Core Insights - The 2025 Lujiazui Forum has commenced with the theme of "Financial Opening and Cooperation in the Global Economic Landscape," showcasing advancements in AI and digital credit technologies in reshaping the financial ecosystem [1] - Ping An Group's financial subsidiary, OneConnect, emphasizes a customer service philosophy of "saving worry, time, and money," aligning with market trends to support innovation through technology-driven solutions [1] Group 1: Small and Micro Enterprises Financing - A case study highlights a ceramic small business owner in Jiangxi facing financing challenges due to traditional credit models that require collateral, leading to delays in funding [2] - A local city commercial bank introduced a specialized loan product for ceramic small businesses, utilizing transaction data and tax records to create "digital credit," significantly reducing the approval process to 24 hours [2][3] - The collaboration between OneConnect and the Jiangxi city commercial bank has resulted in a "Inclusive Financing Service Platform," improving loan approval efficiency by 12% and achieving a monthly loan amount of 300 million yuan for ceramic small enterprises by mid-2025 [3] Group 2: Digital Transformation in Financial Services - OneConnect's digital solutions have enhanced the efficiency of loan processes, with a private bank reporting over a 40% increase in loan processing efficiency after implementing a comprehensive digital credit solution [3] - The introduction of the "Jin Jie Ying AI Mortgage Solution" has automated 92% of mortgage processes, increasing productivity for customer managers by six times and providing a more efficient financing channel for small businesses and farmers [4] - The integration of AI technology across various financial services has led to significant operational improvements, such as a 25% increase in claims processing efficiency for an insurance company and a 50% reduction in policy issuance time for life insurance [5][6] Group 3: Ecosystem Development and Impact - OneConnect's services have reached over 2 million small and medium-sized enterprises, contributing to an inclusive loan balance of 32.93 trillion yuan, and promoting a "data credit" model in rural industries [7] - The company collaborates with government and regulatory bodies to enhance financial technology infrastructure, achieving a 40% increase in loan efficiency and a 50% improvement in AI risk control capabilities [7] - The overarching goal is to embed technology into the financial ecosystem, facilitating a symbiotic relationship between finance and industry, thereby contributing to a "Chinese paradigm" in global inclusive finance development [8]

Core Insights - The traditional banks typically take 3-7 working days to process bill financing, but partnerships with fintech platforms can reduce this to 1-2 days for eligible SMEs [3] - The Yichain Tong supply bill public service platform, operated by Linyi Mall Digital Technology Group, has achieved a bill service scale exceeding 30 billion yuan, ranking among the top four in the country [3] Industry Overview - The bill market is evolving with new regulations and the integration of fintech services, enhancing efficiency in bill financing [3] - The collaboration between banks and fintech platforms allows for online approvals and real-time verification, significantly speeding up the financing process [3] Company Highlights - Yichain Tong is the first third-party platform in China with a commercial logistics background and government support, approved for direct connection to the Shanghai Bill Exchange [3] - The platform has achieved a rapid system launch within 29 days and surpassed 10 billion yuan in bill service scale in its first year [3]

Group 1 - The stock of Multi-Point Intelligence surged nearly 90% in early trading, and was up 53% before the report was published, with a trading volume exceeding 120 million HKD [1] - Multi-Point Intelligence is preparing to apply for a stablecoin license in Hong Kong [1]

证券研究报告 | 浙商早知道 报告日期：2025 年 07 月 03 日 浙商早知道 2025 年 07 月 03 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要点评 【浙商计算机 刘雯蜀/叶光亮】京北方（002987）公司点评：携手国富量子，共同拓展稳定币生态——20250702 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 大势：7 月 2 日上证指数下跌 0.09%，沪深 300 上涨 0.02%，科创 50 下跌 1.22%，中证 1000 下跌 1.01%，创业板 指下跌 1.13%，恒生指数上涨 0.62%。 行业：7 月 2 日表现最好的行业分别是钢铁（+3.37%)、煤炭（+1.99%)、建筑材料（+1.42%)、农林牧渔（+0.84%)、 银行（+0.75%)，表现最差的行业分别是电子（-2.01%)、通信（-1.96%)、国防军工（-1.94%)、计算机（-1.64%)、 美容护理（-1.09%)。 资金：7 月 2 日全 A 总成交额为 14051 ...

