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① Blockchain Era: Transformation from Information Internet to Value Internet

Guosen’s perspective

Guosen Overseas Group’s perspective:

With the development of the Internet to this day, its main function is to allow information to circulate on the Internet, and information is spread by copying (A is copied to B). The "ledger" constructed by the blockchain is open, transparent, non-tamperable, peer-to-peer interconnected, and easy to trace, and builds an infrastructure based on a trust mechanism to allow the value of digital assets to circulate efficiently on the Internet, and digital assets occur on the Internet. Transfer of value (transfer from A to B, rather than copying from A to B). We are optimistic about the future of blockchain. However, the most important achievement of blockchain at this stage is the evangelism of ideas. Its emergence allows the market to see the shortcomings of the "Internet of Information" and the trend of the "Internet of Value".

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The relationship between blockchain and Bitcoin

Explaining blockchain, there is no way around Bitcoin. The "invention" of Bitcoin has proven the feasibility of blockchain technology. Bitcoin is not the entirety of blockchain technology, but only one of its applications. Without Bitcoin, it’s possible that blockchain wouldn’t have happened, or at least not anytime soon.

The origin of the word "blockchain" is the "chain of blocks" in the original English version of the Bitcoin white paper. When translated into Chinese, the word "blockchain" is used. As the focus of Bitcoin mining shifts to China, the Chinese market has become the main battlefield for blockchain and Bitcoin. The English domestic market of blockchain is written as "blockchain", which has become a proper noun for the entire blockchain technology in the world. (Noun evolution path: chain of blocks - blockchain - blockchain).

The total amount of Bitcoin is limited, stimulating market speculation

Whether Bitcoin is regarded as a commodity or currency, due to its limited total amount, it stimulates market speculation on Bitcoin. Price, referred to as currency speculation. According to the Bitcoin generation mechanism, the total number of Bitcoins is 21 million.

Bitcoin is the reward after a new block is connected. A block is generated every 10 minutes. A certain number of Bitcoins are rewarded for each block generated. 50 are rewarded in the first four years. The number of Bitcoin rewards is halved every four years, so the total number of Bitcoins is 21 million. Calculation method: {50 X 6 X 24 X 365} X 4 X {1+1/2+. . . . . (1/2)n}=21 million (2.1*107).

Technical principles of blockchain

Blockchain timestamps all transactions through random hashing and merges them into an ever-extending random hash-based, working The proof-of-work chain is used as a transaction record. Unless all the proof-of-work is completed again, the transaction record cannot be changed. There are three steps to forming a new block:

1. The miner packages the four parts of the "ledger, the header of the previous block, the timestamp, and the random number sequence X" within a period of time into a block;

2. Through a large number of calculations, the miner adjusts the random number sequence X of the block, generates the composite required hash value, and obtains Bitcoin rewards.

3. Miners connect the new block with the previous block to form a new blockchain.

The number of patents is an important indicator for quantifying blockchain companies at this stage

The global blockchain industry is still in the early stages of development. Most companies are in the conceptual design stage and have no commercialized products. It is difficult for outsiders to objectively evaluate the pros and cons of startups. We believe that the number of blockchain invention patents can reflect the potential of each company and is an important indicator for distinguishing blockchain companies through quantitative means at this stage.

Investment advice: Based on the fundamentals of the company, focus on the value of the Internet in the blockchain era

With the development of the Internet to the present, its main function is to allow information to circulate on the Internet, and information can be copied. propagation method (A is copied to B). The "ledger" constructed by the blockchain is open, transparent, non-tamperable, peer-to-peer interconnected, and easy to trace, and builds an infrastructure based on a trust mechanism to allow the value of digital assets to circulate efficiently on the Internet, and digital assets occur on the Internet. Transfer of value (transfer from A to B, rather than copying from A to B). We are optimistic about the future of blockchain. However, the most important achievement of blockchain at this stage is the evangelism of ideas. Its emergence allows the market to see the shortcomings of the "Internet of Information" and the trend of the "Internet of Value".

Realizing the "Internet of Value" requires large-scale application implementation, not a single technology. At this stage, blockchain is still in its early stages of development. We are optimistic about the future of blockchain, but we do not overestimate the present of blockchain.

In the Hong Kong stock market, there are many companies involved in blockchain. Based on the company's fundamentals and the number of blockchain patents, we recommend Tencent Holdings and Launch Technology, maintaining performance forecasts and recommendation ratings.

