昨天（11日），2025上合组织数字经济论坛在天津开幕。来自上合组织国家政府、企业、高校、智库的代表和嘉宾，聚焦产业数字化转型、数字技术应用、 数据价值挖掘等热点话题展开深入讨论。 上合组织实业家委员会执行秘书长 谢尔盖·卡纳夫斯基：我们尤为关注数字时代的教育和人才培养，事实上，数字经济在所有的经济领域中的应用机会非常 广泛、潜力非常大。 国家数据局局长 刘烈宏：今年6月，上合组织有关部门发布了《中国—上海合作组织数字技术工具箱》，收录了50多项数字公共产品，可以为成员国数字技 术合作提供资源支持。我们还将发布上合组织数字经济发展的行动计划，赋能产业转型升级，共享数字红利，建设更加平等、普惠、包容的数字世界。 论坛上，与会嘉宾还围绕"数据治理与生态共建""数字经济教育创新与跨国人才培养"及"数字基础设施创新发展与开放合作"等主题深入交流。 柬埔寨教育、青年与体育部国务秘书 欧姆·罗姆尼：互联网骨干网的搭建就是其中一种合作方式。我们做了光纤连接，合作伙伴之一是中国，我们将继续和 中国投资者保持紧密联系，加强互联互通。 0:00 在一场聚焦实数融合应用发展的主题论坛上，中国国家数据局有关负责人表示，近年来，上合组 ...

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].

Group 1: Market Overview - The report highlights a focus on virtual currency concept stocks, driven by geopolitical events and potential interest rate cuts by the Federal Reserve, leading to a rise in the Hong Kong stock market [2][3] - The Hang Seng Index opened high and closed at 24,474 points, up 297 points or 1.23%, with significant trading volume of 267.8 billion HKD, an increase of 11.4% from the previous day [2][3] - The report notes a substantial net inflow from the Northbound trading, amounting to 9.574 billion HKD, a 269.8% increase compared to the previous day [2] Group 2: Sector Performance - All 12 Hang Seng Composite Industry Indices rose, with the leading sectors being real estate and construction, financials, and consumer discretionary, showing gains between 1.38% and 2.61% [3] - The report indicates that energy, healthcare, and telecommunications sectors lagged behind, with increases of only 0.09% to 0.17% [3] Group 3: Company Insights - Guotai Junan International (1788.HK) received approval from the Hong Kong Securities and Futures Commission to upgrade its license to provide virtual asset trading services, resulting in a stock price surge of 198.4% to 3.70 HKD [5][6] - Other brokerage firms also experienced significant gains, with increases ranging from 29.4% to 42.1% following Guotai Junan's announcement [5] Group 4: Digital Payment Sector - Lianlian Digital (2598.HK) is identified as a digital payment service provider that is expected to benefit from the rollout of stablecoin services, with a focus on cross-border e-commerce [9][10] - The company has established a strong presence with 5.9 million merchants served and holds 65 payment licenses, enabling it to operate in over 100 countries [9][10] - The report projects a total payment volume (TPV) of 3.3 trillion CNY for 2024, reflecting a year-on-year growth of 65% [10] Group 5: Stablecoin Development - The report discusses the potential for stablecoins to become efficient payment methods, with the IMF supporting the establishment of regulatory frameworks for their use [6][7] - Lianlian Digital plans to apply for stablecoin issuance in Q4 2024, targeting cross-border trade payments to address current inefficiencies in the banking payment system [11][12]

