中经记者 郑瑜 北京报道 随着征信市场的管理与规范不断加强，非银金融机构有关违反信用信息管理规定的处罚明显增多。 5月以来，包括重庆海尔小额贷款有限公司、厦门金美信消费金融有限责任公司、重庆小雨点小额贷款 有限公司均因违反信用信息相关规定领到罚单。 中国人民银行青岛市分行近期处罚信息公示表显示，海尔消费金融有限公司（以下简称"海尔消金"）因 存在违反信用信息采集、提供、查询及相关管理规定的违法行为，被中国人民银行青岛市分行罚款25万 元。 根据《评级报告》，2024年度，海尔消金管理口径贷款余额为380.49亿元，同比增长32.94%。在已披露 业绩的消费金融公司中，排名第十四位。 《评级报告》显示，截至2024年年末，公司发放贷款及垫款总额同比增长9.56%至279.43亿元，全年利 息净收入同比增长22.23%。 同时，2024年公司加大联合贷及助贷业务开展力度，手续费及佣金收入同比增加66.30%至4.69亿元；由 于信审手续费上升，手续费及佣金支出同比增长51.59%至1.57亿元；当年公司手续费及佣金净收入实现 同比大幅增长。 受以上因素共同影响，2024年海尔消金净营业收入同比增长27.25%，净 ...

Investment Rating - Industry Rating: Recommended [6] Core Insights - The passing of the US "GENIUS Act" and Hong Kong's "Stablecoin Ordinance" marks a significant milestone in the recognition of stablecoins, potentially transforming virtual assets into key components of financial infrastructure [2][19] - Stablecoins are expected to bridge the gap between digital finance and traditional finance, enhancing their acceptance by regulatory bodies due to their stable value and payment attributes [2][12] - The total market capitalization of stablecoins exceeded $269 billion as of July 12, 2025, with over 90% being USD-pegged stablecoins [17] Regulatory Framework - The US "GENIUS Act" requires stablecoin issuers to hold 1:1 cash or treasury reserves and grants the Federal Reserve emergency stop authority to prevent systemic risks [20] - Hong Kong's "Stablecoin Ordinance" establishes a licensing system for stablecoin issuers, mandating sufficient reserves and compliance with anti-money laundering regulations [22][23] - The European Union's MiCA regulation, effective from December 30, 2024, also aims to regulate stablecoins, focusing on consumer protection and market integrity [19][21] Stablecoin Characteristics - Stablecoins are pegged to fiat currencies, balancing openness and stability, unlike Bitcoin which is highly volatile [3][12] - They are designed to function as a payment tool, with lower transaction costs and faster settlement times compared to traditional payment systems [17][23] - The stablecoin ecosystem includes issuers, exchanges, and application scenarios, supported by reserve banks and compliance service providers [25][26] Market Opportunities - The implementation of the "Stablecoin Ordinance" is expected to boost the development of stablecoin issuance, trading, and cross-border payments in Hong Kong, positioning it as a global virtual asset hub [8][23] - Companies like ZA Bank are poised to benefit from the stablecoin ecosystem by providing reserve banking services [26][28] - The regulatory environment in Hong Kong is conducive for local securities firms to expand their services into the virtual asset space, creating new growth opportunities [31][32]