Tencent (0700.HK): We expect the company’s revenue growth rate from 2019 to 2020 to be 22% and 22%, and net profit growth rate to 23% and 16%, of which NON-GAAP profit growth rate is 15%, 16%. The EPS corresponding to 2019 and 2020 are HK$10.4 and 12.1, and the target valuation range is maintained at 380 to 400 yuan, corresponding to 31 times to 33 times PE in 2020. The overweight rating is maintained.

Launch Technology (2488.HK): We predict that the company’s revenue growth rate from 2019 to 2020 will be 9.7% and 12.2%, and its net profit growth rate will be 69% and 29%, corresponding to EPS of 0.32, 0.42 Hong Kong dollars. We maintain a "buy rating" and recommend a reasonable valuation of HK$8-9, corresponding to 25-28 times PE in 2019.

Risk warning

1. BlockchainIdeas cannot be turned into products. 2. The emergence of new technologies causes the blockchain to be falsified. 3. The profits from the company’s existing business cannot support the long-term R&D investment in blockchain.

Appendix: Blockchain-related companies in Hong Kong stocks

1. Tencent (0700.HK): There is a dedicated blockchain portal (https://trustsql.qq). On October 19, 2019, Tencent released the "2019 Tencent Blockchain White Paper" to provide an overall introduction to Tencent's blockchain. The solution includes the TrustSQL blockchain underlying platform and Tencent Cloud TBaaS, and details four Tencent blockchain best practices, including blockchain electronic invoices, micro-enterprise chain, Zhixin Chain and blockchain bank draft. Tencent, which focuses on "connection", continues to develop infrastructure construction in the field of blockchain and promotes the implementation of "blockchain+" industry solutions to promote value connections between enterprises and between enterprises and consumers. Through the "blockchain+" model, we empower the financial and real industries, promote the integration of blockchain and industry, and accelerate the construction of industrial blockchain.

2. China Mobile (0941.HK): On October 15, 2019, the Blockchain Service Network (BSN) press conference and event was hosted by the Information Center, hosted by China Mobile Communications Group Corporation and China UnionPay Co., Ltd., and co-organized by Beijing Hongzao Technology Co., Ltd. The Technology Development Summit Forum was successfully held in Beijing. China Mobile utilizes existing resources, cloud facilities and computing storage facility resources to conduct independent research and development and optimize existing facilities; as a new cornerstone, China Mobile promotes the mutual empowerment between 5G and blockchain.

3. Ping An of China (2318.HK): The number of global blockchain invention patent applications disclosed in 2018 was 84, ranking 7th in the world. Ping An relies on blockchain technology to improve the intelligent level of urban management. Ping An applies blockchain to medical health, targeted poverty alleviation, social welfare, etc.

5. ZhongAn Online (6060.HK): Anlian Cloud, a professional ecological cloud service platform based on artificial intelligence, blockchain and cryptography. The platform uses Zhongan Chain independently developed by Zhongan as its underlying infrastructure and also develops electronic signing , digital identity, distributed encrypted storage, certificate storage, traceability and other nearly 10 vertical applications.

6. Kingsoft (3888.HK): It was the first to implement Game + Blockchain applications and solutions. Currently, the game cloud business is exploring the application of blockchain technology and accelerating the expansion of the game ecosystem. In the first half of 2018, Kingsoft Cloud took the lead in launching the "project-X" plan for the entire ecosystem of blockchain games, realizing a project consisting of blockchain platform infrastructure construction, blockchain underlying technology, and blockchain game development, operation, and distribution. Complete blockchain game ecological structure.

7. HC Group (2280.HK): On January 31, 2018, HC Group announced that its first application scenario based on blockchain was officially launched.The cooperation framework agreement signed with Joyvio Co., Ltd. will start from the agricultural field to build HC Group’s blockchain products, and use the advantages of industrial big data and blockchain application scenarios to expand the modern agricultural blockchain market.

8. Launch Technology (2488.HK): The company is China's earliest leading high-tech enterprise dedicated to the research and development and production of automobile diagnosis, testing, maintenance, and tire equipment. As a leader in the Internet of Vehicles industry, the company is deeply involved in exploring solutions for the integration and monetization of automotive big data. In 2018, the company ranked fifth in the world in terms of the number of blockchain-related patent applications, standing at the forefront of new blockchain technologies. The company has combined blockchain technology with industry applications and developed the "Super Chain Project" series product, a 4G vehicle data collection terminal with blockchain technology – GTBOX-I, tailored for the Internet of Vehicles industry. Launch Technology has publicly stated its position many times: No matter whether it is declining or rising, it refuses to get involved in digital currencies and ICOs. It neither public nor private placements, and concentrates on exploring the value of the chain.