Investment Rating - The report does not provide a specific investment rating for the company [7] Core Insights - The company is a digital payment service provider that is expected to benefit from the implementation of stablecoin regulations in Hong Kong, which will take effect on August 1, 2023 [1] - The company has achieved profitability, with total revenue of 1.31 billion RMB in 2024, a year-on-year increase of 28%, and a net profit of 79 million RMB [3][11] - The company plans to apply for stablecoin issuance in Q4 2024, targeting cross-border trade payments [4] Summary by Sections Company Overview - The company primarily offers digital payment solutions, including payment collection, remittance, virtual cards, and aggregated payments, mainly serving small and medium-sized enterprises, particularly in the cross-border e-commerce sector [2] - As of December 2024, the company has served 5.9 million merchants and holds 65 payment licenses across various jurisdictions [2] Financial Performance - In 2024, the company's total transaction volume (TPV) is projected to reach 3.3 trillion RMB, representing a year-on-year growth of 65% [2] - The digital payment service revenue is expected to account for 88% of total revenue, with global payments contributing 70% of digital payment revenue [2][11] - The gross profit margin for 2024 is estimated at 52%, with a gross profit of 683 million RMB [3][11] Business Developments - The company has obtained a Virtual Asset Trading Platform (VATP) license, allowing it to conduct regulated activities under Hong Kong's Securities and Futures Ordinance [3][12] - The company is also involved in clearing services through a joint venture established with American Express, holding one of the three available clearing licenses in China [4] Market Position and Valuation - The company's current price-to-sales (P/S) ratio is 6.2x for 2025E and 5.1x for 2026E, compared to the average P/S ratios of 7.5x for overseas digital payment companies [5][13] - The company has a market capitalization of approximately 10.74 billion HKD [7]

为何两大业务板块双双申请稳定币牌照？对此，一业内人士告诉北京商报记者，蚂蚁数科和蚂蚁国际实则是蚂蚁集团拆分出的两个独立业务板块，二者有独 立的运营团队和管理层，申请互不冲突。其中，蚂蚁国际聚焦跨境支付等场景，稳定币在跨境支付中具有低成本、高效率等优势，申请稳定币牌照，有利于 降低跨境支付成本，提升结算效率；而蚂蚁数科则更专注于数字科技，将香港列为全球总部，从产业和技术出发，有利于推动产业以技术为核心的新资产类 别发展，为稳定币交易提供新的增量市场。 博通咨询首席分析师王蓬博同样在接受北京商报记者采访时分析，蚂蚁国际申请稳定币牌照的动作，反映了其加速和完善在全球财资管理及金融科技服务领 域布局的意图，特别是在跨境支付、电子商务、资产管理等方面，稳定币可作为高效、低成本的结算工具，提升资金流转效率并降低汇率波动风险。 "当然，申请牌照也面临挑战，要满足监管对资本、储备、运营等严格要求，需投入大量人力、物力构建合规体系；且稳定币市场受政策、市场波动等影响 大，后续业务开展中，如何平衡创新与风险、适配不同地区监管差异，都是待解难题，需持续摸索前行。"王蓬博提道。 另谈及蚂蚁数科与蚂蚁国际同步申请的原因，王蓬博认为，主 ...

据澎湃新闻，针对有报道称蚂蚁国际正计划在香港和新加坡申请稳定币牌照一事，6月12日，蚂蚁 国际回应称，正在全球财资管理方面加速投资、拓展合作，将我们的AI、区块链和稳定币创新投入 真实可靠的大规模应用。 "我们欢迎香港立法会通过《稳定币条例草案》，将于法案8月1日生效、相关通道开启后尽快提交 申请，希望为香港建设未来国际金融中心贡献更多力量。"蚂蚁国际表示。 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 凌晨，比亚迪重大宣布！ 字节跳动公布6条核心人才观，称用人看潜力不看资历，管理者应敢招比 自己强的人 来源：第一财经 ...

据澎湃新闻，针对有报道称蚂蚁国际正计划在香港和新加坡申请稳定币牌照一事，6月12日，蚂蚁 国际回应称，正在全球财资管理方面加速投资、拓展合作，将我们的AI、区块链和稳定币创新投入 真实可靠的大规模应用。 "我们欢迎香港立法会通过《稳定币条例草案》，将于法案8月1日生效、相关通道开启后尽快提交 申请，希望为香港建设未来国际金融中心贡献更多力量。"蚂蚁国际表示。 来源：第一财经 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 凌晨，比亚迪重大宣布！ 字节跳动公布6条核心人才观，称用人看潜力不看资历，管理者应敢招比 自己强的人 ...

