中信证券区块链行业市场追踪9月1日,中信证券区块链行业市场追踪9月30日

9月份，区块链行业市场继续保持稳定增长。中信证券在9月1日发布的《中信证券区块链行业市场追踪》报告显示，区块链行业市场继续保持稳定增长，市场规模达到2.3万亿元，首次突破2万亿元大关。

从行业来看，9月份区块链行业市场仍然由金融、支付和交易所三大行业占据主导地位，其中金融行业市场份额达到47.2%，支付和交易所行业市场份额分别为27.3%和25.5%。

从技术角度来看，报告显示，9月份区块链行业市场仍然以区块链应用和区块链服务两大技术主导，其中区块链应用市场份额达到64.2%，区块链服务市场份额为35.8%。

此外，中信证券还发现，9月份区块链行业市场的融资活动也在不断增加，融资规模达到17.9亿元，同比增长了79.3%。

从行业发展趋势来看，中信证券认为，区块链行业将继续保持稳定增长，未来行业发展的主要趋势将是“技术融合、应用拓展、政策推动”。

未来，随着技术融合的加速，区块链行业将会迎来一个新的发展机遇期，基于区块链技术的应用将会更加普及，政策支持也将会加强，这将为区块链行业带来新的发展机遇。

1. Brokerages continue to increase their investment in fintech when exploring applications such as blockchain

Recently, many brokerages have stated that they are penetrating fintech capabilities into actual business, such as Blockchain, cloud computing and other technologies can be applied to asset management ABS business, investment research systems and institutional services, and undergo digital transformation. Fintech is becoming a strategic direction for securities companies to focus on.

Financial technology penetrates traditional businesses

For many institutions, the penetration of financial technology into traditional businesses is becoming faster and faster. In the digital transformation of past business models, the application of technologies such as blockchain and big data has become increasingly mature.

Kong Weicheng, general manager of GF Securities (Hong Kong stock 01776) Asset Management Company, said that financial technology is currently an important strategy for the company’s layout. In the investment decision-making of asset management, the integration of technology and asset management is accelerating. “In specific asset management planning products, we have built an intelligent ABS cloud platform by applying blockchain technology, using the technology platform to effectively transmit and monitor risks on funds and business changes generated in the business process, while also ensuring data security. It is authentic and cannot be modified."

On July 4, at the Science and Technology Expo held in Beijing, Huatai Securities officially released the digital service system for institutional customers. It is understood that the digital service platform covers multiple modules such as investment banking projects, investment analysis, and financial products, and provides a variety of solutions for institutional customer needs such as institutional transactions and asset management.

Yang Huahui, chairman of Industrial Securities, also recently wrote publicly that the company will increase investment in financial technology, carry out innovative attempts in customer service, market analysis, and risk pricing, and further enhance the intelligent level of the company's middle and back-end management. . Yang Huahui believes that the combination of technology and the securities industry will transform from simple applications to more in-depth integration. In the future, securities firms will also pay more attention to the application of emerging fields such as artificial intelligence and blockchain.

It is understood that in recent years, securities firms have increasingly hoped to internalize the traditionally outsourced financial technology business into the company itself. Analysts from securities firms said that due to the large amount of data and long products and business processes involved within securities firms, it is difficult for outsourced technology businesses to understand the actual business model. In the future, the construction of core technology financial platforms will penetrate into various business sectors such as investment banking, research, asset management, prime brokers, and institutional services. By analyzing and deconstructing the accumulated massive data, it can also provide technology for the value creation of traditional businesses. Auxiliary. In addition, after such a platform is successfully built, such a digital model can also be exported to the outside world, which can not only provide services to institutions and ordinary customers, but also increase the business value of the technology platform itself.

Institutional financial technology competition is fierce

Due to the increasing emphasis on financial technology strategies, the competition between institutions has become increasingly fierce."Technology content" is also increasing day by day.

Since June this year, many securities firms have added chief information officers (CIOs) in compliance with regulatory requirements. According to industry insiders, the addition of chief information officers (CIOs) of securities firms will be In the future, securities companies will play an important role in the integration of business and technology.

In addition to adding chief information officers, securities companies are also accelerating recruitment in financial technology. It is reported that in June this year, GF Securities, Haitong Securities (Hong Kong stock 06837), Many securities firms such as Orient Securities (Hong Kong stock 03958) have released dozens of financial technology-related positions, covering big data engineers, AI application engineers, data mining positions, cloud computing engineers and other technical positions.

At the same time , as an important strategy of the company, institutions are investing more and more resources in financial technology. According to the 2018 brokerage business performance data, in 2018, 98 brokerage information systems invested as much as 13.067 billion yuan, a year-on-year increase of 16.89%. Among them < /p>

A relevant person in charge of a medium-sized securities firm said that financial technology has increasingly become the core competitiveness of institutions seeking development. In addition to increasing investment, financial technology subverts traditional business models and also requires practitioners to think and Change in concept.