9. Meitu Company (1357.HK): The vision of Meitu Blockchain is to connect the digital world and reality by creating a decentralized, secure and encrypted identity pass for users: Meitu Intelligent Passport (MIP - Meitu Intelligent Passport) world and create a trusted blockchain environment. On the one hand, Meitu Intelligent Pass (MIP) allows users to anchor assets scattered across various applications on the blockchain, and through face recognition AI verification, use various applications more conveniently and securely, and receive privacy protection; On the other hand, Meitu Intelligent Pass (MIP) also allows some services that require strong verification, such as the medical and education fields, to more effectively use blockchain to serve users.

10. Gome Retail (0493.HK): On April 14, 2018, according to Gome Retail, Gome has entered the era of comprehensive digitalization. Operating digital stores is Gome’s “No. 1 Project”, and the company’s focus on blockchain technology and decentralization Technology is always doing research. The relevant person in charge of Gome Retail said: Gome’s shared retail business model and employee beauty store retail strategy are very consistent with the decentralized model system of the blockchain. The employee beauty store is also a new channel that Gome hopes to build.

(Source of article: Guosen Securities)

Solemn statement: The purpose of releasing this information is to spread more information and has nothing to do with the position of this site.

② Du Xiaoman Financial Blockchain ABS won the Harvard Business Review Annual Excellence in Practice Award

On December 18, 2019, "YUE Management" was held at the China Center of the Wharton School of the University of Pennsylvania At the award ceremony, Du Xiaoman Financial won the Harvard Business Review's 2019 "Excellent Practice Award" for its blockchain ABS case.

As the "China Management Oscar" event, the first "YUE Management" Excellent Practice and Practitioner Project launched case collection in August 2019. After half a year of collection and selection, 12 financial professionals were invited Heavyweight experts and top scholars from first-class business schools at home and abroad served as judges to select 10 outstanding practitioners. This time, Du Xiaoman Finance won the award, which also shows its strength in the blockchain field.

ABS stands for asset securitization, or asset-backed securities, which is the current discounting of cash equity that can be continuously obtained in the future. Compared with the traditional loan model, ABS does not need to rely on fixed assets as collateral and is a powerful tool to solve the financing difficulties of small and medium-sized enterprises. However, there are also industry pain points such as underlying asset fraud and multi-party information asymmetry.

It is understood that Duxiaoman Financial Blockchain ABS solves the problem of trust in the authenticity of the underlying assets of all parties to the transaction. Its blockchain technology combines financial brain, artificial intelligence and other technologies in practice, using The alliance chain implements the full life cycle management of ABS, ensuring node information security through permission management and asymmetric encryption; using distributed storage solutions to achieve decentralization; and then providing a set of standard underlying frameworks to enable the preparation of smart contracts for all parties.

In May 2017, Duxiaoman Financial, Baiqian Leasing, Huaneng Trust and other partners jointly issued the first domestic ABS (asset securitization) project supported by blockchain technology, with an issuance scale of 424 million yuan. , this is the first project in China that uses blockchain technology as the underlying technical support to realize ABS "real assets"; in August of the same year, Du Xiaoman Financial released the "Network-Chang'an Xinsheng-Tianfeng 2017 First Phase Asset Support Special Project" The plan's approval by the Shanghai Stock Exchange means that China's first exchange-based asset securitization product based on blockchain technology has been launched, and it is also the product with the lowest interest rate in the current period.

With the continuous iteration and upgrade of the blockchain ABS business, Duxiaoman Finance has received academic recognition for two consecutive years in 2018 and 2019. In July 2018, Du Xiaoman Financial Blockchain ABS was selected into the case library of Peking University Guanghua School of Management, becoming the school’s first classroom teaching case based on blockchain technology.

At the previously held Fourth China New Finance Summit Forum, Du Xiaoman Financial CEO Zhu Guang clearly stated that the important task of financial technology in 2020 is to empower small and micro enterprises and help the real economy. . As mentioned above, the birth of ABS is to help small and medium-sized enterprises solve the problem of financing difficulties. Duxiaoman Finance empowers finance through blockchain technology, allowing the financial industry to serve the real economy with higher efficiency and lower cost, and achieve inclusive benefits. finance.

③ The opening time of the 2022 Sichuan Blockchain Conference

The opening time of the 2022 Sichuan Blockchain Conference is October 26, 2022. Expand October 2, 2022Blockchain Web3.0 (Chengdu, China) Pi Pi Global Live Summit Forum on the 6th

④ When will the national standards for blockchain technology be completed

my country has begun to establish a blockchain country standards to promote the construction of the blockchain standard system from top-level design, which is expected to be completed by the end of 2019 at the earliest.

