12 Keywords Inventory Blockchain 2019 | Capital Market Frequently "Headlines", Supervision of the Originals Promotes the Rational Development of the Industry

Source of this article: Securities Daily · Finance No.1, the original title " Blockchain frequently makes headlines in the capital market, supervision of the original source promotes the rational development of the industry "
Author: Xing Meng, Li Bing
 
 
Editor's note: 2019 is a year of ups and downs for the blockchain industry: in the first half of the year, the industry was at a loss; in the second half of the year, the national top-level design was released and the industry cheered. Blockchain has become an important breakthrough for independent innovation of core technologies. Since then, the popularity of the blockchain has greatly increased, and Bitcoin's hoofs rose in the cold winter. Even overnight, it broke 40%. Blockchain concept stocks started to rise and fall …
 
We believe that blockchain is not only a technological innovation to society, but also a major adjustment of a production relationship that is adapted to higher productivity. Today, we have refined some key words of the blockchain, especially in the financial field, to pay tribute to the extraordinary year of blockchain technology and the industry.

National Strategic Height

 

On October 24th, the Political Bureau of the CPC Central Committee conducted the eighteenth collective study on the current status and trends of blockchain technology development. The General Secretary of the CPC Central Committee, Xi Jinping, emphasized that the integrated application of blockchain technology plays an important role in new technological innovations and industrial changes. He stressed that blockchain should be used as an important breakthrough in independent innovation of core technologies, and the main direction of attack should be clear. , Increase investment, focus on capturing a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.

Xi Jinping delivered a speech while chairing the study. He pointed out that the application of blockchain technology has extended to many fields such as digital finance, the Internet of Things, intelligent manufacturing, supply chain management, and digital asset trading. At present, major countries in the world are accelerating the development of blockchain technology. China has a good foundation in the field of blockchain. We must accelerate the development of blockchain technology and industrial innovation, and actively promote the development of the integration of blockchain and economy and society.

Xi Jinping emphasized the need to strengthen basic research, improve original innovation capabilities, and strive to keep China at the forefront of theory in the emerging field of blockchain, occupying the commanding heights of innovation, and gaining new industrial advantages. It is necessary to promote collaborative research, accelerate core technology breakthroughs, and provide secure and controllable technical support for the development of blockchain applications. It is necessary to strengthen the research on the standardization of blockchain and enhance the right of international discourse and rulemaking. It is necessary to accelerate industrial development, give full play to market advantages, and further open up the innovation chain, application chain and value chain. It is necessary to build a blockchain industry ecology, accelerate the deep integration of blockchain and cutting-edge information technologies such as artificial intelligence, big data, and the Internet of Things, and promote integrated innovation and integrated applications. It is necessary to strengthen the construction of the talent team, establish and improve the talent training system, create various forms of high-level talent training platforms, and cultivate a group of leading figures and high-level innovation teams.

Subsequently, there was an upsurge of learning the blockchain and developing the blockchain industry across the country. The blockchain industry has risen to the height of national strategy.

High tide

In 2019, the blockchain has injected new vitality into the Shanghai and Shenzhen markets. The introduction of a number of favorable domestic policies and regulations has boosted investor confidence. The concept of a large-scale expansion of the blockchain concept stocks has ushered in several wave of daily fluctuations.

According to the statistics of “Finance No. 1 Academy”, year-to-date, affected by major policy positive news, blockchain concept stocks have ushered in three waves of daily limit:

The Central Cyberspace Office announced the names and filing numbers of a total of 506 domestic blockchain information services in two batches on March 30 and October 18. After the release of the first batch of blockchain filing information, the capital market reacted strongly. Blockchain concept stocks strengthened for three consecutive days, of which on April 1, 78 of the 80 concept stocks rose, and 28 stocks rose daily.

On August 18, opinions on supporting Shenzhen's construction of a pioneering demonstration zone of socialism with Chinese characteristics were issued. The next day, blockchain concept stocks ushered in the second wave of daily limit, including Sifang Jingchuang and other blockchain concept stocks. It was a daily limit of 8 days and 7 days, and the stock price rose by more than 80%.