“The digital transformation of business is not simply to move the business online, but to apply financial technology scenarios through a deep understanding of business logic, improve business efficiency and risk control, and use intelligent technology to provide innovative and optimized services. "The above-mentioned securities dealers believe that in the future, there may be a number of specialty securities companies with differentiated services of financial technology in the industry, and the industry will also form a new market pattern around the capabilities of financial technology.

This article originates from China Fund News

For more exciting information, please visit the financial website (www.jrj.com.cn)

2. The future development prospects of blockchain

1. Blockchain has become the forefront of global technology development, opening up a new track for international competition. Blockchain will become a new key infrastructure to further accelerate the development of the digital economy, lead a new round of global technological change and industrial change, and become a technological The "source" of innovation and model innovation. The world's major developed countries will further pay attention to blockchain technology, intensively introduce relevant policy plans, increase industrial support and guidance, and enhance the competitiveness of their country's blockchain technology and industry.
2. The digital currency bubble gradually cools down. With the spread and popularization of the concept of blockchain technology, more and more people will realize that Bitcoin is not equivalent to blockchain, and various air coins will be gradually eliminated. Blockchain Technological innovation will return to a more rational track. Decentralization, multi-party collaboration, and anti-calculationTechnical features such as reform will be highly valued by relevant industry fields, and blockchain applications that have been transformed by combining industry characteristics will continue to emerge in some industries with strong innovation capabilities.

3. Baoxin chats about innovation - Lianyirong~Fight for a possibility and respond to everyone who said it can’t

Lianyirong Technology passed the listing hearing of the Stock Exchange and is expected to raise funds $1 billion. This is a supply chain financial service provider that has served more than 290 core enterprises and cooperated with more than 180 financial institutions since its establishment. As of September 30, 2020, the Group has processed nearly 250 billion yuan in supply chain financial transactions in mainland China.

The so-called finance means the financing of funds across time and space.

When small businesses supply core businesses, they receive not money, but accounts receivable, or IOUs. So how long will it take to get the money? According to Chishi Consulting data, the average payment period for accounts receivable of Chinese small and medium-sized enterprises in 2019 is 92 days. If calculated based on the entire payment process, it will take 6-12 months. This time difference is a trouble for small businesses and an opportunity for Lianyirong. China's supply chain finance uses the core enterprise's promise to pay in the future to help small businesses obtain bank loans.

From the demand side, as of December 31, 2019, the total number of large (core) enterprises in China with a credit rating of AA or above was 4,511, and the total value of accounts payable was RMB 30.2 trillion. From the supply side, although banks are not familiar with small enterprises, they know the core enterprises well. From the bank's perspective, before repayment, small businesses A, B, C, D, and E in the supply chain each owe the bank 1 million. After repayment, the core enterprise owes the bank 5 million. With a stroke of a bank's pen, funds have been mobilized across space.

Although Lianyirong’s largest shareholder is Tencent, it has no advantages in the field of supply chain finance. Not big. Let’s take a look at the ranking of supply chain finance technology solution companies in 2020.

Fourth place, Financial OneConnect, originates from Ping An and is backed by massive Hengqing Capital and Ping An Group’s decades of rich experience in the financial industry. Market share 7.0%

The third place, JD Technology, originated from JD.com, backed by massive platform transaction data and complete supply chain life cycle insights. Market share is 15.7%.

Second place, Ant Group, originated from Alibaba, backed by massive platform transaction data and leading supply chain financial layout. Market share is 19.6%.

The first place, Lianyirong Technology, originates from Shenzhen and is backed by the sea... with a market share of 20.5%.

In a land of hidden dragons and crouching tigers, how does Lianyirong Technology rely on to counterattack?

Lianyirong found that the first-tier suppliers were not the ones most short of money, because theyThere are also second-tier, third-tier and fourth-tier suppliers. The relationship is as intricate as human capillaries. Although they are minute and minute, they are indispensable. And they don’t even have the order endorsement from core companies, what should they do? Let small suppliers wait for traditional loans? To them, it's like waiting for a ship at the airport. It’s not that banks are inefficient, but that investigation, verification, approval, and loan processes are all indispensable. Lianyirong's micro enterprise chain is based on artificial intelligence, blockchain and big data to help financial institutions achieve penetrating risk control of the risks of upstream and downstream small and medium-sized enterprises. It can increase the credit of upstream and downstream small and medium-sized enterprises based on the credit of core enterprises. Realize multi-level transfer of credit. Micro Enterprise Chain blockchainizes claims, which can realize the splitting, multi-level transfer and financing of claims. It can not only greatly reduce the financing costs of small and medium-sized enterprises, but also directly use debt certificates to mortgage purchase funds, revitalizing the entire supply chain funds. Liquidity, as a closed-loop ecology, also indirectly improves the cash flow of core enterprises.

