就是跨境支付体系更高效率的支付体系所重塑所以空间从而是最大的所以我们反复强调一点就是当下的一个稳定币的行情也还在一个很初级的阶段具体的话各位可以参考我们上期的电业会议回放以及相关的新闻报告以及我们的产业图谱那进行的话我们也会把图谱再做一个更新那今天的汇报主要还是围绕我刚刚提到的我们最近产业调研最终产业调研下来一个全新的产业逻辑就是跨境支付那跨境支付其实大家谈了很久了但其实之前大家关注更多的还是在那个中小币就是跨境电商这个环节 尊敬的投资者 大家早上好欢迎各位您到参加我们天光之旅和年底系列时的变化会那今天的变化会在上次变化会我们继续给大家建立信心之外 那就是跨境支付不仅在这个跨境电商中小企业中小弊端存在巨大的机会在大币乃至超级大币比方说央国企业的跨境支付存在一个更大的一个巨大的一个机会那上期我们稳定币央会合作领导重点报告是参考互联网金融和数字货币的行情稳定币的 整个行情的周期在哪里那我们的结论非常明确无论是从时间还是从空间的角度而言我们认为还是在一个非常初期的阶段那同时我们也非常明确的和各位领导指出了当下的五人民币与互联网金融以及数字货币它的一个产业背景和政策基础是相同或者说类似的无论是在金融的这种创新的政策开 ...

海外稳定币与 RWA 的来龙去脉 20250715 摘要 香港政府积极推动数字资产发展，发布《数字资产发展政策宣言 2.0》，通过《稳定币条例》和虚拟资产交易平台指引，吸引机构参与港 元稳定币项目，并在代币化政府债券发行、创新应用场景和银行间代币 化存款结算等方面采取多项措施。 稳定币和 RWA 的发展为稳定币发行商、虚拟资产交易平台和基础设施 服务商带来机遇，Circle Internet 等公司有望通过规模上升、业务拓展 和开放 API 接口增加收入，Coinbase Global 等平台将受益于市场规模 扩大而盈利能力增强。 目前，稳定币主要用于货币交易和去中心化金融，但在支付、转账和流动性管 理等领域也开始有所发展。 全球对稳定币的监管情况如何？ 随着全球监管逐步完善，稳定币的发展将会加速，并可能成为国际金融体系重 构的重要支柱。例如，美国正在推动两大法案——Stable Act 和 Genius Act，这些法案要求按 1:1 比例维持支持发行支付稳定币的准备金，并规定准 备金必须是美元存款或美国短期国债。这显示出美国希望通过吸引资金流向美 债来巩固其美元霸权。 相比之下，中国香港也在推动稳定币监管 ...

出海机遇与挑战并存，从技术壁垒到文化鸿沟，从供应链重构 到合规性迷宫，能力建设正成为决定企业成败的关键因素。企 业要以长期主义的战略定力，用好既有优势、追求高阶目标、 打造全局能力。 作者：李铭俊 皮鑫 封图：图虫创意 中国企业新一轮出海潮正如火如荼。2024年，德勤发布的《中国企业全球化新纪元白皮书》显 示，仅德勤一家公司，2024年便助力超过2000家中资企业在全球96个国家出海并实现国际化发 展，这折射出中国企业全面开启出海征程的深度与广度。 出海机遇与挑战并存，从技术壁垒到文化鸿沟，从供应链重构到合规性迷宫，能力建设正成为决定 企业成败的关键因素。企业要以长期主义的战略定力，用好既有优势、追求高阶目标、打造全局能 力。 既有优势 当前阶段，中国企业在科技创新、规模制造与供应链组织上具有较强优势，制胜的关键在于将这些 优势发挥到极致，转化为在国际市场上的核心竞争力。 首先是科技创新能力。 目前，中国企业在新能源、人工智能等新兴领域的技术实力已经跻身全球第一梯队，这是产业出海 的关键法宝。比亚迪的刀片电池技术凭借卓越的安全性和能量密度，成为全球新能源汽车电池市场 的标杆；大疆的无人机飞控系统以其精准的操控 ...

