2024年9月AH市场经历令人瞩目的反弹后，外资流入中国市场的资金规模迅速提升，2025年DeepSeek再 次点燃中国资产重估行情，进一步整固外资流入态势。从被动投资角度看，美国上市的主要中国ETF也 在近期录得明显流入。 3、特朗普2.0时代"百日新政"后的新变量。回顾"百日新政"，将特朗普的百日执政成果与其上任前宣称 的执政目标进行对比，从总体来看，目前特朗普对于其竞选前的承诺兑现度仍偏低。随着特朗普执政节 奏的推进，关税的落地结果和减税政策的推进成为市场新一轮的关注焦点。展望后续，我们认为围绕两 大核心问题（关税反复性+减支能力有限）的政策博弈仍然激烈，市场波动率或进一步放大。 （一）重磅消息 据央视新闻报道，6月20日上午，中国人民银行与香港金融管理局联合举办内地与香港快速支付系统互 联互通启动仪式。跨境支付通是中央政府支持香港发展和便利民生、推动内地与香港合作的又一项重要 举措，通过内地网上支付跨行清算系统与香港快速支付系统"转数快"直接连接，在遵守两地法律法规的 前提下，支持参与机构为两地居民提供高效、便捷、安全的跨境支付服务。跨境支付通于2025年6月22 日上线运行。 （二）券商最新研判 天 ...

Group 1: Legislation and Market Impact - The U.S. Senate passed the "Genius Act" on June 17, marking a significant step towards the compliant operation of stablecoins, with a vote of 68 in favor and 30 against [4] - Citigroup predicts that the stablecoin market could reach a size of up to $3.7 trillion by 2030, driven by regulatory support and widespread institutional adoption [4][13] - Circle's stock surged over 675% shortly after its debut on the NYSE, rising from an initial price of $31 to $240 within ten days [4] Group 2: Retail Giants' Involvement - Retail giants Amazon and Walmart are exploring the issuance of their own stablecoins to address high payment processing fees, which can amount to billions annually [6][7] - Amazon's e-commerce revenue is projected to reach $447.5 billion in 2024, while Walmart's is expected to be $120.9 billion, highlighting their significant financial stakes in payment processing [7] - The potential cost savings from using stablecoins could be substantial, with estimates suggesting Amazon could save between $6.7 billion to $13.4 billion annually on transaction fees [8] Group 3: Traditional Financial Institutions' Response - Traditional banks, including JPMorgan and Bank of America, are actively exploring the issuance of stablecoins to mitigate the potential outflow of deposits estimated at $6.6 trillion due to stablecoin adoption [10][11] - Banks are recognizing the need to establish a presence in the stablecoin space, with discussions ongoing among major banks about joint stablecoin initiatives [11][12] - European banks, such as Societe Generale, are also entering the stablecoin market, indicating a broader trend among financial institutions to adapt to the changing landscape [12] Group 4: Challenges and Limitations of Stablecoins - Analysts express skepticism about the immediate impact of stablecoins on traditional payment systems, citing consumer acceptance as a key barrier [15] - Current stablecoins are predominantly dollar-denominated, limiting their effectiveness for transactions in local currencies and creating challenges in currency exchange [15] - The lack of robust fraud prevention mechanisms in stablecoin transactions raises concerns about consumer confidence, as completed transactions are irreversible [15][16]

