China Post Securities: Initially rates Tianyang Technology as "Buy", expected to participate in stablecoin industry chain.

The China Post Securities research report pointed out that as the foundation of the Tianyang Technology credit card system, stable currency innovation is leading the way, with a high market share ranking and a continued focus on core business innovation. According to the data from the "2024 China Banking Industry IT Solutions Market Analysis Report" released by CCID Consulting, in the 2024 China Banking Industry IT Solutions Market, the company ranks fourth overall, positioning it in the industry leader quadrant. In terms of specific segments, Tianyang Technology has always maintained a leading position in the credit card market, with credit card solutions consistently ranking first for six consecutive years. The company has built a strong technical moat in the credit card system field, and this advantage is becoming its core competitiveness in expanding into stable coins. With the clarification of the virtual asset regulatory framework in Hong Kong and the approaching application for stable coin licenses, the securities industry is ushering in a new wave of transformation, creating unique business cooperation opportunities for Tianyang. The company has been deeply cultivating in the banking IT sector, ranking first in the credit card field, accumulating rich technology and experience in digital currency and cross-border payment fields, actively laying out stable coins, and is expected to participate in the stable coin industry chain. With the first coverage, the company is given a "buy" rating.