Core Insights - The "May Day" holiday has seen a significant increase in cross-border travel and consumption, with both outbound and inbound tourism experiencing robust growth [1][3][4] Group 1: Cross-Border Travel Data - A total of 10.896 million people crossed borders during the "May Day" holiday, averaging 2.179 million per day, marking a 28.7% increase from the previous year [3] - Outbound travel from mainland residents reached 5.778 million, up 21.2% year-on-year, while inbound foreign visitors totaled 1.115 million, reflecting a 43.1% increase [3] - The peak day for border crossings was May 3, with 2.297 million people [3] Group 2: Payment Trends - Alipay+ reported that inbound tourists doubled their spending and transaction volume compared to last year during the holiday [3] - WeChat data indicated a 37% year-on-year increase in outbound payment transactions by mainland residents [4] - Foreign visitors' spending in China via WeChat nearly doubled, with a 180% increase in spending through Alipay during the first three days of the holiday [4] Group 3: Popular Destinations and Consumer Behavior - Guangdong, Shanghai, and Zhejiang remained the top destinations for outbound travelers, while cities like Yiwu and Shenzhen attracted foreign shoppers [4] - The trend of foreign tourists coming to China for shopping has intensified, with various Chinese-made products becoming popular among visitors [4] - Hong Kong residents also showed a significant increase in spending in mainland cities, with transaction volumes doubling compared to the previous year [4] Group 4: Payment Infrastructure and Future Outlook - The growth in payment data reflects strong consumer demand during the holiday and improvements in payment infrastructure [5] - There is a notable expansion of payment services in second and third-tier cities, indicating a broader reach of payment optimization efforts [5] - Future recommendations include leveraging the potential of cross-border payments and enhancing user experiences in various payment scenarios [5]

Group 1: E-commerce and Delivery Services - Taobao's "Flash Purchase" service achieved over 10 million orders within just six days of its launch, significantly boosting orders for Ele.me, the delivery service partner [2] - The nationwide launch of Taobao Flash Purchase led to record-breaking order volumes in 39 cities, with over 1,000 brands experiencing peak sales [2] - Popular beverage brands like Jasmine Milk Tea and Nayuki's Tea saw their order volumes increase by nearly 300% and over 200% respectively, following the launch [2][3] Group 2: Automotive Industry - Nezha Auto experienced a significant app failure during the May Day holiday, affecting remote vehicle control and data updates, which was attributed to a system fault [4] - The company confirmed that the issue was not related to service disruptions and has since been resolved, with ongoing investigations to prevent future occurrences [4] Group 3: Financial Services - Ant Group is reportedly planning to list its overseas arm, Ant International, in Hong Kong, as it engages with relevant authorities [5] - Ant International currently accounts for approximately 20% of Ant Group's revenue, focusing on cross-border payment services [6] Group 4: Technology Sector - Apple reported a revenue of $95.4 billion for Q2 of fiscal year 2025, marking a 5% year-over-year increase, with a net profit of $24.78 billion [7] - iPhone revenue reached $46.8 billion, showing a 2% increase, while Mac and iPad revenues grew by 7% and 15% respectively [8] Group 5: Trade and Tariffs - President Trump announced a 100% tariff on all foreign-made films, citing a decline in the U.S. film industry due to foreign competition [9] - This move is expected to escalate trade tensions, impacting market sentiment and leading to declines in U.S. stock futures and the dollar [9] Group 6: Consumer Market Trends - The May Day holiday saw a 6.3% increase in sales for key retail and catering enterprises, with significant growth in travel and dining sectors [10] - Domestic travel destinations experienced a surge in visitor numbers, with some provinces reporting double-digit growth in tourism revenue [11] Group 7: Corporate Leadership Changes - Warren Buffett announced plans for a leadership transition at Berkshire Hathaway, proposing that Abel will officially take over as CEO by the end of the year [12][13] - Buffett emphasized that he will remain involved in the company, while Abel will have full decision-making authority [13][14] Group 8: Market Performance of Listed Companies - As of April 30, 2025, over 5,100 listed companies in China reported resilient performance, with 74% achieving profitability [15] - The total revenue for listed companies was 71.8 trillion yuan, with a slight decline of 0.7%, while net profit decreased by 2.3% to 5.2 trillion yuan [15]

