在港股IPO持续升温的背景下，医疗支付领域迎来重要参与者。 6月30日，上海镁信健康科技集团股份有限公司（下称"镁信健康"）正式向香港联交所递交招股说明书，拟赴港上市。 简单来说，镁信健康的核心模式在于推动医疗健康与保险融合。公司致力于解决患者、保司与药企面临的筹资与支付挑战，实现医疗体系相关各方的协 同。 截至去年年底，镁信健康累计服务了约160万名患者，与超140家药企以及超90家保险公司达成合作。 回顾镁信健康的融资历程，其先后完成七轮融资，估值从Pre-A轮的1.5亿元一路飙升至C+轮的约116.78亿元，增幅达77倍。此次IPO不仅是企业发展的重 要里程碑，也为行业发展轨迹增添了新的观察维度。 39岁创始人，带队冲击IPO 故事要从2017年说起，镁信健康由张小栋与上海医药大健康创立。 张小栋发现，在医保"保基本"定位下，创新药、特药价格昂贵且需"自费"，这像一堵墙横亘在市场和患者之间。 "让患者用得起、用得上好药"，便成了张小栋创立镁信健康的初心。"我们不是去跟风追求某个模式，而在于看到老百姓生病之后，除了医保，没有其他 渠道可以支付，几乎都是他们自费。" 镁信健康成立后的第一款产品，是与药企合作 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4][16]. Core Insights - The company is a pioneer in the cross-border payment industry in China, benefiting from the expansion of cross-border e-commerce [4][18]. - The company has obtained 65 global payment licenses, enabling it to provide a wide range of digital payment services [4][18]. - The projected revenue growth for the company is robust, with expected revenues of RMB 1,315 million in 2024, increasing to RMB 2,577 million by 2027, reflecting a compound annual growth rate (CAGR) of 22% [3][44]. - The company is expected to experience significant fluctuations in profits due to a one-time large investment gain in 2025, with net profits projected to be RMB 1,485 million in 2025, followed by losses in 2026 and a small profit in 2027 [3][10]. Financial Summary - Revenue projections for the company are as follows: RMB 1,315 million in 2024, RMB 1,652 million in 2025, RMB 2,089 million in 2026, and RMB 2,577 million in 2027, with growth rates of 28%, 26%, 26%, and 23% respectively [3][9]. - The net profit is expected to be negative RMB 168 million in 2024, positive RMB 1,485 million in 2025, negative RMB 73 million in 2026, and positive RMB 27 million in 2027 [3][10]. - The earnings per share (EPS) are projected to be -0.16 in 2024, 1.38 in 2025, -0.07 in 2026, and 0.03 in 2027 [3][10]. Business Overview - The company has established a global payment network, serving over 590,000 clients with a total transaction payment volume (TPV) of RMB 3.3 trillion in 2024 [4][25]. - The company’s digital payment services include both global and domestic payment solutions, with global payments accounting for approximately 60% of total revenue [25][30]. - The company is expanding its value-added services, which are expected to grow significantly, with revenue growth rates projected at 50%, 35%, and 30% for 2025, 2026, and 2027 respectively [8][9]. Market Potential - The cross-border e-commerce and export trade markets in China are expected to continue expanding, with the total export value projected to reach nearly RMB 47 trillion by 2027 [46]. - The demand for cross-border payment solutions is increasing as traditional foreign trade embraces digitalization and online operations [46][52]. - The cross-border payment service market in China is projected to grow from RMB 4.6 trillion in 2022 to RMB 14.1 trillion by 2027, with a CAGR of 25.2% [52][56].

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 66, suggesting a positive outlook for market performance [5][12] - Recent policy support and improved market sentiment are driving a gradual upward trend in the market [12] Hot Topics Tracking - **Data Theme**: The National Data Bureau and the State Administration for Market Regulation have introduced measures to enhance data circulation efficiency, potentially increasing efficiency by 30% [6] - **Cross-Border Payment Theme**: The People's Bank of China has released a draft for the rules governing the Renminbi cross-border payment system, aiming to simplify participation conditions for foreign institutions [6] - **Innovative Drug Theme**: The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, emphasizing the use of medical insurance data in drug research [6] Market Sentiment Analysis - The market sentiment temperature indicator shows a trend where scores below 30 provide support for the market, while scores above 90 indicate resistance [12] - The report suggests that during "relatively hot" market conditions, investors may consider increasing their investments while remaining cautious of potential overheating risks [24] Major Capital Flows - The report lists significant net inflows for various stocks, with "跨境通" (Cross-Border Communication) leading at 85,258.43 million [13] - Conversely, notable net outflows were observed in "中油资本" (China Oil Capital) with -76,258.27 million, indicating investor caution in certain sectors [15] Industry Performance - The report highlights the performance of various industries, with significant net inflows observed in sectors such as non-ferrous metals and electronics, while industries like pharmaceuticals and defense showed substantial net outflows [20][21]

