注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 华安证券指出，《稳定币条例》将于8月1日正式生效，RWA（Real World Assets）通过区块链技术实现 现实资产代币化，涵盖房地产、充电桩等多元领域。中国人民银行在上海推出八项金融开放政策，包括 设立数字人民币国际运营中心及区块链跨境支付试点，旨在构建"主权信用+市场化补充"的双层架构应 对全球美元稳定币挑战。上海国资委强调需加强对数字货币的研究，探索区块链在跨境贸易、供应链金 融等场景的应用。从功能看，稳定币与RWA主要服务于跨境支付和资产上链需求，而人民币跨境支付 系统（CIPS）规则修订进一步明确运营机构资质及资金所有权，为港元等外币支付预留空间。金融IT 领域或受益于稳定币产业链发展，跨境支付效率提升。 港股科技ETF跟踪的是港股通科技（港元）指数，该指数由中证指数有限公司编制，从港 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [37]. Core Viewpoints - The report highlights the positive outlook for financial IT and cross-border payment companies due to the recent policy developments in stablecoins, RDA, and CIPS, which are expected to enhance efficiency, reduce costs, and improve transparency in cross-border payments and settlements [1][4][21]. - The stablecoin market is diversifying, with various participants including fintech companies and traditional banks, which is likely to enhance the credibility and application scenarios of stablecoins [13][14]. Summary by Sections Industry Investment Rating - The industry is rated as "Outperform the Market," with expectations of better performance compared to the benchmark index [37]. Company Dynamics - Jiuyuan Yinhai expects to achieve revenue of 414-454 million yuan in the first half of 2025, a year-on-year increase of 5%-15%, with net profit expected to grow significantly by 130%-180% [3]. - Inspur Information plans to repurchase its A-shares with a total fund of no less than 200 million yuan and no more than 300 million yuan, with an expected repurchase price not exceeding 75.59 yuan per share [3]. Investment Recommendations - The report suggests focusing on companies such as Runhe Software, Nantian Information, Borui Data, Huichen Shares, Digital Government, and Jiuyuan Yinhai, which are expected to benefit from the developments in stablecoins and related technologies [4][21]. Policy Developments - Recent policies in regions like Hong Kong and Shanghai are aimed at promoting the development of stablecoins and their applications, including the issuance of tokenized government bonds and enhancing the management mechanisms for cross-border payment systems [15][18][21]. - The introduction of the RDA paradigm by the Shanghai Data Exchange emphasizes the importance of data in verifying the authenticity and enhancing the value of real-world assets [20][21]. Market Trends - The stablecoin market is expanding into real-world applications, particularly in cross-border payments, B2B payments, and asset tokenization, which are expected to grow rapidly [14][21]. - The report notes that the development of stablecoins will increase the demand for system upgrades and related services from financial IT companies [21].

Market Overview - The A-share market is showing signs of a bull market, with the Shanghai Composite Index reaching a 9-month high of 3555.22 points on July 11, 2025, and closing at 3510.18, the highest since January 25, 2022 [1] - The total trading volume for the day was 1.74 trillion yuan, indicating a surge in market sentiment [1] - The week from July 7 to July 11 saw the Shanghai Composite Index and Shenzhen Component Index both rise by 1.78%, while the ChiNext Index increased by 2.36%, marking a three-week streak of gains [2] Financial Technology Sector - The financial technology sector is experiencing significant growth, driven by the "stablecoin concept" and internet brokerage firms, with the financial technology ETF (159851) rising by 3.76% to reach a historical high [2][3] - Major stocks in the sector, such as Guoao Technology and Jinzheng Co., saw strong performance, with several stocks hitting the daily limit [2] - The financial technology index has surged over 39% in the past three months, outperforming other major indices [4] Brokerage Firms - Brokerage firms are leading the market rally, with the top brokerage ETF (512000) rising by 4.35% to set a new yearly high, and total trading volume reaching 19.52 billion yuan, a 139.8% increase from the previous day [5][8] - Major brokerage stocks like Dongfang Wealth and Zhongyin Securities saw significant inflows, with Dongfang Wealth achieving a trading volume of 263.14 billion yuan [8][9] - Three brokerage stocks hit the daily limit, indicating strong market interest and performance [12] Rare Earth and Nonferrous Metals - The rare earth sector is also witnessing a strong rally, with major companies like Northern Rare Earth and Baotou Steel announcing price increases, leading to significant gains in related stocks [16][19] - The nonferrous metals sector attracted substantial capital inflows, with a net inflow of 99.89 billion yuan, ranking among the top three sectors for capital inflow [17] - The rare earth ETF (159876) rose by 2.18%, reaching a new yearly high, driven by strong performance from leading companies in the sector [16] Earnings Reports - The earnings season is underway, with companies like China Shipbuilding and WuXi AppTec forecasting significant profit increases, contributing to a bullish sentiment in their respective sectors [1] - The brokerage sector is expected to continue its high growth trajectory, supported by increased trading activity and favorable market conditions [15]

