Core Insights - The People's Bank of China has released a draft for public consultation regarding the rules for the Cross-Border Interbank Payment System (CIPS), aiming to enhance participant management and adapt to the system's growth [1][2] - The draft emphasizes the establishment of a robust risk management framework for operational institutions, including monitoring and managing various types of risks [2] - CIPS has seen significant growth, with a compound annual growth rate of 35% in transaction volume and 30% in transaction value from 2022 to 2024 [3] Industry Developments - The draft rules are designed to support the expansion of CIPS participants, which have increased to 174 direct participants and 1,509 indirect participants as of May 2025, covering 120 countries and regions [3] - CIPS has processed over 675 trillion yuan in various payment transactions since its launch, indicating its growing importance in cross-border payments [3] - The recent signing of agreements with six foreign institutions marks a significant expansion of CIPS's reach into Africa, the Middle East, Central Asia, and Singapore [3] Company Implications - Major banks like Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China are directly involved in CIPS, leveraging their global networks to enhance cross-border payment capabilities [4][5] - Payment technology companies like Yika are also positioning themselves in the cross-border payment space, focusing on e-commerce and B2B solutions [5] - Bank of China Hong Kong, as an early participant in CIPS, benefits from direct access to the system, reducing costs and improving efficiency in cross-border RMB clearing [5]

Group 1 - The A-share market has seen an acceleration in the disclosure of semi-annual performance forecasts, with 54 companies announcing their forecasts as of July 6, 2025, indicating a slight increase of 11 companies, 3 companies turning losses into profits, 4 companies maintaining profits, and 21 companies expecting profit growth [1][4] - Companies like Taotao Automotive (301345) have expressed confidence in continued growth for the second half of the year, expecting a net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year increase of 70.34% to 97.81% [2][4] - Jingbeifang (002987) experienced significant stock price fluctuations after intensive institutional research, with a cumulative price deviation exceeding 20% over three consecutive trading days [2][4] Group 2 - Chipong Micro (芯朋微) expects a revenue of approximately 630 million yuan for the first half of 2025, an increase of about 176 million yuan or 38% year-on-year, with a net profit forecast of around 90 million yuan, reflecting a growth of approximately 104% [4] - Daotong Technology (道通科技) anticipates a net profit of 460 million to 490 million yuan for the first half of 2025, representing a year-on-year growth of 19% to 26.76% [4] - Changchuan Technology (长川科技) projects a net profit of 360 million to 420 million yuan for the first half of 2025, indicating a year-on-year increase of 67.54% to 95.46% due to rapid growth in the integrated circuit industry and strong customer demand [5]

Group 1 - The CUFEL model and the CUFEL-A research report generation agent were officially launched at the Global Finance Forum hosted by Central University of Finance and Economics on July 5 [1] - CUFEL is described as not just a single model but a cluster of models or an efficient model fine-tuning process, enhancing performance in specific tasks while maintaining general capabilities [3] - The CUFEL-A agent produces independent and in-depth research reports on A-share listed companies through a four-step process: data aggregation, planning, structuring and reflection, and writing [5] Group 2 - The research report evaluation algorithm is built on three principles: generative, end-to-end, and multi-agent system reinforcement learning, improving the quality of report writing [5] - The model was developed by a team of faculty and students from the Central University of Finance and Economics, which is actively collaborating with leading companies in the financial industry to explore applications in smart credit, compliance, and supply chain finance [5]

Group 1 - The core viewpoint of the news is the sudden imposition of high tariffs by the United States, which has triggered a global trade crisis, with tariffs reaching up to 70% and affecting over 170 countries [1] - The A-share market has reacted to the tariff crisis, with the Shanghai Composite Index showing a "lightning rod" pattern, indicating that the market has partially digested the expected impact of the tariffs [2] - Export-dependent sectors, such as consumer electronics, are facing significant pressure, while domestic demand-driven sectors like infrastructure and finance are expected to act as safe havens for capital [2] Group 2 - The Chinese central bank has introduced new cross-border payment regulations, providing a solid policy shield for the banking and fintech sectors against external risks [3] - Northbound capital is actively buying into the A-share market, reflecting foreign investors' long-term confidence, while public REITs are injecting continuous capital into the infrastructure sector [3] - The technical support level at 3430 points on the 10-day moving average is seen as a strong defense line, with the previous high at 3480 points potentially serving as a rally point for the A-share market [3]

