作者：21资本研究院/王媛媛；编辑/李新江
Author: Institute of Capital 21/ Wang Jian; editor/Li Xinjiang
图片：图虫
Pictures: Graphic bugs
5月比特币，币圈投机者开始了观望。监管部门对数字货币的政策态度，对资金的投资决策产生着重要影响。接下来，在相关概念中，哪些是投机，哪些是投资，又有哪些上市公司缺乏基本面支持，仅仅是在蹭热点？ 21世纪资本研究院为你仔细琢磨。
The regulatory sector’s policy attitude to digital money has an important impact on investment decisions. Next, in terms of concepts, which are speculative, which are investments, and which listed companies lack basic support, and are simply drowsing? & nbsp; and the 21st Century Capital Institute.
21硬核投研，领先一步，助你摸清市场脉络。
Twenty-one hard nuclear research, one step ahead, helps you figure out what the market is all about.
5月18日，中国互联网金融协会等三家协会联合发布《关于防范虚拟货币交易炒作风险的公告》，就虚拟货币交易炒作风险进行提示，强调虚拟货币交易是非法金融活动。
On 18 May, three associations, such as the China Internet Finance Association (CIFA), jointly issued a bulletin on protection against the risks of virtual currency transactions, which served as a reminder of the risks of virtual currency transactions and emphasized that virtual currency transactions were illegal financial activities.
随后的5月21日，国务院金融稳定发展委员会要求，“打击比特币挖矿和交易行为”。
Subsequently, on 21 May, the Financial Stability Development Committee of the State Council requested that “the mining and trading of Bitcoin be combated”.
一些列事件对于资本市场也产生了直接影响。
A number of listed events have also had a direct impact on capital markets.
据21世纪经济报道记者梳理，目前矿机概念基本熄火。
, based on the economic reporters of the twenty-first century, the concept of a mine machine is currently largely out of focus.
但是围绕着数字货币发展，另一条主线则呈现截然不同的逻辑。
But there is a very different logic surrounding the development of the digital currency and the other main line.
随着央行及其他大型金融机构进行数字货币及区块链研究，相关业务在部分上市公司财务报表中已经有所体现。
As central banks and other large financial institutions conduct digital currency and block chain studies, the related business is reflected in the financial statements of some listed companies.
在相关概念中，哪些是投机，哪些是投资，又有哪些上市公司缺乏基本面支持，仅仅是在蹭热点？
Among the concepts involved, which were speculative, which were investments and which listed companies lacked basic support and were simply drowsing in hot spots?
01
10家公司案例勾勒热点版图
Ten company case sketches.
无论是区块链，还是数字货币，早已被主流投资平台纳入体系化的研究。
Both block chains and digital currencies have long been systematized in mainstream investment platforms.
据Wind热点概念分类，沪深两市共有区块链概念股97只，数字货币概念股28只。
According to the Wind hotspot concept classification, there are 97 units in the block chain concept in the deep two municipalities and 28 units in the digital currency concept.
根据21世纪经济报道记者研究，这些上市公司，有些是真正投入资金研发相应技术、并开始部分创造营收；但另一些，则是一些虚无的“蹭概念者”。
According to the work of the 21st Century Economic Reporters, some of these listed companies are actually investing in the development of the corresponding technology and are beginning to generate some revenue; others are empty “conceptualists”.
记者不完全统计券商等研究机构关注度，遴选10家公司作为研究标的。其中，包括5家区块链概念公司：天阳科技、广电运通、东港股份、长亮科技、中嘉博创；以及5家数字货币概念公司：信安世纪、新大陆、神州信息、宇信科技、高伟达。
Journalists do not fully account for the attention of research institutions, such as voucher dealers, and select 10 companies as the subject of the study. These include five block-chain concept companies: Tianyang Technologies, Broadway, East Harbour Holdings, Long Light Technology, and Chiabo Chuo; and five digital-currency concept companies: Shinyan Century, New Continents, Shinzhou Information, Woo-shin Technology, Kowayda.
