Group 1 - Hong Kong's Financial Secretary is considering introducing virtual asset derivatives trading for professional investors, alongside robust risk management measures [1] - This initiative follows Hong Kong's legislation on stablecoins and reflects a bold innovation in the virtual asset sector, increasing mainland China's interest in related developments and commercial applications [1] - The mainland focuses on central bank digital currency (DC/EP) infrastructure and compliance applications, adopting a "centralized coordination + local pilot" model [1] Group 2 - The People's Bank of China has outlined plans for digital currency development, prioritizing DC/EP in cross-border payment scenarios, with significant pilot projects already underway [1] - By 2024, the digital currency market in China is expected to exceed 1.5 trillion yuan, with a compound annual growth rate of 34%, and digital yuan transactions accounting for over 60% of this market [2] - Forecasts suggest that from 2025 to 2030, the digital currency market will maintain a 25% annual growth rate, potentially surpassing 3 trillion yuan by 2030, with digital yuan penetration reaching 55% and cross-border payments increasing to 25% [2]

作为出海展业的必选项，支付机构近期海外拿牌动作频频。6月5日，北京商报记者注意到，跨境支付机构PingPong接连官宣， 成为中国首家持有马来西亚MSB（Money Services Business）牌照、阿联酋支付牌照的机构。与此同时，多家支付机构在东南 亚、中东、拉美等地区积极拿牌，为海外业务拓展做好合规准备，也趁机"秀"了一把综合实力。移卡、连连数字等多家支付机 构向北京商报记者表示，将持续扩大全球业务版图，并重点关注新兴市场机会。 掀起海外拿牌热潮 5月29日，PingPong宣布正式获得马来西亚中央银行批准，成为中国首家持有MSB牌照的To B跨境支付机构。据悉，继新加 坡、印尼牌照后，此次获得马来西亚牌照将进一步扩大PingPong在"一带一路"国家和地区的业务布局和本地生态网络建设范 围。 另一方面，获取境外支付牌照的高难度、复杂流程，也使其成为支付机构展现综合实力的方式之一。正如移卡方面表示，在美 国，获取MTL牌照是一个复杂且耗时的过程，涉及多个步骤和严格的评估程序。通常需要先申请MSB牌照作为备案，然后才 能申请各州的MTL牌照以实现合规。移卡此次成功取得MTL牌照，体现了美国金融监管部 ...

Core Viewpoint - The rise of stablecoins and innovations in cross-border payment systems have made Qingdao Jinwang a focal point in the capital market, despite its revenue declining for three consecutive years [2][3]. Group 1: Company Overview - Qingdao Jinwang, originally a candle manufacturer, has expanded into the cross-border payment clearing sector and is involved in the stablecoin ecosystem [2]. - The company has seen its stock price surge from 5.29 yuan in January to 9.85 yuan by June 4, marking an increase of 86% [3]. - Qingdao Jinwang has not directly issued stablecoins but provides clearing services through the CIPS, enhancing cross-border trade efficiency [3]. Group 2: Financial Performance - In Q1 2025, Qingdao Jinwang reported revenue of 323 million yuan, a year-on-year decrease of 2.48%, with a net profit of 8.74 million yuan, down 5.23% [6]. - For 2024, the total revenue was 1.793 billion yuan, a decline of 28.55%, while net profit increased by 236.91% to 35.12 million yuan [6]. - The company’s overseas revenue grew by 41.43%, contributing 75.45% of total revenue, indicating reliance on international markets [6]. Group 3: Business Challenges - Despite the potential of stablecoins in reducing transaction costs and improving efficiency, Qingdao Jinwang faces regulatory uncertainties that could impact its cross-border payment operations [4]. - Increased competition from traditional financial institutions entering the digital payment space poses a threat to Qingdao Jinwang's market share [5]. Group 4: Future Outlook - The company aims to achieve over 1.7 billion yuan in revenue for 2025, focusing on improving revenue structure and profitability [8]. - The management believes that the demand for candles and related products will grow steadily in domestic markets due to changing consumer behaviors influenced by globalization [8].

