Group 1 - The company has a leading position in distributed architecture platform construction, core system construction, channel management construction, open banking construction, and middle platform construction for data, business, and payment [1] - The company possesses technical capabilities related to RWA (Real World Assets) [1] - The company is optimistic about the future prospects of stablecoins and plans to actively engage in the stablecoin sector [1]

Core Viewpoint - The company possesses comprehensive financial technology products and solutions to support the financial technology needs of banking clients [1] Group 1: Technology Capabilities - The company is a leader in the construction of distributed architecture platforms, core systems, channel management, open banking, and the centralization of data, business, and payment systems in China [1] - The company has a reserve of technical capabilities related to Risk-Weighted Assets (RWA) [1]

【导读】"稳定币"火了，多只概念股暴涨，券商掀起研究热潮 中国基金报记者 吴君 近期，"稳定币"概念大火。 本周一，A股稳定币指数大涨8.40%，四方精创、拉卡拉、恒宝股份、楚天龙等多只个股暴 涨。投资者在互动平台积极询问上市公司布局稳定币的情况，多家券商掀起稳定币研究热 潮。我们一起来看看，为啥稳定币这么火？券商研究都看好哪些方向？ 稳定币概念股持续大涨 成分股呈现普涨格局，四方精创20CM涨停，拉卡拉涨超13%，恒宝股份、中科金财、神州 信息、海联金汇也出现涨停，雄帝科技、数字认证、京北方、楚天龙、恒生电子等跟涨。 6月以来，A股稳定币指数大涨超21%，多只概念股涨势强劲，比如四方精创6月涨近92%， 恒宝股份涨近83%，楚天龙涨超75%。 最近，投资者纷纷在互动平台询问上市公司布局稳定币的情况，润和软件、杭州园林、中远 海科等多家上市公司给出了回应。 那么，什么是稳定币，为什么最近这么火？ 中金公司表示，稳定币之"稳定"在于其作为一种加密货币，通过与其他资产（通常为法定货 币）挂钩来稳定其价格，区别于比特币等价格波动较高的原生加密货币；相较于比特币等投 资性风险资产，稳定币的用途更多在于行使货"币"作为 ...

（原标题：揭秘涨停丨这只航运股获近百万手封单） 涨停战场：宁波海运封单资金居首 华泰证券指出，作为全球最重要的石油运输要道，位于伊朗南部的霍尔木兹海峡航道受阻风险提升，扰 动全球海运供应链。国际油运受中东局势影响显著，运价有望在当前低基数上跳涨；集运/干散受中东 区域影响相对较小。 龙头点睛：数字货币板块掀起涨停潮 1.数字货币 涨停个股：优博讯、四方精创、吉大正元、恒宝股份、中科金财等 稳定币浪潮向全球袭来。 优博讯：公司在与数字人民币相关的，基于TEE和SE的金融安全技术、基于云端的金融风险管控、基于 NFC和二维码的金融安全支付等方面积累了丰富的技术储备。 四方精创：公司一直在探索和实践利用区块链和分布式账本技术赋能持牌金融机构。公司FINNOSafe合 规Web3平台可支持稳定币发行人及市场参与者相关业务的发展。 据证券时报·数据宝统计，今日（6月23日）涨停股中，从收盘涨停板封单量看，宁波海运居于首位，封 单量98.54万手；新通联、海联金汇、雷科防务、茂化实华、欢瑞世纪等股随后，封单量均在20万手以 上。 从连续涨停天数看，山东墨龙斩获7连板；诺德股份实现5连板；长城军工完成4连板；茂化实华、湘潭 ...