In this regard, Zhao Wu, founder of Beijing Huashun Xin'an Technology Co., Ltd., also said that although blockchain has disruptive technological potential, we must realize that blockchain The chain is still in its infancy and is far from reaching the stage where it can disrupt the world.

Yu Kequn emphasized that an independent and controllable blockchain network is not technically controlled by others, but can also promote the healthy development of the blockchain. Security is the future life of the blockchain, and only its own security can bring blockchain technology to fruition. This requires us to pay equal attention to the development of its security attributes while developing blockchain technology, and even develop it ahead of time.

In this regard, Li Ming also said that an important part of the standard is the standard of information security, which also shows the importance of security for blockchain technology. He also pointed out that the formulation of blockchain standards does not mean that it will rapidly promote the development of the industry, but rather gives certain guidance to the industry. Previously, China had suffered a lot in terms of international intellectual property rights and standards. In terms of blockchain, China has now formed more than 200 patents in international blockchain, and has even stood at the forefront of the world's technology. Therefore, we also need to firmly grasp our right to speak.

Content source: Xinhuanet

⑤ What is the platform of Jinwowo’s “Wanjia Dengchain” Small and Medium Enterprises Blockchain Incubation Summit Forum?

This time The forum is a platform focusing on the blockchain application incubation of global small and medium-sized enterprises. It will bring together dozens of domestic and foreign experts from various fields such as government, capital, industry, media, universities and enterprises;
Revolving around the innovation frontier of blockchain technology Communicate and discuss, and jointly explore new ideas and methods for blockchain technology to empower small and medium-sized enterprises.

⑥ What to do after graduating from the blockchain major

1. What are the employment directions for blockchain technology application majors

1. Technical engineer: both Blockchain professionals, such as blockchain R&D engineers, smart contract developers, cryptography experts, etc., also include traditional Internet technology talents, such as C++/Java/Python development engineers, front-end, back-end, testing, etc.

2. Product manager/industry solution expert: The meeting on October 24 last year emphasized the use of blockchain to solve industry problems, people’s livelihood issues, etc. The direction of blockchain application in our country is currently also Most of them are used to improve the pain points of various industries. Therefore, the blockchain industry also has high requirements for product managers. Product managers must not only understand blockchain technology, but also have industry experience or a thorough understanding of a certain industry. Our company calls this kind of product manager an industry solution expert.

3. Product operation: There is not much explanation for this. It is similar to product operation in other industries. The premise isIt is necessary to have a certain understanding of blockchain technology so that you can quickly get started with the company's products. 4. There are other positions in other industries such as marketing, branding, finance, legal affairs, etc., and they are also available in the blockchain industry. If you receive an interview invitation for these positions in a blockchain company, it is recommended to do some homework first to understand them. What is blockchain and is it helpful for interviews.

⑦ Where is the First Blockchain Application Achievements Experience Exhibition held

GBS Global Blockchain Summit Forum and the First Blockchain Application Achievements Experience Exhibition 2018 It ended in Manila, Philippines on the evening of June 24, 2018.

More than 100 media around the world reported on this summit, which was broadcast live to over hundreds of millions of audiences in China, Southeast Asia, Europe and the United States through video, Internet, graphics and text.

Content source: China News Network

⑧ Zhongdu Logistics: Alliance is the best way to promote the release of value in the blockchain industry

August 28, The 3rd China Industrial Blockchain Summit concluded successfully in Changsha. This event was hosted by the Blockchain Application Branch of the China Federation of Logistics and Procurement. Zhongdu Logistics Co., Ltd. (hereinafter referred to as Zhongdu Logistics) served as the official representative of the China Federation of Logistics and Procurement. The vice-president unit of the Blockchain Application Branch hosted the "2020 National Logistics and Supply Chain Blockchain Summit Forum" and the "Automotive Industry Blockchain Application Seminar" under the summit. Zhou Zishan, deputy general manager of Zhongdu Logistics, was invited to attend this event. Wang Xingmin, director of Zhongdu Logistics Information Management Center, delivered a keynote speech titled "Logistics Alliance Practice Based on Blockchain Technology", based on the automotive supply chain, and from the blockchain Experts from the chain, logistics, supply chain, manufacturing, finance and other industries jointly discussed effective paths for the integrated development of blockchain technology and the automotive industry and the release of value.

Zhongdu Logistics has inherent advantages in exploring the combination of blockchain and automobile industry chain. The company has been established for 12 years. Relying on the industrial resources of BAIC Group, its service customer base covers the upstream and downstream of the automobile industry. Through Zhongdu Logistics business context, blockchain technology can penetrate into all aspects of the industrial chain and make corresponding improvements.

