Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4][16]. Core Insights - The company is a pioneer in the cross-border payment industry in China, benefiting from the expansion of cross-border e-commerce [4][18]. - The company has obtained 65 global payment licenses, enabling it to provide a wide range of digital payment services [4][18]. - The projected revenue growth for the company is robust, with expected revenues of RMB 1,315 million in 2024, increasing to RMB 2,577 million by 2027, reflecting a compound annual growth rate (CAGR) of 22% [3][44]. - The company is expected to experience significant fluctuations in profits due to a one-time large investment gain in 2025, with net profits projected to be RMB 1,485 million in 2025, followed by losses in 2026 and a small profit in 2027 [3][10]. Financial Summary - Revenue projections for the company are as follows: RMB 1,315 million in 2024, RMB 1,652 million in 2025, RMB 2,089 million in 2026, and RMB 2,577 million in 2027, with growth rates of 28%, 26%, 26%, and 23% respectively [3][9]. - The net profit is expected to be negative RMB 168 million in 2024, positive RMB 1,485 million in 2025, negative RMB 73 million in 2026, and positive RMB 27 million in 2027 [3][10]. - The earnings per share (EPS) are projected to be -0.16 in 2024, 1.38 in 2025, -0.07 in 2026, and 0.03 in 2027 [3][10]. Business Overview - The company has established a global payment network, serving over 590,000 clients with a total transaction payment volume (TPV) of RMB 3.3 trillion in 2024 [4][25]. - The company’s digital payment services include both global and domestic payment solutions, with global payments accounting for approximately 60% of total revenue [25][30]. - The company is expanding its value-added services, which are expected to grow significantly, with revenue growth rates projected at 50%, 35%, and 30% for 2025, 2026, and 2027 respectively [8][9]. Market Potential - The cross-border e-commerce and export trade markets in China are expected to continue expanding, with the total export value projected to reach nearly RMB 47 trillion by 2027 [46]. - The demand for cross-border payment solutions is increasing as traditional foreign trade embraces digitalization and online operations [46][52]. - The cross-border payment service market in China is projected to grow from RMB 4.6 trillion in 2022 to RMB 14.1 trillion by 2027, with a CAGR of 25.2% [52][56].

Core Viewpoint - The global economic governance paradigm is undergoing profound evolution, characterized by the shift from a single power structure to a more collaborative and shared governance model, emphasizing multilateral participation and institutional restructuring [6][10]. Group 1: Global Economic Governance Changes - The current global economic governance is influenced by geopolitical conflicts, rising protectionism, and the acceleration of digital and green transformations, leading to a weakening of global growth momentum [6][12]. - The restructuring of financial order is a significant manifestation of adjustments in global governance, highlighting the need for a diversified sovereign currency coexistence and orderly competition [7][12]. - The role of the International Monetary Fund (IMF) and Special Drawing Rights (SDR) is evolving from crisis response to regular operation, enhancing their integration into trade, financing, and reserve systems [7][21]. Group 2: China's Role in Global Governance - China is transitioning from a rule-taker to a rule-maker in global economic governance, promoting high-level opening-up and aligning with international high-standard trade rules [8][12]. - The country is developing a comprehensive policy framework around digital payments, green finance, and data regulation, aiming to create replicable international governance solutions [8][12]. - China's commitment to multilateralism and shared development is evident in its efforts to enhance institutional compatibility and participation depth within the global governance system [7][8]. Group 3: Future Governance Paradigms - The future of global economic governance remains undefined, with key variables including the restructuring of multilateral mechanisms, the rule-based advancement of technological governance, and the diversification of the international monetary system [8][10]. - Balancing national sovereignty with global cooperation, efficiency with fairness, and risk prevention with innovation will be crucial for the effectiveness and sustainability of future governance frameworks [8][12].