Group 1: Medical Devices and Healthcare - The National Medical Products Administration (NMPA) is set to introduce new measures to support the innovation and development of high-end medical devices, which will promote the application of new technologies, materials, and methods in healthcare [1] Group 2: Technology and Software - Huawei's HarmonyOS 6 was unveiled at the 2025 Developer Conference, with the developer Beta version officially launched, indicating a significant demand for talent in the Harmony ecosystem, which has over 30,000 applications in development and more than 8 million registered developers [2] Group 3: Financial Services - The People's Bank of China and the Hong Kong Monetary Authority launched a cross-border payment system to facilitate efficient and secure payment services between mainland China and Hong Kong, set to go live on June 22, 2025 [3] - The Ministry of Commerce reported that from January to May 2025, foreign direct investment in China amounted to 358.19 billion yuan, a year-on-year decrease of 13.2% [5] Group 4: Investment and IPOs - Yushu Technology has completed a C-round financing of approximately 700 million yuan, with a post-financing valuation of about 12 billion yuan, and is actively pursuing an IPO, primarily targeting the A-share market [6] Group 5: Taxation and Revenue - From January to May 2025, the total revenue of the general public budget in China was 96,623 billion yuan, with a slight year-on-year decrease of 0.3%. The securities transaction stamp duty reached 66.8 billion yuan, reflecting a significant year-on-year increase of 52.4% [7] Group 6: Market Trends - The U.S. stock market saw gains, with the Nasdaq rising over 0.5%, and Bitcoin-related stocks performing well, indicating a positive market sentiment [8] - Japan's Ministry of Finance plans to reduce the issuance of super-long-term government bonds by 3.2 trillion yen (approximately 220 billion USD), exceeding market expectations [9] - South Korea's KOSPI index rose by 1.48%, surpassing the 3000-point mark for the first time since January 2022, driven by positive news in the AI sector and fiscal stimulus measures [10]

Group 1 - The training session focused on the integration of content creation and platform operation, exploring innovative paths and business opportunities for local self-media creators and MCN organizations [1][2] - Key topics included decoding platform rules, streamlining the creative process, and identifying collaboration resources, with an emphasis on the flow distribution mechanism and incentive policies of Alipay's Life Number [2] - The session featured a case study of top accounts on the Life Number, showcasing an efficient closed-loop path from policy education to community service and offline conversion, providing a replicable content monetization model for creators [2] Group 2 - The event included a Q&A session where representatives from Ant Group's Digital Livelihood Division engaged in discussions with self-media influencers and MCN operators about platform ecosystem construction and collaboration mechanisms [4] - The Ant Group representative expressed a desire for deeper understanding of Alipay's Life Number and encouraged creators to join, highlighting the platform's potential as a key entry point for connecting users with local services and offering diverse commercial opportunities [4]

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]

财政部数据显示，1—5月印花税1787亿元，同比增长18.8%。其中，证券交易印花税668亿元，同比增长 52.4%。 ★ 宏观动态 ★ 商务部：2025年1—5月全国吸收外资3581.9亿元人民币 1—5月，全国新设立外商投资企业24018家，同比增长10.4%；实际使用外资金额3581.9亿元人民币，同比下降 13.2%。从行业看，制造业实际使用外资915.2亿元人民币，服务业实际使用外资2596.4亿元人民币。高技术产 业实际使用外资1090.4亿元人民币，其中，电子商务服务业、航空航天器及设备制造业、化学药品制造业、医 疗仪器设备及器械制造业实际使用外资分别增长146%、74.9%、59.2%、20%。从来源地看，东盟地区实际对 华投资增长20.5%，日本、英国、韩国、德国实际对华投资分别增长70.2%、60.9%、10.3%、7.1%（含通过自 由港投资数据）。 以旧换新"国补"将持续，中央资金将分批下达 财政部：1—5月证券交易印花税668亿元，同比增长52.4% 据新华社报道，有关部门消息，消费品以旧换新加力扩围政策没有变化，补贴资金使用进度符合预期，第三、 四季度中央资金将陆续下达。据了解，今 ...

