重磅电话会议：稳定币主题，如何把握？

Summary of Conference Call on Stablecoins Industry Overview - The focus of the conference call is on the stablecoin industry, which is characterized by significant potential, novelty, and multiple catalysts for growth. The implementation of stablecoin regulations in Hong Kong and the potential IPOs of overseas cryptocurrency companies are highlighted as key catalysts for the market [1][5]. Core Insights and Arguments - Theme Investment Trend: The current market trend favors theme investments, driven by the development stages of industries. The dominant industry, AI, has released its upstream computing power, while downstream applications are yet to see systematic investment. This has led to a focus on themes such as humanoid robots, controlled nuclear fusion, new consumption, and stablecoins [2]. - Investment Logic for Stablecoins: The investment logic for stablecoins includes: 1. The implementation of stablecoin regulations in Hong Kong starting August 1, which is expected to drive business developments [5]. 2. Potential IPOs of overseas cryptocurrency companies, such as Circle, which could influence the stablecoin market [5]. 3. Numerous catalysts from both industry and policy perspectives warranting close tracking [5]. - Key Beneficiaries: Companies involved in the technical infrastructure for stablecoins, such as blockchain technology and issuance support, digital wallets, and cross-border payment companies, are expected to benefit as stablecoin applications become more prevalent [6][7]. Important but Overlooked Content - Financial IT Relevance: The stablecoin market is closely linked to financial IT, including banking IT systems, non-bank institution IT systems, and third-party payment services. Companies with a strong presence in these areas, especially those with international operations, are likely to have significant growth potential [8]. - Highlighted Companies: - Jinbeifang Bank IT Company: Recognized for its leading software development revenue among bank IT companies, with deep involvement in the digital RMB infrastructure and strategic partnerships in Hong Kong, making it a key recommendation in the stablecoin context [9][10]. - Changliang Technology: Noted for its high overseas revenue share and experience in virtual asset trading and digital currency system construction, with significant backing from Tencent [11]. - Hengsheng Electronics: Gained a substantial market share in Hong Kong's brokerage trading systems and is well-positioned to benefit from the growing virtual asset market [12]. - New Guodu: Established a strong global payment network and is well-prepared to expand virtual asset trading in cross-border payments [13]. - RWA Companies: Companies like Longxin Technology and Jieshun Technology are positioned to explore the digital asset value chain, including stablecoin issuance and compliance trading [14].