今年首批支付牌照续展结果出炉。 日前，中国人民银行发布非银行支付机构《支付业务许可证》续展(换证)公示信息(2025年7月第一批 次)。值得注意的是，这是《非银行支付机构监督管理条例》(以下简称《条例》)实施后的首次续牌公 示。 公示表显示，抖音支付科技有限公司(以下简称"抖音支付")、北京理房通支付科技有限公司、花瓣支付 (深圳)有限公司等13家机构的支付牌照续展成功，牌照有效期限变更为长期。 13家机构获长期牌照 整体来看，支付牌照管理进入全新阶段，2024年7月份发布的《非银行支付机构监督管理条例实施细 则》，为原本牌照于2024年到期的各非银行支付机构设置了12个月过渡期。 记者注意到，上述支付机构牌照续展成功的前提是均已按照《条例》规定完成了相关调整。比如，抖音 支付业务类型由原来的互联网支付变更为储值账户运营Ⅰ类。同时，部分机构在过渡期内完成更名，如 乐刷科技有限公司变更公司名称为乐刷支付科技有限公司。 "可以预见，后续机构想要成功续牌就需达标《条例》要求，支付牌照管理进入新阶段。"刘斌表示。 "此次支付牌照预示着支付行业已进入'牌照无期、监管无休'的新阶段，需要支付机构坚守合规底线、 持续创造真 ...

Group 1 - The company Lakala (300773.SZ) has announced plans to issue H-shares and list on the Hong Kong Stock Exchange as part of its international development strategy [2] - The company aims to enhance its competitiveness in the international market by promoting the application of digital currency in cross-border scenarios [2] - Currently, the company is in discussions with intermediaries regarding the specifics of the H-share listing, which is a complex and systematic process [2] Group 2 - Lakala was established in 2005 and became a leading third-party payment institution in China after obtaining a payment business license from the People's Bank of China in 2011 [3] - The company provides comprehensive digital business solutions for merchants, enterprises, and financial institutions, focusing on various sectors such as dining, retail, automotive, and tourism [3] - Lakala is deepening its "Payment+" strategy and integrating AI into its business to support high-quality development of the real economy [3] Group 3 - In 2024, Lakala reported a revenue of 5.759 billion yuan, a year-on-year decrease of 2.96%, and a net profit attributable to shareholders of 351 million yuan, down 23.26% [4] - In the first quarter of 2025, the company's revenue was 1.299 billion yuan, a year-on-year decrease of 13.01%, with a net profit of 101 million yuan, down 51.71% [4] - Lakala has no controlling shareholder or actual controller, with Lenovo Holdings being the largest shareholder, holding a 26.14% stake, which may provide support and potential synergies for the company [4]

Investment Rating - The report assigns an "Outperform" rating for the industry, indicating an expected relative return exceeding the benchmark by over 10% in the next 12-18 months [4][21]. Core Insights - The People's Bank of China has revised the CIPS system rules to enhance the framework for cross-border RMB payments, aiming to facilitate the integration of payment channels and improve clearing efficiency [7][4]. - The updated rules expand the scope of CIPS operations to include additional activities approved by the central bank, thereby supporting the growth and functionality of the CIPS system [7][4]. - The Cross-border Pay Link, launched in Hong Kong, allows for real-time, cost-effective remittances between Mainland China and Hong Kong, significantly improving the efficiency of cross-border transactions [7][4]. Summary by Sections CIPS System Rule Updates - The People's Bank of China released a draft for public comment on the CIPS system rules, focusing on account management, business processing, settlement mechanisms, and risk management [4][7]. - The revisions aim to adapt the rules established in 2018 to current business developments and participant needs, enhancing management standards for CIPS participants [4][7]. Cross-border Payment Innovations - The Cross-border Pay Link, which became operational on June 22, connects the fast payment systems of Mainland China and Hong Kong, allowing residents to conduct cross-border remittances efficiently [4][7]. - This system reduces the remittance process time and costs by minimizing intermediary steps and directly connecting payment infrastructures [4][7]. Investment Recommendations - The report suggests focusing on cross-border payment service providers such as Newland Digital Technology, Xgd Inc, Lakala Payment, and Yeahka Limited, as well as financial IT service providers like Yusys Technologies and Sinodata [7][4].

