Core Insights - The announcement of Hyperliquid's native stablecoin USDH has triggered competitive proposals from major players in the stablecoin sector, indicating a strong demand for professional-grade stablecoin wallet services [3] - The competition in the stablecoin market is driving innovations in wallet technology towards diversification and specialization, particularly in private key management systems [3] - The performance of SOL in the market highlights the changing demands for high-performance blockchain wallet services, necessitating enhanced cross-chain compatibility and transaction processing capabilities [6] - The regulatory environment is shaping compliance standards for wallets, with initiatives like Hong Kong's digital port project providing important references for the compliant development of USDT wallets [9] - As the stablecoin market continues to expand, USDT wallets are expected to play a more significant role in the global digital economy [10][11] Wallet Technology and Security - The issuance of USDH has led to a competitive landscape where major stablecoin entities are vying for wallet technology advancements, emphasizing the importance of private key management for asset security [3] - XBIT Wallet employs a hierarchical deterministic (HD) wallet architecture, allowing for the derivation of numerous child keys from a single master key, facilitating refined risk control [3] - Users are advised to back up their mnemonic phrases securely and manage their assets across multiple blockchains, which adds complexity to wallet security [6][7] Compliance and User Education - XBIT Wallet is proactively adapting to compliance requirements by adhering to anti-money laundering (AML) and know your customer (KYC) regulations, establishing a robust user verification and transaction monitoring system [9] - Users are encouraged to conduct small test transactions to familiarize themselves with wallet functionalities and to verify the authenticity of contract addresses before engaging with DeFi protocols [9] - Systematic learning about wallet knowledge is essential for users to understand the nature of digital assets and the critical functions of wallets in managing private keys and transaction signing [9]

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]

Group 1 - Yuxin Technology has initiated systematic layouts in stablecoin issuance, payment, and financial innovation, aiming to support the development of new asset and circulation ends through technology and solution outputs [1] - The recent investor relations activities highlight the alignment of stablecoin business with Yuxin Technology's global strategy, reflecting the acceleration of financial technology companies' participation in the stablecoin ecosystem [1][2] - The Chinese government has released clear signals for stablecoin development, emphasizing innovation and research in digital currencies, which aligns with Yuxin Technology's strategic direction [2] Group 2 - Hong Kong is actively advancing its stablecoin framework, with the "Stablecoin Ordinance" set to take effect on August 1, 2023, and the launch of a "stablecoin issuer sandbox" by the Hong Kong Monetary Authority [3] - Yuxin Technology aims to create innovative business models, particularly in overseas markets, by implementing a diversified product portfolio and a comprehensive service model that integrates operations and products [4] - The company plans to leverage its extensive experience serving over 1,000 financial institutions to address the technical and business challenges of connecting the banking system with the stablecoin system [4] Group 3 - Yuxin Technology's strategy is closely aligned with current market opportunities, particularly in the tokenization of bonds and real-world assets (RWA), leveraging its strengths in credit services [5] - The company has established a mature ecosystem operation capability, helping financial institutions expand their business scale through technology empowerment [6] - The stablecoin industry is expected to bring benefits to financial IT and companies with stable asset holdings, with Yuxin Technology positioned to benefit from this trend [6] Group 4 - The rise of stablecoins reflects a global demand for efficiency and trust in the financial system, with Yuxin Technology's efforts representing a shift of Chinese financial IT capabilities to new markets [7] - The development of stablecoins presents new opportunities for the financial industry, requiring collaborative efforts from industry participants to foster a healthy ecosystem [7] - Stablecoins are seen as a core bridge connecting traditional finance and the crypto world, with the potential to enhance cross-border payment efficiency and reshape the international monetary landscape [8]

[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]