一些率先接入的商家已有所体会。从广东本土走出来的便利店品牌美宜佳是首批上线"碰一下"的品牌之 一，目前美宜佳全国近2.5万家门店已全面启用该服务。美宜佳数据显示，"碰一下"有效助力经营增 长，带来客、促留存、提增量。消费季期间，每店可新增5个客人，让会员平均1周能多来至少1次。"不 卖隔夜肉"的生鲜连锁品牌钱大妈，也在全国3000家门店全面上线了"碰一下"。数据显示，使用"碰一 下"会员付的顾客占比高达70%，成为消费者最青睐的支付方式之一。 "接入'碰一下'后，结合营销活 动，客单价和营业额都实现了两位数增长。这一创新支付方式不仅提升了顾客体验，缩短了排队时间， 还大幅优化了收银效率，同时为会员数字化运营提供了有力支持。"钱大妈集团运营中心营销负责人袁 林化这样表示。 作为全国首个"碰一下"消费便利城市，广州此次创新推出"碰一下"支付生态，将进一步提升市民的消费 便利度。广州市商务局相关负责人表示，此次联合支付宝打造"碰一下"消费便利城市，是广州促进消费 升级、优化消费环境的一大有力抓手。通过"碰一下"技术的推广应用，广州将为消费者创造更加智慧、 便捷的消费体验，同时帮助商家提高经营效率，实现数字化转型。" ...

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Core Viewpoint - The rise of blockchain and distributed ledger technologies has significantly impacted the development of central bank digital currencies (CBDCs) and stablecoins, posing challenges for financial regulation globally [1][4] Group 1: Financial Innovation Trends - Artificial Intelligence (AI) is identified as the leading trend in financial innovation, with the financial sector investing approximately $45 billion in AI over the past year, expected to grow at a rate of 30% annually [2][6] - China's fintech, particularly in digital payment technologies, is recognized as highly advanced, with widespread adoption of mobile payment methods like Alipay and WeChat Pay [3][4] Group 2: Impact of Digital Currencies and Blockchain - The influence of digital currencies and blockchain on the global economy is still under exploration, with traditional financial institutions increasingly participating in digital payment and currency sectors [3][4] - Regulatory environments play a crucial role in shaping the impact of digital currencies and blockchain technologies, necessitating close monitoring of regulatory developments [3][4] Group 3: Stablecoins and Sovereign Currency - The risks posed by stablecoins are acknowledged, with a call for jurisdictions to remain vigilant regarding their development and impact on sovereign currencies [4][5] - The choice of residents to use stablecoins over sovereign currencies depends on the trustworthiness and cost-effectiveness of the available options [5] Group 4: Regulatory Framework for Digital Currencies - Establishing a global regulatory framework for digital currencies is suggested, with references to the Financial Action Task Force (FATF) guidelines to combat money laundering and financial fraud [5][6] - Enhanced cooperation among countries is essential to address the risks associated with the development of digital currencies [6] Group 5: AI Applications in Finance - AI is being utilized to streamline operations and reduce costs in financial institutions, with applications in fraud detection and customer service customization [6] - The regulatory approach to AI varies across regions, reflecting different priorities between fostering innovation and managing financial risks [6]

①重磅！特朗普：以色列和伊朗已同意全面停火；②美股三大指数均涨近1% 特斯拉创约2个月以来最 大单日涨幅；③市场对以伊冲突担忧缓解 国际油价重挫。 ①重磅！特朗普：以色列和伊朗已同意全面停火 当地时间23日，美国总统特朗普在其社交媒体平台"真实社交"上发文表示，以色列和伊朗已同意全面停 火。以色列和伊朗目前暂未有相关的官方表态。 ②美股三大指数均涨近1% 特斯拉创约2个月以来最大单日涨幅 隔夜美股三大指数集体收涨，标普500指数涨0.96%，纳指涨0.94%，道指涨0.89%。大型科技股多数上 涨，特斯拉大涨超8%，创4月28日以来最大单日涨幅。Meta涨超2%，微软、奈飞涨逾1%，英伟达、苹 果、英特尔小幅上涨；谷歌、亚马逊小幅下跌。消息面上，当地时间6月22日，特斯拉在美国得克萨斯 州奥斯汀正式启动无人驾驶出租车（Robotaxi）服务，每次乘车只需要4.2美元。 星展银行邓志坚：1）周一全球市场似乎变动不大，主要因为投资者对于周末发生的事件并不感到意 外，甚至可能有部分投资者认为事情的发生或许能促使伊朗回归谈判桌，所以市场的避险情绪反而没有 提升。其中，亚洲盘普遍轻微下跌，但A股港股录得升幅。而且投资者 ...