总体而言，受到机构关注的区块链/数字货币上市公司们，大多是银行等金融机构的IT系统服务商。
这一类通过外包类IT业务，在上一轮银行等金融机构全面开始数字化的浪潮中受益，而现在，由于数字人民币是由上而下要推动的战略，未来随着DCEP（DCEP：中国版数字货币项目）项目的不断落地，这些原来的服务商们也将在历史机遇中获益。
This category has benefited from the full digitalization of financial institutions such as banks in the last round through outsourcing of IT-type operations, and now, as the digital renminbi is a top-down strategy, these former service providers will also benefit from historical opportunities as the DCEP (China Digital Currency Project) project continues to land in the future.
不过根据21世纪经济报道记者了解，目前在DCEP推进过程中真正中标、并有明显业务卡位的公司仍然不多。
However, according to 21st Century Economic Reporters, there are still few companies that are really winning and have visible business cards in the DCEP drive.
已经明确有中标项目，并在整个数字人民币的产业链中有了卡位业务的，包括：信安世纪、新大陆、神州信息。
The winning items have been identified and card-point operations have been included in the entire chain of the digital renminbi industry, including information on the Entrusion Century, the New Continent, and the Gospel State.
以信安世纪为例，是今年4月才登陆科创板的上市公司，关注的券商不是非常多。进行过相关推荐的有：天风证券、申万宏源、德邦证券、西部证券。
In the case of the Sino-Anse century, for example, the company that was listed in April this year as the starting point of the project, not much attention has been paid to the issue of vouchers.
第二类受到机构关注的区块链/数字货币公司，是自研区块链系统、并提供产品服务。
The second type of block chain/digital money company that is of institutional interest is the self-research block chain system and the provision of product services.
这一类企业不再作为银行的IT系统服务商受益于历史机遇，而是直接提供区块链技术，对现有的商业模式进行改变，例如区块链电子发票。
Instead of benefiting from historical opportunities as a banking IT system service provider, this category of enterprises directly provides block chain technology and changes existing business models, such as electronic block chain invoices.
从项目进展来看，不同类型的公司，显然受益程度不同。
In terms of project progress, it is clear that different types of companies benefit to varying degrees.
02
受益数字货币路径及程度摸底
Mapping the path and extent of the beneficiary's digital currency
以信安世纪为例，与一些同概念公司相比，尽管也是围绕数字人民币战略，不过其所扮演的角色比较明确——即提供加密技术，并已经有中标项目。
In the case of the faith-in-Anse century, the role played by some conceptual companies, although also centred around the digital renminbi strategy, was clearer — i.e., the provision of encryption technology and the existence of winning projects.
该公司成立于2001年，主要是为金融、政府和大中型企业提供以密码技术为基础支撑的信息安全产品和解决方案，致力于解决网络环境中的身份安全、通信安全和数据安全等信息安全问题。其此前积累的客户有包括央行、交行在内的超200家城市、农商行以及超30家的外资和中国台资银行。
The company was established in 2001 to provide finance, government, and large and medium-sized enterprises with password-based information security products and solutions that address issues of information security such as identity security, communications security and data security in the network environment. Its previously accumulated clients include more than 200 cities, including central banks, border crossings, agricultural comptoirs, and more than 30 foreign and Chinese banks.
其于2021年1月中标北京银行“数字货币项目SSL网关及签名验签服务器采购、数字人民币新增”，并由此获得了天风证券推荐。
In January 2021, it was awarded the Beijing Bank “SSL Gateway and Signing Server for the Digital Currency Project, and the digital renminbi was added”, and as a result it was recommended for Skywind securities.
值得关注的是，该项目采购价格为69.2万元。
It is interesting to note that the purchase price for the project was $692,000.
另一个案例，新大陆也满载了券商的期望。
In another case, the new continent was also filled with the expectations of the coupons.
根据21世纪经济报道了解，年内招商证券、海通证券、中金公司纷纷推介新大陆。
According to the 21st century economic report, during the year, the new continent was promoted by merchants such as Portfolio, Seaton Securities and China Gold.
5月11日，其发布公告称，控股子公司北京亚大为适应数字货币相关业务发展需要，以自有资金设立子公司亚大数科并持有100%股权。定位上，亚大数科将专注于DCEP的生态建设支撑及运营服务等，同时将积极参与DCEP国际化配套设施的建设及运营推广。
On 11 May, it issued a communiqué stating that the controlled subsidiary Beijing Yada was to adapt to the business development needs related to digital money, with its own funds to set up a subsidiary sub-section with a 100% stake. In positioning, the sub-sub-section will focus on the ecological support and operational services of the DCEP, while actively participating in the construction and extension of the DCEP internationalization support facility.
