8月8日天阳科技（300872）公告称，公司以自有资金3060万元，通过股权转让及增资扩股方式持有魔数 智擎51%股权，魔数智擎成为公司控股子公司，纳入公司合并报表范围。 天阳科技成立于2003年，2020年上市，创业板注册制改革首批上市企业之一，定位于银行IT解决方案供 应商，业务板块包括咨询、金融科技、数字金融和金融IT服务。财报显示，2024年天阳科技推进"专业 化、产品化"战略，聚焦在数字金融、智能信贷、产融智能等大模型应用，"专业化、产品化"营收占比 已超三分之二。 根据公告，魔数智擎2024年营业收入为2072.51万元，净利润为-330.89万元。魔数智擎、管理层股东等 向天阳科技承诺，保证魔数智擎在2025年度、2026年度、2027年度经审计的收入分别不低于2000万元、 3000万元、4000万元，在这三个年度经审计的扣除非经常性损益的净利润之和为正。 随着金融科技赛道竞争加剧，去年以来天阳科技业绩出现滑坡。2025年第一季度，公司实现营业收入 4.87亿元，同比下降0.19%；归母净利润2559.64万元，同比下降71.88%。 本次投资后，魔数智擎将增加研发投入，全面升级其核心建模产品 ...

星标 ★ IPO日报 精彩文章第一时间推送 8月6日晚间，天阳宏业科技股份有限公司（以下简称"天阳科技"，300872）发布公告，公司正在筹划以支付现金的方式购买上海通联金融服务有 限公司（以下简称"通联金服"）及相关公司的部分股权。 制图：佘诗婕 也就是说，通联金服为通联支付旗下的子公司。通联支付为一家基于第三方支付的金融科技服务企业，涵盖综合支付、金融科技及数字营销三大领 域，为商家、企业提供数字化解决方案。 对于本次交易，天阳科技认为，双方在行业赛道、客户定位、产品研发、技术服务等方面具有高度匹配性。通过此次投资，双方计划在信用卡系统 及消费金融系统服务领域开展战略合作，构建差异化的技术优势和高效的服务体系，巩固及提升公司的竞争优势。 曾商誉减值 据悉，天阳科技成立于2003年，2020年在创业板上市，定位于银行IT解决方案供应商，业务板块包括咨询、金融科技、数字金融和金融IT服务。 上市以来，天阳科技的业绩波动较大。 根据初步研究和测算，本次对外投资预计不会达到重大资产重组的条件，也不构成关联交易。 8月7日，天阳科技的收盘价为24.87元，小幅上涨2.56%。 | 来源：东方财富 | | --- | ...

Group 1 - Stablecoins serve as a stabilizing force in the volatile digital currency market, providing value stability and risk reduction for financial transactions and market development [1][2] - The Hong Kong Stablecoin Regulation is the world's first comprehensive regulatory framework for fiat-backed stablecoins, requiring issuers to operate with licenses and maintain 100% asset reserves, which supports multi-currency stablecoin issuance [4] - The U.S. Stablecoin Act of 2025 aligns with Hong Kong's regulations, promoting compliance in the stablecoin industry and enhancing investor confidence, which supports long-term valuation for related sectors in the A-share market [4] Group 2 - Stablecoins utilize blockchain technology to enable cross-border payments with near-instantaneous transactions and a 90% reduction in costs, addressing traditional international remittance challenges [4] - Companies like Sifang Precision, Feitian Technology, and Hengbao Co. are expected to see order growth due to their involvement in stablecoin applications in cross-border payments and supply chain finance [4] Group 3 - Tianyang Technology, a bank IT service provider, has entered the cross-border payment sector and is expected to rapidly expand market share due to increasing demand for stablecoin payments [5] - Youbuxin's smart POS terminals support stablecoin payments and are collaborating with major internet companies to test retail payment scenarios, indicating a growing demand for their technology [6] - Jingbeifang, a leading bank IT operations company, has developed an AI risk control model with a 99.7% interception rate for abnormal transactions and has successfully completed cross-border payment tests [7] Group 4 - Kelong Software, a digital banking service provider, has developed stablecoin wallet solutions for major banks and has a SaaS platform with over 500,000 merchant contracts, projecting a GMV of over 300 billion yuan in 2024 [8] - A company deeply involved in Shanghai's state-owned asset integration strategy has developed a system supporting stablecoins and has secured significant contracts, indicating strong growth potential [9]

