当前，境内和跨境数字人民币试验推广取得积极成效，在各国中央银行试验推进的项目中，数字人 民币处于领跑态势，具备了通用混合型货币能力、可编程型货币能力、高效监管型货币能力和全场景型 货币能力。截至2025年11月末，数字人民币累计处理交易34.8亿笔，累计交易金额16.7万亿元。通过数 字人民币App开立个人钱包2.3亿个，数字人民币单位钱包已开立1884万个。 本报北京12月29日电（记者温源）29日，中国人民银行出台《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》，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。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。 （来源：光明日报） 转自：光明日报 中国人民银行党委委员、副行长陆磊表示，方案的实施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。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，以账户为基础、兼容分布式账本技术特点，在金融体系内发行、流通的现代化数字支付和流 通手段，具备货币价值尺度、价值储藏、跨境支付职能。 ...

Core Viewpoint - The digital renminbi will transition from a cash-based model to a deposit currency model starting January 1, 2026, allowing it to earn interest similar to regular savings accounts [1] Group 1: Digital Renminbi Transition - The digital renminbi will generate interest for users, with initial rates aligned to current savings account rates [1] - The legal and economic attributes of digital renminbi will align with those of regular bank deposits, enhancing its functionality [1] - The transition will create a win-win scenario for businesses and individuals, as they will benefit from interest income and a wider range of financial products [1] Group 2: Banking and Financial Services - Banks will be incentivized to offer diverse financial products and services based on the digital renminbi, as it will now appear on their balance sheets as a liability [2] - The restrictions on opening digital renminbi wallets will be relaxed, allowing commercial banks to provide more services [2] Group 3: Financial Stability and Risk Management - The new framework will enhance the sustainability of digital renminbi operations by ensuring that banks can earn profits from their digital currency activities [3] - The transition to a deposit model will help mitigate financial disintermediation risks and stabilize the macro-financial environment [3] - Digital renminbi will now be subject to reserve requirements similar to traditional deposits, improving liquidity management within the banking system [3] Group 4: Non-Bank Payment Institutions - Non-bank payment institutions will still be required to maintain a 100% reserve for digital renminbi, as they lack the capacity to engage in deposit-taking activities [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 [1] - 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 [1] - The digital RMB concept stocks saw a collective rise on December 29, with notable increases in stocks such as Hengbao Co., Ltd. and Lakala, which rose by 8.31% and 12.57% respectively [1] Group 2 - Seven concept stocks received over 1 billion yuan in net inflows on December 29, with Lakala leading at 371 million yuan [2] - The application scenarios for digital RMB are expanding rapidly from personal consumption to industrial finance, cross-border trade, and public services [2] - The digital RMB is being integrated into various innovative applications, including debt settlement in Hunan and financial products in the poultry industry by Postal Savings Bank [2] 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 [3] - 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 [3] - Eight 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 [3] Group 4 - Unisoc's third-quarter report indicates that social security funds have newly entered as major shareholders, with a combined holding value of 1.89 billion yuan [4] - The company has made technological advancements in hardware related to digital currency and stablecoins, achieving market results in the digital RMB wallet sector [4] - Eight stocks received significant foreign investment, with a total holding value of 536 million yuan, indicating strong interest from QFII [4]

Core Viewpoint - The digital renminbi is transitioning from a digital cash era to a digital deposit currency era, with a new management and service framework set to be implemented on January 1, 2026 [1][2] Group 1: Digital Renminbi Development - The new action plan clarifies that the digital renminbi will have the characteristics of commercial bank liabilities, moving from central bank liabilities, which addresses key issues such as financial disintermediation risk and liquidity management [2] - The digital renminbi will be a modern digital payment and circulation method, compatible with distributed ledger technology, and will serve functions such as a measure of value, store of value, and cross-border payment [1] Group 2: Market Impact - The transition to a digital deposit currency will enhance user convenience, offering features like offline payments, real-time settlement, and improved security and yield for deposits, significantly increasing the attractiveness of the digital renminbi [2] - Banks will gain asset-liability management rights over digital renminbi, allowing them to activate wallet funds through wealth management and credit services, thus increasing participation [2] Group 3: Regulatory Framework - The action plan optimizes the "dual-layer architecture," where the central bank sets business rules and technical standards, while commercial banks manage digital renminbi wallets and ensure compliance and anti-money laundering responsibilities [3] - A digital renminbi management committee will be established by the People's Bank of China to coordinate relevant business lines and regulatory functions [3] Group 4: Market Reaction - Following the announcement, the digital currency sector and related stocks saw significant gains, with companies like Lakala rising by 12.57% and ST Tianyu by 11.40% on December 29 [3]