Core Viewpoint - The company, Jingbeifang (002987), has not yet established subsidiaries or branches in Hong Kong but has been actively involved in cross-border payment solutions for several years, assisting clients with SWIFT and CIPS system integration [1] Group 1 - The company has a rich experience in cross-border payment solutions, having participated in various projects such as the digital currency bridge project [1] - The company possesses a strong technical and talent reserve related to cross-border payment systems [1]

近期，香港《稳定币条例》正式生效，成为全球首个针对法币稳定币建立牌照制度的司法管辖区。这一里程碑式立法引发资本市场强烈关注，券商机构迅速 响应，掀起密集研究热潮。三天内，22家券商集中发布30篇研报，超过20场电话会议相继召开，8场路演活动蓄势待发。券商研究覆盖计算机、区块链、金 融科技、跨境支付等多个维度，普遍认为香港新规将推动稳定币从交易媒介升级为关键金融基础设施，加速数字金融产业链发展。 券商研究热潮空前高涨 稳定币产业价值逐步显现 稳定币是一种与法定货币、实物资产或其他特定资产挂钩的加密货币，通过锚定机制维持价格相对稳定。其本质是将现实世界法定货币或资产进行链上代币 化，是传统金融资产与区块链技术结合的产物。相较于比特币等波动剧烈的加密资产，稳定币提供可预测的价值尺度和更优的法币兑换通道，被视作传统金 融和加密生态之间的桥梁。 全球稳定币市场规模增长迅猛。截至2025年5月31日，全球稳定币市值超过2500亿美元，较2024年年底增加超过400亿美元。挂钩美元的两大稳定币USDT和 USDC市值分别超过1530亿美元和610亿美元，占全球稳定币总市值超过85%。渣打银行预测，稳定币供应量有望增至202 ...

Group 1: Kede CNC - Kede CNC is focusing on humanoid robot technology, particularly in motion control technology adaptation and core component manufacturing applications [1] - The company has developed proprietary five-axis machining centers and linear motors to enhance precision and acceleration in manufacturing robot parts [1] - The demand for large aircraft in China is projected to require 8,278 new passenger aircraft from 2024 to 2043, significantly boosting the aviation manufacturing supply chain [1] - Kede CNC's products are applicable in manufacturing core components for large aircraft, including engines and structural parts, and the company has established partnerships with major aviation manufacturers [1] Group 2: Jingbeifang - Jingbeifang is focusing on stablecoin technology and its advantages in cross-border payments, emphasizing improved timeliness and reduced costs [2] - The company plans to enhance communication and collaboration with clients to explore the application of stablecoin technology in various business scenarios [2] - Jingbeifang aims to strengthen partnerships with both financial and non-financial institutions to expand business opportunities while adhering to regulatory requirements [2]

在金融科技领域，一种新的趋势正在悄然兴起——稳定币。 这种加密货币因其价格稳定性而受到全球关注，有望成为未来金融交易的重要工具。近期，香港和美国 相继出台相关政策，显示出稳定币在全球金融领域的重要性。稳定币不仅是一种技术革新，更是货币主 权的争夺焦点。 以下是几家在稳定币领域具有重要布局的企业： 金汇科技：公司拥有第三方支付牌照和香港MSO资质，围绕牌照搭建境外金融服务体系，深度参与央 行数字货币桥（mBridge）项目，探索稳定币在国际贸易结算中的创新模式。 2023年5月21日，香港立法会通过了《稳定币条例草案》，使香港成为全球首个系统性规范稳定币的司 法管辖区。 为避免打扰主力,想知晓的唻蚣种皓：小婉说市，带走。参与了央行数字人民币跨境项目，主导CIPS （人民币跨境支付系统）区块链底层技术开发，持有120余项跨境结算技术专利。独家双海外支付牌 照：公司持有香港MSO（金钱服务经营者牌照）及美国MSB（货币服务牌照）。 5月30日，《稳定币条例》正式成为法例。紧接着，美国参议院以66票对32票通过了"GENIUS稳定币法 案"，进一步强化了市场对稳定币政策落地的信心。 与香港各大银行机构合作：子公司威富 ...

