证 券 研 究 报 告 联易融科技-W（09959.HK）2025 年中报点评 推荐（维持） 拟大额回购彰显公司信心，国际业务有望打 造第二增长曲线 事项： ❖ 联易融科技发布 2025 年中报。25H1 实现营业收入 3.75 亿元（同比-9.3%）， 归母净利润-3.80 亿元，经调整净利润-3.72 亿元（24H1 为-1.89 亿元）。 评论： （1）电子债权凭证业务：25H1，促成融资额 1592.2 亿元（同比+38.6%），主 要由于聚焦于非地产客户的多级流转云融资额持续高增。多级流转云（客户为 核心企业）融资额为 1332.3 亿元（同比+54.4%），占 25H1 总融资额比例提升 至 65.5%。报告期内，为多家企业落地了订单融资等"弱信用链接解决方案"； E 链云（客户为金融机构）融资额为 259.9 亿元（同比-9.2%），主要由于公司 主动压降了 E 链云的部分低毛利业务。同时加速推进 AI Agent 核心模块迭代， 已在超过 24 家金融机构进行 SaaS 或本地化部署交付。 （2）资产证券化业务：25H1，促成融资额为 395.0 亿元（同比-3.8%）。AMS 云（客户为核心 ...

Group 1: Company Developments - Meituan's international delivery brand Keeta officially launched in Doha, Qatar, aiming to support Qatar National Vision 2030 and collaborate with local businesses [2] - Pop Mart plans to open its first Middle East store in Doha by the end of 2025, expanding its overseas presence from 140 to over 200 stores [2] - Konvision won a contract for Qatar National TV's ultra-high-definition project, supplying 130 4K monitors for broadcast vehicles [3] Group 2: Investment and Economic Growth - Qatar ranked 12th globally in the 2024 Foreign Direct Investment (FDI) performance index, rising 21 places from the previous year, indicating improved competitiveness and a favorable business environment [5] - The infrastructure market in Qatar is projected to grow from $33.4 billion in 2025 to $41.3 billion by 2030, driven by ongoing development projects and investment incentives [5] - Qatar's AI market is expected to grow at a compound annual growth rate of 28.66%, increasing from 1.56 billion Qatari riyals in 2024 to 7.07 billion riyals by 2030 [6] Group 3: Tourism and Real Estate - Qatar's tourism sector saw a 3% increase in international visitors in the first half of 2025, with over 2.6 million tourists contributing approximately $15 billion to GDP [7] - The real estate sector recorded a strong performance in Q2 2025, with transaction values reaching 8.9 billion Qatari riyals, a 29.8% year-on-year increase [9] Group 4: Financial Sector Developments - The Qatar Financial Centre reported a 64% year-on-year increase in new registered companies in the first half of 2025, totaling 828, attributed to streamlined registration processes [10] - Qatar's fintech sector is rapidly developing, with contactless payments accounting for 96% of offline transactions [11] Group 5: Policy and Regulatory Changes - Qatar introduced a new law to support innovation and scientific research, establishing a fund to enhance the country's knowledge economy [13] - A comprehensive regulatory reform involving 27 laws was initiated to attract foreign investment, resulting in a 640% increase in newly registered foreign companies in Q2 2025 [14]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints of the Report - RWA, which digitizes real - world assets through blockchain tokenization, is a significant development at the intersection of fintech and capital markets. It enhances asset liquidity, reduces transaction costs, and promotes financial inclusiveness. It has entered a rapid expansion phase globally and is expected to become an important part of the global financial market in the next decade [1][4][16] - Despite its rapid growth, RWA's healthy development depends on the improvement of regulatory systems, risk management of underlying assets, and continuous guarantee of technical security [16] 3) Summary by Relevant Sections Introduction - RWA is a frontier direction where fintech and capital markets meet. It maps illiquid and high - barrier assets onto the blockchain, providing new investment and financing paths and showing a large - scale development trend [4] RWA's Basic Principles - RWA refers to digitizing real - world physical or financial assets and putting them on the blockchain through tokenization for decentralized ownership, transfer, and trading. Its core is asset tokenization, connecting traditional finance and decentralized finance and enhancing asset efficiency and inclusiveness [5] - RWA significantly improves asset liquidity by allowing fragmented ownership and 24/7 global trading, reducing entry barriers and stimulating secondary - market activity. It also has transparency and security advantages through distributed ledger technology and promotes financial inclusiveness, especially in emerging markets [6] RWA's Development Status - As of August 2025, the global RWA asset total (excluding stablecoins) is $26.7 billion, with over 300,000 asset holders and more than 250 asset issuers. The main underlying assets are private credit, US Treasuries, and commodities. The market has grown by over 50% compared to the same period in 2024, and is expected to expand further this year. BCG predicts it could exceed $16 trillion by 2030, about 10% of global GDP [7][9] - In terms of regulation, the US leads in practice, Europe has a unified regulatory framework with the MiCA Act, and Asian countries like Singapore, Japan, and South Korea are actively piloting. China Hong Kong has launched an RWA regulatory sandbox. However, RWA faces challenges such as regulatory compliance, asset credit risks, and technical security issues [12] Conclusion and Outlook - RWA is changing the asset - allocation landscape. It has entered a rapid expansion phase globally and is expected to be an important part of the global financial market in the next decade. In the future, it can provide a low - threshold way for Chinese residents to participate in alternative assets, and Hong Kong's pilot may gradually develop in areas such as securities, green RWA, and trade and supply - chain finance [16]

