Institutional investment in the main line: digital currency led the concept section, comprehensive hot blockchain or risk

On September 25th, the digital currency concept sector rose more than 6%, leading the major concept sectors, and most of the constituent stocks in the sector rose sharply.

Yi Gang, the president of the People's Bank of China, responded to hot issues such as the research on the digital currency of the central bank and the timetable for landing, and promoted the hot market, and the concept of blockchain related to digital currency also showed strong performance. However, some analysts said that the technology adopted by the central bank's digital currency, the blockchain is only an alternative, and there is a risk in the overall blockchain.

Digital currency led up concept section

Data show that as of September 25, the digital currency concept sector rose 6.52%, the largest gains in the day. The constituent stocks in the sector, Jinguan, Oma, and Julong, all have daily limit, and the stocks of Feitian Integrity, Guangdian Express, Zhongying Internet, Huijin, and Information Development have risen sharply.

Analysts pointed out that the time for the introduction of the central bank's digital currency is gradually approaching and the central bank frequently slams the issue, igniting market enthusiasm, and many investors have accelerated the deployment of digital currency related concept stocks.

Yi Gang said recently that the central bank began researching digital currency in 2014, combining digital currency and electronic payment instruments, namely digital currency and electronic payment packages. The purpose of combining the two is to replace a part of cash (M0) instead of substituting narrow money (M1) or broad money (M2). When the central bank's digital currency will be launched, Yi Gang said that there is no timetable yet, and there will be a series of research, testing, piloting, evaluation and risk prevention, especially if cross-border use of digital currency involves anti-money laundering and counter-terrorism financing. A series of regulatory requirements such as anti-tax havens.

China Merchants Securities said that from the perspective of industry or themes, in the context of endorsement by the central bank and global competition, the theme of digital currency is relatively high, the theme is relatively new, and the market expectation is relatively insufficient, so we can pay attention to the investment brought about by the subsequent gradual introduction. opportunity.

Hot speculation blockchain is risky

China Merchants Securities also hinted at several investment ideas. It is recommended to focus on investment lines such as digital currency circulation service providers, identity certification, and financial security encryption.

The agency expects digital currency to land in the future and will be transformed on the existing payment clearing system. It is recommended to pay attention to traditional payment service providers and network clearing institutions + bank IT service providers; central bank digital currency puts higher demands on digital security and information security. You can focus on core service providers such as identity authentication and financial security encryption.

As one of the underlying technologies of digital currency, the blockchain has also received enthusiastic attention from the market. Market participants said they should be alert to the risks brought about by the hot blockchain.

Guosheng Securities pointed out that the market has always confused the concept of blockchain with the central bank's digital currency, but there is no necessary connection between the two. Blockchain exists more as a technology. Although Bitcoin and other products possess certain financial asset attributes, it is still not a currency at all. In the future, the application of blockchain is more in the fields of traceability and transaction. The central bank's digital currency is more complementary to the existing currency issuance system and the layout of the monetary infrastructure in the future digital economy. The technology adopted will be more mature, and the blockchain is only an alternative.

Regarding the blockchain, Yi Gang also talked about the above press conference. He pointed out that the central bank's digital money underlying technical support will adhere to centralized management. There is no pre-set technical route in R&D work, and it can be competitively selected in the market. It can consider both blockchain technology and existing The new technology evolved on the basis of electronic payment.

Guosheng Securities pointed out that the concept of digital currency is improving in the secondary market. It is recommended to pay attention to several major links: First, the issue of distribution, focusing on service providers who can help the central bank identify and control the risk of DCEP over-the-counter trading of the central bank; second, distribution links, attention Companies that are expected to become DCEP distribution agencies, such as companies with a large number of enterprise-side merchant resources or payment institutions with experience in personal-end payment services; commercial banks and payment system developers are also worthy of attention; third, users, focusing on networks such as digital wallets Payment agency or technology developer, POS equipment manufacturer, payment security service provider, multi-function ATM service provider, including Hailian Jinhui, Feitian Integrity, Digital Certification, Weishitong, Kelan Software, Easy See shares, Quartet and so on.

Author: China Securities Journal Xue Jin

Source: China Economic Net