Core Viewpoint - The article highlights the remarkable success story of Lucy Liu, a 35-year-old Chinese financial entrepreneur who became New Zealand's first female billionaire, with a net worth of 700 million NZD (approximately 3 billion CNY) through her investment in Airwallex, a cross-border payment company [4][10]. Group 1: Investment Journey - Lucy Liu invested 1 million USD in Airwallex at the age of 25, acquiring a 20% stake, which has now yielded over 1200 times return on her investment [6][10]. - Airwallex, co-founded by four Chinese entrepreneurs, has achieved a valuation exceeding 6.2 billion USD (approximately 44.6 billion CNY) after multiple funding rounds, including a recent 300 million USD Series F round [9][10]. - The company has experienced significant growth, with an annual revenue of 720 million USD, representing a 90% year-on-year increase, and is projected to reach 1 billion USD in annual revenue by 2025 [16]. Group 2: Background and Early Career - Lucy Liu was born in Northern China and moved to New Zealand at the age of 12, where she developed an early interest in finance due to her family's background [14]. - She began investing in stocks at 18, achieving a 100% return on her first investment in Minsheng Bank within six months [15]. - After obtaining a master's degree in finance from the University of Melbourne, she worked in various financial roles before co-founding Airwallex in 2015 [6][15]. Group 3: Company Development and Achievements - Airwallex has been recognized as one of the fastest-growing fintech companies globally and was awarded the HR Asia 2023 Best Employer in Asia [4][10]. - The company has successfully navigated challenges in securing funding, initially facing rejections from several venture capital firms before receiving support from Gobi Partners and later from major investors like Sequoia and Mastercard [8][9]. - Liu has played a multifaceted role in the company, contributing to various functions beyond her initial investment, and has been instrumental in its rapid growth and success [16].

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: 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]

Core Viewpoint - The A-share market experienced a collective rise, driven by significant positive signals from the central bank and the China Securities Regulatory Commission (CSRC) during the Lujiazui Forum, with the electronic components and consumer electronics sectors leading the gains [1][2][5]. Group 1: Market Performance - The three major A-share indices closed higher, with a total trading volume of 1.19 trillion yuan, particularly in technology sectors such as electronic components, consumer electronics, and semiconductors [4][5]. - The CSRC announced reforms for the Sci-Tech Innovation Board (STAR Market), which may position the technology sector as a main focus for future market movements [2][6]. Group 2: Policy Announcements - The central bank introduced eight major financial opening measures, including the establishment of a digital RMB international operation center, which is expected to positively impact related sectors [6][9]. - The CSRC's reforms include the reintroduction of the fifth set of standards for unprofitable companies on the STAR Market, expanding the scope to include artificial intelligence, commercial aerospace, and low-altitude economy sectors [7][10]. Group 3: Sector Benefits - The reforms are expected to directly benefit sectors such as semiconductor design, manufacturing, AI chip companies, and data centers [8][10]. - The financial opening measures are anticipated to enhance financing convenience for new energy and environmental technology enterprises [10][11]. Group 4: Future Outlook - Historical data suggests that significant reform signals during the forum can lead to several months of structural market trends, with a focus on technology stocks [14][26]. - Analysts remain optimistic about the A-share market, indicating that the upward trend is likely to continue, supported by improving market sentiment and liquidity [16][26]. Group 5: Institutional Trends - There has been a notable shift in institutional investment towards emerging industries, with the electronic sector's institutional allocation increasing from 1.44% in 2014 to 7.62% in 2024, marking a significant rise [28][30]. - The technology sector is currently viewed as being in a high cost-performance range, with various indicators suggesting favorable conditions for investment [31][33].

Core Insights - The 2025 Lujiazui Forum highlighted the focus of Chinese financial authorities on cross-border payment systems, emphasizing the need for innovation and efficiency in this area [1][2] Group 1: Digital Currency and Cross-Border Payments - The People's Bank of China announced the establishment of a digital RMB international operation center in Shanghai to promote the internationalization of the digital currency and financial market development [1] - The rise of central bank digital currencies (CBDCs) and stablecoins is reshaping traditional payment systems, significantly reducing the cross-border payment chain [1][2] - The RMB has become the second-largest trade financing currency and the third-largest payment currency globally, reflecting its increasing international status [2] Group 2: Challenges and Innovations in Cross-Border Payment Systems - Traditional cross-border payment systems face challenges such as low efficiency and high costs, prompting a global call for improvement and diversification [2] - The multilateral central bank digital currency bridge project has shown promising results, with payments processed in 6 to 9 seconds, compared to 2 to 5 days for traditional methods, and nearly halving transaction costs [3] - The interoperability of payment systems is improving, with countries extending operational hours and adopting international messaging standards to enhance cross-border payment efficiency [4] Group 3: Regional Cooperation and Future Trends - The renewal of the bilateral currency swap agreement between the People's Bank of China and the Central Bank of Turkey supports the use of local currencies for cross-border settlements [2] - The trend towards a more efficient, secure, inclusive, and diversified global cross-border payment system is expected to continue [4]