On October 24, blockchain technology rose to a national strategy, and the concept of blockchain completely ignited the capital market, ushering in a third wave of daily limit. On the first trading day thereafter, which was October 28, in some stock software, the number of blockchain concept stocks suddenly increased from more than 80 to more than 170, and the daily limit of that day exceeded 100 stocks. However, after a lapse of one month, the reporter observed that out of the 100 stocks with daily limit on October 28, only 14 held their stock positions, and the market is gradually returning to rationality.

It should be noted that the blockchain is in the early stages of development, and most of the listed companies' related businesses are still in the exploratory research stage. Land-based applications are even more rare. Only high-light software, accurate information, and easy-to-see shares Business income, but currently have no significant impact on main income.

Regarding the "ups and downs" of blockchain concept stocks, the regulatory authorities have also paid great attention to it, and issued supervision letters many times to "squeeze water" for blockchain concept stocks. Many listed companies have received regulatory letters. Among them, whether to use the concept of blockchain to “hype stock prices to cooperate with shareholders to reduce their holdings” has appeared in the inquiry of multiple regulatory letters, which has become the most concerned issue for regulators. Under strict supervision, listed companies with blockchain concepts are moving towards rational development.

Review the past year of blockchain concept stocks. According to the statistics of “Finance No. 1 Academy”, as of yesterday (December 26), out of 197 blockchain concept stocks, the stock price has risen as much as 151 since the beginning of this year, accounting for nearly 80%. Oriental Fortune Choice data shows that, as of the date of publication, 151 of the 197 concept stocks have risen since the beginning of this year, with 21 gains exceeding 100%. Among them, China Science and Technology and Jinyi Technology have increased by more than 300% year to date.

Policy launch

In addition, as of December 2019, a total of 32 provinces / municipalities / autonomous regions / special administrative regions across the country have promulgated policy documents related to blockchain. Among them, Beijing, Guangzhou, Zhejiang and Guizhou have issued the most blockchain policies. Since January 2019, dozens of provincial Party committee secretaries have mentioned "blockchain" in public speeches.

Only from October 24th, the situation after the 18th collective study speech on the current status and trends of the development of blockchain technology by the Political Bureau of the CPC Central Committee, according to incomplete statistics of the "Financial Institute 1", only November 2019 At least 16 provinces and their cities across the country have introduced blockchain-related policies.

For example, Guangzhou released the “Detailed Implementation Measures for Several Measures to Accelerate the Leading Change of the Blockchain Industry in Huangpu District and Guangzhou Development Zone of Guangzhou City”. The detailed rules stated that the establishment of a 1 billion yuan blockchain industry fund is encouraged to support the development of local blockchains. According to the detailed rules, each year, two public or alliance chains will be supported to build on the ground, and 50% of the research and development subsidies will be given. For enterprises or institutions that use blockchain demonstration project information services, they are awarded a maximum award of 100,000 yuan.

From the perspective of blockchain-related policies at the local level, "blockchain" has the highest correlation with "digital economy", "big data", "artificial intelligence", "supply chain", etc. Regional key support areas.

Talent post ability requirements

At the end of 2019, an authoritative standard for talent construction in the blockchain industry was released.

On December 23, as the Ministry of Industry and Information Technology, which is directly responsible for talent research, talent standards, talent training, talent evaluation, talent service, and international cooperation, the Talent Exchange Center of the Ministry of Industry and Information Technology officially issued the "Blockchain Industry Talent Post Ability Requirements" standard. It is the country's first authoritative standard for the ability of blockchain posts.

The standard puts forward three types of talents for the core research and development positions, practical technology positions, and industry application positions of the blockchain. A total of 21 specific job requirements are required, spanning the three core distribution levels of the blockchain core, practical technology layer, and industry application layer. , Divides the capability elements that the blockchain industry talents should have into four types: comprehensive capabilities, professional knowledge, tool skills, and engineering practice capabilities, which aims to provide personnel training standards that are in line with current blockchain technology and industrial development, and promote industry and The deep integration and development of education has helped the ecological construction of the blockchain industry. The standard was proposed by the Talent Exchange Center of the Ministry of Industry and Information Technology, and participated in the compilation of industry-leading enterprises and ecological enterprises such as Chain International, Weizhong Bank, Annie Co., Ltd., and Sichuan Changhong.