Group 1 - The core viewpoint of the article highlights that the IDC report recognizes KaiMeiDe as the market leader in the "fund business solutions" sector for 2024, marking a significant achievement for the company [1][3] - The report emphasizes the urgent demand for autonomous transformation and adaptation of financial market business systems, particularly in fund operations, with major banks like ICBC and CCB making substantial investments in self-research [2] - KaiMeiDe has developed a comprehensive product matrix that includes a self-controlled "fund trading and risk management system," aiming to provide a one-stop digital transformation solution for financial institutions [2][3] Group 2 - The IDC report indicates that domestic systems are expected to achieve greater autonomy in key areas such as transaction management and risk control over the next 3-5 years [2] - KaiMeiDe's core team possesses over 20 years of industry experience, focusing on addressing core pain points in financial market operations through its AI-integrated VIVA system [2] - The recognition from the IDC report serves as authoritative validation of KaiMeiDe's product technology strength, market leadership, and customer service capabilities [3]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2][4] Core Viewpoints - The report highlights a positive outlook for the financial IT sector, driven by the rapid advancement of CIPS (Cross-border Interbank Payment System) and stablecoin initiatives, which are expected to create new opportunities in the industry [3] - The report suggests focusing on key companies in various segments: banking IT (e.g., Yuxin Technology, Jingbeifang, Changliang Technology), securities IT (e.g., Hengsheng Electronics, Top Software), and payment IT (e.g., Newland, Lakala) [3] Summary by Relevant Sections Industry Overview - The total number of listed companies in the industry is 360, with a total market capitalization of 42,950.96 billion and a circulating market capitalization of 37,407.09 billion [2] Key Company Performance - Yuxin Technology: 2023A EPS is 0.47, with a PE ratio of 60.81; rated "Buy" - Jingbeifang: 2023A EPS is 0.79, with a PE ratio of 29.49; rated "Buy" - Changliang Technology: 2023A EPS is 0.04, with a PE ratio of 406.5; rated "Buy" - Hengsheng Electronics: 2023A EPS is 0.75, with a PE ratio of 43.67; rated "Buy" - Top Software: 2023A EPS is 1.38, with a PE ratio of 29.77; rated "Buy" [2]

Group 1 - The market is experiencing a general uptrend, with over 3,800 stocks rising, indicating a positive sentiment in the A-share market [1] - The central bank is expected to accelerate the offshore RMB stablecoin layout in Hong Kong, which may boost internationalization efforts [1] - The article suggests that the market adjustment will last a maximum of 5 to 8 hours, after which a continued upward trend is anticipated, targeting a breakthrough of the 3,500-point level [2] Group 2 - Specific sectors such as non-ferrous metals, financial IT, and AI industries are highlighted as areas of interest, with particular attention on cobalt and gold mining stocks [1] - The technology sector, including storage chips and new CPU models, is gaining traction, reflecting ongoing innovation and investment opportunities [1] - The article emphasizes a strategy of gradually increasing positions during market dips, reflecting a bullish outlook on the A-share market [2]

