Investment Rating - The report rates the computer industry as "Recommended" [1] Core Insights - Circle's quarterly report highlights the stability of the stablecoin industry, showing a revenue of $658 million for Q2 2025, a 53% year-on-year increase, despite a net loss of $482 million due to IPO-related non-cash expenses [2] - Bullish's successful debut on the NYSE with a closing price of $68, up nearly 84% from its $37 issue price, reflects the growth potential of compliant crypto platforms [3] - The launch of Circle's Arc public chain and Coinbase's partnership with Mercury aim to reshape the competitive landscape of stablecoins, enhancing USDC's role as an ecosystem infrastructure [4] Summary by Sections Circle's Quarterly Report - Circle reported Q2 2025 revenue of $658 million, a 53% increase year-on-year, with a net loss of $482 million due to IPO-related expenses [2] - The reserve return rate remains stable at 4.1%, with USDC's daily platform share at 7.4%, indicating a solid foundation for digital finance [2] Bullish's Market Performance - Bullish's first-quarter data shows a spot trading volume of $647 billion and perpetual contracts of $111 billion, with a 78% year-on-year increase in trading volume [3] - The platform's support for USDC trading enhances asset options, aligning with traditional finance's demand for compliant assets [3] Arc Public Chain and Coinbase Partnership - Circle's Arc public chain is designed for USDC, featuring high scalability and privacy functions, aiming to establish a technological barrier in the stablecoin sector [4] - The collaboration with Coinbase aims to reduce USDC circulation costs, promoting the evolution of stablecoins from payment tools to ecosystem infrastructure [4] Investment Recommendations - Beneficial targets include companies like Zhongyou Capital, Zhongyin Hong Kong, and Circle, among others [5]

[Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 计算机行业周报 2025 年 07 月 07 日 [Table_Title] 稳定币受到关注，金融科技有望受益 ——计算机行业周报 [Table_Summary] 报告要点： 本周(2025.6.30-2025.7.4)市场回顾 1) 本周(2025.6.30-2025.7.4)计算机（申万）指数下跌 1.28%，位居 涨跌幅末位。本周上证指数上涨 1.40%，深证成指上涨 1.25%，创业 板指上涨 1.50%。 2) 细分板块方面，申万二级行业指数：计算机设备(801101.SL)、IT 服 务Ⅱ(801103.SL)、软件开发(801104.SL)涨跌幅分别为-0.70%、- 1.35%、-1.56%，均有所回调。 本周重点公告 1) 智明达发布《2025 年度以简易程序向特定对象发行股票预案》：公 司本次向特定对象发行股票的募集资金总额不超过21340.00 万元（含 本数），扣除发行费用后拟将募集资金全部用于以下项目：无人装备及 商业航天嵌入式计算机研发及产业化建设项目、补充流动资金。 投资观点 本周计算机（申万）指数在上周大涨 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has signed a strategic cooperation agreement with Guofu Quantum Innovation Co., Ltd. to expand the stablecoin ecosystem, focusing on virtual assets and digital currency business [1][2] - The partnership aims to leverage both companies' resources in capital markets and fintech to drive innovation in financial scenarios and technology [1][2] - The company is officially launching its overseas strategy, using Hong Kong as a springboard to enter the global fintech and digital transformation market [3] Financial Forecast - The company is projected to achieve revenues of 5.147 billion, 5.685 billion, and 6.291 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.01%, 10.46%, and 10.67% [4][6] - The net profit attributable to the parent company is expected to be 363 million, 416 million, and 472 million yuan for the same years, reflecting growth rates of 16.34%, 14.63%, and 13.54% [4][6] - The earnings per share (EPS) is forecasted to be 0.42, 0.48, and 0.54 yuan for 2025, 2026, and 2027, respectively [4][6]