The blockchain industry talent expert think tank is also launched at the same time. This think tank is the Blockchain Industry Talent Research Institute (led by the Ministry of Industry and Information Technology Talent Exchange Center and operated by Chainman International) in conjunction with Tsinghua x-lab, Fujian Blockchain Association, Securities Daily Many vertical industry organizations, such as Huoxun Finance and Economics, have jointly prepared and launched, gathered experts from various fields, and built an open ecosystem of collaborative "political, industrial, academic, and research use" of the blockchain.

The introduction of talent standards and the construction of expert think tanks will accelerate the training of talents in the blockchain industry, promote the establishment of a talent cultivation system for the blockchain industry, and promote the formation of a talented ecosystem of positive interaction among all subjects.

Skyrocketing

In 2019, the price of bitcoin can be described as an ice and fire. It has roughly experienced the process of changing from cold to warm, sharply heating up, and then from cold to hot.

On the whole, it can be seen from the trend that the price of bitcoin has increased rapidly in the first half of the year, climbing from a low of more than 3,000 US dollars to nearly 14,000 US dollars, and a significant decline in the second half of the year, from the high point all the way to more than 6,000 in the middle of this month US dollars.

According to the data from CoinMarketCap, the "Finance No. 1 Academy" found that the bitcoin that has skyrocketed has experienced several key time points this year: On January 6, Bitcoin regained its position at $ 4,000, and then hovered around $ 4,000 for a long time; April On the 3rd, bitcoin broke out for several months, and after 4 months, it crossed the 5,000 USD mark again. In mid-May, the price of Bitcoin rose again, breaking through 7,000 USD and 8,000 USD, approaching the 9,000 USD mark. However, on May 17, the price of bitcoin plummeted, falling by more than 7% in half an hour, and the price reached over $ 6,000. In June, the overall increase of bitcoin exceeded 60%, and at the end of the month, the price of the year reached a new high, June 27 It was approaching $ 14,000 once a day; in mid-July, Bitcoin fell below $ 10,000 and started a continuous decline; in mid-December, it fell below $ 7,000 again, reaching a new low in the second half of the year, and then rebounding. As of the date of publication, CoinMarketCap data shows that the latest price of Bitcoin is $ 7,275.

Oriental Fortune Securities pointed out that the so-called "virtual currency" such as Bitcoin lacks a clear value basis, the market has a strong speculative atmosphere, and the price fluctuates sharply. Investors can blindly follow the trend and cause capital losses. Investors need to strengthen their awareness of risk prevention. It is worth noting that so-called "virtual currencies" such as Bitcoin have increasingly become tools for illegal and criminal activities such as money laundering, drug trafficking, smuggling, and illegal fundraising. Investors should remain vigilant and report crimes immediately. Some institutions at home and abroad use various misleading propaganda methods to engage in financing activities in the name of ICO, and have not obtained any permission for related financial activities, including suspected fraud, illegal securities, and illegal fundraising.

According to data provided by the relevant departments of the National Internet Emergency Center, the number of zero-tokens or air-tokens that can be monitored now reaches 755, and 102 types of MLM coins.

Central bank digital currency

Central bank digital currency is the hottest topic in the financial market this year.

The People's Bank of China held a video conference on work in the second half of 2019 on August 2 to make plans for key work in the second half of the year. The meeting requested that eight key tasks should be done in the second half of the year, one of which is to accelerate the development of China's legal digital currency (DC / EP), track and study the development trend of domestic and foreign virtual currencies, and continue to strengthen Internet financial risk management.

Judging from public information, the research work of central bank digital currencies has been for several years. According to public information, the central bank has established a special research team as early as 2014 to conduct in-depth research on digital currency issuance and business operation frameworks, and key technologies of digital currencies. In January 2017, the Central Bank officially established the Digital Currency Research Institute in Shenzhen.

