格隆汇7月30日｜A股三大指数今日涨跌不一，截至收盘，沪指涨0.17%报3615点，深证成指跌0.77%， 创业板指跌1.62%报2367点。全天成交1.87万亿元，较前一交易日增量417亿元，全市场超3500股下跌。 | 上证指数 深证成指 北证50 | | --- | | 3615.72 11203.03 1439.64 | | +6.01 +0.17% -86.38 -0.77% -25.68 -1.75% | | 科创50 创业板指 万得全A | | 1058.57 2367.68 5643.60 | | -11.88 -1.11% -38.91 -1.62% -22.71 -0.40% | | 沪深300 中证500 中证A500 | | 4151.24 6314.69 4899.20 | | -0.79 -0.02% -41.45 -0.65% -10.99 -0.22% | | 中证1000 中证2000 中证红利 | | 6718.48 2846.33 5581.48 | | -55.40 -0.82% -25.74 -0.90% +11.02 +0.20% | | 行业板块 [^ | | 涨 ...

Core Insights - Airwallex made its debut as a "venture ecosystem partner" at the 2025 World Artificial Intelligence Conference (WAIC) in Shanghai, emphasizing its transformation into an AI-native leader in the financial services sector [1] - The company is leveraging AI to enhance operational efficiency, customer experience, and product innovation, with significant improvements in dispute resolution and customer service data analysis [1][2] - Airwallex has implemented a fully AI-driven internal development process, including an AI code review system that achieves 86% accuracy, significantly improving product quality and launch efficiency [2] - AI technology is driving new customer acquisition paradigms, enhancing sales team efficiency through AI simulations and automated research, ultimately creating a scalable global customer acquisition system [2] - The company is committed to data security and compliance, ensuring that every AI model undergoes rigorous privacy and security testing before deployment [3] - Airwallex has introduced a one-stop global payment solution to address the complexities of global transactions and compliance challenges faced by AI enterprises [3] - The company aims to build a truly "AI-native" fintech enterprise, focusing on seamless experiences and intelligent financial services for businesses of all sizes [3]

金融界7月30日消息，有投资者在互动平台向新国都提问：董秘你好！公司已披露卢森堡PI牌照，香港 MSO牌照及PayKKa产品矩阵，请问：公司在跨境支付领域已覆盖欧盟、东南亚等150+币种收单业务， 能否进一步说明近期在'一带一路'沿线市场的本地化服务拓展情况？ 公司回答表示：您好，目前公司已经取得卢森堡PI牌照、香港MSO牌照、美国MSB牌照，旗下跨境支 付品牌PayKKa成功推出海外本地收单、B2B外贸收款等一系列创新产品，已支持欧盟、东南亚等地区 的本地化收款账户功能，其中包括新加坡、菲律宾等多个一带一路沿线国家。公司积极响应国家一带一 路等倡议，加强推动跨境支付业务覆盖更广泛的国家及地区。感谢您的关注，敬请投资者注意投资风 险。 来源：金融界 ...

Core Insights - The cross-border payment industry is undergoing unprecedented transformation driven by AI technology, global licensing expansion, and breakthroughs in RMB internationalization [2][3][4] Group 1: Industry Transformation - The application of AI technology is enhancing the efficiency and intelligence of cross-border payment systems, while reducing transaction costs and supporting the globalization of Chinese enterprises [2][3] - Major companies like LianLian Digital, Ant International, PingPong, Payoneer, and PayPal are leveraging technological innovations and licensing strategies to expand their global business boundaries [2][3] Group 2: Policy and Infrastructure - The global cross-border payment infrastructure is experiencing systematic upgrades, promoting more standardized, efficient, and transparent cross-border fund flows [4] - The implementation of the Hong Kong Stablecoin Regulation and the expansion of the RMB Cross-Border Payment System (CIPS) are significant developments that enhance the flexibility and efficiency of cross-border transactions [4] Group 3: AI Integration - AI has transitioned from a supportive tool to a key element in reconstructing the industry ecosystem, optimizing risk control, settlement, and user experience [6][7] - Companies are utilizing AI for fraud detection and transaction efficiency, with examples including Payoneer's use of machine learning to identify abnormal behaviors [7][10] Group 4: Licensing Expansion - The number and quality of licenses are critical indicators of a payment institution's globalization capabilities, with companies like PingPong and LianLian Digital actively acquiring licenses in various regions [10][11] - The licensing strategy is categorized into three tiers: entry-level licenses for legal compliance, operational licenses for localized services, and ecosystem licenses for comprehensive financial service systems [11]

