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]

Industry Overview - Cross-border payments are reshaping international trade and personal consumption at an unprecedented speed, driven by globalization [1] - Innovations in payment methods, from traditional bank wire transfers to emerging blockchain technology, are optimizing efficiency and costs, injecting new vitality into global economic integration [1] Technological Advancements - Emerging payment methods like blockchain technology and digital currencies show significant potential in the cross-border payment sector [3] - Blockchain technology enables direct settlement through distributed ledgers and smart contracts, bypassing traditional multi-tiered banking systems, significantly reducing payment time and costs [3] Recent Developments - The launch of the "Cross-border Payment Pass" on June 22 marks the interconnectivity of the mainland and Hong Kong rapid payment systems [3] - This system allows residents to conveniently conduct real-time cross-border remittances in RMB and HKD using mobile numbers or bank accounts, with most transactions exempt from fees [3] Potential Companies - Lakala is one of the first third-party payment companies in China to obtain cross-border payment licenses, holding full licenses for cross-border RMB payments and Hong Kong MSO, supporting cross-border payments in over 100 countries [6] - New Guodu holds a European payment license and its smart POS terminals support real-time settlement in 36 currencies, with overseas market revenue accounting for 38% [6] - Sifang Jingchuang participates in the mBridge project for multi-central bank digital currency, enabling real-time exchange between digital RMB and Euro, HKD [6] - Changliang Technology provides cross-border payment system development, testing, and operation services for banks, assisting clients in connecting to SWIFT and CIPS systems [7] Unique Investment Opportunity - A specific company possesses both "cross-border foreign currency payment license" and "cross-border RMB payment license," enabling two-way cross-border settlement for imports and exports [8] - This company serves 14 banks across different countries, with cross-border business revenue accounting for 31% [9] - Recent shareholder numbers have sharply decreased, indicating a concentrated shareholding structure, with significant trading volume and bullish technical indicators suggesting a favorable entry point for investment [9]