由于生猪养殖周期长、养殖过程不确定性高、价格波动相对较大等特征，传统养殖企业在生猪出栏时往 往只能随行就市，被动接受现货价格。企业无法在价格阶段性高点提前锁定销售价格；在终端消费较为 低迷时，又面临"猪经纪"、屠宰端的压价甚至拒采，不利于企业的稳定经营。 2024年4月，在生猪价格处于阶段性高位、远期下行压力加大的市场环境下，养殖企业X公司希望提前 锁定销售价格，同时降低传统套保的资金占用。华西期货风险管理公司为其设计了基差贸易方案：双方 以17100元/吨的一口价签订远期合约，X公司承诺于2024年8月下旬交付2000头生猪（货值约420万 元）。期货风险管理公司利用期货市场对冲价格波动风险，并负责基差变动盈亏，X公司可专注生产端 管理，无需担忧资金压力与市场波动干扰。这一模式为传统养殖企业提供了"无感"接入期货工具的桥 梁，有效破解了被动随行就市的经营困局。 订单穿透农场 小农户对接大市场 生猪期货上市以来，各市场主体通过金融工具与产业需求的深度融合，正在改变传统生猪产业的经营方 式和风险管理格局。随着实践的深入和模式的完善，期货公司、期货风险管理公司以及贸易商探索出更 多的期现结合模式，将风险管理工具深 ...

[Table_Summary] 上周计算机板块震荡走高，大幅上涨 7.84%，在长江一级行业中排名第 3 位，两市成交额占比 为 11.49%，板块互金/金融 IT、AI 芯片等概念活跃。上周中国信息安全测评中心和国家保密科 技测评中心发布安全可靠测评结果公告（2025 年第 2 号）；2025 中国算力大会在大同市举行。 本周建议关注：1）AI Agent 相关厂商；2）中国推理算力产业链，重点推荐国内 AI 芯片领军寒 武纪；3）云服务厂商方面，Agent 应用有望落地，关注推理需求带来的推动；4）我国具有区 块链相关技术储备的公司以及金融 IT 相关企业。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 2025 年第 34 周计算机行业周报： 重点关注 AI 应用与金融创新两大主线 报告要点 软件与服务 cjzqdt11111 [Table_Title 2025 年第 342] 周计算机行业周报： 重点关注 AI ...

Core Viewpoint - Shenzhen has evolved into a financial innovation hub over the past 45 years, with its financial industry growing from a mere 0.16 billion yuan to 4710.5 billion yuan by 2024, marking a nearly 30,000-fold increase and an average annual growth rate of 26.3% [4][12]. Group 1: Historical Development - Shenzhen's financial industry began with significant challenges, including a lack of funding and financial institutions, which were addressed by establishing the first enterprise group financial company and later the first bank founded by a corporation, China Merchants Bank [6][9]. - The establishment of the first foreign bank in China, Nanyang Commercial Bank, and the first foreign exchange adjustment center in Shenzhen were pivotal in facilitating trade and financial services [7][9]. Group 2: Support for Innovation - Shenzhen's financial sector transitioned to support high-tech industries by providing diverse financial solutions tailored for small and medium-sized enterprises (SMEs), particularly in the technology sector [11][12]. - The introduction of seed loans and other innovative financing methods has significantly improved access to capital for tech startups, enabling them to thrive despite initial challenges [12][13]. Group 3: Capital Market Development - The Shenzhen Stock Exchange and the ChiNext board have played crucial roles in supporting the growth of innovative companies, with recent regulatory changes allowing unprofitable companies to list [13][14]. - The capital market has facilitated significant expansions for listed companies, enabling them to access funding for technological advancements and global market penetration [14][15]. Group 4: Current Financial Landscape - As of mid-2023, Shenzhen hosts nearly 1,600 private equity and venture capital management firms, with a total management scale of 1.41 trillion yuan, reflecting its robust financial ecosystem [12][16]. - The city has become a leader in the number of listed companies and market capitalization, with major firms like Ping An Insurance and BYD contributing to its financial prominence [15][16].

● 本报记者程竹吴杨 初秋的九寨沟层林叠翠，碧水如镜。毗邻核心景区的九寨华美胜地度假区，正焕发出前所未有的活力： 藏羌非遗博物馆2.0版落成，新投用的萌宠乐园成为亲子出游的热门场所，丽思卡尔顿隐世酒店吸引着 全球高端客群入住……谁能想到，这里一年多前还深陷资产低效、财务承压的困境？中国证券报记者日 前调研了解到，从"沉睡资产"到"活力绿洲"的华丽转身，正是中国中信金融资产创新运用"AMC+银 行"协同模式，深度赋能央企文旅项目破局重生的生动实践，也是其从风险化解者向价值创造者转型的 又一例证。 在经济结构调整与产业升级的关键期，如何通过金融创新盘活困境资产、激发经济活力，已成为推动高 质量发展的重要课题。"我们以九寨文旅项目为样本，打造了金融助企纾困、推动绿色转型的典型范 例，为同类项目提供了可复制的'中信方案'。"中国中信金融资产北京分公司项目负责人说。 破局：协同模式注入转型动力 九寨华美胜地度假区项目坐拥优质自然资源与文化底蕴，是某央企集团布局文旅产业的重要一环。但受 多重因素制约，项目曾长期面临资产利用率低、运营模式亟待创新等挑战，成为集团战略升级的"痛 点"。 拓界：为行业转型开辟新路径 项目行于此 ...