宝城期货分析指出，英伟达三季度指引不够亮眼，走势趋于疲软，或给予黄金避险溢价。自上周五美联 储鲍威尔在杰克逊霍尔会议发言偏鸽后，金价呈现上行态势。国内沪金涨幅相对较小，这很大程度上是 由于人民币升值以及持续升值的预期。技术上，关注伦敦金前期高位压力。 消息面上，美国二季度实际GDP年化修正值环比增3.3%，增幅高于预期值3.1%和初值3%；二季度核心 个人消费支出（PCE）物价指数年化修正值环比增2.5%，与初值一致，但低于预期值2.6%。 美联储理事丽莎·库克已于8月28日在华盛顿联邦法院提起诉讼，对唐纳德·特朗普总统以"其在抵押贷款 申请中撒谎"为由试图解雇她的行为提出质疑，这场诉讼拉开了关于美国央行独立性的历史性争端序 幕。 8月28日，美联储独立性担忧及通胀数据缓解推动避险需求，金价持续走强，截至收盘，COMEX黄金 期货涨0.82%报3476.9美元/盎司，截至亚市收盘，黄金ETF华夏（518850）涨0.29%，黄金股ETF （159562）涨4.51%。 每日经济新闻 ...

晨会纪要 证券研究报告 2025 年 08 月 29 日 核心结论 分析师 【食品饮料】珠江啤酒（002461.SZ）首次覆盖报告：珠水长流四十载，鹏 徙南冥势正遒 珠江是广东省区域型啤酒龙头，省内市场基础好，消费者认可度高，大单品 97 纯生引领产品升级，抢占竞品份额。公司今年聘任新董事长和总经理， 后续看点较多。我们预计公司2025-2027年EPS分别为0.44元/0.50元/0.56 元，首次覆盖，给予"增持"评级。 【固定收益】2025 年 7 月债券托管数据点评：交易盘普减利率债，科创债 ETF 带动公募增持公司债 8 月权益市场的持续升温下交易盘持债意愿或仍偏弱，但考虑 8 月政府债供 给量仍高且收益率上升带来性价比的提升，保险和银行等配置盘有望继续增 配债券。 【电子】汉朔科技（301275.SZ）2025 年半年报点评：北美市场潜力释放， 零售数字化持续加速 我们预计公司 2025 年-2027 年营业收入为 51.60 亿元、60.91 亿元、73.11 亿元，同比增长 15%、18%、20%，维持"买入"评级。 【电子】国瓷材料（300285.SZ）动态跟踪点评：电子材料与新能源材料快 ...