At the end of November this year, Fan Yifei, deputy governor of the People's Bank of China, stated publicly that the central bank regards digital currency as one of the most important infrastructures in the future and actively carries out research and development of legal digital currency. A prospective study on digital currencies was launched in 2014, a digital currency research institute was established in 2016, and a special working group was established in 2017 to start DC / EP research and development experiments. At present, DC / EP basically completes the top-level design, standard formulation, function research and development, joint debugging and testing on the premise of insisting on double-layer launch, M0 replacement, and controlled anonymity. In the next step, we will follow the principles of stability, security, and controllability, rationally select pilot verification areas, scenarios, and service scopes, continue to optimize and enrich DC / EP functions, and steadily promote the introduction of digital form of fiat currency.

In the second half of this year, with the birth of Libra and the hot topic of blockchain, the central bank's digital currency continued to be at the forefront of hot spots. This also caused a lot of "Li Gui" news to appear. As a result, the central bank twice "counterfeited" within a month, prompting not to trust the digital currency "counterfeit goods".

On November 13 this year, the official Weibo of the central bank released news that the online PBOC has issued legal digital currency, and some institutions have used the name of the PBOC to name relevant digital products as "DC / EP" or "DCEP" Trading on digital asset trading platforms. The central bank emphasized that no legal digital currency (DC / EP) was issued and no asset trading platform was authorized to trade. "DC / EP" or "DCEP" transactions in the market are illegal digital currencies, and the launch time of legal digital currencies on the Internet is inaccurate information.

On December 11, the central bank reiterated this on the official Weibo post. Within a month, the central bank rumored twice, and it is not difficult to see the recent phenomenon of illegal activities in the name of digital currency, and the risks behind it cannot be ignored.

Libra

On June 18, 2019, Facebook's long-awaited cryptocurrency project Libra white paper was released. Facebook joined MasterCard, Paypal and other 27 global industry giants to launch the cryptocurrency Libra in 2020. A basket of low volatility assets denominated in the four types of fiat currencies is used as collateral. Facebook, which has 2.6 billion active users, officially entered the encrypted digital currency, which has drawn great attention from governments and hot debates in the economics community. Libra has also become the most explosive news event of the financial industry and the blockchain industry this year.

Everbright Global Chief Economist Peng Wensheng believes that as a payment method, Libra's biggest advantage is that it can rely on Facebook's social platform network to promote its use. The platform's large user group may make Libra start quickly, and cross-border payment or remittance will be its Advantages and breakthroughs, but the main obstacles they face are regulatory issues such as anti-money laundering, anti-terrorist financing, and cross-border capital flow control.

Since the publication of the white paper, Libra has ushered in widespread controversy. Due to pressure, many members of Libra have announced their withdrawal. At present, the financial regulatory agencies in many countries have clearly stated their resistance to Libra. It is unknown whether Libra will live as expected next year.

Record

Since the implementation of the "Regulations on the Management of Blockchain Information Services" in February 2019, the State Network Information Office has released two batches of "Domestic Blockchain Information Service Recording Numbers": the first batch of 197 territories was issued on March 30 this year Blockchain information service names and filing numbers. In October, the second batch of 309 domestic blockchain information service names and filing numbers were announced, totaling more than 500 service filings, and more than 400 filing companies. According to incomplete statistics, 39 financial service institutions in China have submitted a total of 59 blockchain-related service products in the filing project of the Internet Information Office. From the record, the financial industry is the most widely used industry in the blockchain. .

Among them, banks, insurance companies, financial product trading platforms, financial information service platforms, fintech companies and other related financial institutions and enterprises have layouts, mainly involving supply chain finance, cross-border payments, clearing and settlement, credit reporting, insurance, asset securities Application scenarios such as security, asset custody, digital bills, and identification.

According to the statistics of "Finance No. 1 Academy", six of them have registered 14 blockchain services. Among the state-owned banks, ICBC was the first bank to file a blockchain information service. In addition, Zheshang Bank has the largest number of filings, with 5 exclusive items. The five blockchain services filed by Zheshang Bank are receivables chain platform, warehouse receipts platform, personal financial transfer platform, Tongyi platform, and OTC platform.