Market Sentiment - The current market sentiment score is 60, indicating a "relatively hot" market condition, which suggests a gradual upward trend supported by recent improvements in market sentiment and policy support [6][10]. Hot Topics Tracking - **Cross-Border Payment**: The People's Bank of China has issued a plan to enhance cross-border financial services, aiming to improve service levels for enterprises going abroad and expand the CIPS network. Related stocks include Cross-Border Communication (002640) and Qingdao Kingking (002094) [7]. - **Virtual Power Plants**: The National Development and Reform Commission and the National Energy Administration have released guidelines to promote the development of virtual power plants, targeting a national adjustment capacity of over 20 million kilowatts by 2027 and over 50 million kilowatts by 2030. Related stocks include Guoneng Rixin (301162) and Kehua Data (002335) [7]. - **Duty-Free Theme**: The Ministry of Commerce and other departments have announced measures to optimize the departure tax refund policy, aiming to enhance the supply of refund goods and expand the number of duty-free stores. Related stocks include China Duty Free (601888) and Wangfujing (600859) [7]. Major Capital Inflows and Outflows - The top ten stocks with the highest net inflows include Changshan Beiming (000158.SZ) with a net inflow of 1.036 billion, Ruixin Micro (603893.SH) with 613 million, and Southern Precision (002553.SZ) with 366 million [11]. - The top ten stocks with the highest net outflows include Leo Group (002131.SZ) with a net outflow of 544 million, Industrial and Commercial Bank of China (601398.SH) with 498 million, and Sanqi Interactive Entertainment (002555.SZ) with 419 million [13]. - The top ten stocks with the highest net short selling include Kweichow Moutai (600519.SH) with 16 million, Yili Group (600887.SH) with 837 thousand, and Haiguang Information (688041.SH) with 462 thousand [14]. Industry Overview - The top ten industries with the highest net inflows include SW Computer with 210 million, SW Automotive with 194 million, and SW Machinery Equipment with 189 million [16][17]. - The top ten industries with the highest net outflows include SW Banking with -141 million, SW Non-Bank Financials with -91 million, and SW Basic Chemicals with -155 million [18].

Group 1 - Temu has announced the cessation of direct sales of Chinese products to the U.S. due to a 130% import tariff, shifting to local sellers for U.S. market sales [5][6] - The U.S. Customs policy change effective May 2, 2025, will eliminate the small package tariff exemption for goods from mainland China and Hong Kong, requiring proper customs declarations and payment of applicable tariffs [5] - The number of full-service sellers on Temu's U.S. site has significantly decreased, with some sellers experiencing over 50% of their products being delisted [6] Group 2 - Neta Auto's app and website experienced significant downtime due to unpaid traffic fees, leading to accessibility issues during the holiday period [8] - Neta Auto's sales have sharply declined in 2023, revealing operational challenges, including layoffs and payment delays to suppliers [9] - The company previously achieved a sales record of approximately 152,100 vehicles in 2022, becoming a leading player among new car manufacturers [8] Group 3 - Major car manufacturers, including Xiaomi and Huawei, have rebranded their "smart driving" features to "assisted driving," reflecting a shift in marketing strategy [10][11] - The term "smart driving" is becoming less prominent in product promotions, with many companies opting for more conservative language in their marketing [11] Group 4 - Xiaomi's international market department has undergone leadership changes, with Xu Fei appointed as the new general manager [16] - Xu Fei has been with Xiaomi for 15 years and previously served as the head of the MIUI product team [16] Group 5 - Ant Group plans to separately list its overseas division, Ant International, in Hong Kong, which accounts for approximately 20% of Ant Group's revenue [15] - Ant International focuses on cross-border payment services, leveraging products like Alipay+ and WorldFirst [15] Group 6 - NVIDIA is developing a new AI chip tailored for the Chinese market after the U.S. government banned the export of its H20 chip, with samples expected to be available in June [21] - The new chip design aims to comply with U.S. export regulations while maintaining NVIDIA's market presence in China [21] Group 7 - OpenAI has decided to maintain its non-profit structure, abandoning plans for a profit-driven transformation, which may complicate future funding efforts [20] - The organization emphasizes its mission to ensure that AGI benefits all of humanity, contrasting with traditional profit-driven corporate governance [20]