Core Viewpoint - Yiwu United Village Bank, established in May 2013 with a registered capital of 300 million yuan, focuses on serving the rural economy and small enterprises, achieving high-quality development while supporting local economic growth [1][2]. Group 1: Business Development and Achievements - The bank has received multiple honors, including "National Top 100 Village and Town Banks" and "Excellent Village and Town Bank for Serving Agriculture and Small Enterprises" [1]. - As of the end of 2024, the bank's total assets reached 5.412 billion yuan, total liabilities were 4.886 billion yuan, deposits amounted to 3.694 billion yuan, and loans totaled 4.947 billion yuan [2]. - Since its inception, the bank has issued a total of 48.636 billion yuan in loans to small and micro enterprises, benefiting 29,362 entities, and has provided 42.434 billion yuan in agricultural loans, serving 34,655 entities [2]. Group 2: Social Responsibility and Community Engagement - The bank actively implements various preferential policies to reduce financing costs for enterprises, including waiving fees for account management, online banking, and interbank transfers [3]. - It participates in social welfare and community activities, educating the public on financial knowledge and conducting initiatives like "free change exchange" to enhance community service [3]. Group 3: Employee Development and Corporate Culture - The bank fosters a culture of empowerment, service, and learning, emphasizing the importance of talent development and a dynamic workforce [4]. - It aims to build a high-quality internal training team to improve service levels and enhance employee capabilities through collaboration with other banks and institutions [4]. - The bank is committed to continuing its focus on serving agriculture and small enterprises, contributing to rural revitalization, and becoming a trusted financial institution in Yiwu [4].

证券研究报告 | 2025年06月08日 中国软件国际（00354.HK） 中国香港通过稳定币法案，公司深耕数字化金融领域，有望充分受益 |  公司研究·公司快评 | | |  | 计算机·计算机设备 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 熊莉 | 021-61761067 | | xiongli1@guosen.com.cn | 执证编码：S0980519030002 | | 证券分析师： | 艾宪 | 0755-22941051 | | aixian@guosen.com.cn | 执证编码：S0980524090001 | 事项： 事件：5 月 21 日，中国香港特区立法会三读通过《稳定币条例草案》，以在香港设立法定货币稳定币发行 人的发牌制度，完善对虚拟资产活动在香港的监管框架，以保持金融稳定；5 月 30 日，中国香港特区政府 在宪报上刊登《稳定币条例》，正式成立法例。 国信计算机观点：1）中国香港《稳定币条例》正式成为法例，稳定币市场规模快速增长，2028 年市场规 模有望达到 2 万亿美金；2 ...

Group 1 - The 2025 Third Regional Bank Digital Transformation and Technology Application Summit was held in Hangzhou, where Dezhou Bank's "Private Kindergarten Fund Supervision System" won the 2025 Excellent Case Award for Digital Finance and Technology Innovation [1] - The summit aimed to build a platform for regional banks and technology companies to collaborate, promoting the deep integration of banking business and technology, and facilitating the implementation of digital transformation in regional banks [2] - Dezhou Bank actively communicated with local education authorities to enhance the supervision of private kindergarten fees, quickly advancing the implementation of financial services tailored to specific scenarios [2] Group 2 - The platform successfully achieved two main functions: online payment and fund supervision, supporting both "proportional release" and "quota release" supervision modes, allowing kindergartens to choose based on their operational needs [3] - Dezhou Bank is expanding its services into smart community property management and smart campus sectors, continuously enhancing the quality and efficiency of comprehensive financial services [3] - The bank has introduced advanced technologies such as artificial intelligence and big data analysis to drive its digital transformation, making progress in retail business, corporate business, operational management, and risk control management over the past year [3]

