该工作人员进一步补充道，公司旗下香港子公司长期为港资及中资券商提供IT服务，市场份额 可观，公司也确在积极布局稳定币等虚拟资产及出海业务，并与蚂蚁数科等企业有过前期沟通 交流。但其强调，"相关合作的确认仍需以官方公告信息为准"。 记者丨见习记者李益文 编辑丨叶映橙 7月29日，曾于2015年及2020年牛市中表现活跃的金融IT龙头恒生电子（600570.SH）股价大 爆发。上午10点后，其股价急拉涨停，带动财富趋势、国投智能等金融科技股同步拉升。 市场异动来源或与一则"小作文"有关。 一则疑似券商研究员的荐股信息称，"我们获悉恒生电 子全资子公司恒云科技已与蚂蚁数科达成战略合作，合作围绕虚拟资产/稳定币的运营及系统 建设，专注于香港及出海市场，并计划在9月召开相关稳定币大会，声称"合作打开恒生成长天 花板。" 对此，恒生电子投资者关系部的工作人员向以投资者身份采访的21财经·南财快讯记者表示， 公司有注意到市场相关传闻，公司今日涨停或与该传闻有关，但目前投资者关系部暂无法确认 公司是否与蚂蚁数科达成合作。 此外，受稳定币等概念推动，恒生电子自6月以来股价已累计上涨逾44.2%。但恒生电子近期 业绩却显著承压。 ...

曾于2015年及2020年牛市中表现活跃的金融IT龙头 恒生电子股价大爆发。上午10点后，其股价急拉涨 并涨停，带动 财富趋势、 国投智能等 金融科技股同步 拉升。市场异动来源或与"恒生电子与蚂蚁数科 就 稳定币合作"的传闻有关。对此，恒生电子投资者关系部的工作人员向以投资者身份采访记者表示， 公司有注意到市场相关传闻，公司今日涨停或与该传闻有关，但目前投资者关系部暂无法确认公司是否 与蚂蚁数科达成合作。公司也确在积极布局稳定币等虚拟 资产及出海业务，并与蚂蚁数科等企业有过 前期沟通交流。但"相关合作的确认仍需以官方公告信息为准"。 (21财经) ...

证券研究报告 | 行业周报 2025 年 07 月 21 日 非银行金融 两融规模有望破前高，券商、金融 IT 波动前行-非银周观点 从近期市场交易定价看，公募考核新规基准回补效应持续引发市场关注，市 场量能有所放大，银行、保险板块高位波动，券商、多元金融板块波动震荡。 我们判断，7 月后国内外大事将迎来密集交织期，宏大叙事或是决定市场可 能进一步走强的关键因素，券商为代表的非银金融有望波动突破。交易节奏 而言，市场可能要阶段性聚焦内部问题，包括去产能或推动 PPI 修复，具体 或要看包括 7 月份的政治局会议定调，以及 4 中全会等重磅会议。并购线建 议重点关注以信达证券、首创证券、浙商证券、国联民生、中国银河等为代 表个股；具有估值扩张空间的公司，推荐关注综合能力强、风险资本指标优 化、受益 ETF 发展的华泰证券、中金公司等；同时从赔率弹性角度，建议逢 低关注布局金融 IT 板块，建议重点关注财富趋势、同花顺、九方智投等；互 金平台建议关注东方财富、指南针等；持续关注稳定币效应，如胜利证券公 告 2025H1 中期业绩预告扭亏为盈主要系虚拟资产相关业务收益大幅增长。 十年期国债收益率在 1.66%附近波 ...

对于后市的指数行情，本周各家券商策略普遍积极。 广发策略刘晨明团队指出，当前市场所处的阶段可以概括为"上行收益和下行风险不对等"。即"下行风险"被锁住，"上行收益"则 有较大的潜在空间。 | | | 一周策略前瞻 | | | --- | --- | --- | --- | | 券商/分析师 | 结论 | 逻辑 | 关注板块 | | -发策略 | 11 当前市场所处的阶段可以概括为 | 一方面,"下行风险"被锁住:4月央行答记 | 增加对受益远期改善预期、但对即期基 非美出口链(摩托车/逆变器/海风) | | | | 者问曾提出"在必要时间向中国汇金公司提 | | | | | 供充足的再贷款支持"，为后续监管资金的 | | | | | 增量子弹提供保障;而年初金融委明确了" | 本面不敏感的品种:券商、金融IT、地 | | | | 大型国有保险公司从25年起每年新增保费的 | 产。 | | | | 30%用于投资A股",因此保险资金下半年仍 基本面占优的品种:海外算力链、游戏 | | | | | 在徐徐增配。 | | | 刘晨明 | 上行收益和下行风险不对等"。 | 另一方面，"上行收益"则有较大的潜在空 | ...