目前，在推进DCEP过程中，新大陆在软件供应和支付终端两方面受到关注。
At present, the new continent is receiving attention in terms of both the supply of software and payment terminals in the advancement of DCEP.
值得关注的是其支付终端，DCEP的普及要求现有支付终端进行更新升级，上市公司能够提供智能POS替代传统POS机。不过，这种围绕数字货币战略开展的稳定B端收费，虽然能给上市公司贡献不错的业绩，但对资本市场而言，却不是一个“性感的故事”。
Of concern are the payment terminals, whose universal access to DCEP requires upgrading of existing pay terminals, and the ability of listed companies to provide smart POS replacements for traditional POS machines. However, such stable B-end charges around the digital currency strategy, while contributing well to the performance of listed companies, are not a “hot story” for capital markets.
机构关注较多的神州信息，同样是老牌的金融机构IT服务商。
The
其与区块链紧密相关的分布式技术，也中标了大型银行的项目。
Its distributional technology, which is closely linked to the block chain, also targets large banks.
2020年，上市公司分布式应用平台、分布式核心业务系统中标、签约中国银行、唐山银行等15家客户；且公司承接了中国银行分布式技术中台建设及技术组件总架构设计，为后续合作奠定基础，同时参与邮储银行新一代核心系统建设，承担重要业务支点。
In 2020, 15 clients, such as listed companies'distributed application platforms, distributed core business systems, contracted Chinese banks, Tangshan banks, etc., took over the Chinese bank distributed technology centre construction and the design of the general architecture of technical components, laying the foundation for follow-up cooperation, while participating in the construction of the new generation core system of the Postal Bank, with important operational support points.
这也是在数字货币方面落地合作最多的企业之一。
It is also one of the enterprises most involved in digital currency cooperation.
03
部分企业参与程度尚未明确
The level of participation of some enterprises is not yet clear
根据21世纪经济报道跟踪，围绕数字货币的发展，部分企业可能受益，但目前难言在这样的战略中参与程度如何。
According to the 21st century economic reporting track, some enterprises may benefit from the development of digital money, but it is difficult to say how much participation in such a strategy is at present.
典型案例包括天阳科技、长亮科技、宇信科技、高伟达等。
Typical cases include Tsang, Kwang, Utsin, Kowayda, etc.
这些公司具有更强的概念属性，实际在数字货币产业链上的参与度如何，尚未明确。
These companies have stronger conceptual attributes and the actual level of participation in the digital money industry chain is not yet clear.
2020年8月，天阳科技在创业板上市。光大证券、民生证券、国泰君安都曾关注过这家公司，主要关注点在于上市公司为银行为主的金融机构提供的IT服务。今年5月，国泰君安关注到其数字货币业务。
In August 2020, Tianyang technology was listed on the entrepreneurship board. The company’s main focus was on the IT services provided by listed companies to bank-based financial institutions.
上市公司在召开一季度业绩说明会时，董事长欧阳建平表示，公司目前已经参与到建行数字货币的技术开发与测试工作中。
On the occasion of a quarterly performance presentation by listed companies, the Chairman of the Board, Oyang Jianping, indicated that the company was currently involved in the technical development and testing of the building bank digital currency.
目前头部银行对数字货币只是进行试点，上市公司也只是表示参与到开发与测试工作中，尚未表明形成了盈利点，所以即便有券商研究所观点加持，但仍然仅是具备较强的概念属性。
At present, the head bank is only piloting the digital currency, and the listed company is merely indicating its involvement in the development and testing process and has not yet shown that a profit point has been created, so that even if the Institute of Procurers maintains the view, it still has only a strong conceptual attribute.
长亮科技亦是比较老牌的金融机构IT系统服务商，与国有大银行的合作是其长期以来的优势。
Bright technology is also a relatively old financial institution, the IT system service provider, whose long-standing advantage is cooperation with large State-owned banks.
尽管今年以来长亮科技获得了海通证券、中信证券、中金公司等十几家券商研究所的推荐，但公司最大的看点仍可能是在国有大行外包业务上的突破。
Despite the fact that, over the course of the year, LIGHT has been recommended by dozens of certificaters, such as the China-China Stock Exchange and China-King Corporation, the company's biggest point is likely to be a breakthrough in the outsourcing of State-owned large-scale businesses.
