6月8日，蚂蚁国际与德意志银行在德国慕尼黑正式签署战略合作谅解备忘录（以下简称 MoU），标志着双方自2019年建立的客户关系迈入新阶段，进一步深化战略协作关系。根据 MoU，双方建立战略合作伙伴关系，结合双方优势，并借助蚂蚁国际独家的代币化技术和基 于人工智能的外汇技术，为欧洲和亚洲各类规模企业提供更全面的支付解决方案。 7月4日，蚂蚁国际与国际掉期与衍生工具协会（以下简称ISDA）在新加坡金融管理 局"Project Guardian"支持下，联合发布《代币化存款在交易银行业务中的应用》（Use of Tokenised Bank Liabilities for Transaction Banking）白皮书，推动代币化存款与共享分 类账在跨境支付及外汇结算领域的发展，并提出代币化存款技术的基本原则和标准。 【导读】蚂蚁国际辟谣！目前没有引入Circle稳定币计划 中国基金报记者 郭玟君 近日， 有 媒体报道称，据知情人士透露，蚂蚁集团正与Circle Internet Group合作，拟在蚂 蚁区块链平台上采用其稳定币。 该报道中， 知情人士表示，蚂蚁集团旗下的蚂蚁国际计划在 Circle的稳定币USD ...

连连国际能脱颖而出，不仅得益于其在安全合规、技术生态及本地化服务等方面的核心优势，也是行业对其在中小微企业跨境支付和B2B服务领域实力的肯 定。依托全球支付牌照构建合规壁垒，连连国际以自研技术平台支撑全球交易，通过多地本地化布局实现跨境深度触达。同时，以此次获奖为基础，连连国 际也将不断推动技术、产品及服务的迭代升级与创新突破，进一步推动整个跨境支付行业的发展，在 5G、AI 等技术引领的数字经济全球化浪潮中，为中小 微企业提供更优质的跨境支付解决方案。 6 月 26 日，备受亚太金融界瞩目的《亚洲银行家》2025 年度中国奖项计划颁奖活动在北京盛大举行。在这场被誉为亚太金融界 "奥斯卡" 的评选中，港股上 市公司连连数字旗下跨境支付核心品牌连连国际凭借在跨境支付领域的卓越表现，摘得"中国最佳中小微企业跨境支付和 B2B 服务"奖项。 据悉，《亚洲银行家》系列奖项在亚太地区金融界的地位举足轻重，历来是各大金融机构争相角逐的目标。本年度的评选过程尤为严苛，亚洲银行家研究院 和评审顾问团历时 4 个月，对参选材料展开细致评估调查，并与同业进行对标后，才最终确定获奖名单。评选覆盖零售金融、交易银行等六大领域，其结果 ...

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 66, suggesting a positive outlook for market performance [5][12] - Recent policy support and improved market sentiment are driving a gradual upward trend in the market [12] Hot Topics Tracking - **Data Theme**: The National Data Bureau and the State Administration for Market Regulation have introduced measures to enhance data circulation efficiency, potentially increasing efficiency by 30% [6] - **Cross-Border Payment Theme**: The People's Bank of China has released a draft for the rules governing the Renminbi cross-border payment system, aiming to simplify participation conditions for foreign institutions [6] - **Innovative Drug Theme**: The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, emphasizing the use of medical insurance data in drug research [6] Market Sentiment Analysis - The market sentiment temperature indicator shows a trend where scores below 30 provide support for the market, while scores above 90 indicate resistance [12] - The report suggests that during "relatively hot" market conditions, investors may consider increasing their investments while remaining cautious of potential overheating risks [24] Major Capital Flows - The report lists significant net inflows for various stocks, with "跨境通" (Cross-Border Communication) leading at 85,258.43 million [13] - Conversely, notable net outflows were observed in "中油资本" (China Oil Capital) with -76,258.27 million, indicating investor caution in certain sectors [15] Industry Performance - The report highlights the performance of various industries, with significant net inflows observed in sectors such as non-ferrous metals and electronics, while industries like pharmaceuticals and defense showed substantial net outflows [20][21]