Group 1 - The core viewpoint of the news highlights the volatility in the fintech sector, particularly in stablecoins and cross-border payments, with significant declines in several stocks [1][3] - The financial technology ETF (159851) experienced a slight adjustment, with a near 1% drop in price, but saw substantial net subscriptions of 350 million shares, indicating strong investor interest [1][3] - Recent reports suggest that the technology innovation theme remains a growth focus, with an emphasis on fintech, particularly in the context of stablecoins and RWA (Real World Assets) [3] Group 2 - The stablecoin industry is expanding due to the legalization in Hong Kong, benefiting RWA issuers, consulting/technical service providers, and cross-border payment companies [3] - The financial technology ETF (159851) has a significant scale of over 7 billion yuan and an average daily trading volume exceeding 550 million yuan over the past six months, showcasing its liquidity advantage [3] - The market is increasingly focused on the Q2 performance of listed companies, particularly in the internet finance sector, which is expected to release performance potential in a bullish market [3]

华安证券指出，《稳定币条例》将于8月1日正式生效，推动RWA（现实世界资产）通过区块链技术代 币化，涵盖房地产、充电桩、贵金属等资产类别。中国人民银行在上海实施八项金融开放政策，包括设 立数字人民币国际运营中心及探索区块链跨境支付试点，旨在构建"主权信用+市场化补充"的双层架构 应对全球美元稳定币挑战。上海国资委强调加强对数字货币的研究，探索区块链在跨境贸易、供应链金 融等领域的应用。稳定币及RWA主要功能聚焦跨境支付与资产上链，金融IT领域有望受益于产业链发 展。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 港股科技ETF跟踪的是港股通科技指数，该指数由中证指数有限公司编制，从港股通范围内选取信息技 术、医疗保健等科技领域的上市公司证券作为指数样本，以反映可通过港股通渠道投资的港股科技行业 上市公司的整体表现。该指数特别注重筛选具有创新特质、 ...

Group 1 - The core viewpoint of the news highlights a resurgence in the financial technology sector, with the China Securities Financial Technology Theme Index rising over 1% on July 17, driven by strong performance from constituent stocks [1] - Notable stocks such as Hengyin Technology, Tuorisi, and Runhe Software saw significant gains, with Hengyin Technology quickly hitting the upper limit within minutes of market opening [1] - The financial technology ETF (159851) experienced a price increase of over 1%, with trading volume exceeding 200 million yuan, indicating strong investor interest and inflow of capital [1] Group 2 - Hengyin Technology announced a profit forecast for the first half of 2025, expecting a net profit attributable to shareholders of 13.5 million to 16.2 million yuan, marking a turnaround from losses [3] - The report indicates a decrease in overall costs and stable revenue growth, with a significant increase in overseas sales compared to the previous year [3] - A report from CITIC Securities suggests that the legalization of stablecoins in Hong Kong will drive the expansion of the stablecoin industry, benefiting sectors such as RWA issuers, consulting/technical support providers, and cross-border payment companies [3] Group 3 - The financial technology ETF (159851) and its associated funds are recommended for investment, as they cover a wide range of themes including internet brokerage, financial IT, cross-border payments, and AI applications [3] - As of July 11, the financial technology ETF had a scale exceeding 7 billion yuan, with an average daily trading volume of over 550 million yuan in the past six months, showcasing its liquidity and scale advantages [3]

Summary of Conference Call Records Industry Overview - The conference call discusses the performance and outlook of the financial technology (FinTech) sector, particularly focusing on the capital markets and banking IT companies in China. The analysis covers 36 fund companies and 26 listed brokerages, providing insights into their revenue, IT investments, and personnel trends from 2019 to 2024 [1][2][3]. Key Points and Arguments Revenue and Growth Trends - For 2024, the overall revenue and operational metrics of the fund companies are expected to remain stable compared to 2023, with some indicators showing a decline, yet still better than 2020 [1]. - The total revenue of ten A-share capital market IT companies is projected to decline year-on-year in 2024, despite an increase in gross profit margin [3]. - Retail software companies are experiencing significant growth, with one company reporting a 60% year-on-year increase in revenue due to an acquisition in November 2023 [4]. IT Investment Insights - The growth rate of IT investments among brokerages is lower than revenue growth, attributed to budget constraints and the timing of budget approvals [2]. - In 2024, the IT investment of the six major state-owned banks is expected to remain flat, accounting for 3.52% of total revenue, a slight increase from 2023 [5][6]. - Despite a trend of reducing personnel, the number of technology staff in brokerages has seen a slight year-on-year increase of 0.8%, indicating a focus on technology despite overall staff reductions [2][6]. Profitability and Challenges - The profitability of banks is under pressure, with a notable decline in net profit by approximately 20% due to reduced IT investments and extended project timelines [7]. - The cash flow for 2024 is expected to decline year-on-year, reflecting the overall revenue downturn in the industry [9]. Future Growth Drivers - The growth drivers for both capital market IT and banking IT in 2025 are anticipated to include innovation, artificial intelligence (AI), and exploration of overseas markets [9][15]. - Companies are increasingly focusing on AI to enhance operational efficiency, with various firms developing integrated solutions for smaller banks to improve their service capabilities [11][12]. Market Opportunities - There is a growing trend of companies exploring international markets, particularly in Southeast Asia, with some firms already achieving over 15% of their revenue from overseas [15]. - The competitive advantage of Chinese IT firms in Southeast Asia is highlighted, with successful project implementations in countries like Thailand [15]. Other Important Insights - The conference call emphasizes the importance of monitoring large project confirmations and the impact of AI on business restructuring within the financial IT sector [10][12]. - The overall sentiment towards the capital market remains optimistic, with expectations of improved performance driven by AI and new innovations in 2024 [16]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current state and future outlook of the financial technology industry in China.