Group 1 - The implementation details of the cumulative voting system aim to enhance the corporate governance structure of Guangzhou Yuyin Technology Co., Ltd. and ensure shareholders can fully exercise their rights [1] - The cumulative voting system allows shareholders to allocate their voting rights based on the total number of shares they hold multiplied by the number of directors to be elected [1][2] - Independent and non-independent directors are elected separately under the cumulative voting system, with specific voting rights allocated for each category [1][2] Group 2 - The secretary of the board must explain the cumulative voting system and the voting rules to shareholders during the election meeting [2] - Votes must be clearly indicated on the ballot, and if the total votes exceed the shareholder's actual voting rights, the votes will be treated according to specific rules [2] - The election of directors requires that the votes received must exceed half of the total voting rights held by the attending shareholders [2][3] Group 3 - If the number of elected directors is less than required, a second round of elections will be held, and if that fails, a new shareholders' meeting must be convened within two months to fill the vacancies [2][3] - Any amendments to the implementation details must be proposed by the board and approved by the shareholders' meeting [3] - The implementation details will take effect after being approved by the shareholders' meeting [3]

第一章 总则 第一条 为进一步规范广州御银科技股份有限公司（以下简称"公司"）选聘 （包括新聘、续聘、改聘，下同）会计师事务所的行为，切实维护股东利益，提 高审计工作和财务信息的质量，公司依据《中华人民共和国公司法》《中华人民 共和国证券法》《国有企业、上市公司选聘会计师事务所管理办法》等法律、法 规和《广州御银科技股份有限公司章程》 广州御银科技股份有限公司 会计师事务所选聘制度 （以下简称"《公司章程》"）的有关规定， 特制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据有关法律法规要求， 聘任会计师事务所对公司财务会计报告发表审计意见、出具审计报告的行为。公 司聘任会计师事务所从事除财务会计报告审计之外的其他法定审计业务的，可以 参考本制度执行。 第三条 公司聘用或解聘会计师事务所应当经董事会审计委员会（以下简称 "审计委员会"）审议同意后，提交董事会审议，并由股东会决定。公司不得在 董事会、股东会审议通过前聘请会计师事务所开展审计业务。 第四条 持有公司 5%以上股份的股东、控股股东及实际控制人不得在公司董 事会、股东会审议前，向公司指定会计师事务所，不得干预审计委员会独立履行 审核职责。 ...

Q&A 金北方在稳定币业务方面有哪些战略思考和规划？ 金北方结合目前香港市场的稳定币新政出台，包括中央政府、央行及金融监管 当局对稳定币在香港发展的期望，制定了详细的战略规划。首先，金北方长期 关注数字货币、跨境支付及金融科技生态系统，并且在银行业态、保险业态、 证券业态等多个领域具有广泛的覆盖。基于当前市场和监管环境，公司计划实 施出海战略，利用深圳的交付团队负责香港和东南亚地区业务，通过澳门珠海 基地服务澳门本地市场，并进一步定位珠海业务以香港为基地，服务于香港本 土金融机构、中资机构及外资机构，同时延伸至一带一路沿线国家。 此外，公 司将从传统 IT 基础设施服务逐步转向平台化和牌照化相关业务，深度介入数字 货币、虚拟资产交易平台及生态圈多样化运营业务。通过与国富量子达成合作， 公司将利用其在香港持有的牌照资源，与金北方的技术能力形成互补，共同探 金北方在 RWA 领域探索咨询服务费、技术服务费和平台交易费用等盈 利模式，并已获得 12-15 项专利授权，另有 7-8 项正在受理，涵盖数字 货币、区块链隐私计算及智能合约领域。 金北方拥有广泛的金融机构客户群体，技术和服务型收入在 A 股金融科 技上市公 ...