Investment Rating - The report assigns an "Outperform" rating for the industry, indicating an expected relative return exceeding the benchmark by over 10% in the next 12-18 months [4][21]. Core Insights - The People's Bank of China has revised the CIPS system rules to enhance the framework for cross-border RMB payments, aiming to facilitate the integration of payment channels and improve clearing efficiency [7][4]. - The updated rules expand the scope of CIPS operations to include additional activities approved by the central bank, thereby supporting the growth and functionality of the CIPS system [7][4]. - The Cross-border Pay Link, launched in Hong Kong, allows for real-time, cost-effective remittances between Mainland China and Hong Kong, significantly improving the efficiency of cross-border transactions [7][4]. Summary by Sections CIPS System Rule Updates - The People's Bank of China released a draft for public comment on the CIPS system rules, focusing on account management, business processing, settlement mechanisms, and risk management [4][7]. - The revisions aim to adapt the rules established in 2018 to current business developments and participant needs, enhancing management standards for CIPS participants [4][7]. Cross-border Payment Innovations - The Cross-border Pay Link, which became operational on June 22, connects the fast payment systems of Mainland China and Hong Kong, allowing residents to conduct cross-border remittances efficiently [4][7]. - This system reduces the remittance process time and costs by minimizing intermediary steps and directly connecting payment infrastructures [4][7]. Investment Recommendations - The report suggests focusing on cross-border payment service providers such as Newland Digital Technology, Xgd Inc, Lakala Payment, and Yeahka Limited, as well as financial IT service providers like Yusys Technologies and Sinodata [7][4].

跨境支付板块午后走高，信雅达（600571）回封涨停，中亦科技（301208）涨超8%，中油资本 （000617）、长亮科技（300348）、启明星辰（002439）跟涨。 ...

Core Insights - The report indicates that the current market sentiment is at a high level, with a score of 88, categorizing it as "overheated" [6][10][22] - Recent policy support and improved market sentiment have contributed to a bullish trend in the market [10] Market Themes Tracking - **Data Theme**: The National Data Bureau and the State Administration for Market Regulation have introduced measures to enhance data circulation efficiency, potentially increasing efficiency by 30% [7] - **Cross-Border Payment Theme**: The People's Bank of China has released a draft for the rules governing the Renminbi cross-border payment system, aiming to simplify participation conditions for foreign institutions [7] - **Innovative Drug Theme**: The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, emphasizing the use of medical insurance data for drug research [7] Major Capital Inflows - The report lists the top ten stocks with significant net inflows, including Zhongyou Capital (90.12 million), Pengding Holdings (64.11 million), and others [11][12] Major Capital Outflows - The report also highlights the top ten stocks with significant net outflows, such as Changshan Pharmaceutical (-83.03 million) and Jinyi Culture (-79.62 million) [13][23] Financing and Margin Trading - The report provides insights into financing net purchases and margin trading, indicating investor sentiment towards specific stocks and sectors [23]

服务贸易领域的8项措施尤为关键——包括优化跨国公司跨境 资金集中运营管理政策等4条推广到其他自贸试验区。8项中， 有6项的责任分工均与中国人民银行及金融监管总局有关。 作者：欧阳晓红 封图：图虫创意 一场对中国金融改革意义深远的吹风会或悄然改写制度型开放"规则"。 7月3日，国务院印发的《关于做好自由贸易试验区全面对接国际高标准经贸规则推进高水平制度 型开放试点措施复制推广工作的通知》（国函〔2025〕68号，下称《通知》），以及次日亮相的 《中国人民银行关于〈人民币跨境支付系统业务规则（征求意见稿）〉》（下称《业务规则（征求 意见稿）》），从贸易便利化到跨境支付清算，从自贸港离岸账户到数字人民币跨境，多维交织出 一幅制度演进的图景。 7月4日，国新办召开政策例行吹风会，聚焦中国（上海）自贸试验区全面对接国际高标准经贸规 则试点成效及复制推广安排。商务部部长助理唐文弘介绍，为用好上海自贸试验区制度型开放试点 经验，在更大范围释放制度创新红利，国务院印发《通知》，将试点成熟、成效显著、风险可控的 77条试点措施向其他自贸试验区或在全国范围内复制推广。 《通知》将其中的34条试 点措施向 其他自贸试验区推广，43 ...

