Investment summary:
Digital RMB: legal tender dominated by the central bank to safeguard national monetary sovereignty
Digital RMB (e-cny) is a legal tender in digital form issued by the people’s Bank of China. It is operated by designated operating institutions. Based on the broad account system, it supports the loose coupling function of bank accounts, is equivalent to banknotes and coins, has value characteristics and legal compensation, and supports controllable anonymity.
The technical framework of digital RMB: “one currency, two warehouses and three centers”.
Digital RMB payment means settlement, realizing cost reduction and efficiency increase: the expression form of digital currency is “encrypted string”, which is the digital form of cash. It can realize “payment means settlement”, exempt the handling fee for payment and settlement, reduce the transaction cost on the merchant side, improve the transaction speed and reduce the cash flow pressure of merchants.
The significance of digital RMB: safeguarding national monetary sovereignty and promoting the internationalization of RMB. Libra is a cryptocurrency project initiated by Facebook, with a basket of currencies (US $50%, Euro 18%, British pound 11%, Japanese yen 14%, Singapore dollar 7%) as asset reserves. Libra still has the prototype of super sovereign currency, which will enhance the hegemony of the US dollar, threaten national monetary sovereignty and make it difficult to track the flow of funds. At the same time, the US dollar is the main currency of cross-border payment. Relying on the digital RMB to establish a new payment and settlement system may become an important starting point to deal with US hegemony and RMB internationalization
Market review:
The computer industry was weak this week. The market showed structural differentiation as a whole this week, with the decline of the computer section of – 4.13%. The rise and fall range ranked 30 / 31 in the shenwanyi industry, down 8 from the ranking of the previous week.
The top ten stocks in the computer industry fell sharply. The top ten computer stocks fell sharply this week, with poor performance in both software and hardware.
The top ten gains in the computer sector mainly focused on finance, it and smart buildings. The top ten stocks in the computer sector this week include financial it, digital currency, software solutions for the construction industry and coal informatization.
Investment strategy:
With the penetration and diversification of digital RMB scenarios and the progress of technology and system construction as scheduled, we believe that the fields of security encryption, bank core system, digital RMB wallet, third-party payment, intelligent POS machine and ATM machine deserve attention. The relevant targets are as follows:
Subject matter of financial instruments: Grg Banking Equipment Co.Ltd(002152) , Newland Digital Technology Co.Ltd(000997) ; Bank it target: Hundsun Technologies Inc(600570) , Shenzhen Sunline Tech Co.Ltd(300348) ; payment
Subject matter of the organization: Lakala Payment Co.Ltd(300773) ; Application scenario target: Zhejiang Zhengyuan Zhihui Technology Co.Ltd(300645) ; Subject of security encryption: Westone Information Industry Inc(002268) , Beijing Certificate Authority Co.Ltd(300579)
Risk tip: the policy promotion is less than expected, the technical maturity is less than expected, the system construction cost is more than expected, and the application scenario is less than expected.
