Core Viewpoint - The digital renminbi is transitioning from a cash-based currency to a deposit currency, allowing interest to be paid on customer wallets by banks starting January 1, 2026, as per the People's Bank of China's action plan [2][3][4]. Group 1: Digital Renminbi Transition - The new framework will enable banks to pay interest on customer digital renminbi wallet balances, aligning with the bank's current savings account interest rates [2][3]. - This shift from M0 (cash) to a deposit currency (2.0 version) will enhance the willingness of individuals and markets to use digital renminbi [2][3][4]. - The digital renminbi will now be treated as a liability of commercial banks, integrating it into their balance sheets and allowing for better asset-liability management [3][7][8]. Group 2: Interest Payment Mechanism - Interest on digital renminbi will be linked to the bank's current deposit rates, ensuring compliance with deposit rate pricing self-discipline agreements [4][5]. - The funds will be protected by deposit insurance, addressing user concerns about the safety of their funds [4]. - Users seeking higher anonymity will have to forgo some interest earnings, reflecting a balance between privacy and financial benefits [4]. Group 3: Impact on Banking Sector - The new system is expected to motivate banks to actively promote digital renminbi, transforming their role from cost centers to profit centers [8][9]. - The adjustment will allow banks to manage digital renminbi assets more effectively, enhancing their participation in the digital currency ecosystem [7][8]. - The transition is anticipated to resolve financial disintermediation risks and stabilize bank liabilities [7][9]. Group 4: Regulatory Framework - The action plan establishes a "separation of management and operation" principle, creating a digital renminbi management committee for regulatory oversight [11][12]. - Two operational centers will be responsible for domestic and cross-border digital renminbi systems, ensuring safety and continuity [11][12]. - Future pilot programs will shift from geographic to scenario-based trials, with an expansion of operational institutions based on risk management capabilities [12].

Core Viewpoint - The digital currency sector is experiencing significant activity, driven by the accelerated development of the digital RMB ecosystem and supportive policies, which are expected to benefit related companies as the digital RMB scales up [1][2]. Market Performance - As of December 30, the digital currency sector saw notable stock performance, with Digital Certification rising over 16%, and Yuyin Co., Cuiwei Co., and Aerospace Information hitting the daily limit [1][2]. - Specific stock prices and changes include: - Digital Certification: 34.56, up 16.01% - Yuyin Co.: 8.55, up 10.04% - Cuiwei Co.: 17.63, up 9.98% [2]. Policy Developments - The People's Bank of China has issued a plan to enhance the digital RMB management service system and related financial infrastructure, with a new framework set to be implemented on January 1, 2026 [2]. - The revision of the CIPS business rules aims to optimize cross-border payment processes, facilitating the exploration of digital RMB applications in cross-border scenarios [3]. Industry Analysis - **Digital RMB Technology Services**: The promotion of digital RMB requires technical support such as encryption certification and payment terminal adaptation, leading to increased demand for these services as application scenarios expand [4]. - **Cross-Border Payments**: The revised CIPS rules will enhance efficiency and security in cross-border payments, benefiting companies involved in cross-border payment technology and related system development [4]. - **Financial Hardware Devices**: The implementation of digital RMB necessitates hardware like POS machines and ATMs, providing opportunities for manufacturers to upgrade or develop new products [4]. - **Financial Software Systems**: Financial institutions will need to upgrade their core and payment systems to accommodate digital RMB, creating demand for customized solutions from software development companies [4].