As a logistics company that runs through the automotive industry supply chain, Zhongdu Logistics has a deep understanding of the problems existing in the automotive industry supply chain. Wang Xingmin, director of Zhongdu Logistics Information Management Center, proposed in his speech that with the help of blockchain Chain technology and the establishment of a supply chain shared service platform that is compatible with the development of the automobile industry will help to open up procurement, production, logistics, sales, and supervision links and achieve efficient collaboration throughout the supply chain. However, from the perspective of promoting the development of the entire automobile industry Starting from the beginning, to build an industrial chain relationship based on blockchain, it requires the participation and collaborative construction of multiple parties in the industrial chain, and develops in the direction of alliance. With the gradual rise of the industrial Internet and the expansion of digital transformation into the industrial economy, alliances will maximize the collaboration and integration of industrial resources and the integration of the value chain.

Wang Xingmin is hereIt was mentioned in the speech that building alliances based on blockchain is to build a distributed digital ecosystem and achieve win-win results for all participants. Blockchain technology has outstanding advantages in building a decentralized and credible alliance model: in In terms of data governance and sharing, it can not only achieve data privacy protection, but also ensure that data is not monopolized; in terms of alliance ecological governance and incentives, alliance is a new model of open trust and obtaining benefits based on contribution, co-construction and win-win; In terms of promoting the efficient transfer of value, alliances can effectively address the characteristics of the automobile industry chain with long chains, long cycles, and numerous participants, solve the bottlenecks of information flow, capital flow, and logistics, and achieve efficient transfer of value in the industry chain and overall Marginal benefits of the industrial chain; in building diversified business applications, it can bring new opportunities for business innovation, model innovation and value creation.

At the end of 2018, Zhongdu Logistics joined forces with Shanghai Wanxiang Blockchain Co., Ltd. (hereinafter referred to as "Wanxiang Blockchain") and DBS Bank (China) Co., Ltd. (hereinafter referred to as "DBS Bank" ") released the "Yunlianmeng-Automotive Supply Chain Logistics Service Platform" based on blockchain technology. This platform is the first case in China where blockchain technology has been implemented in the automobile logistics industry. Application of blockchain technology in the logistics field The scenarios are mainly in four aspects: process optimization, logistics finance, logistics credit investigation, and logistics tracking. The Yulianmeng platform conducts scenario mining from the entire automotive supply chain process and has formed services including electronic waybills, electronic cargo label tracking, supply chain financing services, Scenario applications such as quality loss certificates link industry resources by solving industry pain points, and optimize supply chain costs and efficiency through resource integration. Under the guidance of alliance ideas, Zhongdu Logistics currently cooperates with Wanxiang Blockchain, Changan Minsheng Logistics, and Great Wall Ant Logistics and other leading companies in the automotive logistics industry have joined hands to promote the "Yun Chain Alliance" industry cooperation. This is also the first attempt at the development of blockchain alliances in the automotive industry.

Blockchain technology has evolved from a As hot words in the industry move towards practical applications, Zhou Zishan, deputy general manager of Zhongdu Logistics, pointed out that in the process of exploring the value empowerment of the blockchain by the blockchain, it is necessary to closely integrate the blockchain technology with industrial development and each node of the industry. The automotive industry has With the characteristics of multiple points and a wide range of aspects, a long chain and many subjects, two problems need to be solved to promote the application of blockchain in the automobile industry chain: first, open up the information barriers between the various subjects in the chain. In the long run, open up the main entities in the chain. Barriers between each other will play a positive role in upgrading collaboration efficiency within the automotive industry chain and in introducing external financial and technical resources. Therefore, the main enterprises in the automotive supply chain need to actively participate and jointly advance; secondly, There is a lack of a unified industry standard in promoting the implementation of blockchain in the automotive industry. Without standard guidance, it is difficult to reach consensus within the industry chain, which is detrimental to promoting the practical application of blockchain technology. Therefore, multi-party participation is required to target the automotive industry. Chain characteristics have developed a blockchain application standard that is unanimously recognized in the automotive industry.

Zhou Zishan said in his speech that reducing costs and increasing efficiency is an eternal topic in automobile supply chain optimization, and alliance development is a trend. The growth of the "Transportation Chain Alliance" led by Zhongdu Logistics cannot be achieved overnight. It requires the support and collaboration of multiple parties from academia and industry to make it more in line with the development needs of the automotive industry through continuous iterations and release greater value in the development process of the automotive industry.