Core Viewpoint - The article discusses the upcoming 2025 Lujiazui Forum, focusing on financial policies and market opportunities related to financial openness, green finance, and AI finance [3][4][14]. Market Overview - The market experienced fluctuations with the three major indices slightly declining. The total trading volume in the Shanghai and Shenzhen markets was 1.21 trillion, a decrease of 78.7 billion compared to the previous trading day [1]. - Over 3,500 stocks rose, but the number of stocks hitting the daily limit decreased, while the number of stocks hitting the lower limit increased, indicating cautious market sentiment. Defensive sectors like military and gold performed well, while consumer electronics and innovative pharmaceuticals saw corrections [2]. Lujiazui Forum Agenda - The forum will take place from June 18 to 19, 2025, with key speeches from leaders of major financial regulatory bodies and the Shanghai municipal government [3]. - The opening ceremony will focus on "Financial Openness and High-Quality Development in the Context of Global Economic Changes," emphasizing market access and promoting the internationalization of the RMB [6]. - Subsequent sessions will address sustainable capital market development and cooperation between Shanghai and Hong Kong as international financial centers, with discussions on new initiatives expected [7]. Historical Themes and Impacts - The article reviews the core themes of the Lujiazui Forum from 2020 to 2024, highlighting the impact of each year's focus on various sectors: - 2020: Focused on "Shanghai International Financial Center," leading to gains in tech and consumer stocks due to policy support [9]. - 2021: Addressed "China's Financial Reform and Opening Up," boosting new energy sectors [10]. - 2022: Emphasized "Financial Support for Carbon Neutrality," benefiting wind and energy sectors despite market volatility [11]. - 2023: Centered on "New Era, New Finance," with AI and digital economy themes driving performance in computing and cloud sectors [12]. - 2024: Focused on "High-Quality Financial Development," with implications for cross-border cooperation and green finance [13]. 2025 Forum Policy Directions and Market Opportunities - The 2025 forum will focus on financial openness, green finance, AI finance, and capital market reforms, with several sectors expected to benefit: - **Brokerage and Financial Services**: Major brokerages like CITIC Securities and internet brokerages like Eastmoney are likely to benefit from financial openness [14][15]. - **Banking Sector**: Banks such as Bank of Communications and China Merchants Bank may see advantages from cross-border business expansions [15]. - **Cross-Border Payment Companies**: Companies like Sifang Jichuang and Hailian Jinhui are positioned to benefit from upgraded cross-border payment policies [16][17]. - **Technology and Hard Science**: Leading companies in the sci-tech sector, such as SMIC and Northern Huachuang, are expected to gain from capital market stability [18][19]. - **Green Finance and New Energy**: Companies like CATL and Longi Green Energy will benefit from policies promoting green finance and carbon market development [21][22]. - **Fintech and AI**: Companies like Ant Group and Tencent Financial Technology may receive more policy support for AI applications in finance [24][25]. - **Insurance and Insurtech**: Insurance firms like China Insurance and ZhongAn Online may benefit from policies supporting the development of the reinsurance market [28][29].

Summary of Cross-Border Payment Industry and Stablecoin Application Industry Overview - The cross-border payment industry has evolved from B2C to B2B, addressing the needs of small and medium-sized enterprises (SMEs) for compliant fund transfer channels, which traditional banks struggle to cover [1][2][3] - The pilot project initiated by the central bank and foreign exchange administration has granted licenses to institutions like Kuaiqian, Lianlian, Alipay, and Tonglian [1][2] Key Players and Market Dynamics - Major players in the cross-border payment sector include PingPong, Lianlian, and Worldpay, each with unique strengths and market shares [1][7] - PingPong was one of the first to obtain domestic payment licenses, while Lianlian holds numerous overseas licenses and Ant International ranks among the top three due to its large transaction volume [1][7] - Ant International acquired WorldFirst to enhance brand recognition and market presence, leveraging WorldFirst's established reputation in China and abroad [1][8] Business Models and Revenue Streams - Traditional cross-border payment models rely on transaction fees, currency conversion fees, and account management fees, with profits primarily derived from currency exchange [2][12] - The stablecoin model is still being explored, with potential for zero-fee structures or innovative pricing strategies, focusing on exchange rate differences and bank deposit agreements [2][12] Regulatory and Compliance Considerations - The industry faces compliance risks, particularly regarding KYC (Know Your Customer) regulations, which are critical for obtaining and maintaining licenses [2][14] - Regulatory bodies emphasize the importance of effective KYC measures during the licensing process to ensure institutions understand their clients and business activities [2][14] Stablecoin Advantages and Future Outlook - Stablecoins offer significant advantages in cross-border transactions, including reduced transaction costs, faster settlement speeds, and minimized exchange rate risks [4][10] - Major financial technology companies are beginning to explore stablecoin applications in international trade, with potential for real-time settlements via blockchain technology [4][10] - The long-term outlook for stablecoins is promising, but they face uncertainties, particularly in regulatory frameworks, especially in mainland China [10][11] Competitive Landscape - The competitive landscape is characterized by a diverse range of players, with no single entity dominating the market [7] - Institutions like XTransfer focus specifically on B2B services, while others like Lianlian maintain a strong domestic presence while expanding internationally [7][9] Challenges and Strategic Considerations - Companies with strong backgrounds and reputations are more likely to achieve scale in the cross-border payment sector, as trust and recognition play crucial roles in client acquisition [15] - The impact of stablecoins on traditional financial institutions is still uncertain, with governments likely to intervene to maintain financial stability if necessary [16] Conclusion - The cross-border payment industry is rapidly evolving, with stablecoins poised to play a significant role in future transactions. However, regulatory challenges and market dynamics will shape the trajectory of this sector in the coming years [10][11][16]

