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》（下称《行动方案》）。《行动方案》在DC/EP（数字货币/电 子支付）理论框架下进一步优化了"双层架构"。在顶层中央银行端，数字人民币由中央银行负责业务规 则、技术标准制定，承担相关基础设施的规划、建设和运营。 数字人民币迎来重大调整！ 12月29日，记者获悉，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，数字人民币将从数字现金时代迈入数字存款货币时代。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。 《行动方案》还明确了"账户体系+币串+智能合约"的数字化方案，提出升级现有账户体系，在新 型账户（数字人民币钱包）基础上推动新兴技术应用，提升人民币发行、流通、支付等各环节的数字 化、智能化水平，升级数字人民币智能合约生态服务平台，支撑构建智能合约开源生态体系。 此外，《行动方案》明确 ...

Core Viewpoint - The People's Bank of China has announced an action plan to enhance the management and service system for digital renminbi, with a new framework set to be implemented on January 1, 2026 [1] Group 1: Digital Currency Framework - The action plan introduces a digitalization scheme based on "account system + currency string + smart contracts," aiming to upgrade the existing account system and enhance the digital and intelligent levels of renminbi issuance, circulation, and payment [4] - The digital renminbi will transition from a cash-based version 1.0 to a deposit currency version 2.0, integrating with the existing banking system and ensuring compliance and interoperability [5][6] Group 2: Market Reaction - Following the announcement, digital currency concept stocks experienced significant movements, with companies like Yuyin Co. hitting the daily limit and others such as Lakala and Sifang Chuangxin also seeing gains [3] Group 3: Operational Responsibilities - The action plan clarifies the responsibilities and rights of operational institutions, incorporating digital renminbi into the reserve requirement framework for banks and mandating 100% reserve for non-bank payment institutions [5][7] Group 4: Pilot Program and Development - As of November 2025, the digital renminbi has processed 3.48 billion transactions amounting to 16.7 trillion yuan, with 230 million personal wallets opened [8] - The pilot program has expanded to 26 regions across 17 provinces, demonstrating replicable application models in various sectors [8][9]

Core Viewpoint - The company is actively promoting the application of digital renminbi in rural areas, particularly in Meihua Town, establishing it as a demonstration area for digital currency usage [1][2]. Group 1: Implementation Strategy - The bank has created a three-tiered collaborative mechanism involving government mobilization, local cooperation, and banking services to enhance the promotion of digital renminbi [1]. - A "Small Circle Service Team" has been formed to conduct extensive promotional activities in various sectors, including business districts, schools, hospitals, enterprises, buildings, and households [1]. Group 2: Engagement and Incentives - The bank has focused on building application scenarios and incentive mechanisms, transforming the Meihua Town agricultural market into a digital renminbi application hub, achieving full coverage of merchant acceptance [1]. - The bank has signed contracts with 50 enterprises for salary payments via digital renminbi, with an average monthly distribution to over 2000 individuals [1]. Group 3: Results and Future Plans - As of the end of November, Meihua Town has registered 11,070 personal digital renminbi wallets with a 98% activation rate, and 63 corporate wallets with a 100% activation rate; the activity rates for personal and corporate wallets are 86% and 98%, respectively [2]. - The bank plans to summarize the demonstration experience from Meihua Town and explore more innovative application scenarios to contribute to rural revitalization and the development of the digital economy [2].

Market Overview - The A-share market showed mixed results on December 29, with the Shanghai Composite Index achieving a nine-day consecutive rise, marking the longest streak 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%, setting 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%, marking its fourth consecutive rise, while the Bank ETF (512800) gained 0.98% [1] ETF Highlights - The Military Industry ETF (512810) recorded a net inflow of over 8.1 billion yuan, leading the industry [7] - The Financial Technology ETF (159851) showed a strong upward trend, with significant gains in stocks like Lakala, which surged over 12% [12] - The Science and Technology Innovation Artificial Intelligence ETF (589520) rose by 0.69%, driven by strong demand for AI-related chips, with a notable increase in trading volume [16] Key Stocks - China Satellite saw a four-day consecutive rise, with its market capitalization surpassing 100 billion yuan [9] - Lakala led the financial technology sector with a significant increase, while other stocks in the sector also performed well [12] - Chip manufacturer Chipone Technology reported a record high in new orders, contributing to the strength of the AI chip sector [16][18] 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 positive outlook for 2026 [4] - The digital yuan is set to launch a new framework and management system on January 1, 2026, which is expected to create new opportunities for the financial technology sector [14]

Group 1 - The company has not yet adopted digital human applications [1]

Core Viewpoint - The digital renminbi concept stocks surged on December 29, with the fintech sector rising 1% despite market conditions, driven by the announcement of a new digital renminbi framework set to launch in 2026 [1][3][7]. Market Performance - The fintech sector saw significant gains, with Lakala leading the charge with over a 12% increase, followed by Cuvi Co. hitting the daily limit, and several other stocks rising over 3% [1][4]. - The fintech ETF (159851) experienced a 1.08% increase, with trading volume nearing 500 million yuan, indicating strong market interest [1][4]. Digital Renminbi Developments - A new digital renminbi measurement framework and management system will officially start on January 1, 2026, as part of efforts to expand the cross-border use of the renminbi [3][7]. - The West Land-Sea New Channel is expected to enhance the international logistics network and facilitate the broader use of the renminbi, presenting new opportunities for the digital currency [3][7]. Future Outlook - The fintech sector is poised for growth due to multiple positive factors, including record trading volumes in A-shares and the increasing integration of AI in financial services, which is expected to enhance product value and industry barriers [3][7]. - The current valuation of the CSI Fintech Theme Index is at a near six-month low, suggesting potential for upward movement as market activity remains high and new trends like AI finance and digital renminbi gain traction [3][7]. Investment Recommendations - Investors are encouraged to focus on the fintech ETF (159851) and its associated funds, which cover a wide range of sectors including internet brokerage, financial IT, cross-border payments, and AI applications [4][8]. - The fintech ETF has demonstrated strong liquidity, averaging 800 million yuan in daily trading over the past six months, making it a leading choice among similar ETFs [4][8].