证券研究报告 2025年07月06日 计算机 稳定币产业加速，数字金融进入新阶段 ——计算机稳定币研究专题 评级：推荐(维持) 刘熹(证券分析师) 郭义俊(联系人) S0350523040001 S0350124070015 liux10@ghzq.com.cn guoyj@ghzq.com.cn 最近一年走势 相关报告 -16% 4% 25% 45% 66% 86% 2024/07/04 2024/10/02 2024/12/31 2025/03/31 2025/06/29 计算机 沪深300 《模型性能不断提升，AI应用进入兑现期——计算机AI应用月度跟踪（2025- 05）（推荐）*计算机*刘熹》——2025-05-26 《计算机行业深度：大模型研究框架（2025）——"大模型"系列（5）（推 《域控制器研究框架——计算机"智能驾驶"系列专题二（推荐）*计算机*刘 熹》——2025-06-24 《计算机行业点评报告：特斯拉Robotaxi商业化时刻将至（推荐）*计算机*刘 熹》——2025-06-15 《计算机行业动态研究：稳定币头部企业Circle IPO，数字货币发展加速（推 荐）*计算机*刘熹》— ...

投资策略 | 定期报告 短期攻势暂缓，中期升势未变 策略周报 20250706 研究结论 ⚫ 全球市场下周或延续震荡 全球降息交易暂歇，下周延续震荡预期：前一周全球市场普涨系交易 9 月的美联储 降息预期，本周全球主要市场除巴西、美国和中国上涨外，整体出现震荡态势，降 息交易暂歇。我们认为美国市场本周全面上涨，并不是交易降息预期，主要是交易 政策不确定性下降，"大而美"法案成功落地短期降低了市场对特朗普政府执政能 力的担心，但这一利好已经落地，政策实际落地效果仍然具有不确定性。美国最新 就业数据公布后，利率期货交易员认为美国 7 月降息预期已微乎其微，9 月降息概率 也从 98%下降到 80%以下。综上我们认为全球市场的上涨或告一段落，下周延续震 荡预期。 风险事件乐观定价充分，预期差逆转压制上涨动力：上周中美推进"伦敦框架" （中方审批管制物项出口、美方松绑限制），市场或因此短期下调了风险评价。但 当前定价或已充分反映对关税战的乐观预期，市场可能会开始担心 9 日事件落地结 果难超预期。随着交易焦点转向 7 月 9 日关税休战到期， 风险评价预期短升将压制 全球市场反弹动能。 ⚫ A 股短期攻势或暂缓，关税 ...

行业研究 证 券 研 究 报 告 金融资金面跟踪：量化周报（2025/06/30~2025/07/04） 推荐（维持） 超额整体平稳，市场成交量有所回落 华创证券研究所 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：刘潇伟 邮箱：liuxiaowei@hcyjs.com 执业编号：S0360525020001 各量化超额整体为正。上周样本量化私募收益及超额如下：1）300 增强策略周/月/ 年初以来平均收益分别为+2.2%/+2.4%/+4.7%，周/月/年初以来平均超额分别为 -0.1%/+0.7%/+4.9% ； 2 ） 500 增 强 策 略 周 / 月 / 年 初 以 来 平 均 收 益 分 别 为 +3.6%/+5.1%/+10.4%，周/月/年初以来平均超额分别为-0.4%/+0.6%/+9.9%；3）A500 增 强策略周/月/年初以来平均收益分别为+2.1%/+2.6%/+8.7%，周/月/年初以来平均超额分别 为 -0.6%/+0.7%/+9.2% ； 4 ） 1000 增 强 策 略 周 / 月 ...