自贸区3.0版包含了数字经济、绿色经济、经济技术合作等9个新增章节，体现了区域经济一体化进程的快速推进，合作领域的空前拓展。在数字经济方面， 双方将在跨境电商、数字支付、数据流动等多个领域展开深入合作，推动了双方市场的融合与发展，消费者将享受到更便捷的购物体验，企业则能找到更多 发展机会。 绿色经济合作方面，环保技术与可再生能源的利用将成为双方合作的重点。通过这些领域的深入合作，双方将推动全球可持续发展目标的实现，为全球环保 事业贡献力量。这些新增章节的加入，无疑将加快中国与东盟之间的贸易步伐，进一步巩固经济联系。 2015年，双方自贸区升级为2.0版本，进一步加强了多领域合作。如今，经过近两年的谈判与9轮正式讨论，3.0版本已全面落地。这不仅是中国与东盟合作中 的又一里程碑，也为未来贸易与经济合作指引了新的方向。 在历史的进程中，2024年，中国与东盟成功宣布全面完成自贸区 3.0 版谈判，这一举措不仅为双方合作带来了新契机，也为各行各业带来了前所未有的机 遇。此次进展象征着中国与东盟合作的深化，为未来的共同发展奠定了更加坚实的基础。 早在2002年，中国与东盟就启动了自贸区框架，并通过取消7000种产品的 ...

绿色经济合作是另一亮点。自贸区3.0版计划设立区域绿色发展基金，支持东盟发展光伏、海上风电项 目。越南、菲律宾等国计划2030年前将可再生能源占比提升至35%，中国全球领先的新能源技术将助力 东盟实现能源转型。 记者：中国—东盟自贸区3.0版能否有效应对外部经济挑战？ 陈波：从供应链韧性看，中国与东盟通过在自贸区3.0版新增供应链互联互通章节，承诺关键产品和服 务自由流通，加强基础设施建设互联互通，协同应对供应链中断等问题，将为区域产业链供应链合作创 造稳定可靠的发展环境。 记者：协定生效后可能面临哪些挑战？如何深化合作？ 日前，中国和东盟十国经贸部长共同宣布全面完成中国—东盟自贸区3.0版谈判，向签署升级议定书的 目标又迈出关键一步。围绕这一举措的重要意义及对世界经济的影响，经济日报记者专访了新加坡国立 大学东亚研究所高级研究员陈波。 记者：在单边主义、保护主义抬头的背景下，中国—东盟自贸区3.0版谈判全面完成有何战略意义？ 陈波：中国—东盟自贸区3.0版升级是对逆全球化的有力回击。美国新一届政府上台以来挥舞关税大 棒，严重影响全球贸易，冲击消费和投资。在此背景下，中国—东盟提高零关税商品比例，自贸协定新 ...

涨停战场： 御银股份封单资金超6亿元 从收盘涨停板封单量来看，御银股份封单量最高，有93.26万手；其次是翠微股份、ST联合、合兴股 份，涨停板封单分别33.12万手、32.49万手、24.52万手。 连续涨停天数来看，德邦股份5连板，御银股份、联化科技4连板，翠微股份、ST联合、海联金汇、恒 宝股份3连板，永悦科技、海南海药、万邦德等8股2连板。 以封单金额计算，19股封单资金超亿元，御银股份、合兴股份、翠微股份封单资金居前，分别为6.5亿 元、5.39亿元、4.1亿元。 御银股份年内已累计上涨54.89%，公司日前发布股票交易异常波动公告，公司目前没有任何根据《深 圳证券交易所股票上市规则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意 向、协议等。公司具有金融科技概念，日前在投资者调研活动中表示，随着现金使用频率减少与移动支 付普及加速，金融机构数字化转型对传统金融设备行业的需求缩减明显。公司基于对市场动态的持续洞 察，积极外延拓展的可持续发展格局。 （原标题：揭秘涨停丨这只股封单资金超6亿元） 今日（6月3日）A股市场收盘共83股涨停，剔除掉14只ST板块个股后69股涨停，34股封板 ...