Leading stocks of central bank's digital currency really bene

1. The central bank's digital currency landing frequency exceeds expectations, and the phenomenal events in the blockchain field may comprehensively catalyze the application of blockchain in more scenarios; Key recommendations: Omar electric, Hang Seng electronics, Xinya Da, Haili Meida, Guangbo Co., Ltd., Feitian integrity, winwin; Suggestion: digital authentication.

2. The issue of digital currency can not only rece the high cost of traditional paper currency issue and circulation, but also better serve our virtual economy. Previously, bitcoin and other data currencies were legalized in California, and the Bank of England also considered issuing digital currency, which opened a good foundation for digital currency circulation. With the issuance of digital currency in China, the penetration rate of mobile payment will rise by leaps and bounds, and the enterprises that take the lead in the layout will have broad prospects for development
in the A-share market, the concept stocks related to mobile payment mainly include: Hengbao shares, new world, Tianyu information, Zhongke Jincai, national technology, new cape, new Guo, etc.

3. CBDC, the full name of central bank digital currency, translated as the central bank digital currency. The Bank of England, in its Research Report on CBDC, gives this definition: central bank digital currency is the electronic form of central bank currency, which can be used by households and businesses to make payments and store value. The Chinese version of CBDC is described as digital RMB, which is issued by the people's Bank of China, operated by designated operators and exchanged to the public. It is based on the generalized account system, supports the loose coupling function of bank accounts, is equivalent to banknotes and coins, and has value characteristics and legal compensation. What we call DC / EP is the Chinese version of the central bank's digital currency, translated as "digital currency and electronic payment tools". The center for International Settlements (BIS) and the Committee on payment and market infrastructure (CPMI), two authoritative international organizations, jointly concted two questionnaires on more than 60 central banks in 2018 and 2019. The content of the questionnaire includes the work progress of central banks on digital currency, the motivation of studying digital currency and the possibility of issuing digital currency. 70% of central banks said they are (or will be) involved in the research of digital currency
response time: August 6, 2020. Please refer to the official website of Ping An Bank for the latest business changes

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4. Digital currency is not a concept stock. Digital currency is different from stock

digital currency is abbreviation of digital currency. It is an alternative currency in the form of electronic currency. Digital gold coin and cryptocurrency (bitcoin, DCT) belong to digiccy
stock is the certificate of ownership issued by a joint-stock company, which is a kind of valuable securities issued by a joint-stock company to each shareholder as a certificate of shareholding in order to raise funds and obtain dividends and dividends. Each share represents the ownership of a basic unit of the enterprise. Behind every stock is a listed company. At the same time, every listed company will issue shares.

5. Hailimeda (002537): its main business is the development, proction and distribution of home appliance parts, auto parts, micro and special motors and motor parts; Precision mold development, design and manufacturing, is a strong domestic comprehensive strength of home appliance parts suppliers.

6.

On A-share, the leading stock of digital currency concept is Hang Seng electronics, with the stock code of 600570

The main business of Hang Seng Electronics Co., Ltd. is to provide domestic financial institutions with software procts and services as well as financial data business, and to provide wealth management tools for indivial investors

9. It's possible to keep pace with the times

10. The people's Bank of China announced today that it would cut the benchmark interest rates of one-year deposits and loans by 108 basis points. At the same time, it would adjust the benchmark interest rates of other grades, as well as the refinancing and rediscount interest rates. It also cut the deposit reserve ratio by 1 and 2 percentage points for different commercial banks. The interest rate cut will make the benchmark interest rate of deposit reach the level when the interest rate was raised in August 2006, while the interest rate of current deposit will set a record low; The benchmark interest rate of loans reached the level when the interest rate was raised in October 2004. The benchmark interest rate of deposit and loan is only one step away from the historical lowest level in February 2002. Such a large and unconventional interest rate rection policy shows that the regulatory authorities hope that the effect of interest rate rection to stimulate the economy can be reflected as soon as possible. Although this will exceed our expectation of recing the benchmark interest rate by more than 108 basis points in the next year, there is not much room for future interest rate rection, which is concive to the market to digest the negative impact of interest rate rection on bank stocks in advance, On the contrary, a one-time interest rate cut is better than the sustained negative effect of a small interest rate cut. 2. This interest rate cut and other comprehensive factors will rece the net interest margin of banks by about 18-40 basis points. According to the calculation, this interest rate cut will rece the net interest margin of banks by about 18-40 basis points, with an impact range of about 9% - 13%. As the demand deposit interest rate has also been reced by 36 basis points, the negative impact of the interest rate rection on the net interest margin is slightly smaller. China Construction Bank, Bank of Beijing and other banks with a small proportion of fixed deposits and a large proportion of medium and long-term loans have a greater impact, while Shenzhen Development Bank and Huaxia Bank have a relatively small negative impact. At the same time, the deposit reserve ratio and Reserve interest rate were reced to comprehensively improve the net interest margin of banks by 1-4 basis points. Because ICBC, BOC, CCB and bocom only reced the deposit reserve ratio by 1 percentage point, the rise of net interest margin was relatively small. In addition, we believe that there is still room for a certain rection in the deposit reserve ratio, which is expected to be reced by 3-4 percentage points in the next year. 3. The recent cumulative four interest rate cuts have affected the net interest margin by about 48-84 basis points. Since the people's Bank of China lowered the benchmark interest rate of loans on September 16, the cumulative four interest rate cuts have reced the average interest rate of time deposits by about 160 basis points, and the benchmark interest rate of loans by about 170-180 basis points. After calculation, the net interest margin of each bank will be reced by about 48-84 basis points, with an impact range of about 16% - 29%, Due to the large range and short interval of interest rate cuts, it is expected that the negative impact of the four interest rate cuts on the performance will be fully reflected in 2009. 4. The overall performance of listed banks is expected to decline by more than 15% in 2009. Loan growth, asset quality and net interest margin are the key factors affecting the performance of banks in 2009. It is estimated that the loan growth rate will be 15.56% in 2008. Due to the inevitable decline of GDP growth rate, the overall loan growth rate may fall to about 13% next year. The non-performing loan rate will maintain an upward trend since the fourth quarter of this year, with an expected increase rate of about 15% ~ 33%. Considering the above factors, the overall performance of listed banks is more likely to decline by more than 15% (see the annual strategy report for details). However, if the interest rate cut and other policies to stimulate the economy can effectively stimulate the demand for credit, the recovery of the economy will make the non-performing rate better than expected, and the profit adjustment and other factors, it is not ruled out that the performance of banks will pick up in the fourth quarter of next year. At present, we maintain a neutral rating on the banking instry, and some banks have valuation and growth advantages.