全球跨境支付模式主要包括代理行模式、互联模式、单一平台模式以及点对点模式四大类，基于SWIFT的代理行模式在跨境支付中占据 主导地位。关税博弈背景下，人民币跨境支付系统（CIPS）、数字人民币与货币桥等跨境支付相关体系各环节或将迎来发展机遇。 如何看待跨境支付现状及未来趋势？中信建投证券计算机首席应瑛团队、宏观首席周君芝团队带来【跨境支付产业链】投资机遇解读： 01 如何看待跨境支付现状及未来趋势？ 全球跨境支付模式主要包括代理行模式、互联模式、单一平台模式以及点对点模式四大类，基于SWIFT的代理行模式在跨境支付中占据 主导地位。SWIFT已成为全球覆盖面最广、使用频率最高的金融通讯基础设施，但资金流与信息流"双轨制"以及治理结构导致弱势中心 化，逐步沦为美国金融制裁工具。 未来的发展路径主要包括：1）基于SWIFT体系，打造以本币为结算货币的支付系统。2）基于本国支 付体系，通过单边连接或者双边连接等方式，拓展延伸覆盖范围。3）第三方支付以移动支付场景为切入口，构建独立的支付网络体系。 4）基于区块链技术，全新构建基于数币以及货币桥的支付体系。 传统模式 CHINA SECURITIES 投据来源:会融咨 ...

Core Viewpoint - Ant Group plans to separately list its overseas segment, Ant International, registered in Singapore, on the Hong Kong stock exchange, with no current policy obstacles reported in discussions with regulatory authorities [1] Group 1: Company Overview - Ant International's core products include Alipay+, Antom, and WorldFirst, which cover C-end payment, B-end acquiring, and B2B cross-border payment services [1] - Ant International's revenue accounts for approximately 20% of Ant Group's total revenue [1]

近期，上海、浙江、山东等多地围绕数字人民币试点工作密集发声，积极推动数字人民币应用场景的拓展、技术的 创新以及生态的优化。 在数字经济浪潮的推动下，数字人民币这一由中国人民银行发行的法定数字货币，正凭借其在金融科技创新、支 付效率提升以及经济包容性增长等方面的显著潜力，成为金融支付领域不可或缺的存在。 上海：2025年赋能数币研发应用 据央行上海总部官网消息，近日，人民银行上海总部召开2025年上海市国库工作会议，指出2024年上海市国库系统 坚持国库为民，高效保障各级政府预算顺利执行，同时坚持创新驱动，积极推进区块链跨境缴税和数字人民币在财 税、政务领域运用，发挥了国库在保障地方经济运行和服务社会民生中的积极作用。 今年4月份，人民银行上海总部在召开2025年上海市现金服务与管理工作会议时总结，2024年上海市现金服务与管理 工作成效显著，不仅积极推进数字人民币试点工作再上新台阶，还圆满完成普通纪念币发行任务，现金服务与管理 工作水平持续提升。 会议强调，2025年要以创新驱动发展为手段，赋能数币研发应用。具体举措包括积极开展数字人民币扩消费、惠民 生推广活动，提升商户侧数字人民币受理改造便利性，支持引导景 ...

在这场2000万亿元市场的竞赛中，合规是入场券，技术是加速器，而全球化视野是最终胜出的密码。 跨境支付概念近期坐上"过山车"。Wind数据显示，跨境支付指数自4月8日～4月22日迅速上涨，从1269 点上涨至1500点上方，区间涨幅超15%。4月24日开始至今，又回调至1445点附近。 热门概念股表现也震荡。以拉卡拉（300773.SZ）为例，该股4月8日股价最低下挫至13.95元/股，随后震 荡上行，4月22日一度触及29.99元/股高点。截至4月30日收盘，拉卡拉报收21.21元/股。此外，新晨科 技（300542.SZ）、高伟达（300465.SZ）、信雅达（600571.SH）、海联金汇（002537.SZ）等多只"跨 境支付概念股"也高度活跃。 跨境支付指数14天暴涨超15%又迅速回调背后，一场关税冲击下的跨境支付行业变局正在上演。短期来 看，跨境支付行业面临关税政策带来的压力——合规成本增加、短期内跨境支付笔数和金额可能减少。 中长期来看，人民币国际化进程加速与全球供应链重构或为跨境支付企业打开新的增长空间，行业洗牌 已悄然开启。 跨境支付指数大幅波动 跨境支付板块的行情波动绝非偶然，其背后是政策 ...