Of course, not every core enterprise is willing to enforce rights verification, and some small and micro enterprises also have no way to confirm rights. Therefore, Lianyirong uses big data to create a portrait of the operating conditions of small and micro enterprises. Obtain public data from different channels, including business operation and transaction data, tax invoice data, corporate credit information and more than 20 different dimensions of data to determine the characteristics of business owners. The more data you have, the stronger your data verification capabilities will be. Finally, a credit model will be generated, and then risk control and credit models can be built around it.

Lianyirong’s business model answers a question: what is money? Did you know that there is a small Pacific island called Yap that uses huge rocks as money? Of course they can't carry the boulder to buy things, but if Zhang San buys a pound of eggs, he can draw an area on his boulder. This is the egg money. As time passed, the boulders were densely covered with marks. What's even more funny is that a rich man's boulder rolled into the sea, but it didn't prevent everyone from making transactions with this invisible boulder.

Baoxin Finance believes that money is the consensus in human imagination. Lianyirong uses blockchain technology to create this consensus: Digipo, a digital certificate that can be infinitely circulated, cannot be tampered with, and is traceable. Suppliers can split Digipo, pay in full or part to its upstream suppliers, or use it to obtain financing from financial institutions.

When the information of each node is connected in series, information sharing can be realized and confirmed by multiple parties to ensure the authenticity of the target! It reduces investment risks, thus solving the problems of high financing threshold, difficulty in financing and high financing costs for small, medium and micro enterprises.

After achieving standardization, Lianyirong took another step forward and securitized high-quality accounts receivable. The future cash flow income rights owned by creditors of accounts receivable are transferred to investors in the form of shares, thereby reducing the bank's risks and meeting the needs of external investors. According to the consultingAccording to consulting analysis, supply chain asset securitization is expected to be the fastest growing source of funds in China’s supply chain finance industry, with an expected compound annual growth rate of 34.8% from 2019 to 2024.

According to CIC Consulting data, the volume of supply chain finance transactions processed through technological solutions in China has grown rapidly from RMB 185.9 billion in 2015 to RMB 4.4 trillion in 2019, with a compound annual growth rate of 120.5%, and is expected to further grow at a compound annual growth rate of 30.2% to RMB 16.4 trillion in 2024. At the same time, the penetration rate of technology solutions in the supply chain finance market is expected to increase from 9.0% in 2019 to 20.0% in 2024.

This is a fast track that stretches forward. From the perspective of capital supply, upstream Ping An Bank, China Merchants Bank, China Construction Bank, China CITIC Bank, etc. have already laid out their plans.

As a financial technology provider, Lianyirong is a fast-moving player on the track. The total transaction volume processed by its supply chain fintech solutions increased from RMB 29.3 billion in 2018 to RMB 82.6 billion in 2019, achieving a rapid growth of 182%, and then increased to RMB 82.6 billion as of September 30, 2020. RMB 122.3 billion in the nine months, an increase of 92% year-on-year in 2019. Their total revenue and income also increased from RMB 383 million in 2018 to RMB 700 million in 2019, a growth rate of 83%, and achieved a year-on-year growth of 52% in the nine months ended September 30, 2020 , reaching RMB 808 million.

Of course, Lianyirong still has many problems. For example, the net losses attributable to the company's equity shareholders in 2018, 2019, and 2020 were 1.410 billion yuan, 1.082 billion yuan, and 717 million yuan respectively, with a cumulative loss of 3.209 billion yuan in three years. It looks scary, but it's mainly due to the book change in fair value. It is true that the actual profit is not high. Adjusted net profit for the nine months ended September 30, 2020 was RMB 130 million, compared with RMB 37 million in the same period in 2019. In 2018, 2019, and the first three quarters of 2020, Lianyirong's top five customers accounted for 69.0%, 47.6%, and 37.9% of revenue respectively. Although the revenue proportion continued to decline, the company's dependence on large customers was still relatively high. high. Overall, Lian Yirong’s problems are not overshadowed by its shortcomings.

In order to cooperate with cross-border business in the supply chain, Lianyirong launched a cross-border cloud early on. Recently, Lianyirong has also cooperated with the world's leading software suppliers including Infor and B2B platforms to expand into overseas markets and develop international business. In 2020, Lianyirong obtained a digital banking license from the Monetary Authority of Singapore (MAS).

Now, Lianyirong, which is the first to be supported by capital,Can we get rid of the distance from Ant Group and JD Digits? We'll see. I think this glass of wine can be filled to the fullest. There is a high probability that it will be effective, but there is a small probability that it will make you laugh.

Lord Enlightenment