告，中国消费者信心已趋于稳定，当前消费者更加倾向于购买有助 ...

Core Insights - OEXN platform provides efficient and secure cross-border fund management solutions, facilitating international transactions for users [1][2] - The platform supports various cross-border deposit and withdrawal methods, ensuring fast and secure transactions [3] - OEXN emphasizes the importance of user account security and fund protection, adhering to international safety standards [5] Cross-Border Fund Management Policies - OEXN's cross-border fund management policies are transparent and efficient, ensuring compliance with international standards [2] - The platform is recognized for its high-speed fund processing and transaction flow [2] Supported Cross-Border Deposit and Withdrawal Methods - Users can utilize bank transfers and electronic payment platforms for cross-border transactions [3] - OEXN supports multiple currency conversions, enhancing global transaction capabilities [3] - Advanced encryption technology is employed to safeguard user funds and information [3] Currency Exchange Channels - The platform prioritizes secure, fast, and cost-effective channels for exchanging digital currencies and fiat currencies [4] - OEXN favors platforms that support a variety of digital and fiat currencies, providing users with greater flexibility [4] User Account Security and Fund Protection - User account security and fund protection are critical factors in selecting a cross-border fund platform [5] - OEXN aims to provide multi-layered security measures to prevent unauthorized access to transaction information and funds [5] Common Issues and Solutions - Identifying common issues through data collection and user feedback is essential for improving user experience [6][7] - A systematic approach is recommended for recording and categorizing common problems to facilitate effective solutions [7] Solution Implementation Steps - Each issue should be prioritized to allocate resources effectively, with a clear timeline for tracking progress [8] - Regular evaluations are necessary to correct any deviations during the implementation process [8] Choosing the Right Deposit and Withdrawal Channels - When selecting deposit and withdrawal channels, factors such as platform security, transaction fees, and operational convenience should be considered [9] - Users are encouraged to review platform histories and user feedback to ensure reliability [9] Common Questions and Answers - Users must verify their identity to increase deposit and withdrawal limits, typically requiring personal information and documentation [10] - Real-time exchange rate updates are crucial for users to make informed decisions during cross-border transactions [11] - It is important to scrutinize the platform's fee structure to identify any hidden or additional processing fees [21]