Group 1 - On the day, 36 stocks were listed on the institutional trading leaderboard, with 17 stocks seeing net purchases and 19 stocks experiencing net sales [1] - The top three stocks with the highest net purchases by institutions were China Satellite Communications (CNY 246 million), Tianji Co., Ltd. (CNY 168 million), and Jiayuan Technology (CNY 102 million) [1][2] - China Satellite Communications saw a price increase of 5.97%, while Tianji Co., Ltd. had a slight increase of 0.40%, and Jiayuan Technology experienced a significant decline of 11.57% [2] Group 2 - Chaojie Co., Ltd. had a net purchase of CNY 246 million from one institution, operating 18 commercial communication broadcast satellites and successfully launching multiple satellites [3] - The company has established a complete high-orbit Ka-band high-throughput satellite internet coverage across the entire territory of China and key areas of the "Belt and Road" initiative, with its "Haixing Tong" global network covering over 95% of maritime routes [3] - The People's Bank of China has announced a new action plan for the management and service system of digital RMB, set to be implemented on January 1, 2026, which will allow digital RMB wallet balances to earn interest like demand deposits [3] - East Wu Securities highlighted potential A-share suppliers for SpaceX and commercial aerospace, noting that some companies have the capability to supply key components for the industry [3] - Companies like Maiwei Co., Ltd. and Paike New Materials are identified as having potential in the commercial aerospace sector, with Maiwei being a global leader in HJT equipment and Paike focusing on high-end aerospace forgings [3]

Core Insights - The People's Bank of China has introduced an action plan to enhance the management service system and related financial infrastructure for digital RMB, set to officially launch on January 1, 2026 [1] - Digital RMB wallets will start earning interest based on current deposit rates, marking a transition from "digital cash" to "digital deposit currency" after ten years of research and trials [1] - China will become the first economy to pay interest on central bank digital currency wallet balances [1] Summary by Categories Digital Currency Development - The new digital RMB measurement framework, management system, operational mechanism, and ecosystem will be implemented starting January 1, 2026 [1] - As of the end of November 2025, digital RMB has processed a total of 3.48 billion transactions, with a cumulative transaction amount of 16.7 trillion yuan [1] Economic Impact - The introduction of interest on digital RMB wallet balances is expected to have significant implications for the financial landscape in China, potentially influencing consumer behavior and savings patterns [1]

Core Insights - The application scenarios for digital RMB are continuously expanding, moving from personal consumption to broader fields such as industrial finance, cross-border trade, and public services [1] Group 1: Digital RMB Development - The "14th Five-Year Plan" suggests a steady development of digital RMB [1] - 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 [1] - The communication industry has 6 companies, while the non-bank financial and electronics industries each have 3 companies [1] Group 2: Institutional Investment - Some digital RMB concept stocks are favored by institutional investors, with 8 stocks being heavily held by social security funds or pension funds as of the end of Q3 [1] - The total market value of these holdings amounts to 2.939 billion yuan [1] - Notable new heavy holdings include companies like Unisplendour, Newland, StarNet, and Zhongke Jin Cai, while Newland and Guotou Intelligent have seen an increase in shareholding compared to the previous period [1]

Core Viewpoint - The People's Bank of China will officially implement the "Action Plan for Further Strengthening the Management and Service System of Digital Renminbi and Related Financial Infrastructure" on January 1, 2026, transitioning digital renminbi from a cash-type version 1.0 to a deposit currency version 2.0, which will enhance its functionality and integration into global payment systems [1][2]. Group 1: Key Aspects of the Action Plan - The digital renminbi will evolve from being merely "digital cash" to a fully functional "digital deposit currency," encompassing three core functions: value measurement, value storage, and cross-border payment, thus expanding its application scenarios [2]. - The operational model will deepen under a dual-layer structure, clarifying responsibilities, with commercial banks becoming the primary service and responsibility entities, allowing them to utilize digital renminbi deposits for lending and other financial activities [2]. Group 2: Implications for Users and Banks - For individual and corporate users, the digital renminbi will earn interest like a demand deposit, significantly increasing user willingness to hold it, while also encouraging more merchants to accept it, thereby enriching payment scenarios [3]. - The inclusion of digital renminbi in the deposit insurance system and the requirement for non-bank payment institutions to maintain 100% reserves will enhance security, while banks will gain a new source of funds for promotion and product development [3]. - The comprehensive integration of digital renminbi into regulatory frameworks such as reserve requirements and macro-prudential assessments will help mitigate financial disintermediation and shadow banking risks, ensuring healthy monetary circulation within the financial system [3].