Macro Strategy - The "Great Beautiful Act" has been quickly implemented, but its distribution effects and the tightening fiscal impact from excluding extended and expanded tax cuts limit its growth stimulus for the US economy [1][24] - The act's characteristic of "increasing deficits first, reducing deficits later" implies a risk of a "fiscal cliff" around 2028 [1][24] - In the short term, concerns about the impact of US Treasury issuance on market liquidity and yield premiums are not excessive; however, the long-term path dependency of unsustainable US government debt makes it difficult for Treasury yield premiums to decrease [1][24] Fixed Income - The "stock-bond seesaw" effect is evident as the stock market stabilizes, influencing bond yields; the 10-year government bond yield rose from 1.641% to 1.666% during the week [3][5] - The bond market's reaction to Trump's threats of additional tariffs on BRICS countries was muted, indicating a limited impact on bond yields [3][5] - The bond yield's upward trend is expected to continue, influenced by stock market performance, but the extent of the increase is likely to be limited [5] Industry Insights - Wanda Film's diversified layout in esports and concert live streaming is expected to create new growth points, with net profit forecasts for 2025-2027 at 1.0 billion, 1.24 billion, and 1.44 billion yuan, respectively [8] - Lianlian Digital is projected to achieve a reasonable P/S valuation of 8.0x and 7.0x for 2025 and 2026, respectively, as it continues to expand its business [10] - Youyou Foods has revised its profit forecast upwards, expecting net profits of 232 million, 285 million, and 329 million yuan for 2025-2027, reflecting a growth rate of 47.2%, 23.2%, and 15.3% [11] - Siyi Electric's net profit for the first half of 2025 is expected to be 1.293 billion yuan, a year-on-year increase of 46%, driven by strong overseas orders [14][15] - The energy sector, represented by Furan Energy, anticipates stable growth in natural gas supply and a steady increase in new energy business, with net profit forecasts of 872 million, 922 million, and 976 million yuan for 2025-2027 [12] - The lithium battery sector, represented by Weilan Lithium Core, has revised its profit expectations upwards, forecasting net profits of 750 million, 1 billion, and 1.31 billion yuan for 2025-2027, reflecting significant growth [13] - The pharmaceutical sector, represented by Lianbang Pharmaceutical, is expected to see revenue growth driven by innovative drug development, with net profits projected at 3.11 billion, 3.10 billion, and 3.38 billion yuan for 2025-2027 [21]

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 74, suggesting a positive outlook for the market [6][9]. - Recent policy support and improved market sentiment have led to a gradual upward trend in the market [9]. 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 simplified conditions for foreign institutions to participate in the Renminbi cross-border payment system, reflecting China's commitment to promote the global use of the Renminbi [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 healthcare data in drug development [7]. Market Capital Flow - The report lists the top ten stocks with the highest net inflow, with Dongfang Caifu (300059.SZ) leading at 159,736.05 million [10]. - The report also highlights the top ten stocks with the highest net outflow, with Tianfu Communication (300394.SZ) showing a net outflow of -61,119.45 million [12]. Industry Analysis - The non-bank financial sector has seen significant net buying, indicating investor optimism [19]. - Conversely, the food and beverage sector has experienced substantial net outflows, suggesting a bearish sentiment among investors [17].

Core Insights - The new wave of globalization for Chinese enterprises is gaining momentum, with Deloitte assisting over 2,000 Chinese companies in their internationalization efforts across 96 countries in 2024, highlighting the depth and breadth of this trend [2] - Opportunities and challenges coexist in the global market, with capability building becoming a key factor for success, requiring a long-term strategic approach [2] Existing Advantages - Chinese enterprises currently possess strong advantages in technological innovation, large-scale manufacturing, and supply chain organization, which are crucial for establishing core competitiveness in international markets [3] - In technological innovation, Chinese companies lead in emerging fields such as renewable energy and artificial intelligence, with notable examples including BYD's blade battery technology and DJI's drone control systems [4] - The speed of technological iteration is essential for maintaining competitive advantage, as seen with Huawei's commitment to R&D and CATL's significant investment in battery technology [5] Manufacturing Capability - Manufacturing is a critical area for national competition, with China's mature industrial chain and cost advantages making it attractive for global markets [6] - Companies like BYD and CATL are expanding their manufacturing capabilities in Europe, establishing a high-end manufacturing presence and integrating into local supply chains [6] Supply Chain Organization - Chinese enterprises must evolve from being mere producers to leaders in supply chain organization, requiring global planning and local supplier development capabilities [7] - The case of Geely's acquisition of Proton illustrates how Chinese companies can enhance local supply chains and foster mutual growth [7] High-Level Goals - Chinese enterprises should focus on building brand value, setting standards, and gaining industry influence to transition from OEMs to globally recognized brands [8] - Anta's strategy to prioritize its main brand and Nanjing QuanFeng's commitment to developing its own brand exemplify this shift towards brand independence [8] Global Standards and Influence - Mastering technical standards is crucial for long-term competitive advantage, as seen in the case of Chinese electric vehicles in Indonesia, where adherence to European standards has limited their market competitiveness [9][10] - Companies must aim to export not only products and technologies but also standards, requiring collaboration between national strategies and corporate initiatives [10] Overall Capabilities - Compliance, cross-cultural management, and understanding international dynamics are essential capabilities for Chinese enterprises venturing abroad [12] - Compliance challenges often arise from a lack of legal knowledge and resources, necessitating a robust compliance framework [13][14] - Cross-cultural management is vital for building trust and understanding local customs, which can mitigate cultural conflicts [16][17] - Companies must develop a keen awareness of international trends and geopolitical risks to navigate potential disruptions effectively [18][19] Conclusion - The essence of going global for Chinese enterprises lies in evolving capabilities and managing increasing environmental complexities [23] - Companies must leverage their first-mover advantages and focus on strengthening their overall capabilities to thrive in the new global landscape [24]