Core Viewpoint - The digital renminbi is set to undergo a significant transformation in 2026, transitioning from a non-interest-bearing currency to a digital deposit that earns interest, fundamentally changing personal finance management [1][3]. Group 1: Transformation of Digital Renminbi - The digital renminbi will no longer be labeled as "non-interest-bearing," allowing balances in real-name wallets to earn interest similar to bank deposits, with rates determined by a self-regulatory mechanism based on bank deposit rates [3]. - This change signifies a fundamental shift in the legal nature of digital renminbi, moving from "central bank liabilities to the public" to "commercial bank liabilities to customers," thus providing the same security as bank accounts, with deposits up to 500,000 yuan protected by deposit insurance [3]. Group 2: Impact on Banking and Credit Market - The reserve requirement ratio for commercial banks regarding digital renminbi will shift from 100% to a partial reserve system, enabling banks to lend out a portion of the digital renminbi deposits, potentially releasing hundreds of billions of yuan in credit space [4]. - Regulatory measures will continue to enforce a 100% reserve requirement for non-bank payment institutions, preventing the misuse of customer funds while providing traditional banks with a competitive advantage in the digital currency space [4]. Group 3: Changes for Consumers - Consumers will experience direct benefits as digital renminbi balances will now generate interest; for instance, a 1-year deposit of 10,000 yuan at an interest rate of 1.5% would yield 150 yuan in interest, marking a significant improvement from previous zero returns [4]. - The new digital renminbi will facilitate easier cross-border payments, enhancing connectivity with regions like Hong Kong and Singapore, allowing users to pay directly in digital renminbi without currency exchange [4]. - The evolution of digital renminbi from a payment tool to a financial management tool may lead to a new paradigm in personal finance, prompting discussions on whether to store funds in digital wallets or traditional bank accounts [4].

2026年1月1日，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正式启动实施。基于中 国人民银行前期制定出台的《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》（下称《行动方案》），数字人民币将由现金型1.0版进入存款货币型数字人民币2.0版。 新的一年，数字人民币由"数字现金"转变为"数字存款"。银行机构将为客户实名数字人民币钱包余额， 参照本银行活期存款挂牌利率计付利息。业内人士向记者指出，《行动方案》的实施，总体上对商业银 行运作、资产派生能力的影响不大。 央行副行长陆磊在署名文章中指出，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，以账户为基础、兼容分布式账本技术特点，在金融体系内发行、流通的现代化数字 支付和流通手段，具备货币价值尺度、价值储藏、跨境支付职能。 数字人民币钱包余额将计付利息 2026年1月1日起，数字人民币钱包不仅是一项支付工具，还是生息资产。《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。 对于个人而言，客户实名数字人民币钱包（即一、二、三类钱包）余额，参照本银行活期存款 ...