安信证券称，（其）作为国内银行IT领军企业，掌握银行核心业务系统这一关键卡位，有望受益于即将到来的数字货币系统化升级。
Anse Securities claims that, as a domestic bank, IT-led enterprise, it is expected that it will benefit from the forthcoming upgrading of digital monetary systems by mastering the key card of the banking core business system.
宇信科技和高伟达同样受到券商关注，这两家公司作为银行IT系统服务商，在数字货币全面落地背景下的确存在机会。
U-Sin-Tech and Koveida are also of interest to bond dealers, who do have opportunities as bankers of IT systems in the context of the full landing of digital money.
券商对宇信科技主要关注点在于“上市公司传统软件业务快速恢复，在手订单饱满，业绩超预期”等经营性要素。
Business elements such as “the rapid resumption of traditional software operations in listed companies, the abundance of hand orders, and the overperformance” are the main focus of bond dealers on Woo-shin technology.
数字货币方面，尽管同样是银行的IT系统服务商，但宇信科技尚未有明确的中标项目、或者在数字货币链条中的卡位业务。目前，仍然是数字货币推进带来的行业红利预期。
With regard to digital money, although it is also an IT system service provider for banks, Woo-shin has not yet had a clear winning item, or a card-pointing operation in the digital currency chain. Currently, it is still expected that the industrial dividend from the digital currency drive will be realized.
而今年以来，推荐高伟达的券商较少，仅浙商证券和财信证券。
Since the beginning of the year, there have been fewer coupons that have been recommended only for securities and financial securities.
推荐逻辑同样是作为银行的IT服务商，业绩不错；但尚未有明确的数字货币中标项目，或在该链条中的卡位业务。
The recommended logic is also that of a bank's IT service provider, performing well; however, there is not yet a clear digital currency winning item or a card position in the chain.
04
区块链技术看落地能力
Block chain technology landing capability
根据21世纪经济报道记者研究，目前一些上市公司可以提供区块链技术，来架起一些产品及业务，例如广电运通、东港股份、中嘉博创。
According to a study by economic reporters for the twenty-first century, a number of listed companies can now provide block chain technology to build up products and operations, such as Broadway, East Harbour shares, and China-Calbo.
广电运通是一家A股中明确做区块链/数字货币业务，并的确推出了业务成果的公司。
Wireway is a company in Unit A that has a clear block chain/digital currency operation and does deliver business results.
早在2018年，在上一轮区块链/数字货币热潮的时候，广电运通公告旗下子公司要与其他公司合资投资设立区块链科技公司。该公司随后也接到深交所的问询函。
As early as 2018, during the last wave of block chains/digital currency booms, companies under the umbrella of the wide-wire transmission bulletin were to invest jointly with other companies in the establishment of block chain technology companies. The company was also subsequently briefed.
3年后，当区块链概念再次热起来的时候，广电运通则公开发布了他们的成果——企业级区块链技术平台运通数链。
Three years later, when the block chain concept was reheated, the RTG published their results — the business-level block chain technology platform — through the chain.
“从运通数链的官方描述来看，该产品底层技术应该还是借用了现有的区块链公有链技术，难言有特别大的创新。”有IT业内人士指出。
“It appears from the official description of the shipping chain that the bottom-of-the-product technology should still be drawn from existing block chain public chain technology, which cannot be said to be particularly innovative.” As noted by the IT industry.
但，运通数链的确在现有的底层技术之上做出了产品，这个产品也有了合作单位，比如其官网例举的建设银行、广发银行、南方航空、广州无线电集团等。
However, it is true that the shipping chain is based on existing technologies at the bottom, and that the product also has cooperation units, such as its network of construction banks, the Open Bank, Southern Airlines, the Guangzhou Radio Group, etc.
“这个技术上几乎不存在壁垒，业务壁垒可能是如何拿下与这些大型金融机构的合作权，最终实现了机构的部分数据或者业务上链。”上述IT从业者分析。
“This technical barrier is almost non-existent, and operational barriers may be how to take down the right to cooperate with these large financial institutions and eventually achieve part of the agency's data or business chain.” The above-mentioned IT practitioners' analysis.