Summary of Stablecoin Industry Conference Call Industry Overview - The stablecoin industry is entering a rapid growth phase, with the U.S. and Hong Kong advancing legislation to regulate stablecoins, which is beneficial for healthy industry development [1][4] - Domestic policies will significantly impact future developments, with the potential for RMB stablecoins to expand into inter-enterprise payments, bank-to-business transactions, and international trade, aiding in the internationalization of the RMB [1][4] Core Insights and Arguments - Stablecoins offer significant advantages in cross-border payments, with settlement times under one hour compared to five business days for traditional bank transfers, and lower transaction costs, making them particularly suitable for countries with volatile commodity values [1][5] - The two largest USD stablecoins are USDT, issued by Tether with a supply of approximately $150 billion, and USDC, issued by Circle with a supply of around $60 billion, with over 80% and 92% of their reserves in U.S. Treasury securities, respectively [1][6] - The business model of stablecoin issuers primarily relies on earning interest from reserve assets, with Circle projected to earn $1.66 billion in interest income in 2024, accounting for 99% of its total revenue [1][8][9] Key Players and Market Dynamics - Key segments in the stablecoin industry include licensed issuers, virtual asset distributors, and cryptocurrency exchanges, with Hong Kong serving as a significant testing ground for stablecoin initiatives [3][10] - Traditional financial institutions are exploring new stablecoin applications, with companies like Walmart, Amazon, and JPMorgan collaborating on stablecoin issuance [3][12] - Notable companies in the secondary market include Yuanbi Technology, which is linked to the USDC project, and JD.com, which has shown market performance [11] Future Directions and Regulatory Landscape - The Hong Kong Monetary Authority is expected to release stablecoin issuance guidelines and open license applications by Q3 2025, with regulations likely to take effect in Q4 2025 [3][13] - Ant Group is actively exploring Real World Assets (RWA) and has partnered with various companies to advance asset digitization, which could revitalize China's computing power industry [14] Risks and Considerations - Potential risks include policy changes, particularly with upcoming regulations expected in Q3 2023, which may lead to volatility in stablecoin-related assets during the transitional period [19] - Technological changes related to distributed ledgers and cryptocurrencies may also pose risks, along with the pace of implementation not meeting expectations [19] Investment Opportunities - Three key areas to focus on for investment include issuers with scarce license advantages, infrastructure service providers, and the cross-border payment ecosystem [18]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Stablecoins are emerging as a new global digital currency solution, characterized by asset anchoring, low volatility, and high settlement efficiency, becoming essential tools for on-chain payments and cross-border settlements. The current phase is marked by accelerated policy development and the establishment of compliance frameworks, transitioning stablecoins from a gray area to institutionalized development. A diverse ecosystem of stablecoins is expected to coexist in the future [2] - Real World Assets (RWA) emphasize the digital circulation of real-world assets (such as photovoltaic and real estate rights) through on-chain verification and mapping. The initial focus is on green energy and industrial equipment assets, with preliminary mechanisms for on-chain yield mapping and cross-border issuance established. RWA is transitioning from a technical concept to a verifiable and tradable asset form, entering a phase driven by practical demand [2] Summary by Sections 01 Stablecoins: A Global Digital Currency Solution - Stablecoins are designed to maintain price stability, typically pegged to fiat currencies or commodities, and are increasingly used for transactions and value storage. They play a crucial role in the volatile cryptocurrency market, particularly in cross-border payments [10] - The development of stablecoins in Hong Kong is supported by the establishment of a digital currency infrastructure, with the Hong Kong Monetary Authority (HKMA) initiating the digital Hong Kong dollar project and conducting trials for tokenized asset settlements [16][19] - The HKMA's regulatory sandbox for stablecoin issuers is progressing, with several institutions participating in testing mechanisms for issuance and reserve management [19] 02 RWA: From Concept to Implementation - RWA is defined as non-digital assets and related rights that are tokenized for on-chain trading. As of June 2025, the total value of global on-chain RWA assets has surpassed $23.3 billion [36] - Stablecoins serve as a bridge between traditional finance and the crypto world, enhancing liquidity and efficiency in RWA transactions, and enabling innovative financial products [37][41] - The integration of stablecoins with RWA facilitates cross-border payments and reduces transaction costs, making it easier for investors to engage in fragmented asset investments [44] 03 Industry Chain and Development Status: Policy-Driven, Compliance-Enhanced - The industry is supported by a three-tier structure: upstream providing technology and compliance support, midstream focusing on asset tokenization, and downstream involving applications in payments and investments [58] - The overall industry is still in an exploratory phase, with significant room for improvement in infrastructure, legal frameworks, and application ecosystems [58] - The report highlights the competitive landscape, noting key players such as Ant Group and JD.com, which are actively developing stablecoin and RWA projects [74][81]