Core Viewpoint - Jingbeifang is a leading financial technology service provider in China, expected to experience business growth beyond expectations due to the dual drivers of the accelerated implementation of the digital RMB national strategy and the deep integration of AI technology in the financial industry [1] Group 1: Over-Expectation Logic - Market expectations suggest that the advancement of digital currency is slow, and AI's application in the financial sector is also lagging, leading to a belief that these factors will not contribute to short-term performance [2] - The company believes that the pace of policy implementation is accelerating, with the digital currency rollout speeding up, as evidenced by the recent introduction of the stablecoin legislation in Hong Kong [2] - The company has established deep collaborations with banking clients and possesses full-stack service capabilities for digital currency, positioning it to benefit from the promotion of stablecoins [2] Group 2: Driving Factors - The rollout of stablecoins presents business opportunities, with the Hong Kong Legislative Council passing the "Stablecoin Ordinance" on May 21, 2025, indicating a shift in stablecoins from being mere connectors of crypto assets to becoming a new infrastructure for global financial payments [3] - Domestic large models are showing significant breakthroughs in cost and capability, leading to accelerated adoption in the banking sector, which directly benefits the company through private deployment and AI application demands [2][3] Group 3: AI Application and Product Launch - Domestic large models like Deepseek are rapidly being adopted in the financial sector due to their efficient performance, cost-effectiveness, and open-source nature, with banks prioritizing AI for various applications such as intelligent customer service and risk control [3] - The company has officially launched an AI large model service platform and four major products in 2024, catering to the private deployment and AI application needs of major state-owned and joint-stock commercial banks [3] Group 4: Performance Metrics and Catalysts - Key performance indicators include the implementation of stablecoin policy details, AI business orders, and the proportion of AI revenue [4] - Catalysts for growth include the implementation of stablecoin regulations, approval of licenses for tech giants, and the emergence of popular AI products [5] Group 5: Profit Forecast and Valuation - The company forecasts revenues of 5.147 billion, 5.685 billion, and 6.291 billion yuan for 2025-2027, with year-on-year growth rates of 11.01%, 10.46%, and 10.67% respectively, and net profits of 363 million, 416 million, and 472 million yuan, with growth rates of 16.34%, 14.63%, and 13.54% [6] - The company is compared with peers in financial technology and banking IT, with a projected PE of 44 times for 2025, while the average PE of comparable companies is 67 times, indicating a potential target stock price of 28.11 yuan, representing an upside of 54.39% [6]

Market Overview - The three major indices experienced a collective adjustment, with the Shanghai Composite Index down by 0.22%, and the Shenzhen Component and ChiNext Index declining even more significantly [3] - Despite the index declines, trading volume remained high at 1.6 trillion, indicating active market participation [3] - Over 3,600 stocks fell, highlighting a notable loss effect in the market [3] Sector Highlights Military Industry - The military sector saw significant gains, with stocks like Beifang Navigation and Construction Industry hitting the daily limit [3] - Key drivers include rising tensions in the Middle East, particularly around the Strait of Hormuz, which could increase demand for military supplies [3] - Expectations of asset injections from the Weapons Equipment Group and a 7.2% increase in military spending for the "14th Five-Year Plan" further support the sector's growth [3] Tourism and Hospitality - The tourism and hotel sector surged in the afternoon, driven by the upcoming summer travel season and government policies stimulating consumption [4] - There is considerable internal variance within the sector, with some companies like Changbai Mountain performing well due to seasonal demand, while others struggle [4] Digital Currency and Cross-Border Payment - Digital currency and cross-border payment concepts remained active, with significant developments in the interconnectivity of payment systems between mainland China and Hong Kong [4] - Major companies like Ant Group and JD.com are applying for licenses, indicating positive industry momentum [4] - Companies such as Zhongke Jincai and Hengsheng Electronics are gaining attention from institutional investors due to their technological advancements in digital currency [4] Banking Sector - The banking sector showed strong performance, with several city commercial banks reaching historical highs [5] - This growth is attributed to supportive policies and an average dividend yield of nearly 4%, which is attractive in the current asset environment [5] - The low valuation of bank stocks presents significant recovery potential, particularly in economically active regions [5] Oil and Gas - Oil and gas stocks rebounded sharply, with companies like Zhun Oil hitting the daily limit due to rising oil prices driven by geopolitical tensions [6] - The potential for oil price fluctuations due to international political dynamics necessitates careful monitoring [6] Underperforming Sectors Innovative Pharmaceuticals - The innovative pharmaceutical sector faced significant adjustments, likely due to profit-taking after previous gains [6] - Long-term support from national policies suggests that this sector still holds potential for future growth [6] Semiconductor Industry - The semiconductor sector declined, influenced by setbacks in the photolithography machine segment and a shift in market sentiment towards defensive stocks [6] - The long-term narrative for semiconductors remains intact, with expectations for recovery as market conditions improve [6] Overall Market Sentiment - Despite the index declines, structural opportunities persist, particularly in digital currency, cross-border payments, and military sectors [7] - Long-term investors are encouraged to focus on high dividend bank stocks, policy-supported innovative pharmaceuticals, and the semiconductor sector's domestic alternatives [7] - The current market adjustment period is viewed as an opportune time to invest in quality assets, with patience being key to achieving favorable outcomes [7]