Group 1 - The People's Bank of China will implement a new action plan for the management and service system of digital RMB, with a new framework and ecosystem set to launch on January 1, 2026, marking an upgrade from digital cash to digital deposit currency [2] - As of November 2025, digital RMB has processed 3.48 billion transactions with a total transaction amount of 16.7 trillion yuan, and 230 million personal wallets have been opened through the digital RMB app [2] - The mBridge project has processed 4,047 cross-border payment transactions, amounting to approximately 387.2 billion yuan, with digital RMB accounting for about 95.3% of the total transaction volume [2] Group 2 - On December 29, 2022, seven digital RMB concept stocks saw net inflows exceeding 100 million yuan, with Lakala leading at 371 million yuan [3] - The "14th Five-Year Plan" emphasizes the steady development of digital RMB, with applications expanding from personal consumption to industrial finance, cross-border trade, and public services [3] - Various regions are exploring innovative applications of digital RMB, including its use in debt settlement and industrial internet scenarios [3] Group 3 - Guotai Junan Securities believes that digital RMB will accelerate penetration across the supply chain, with significant growth potential in banking IT and fintech sectors [4] - The demand for bank system upgrades and digital wallet development will be driven by digital RMB, while the payment ecosystem will see increased demand for POS machines and ATMs [4] Group 4 - A total of 64 A-share companies are involved in digital RMB-related businesses, with the computer industry having the highest representation at 43 companies [5] - Eight digital RMB concept stocks have been heavily favored by institutional investors, with a total market value of 2.939 billion yuan held by social security funds and pension funds [5] - Unisoc Microelectronics has seen significant investment from social security funds, with a market value of 1.89 billion yuan, and has made technological advancements in digital currency hardware [5]

Market Overview - The U.S. stock market saw slight declines with the Dow Jones down 0.51%, Nasdaq down 0.5%, and S&P 500 down 0.35%. Major tech stocks mostly fell, with Tesla down over 3% and Nvidia down over 1%. Intel rose over 1%, while Apple and Google saw slight increases. The Nasdaq Golden Dragon China Index fell 0.67%, with most Chinese concept stocks declining [1] - European stock indices had mixed results, with Germany's DAX up 0.05%, France's CAC40 up 0.1%, and the UK's FTSE 100 down 0.04%. International oil prices rose significantly, with U.S. oil up 2.01% at $57.87 per barrel and Brent crude up 1.96% at $61.42 per barrel. Gold and silver prices fell sharply, with spot gold down over $200, a decline of 4.36% [2] Industry Insights - China's private rocket company "New Space Aerospace" announced the launch of key technology tests for the recovery and reuse of the Chitu-1 rocket, indicating progress in low-cost, high-reliability space technology. The Shanghai Stock Exchange has provided clearer pathways for commercial rocket companies to list on the Sci-Tech Innovation Board [3] - The satellite internet sector is expected to become a new industrial field, with the satellite communication industry projected to exceed 200 billion to 400 billion yuan by 2030, with an annual compound growth rate of 10%-28%. This sector is transitioning from concept validation to large-scale application, becoming a key driver for high-quality digital economic development [4] - The People's Bank of China released an action plan to strengthen the management and service system for digital RMB, with a new framework set to be implemented by January 1, 2026. As of November 2025, digital RMB transactions reached 34.8 billion, totaling 16.7 trillion yuan [5] - The digital RMB cross-border payment system is expected to connect with ASEAN and Middle Eastern countries, potentially allowing 38% of global trade to bypass the SWIFT system. The central bank's digital currency bridge model facilitates cross-border payments without intermediary banks [6] - Dongguan Jimu Machinery Co., Ltd. increased its registered capital from 3.89 billion yuan to approximately 4.689 billion yuan, a rise of about 21%. This company, fully owned by Huawei, is expected to play a significant role in the humanoid robot industry [7] - The humanoid robot industry is anticipated to enter a critical growth phase in 2025, driven by advancements in component performance and cost reduction. The domestic market is expected to see significant growth in robot shipments, with key beneficiaries in core supply chains and application scenarios [8]

