Group 1: Financial Overview of Shenzhen - As of the end of Q1 2023, Shenzhen's total deposits in both domestic and foreign currencies reached 13.97 trillion yuan, while total loans amounted to 9.81 trillion yuan, with both deposits and loans increasing by over 300 billion yuan in the first quarter [1] - The balance of loans in the manufacturing sector was 1.26 trillion yuan, accounting for 12.8% of total loans, an increase of 0.6 percentage points from the end of the previous year [1] - The balance of inclusive small and micro loans reached 1.90 trillion yuan, representing 19.3% of total loans, with a growth rate 5 percentage points higher than the overall loan growth rate during the same period, placing Shenzhen among the top cities in the country [1] Group 2: Development of Payment Services - Shenzhen is actively developing a comprehensive payment demonstration zone, with over 44,000 merchants able to accept foreign cards and 4,156 ATMs supporting foreign card withdrawals as of March 2025 [2] - The number of non-cash payment transactions by foreign personnel in Shenzhen increased by 28.09% in terms of transaction count and 34.74% in terms of transaction amount in the first quarter of 2025 compared to the previous year [2] - The city has implemented simplified account opening services and established 181 standardized foreign language service outlets to address account opening difficulties for foreign nationals [2] Group 3: Cross-Border Financial Services - Shenzhen has initiated a "Cross-Border Financial Services Entering Various Districts" campaign, focusing on stabilizing foreign trade and enhancing the quality of cross-border RMB services [4] - As of March 2025, over 1,500 enterprises in Shenzhen benefited from facilitation policies, with a business scale exceeding 140 billion USD [4] - The city has supported 21,000 enterprises in cross-border e-commerce settlement, with a business scale of 52.9 billion USD, and has facilitated cross-border RMB settlements totaling 1.2 trillion yuan [4]

拉卡拉：公司经营正常 不存在应披露而未披露的重大事项 智通财经4月22日电，拉卡拉(300773.SZ)公告称，公司股票于2025年4月18日至4月22日连续3个交易日 收盘价涨幅偏离值累计超过30%，属于股票交易异常波动情况。经核实，公司未发现前期披露的信息存 在需要更正、补充之处，近期公司经营情况及内外部经营环境未发生重大变化，不存在关于公司应披露 而未披露的重大事项或处于筹划阶段的重大事项。股票异常波动期间，公司第一大股东及公司董事、监 事、高级管理人员不存在买卖公司股票的行为。 ...

Summary of Conference Call Notes Companies Involved - New大陆 (Newland) - 新国都 (Newland Payment) Key Points and Arguments Financial Performance - Newland is expected to benefit from consumer policies and industry optimization, with a projected profit growth of over 20% in Q1, leading to an annual net profit of 1.3 to 1.4 billion yuan, with a current valuation of approximately 20 times earnings [2][3] - Newland Payment's Q1 performance may be slightly weaker, but an annual profit of at least 700 million yuan is anticipated, with a current valuation of only 17 times earnings, indicating high cost-effectiveness [2][3] - Newland's Q1 profit is projected to reach around 300 million yuan, while Newland Payment's actual profit last year was close to 700 million yuan, with expectations for a better performance in the second half of the year [3][5] Industry Dynamics - The payment industry is experiencing optimization, benefiting leading companies like Newland and Newland Payment, which are seeing improved bargaining power and significantly higher net fee rates [2][6] - The gross profit margins of leading acquiring institutions have increased, indicating a notable improvement in industry profitability quality [7] Payment Volume Projections - Newland's payment volume for 2024 is expected to be between 2.2 to 2.3 trillion yuan, while Newland Payment's is projected at 1.47 trillion yuan, with expectations for better performance in the second half of the year [2][8] International Expansion - Both companies are actively expanding into overseas payment device markets, focusing on high-end markets in Latin America, the Middle East, and Europe, with Newland's Latin American market growing at approximately 15% [2][10] - Newland Payment's overseas device revenue grew by 64% year-on-year, indicating strong international demand [10] Cross-Border Payment Growth - Cross-border payments and local acquiring services are becoming significant growth areas, with higher fee rates overseas compared to domestic markets, enhancing profitability [12][13] - Newland has established localized teams overseas and plans to significantly increase transaction volumes, while Newland Payment aims to expand its transaction scale tenfold this year [14] AI Applications - Both companies are leveraging AI for internal and merchant empowerment, with Newland focusing on customized marketing solutions and Newland Payment investing in an overseas AIGC subsidiary [15] Regulatory Impact - The 网中网号 policy is expected to create a substantial market for Newland, particularly in the QR code verification space, with potential revenue increases of 20-30% market share translating to 20-30 billion yuan in revenue growth [16] Valuation Insights - Newland's 2025 net profit is projected between 1.3 to 1.4 billion yuan, with a market cap of approximately 30 billion yuan, resulting in a valuation of 21 to 23 times earnings, while Newland Payment's valuation remains at 17 times earnings [5][16] Other Important Insights - The payment industry is seeing a consolidation of resources towards leading companies, enhancing their ability to expand merchant resources and pricing power [6] - The overall improvement in industry profitability quality is evidenced by rising net fee rates and gross profit margins across leading firms [7]