今年暑假期间，从"跟着演出、赛事去旅行"的"票根经济"风生水起，到亲子游、研学游的生机蓬勃，再 到跨境旅游的强势回暖，文旅消费市场呈现出一派火热景象。 金融助力消费，已从昔日的"锦上添花"，蝶变成为驱动内循环的"关键变量"。未来，在金融科技的深化 以及政策红利加速释放的双重驱动下，金融服务消费的深度与广度必将进一步拓展，持续激发和释放消 费活力，为经济行稳致远注入澎湃动能。 （文章来源：证券日报） 金融赋能消费，主要体现在激活潜在需求，点燃消费"引擎"。金融机构正是通过精准的需求端管理，将 消费者的潜在意愿转化为现实购买力。金融机构通过"信用卡满减""消费权益抽奖""政府消费节联动"等 组合拳，将金融服务与旅游、餐饮、住宿等场景深度融合，为消费者构建了一张覆盖"吃、住、行、 游、购、娱"全链条的优惠网络，有效降低了消费门槛，激发了居民消费意愿，让"想消费"变为实实在 在的"敢消费""愿消费"，成为暑期消费市场火爆的直接动力源。 金融科技创新有利于打通消费堵点，不断提升服务体验满意度。在暑期这样的人流高峰，支付是否顺 畅、服务是否高效，直接关系到消费体验的优劣。对此，金融业敏锐地捕捉到这点，将金融科技创新作 为 ...

中经记者 张漫游 北京报道 60年来，西藏欣欣向荣的背后，离不开金融活水的精准浇灌与持续赋能。尤其是近年来，以工商银行 （601398.SH）西藏分行为代表的金融机构，坚持以创新为引领，将金融服务深度融入地方经济社会发 展大局，通过一系列接地气、有温度、见实效的金融产品与服务模式，有效破解了边疆地区融资难、覆 盖弱、效率低等痛点。 "十四五"以来，工商银行西藏分行聚焦服务国家战略、实体经济、普惠民生，累计投放贷款1792亿元。 截至今年7月末，各项贷款余额较年初增加76亿元，增幅达13.9%，同比多增23.5亿元，增速创历史新 高。这一组数字背后，是金融创新在服务实体经济、普惠民生方面的生动实践。 金融创新的生命力，在于精准对接发展需求。西藏旅游业加速发展并逐步成为富民兴藏的先导产业。以 林芝市米林县索松村为例，这个曾是连地图都难寻觅的偏僻村落，在工商银行西藏分行"藏宿贷"及后续 升级的"藏宿贷e贷"线上产品的支持下，当地农牧民吃上"旅游饭"，升级改造后的家庭旅馆收入较改造 前增长5倍。 不仅如此，园区经济作为西藏壮大实体经济的重要平台，同样离不开金融创新的有力支撑。工商银行西 藏分行首创"园区e贷"，通过银 ...

Core Viewpoint - The rise of stablecoins has attracted many ordinary investors, but the associated risks are often overlooked, as highlighted by a significant scam involving a platform that defrauded 200 million people out of 18 billion stablecoins [1] Regulatory Environment - The Hong Kong Monetary Authority (HKMA) emphasizes that stringent regulations may limit the short-term expansion of stablecoin businesses, but a cautious approach is more beneficial for sustainable market development [1] - The HKMA and the Securities and Futures Commission (SFC) have urged the public to remain cautious and make informed investment decisions, especially in volatile environments [2] Stablecoin Applications and Benefits - Stablecoins can enhance efficiency and reduce costs in financial transactions, particularly in B2B cross-border trade, by utilizing blockchain technology [3] - Compared to traditional systems like SWIFT, stablecoins can facilitate instant settlements with significantly lower transaction fees [3] - In countries facing high inflation, stablecoins provide a means for residents to access stable currencies, thus serving as a hedge against inflation [4] Challenges in Adoption - The complexity of using stablecoins for retail payments presents a barrier, as users must navigate various technical requirements and coordinate with counterparties [4] - The high liquidity of stablecoins makes it difficult to trace the flow of funds in cases of fraud, posing challenges for recovery compared to traditional financial systems [5] Regulatory Measures - The introduction of the Stablecoin Regulation in Hong Kong mandates that issuers must operate with a license and maintain high-quality reserve assets to enhance transparency and reduce fraud risks [5][6] - The regulation requires licensed institutions to comply with strict anti-money laundering and counter-terrorism financing measures, ensuring transparency in fund sources and transactions [6] Risks and Vulnerabilities - Concerns regarding the transparency of reserve assets backing stablecoins, such as USDT, have been raised, with investigations revealing that a significant portion of its assets may not be fully backed [8] - The risk of stablecoins deviating from their pegged value can occur during market panic or liquidity crises, as demonstrated by the USDC incident following the collapse of Silicon Valley Bank [9] Recommendations for Improvement - To enhance the security of stablecoins, it is suggested that issuers undergo independent audits of their reserve assets and implement dynamic reserve management practices [12] - Establishing a vulnerability response fund to encourage the reporting of security issues by experts can help mitigate risks associated with smart contract vulnerabilities [10] Future Outlook - The regulatory framework in Hong Kong positions it as a leader in stablecoin management, balancing innovation with necessary oversight [12][13] - The challenge remains to find a balance between strict regulation and fostering financial innovation in the stablecoin space [13]