Group 1: Stablecoin Impact - The recent regulatory developments in the US and Hong Kong regarding stablecoins have garnered market attention, highlighting their role in stabilizing prices by pegging to other assets, typically fiat currencies [3] - Stablecoins are expected to enhance cross-border payments by making them faster, cheaper, and more convenient, while also potentially challenging the dollar's status as the dominant reserve currency if other countries issue stablecoins not pegged to the dollar [3] - Relevant companies in the stablecoin development space include bank IT service providers, telecom operators, cryptocurrency exchanges, and financial institutions facilitating stablecoin transactions [3] Group 2: Dollar and US Stock Market Relationship - The concept of "de-dollarization" has gained traction, but there are misconceptions about equating a weaker dollar with de-dollarization and a weaker dollar with falling US stocks [8] - Historically, a weaker dollar has often benefited US stocks, as evidenced by the current situation where despite a weak dollar, US stocks are nearing new highs [8] - The dollar is expected to strengthen slightly in Q4, with the potential for US stocks to outperform again, despite the prevailing narrative around de-dollarization facing challenges [8] Group 3: Internet Industry Outlook - The internet industry has entered a new investment cycle after a period of cost-cutting, with AI, overseas expansion, and instant retail emerging as key focus areas [18] - Investors are advised to consider the uncertainties of future investments, balancing short-term financial performance with long-term growth potential [18] - The need for a buffer against external environmental fluctuations is emphasized, as innovation and risk-taking are inherent to the internet sector [18]

Market Overview - The A-share market saw a positive trend with the Shanghai Composite Index rising by 0.35%, the Shenzhen Component increasing by 0.41%, and the ChiNext Index up by 0.66% at the close [1] - The total market turnover reached 12,435 billion, with over 3,500 stocks experiencing gains [1] Sector Performance - The digital currency sector led the market with a strong performance, increasing by 4.72% [6] - Notable stocks in the digital currency sector included Tianyang Technology and Sifang Jingchuang, both hitting the "20CM" limit up [6][8] - Other sectors that performed well included Ant Financial concepts, electronic ID, and cross-border payment concepts, while precious metals, hair medical, and artemisinin sectors faced declines [2][6] Digital Currency Sector Insights - Sifang Jingchuang is recognized as a leading provider of cross-border payment solutions in the fintech sector, focusing on blockchain technology to aid financial institutions in digital transformation [8] - Analysts from China Galaxy Securities suggest that favorable policies are boosting investor confidence, leading to significant increases in stablecoin-related stocks [8] - Pacific Securities highlights the immense potential for digital currency development, recommending attention to companies with technological advantages in the digital asset space [8] Banking Sector Performance - The banking sector experienced a late surge, with banks like Jiangsu Bank, Nanjing Bank, and Beijing Bank reaching historical highs [10] - The inclusion of certain banks in major indices is expected to attract incremental capital inflows and enhance valuation opportunities [13] - Analysts emphasize the strong earnings certainty of bank stocks, suggesting they remain an attractive investment due to stable dividends and low valuations [13]

Core Viewpoint - The financial technology sector is facing intense competition, prompting market participants to undergo structural adjustments in their business operations. Tianyang Technology (300872.SZ) reported a decline in revenue and profit for 2024, indicating challenges in maintaining growth amidst a competitive landscape [1][2]. Financial Performance - Tianyang Technology's total revenue for 2024 was 1.766 billion yuan, a year-on-year decrease of 8.76%, marking the second consecutive year of negative growth [2]. - The net profit attributable to shareholders was 77.5 million yuan, down 33.60% year-on-year, while the net profit excluding non-recurring items was 2.7165 million yuan, a significant drop of 95.75% [2]. - The net cash flow from operating activities was 123 million yuan, reflecting a 69.81% decline year-on-year [2]. - Basic earnings per share decreased by 27.59% to 0.21 yuan, and the weighted average return on equity (ROE) fell to 2.91%, down 1.78% year-on-year [2]. Revenue Composition - The decline in revenue was attributed to intense market competition and extended settlement cycles for large projects from major clients, leading to a decrease in recognized revenue [2][3]. - The company reported that revenue sources are shifting towards key banking business areas such as credit, credit cards, and data, with a focus on large banks [1][3]. Strategic Developments - Despite the decline in performance, Tianyang Technology continued to expand by establishing five new companies and acquiring one, while also dissolving three subsidiaries [4]. - The company is focusing on a "professionalization and productization" strategy, with over two-thirds of revenue coming from this approach in digital finance and intelligent credit applications [3]. Profitability Challenges - Three main factors negatively impacted profits: convertible bond interest payments, stock incentive payments, and goodwill impairment [5]. - The company issued convertible bonds totaling 975 million yuan, with interest expenses for 2024 amounting to 50.977 million yuan, which significantly affected profitability [5]. - The goodwill impairment related to the acquisition of a subsidiary, which reported a revenue increase but a profit decline, further strained financial results [7]. Future Outlook - Tianyang Technology's R&D investment for 2024 was 327 million yuan, representing an 18.53% investment rate, with a focus on developing intelligent financial applications [8]. - Analysts project revenue growth for 2025-2027, estimating revenues of 1.925 billion yuan, 2.130 billion yuan, and 2.387 billion yuan, with corresponding net profits of 101 million yuan, 135 million yuan, and 181 million yuan [8].