英大证券研究所证券研究报告 2025 年 7 月 8 日 短期震荡蓄势不改中期向好格局 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 周一沪指相对强势，但创业板以及深成指的回落下，三大指数分化明显，表 明市场震荡格局依旧。盘面上看，电力、房地产等板块一度表现下，支撑沪指保 持相对强势，不过，题材股整体疲软下，深成指以及创业板指全天走低。两市成 交额萎缩至 1.2 万亿。 我们认为，在政策持续发力（如稳增长、产业支持等）和经济基本面逐步修 复的大背景下，当前的震荡更应视为蓄势而非滞涨，是为后续方向选择积蓄能量。 一方面，国经济复苏态势逐步显现，但修复力度仍不够强劲，企业盈利改善的幅 度也未达预期。不过，随着政策持续发力下，经济回升以及企业盈利回升值得期 待；另一方面，海外美联储三季度降息预期增强，国内继续宽松也值得期待。 综上所述，目前基本面和流动性这两大关键因素还未能形成有力支撑的情况 下，集中发力推动市场全面上涨的概率较低，震荡上行的概率较大，结构性行情 为主。目光稍微长 ...

证券研究报告 2025 年 7 月 8 日 星期二 【A 股市场大势研判】 沪指尾盘翻红 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 上证指数分时图 | | --- | --- | --- | --- | | 上证指数 | 3473.13 | 0.02% | 0.81 | | 深证成指 | 10435.51 | -0.70% | -73.25 | | 沪深 300 | 3965.17 | -0.43% | -17.03 | | 创业板 | 2130.19 | -1.21% | -26.05 | | 科创 50 | 978.29 | -0.66% | -6.51 | | 北证 50 | 1401.92 | -0.93% | -13.12 | 资料来源：东莞证券研究所，iFinD 数据 板块排名： 申万行业表现前五 申万行业表现后五 概念板块表现前五 ◼ 概念板块表现后五 综合 2.57% 煤炭 -2.04% 中船系 5.23% 重组蛋白 -1.42% 公用事业 1.87% 医药生物 -0.97% 生物质能发电 2.83% 减肥药 -1.10% 房地产 1.68% 通信 -0.77% 虚拟电厂 ...

作 者丨孙永乐 编 辑丨巫燕玲 香港数字资产市场风起云涌，稳定币又传重磅消息！ 7 月 7 日 ， 香 港 特 区 政 府 财 经 事 务 及 库 务 局 局 长 许 正 宇 表 示 ， 目 标 今 年 内 可 发 出 稳定币牌照 。 受此消息影响，A股跨境支付、稳定币概念股多股涨停；港股市场，中资券商股再度拉升，稳 定币概念股亦集体拉升。 今年内可发出牌照 据央视新闻及香港明报报道，香港《稳定币条例》8月生效，香港特区政府财经事务及库务局 局长许正宇7日表示，金管局目前就落实条例指引咨询市场，该指引本月内公布，具体内容将 涉及反洗钱及其他相关要求。 许正宇亦表明，批出的稳定币牌照数目会是个位数，盼于条例生效后能够收到申请，目标今年 内可发出牌照。 至于有金融机构取得牌照后，是否能够发行与人民币挂钩的稳定币，他说若 牵涉其他司法权区的货币，则要与相关机构讨论。 可担当本地货币之外的替代品，在上述情况下，可明显体现稳定币在跨境交易及支付方面的好 处。 早前，许正宇及香港金融管理局（金管局）总裁余伟文表明发出的稳定币发行人牌照数目不会 多， 但目前市场上表明有意申请或传出正在探讨中的机构至少有9家，当中包括参与金 ...