如果说推荐广电运通的券商还以中小研究所居多，那么推荐东港股份的券商中金公司、国泰君安，则是市场中研究观点明确有“质量保证”的券商。
If the number of coupons recommended for wide-wire transmission is also larger than that of small and medium-sized research institutes, then the company Gold, which is recommended for shares in East Harbour, and the country's Tai Junan, are those in the market where research suggests that there is a clear “quality assurance” view.
东港股份的区块链标签得到市场认可，最重要的是其区块链电子票证业务的主要载体——控股子公司东港瑞宏在去年12月宣布拟实施增资扩股、引入蚂蚁集团的全资子公司上海云鑫。
The block chain label of the East Harbour shares was recognized by the market and, most importantly, the main carrier of its block chain electronic ticketing business, the controlling subsidiary, Suh-Hun Dong, announced last December its intention to implement the replenishment and introduce the fully-owned subsidiary of the Ants Group in Shanghai.
海通证券称，蚂蚁链诞生5年来已经取得了50+真实应用落地场景，日“上链量”超过1亿次，业已走向商用。
In the five years since the birth of the ant chain, the IMSS claims to have achieved 50 + real applications landing scenes, with more than 100 million “uplinks” per day and moving to commerce.
这为东港瑞宏区块链电子票证业务未来的商用打满了预期。
This fills expectations for the future of the business of the Siolong block chain electronic ticketing business in East Port.
东港股份提示，公司区块链项目还处于起步和推广阶段，尚不能给公司整体经营业绩的提升带来显著影响。
East Harbour shares suggest that the company block chain project is still in its initial and roll-out stages and that it has not yet been able to have a significant impact on the overall business performance of the company.
在21世纪经济报道遴选的标的中，券商关注相对较少的有中嘉博创。
Among the subjects selected for economic reporting in the twenty-first century, bondholders focused relatively little attention on middle-carbo innovation.
目前，该公司仅获得国盛证券、天风证券、国泰君安、东方财富、华西证券等关注。
At present, the company has received only a few concerns, such as state securities, wind securities, Thai Quint, Eastern wealth, and Chinese securities.
其业务主要与电信、移动这些传统运营商有关，比起区块链概念，中嘉博创的5G概念会更浓厚。
Its operations are mainly related to telecommunications and the movement of traditional operators, and the concept of 5G, which was created in Carbo, will be stronger than the concept of the block chain.
目前公司已成立区块链业务相关事业部，试图未来能在区块链与隐私计算技术的场景应用和生态建设上有成果。
The company has now set up a sector chain-related business department to try to achieve future results in the landscape application and ecological construction of block chain and privacy computing techniques.
数字货币方面，公司曾在官网称，其全资子公司长实通信作为服务提供商，依托在通信网络领域丰富的建设和维护经验，积极探索挖矿算力服务。利用西南地区如四川的弃电、新疆的窝电，通过运算服务的形式进行出口赚取外汇，为矿工提供创新模式的服务，将有效拉动国内挖矿的基础能力。
In terms of digital money, companies have claimed on the network that their wholly-owned subsidiaries have long communications as service providers, relying on their extensive construction and maintenance experience in the area of communication networks, to actively explore mining numeracy services. Using power outages in the south-west region, such as Sichuan, Xinjiang's cellular power, to export foreign exchange through computing services, and to provide innovative models of services for miners, will effectively boost domestic mining infrastructure.
不过，5月底，内蒙古出台了打击惩戒虚拟货币“挖矿”行为的八项措施，直接对国内“挖矿”行为进行了打压。在国内“挖矿者”的眼中，目前政府态度不明，需要等待相关政策定调。
However, at the end of May, eight measures were put in place to combat the punishment of the virtual currency “mining”, which directly put pressure on “mining” in the country. In the eyes of the country’s “diggers”, the attitude of the government is not clear, and the policy is still pending.
这也对中嘉博创想要尝试发展的新业务造成了直接冲击，大有可能“胎死腹中”。
This has also had a direct impact on the new business that Chumbo wants to try to develop, and there is a high risk of “immortality”.
【出品：南财智库·21世纪资本研究院】
Presented by the South Financial Intelligence Institute of Capital for the 21st Century
【风险提示：投资有风险，入场需谨慎】
Risk hint: Investments are risky, entry needs to be careful.
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