图片AI生成 "中巴关系达到前所未有的高度。"这是"中国-巴西商业研讨会"邀请函上映入眼帘的第一句话。 一直以来，巴西是中国在拉美地区最大贸易伙伴和最大投资目的地国之一。过去，中国在巴西的投资主 要集中在能源和基础设施建设领域，近几年拓展到消费品和生活服务投资。 刚刚过去的5月，中国企业对承诺巴西进行总金额超过270亿雷亚尔（约合人民币300亿元）的投资，涵 盖外卖、餐饮、半导体、汽车、新能源等多个领域。 其中，蜜雪集团计划未来将在巴西采购总价值不低于32亿雷亚尔的物资，并开设门店；美团计划将 Keeta引入巴西，并投入56亿雷亚尔；长城汽车投资60亿雷亚尔拓展巴西工厂；中广核集团投资30亿雷 亚尔，在皮奥伊州建设可再生能源中心；滴滴将在巴西建设电动车公共充电基础设施。 截至目前，滴滴已经抢先Keeta在巴西启动了外卖业务。而在此之前，滴滴旗下99App，抖音、快手国 际版TikTok、Kwai，购物平台速卖通、SHEIN、Temu，快递企业J&T Express早已在巴西深耕多时，成 为巴西人生活不可或缺的部分。 然而即使是国际品牌的信用卡，也可能因设置不同而无法完成跨境支付。实际上，巴西只有20%的消费 ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 全球稳定币市场持续升温，持续关注相关投资机 遇 报告要点 [Table_Summary] 美国时间 6 月 5 日，数字货币巨头 Circle 在美国纽约证券交易所（NYSE）上市，股票代码 "CRCL"，截至 6 月 5 日收盘，Circle(CRCL)涨 168.48%，报 83.23 美元，市值 183.56 亿美 元。京东对其稳定币进展回应称，京东稳定币还没有正式发行，目前已经进入沙盒测试第二阶 段，将面向零售和机构提供移动端及 PC 端应用产品。测试场景主要包括跨境支付、投资交易、 零售支付等。建议关注：1）具有发币资格的相关企业；2）在区块链等关键技术上有技术积累 的企业；3）具有相关牌照的企业。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 全球稳定币市场持续升温，持续关注相关投资 2] 机遇 [ ...

证券研究报告 多元金融 东南亚：金融科技下一站 华泰研究 2025 年 6 月 03 日│中国内地 专题研究 东南亚金融科技具备较强发展潜力 支付、信贷、保险和虚拟资产作为金融科技的四大方向，在东南亚的发展潜 力巨大。东南亚人口 6.3 亿，40 岁以下人口占比在 60%以上，2023 年整体 GDP 增速约 4%，其中大部分国家约 5%，数字基础设施建设正逐步铺开， 政策环境相对友好，为金融科技发展提供了良好的宏观环境。数字支付有望 逐步取代目前仍然流行的现金，东南亚现金支付比例为 44%，远高于中国 的 5.8%；互联网信贷余额由 2022 年 480 亿美元增长至 2024 年 710 亿美 元，但 1.8%的渗透率远不及 17 年中国的 3.2%。当地贷款产品定价高且风 险相对可控，保障了互联网信贷公司的盈利；保险科技行业的发展相对早期， 行业渗透率仍然较低；虚拟资产在东南亚普及度高，监管环境相对友好。 数字支付渗透率不断提升 数字支付有望取代现金。24 年东南亚仍有 44%的交易以现金形式完成，而 中国仅有 5.8%（2023），主要受制于支付网络不完善，但东南亚消费者的 支付习惯正逐步线上化。首先 ...

在文博会这场巨大的文化产业盛宴中，支付也在其中扮演了重要角色。多元化、便利化的支付方式让境 内外参展商、观展嘉宾均纵享"丝滑"购物体验，助力文博会现场"扫货无忧"，展示中国数字支付力量。 专设"境外来宾支付服务咨询台" 本届文博会国际化水平再创新高，全球65个国家和地区、305家海外展商线上线下参展，国际化占比达 20%。其中，线下参展海外展商132家，线上参展海外展商173家；覆盖65个国家和地区，包括线下参展 国家和地区40个，线上参展国家和地区25个，有来自110个国家和地区的共3.5万余名海外专业观众线上 线下参会。 为了给全球参展商与观众提供更便捷的支付服务，以及更优质的金融服务体验，记者发现，一步入文博 会的南登录大厅二楼，便可看到一个醒目的志愿服务U站，在该服务U站里，专门设置了一个"境外来宾 支付服务咨询台"。在文博会举办期间，均由财付通的工作人员在此提供外籍人士支付服务咨询保障， 解答包括支付业务在内的各类问题，指引外籍友人完成注册微信、开通微信支付、绑定外卡、支付消费 等一系列操作。并配备易拉宝、指引手册等，为外籍人士提供快速且直接服务。 据了解，文博会期间，每日都有多位海外的参展展商以及 ...