Affirm (AFRM) Q4 2025 Earnings Call August 28, 2025 05:00 PM ET Company ParticipantsZane Keller - Head - IRMax Levchin - Director, Founder & CEOAdam Frisch - Senior Managing Director - EquitiesRob O’Hare - CFOWill Nance - Vice PresidentMichael Linford - COOAdib Choudhury - Senior Equity Research AssociateJohn Hecht - Managing DirectorJames Faucette - Managing DirectorReggie Smith - Executive Director - Equity ResearchHarry Bartlett - VP - Equity ResearchGiuliano Bologna - Managing DirectorConference Call Pa ...

Affirm (AFRM) Q4 2025 Earnings Call August 28, 2025 05:00 PM ET Speaker0Good afternoon, and welcome to the Affirm Holdings Incorporated Fourth Quarter Fiscal twenty twenty five Earnings Call. Following the speakers' remarks, we will open the lines for your questions. As a reminder, this conference call is being recorded and a replay of the call will be available on our Investor Relations website for a reasonable period of time after the call. I'd now like to turn the call over to Zane Keller, Head of Invest ...

据悉，内蒙古自治区第十三届人才周上海活动"北疆文化及人才科技政策宣介交流活动"在沪举行。活动 以"北疆文化"为媒，以"人才科技"为桥，以"双向奔赴"为翼，共同开启蒙沪深化战略合作的新篇章。今 后，双方将进一步拓展两地在人才、科技、医疗、教育、文化等多维度的高质量合作，助力内蒙古自治 区文化软实力与经济社会发展协同提升。 "我们的短板在于技术转化能力不足、高端人才匮乏。"内蒙古自治区人民政府驻上海办事处党组书记、 主任李志刚表示，"我们诚邀长三角企业家、科研团队来蒙投资兴业，共同打造'长三角研发+内蒙古制 造''上海设计+内蒙古绿能'的产业共同体。"他希望长三角在生物医药、人工智能、金融科技等领域的 优势与内蒙古的能源、材料、生态资源形成天然互补。 此前，内蒙古自治区党委办公厅、自治区人民政府办公厅印发了"关于实施'英才兴蒙'工程若干政策的 意见"(简称：意见)，系统整合人才培养、引进、激励保障等措施，将"草原英才"工程全面升级为"英才 兴蒙"工程。赵红丽说，这是目前最新，突破性最大，含金量较高的政策。 中新网上海8月28日电(记者陈静)记者28日获悉，作为两地科技资源深度融合的一个里程碑——"沪蒙人 才科技创 ...

智通财经APP讯，电子交易集团(08036)发布2025年中期业绩，收益1412.5万港元，同比下降11.2%;净利 润110.7万港元，上年同期亏损135万港元;每股基本盈利0.1港仙。 ...

随着数字经济的飞速发展，金融行业的数字化转型不断加速亚博，但随之而来的信息泄露、数据篡改、 交易欺诈等安全风险也日益凸显，如何构建更可靠的金融信任体系成为行业亟待解决的难题。吕文扬团 队敏锐洞察到区块链技术在 "去中心化""不可篡改""透明可追溯" 等方面的独特优势，将其与金融安全 需求深度结合，通过多年技术攻坚与场景落地，为金融领域搭建起一道坚实的安全屏障，推动行业信任 体系的重塑。 在区块链技术应用于金融安全的初期，吕文扬便发现传统金融系统中 "数据孤岛" 与 "信任壁垒" 两大核 心痛点 —— 不同金融机构间的数据难以共享，导致客户身份核验、风险评估等流程繁琐且效率低下， 同时中心化的数据存储模式易遭受黑客攻击，存在数据被篡改或泄露的风险。为破解这一困境，他带领 团队研发出 "联盟链金融安全平台"，该平台基于自主研发的区块链底层架构，采用 "许可访问 + 分布式 记账" 模式，将银行、保险、证券等金融机构纳入联盟网络。在平台中，各机构可在保障数据隐私的前 提下实现合规数据共享，例如银行在进行信贷审批时，可通过平台快速获取企业在其他机构的信用记录 与交易流水，无需企业重复提交材料，审批效率提升 60% 以 ...