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 ...

Group 1: China-Brazil Relations and Investments - The relationship between China and Brazil has reached unprecedented heights, with Brazil being China's largest trading partner and investment destination in Latin America [2] - In May, Chinese companies committed over 27 billion Brazilian Reais (approximately 30 billion RMB) in investments across various sectors in Brazil, including food delivery, dining, semiconductors, automotive, and renewable energy [2] - Notable investments include 3.2 billion Reais by Mixue Group for procurement and store openings, 5.6 billion Reais by Meituan for introducing Keeta, 6 billion Reais by Great Wall Motors for expanding factories, and 3 billion Reais by CGN Group for a renewable energy center [2] Group 2: Payment System Challenges in Brazil - Brazil's payment system is highly fragmented, with only 46% of the population owning credit cards and a mere 30% actively using them, making cross-border payments challenging for businesses [4][5] - The traditional payment method, boleto, is widely used but poses integration challenges for foreign companies due to its reliance on multiple banks and financial institutions [5] - The introduction of Pix instant payment by the Central Bank of Brazil has significantly improved the payment landscape, covering 91% of adults in Brazil and expected to replace credit cards in e-commerce by 2025 [8][9] Group 3: Competitive Landscape in Digital Payments - The digital payment market in Brazil is projected to reach $311.48 billion by 2025, with a compound annual growth rate of 23.63% until 2030 [12] - Local fintech companies, international payment firms, digital banks, and embedded finance platforms are competing in this rapidly growing market [12] - Major players include traditional acquirers like Cielo and StoneCo, digital banks like Nubank, and international companies like Visa and Mastercard, alongside Chinese payment firms like UnionPay and dLocal [12][13] Group 4: Future Trends and Opportunities - The upcoming features of Pix, such as automatic and installment payments, are expected to reshape digital commerce in Brazil, enhancing the payment experience for consumers [10] - By 2027, Brazil's online retail market is anticipated to exceed $586 billion, indicating a mature digital economy with intense competition [11] - The complexity of Brazil's payment system presents both challenges and opportunities for companies that can strategically navigate the landscape [7]

①外国投资者持有的美债为历史次高 美联储计划放松大型银行杠杆要求刺激债市 美国财政部报告显示，4月外国持有的美债总额为9.01万亿美元，仅比3月减少360亿美元，为历史第二 高。这一下降主要来自外国私人投资者净卖出美债，而外国官方机构则成为长期美债的净买家。美联储 将于6月25日召开监管政策会议，讨论修改"补充杠杆率"（SLR）。SLR要求银行无论资产风险高低， 均需为其资产留出资本比例。美国银行业多年来一直呼吁调整SLR，认为其已成为制约放贷业务和国债 市场流动性的"硬性约束"。如果调整，将释放数百亿美元资本，增强美债市场流动性，并提升华尔街金 融巨头的股东回报。华尔街金融巨头普遍预期将迎来监管放松，此次SLR调整可能是系列"去管制"措施 的开端，包括下调全球系统重要性银行（G-SIB）的附加费用、精简压力测试等。 国鸣投资秦毅：4月外国投资者持有美债规模升至历史第二高位，其中日本和英国持债量分别升至1.1万 亿美元和8077亿美元。从全球视角看，外国投资者持有美债比例自2012年的53%降至目前的34%。4月 特朗普宣布对等关税措施后，美国股债汇齐跌局面暂时趋于稳定。市场关注6月25日美国补充杠杆率 （S ...

Core Viewpoint - Lakala is planning to issue H-shares and list on the Hong Kong Stock Exchange, which has led to a significant increase in its stock price, but the company faces challenges such as declining revenue and compliance risks [1][3][11]. Company Overview - Lakala Payment Co., Ltd. was established in 2005 and became the first digital payment company listed on the A-share market in April 2019 [4]. - The company holds a payment license issued by the central bank and operates various payment services [4]. Recent Developments - Lakala announced its plan for overseas share issuance and listing on the Hong Kong Stock Exchange, with discussions ongoing with relevant intermediaries [3][4]. - Following the announcement, Lakala's stock price surged, with a peak increase of 16.16% on June 17, but later experienced a decline of 6.28% by June 19 [3]. Financial Performance - In Q1, Lakala reported a revenue of 1.299 billion yuan, a year-on-year decrease of 13.01%, and a net profit of 101 million yuan, down 51.71% [11]. - For the full year 2024, the company expects a revenue of 5.759 billion yuan, a decrease of 2.96%, and a net profit of 351 million yuan, down 23.26% [11]. - The company’s cross-border payment transaction volume reached 49.2 billion yuan in 2024, a year-on-year increase of 14% [4]. Market Position and Challenges - Lakala's cross-border payment transactions accounted for only about 1.2% of its total payment transaction volume of 4.22 trillion yuan last year, indicating limited contribution to overall performance [4]. - The company faces intense competition from major players like PingPong, Alipay, and WeChat Pay, which dominate the market [4][11]. - Lakala's efforts to transition from traditional payment services to comprehensive financial technology services have encountered significant challenges [11]. Compliance and Governance Issues - Lakala has been reducing its registered capital, with a decrease from 788.08 million yuan to 776.66 million yuan in April 2023, marking the second reduction this year [7]. - The company has faced multiple compliance issues, including fines for regulatory violations, which could pose challenges for its future listing in Hong Kong [9][11]. - The company’s major shareholder has been frequently reducing their stake, raising concerns about governance and stability [8][9]. Shareholder Structure - The largest shareholder of Lakala is Legend Holdings, holding 26.54% of shares, followed by Chairman Sun Taoran with 7.01% [5].