Market Overview - The Shanghai and Shenzhen stock indices opened lower on June 16 but showed slight gains by midday, with the Shanghai Composite Index at 3378.77 points, up 0.05% and a trading volume of approximately 308 billion [1] - Resource stocks, including oil, natural gas, and coal, led the early gains, while sectors like airports, precious metals, and cultivated diamonds saw minor declines [1] Sector Performance - The oil and gas industry continued its upward trend from June 13, with significant increases in gaming stocks and notable gains in sectors such as wind power, digital currency, cross-border payments, AI, and film and television [1] - The North Stock 50 Index reported a 0.86% increase, indicating strong performance in certain sectors [1] Economic Indicators - In May, the total retail sales of consumer goods reached 41,326 billion yuan, reflecting a year-on-year growth of 6.4%, which is an acceleration of 1.3 percentage points from the previous month [4] - The industrial added value for large-scale industries grew by 5.8% year-on-year, while the service production index increased by 6.2% [4] Logistics and Delivery Sector - The postal industry in China completed a total of 861.8 billion delivery items in the first five months, with express delivery volume reaching 787.7 billion items, marking a year-on-year growth of 20.1% [5] - The revenue from the express delivery business amounted to 592.4 billion yuan, showing a 10.3% increase compared to the previous year [5]

Group 1 - The entry of major player Ant Group into the stablecoin market is expected to have a profound impact on cross-border payments, potentially leading to a reevaluation of the value of cross-border payment companies [1] - Companies providing underlying technology, qualifications, and products for financial institutions are likely to see increased business demand driven by the growth of stablecoins and digital currencies; a representative company in the industry offers core systems for payment and clearing to banks [1] - The application potential of blockchain technology is significant, with future scenarios such as AI fraud prevention and digital identity verification expected to materialize; these companies already possess a strong first-mover advantage in the fintech sector [1]

Core Insights - The report emphasizes the importance of proactive discovery in the financial market rather than merely relaying information [1] Domestic Financial Market - The Shanghai Composite Index closed at 3402.66, with a slight increase of 0.01% [3] - The Shenzhen Component Index closed at 10234.33, showing a decrease of 0.11% [3] - The ChiNext Index closed at 2067.15, reflecting an increase of 0.26% [3] - The Hang Seng Futures Index closed at 31013.11, with a decline of 1.2% [3] Macro News Summary - The central bank and foreign exchange bureau are increasing financial support for cross-strait integration development [5] - The Ministry of Industry and Information Technology supports automotive companies in adhering to a payment term of no more than 60 days [5] - The National Development and Reform Commission emphasizes the coordination of economic reforms with education, technology, and talent [5] Industry Latest Developments - A solid-state battery conference is scheduled for next week, indicating the industry is on the verge of mass production, with related stocks including Honggong Technology and Guoxuan High-Tech [6] - The biomanufacturing sector is receiving policy support for the establishment of pilot platforms, with related stocks including Huaxi Biological and Chuaning Biological [6] - The stablecoin market is experiencing rapid growth, with increasing activity in cross-border payment applications, related stocks include Newland and Dongxin Peace [6] Company Focus - Xidian Co., Ltd. is the first domestic company to achieve industrial application of 12-inch wafer probe stations [7] - Antarctic Light is currently the only LCD backlight module supplier certified by Nintendo, maintaining a stable position in the Switch 2 backlight module supply [7] - Jin Modern has adapted its low-code development platform to the DeepSeek large model [7] - Lanshi Heavy Industry's wholly-owned subsidiary plans to acquire 100% equity of Qingdao Equipment for 99.9821 million yuan, enhancing its nuclear equipment manufacturing capabilities [7] Market Review and Outlook - On June 12, the market opened slightly lower and exhibited a fluctuating pattern, with the Shanghai Composite Index briefly falling below 3400 points before recovering [8] - The total trading volume in the Shanghai and Shenzhen markets reached 1.27 trillion yuan, an increase of 16.3 billion yuan from the previous trading day [8] - Sectors with notable gains included precious metals, beauty care, jewelry, diversified finance, and cultural media, while shipping ports, liquor, electronic chemicals, and coal sectors faced declines [8] - The report indicates a cautious outlook for the market, with a potential for further consolidation, while maintaining a bullish medium-term perspective [8]