Core Viewpoint - Zhongke Jincai has experienced a decline for four consecutive trading days, with a cumulative drop of -8.42% [1] Company Overview - Beijing Zhongke Jincai Technology Co., Ltd. was established in December 2003 and focuses on financial technology solutions, data center solutions, and core technology research in AGI, WEB3.0, digital RMB, and data elements [1] - The company aims to promote industrial digital transformation and is recognized as a leading digital economy technology empowerment platform in China [1] Financial Performance - The financial report indicates that Huabao Fund's Huabao CSI Financial Technology Theme ETF is among the top ten shareholders of Zhongke Jincai, which has reduced its holdings in the first quarter of this year [1] - The ETF has achieved a year-to-date return of 11.65%, ranking 497th out of 3359 in its category [2] Fund Manager Profile - Chen Jianhua, the fund manager of Huabao CSI Financial Technology Theme ETF, has a master's degree and has been with Huabao Fund Management since August 2007, holding various positions [3][4] - He has managed multiple funds, including the Huabao CSI 100 Index Securities Investment Fund and the Huabao Event-Driven Mixed Securities Investment Fund, among others [3][4]

Core Viewpoint - The strategic cooperation between Jingbeifang and Guofu Quantum marks the initiation of Jingbeifang's overseas expansion strategy, focusing on the virtual assets and digital currency sectors, particularly in the promising area of stablecoins [1][2]. Group 1: Strategic Cooperation - Jingbeifang and Guofu Quantum have signed a strategic cooperation agreement to collaborate deeply in the virtual asset and digital currency business, emphasizing stablecoins [1]. - Guofu Quantum, as the founding shareholder of Yuan Coin Technology, provides critical support for Jingbeifang's entry into the stablecoin market and expansion into overseas markets through its compliance licenses and ecosystem layout [1][2]. - The partnership aims to build a stablecoin issuance, circulation, and application ecosystem, leveraging both companies' strengths in technology and compliance [1][2]. Group 2: IT Technology Application Innovation - The collaboration will focus on researching the application of foundational technologies such as blockchain, artificial intelligence, big data, privacy computing, and quantum technology in stablecoin operations and virtual asset trading platforms [2]. - Both companies will work on IT infrastructure construction to support various application scenarios, including stablecoin wallets and supply chain finance platforms [2]. Group 3: Financial Business Innovation - The partnership will explore innovative financial business products and operational models within a compliant policy framework, targeting areas like inclusive finance, cross-border payments, and virtual asset transactions [2]. - By closely monitoring stablecoin policy dynamics, the companies aim to seize opportunities in the stablecoin sector and contribute to its healthy development while expanding their growth space in financial technology [2]. Group 4: Market Expansion Strategy - This cooperation is seen as a significant milestone in Jingbeifang's strategy to expand its non-bank financial institution client base, with Hong Kong positioned as a gateway to the international fintech market [3]. - Through collaboration with Guofu Quantum, Jingbeifang aims to break traditional models and achieve a global closed-loop system [3].

Core Insights - Ant Group released its 2024 Sustainable Development Report, highlighting innovations in ESG, particularly in AI-driven inclusive services and cross-border offerings [4][6] - The report marks the eighth edition of Ant Group's sustainable development disclosures, aiming to enhance understanding of its sustainability policies and strategies [4] ESG Innovations - Ant Group integrated AI capabilities into healthcare, finance, and daily life, launching three AI assistants that serve over 130 million users, with 43% from lower-tier cities [4] - The "AI Health Assistant" has provided services to nearly 7.86 million users, offering intelligent consultations and nearly 100 features [4] Cross-Border Services - Through Alipay+ and Wanlihui, Ant Group offers cross-border payment services, aiding small and medium enterprises in expanding internationally [6] - By the end of 2024, Alipay+ will cover over 70 travel destinations, with more than 1.7 billion consumer accounts and over 1 million merchants [6] Research and Development Investment - Ant Group invested 23.45 billion yuan in R&D in 2024, accounting for over 10% of its revenue, focusing on AI and data technologies [6] - The company developed its own "Bailing Model" for multi-domain intelligent applications and established a subsidiary for embodied intelligence [6] Open Source and Ecosystem Building - Ant Group has open-sourced over 2,000 code repositories and attracted over 11,000 developers to participate in new projects [8] - The company is involved in international open-source organizations to promote global technological collaboration [8] Governance Issues - Ant Group's subsidiaries faced governance challenges, with penalties imposed for inadequate risk management and compliance issues [9][10] - The company is working on improving its governance framework to better align with the operational needs of its subsidiaries [10] Consumer Protection Concerns - Ant Group's subsidiaries received complaints regarding debt collection practices and user privacy, indicating weaknesses in consumer protection [14][15] - The company has initiated multiple complaint resolution mechanisms to enhance service quality and address consumer grievances [14][15]