Topic review: Continue to focus on blockchain topics

The blockchain theme is still in the conceptual stage, and the continuous emergence of event catalysts is an important prerequisite for the fermentation of the theme. At this stage, blockchain technology is still in its early stages and faces many limitations and challenges. Further development still needs to solve problems at all levels, such as technology, supervision, and business models.

Therefore, the current catalysts for blockchain themes are more focused on the increase in market attention brought about by event factors.

Landmark events at the industry level have emerged, and multiple factors have resonated to boost market enthusiasm. In recent times, landmark events at the industry level have emerged one after another. (1) Ping An of China became the first Chinese member to join the R3 distributed ledger alliance. On the one hand, as a mainstream financial institution, it took the lead in making a positive statement on blockchain technology; on the other hand, it also helped to unify domestic and international technical standards in the early stages of blockchain development, which is beneficial to the long-term development of the industry. (2) The establishment of the Golden Chain Alliance, which is mainly composed of traditional financial institutions and Fintech companies, will help accelerate the implementation of blockchain technology in the field of financial applications. (3) The continued rise in Bitcoin prices is also conducive to boosting market enthusiasm.

Global collaborative exploration at the policy level is accelerating. Earlier this month, representatives from 90 central banks around the world discussed blockchain at the International Conference on Financial Policy Challenges held in Washington, D.C., for the first time in history. The extensive discussion of blockchain technology by regulators highlights that its importance has been recognized by financial regulators, and the acceleration of collaborative exploration at the global level is expected to accelerate the popularization of this technology in the financial field.

The recent event-driven catalysts still exist. The International Blockchain Summit will be held later this month, and there will be extensive discussions on blockchain development trends, technology application expansion, public chains, alliance chains, private chains, etc. The industry's attention is expected to heat up again. And as companies increase their activities in this field, catalysts are expected to continue to appear.

Blockchain technology providers are expected to benefit first. Limited by the stage of development of blockchain technology, pure application companies will benefit less. From the perspective of listed companies , it is recommended to focus on: (1) companies with relevant technical reserves or direct acquisition of blockchain startups. Relevant targets include: Luyitong , Feitian Chengxin , China Media Capital , Yuyin Shares , etc.; (2) companies that are expected to participate in the setting of blockchain industry standards, such as China Ping An, which has joined R3; the first batch of members of the Golden Chain Alliance, Hengsheng Electronics , Yingshisheng , Jinzheng Shares , Sifang Jingchuang , Guosen Securities , and First Capital , etc. (For detailed analysis of blockchain, please refer to the report of Sichuan Cai Securities on April 1, "Blockchain Technology Research Report No. 3 - Tracking the Progress of Technology and Application Scenarios") Risk warning: The difficulty of implementing blockchain technology exceeds expectations; the business model has not yet taken shape; policy and regulatory risks still exist; systemic risks in the stock market are not conducive to the performance of the theme.