Summary of Conference Call Notes Industry or Company Involved - Focus on the theme investment strategy in the financial market, particularly related to stablecoins and various thematic investments in the technology and finance sectors. Core Points and Arguments 1. The analysis perspective is top-down, focusing on three dimensions: market characteristics of theme investment, understanding theme investment, and analyzing stablecoins [1] 2. The investment paradigms discussed include thematic investment, cyclical investment, and value investment, emphasizing that a structural bull market often begins when a leading industry enters a growth phase [2] 3. AI applications are expected to gradually enter a growth phase, but the transition may not be smooth, leading to a market focus on thematic investments [3] 4. Thematic investments are categorized into two types: industrial themes (e.g., humanoid robots, controllable nuclear fusion, new consumption) and event-driven themes (e.g., the Super League) [4] 5. A focus on stablecoins is highlighted, with a belief that they will remain a significant theme due to multiple catalysts, including regulatory developments in Hong Kong [5][6] 6. Key catalysts for stablecoins include the implementation of stablecoin regulations in Hong Kong and the ongoing business developments of major companies like JD and Ant Group [6] 7. Companies related to stablecoin infrastructure, data wallets, and payment solutions are expected to benefit from the growth of stablecoin applications [7] 8. The global push for legal digital currencies since 2018 has created new demands, particularly in cross-border payments, which are closely related to stablecoins [8] 9. The stablecoin landscape is evolving, with significant policy advancements occurring primarily outside of mainland China, suggesting investment opportunities in companies with a strong presence in Hong Kong and overseas [9] 10. A specific recommendation is made for Jinbeifang, a bank IT company, which has shown strong performance in the stablecoin market and has strategic partnerships to enhance its offerings [10][11] 11. Jinbeifang's collaboration with Guofu Quantum focuses on IT innovation, virtual asset ecosystems, and financial business innovation, indicating a robust growth strategy [12][13] 12. Longshine Technology is also recommended due to its partnership with Tencent, which may lead to collaborative opportunities in the stablecoin space [15] 13. Non-bank IT companies like Hengsheng are also highlighted for their involvement in the stablecoin market, showcasing the diverse participation of financial institutions [16] 14. The potential of Real World Assets (RWA) is discussed, with companies like Langxing Technology and Jieshun Technology identified as key players in this area [17] Other Important but Possibly Overlooked Content - The discussion emphasizes the importance of catalysts in sustaining thematic investments, suggesting that a dense network of catalysts is crucial for maintaining market interest and momentum [4] - The call highlights the interconnectedness of various financial technologies and regulatory environments, indicating a complex landscape for investors to navigate [8] - The focus on both industrial and event-driven themes suggests a diversified approach to investment strategies, allowing for flexibility in response to market changes [4]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 华安证券指出，《稳定币条例》将于8月1日正式生效，RWA（Real World Assets）通过区块链技术实现 现实资产代币化，涵盖房地产、充电桩等多元领域。中国人民银行在上海推出八项金融开放政策，包括 设立数字人民币国际运营中心及区块链跨境支付试点，旨在构建"主权信用+市场化补充"的双层架构应 对全球美元稳定币挑战。上海国资委强调需加强对数字货币的研究，探索区块链在跨境贸易、供应链金 融等场景的应用。从功能看，稳定币与RWA主要服务于跨境支付和资产上链需求，而人民币跨境支付 系统（CIPS）规则修订进一步明确运营机构资质及资金所有权，为港元等外币支付预留空间。金融IT 领域或受益于稳定币产业链发展，跨境支付效率提升。 港股科技ETF跟踪的是港股通科技（港元）指数，该指数由中证指数有限公司编制，从港 ...