Summary of the Conference Call for Lianlian Digital Company Overview - Lianlian Digital holds comprehensive payment licenses covering the US, Europe, and China, maintaining good relationships with regulatory bodies. It is the only Chinese company to obtain the VATP license and focuses on cross-border payments among the 11 holders of the VTB license in Hong Kong [2][4]. Core Industry Insights - Stablecoins are rapidly reshaping the global cross-border payment landscape, with the US accelerating stablecoin legislation and China aiming to promote the internationalization of the Renminbi through stablecoins. The global penetration rate of stablecoins is expected to rise quickly [2][5][6]. - Four key catalysts are identified to drive the development of stablecoins: 1. The implementation of the US Genius Act 2. The introduction of the stablecoin legislation in Hong Kong 3. The increasing demand for stablecoins due to the growth of Real World Assets (RWA) 4. Lianlian Digital's potential entry into the Hong Kong Stock Connect [2][7]. Financial Performance and Projections - Lianlian Digital's stock price has increased by 77%, reflecting only part of the market expectations. The stock is expected to see a rebound if it enters the Hong Kong Stock Connect, attracting additional capital [2][8]. - Revenue projections indicate that without contributions from Web3, the compound annual growth rate (CAGR) from 2024 to 2027 will exceed 30%. Profit acceleration is anticipated in 2026-2027. Including Web3 contributions could push revenue growth above 50%, with gross margins increasing to 80%-90% [2][9]. Market Valuation - Based on a 10x valuation for the next year, Lianlian Digital's market capitalization could reach HKD 23.6 billion, corresponding to a target price of HKD 21.85, indicating a potential growth of 75% [2][9]. Risk Factors - Investors should be aware of several risk factors that could impact company performance and market outlook: 1. The potential delay or underperformance of US and Hong Kong legislation and license issuance 2. The slower-than-expected penetration of stablecoins in the cross-border payment sector 3. Possible tightening of policies regarding stablecoins in both the US and China [3][10]. Competitive Advantages - Lianlian Digital's core competitiveness in cross-border payments includes being one of the three major cross-border payment service providers in China, with 70% of its revenue derived from this sector. It possesses the most comprehensive traditional payment and clearing licenses and has strong relationships with regulatory authorities in the US and Europe [4].

Market Overview - The Shanghai Composite Index rose by 0.7%, with the CSI 300 also increasing by 0.7%, the STAR Market 50 up by 1.2%, the CSI 1000 up by 1.4%, and the ChiNext Index up by 1.5% on Thursday [5][6] - The best-performing sectors included beauty care (+3.1%), non-ferrous metals (+2.8%), steel (+2.7%), retail (+2.6%), and non-bank financials (+2.1%), while the worst performers were banks (-1.4%), telecommunications (-0.2%), utilities (-0.1%), oil and petrochemicals (0.0%), and home appliances (+0.1%) [5][6] - The total trading volume in the Shanghai and Shenzhen markets was 1.8447 trillion yuan, with net inflows of 3.72 billion HKD from southbound funds [5][6] Key Recommendations Company: Guoquan (02517) - Guoquan is the largest in-home meal brand in China with 10,150 stores as of 2024, driven by a high-density store model and standardized supply [7][8] - The company is expected to achieve a revenue CAGR of 21.5% from 2020 to 2024, with over 51% of its stores located in lower-tier cities [7][8] - The penetration rate of prepared foods is projected to grow at a CAGR of 20.7%, reaching 15.0% by 2028, enhancing single-store revenue potential [7][8] Company: Lianlian Digital (02598) - Lianlian Digital is a leading global cross-border payment service provider with a focus on Web3 and the only company to obtain a VATP license [10][11] - The company is expected to see a revenue CAGR exceeding 30% from 2024 to 2027, with potential for growth to over 50% due to Web3 developments [10][11] - The current price corresponds to a PS ratio of 7.7x for this year, decreasing to 5.7x by 2026, with global stablecoin-related valuations ranging from 10-15x [10][11] Company: Jack Sewing Machine (603337) - Jack Sewing Machine is positioned to benefit from the recovery of the sewing equipment industry and the shift of the textile industry to Southeast Asia [12][13] - The company is expected to achieve revenue of 7,113 million yuan in 2025, with a growth rate of 16.73%, and a net profit of 1,080 million yuan [12][13] - The introduction of humanoid robots in the garment manufacturing sector could create a market space exceeding 600 billion yuan [12][13] Important Commentary Company: Hanyi Co., Ltd. (301270) - Hanyi Co., Ltd. announced the acquisition of a 39% stake in Shanghai Pidong for 67.3 million yuan, with an overall valuation of 262 million yuan [15] - This acquisition marks a strategic shift from a tool software provider to a cultural consumption ecosystem platform [15]