Group 1 - The Chinese government will allocate an additional 138 billion yuan in central funds for the consumption upgrade policy in the third and fourth quarters [2] - The People's Bank of China and the Hong Kong Monetary Authority have launched a cross-border payment system to facilitate RMB and HKD remittances between the mainland and Hong Kong [2] - In the first five months of this year, China's actual use of foreign capital decreased by 13.2% year-on-year, with significant growth in e-commerce services, aerospace manufacturing, and chemical pharmaceuticals [3][4] Group 2 - The National Development and Reform Commission has introduced over 3,200 projects to attract private capital, focusing on key areas such as energy and new infrastructure, with total investments exceeding 3 trillion yuan [4] - The June LPR (Loan Prime Rate) remained unchanged at 3.0% for the one-year term and 3.5% for the five-year term, aligning with market expectations [3] - The Ministry of Finance reported that national public budget expenditure reached 1.12953 trillion yuan in the first five months, a year-on-year increase of 4.2% [3] Group 3 - The A-share market experienced fluctuations, with the Shanghai Composite Index closing down 0.07% at 3,359.9 points, while the Hong Kong Hang Seng Index rose 1.26% [5][28] - The China Securities Regulatory Commission (CSRC) has seen a significant increase in the number of qualified foreign institutional investors, rising from 558 at the end of 2020 to 894 currently, a growth of over 60% [5] - The CSRC issued 11 administrative penalty decisions related to insider trading, with a total penalty amount of approximately 60 million yuan [6] Group 4 - The Central Internet Information Office reported that over 3,500 AI products were disposed of in the first phase of a special action to rectify the misuse of AI technology [9] - The National Medical Products Administration approved measures to optimize the lifecycle supervision of high-end medical devices to promote innovation in the healthcare sector [9] - The China Light Industry Federation stated that the association is unaware of any meetings regarding "production limits to maintain prices" in the photovoltaic industry [11]

6月20日下午消息，今日蚂蚁数科发布辟谣声明：蚂蚁数科与海南华铁仅就RWA进行了非常初步的、探索 性的交流，未达成任何形式的正式合作协议、商业安排或实质性项目落地。此外，近期市场上存在部分公 司借"RWA"、"稳定币"等热点概念进行炒作，暗示与蚂蚁数科之间的不实合作。请广大投资者和合作伙 伴谨慎甄别市场传闻，注意投资风险。 同时，蚂蚁数科也表示，对任何未经授权使用我司名义进行不当宣传的行为保留法律追责权利。蚂蚁数科 致力于合规创新，任何重要进展将通过官方渠道及时披露。 综合自： 蚂蚁数科 点击关键字可查看 责编：叶舒筠 校对： 姚远 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 6月19日，蚂蚁数科在中国国际金融展上宣布将联合金融行业伙伴推出超百个金融场景智能体解决方案， 全面覆盖AI原生手机银行、风控、理财、营销等核心金融应用场景。 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 闪崩！暴跌 ...

新华财经北京6月20日电（胡晨曦）A股三大指数6月20日震荡走低，沪指窄幅震荡微跌，创业板指领 跌，尾盘跌近1%。盘面上，航运板块逆势走强，宁波海运等涨停；白酒股展开反弹，皇台酒业涨停； 银行股继续走强，工商银行等再创历史新高；固态电池概念反复活跃，湘潭电化等涨停。下跌方面，油 气股集体调整，贝肯能源跌停。 截至收盘，沪指报3359.90点，跌0.07%，成交4109亿元；深证成指报10005.03点，跌0.47%，成交6569 亿元；创业板指报2009.89点，跌0.84%，成交3264亿元。 巨丰投顾：周五市场震荡运行，光刻胶板块涨幅居前。在政策刺激下，A股与经济有望同步出现向上的 拐点。7月进入中报披露窗口后，市场风格将向业绩确定性加速切换，科技板块在政策红利与周期见底 共振下，有望引领结构性反弹。投资者宜在防守中聚焦科创板"1+6"受益标的及低位放量抗跌品种，静 待新周期下的新主线。 热点板块 盘面上，白酒、保险、港口航运、BC电池、减肥药、银行等板块和概念股涨幅居前；油气开采及服 务、文化传媒、贵金属、可燃冰、短剧游戏、华为盘古等板块和概念股跌幅居前。 机构观点 银河证券：白电板块的投资主要看公司业 ...

《科创板日报》20日讯，蚂蚁数科发布消息称，近日，注意到市场上有关于蚂蚁数科与海南华铁就 RWA及稳定币探讨合作的传闻，引发市场关注。蚂蚁数科特此澄清，双方仅就RWA进行了非常初步 的、探索性的交流，未达成任何形式的正式合作协议、商业安排或实质性项目落地。此外，近期市场上 存在部分公司借"RWA"、"稳定币"等热点概念进行炒作，暗示与蚂蚁数科之间的不实合作。请广大投资 者和合作伙伴谨慎甄别市场传闻，注意投资风险。 蚂蚁数科：与海南华铁就RWA进行初步交流 未达成任何形式的正式合作协议等 ...