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-type version 2.0, as outlined in the action plan by the People's Bank of China [1][2] Group 1: Transition to Deposit Currency - The digital renminbi will now have the same legal and economic attributes as regular bank deposits, allowing for interest payments on user balances [2] - Initially, interest will be calculated based on the current deposit interest rate, while anonymous wallets will not earn interest due to the inability to identify the account holder [2] Group 2: Financial Services Alignment - Financial services associated with digital renminbi will increasingly resemble those of traditional deposits, expanding beyond cash usage limitations [2] - The safety of digital renminbi will be backed by deposit insurance funds, enhancing user confidence [2] Group 3: Bank Incentives and Sustainability - Banks will have the opportunity to manage digital renminbi as part of their balance sheets, creating profit incentives and encouraging the provision of diverse financial products [2][3] - The new framework will ensure that banks can generate revenue from digital renminbi operations, promoting long-term sustainability [3] Group 4: Macro Financial Stability - The transition to version 2.0 will help prevent financial disintermediation risks and enhance macroeconomic stability by integrating digital renminbi into the reserve requirement system [3] - Previously, digital renminbi existed in M0 form, requiring a 100% reserve ratio, which limited liquidity; now, it will be classified under M1 or M2, allowing for more flexible reserve requirements [3] Group 5: Non-Bank Payment Institutions - Non-bank payment institutions will still be required to maintain a 100% reserve for digital renminbi, as they lack the qualifications to conduct deposit business and cannot create money [4]

新华社北京12月29日电 题：可以付息了！数字人民币迎来2.0版 新华社记者吴雨、任军 商业银行是数字钱包开立、场景开发和技术维护的主要运营者，对数字人民币流通的安全性、可靠性、 连续性等负有直接责任。 新一代数字人民币来了！记者12月29日从中国人民银行获悉，明年1月1日起，新一代数字人民币的计量 框架、管理体系、运行机制和生态体系将正式启动实施。其中，最为突出的变化是，数字人民币可以付 息了！ 在总结多年研发试点的经验基础上，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。 从数字现金到数字存款货币，这个变化带来明显利好——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。 不要小看迈出的这一步，背后是数字人民币从计量框架到管理体系，从运行机制到生态体系的全面调 整。 在调整之前，数字人民币主要定位于现金，并从2023年纳入流通中货币（M0）统计口径。 现金大多用于小额支付，很难"钱生钱"。只有把钱存到银行，再由银行把钱贷给个人、企业等，贷款再 辗转变为个 ...

Market Overview - The A-share market showed mixed results on December 29, with the Shanghai Composite Index achieving a nine-day winning streak, the longest since 2025, while the Shenzhen Component and ChiNext Index fell by 0.49% and 0.66% respectively [1] - Market sentiment remained high with a trading volume of 2.16 trillion yuan, surpassing 2 trillion yuan for two consecutive days [1] Sector Performance - The commercial aerospace sector continued to perform strongly, with stocks like China Satellite, Aerospace Electronics, and Aerospace Development consistently ranking among the top ten in trading volume [1] - The General Aviation ETF (159231) rose by 1.72%, reaching a historical high, while the Military Industry ETF (512810) increased by 1.69%, marking a new three-year high [1] - The digital currency concept saw fluctuations, with financial technology and banking sectors rebounding quickly. The Financial Technology ETF (159851) surged by 1.08%, achieving a four-day winning streak [1] ETF Highlights - The Military Industry ETF (512810) recorded a net inflow of over 81 billion yuan, leading the industry [6] - The Financial Technology ETF (159851) demonstrated strong liquidity, with a trading volume of nearly 5 billion yuan, indicating a potential upward trend [11] - The Science and Technology Innovation Artificial Intelligence ETF (589520) rose by 0.69%, supported by strong demand for AI-related chips, with a trading volume of 35.94 million yuan [14] Key Stocks - China Satellite saw a four-day consecutive rise, with a trading volume of 133.56 million yuan and a price increase of 10% [8] - Chip manufacturer Chipone Technology reported a record high in new orders, with a 129.94% year-on-year increase, indicating strong demand in the AI chip sector [15] - The stock of LaKala surged over 12% following news related to the digital renminbi, reflecting positive sentiment in the financial technology sector [12] Future Outlook - Analysts suggest that the Hong Kong stock market may benefit from the recovery expectations in mainland China and potential interest rate cuts by the Federal Reserve, indicating a dual improvement in earnings and valuations by 2026 [4] - The digital renminbi is set to officially launch its new framework and management system on January 1, 2026, which could provide new growth opportunities for the financial technology sector [12][13]

Group 1 - The company, Biyin Lefen (002832.SZ), has stated that it has not yet utilized applications related to digital humans [1]