跨境支付板块午后走高，信雅达（600571）回封涨停，中亦科技（301208）涨超8%，中油资本 （000617）、长亮科技（300348）、启明星辰（002439）跟涨。 ...

7月3日，复旦大学举办第3期南土国际金融政策圆桌会，讨论跨学科视野下的稳定币问题。 会上，复旦大学新闻学院教授、国际传播研究中心主任汤景泰从舆论的角度，向与会者分析了稳定币所 形成的各种舆论，以及这些舆论所反映出的各个利益相关方的相应诉求、舆论策略，以及相关的监管问 题。 稳定币是什么？它其实是平台化浪潮下的一个产物。什么叫平台化？简单说，就是数字平台对我们整个 社会进行数字化改造的过程。过去，媒体是信息交换的枢纽；现在，这个权力转移到了平台手里。全球 都一样，不是谁管得严谁管得松的问题，而是大势所趋。 平台掌握了这么大的权力，自然要在经济金融领域开疆拓土。稳定币就是它们的自然延伸。但这一延 伸，直接捅破了五对核心矛盾的马蜂窝： 第一是国家之间的矛盾，国家之间的博弈。比如稳定币锚定美元，是不是美元霸权的数字马甲？各国既 想监管，又怕下手太重绊倒自己。这就像TikTok在美国的遭遇——一边喊着禁，一边又想买，说白了， 是怕数字主权被人掐住喉咙。 第二，国家和平台的拉锯战。平台想抢铸币权，国家能答应吗？这就像一场'谁当家'的暗战。 汤景泰教授认为，稳定币本身并不单纯是一个金融、经济工具，是平台资本、国家权力、用户 ...

Core Insights - The report indicates that the current market sentiment is at a high level, with a score of 88, categorizing it as "overheated" [6][10][22] - Recent policy support and improved market sentiment have contributed to a bullish trend in the market [10] Market Themes Tracking - **Data Theme**: The National Data Bureau and the State Administration for Market Regulation have introduced measures to enhance data circulation efficiency, potentially increasing efficiency by 30% [7] - **Cross-Border Payment Theme**: The People's Bank of China has released a draft for the rules governing the Renminbi cross-border payment system, aiming to simplify participation conditions for foreign institutions [7] - **Innovative Drug Theme**: The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, emphasizing the use of medical insurance data for drug research [7] Major Capital Inflows - The report lists the top ten stocks with significant net inflows, including Zhongyou Capital (90.12 million), Pengding Holdings (64.11 million), and others [11][12] Major Capital Outflows - The report also highlights the top ten stocks with significant net outflows, such as Changshan Pharmaceutical (-83.03 million) and Jinyi Culture (-79.62 million) [13][23] Financing and Margin Trading - The report provides insights into financing net purchases and margin trading, indicating investor sentiment towards specific stocks and sectors [23]

1948年的某天，费城德雷塞尔理工学院的研究生伯纳德·西尔弗（Bernard Silver）路过院长办公室的门口，无意间，他听到连锁食品商店（Food Fair）总 裁，正在请求院长帮助他开发一种可以在结账时自动识别商品信息的系统。西尔弗从摩斯电码中寻取了灵感，并用海滩上的沙子制作了世界上第一个条形 码。这种由粗细不一的线条组成的黑白图案大幅提升了全球市场的供应链流转效率，并深刻影响了商业社会。 在条形码风靡全球数十年后，日本电装公司的工程师原正弘（Masahiro Hara）和他的同事们却开始饱受条形码信息含量过低的困扰。作为丰田汽车最大的 零部件供应商，电装公司的生产线极为庞杂，这意味着员工在取用零件时不得不多次扫描包装上的十数个条形码。身为围棋爱好者的原正弘意识到，棋盘 上黑白错落的棋子能够用来承载大量信息，并领导团队研发了世界上第一个QR code，这种正方形的黑白图案在诞生之初就可以储存比普通条形码多200 倍的字符。后来，中国消费者习惯将这一图案称之为"二维码"。 "我们推出了行业首张聚合收款码。"面对镜头，收钱吧CEO、创始人陈灏的脸上泛起追忆之色，"我们也是中国第一批参与线下支付网络建设的服务 ...