Core Insights - The report indicates that the current market sentiment score is 62, categorizing it as "relatively hot," suggesting a positive outlook for the market [6][10]. - Recent policy support and improved market sentiment have led to an upward trend in the market, with historical data showing that a sentiment score below 30 provides support, while above 90 indicates resistance [10]. Theme Tracking - **Cross-Border Payment**: The People's Bank of China has issued a plan to enhance cross-border financial services, aiming to improve service levels for enterprises going abroad. Related stocks include Cross-Border Communication (002640) and Qingdao Jinwang (002094) [7]. - **Virtual Power Plants**: The National Development and Reform Commission and the National Energy Administration have released guidelines to advance virtual power plant development, targeting a capacity of over 20 million kilowatts by 2027 and 50 million kilowatts by 2030. Related stocks include Guoneng Rixin (301162) and Kehua Data (002335) [7]. - **Duty-Free Theme**: The Ministry of Commerce and other departments have announced measures to optimize the departure tax refund policy, aiming to enhance inbound consumption. Related stocks include China Duty Free (601888) and Wangfujing (600859) [7]. Market Capital Flow - The report lists the top ten stocks with the highest net inflow of funds, with Liou Co., Ltd. (002131) leading at 884.26 million yuan, followed by Zhaoyi Innovation (603986) at 581.87 million yuan [11][12]. - The report also highlights the top ten stocks with the highest net outflow, with Shenghong Technology (300476) showing a net outflow of -389.52 million yuan, followed by Huayin Power (600744) at -387.68 million yuan [13][23]. Industry Overview - The report provides insights into the net inflow and outflow of funds across various industries, indicating that the machinery and home appliance sectors have seen significant net inflows, while the public utilities and food and beverage sectors have experienced notable net outflows [17][18].

Financial Performance - The company achieved a net profit attributable to shareholders of 58.15 million yuan in Q1 2025, representing a year-on-year increase of 81.1% [3] - The non-recurring net profit attributable to shareholders was 55.32 million yuan, up 77.0% year-on-year [3] - The gross profit margin reached 27.8%, an increase of 1.4 percentage points compared to the previous year [3] - The net profit margin was 11.0%, reflecting a year-on-year increase of 5.7 percentage points [3] Client Composition - Large banks contribute approximately 50% of the main business revenue, with state-owned commercial banks, joint-stock banks, and policy banks being the primary contributors [3] - Small and medium-sized banks and rural credit cooperatives account for about 30% of revenue [3] - Revenue from overseas banks grew by 241% year-on-year, reaching 27.53 million yuan [3] Product and Solution Revenue - Revenue from banking IT products and solutions accounted for over 80% of total revenue, with a gross margin exceeding 26%, up 3.5 percentage points year-on-year [3] - Non-banking IT products and solutions contributed approximately 15% of revenue, with a year-on-year growth of 135% [3] - The innovative operations business began generating revenue from overseas digital banking clients, with a gross margin close to 80% [3] Cross-Border Payment Capabilities - The company is involved in three main areas of cross-border payment: infrastructure, institutional level, and e-commerce [4] - It has experience and technical capabilities in serving key financial infrastructures supervised by the People's Bank of China [4] - The company is actively following developments in CIPS and mBridge [4] AI Business Developments - The company focuses on applying AI to enhance client business capabilities, particularly in the banking sector [7] - AI products have been successfully implemented in several city commercial banks, utilizing a SaaS subscription model [8] - The company is responding to the needs of various banks and non-bank clients, facilitating POC testing and case implementations [7] Overseas Business Expansion - The company successfully expanded its overseas business into Southeast Asia and secured a client in Europe [9] - There is a significant demand for upgrading traditional IT architectures among overseas banks, providing opportunities for the company [9] - The company employs a dual strategy of upgrading existing systems and connecting with emerging financial needs in mobile internet ecosystems [10]