Group 1 - The article highlights the importance of national-level exhibitions such as the China International Import Expo (CIIE), Canton Fair, Service Trade Fair, and Digital Trade Fair in promoting the three pillars of trade: goods trade, service trade, and digital trade [1] - The last decade has seen accelerated trade digitization, brand globalization, and a restructuring of supply chain patterns, with companies like PingPong playing a crucial role in building a digital international trade system [3] - PingPong has evolved from a small startup to a significant player in cross-border payments, becoming the first Chinese cross-border payment company to partner with Flagship and helping SMEs reduce payment costs significantly [3] Group 2 - PingPong has obtained over 60 payment licenses and partnerships with more than 140 financial institutions, becoming a member of the Global Banking Financial Telecommunication Association (SWIFT) to enhance global settlement processes [4] - The brand globalization is shifting from being dominated by giants to full participation, with SMEs leveraging digital tools to accelerate their branding efforts [3] - The global download of TikTok reached 738 million in 2019, marking it as the first truly global Chinese social platform, which has opened new avenues for content e-commerce [3]

近年来，随着全球数字化转型加速、劳动力结构变化以及管理理念升级，人力资源行业市场规模持续扩 容。根据未来智库公布的数据，2024年全球人力资源服务市场规模达8900亿美元，其中中国市场规模占 比超30%，年复合增长率稳定在12%以上，行业发展迎来"井喷潮"。 与此同时，企业全球化用工面临的核心挑战——跨境薪酬支付痛点正日益凸显，银行手续费高、结汇限 制严、到账周期长等问题，成了不少企业头疼的"拦路虎"，企业高频高额支出的薪酬分发场景愈发难以 通过传统支付方式满足。 针对上述支付"堵点"，近日，全球化跨境支付服务平台CoGoLinks结行国际正式上线全球人力资源服务 收付款解决方案，为全球劳务派遣公司及海外雇主公司提供高效低成本的跨境支付服务。 具体来说，依托CoGoLinks结行国际全球多边持牌资质及高标准的跨境支付账户体系，企业可以实现快 捷方便的雇员薪酬分发，全球主流地区币种畅收闪付。 不仅如此，CoGoLinks结行国际支持线上申请开立账户，相比传统支付方式大幅降低企业的精力成本， 同时汇率所见即所得，为企业经营降本增效。 "企业雇员的跨境薪酬发放环节，到账时效和结汇限制是令人头疼不已的两大难题。薪资到 ...

Group 1 - The market appears to be rising, with the Shanghai Composite Index surpassing 3550 points, but individual investors may still be experiencing losses due to misaligned stock selections [1][3] - The current market trend shows that large-cap stocks, particularly in sectors like water, electricity, cement, and steel, are benefiting from government policies and substantial orders, while smaller stocks are lagging behind [3][4] - Investors are cautioned against holding onto stocks that lack government support, as well as against chasing high-priced stocks that are far from their moving averages [4] Group 2 - Recommendations for investors include focusing on stable dividend-paying stocks in sectors like water and nuclear power, while also exploring potential growth in emerging sectors like robotics and domestic computing [4] - Investors should avoid weak stocks without policy backing, refrain from chasing high-priced stocks, and be cautious of market trends following policy announcements [4] - The market dynamics suggest that those who understand and follow the rules set by government policies will be more successful, while those who do not may face losses [4]

Group 1 - The core viewpoint emphasizes that companies need to rapidly adjust their business strategies in response to changes in trade war tariffs and overseas compliance policies to enhance competitiveness [1] Group 2 - Current Chinese companies are adopting a more refined approach to going global, contrasting with the previous extensive model, focusing on local market development and brand building rather than just production [3] - Successful companies prioritize local market engagement and product quality, shifting from a focus on production to brand export [3] - There is an increased emphasis on intellectual property protection to avoid lengthy litigation disputes [3] Group 3 - Chinese companies must pay more attention to challenges related to carbon emissions and green standards in Europe [4] - Establishing a presence overseas requires a "symbiotic" approach, with core markets for Chinese companies covering the Middle East, Southeast Asia, Africa, and South America [4] - The process of expanding into non-U.S. markets involves supply chain restructuring, making it essential for the entire industrial chain to go global together to reduce costs [4] - Strengthening compliance capabilities is crucial for companies to proactively adapt to the complexities of international trade rules and regulations [4] Group 4 - PingPong has established a global compliance network across various regions, including mainland China, Hong Kong, Europe, the U.S., Japan, Australia, and Singapore, with over 30 branches worldwide [4] - Collaborating with over 500 different types of upstream and downstream ecosystem service providers, PingPong aids companies in accelerating localization strategies and reducing cross-border operational costs [4]