一笔跨境转账，一般需要在数家银行间辗转1-5天才能收款；一次汇率波动，可能让企业利润蒸发数百 万——长期以来，时效慢与汇率波动大一直是支付行业的两大痛点。稳定币的出现，正在改变这个局 面，不需要中间多家中介银行，可以实时地点对点到账，甚至可以在App里面进行交易…… 中国香港特区政府于2025年5月21日通过了《稳定币条例草案》，该条例将于2025年8月1日正式生效， 蚂蚁、渣打、京东等各大企业纷纷布局——它们或聚焦跨境支付，或深耕B2B交易，或瞄准亚太与非洲 市场，稳定币的应用市场已徐徐展开。 然而，稳定币的"稳定"如何保障？它与比特币等传统虚拟货币的核心差异何在？相比于传统跨境支付方 式，稳定币有哪些优势？为此，我们特别对话某金融机构跨境业务专家江波，拆解稳定币发展情况与在 出海领域的应用前景。 「对话人士：国内头部金融机构跨境业务专家江波，拥有多年金融及跨境支付行业从业经验。」 1. 稳定币如何解决传统跨境支付痛点？ 36氪：稳定币与比特币等传统虚拟货币在核心机制上的区别是什么？稳定币如何保证"稳定"？ 江波：稳定币和比特币设定的机制不一样。比特币是去中心化的，稳定币背后需要法币或者高价值的资 产作为兑 ...

Group 1 - The Global Cross-Border E-commerce Trade Expo will be held in Hangzhou from July 10-12, supported by the Zhejiang Provincial Department of Commerce and the Hangzhou Municipal Government, featuring over 2,500 exhibitors and attracting more than 1,500 buyers [1] - PingPong was awarded the title of "Outstanding Contribution Enterprise" at the 10th anniversary of the Hangzhou Cross-Border E-commerce Comprehensive Pilot Zone, recognizing its innovative practices in cross-border payment and support for global business development [3][6] - PingPong's business has expanded to over 200 countries and regions, with more than 60 payment licenses and 30 branches globally, processing transactions exceeding 2 trillion RMB, and assisting numerous SMEs in becoming global brands [9][12] Group 2 - During the expo, PingPong set up a dedicated booth (Booth No. 3A352) to provide professional cross-border payment consulting services and targeted solutions to help businesses seize overseas opportunities [11] - PingPong participated in the launch ceremony of the "Foreign Trade Quality Products, Technology Going Global" initiative as the only cross-border payment enterprise representative, highlighting the importance of technology in empowering foreign trade [9][12]

Group 1 - Ant Group denies reports of collaboration with Circle Internet Group to adopt USDC stablecoin on its blockchain platform, stating that there are currently no such plans [1] - Ant Group plans to apply for a stablecoin issuance license from the Hong Kong Monetary Authority after the Stablecoin Ordinance comes into effect on August 1 [1] - Ant Group is accelerating investments in global treasury management and expanding collaborations, integrating AI, blockchain, and stablecoin innovations into large-scale applications [1] Group 2 - Ant Group and ISDA jointly released a white paper on the use of tokenized deposits in transaction banking, promoting the development of tokenized deposits and shared ledgers in cross-border payments and foreign exchange settlements [2] - ISDA is a key standard-setting body for foreign exchange and cross-border transactions in the global banking industry, and Ant Group provides cross-border payment and fintech services to global enterprises and financial institutions [2] - Both organizations are co-leaders of the foreign exchange working group under Singapore's Monetary Authority's "Project Guardian," which includes participation from major financial institutions [2]

6月8日，蚂蚁国际与德意志银行在德国慕尼黑正式签署战略合作谅解备忘录（以下简称 MoU），标志着双方自2019年建立的客户关系迈入新阶段，进一步深化战略协作关系。根据 MoU，双方建立战略合作伙伴关系，结合双方优势，并借助蚂蚁国际独家的代币化技术和基 于人工智能的外汇技术，为欧洲和亚洲各类规模企业提供更全面的支付解决方案。 7月4日，蚂蚁国际与国际掉期与衍生工具协会（以下简称ISDA）在新加坡金融管理 局"Project Guardian"支持下，联合发布《代币化存款在交易银行业务中的应用》（Use of Tokenised Bank Liabilities for Transaction Banking）白皮书，推动代币化存款与共享分 类账在跨境支付及外汇结算领域的发展，并提出代币化存款技术的基本原则和标准。 【导读】蚂蚁国际辟谣！目前没有引入Circle稳定币计划 中国基金报记者 郭玟君 近日， 有 媒体报道称，据知情人士透露，蚂蚁集团正与Circle Internet Group合作，拟在蚂 蚁区块链平台上采用其稳定币。 该报道中， 知情人士表示，蚂蚁集团旗下的蚂蚁国际计划在 Circle的稳定币USD ...