Group 1 - The 2025 China International Service Trade Fair's financial services section will be held from September 10 to September 14 in Beijing, focusing on the theme "Digital Intelligence Drives Open Win-Win" [1] - The financial services section aims to create four major platforms: global financial innovation product and service display, important policy and industry rule release, partner negotiation, and cutting-edge financial experience [1] - A total of 92 companies will participate in the exhibition, including 68 from the Fortune Global 500, with a 45.7% internationalization rate [1] Group 2 - Major financial institutions such as Industrial and Commercial Bank of China, Bank of China, and Beijing Bank will showcase innovative products in the field of fintech [2] - Industrial and Commercial Bank will display a trillion-level financial model, while Beijing Bank will present an interactive digital robot to demonstrate various financial services [2] - A digital RMB immersive experience area of nearly 1,000 square meters will be created, featuring a collaborative exhibition matrix from multiple banks to showcase "Digital RMB+" innovations [2] Group 3 - The financial services section will emphasize experiential activities, with interactive events designed to engage the public [3] - China Minsheng Bank will introduce fun activities such as stamp collection and interactive games to enhance the audience's experience of financial innovation [3] - Traffic Bank will feature creative displays and promotional activities to allow visitors to experience the vitality of a century-old financial brand [3]

Group 1 - Bohai Bank has underwritten over 10 billion yuan in bonds for leasing companies in Tianjin this year, showcasing the city's financial innovation driving industrial upgrades [1] - Since 2025, Bohai Bank has issued 17 bond series for leasing companies in Tianjin, totaling 13.045 billion yuan, with a market share of 14.79%, both reaching historical highs [1] - The bank's actions align with national and local government policies aimed at supporting high-quality development in Tianjin [1] Group 2 - Tianjin has significant advantages in financing leasing, with leasing company assets accounting for about one-quarter of the national total, making it one of the most active cities in this sector [2] - Bohai Bank has initiated a strategy to establish a "leasing center," providing long-term, low-cost funding to leasing companies and ensuring rapid implementation of support policies [2] - The bank has developed comprehensive financial solutions to address the unique challenges of leasing assets, including large funding needs and non-standard collateral [2] Group 3 - Bohai Bank has introduced innovative securitization products like Asset-Backed Notes (ABN) and Asset-Backed Commercial Papers (ABCP) to help leasing companies efficiently manage their assets [3] - The bank has launched green leasing bonds tailored for renewable energy projects, promoting a transition towards green finance for leasing companies [3] - Since 2025, Bohai Bank has positioned bond underwriting as a key channel for financing across the "finance-leasing-manufacturing" chain, directing resources to support high-end manufacturing and other key sectors [3]

Core Insights - The A-share market opened with fluctuations, with strong performances in sectors such as military, pharmaceuticals, and robotics. The AI ETF (515070) saw a rise of over 1%, with stocks like New E-Success, Kunlun Wanwei, and Hikvision also increasing. The AI ETF has risen over 12% in the past month due to frequent major tech events [1] Group 1: Market Performance - The A-share market showed volatility at the opening, with military, pharmaceutical, and robotics sectors performing well [1] - The AI ETF (515070) increased by more than 1%, with notable gains in stocks such as New E-Success, Kunlun Wanwei, and Hikvision [1] - The AI ETF has experienced a growth of over 12% in the last month, driven by significant technological events [1] Group 2: Policy and Financial Support - Seven departments jointly issued guidelines to support financial backing for new industrialization, emphasizing the integration of digital economy with the real economy [1] - The guidelines encourage financial institutions to utilize technologies like big data, blockchain, and artificial intelligence to streamline business processes and enhance service efficiency, particularly for small and medium-sized enterprises [1] Group 3: Investment Opportunities - Changjiang Securities highlighted the timely nature of AI applications and financial innovation, suggesting a focus on future prospects [1] - Despite differences in the pace of AI application deployment between overseas and domestic markets, the performance of large models is expected to accelerate the implementation of AI applications [1] - The current environment indicates that AI applications are approaching a critical point for deployment, presenting significant investment opportunities [1]