Core Viewpoint - The new generation of digital RMB will officially launch on January 1, 2024, transitioning from a cash-based system to a deposit currency system, allowing for interest payments on digital RMB balances held in banks [1][4]. Group 1: Transition to Deposit Currency - The People's Bank of China has introduced a plan to enhance the management and service system for digital RMB, marking a shift from digital cash to digital deposit currency [1][2]. - This transition will significantly improve the liquidity of digital RMB within the banking system, as it allows for interest accrual on digital RMB held in bank accounts [2][4]. Group 2: Operational Changes - Digital RMB will now be classified as a liability of commercial banks rather than the central bank, indicating a major upgrade from version 1.0 to version 2.0 [3][4]. - Commercial banks will be responsible for the operation, security, and reliability of digital RMB, which will incentivize them to offer more financial services related to digital RMB [4][6]. Group 3: User Experience and Security - The user experience for payments will remain largely unchanged, but the ability to earn interest on digital RMB deposits will be a significant enhancement [5]. - Digital RMB will be supported by the central bank's technology and regulatory oversight, with commercial banks responsible for customer security and compliance, including deposit insurance coverage up to 500,000 RMB [6][7]. Group 4: Implementation and Impact - Since its inception in 2014, the digital RMB has seen successful trials across various sectors, with significant transaction volumes reported, including 34.8 billion transactions totaling 16.7 trillion RMB by November 2025 [7]. - The dual-layer operational system of "central bank-commercial institutions" aims to steadily advance the integration of digital cash and electronic payments into a robust digital currency framework [7].

Core Viewpoint - The digital renminbi will start accruing interest from January 1, 2026, marking a significant transition from cash-type version 1.0 to deposit currency version 2.0, as outlined in the action plan by the People's Bank of China [1] Group 1: Transition to Deposit Currency - The digital renminbi will shift from being classified as cash to being treated as a deposit, changing its status from central bank liabilities to bank liabilities [1] - This upgrade will allow individuals and businesses to earn interest on their digital renminbi wallets, initially at the same rate as current deposit rates [2] - The digital renminbi will be included in banks' balance sheets, enabling banks to manage assets and liabilities more effectively and incentivizing them to offer diverse financial products [2] Group 2: Financial Services and Stability - Financial services associated with digital renminbi will increasingly resemble those of traditional deposits, expanding its usability beyond cash scenarios [2] - The new framework aims to enhance macro-financial stability and mitigate financial disintermediation risks by incorporating digital renminbi into the reserve requirement system [3] - Banks will no longer face a liquidity contraction effect as digital renminbi will be treated as M1 or M2, allowing them to meet reserve requirements similar to regular deposits [3] Group 3: Non-Bank Payment Institutions - Non-bank payment institutions will still be required to maintain a 100% reserve for digital renminbi, as they do not have the qualifications to conduct deposit business and lack the ability to create money [4]

Group 1 - The People's Bank of China announced the implementation of the new digital RMB framework on January 1, 2026, marking the transition from digital cash to digital deposit currency [1] - The new framework includes a mechanism for interest payments on digital RMB held in commercial bank wallets, addressing previous issues of low holding motivation due to lack of returns [1] - As of November 2025, the cumulative transactions of digital RMB reached 3.48 billion, with a total amount of 16.7 trillion yuan, indicating significant user engagement with 230 million personal wallets and 1.884 million corporate wallets [1] Group 2 - Guotai Junan Securities stated that the integration of digital RMB into commercial bank liabilities and the reserve system enhances macroeconomic control and expands the business space for financial institutions [2] - Huachuang Securities highlighted the vast potential in payment scenarios following the upgrade of digital RMB to M1 and M2 categories, with applications already covering 17 provinces and cities [2] - By 2030, the transaction volume of digital RMB is projected to reach between 52.8 trillion and 223.6 trillion yuan, with significant contributions from daily consumption and cross-border payment scenarios [2] Group 3 - Changliang Technology is a leading player in the domestic fintech sector, providing core business system solutions to a wide range of banking clients, including state-owned banks and foreign banks [3] - Newland is noted for its strong technical foundation in payment terminals, serving banks and third-party payment institutions [4]