Core Viewpoint - To effectively address the payment challenges faced by Chinese enterprises expanding into Latin America and Africa, cross-border payment service providers must offer tailored payment services that align with the unique payment needs of these enterprises, as well as the local payment habits and regulatory changes in the region [1][4]. Group 1: Market Trends - The trade volume between China and Latin America reached $518.47 billion last year, marking a 6.0% year-on-year increase, while trade with Africa reached $295.6 billion, up 4.8% [11]. - An increasing number of Chinese enterprises are entering the Latin American and African markets, viewing them as new growth points for global business expansion [12]. Group 2: Payment Challenges - Localized payment and sales collection have become significant challenges for Chinese enterprises in these regions due to the low credit card penetration and the emergence of numerous fragmented local payment methods [3][5]. - Many Chinese enterprises have found that without integrating local payment methods, they struggle to reach local consumers, while integrating multiple payment options can be complex and costly [3][7]. Group 3: Payment Solutions - Cross-border payment institutions are seizing the opportunity to provide solutions, such as EBANX's integration of around 200 local payment methods through a unified payment platform [4][8]. - The adoption of local aggregation payment solutions is becoming increasingly popular among Chinese enterprises, allowing them to efficiently access various mainstream payment methods in Latin America and Africa [7][9]. Group 4: Specific Payment Methods - In Mexico, OXXO Pay is a popular offline payment method, while in Kenya, mobile money is gaining traction. In Brazil, the Pix payment method is expected to surpass credit cards in e-commerce transactions this year [7][9]. - The Pix payment method allows for faster fund settlement, which can alleviate cash flow pressures for Chinese enterprises, with transactions typically settled the next day compared to the 30-day period for credit card payments [14][15]. Group 5: Customization and Service Requirements - Different types of Chinese enterprises have varying payment requirements, with e-commerce firms focusing on payment success rates, while gaming companies prioritize reaching local gaming audiences [13][15]. - There is a growing demand for customized payment solutions, with enterprises seeking to enhance payment success rates and streamline payment processes [15][16]. Group 6: Fraud Risks - Payment fraud is emerging as a significant challenge for Chinese enterprises, with global e-commerce fraud losses reaching approximately $48 billion last year [17]. - Cross-border payment service providers are implementing multiple anti-fraud measures, including real-time transaction scanning and AI machine learning technologies to enhance security [18][19].

Core Insights - Multiple payment institutions have recently announced the acquisition of overseas payment licenses, indicating a trend towards globalization and compliance in the cross-border payment industry [1] - The push for overseas licenses is driven by policy support and market demand, with leading institutions actively expanding into international markets to gain first-mover advantages [1] Group 1: Company Developments - PingPong has received approval from the Central Bank of Malaysia, becoming the first Chinese ToB cross-border payment institution to hold an MSB license, enabling it to provide compliant global payment solutions for local and global businesses [2] - Since 2021, Yika has focused on overseas markets, obtaining payment licenses in countries like Singapore and the USA, and has seen its overseas transaction volume grow nearly fivefold year-on-year in 2024 [3] - Lianlian Digital has successfully acquired an EMI license in Luxembourg, furthering its global strategy and expanding its service coverage to over 100 countries and regions [4] Group 2: Market Trends - The demand for cross-border transactions is increasing as Chinese enterprises expand internationally, prompting payment institutions to establish a presence in overseas markets [4] - Obtaining overseas payment licenses is seen as a critical step for payment institutions to transition from single payment channels to comprehensive financial service platforms, addressing the full spectrum of enterprises' international needs [3][4] - The complexity and high costs associated with cross-border payment processes highlight the importance of overseas licenses in providing efficient and secure payment channels for Chinese enterprises [4]

Group 1 - The core focus of the news is on the potential of the digital currency sector in the A-share market, which is highlighted as having significant explosive potential, particularly in June [1][3] - The digital currency concept is becoming a leading force in the A-share market, driven by favorable news and the rise of stablecoins, which are gaining attention in global financial markets [3] - Three companies are identified as potential beneficiaries of this trend, with significant holdings from national teams such as Central Huijin and social security funds, indicating strong institutional support [3] Group 2 - The first company mentioned is the leading player in the digital currency concept, with Central Huijin holding 18.52 million shares and the social security fund holding 10.66 million shares, making it the only company in this sector with such backing [3] - The second company, Electric Science Network Security, has Central Huijin holding 2.4 million shares and is recognized as the largest supplier of information security products and systems centered around cryptography [3] - The third company, Chutianlong, has the social security fund holding 1.12 million shares and is noted for being one of the largest providers of smart cards and comprehensive security solutions in China [3]