In addition, among the many well-known financial institutions, the companies of China Ping An Group have obtained the most blockchain service record numbers, including financial technology and service companies such as Lufax, E-Account, Ping An Bank, and Ping An Insurance, with BATJ as the representative The major technology companies have already started the layout and exploration of blockchain technology and applications. Among them, JD Group has filed 7 products and services (including 5 JD files), Baidu has 4, Ali and Tencent each have 2 .

Original source

A new round of risk rectification actions is being launched in the blockchain industry.

As blockchain technology has become a hot topic in society, some illegal coin issuance activities have revived. In response to this new situation, many regulatory authorities said that blockchain is not equivalent to virtual currency, and at the same time, a new round of cleanup and rectification is also underway across the country.

Recently, a number of authoritative media such as People's Daily, Xinhua News Agency, and CCTV Network focused on blockchain chaos and called on investors to be wary of digital currency scams.

In addition, the supervision of various provinces and cities has also "bright swords." Only in November 2019, Shanghai, Beijing, Henan, Inner Mongolia, Dongguan, Hangzhou and other places have been supervised to conduct investigations on digital currency transaction-related activities.

Specifically, the Shanghai Joint Office for Financial Stability and the People's Bank of China's Shanghai Headquarters issued the "Notice on the Remediation of Virtual Currency Trading Venues" to rectify virtual currency related activities; the Beijing Financial Regulatory Bureau issued the Approval of Risk Tips for Operating Activities; "Dongguan Financial Work Bureau, Dongguan City's Leading Group for Disposal of Illegal Fundraising," Issued "Reminders on Preventing Risks of Illegal Fundraising in the Name of" Virtual Currency "," Blockchain ", etc .; Inner Mongolia The Ministry of Industry and Information Technology of the Autonomous Region issued the "Notice on Joint Inspection of the Cleanup and Rectification of Virtual Currency" Mining "Enterprises" and so on.

In addition, on the evening of November 20th, the official Weibo of Tencent Finance stated that some blockchain media were micro-enveloped. These include deep-chain Deepchain, coin circle bond, one coin, speculation school and so on.

Xiao Zheng, a member of the Bank of China Law Research Association, stated earlier in an interview with the "Financial Institute 1" that, as far as we know, the regulatory authorities have never stopped organizing training on the principles and applications of blockchain-related technologies. At the blockchain technology discussion meeting and the coin circle related seminars, there are also researchers from the regulatory authorities who have come to share. In judicial practice, we have also dealt with too many consultations involving currency-related criminal cases and exchange-related criminal cases. It can be seen that the blockchain army's regular army "goes out of the mountain" and "the bandits" action has already taken place.

index

On December 24, the Shenzhen Stock Exchange issued the Shenzhen Stock Exchange 50 Index with the code "399286", or "Blockchain 50" for short. On the same day, the application materials of Penghua Shenzhen Stock Exchange Blockchain 50 Trading Open Index Securities Investment Fund were accepted and it is expected to become the first blockchain theme fund in China.

The Blockchain 50 Index rose for three consecutive days. On the first day of publication, the Blockchain 50 Index performed strongly. As of the close, the index rose 1.15% to 3155 points. The next day, the index rose 0.66% to 3176 points. Yesterday, the index rose 0.94% again to 3206 points.

It is understood that the sample of the Blockchain 50 Index needs to be A shares listed on the Shenzhen Stock Exchange and meet 6 conditions at the same time: non-ST, * ST stocks; the listing time has been more than six months; the company has no major violations, financials in the last year There are no major issues in the report; the company has had no abnormal operations and no significant losses in the past year; the stock price did not fluctuate abnormally during the inspection period; the company's business area involves the upstream, downstream, and downstream of the blockchain industry, including hardware equipment, technology and services, and blockchain applications Wait. Ping An Bank, Midea Group, Suning Tesco, Annie Shares, SF Holdings, Sifang Jingchuang, BGI, etc. were selected as the 50 blockchain samples.