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3362 | -0.79 | -0.16 | -1.19 | | 深证综指 | 1981 | -1.5 | -0.61 | -2.3 | 今日重点推荐 2025 年 06 月 20 日 2025 年 618 大促点评：大促收官延续增长，即时零售加速渗 透 ◼ 拉长大促周期，全网销售额同比增长 15%。即时零售赛道强势开启 618， 平台间 BCD 端展开全面竞争。 ◼ 投资分析意见：建议关注阿里巴巴、美团、京东、拼多多。 | 风格指数 | 昨日表现 （％） | 1 个月表现 （％） | 6 个月表现 （％） | | --- | --- | --- | --- | | 大盘指数 | -0.8 | -1.17 | -2.41 | | 中盘指数 | -1.21 | -0.23 | -5.92 | | 小盘指数 | -1.36 | -0.58 | -1.75 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | ...

6月17日，Rokid联合支付宝上线智能眼镜支付。方便用户在忙碌或不便操作手机时直接通过智能眼镜完成支付。据悉，双 方未来将进一步拓展更多的便民生活服务。例如，用户在驾车驶离停车场时快速"看一下"即可缴费等。 记者注意到，去年上线的支付宝"碰一下"也是除二维码支付以外的新型移动支付产品，其在应用层面普及迅速。披露数据 显示，当前支付宝"碰一下"用户数已突破1亿，累计布局全国超400个城市。 本报记者 李冰 连日来，头部支付机构支付宝、微信支付接连宣布了各自在移动支付领域，对创新支付产品的探索情况。综合来看，双方 正积极通过生物身份识别技术，解锁移动支付新"姿势"，提升支付体验。 受访者普遍认为，目前用户习惯二维码支付，但随着新科技运用的安全和成熟，未来移动支付手段将会更加多元化，"未 来感"十足的支付体验并不遥远。 6月18日，微信支付披露了虹膜XR技术的最新探索成果，该技术将高安全性的虹膜识别与扩展现实（以下简称"XR"）设备 结合，为用户在虚拟与现实交融的环境中提供无缝、安全的身份确认与支付服务。 微信支付方面介绍，当前微信支付正在持续探索更新的生物识别技术与前沿科技，虹膜识别技术在XR场景下，解决了对 ...

Core Insights - The integration of digital services in the Guangdong-Hong Kong-Macao Greater Bay Area is enhancing the potential of the "Digital Bay Area" [1][6] - The study conducted by The Chinese University of Hong Kong reveals that Hong Kong residents' consumption in mainland China does not detract from their local spending [1][6] Group 1: Consumption Trends - Hong Kong residents are increasingly traveling beyond traditional destinations like Guangzhou and Shenzhen for consumption, now including cities like Zhongshan and Jiangmen, as well as popular tourist spots in other provinces such as Chongqing and Changsha [3][6] - The study indicates that nearly half of the spending by Hong Kong residents in mainland China is on service experiences, while their local consumption is primarily focused on retail and dining [6][8] Group 2: Digital Payment and Service Integration - AlipayHK, with over 4.5 million active users, has facilitated a seamless cross-border payment experience, allowing users to engage in various services such as ride-hailing and restaurant reservations through a single app [3][8] - The convenience of digital payment has transformed cross-border spending from spontaneous to habitual, enhancing consumer satisfaction and promoting the integration of people and capital flows within the Greater Bay Area [8] Group 3: Economic Impact - The use of digital platforms for online sales has led to a 15.5% increase in annual sales and an 11.9% rise in transaction volume for small and micro service businesses in mainland China [8] - Mobile payment is projected to boost household consumption in mainland China by 16%, contributing to a decrease in the Engel coefficient by 1.7 percentage points [8]