Core Viewpoint - Zhejiang Merchants Bank Shanghai Branch is committed to supporting the private economy by implementing various financial support policies and enhancing financial services for private enterprises [1][7] Group 1: Support for Private Enterprises - The bank actively reduces financing costs for private enterprise clients by implementing differentiated pricing strategies, offering loan interest rate discounts, and expanding the coverage of fee reductions [1] - The bank promotes seamless loan renewals and expansions, adhering to the requirements of the national financial supervision authority to enhance the coverage of seamless loan renewals for small and micro enterprises [1] - The bank is focused on reducing the financial burden on private enterprises by waiving various fees and costs associated with banking services [1] Group 2: Integrated Financial Services - The bank accelerates the reform of integrated financial services centered on customer needs, utilizing a comprehensive service model that combines commercial banking, transaction banking, investment banking, and private banking [2] - The bank enhances collaboration between small and large enterprises by leveraging cross-departmental coordination and providing comprehensive financial services through joint marketing and project collaboration [2] - The bank supports private enterprise bond issuance, particularly through risk mitigation instruments, to improve market acceptance and reduce financing costs [2] Group 3: Financing Service Mechanisms - The bank aims to establish effective financing service mechanisms by enhancing cooperation with government-backed financing guarantee companies to provide better financial services for small and micro enterprises [3] - The bank conducts extensive outreach and research activities to address the urgent needs of private clients, ensuring a responsive organizational structure to meet market demands [3] Group 4: Digital Financial Ecosystem - The bank is developing a comprehensive digital financial service model that integrates digital reform with practical applications to create a collaborative digital ecosystem for supply chain financing [4] - The bank is focused on leveraging data value by utilizing digital financial platforms to provide services to underserved groups and enhance credit data applications [5] Group 5: Service System and Risk Control - The bank is simplifying approval processes to improve service efficiency, aiming to reduce unnecessary steps and shorten loan approval times for private enterprises [6] - The bank is enhancing resource allocation and incentive mechanisms to direct more credit resources towards private enterprises, particularly in manufacturing and green finance [6] - The bank is optimizing risk control strategies by focusing on the primary repayment sources and reducing reliance on collateral, while enhancing credit information sharing with government and industry associations [6]

2025年4月21日，威士顿公司发布了2024年年报。报告显示，公司全年实现营业总收入2.94亿元，同比 下降6.32%；归属净利润为0.52亿元，同比下降11.26%；扣非净利润为3171.10万元，同比大幅下降 27.93%。从数据来看，威士顿在2024年面临了较大的经营压力，尤其是盈利能力显著下滑。 营收与利润双降，盈利能力堪忧 本文源自：金融界 作者：智研 主营业务表现疲软，成本控制不力 威士顿的主营业务集中在智能制造和数字化金融领域，致力于通过工业软件和新兴技术软件提升企业的 数字化、网络化和智能化水平。然而，尽管公司在技术研发和产品创新方面投入了大量资源，但2024年 的财务表现却未能反映出这些投入的回报。 报告期内，公司的毛利润为1.04亿元，同比下降8.77%。毛利率的下降表明，公司在成本控制方面存在 较大问题，尤其是在原材料采购、人力成本和技术研发等方面的支出未能得到有效优化。此外，扣非净 利润的大幅下降也反映出公司在非经常性损益方面的表现不佳，进一步加剧了盈利压力。 未来挑战与机遇并存 尽管2024年的财务表现不尽如人意，但威士顿在技术创新和海外市场拓展方面仍取得了一定进展。公司 研发的A ...

4月2 0日晚间，上海威士顿信息技术股份有限公司（以下简称"威士顿"）发布公告称， 公司 实控人茆宇忠因解除婚姻关系，将其持有的部分股份分割至前妻XUXIANGFENG名下。 4月1 8日，威士顿股价经历大幅震荡，一度直线拉升。截至1 8日收盘，威士顿股价报4 6 . 4 0元/ 股，总市值达4 0 . 8亿元。以此计算， 上述拟转让股份的市值达9 . 2 8亿元。 根据过出方与过入方签署的离婚协议，过出方将其所持有的威士顿2 0 0 0 0 0 0 0股股份，占公司 总股本的 2 2 . 7 3% ，分割至过入方名下。 | 股东姓名 | 本次权益变动前 | | 本次权益变动后 | | | --- | --- | --- | --- | --- | | | 股份数量 | 占总股本比例 | 股份数量: | 占总股本比例 | | | (股) | (%) | (股) | (%) | | 萌宇思 | 29,600,000 | 33.64% | 9,600,000 | 10.91% | | XUXIANGFENG | 0 | 0% | 20,000,000 | 22.73% | | 合计 | 29,600,000 | ...