At present, in the A-share market, the channels and tools for capital investment to participate in the development of the blockchain industry are quite limited. The significance of the Blockchain 50 Index lies in its exemplary and leading role in the capital market. It can also be seen that in addition to the support of local policies to promote the development of the blockchain industry, the capital market has also taken an important step, and its support for the blockchain has continued to increase.

Guosheng Securities pointed out that the Shenzhen Stock Exchange released the Blockchain 50 Index, which provided a platform and tools for the capital market to participate in supporting the development of the blockchain industry. It can be expected that more blockchain-related sector index products and even ETFs are expected to accelerate their landing, and the blockchain industry will continue to promote application landings by leveraging capital.

De F i

One of the industry hotspots of blockchain + finance in 2019 is Decentralized Finance (DeFi). Defi's full English name is DecentralizedFinance, which is translated as decentralized finance, also known as distributed finance. It is the application and exploration of blockchain technology + finance in the field of Fintech in recent years. It mainly refers to the construction of financial business and services around decentralized technology. These financial industries and services can be upgrades of existing traditional financial services and have been restructured using decentralized technologies; they can also be completely new financial services.

DeFi is considered to be the most influential trend in the cryptocurrency and blockchain ecosystem. Compared with traditional financial models, DeFi not only increases transparency, but also the entire financial protocol is automatically executed through smart contracts, which is greatly reduced. The various types of risks in the process of traditional financial services, including: manual intervention costs, bad debt rates, etc. The DeFi industry can be further subdivided into stablecoins, loans, payments, derivatives, decentralized exchanges and assets.

From a global perspective, the development trend of open finance (DeFi) is expected to continue in 2020.

However, DeFi also has hidden risks. For lending products, unlike traditional finance, because customers do not need access and do not have the user's credit evaluation review, if customers use the method of "repaying loans with loans", it will cause huge financial risks. Especially in China, legitimacy must be considered, and there are many constraints to achieve it.

Canaan Technology goes public

On November 21st, Eastern time, Canaan Technology was officially listed on the NASDAQ exchange in the United States with the stock code "CAN", becoming the first listed blockchain-related company in the world, and it is also considered as "the first mining machine." share". The issue price is US $ 9 per share, with a total fundraising of US $ 90 million.

The listing of Canaan Technology has been bumpy, this is the fourth time that it has broken through the stock market. It is understood that Jianan Yunzhi began to lay out the road to listing in 2016, successively folded on the GEM and the New Third Board, and then turned to the Hong Kong Stock Exchange in 2018.

However, on the first day of Nasdaq's listing, the stock price of Canaan Technology rose sharply after nearly 40% at the opening. The stock price closed at $ 8.99 per share and fell below the issue price. As of the close of December 24, Eastern Time, the stock price of Canaan Technology was only 5.69 US dollars per share, compared with the issue price, it has fallen by 36.78% in a month.

The sharp drop in the price of bitcoin in the past two months may have caused the change in the stock price of Jianan Technology. According to market analysis company Frost & Sullivan, Jia Nan Technology is the world's second largest manufacturer of Bitcoin mining machines. Canaan Technology is highly dependent on the sales revenue of mining machines and has contributed most of the operating income. The decline in the price of Bitcoin will directly affect the selling price and sales volume of mining machines, and the existing mining machines are also facing the risk of depreciation. Some brokers believe that Bitcoin mining machines can be regarded as "call options" for the price of Bitcoin. It is precisely because miners are bullish on the future price of coins, and it is expected that the future mining revenue will increase, thereby increasing the demand for mining machines. Conversely, when the currency price drops, miners may "backhand close out" and reduce the input of mining machines, so mining machines are not only computing equipment, but also have strong financial attributes.

In this situation, artificial intelligence will become the strategic development direction of Canaan Technology. Jia Nan Technology stated in the prospectus that the development of artificial intelligence technologies, especially those related to edge computing, and the degree of acceptance of ASICs in artificial intelligence applications, are critical to the company's future success in product diversification. It is reported that Canaan Technology has started the commercialization of AI chips since March 2019. As of the end of September, Canaan Technology has delivered more than 53,000 chips and development modules to AI product developers within six months.