Core Viewpoint - Yuxin Technology is actively exploring new business system upgrades and collaboration opportunities with state-owned banks in Hong Kong while supporting foreign banks in their digital transformation efforts [1] Group 1: Business Development - Since its international expansion in 2019, the company has successfully implemented various front, middle, and back office business systems for foreign banks [1] - The company is focusing on supporting foreign banks' digital upgrades and completing the construction of next-generation systems [1] Group 2: Collaboration Opportunities - Yuxin Technology is in ongoing discussions with state-owned banks in Hong Kong regarding new business system upgrades and related collaboration opportunities [1] - The company aims to leverage its accumulated technological capabilities, product reserves, and customer ecosystem resources to engage with various licensed institutions abroad for comprehensive technological empowerment [1]

Group 1 - The market is experiencing an upward shift in the oscillation center, characterized by "top and bottom" dynamics, with a positive outlook for effective index breakthroughs due to monthly momentum reversal and rising trading volume [2][12][13] - Profitability is still in a bottoming phase, with expectations that the profit bottom will not arrive before the end of Q3, limiting the elasticity of the current profit cycle [2][13] - Valuation support is provided by government-backed credit policies, with a focus on stable growth and market stabilization measures [2][13] Group 2 - Structural opportunities are emphasized, particularly in "Deep Sea Technology" and "Newly Listed Stocks," alongside existing themes like "Delta G Consumption" and "Self-Controlled Technology" [3][23] - "Deep Sea Technology" is positioned as a strong thematic opportunity for the second half of the year, aligning with national strategic priorities and policies aimed at enhancing marine economic development [4][24][29] - The deep sea technology industry chain is extensive, covering upstream materials, midstream manufacturing, and downstream resource utilization, indicating a comprehensive growth potential [4][32] Group 3 - Newly listed stocks have regained prominence since September 2024, with a significant upward trend observed in their performance, correlating closely with improvements in economic confidence [5][34] - The performance of newly listed stocks is highly correlated with macroeconomic indicators, suggesting that as economic expectations improve, these stocks are likely to outperform the market [5][38] - A new index, the "Open Source Newly Listed Stock Index," has been created to better track and represent the performance of newly listed stocks, expanding the criteria to include stocks listed for up to six years [5][44] Group 4 - Current investment strategy emphasizes diversification across sectors, focusing on "Delta G Consumption," "Self-Controlled Technology," "Stable Dividends," and "Gold" [6][50] - Specific sector recommendations include domestic consumption, technology growth, cost improvement sectors, and structural opportunities in exports, particularly to Europe [6][50] - The strategy aims to capture the greatest expected differences and domestic certainties while avoiding over-concentration in any single sector [6][50]

投资者关系活动记录表 证券代码：300674 证券简称：宇信科技 北京宇信科技集团股份有限公司 答：稳定币作为一种数字资产需要与传统金融机构有机深度融合才 能持续发展，传统金融机构能够在稳定币生态中扮演多重角色，从基础 的资金托管方、稳定币兑换赎回，到数字资产服务提供商、代销以及资 产打包决策支持等。宇信科技目前已有的产品技术和运营能力将成为连 接多层次金融机构体系与数字资产生态的重要节点，不仅限于技术供应 商，更将为各类型发币机构拓展生态运用空间，拓展数字货币的使用场 景，将公司已有的传统金融的营销能力、运营能力赋能生态。 投资者关系活动记录表 编号：2025-017 | 投资者关系活动 | 特定对象调研 分析师会议 媒体采访 | | | | --- | --- | --- | --- | | 类别 | 业绩说明会新闻发布会 路演活动 | | | | | 现场参观 其他（券商策略会、电话会议）  |  | | | 参与机构名称 | 东北证券、太平基金、光大证券、国投证券、华夏基金、易知投资、兴 | | | | | 合基金、中金资管、新华资产、华泰证券等 | | | | 时间 | 年 月 日- ...