Market Overview - The market experienced a significant rise, with the Shanghai Composite Index reaching 3455 points, marking a new high for the year, while the ChiNext Index surged over 3% [1] - Over 3800 stocks closed in the green, indicating a positive shift in market sentiment [5] Financial Sector - The financial sector saw a collective surge, particularly in brokerage stocks such as Guosheng Financial Holdings, Tianfeng Securities, and Xiangcai Securities, which hit the daily limit [3] - The rise is attributed to increasing expectations for policy easing and the relatively low valuations of brokerage firms, with potential catalysts from ongoing capital market reforms like the deepening of the registration system and the expansion of the Beijing Stock Exchange [3] - Caution is advised for short-term trading, while long-term investors should focus on leading firms with strong investment banking capabilities and wealth management advantages [3] Military Industry - The military sector remained active, with stocks like Guorui Technology and Beifang Changlong hitting the daily limit [3] - The sector benefits from strong performance and policy support, with many military enterprises reporting full order books, particularly in aerospace and missile equipment [3] - Long-term investments should focus on leading companies with core technologies and stable orders, avoiding short-term speculative trades [3] Software Development - The software development sector was also lively, with stocks like Guiding Compass reaching the daily limit [4] - This sector is linked to the financial industry, driven by the demand for financial IT and data security as part of digital transformation [4] - Companies that effectively combine technology with practical applications are seen as having significant future potential, but investors should prioritize firms with tangible projects and cash flow [4] Other Sectors - The oil and gas, pharmaceutical, and shipping sectors faced declines, with stocks like Zhun Oil Shares hitting the daily limit down [4] - The oil and gas sector is affected by recent volatility in international oil prices, while the pharmaceutical sector is still adjusting to the impacts of centralized procurement [4] - The shipping sector is experiencing a withdrawal of funds due to expectations around freight rates and seasonal demand [4] Investment Strategy - The market's upward movement suggests a search for undervalued and high-growth sectors, particularly in financials and military industries [5] - Long-term investors are encouraged to remain calm and avoid chasing short-term speculative stocks, focusing instead on sectors with clear policy benefits and strong mid-year performance forecasts, such as semiconductor equipment, energy storage, and high-end liquor [5]

Group 1 - The financial sector is experiencing a strong performance, with significant gains in fintech stocks and a notable increase in trading volumes for financial technology ETFs [1][2] - Major fintech stocks such as Jinbeifang and Zhaori Technology have seen substantial price increases, with some stocks hitting the daily limit up [1] - The approval of Guotai Junan International's license upgrade by the Hong Kong Securities and Futures Commission allows for direct trading of cryptocurrencies and stablecoins, enhancing the fintech landscape [1] Group 2 - The central bank is set to develop a new financial technology development plan, aiming to promote digital transformation in finance through policy documents [2] - The recent legislative changes in Hong Kong and the central bank's financial opening measures are creating a favorable policy environment for fintech innovation [2] - The financial technology sector is expected to benefit from improved liquidity and active market trading, with internet brokerages and financial IT services showing strong growth potential [2][3] Group 3 - The fintech ETF (159851) and its associated funds are recommended for investment, covering a wide range of themes including internet brokerages and AI applications [3] - As of June 18, the fintech ETF has a scale exceeding 4.8 billion, with an average daily trading volume of over 500 million in the past six months, highlighting its liquidity advantages [3]