Core Insights - The company has become the largest online retail payment clearing entity globally after over seven years of development [1] - In 2024, the platform processed over 1 trillion payment transactions, amounting to 520 trillion yuan [1] - On the eve of 2025, the platform achieved a record of processing 110,000 cross-institutional network payment transactions per second [1] - The platform's system success rate, fund clearing accuracy, timeliness, and core application system availability have consistently maintained at 100% [1]

Core Insights - The research conducted by the Chinese University of Hong Kong analyzes the consumption behavior of Hong Kong residents in mainland China and its impact on local consumption, revealing that cross-border spending has become a norm since the pandemic recovery [1] - The study indicates that spending by Hong Kong residents in mainland China does not negatively impact local consumption in Hong Kong [1] Consumption Behavior - Hong Kong residents primarily spend on life services in mainland China, accounting for nearly half of their total expenditure, while retail accounts for only 28%. In contrast, retail and dining in Hong Kong represent 58% and 29% of their spending, respectively [1] - The shift in consumption locations has expanded from the Guangdong-Hong Kong-Macao Greater Bay Area to other mainland cities such as Zhongshan, Jiangmen, Chongqing, and Changsha, indicating an increasingly integrated cross-border consumption market [1] Digital Services and Integration - AlipayHK's CEO highlighted that digital services are accelerating the integration of the Greater Bay Area, with over 2 million Hong Kong residents using AlipayHK's cross-border services in the past year, marking a shift from spontaneous to livelihood consumption [2] - The convenience of payment methods has further facilitated the growth of Hong Kong residents' consumption in mainland China [1]

下一步，中国人民银行将与香港金融管理局加强监管合作，保障跨境支付通平稳有序运行。会同两地快 速支付系统运营机构和各参与机构，根据跨境支付通运行情况，进一步完善相关制度安排，推动我国跨 境支付体系高质量发展，服务高水平对外开放。 两地快速支付系统运营机构和商业银行有关负责人出席启动仪式。 中国人民银行与香港金融管理局联合举办跨境支付通启动仪式 6月20日上午，中国人民银行与香港金融管理局联合举办内地与香港快速支付系统互联互通（以下简称 跨境支付通）启动仪式，中国人民银行行长潘功胜，中央港澳工作办公室副主任、国务院港澳事务办公 室副主任王灵桂，香港金融管理局总裁余伟文出席并致辞，中国人民银行副行长陆磊主持。 跨境支付通是中央政府支持香港发展和便利民生、推动内地与香港合作的又一项重要举措，通过内地网 上支付跨行清算系统与香港快速支付系统"转数快"直接连接，在遵守两地法律法规的前提下，支持参与 机构为两地居民提供高效、便捷、安全的跨境支付服务。跨境支付通将于2025年6月22日上线运行。跨 境支付通的推出，有利于提升两地跨境支付效率和服务水平，便利两地经贸活动和人员往来，巩固和提 升香港国际金融中心地位。 ...

1.【外媒："星舰"火箭在静态点火测试中发生爆炸】据美国福克斯新闻网、专业航天网站NASASpaceFlight.com等媒体报道，马斯克旗下太空探索技术公 司（SpaceX）的"星舰"火箭当地时间18日晚间在一次静态点火测试中出现故障并发生爆炸，消防部门已经出动。福克斯新闻网称，目前正在调查事故原 因。当局表示暂未收到伤亡报告。（环球网） 2.【阿里云将在韩国启用第二座数据中心，加速海外布局】6月19日，阿里云宣布将于本月底在韩国启用第二座数据中心，来满足生成式AI快速发展带来的 需求增长。这是今年以来，阿里云继墨西哥、泰国之后在全球落地的又一新节点。届时阿里云全球布局将扩展至29个地域、88个可用区。（IT之家） 3.【Alipay+发布首个面向智能眼镜的嵌入式全球支付方案】6月19日下午消息，继支付宝与Rokid在国内发布首个智能眼镜支付方案后，蚂蚁国际旗下全球 整合钱包门户服务Alipay+发布首个面向智能眼镜的嵌入式全球支付方案。并已联合全球AR眼镜行业领军者星纪魅族，通过Alipay+在香港地区完成全球首 笔基于智能眼镜的电子钱包支付交易。（新浪科技） 4.【荣耀CEO李健：将于7月2日发布全球最 ...