Core Viewpoint - The digital renminbi is set to upgrade with the introduction of an interest-bearing feature, officially launching on January 1, 2026, marking a transition from a cash-based to a deposit currency model [1][2]. Group 1: Digital Renminbi Upgrade - The People's Bank of China (PBOC) has announced a new management and operational framework for the digital renminbi, transitioning it to a deposit currency model [1]. - The digital renminbi will now be treated as a liability of commercial banks, allowing for interest payments on customer balances [2][4]. - The digital renminbi will be included in the deposit insurance scheme, providing a maximum compensation limit of 500,000 yuan for depositors in case of bank risks [1]. Group 2: Implications for Commercial Banks - The transition to a deposit currency will align the digital renminbi with traditional deposits, enabling commercial banks to engage in asset utilization and monetary creation, thus generating stable income sources [2]. - The operational framework mandates that banks adhere to self-regulated interest rate pricing for digital renminbi wallets, referencing their current demand deposit rates [4]. Group 3: Public Benefits - Starting January 1, 2026, the balances in real-name digital renminbi wallets will earn interest, benefiting the public [3]. Group 4: Operational Framework and Institutions - The digital renminbi will be managed under a reserve requirement system, with participating banks required to include digital renminbi balances in their reserve calculations [4]. - Currently, there are 10 designated operational institutions for the digital renminbi, including six state-owned banks, two joint-stock banks, and two internet banks, with plans for expansion [4].

Group 1 - The People's Bank of China has introduced an action plan for digital RMB management and infrastructure, set to officially launch on January 1, 2026, with significant transaction volumes already recorded [1] - As of November 2025, digital RMB has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened through the digital RMB app [1] - The mBridge platform has handled 4,047 cross-border payment transactions, totaling approximately 387.2 billion yuan, with digital RMB accounting for about 95.3% of the transaction volume [1] Group 2 - China Chengtong and China Unicom have established a new technology innovation investment fund with a total investment of 10 billion yuan, focusing on venture capital for unlisted companies [2] - Dongguan Jimu Machinery Co., a Huawei subsidiary, has increased its registered capital from 3.89 billion yuan to approximately 4.689 billion yuan, marking a 21% increase [3] - Guangzhou Huitian Flying Car Manufacturing Co., a subsidiary of Xiaopeng Motors, has raised its registered capital from 650 million yuan to 900 million yuan, reflecting a 38% increase [4] Group 3 - Two ETFs from China have been listed in Thailand using the DR model, marking a significant step in the collaboration between Chinese and Thai capital markets [5] - Guangzhou Yu Xin Integrated Circuit Manufacturing Co. has increased its registered capital from 6.5 billion yuan to 7.5 billion yuan, a 15% increase [6] Group 4 - AI² Robotics has launched the world's first modular embodied intelligent service space, "Zhi Mo Fang," in Beijing and Shenzhen, with plans to deploy 1,000 units across various commercial and cultural locations in the next three years [8] Group 5 - The Ministry of Finance and the State Taxation Administration have announced that tobacco companies cannot deduct advertising expenses from taxable income, tightening regulations on advertising expenditures [9] - The State Administration for Market Regulation has introduced new regulations to oversee food contract manufacturing, effective December 1, 2026, emphasizing the responsibilities of both parties involved [10] Group 6 - Yang Gongyifan, CEO of Zhonghao Xinying, announced that the second generation of TPU products is set to launch next year, following the successful rollout of the first generation in 2023 [11]

● 本报记者 彭扬 数字人民币近期迎来升级，市场期待已久的计息功能将正式落地。中国证券报记者12月29日从中国人民 银行获悉，新一代数字人民币计量框架、管理体系、运行机制和生态体系将于2026年1月1日正式启动实 施。 在总结十年研发试点经验基础上，中国人民银行出台了《关于进一步加强数字人民币管理服务体系和相 关金融基础设施建设的行动方案》，方案从机制上明确了数字人民币将从数字现金时代迈入数字存款货 币时代。 中国人民银行副行长陆磊介绍，根据制度安排，客户在商业银行钱包中的数字人民币是以账户为基础的 商业银行负债，标志着数字人民币由现金型1.0版进入存款货币型数字人民币2.0版。行动方案明确，银 行机构为客户实名数字人民币钱包余额计付利息，遵守存款利率定价自律约定。 与此同时，专家表示，数字人民币存款纳入存款保险范畴，若运营的商业银行出现风险，储户的数字人 民币存款可享受最高50万元的限额偿付保障。 （上接A01版）现阶段，各运营机构将参考其挂牌的活期存款利率执行，同时必须严格遵守存款利率定 价自律约定。 陆磊也强调，未来的数字人民币是中央银行提供技术支持保障并实施监管、具有商业银行负债属性，以 账户（数字人 ...