Core Viewpoint - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Administration have issued a notification to strengthen the collaboration between commerce and finance to boost consumption [1] Group 1: Policy Coordination - The notification emphasizes the need for policy synergy, encouraging local commerce departments to utilize existing funding channels to actively promote consumption activities [1] - It suggests that localities should explore various methods such as financing guarantees, loan interest subsidies, and risk compensation to enhance the collaboration between fiscal, commerce, and financial policies [1] Group 2: Digital Currency and New Consumption Areas - The notification encourages qualified localities to use digital RMB smart contract red envelopes to improve the effectiveness of consumption promotion policies [1] - It highlights the importance of supporting key consumption projects in areas such as health and wellness, cultural tourism, and new consumption fields like digital and green sectors [1] Group 3: Financial Institutions' Role - Banks and non-bank financial institutions are encouraged to leverage their unique strengths and collaborate in consumption promotion activities to enhance the quality and upgrade of consumption [1]

北京商报讯（记者 岳品瑜 董晗萱）12月14日，据商务部官网消息，为引导金融机构聚焦消费重点领域 加大支持力度，助力提振和扩大消费，商务部办公厅、中国人民银行办公厅、金融监管总局办公厅发布 《关于加强商务和金融协同 更大力度提振消费的通知》。 其中提到，鼓励有条件的地方运用数字人民币智能合约红包提升促消费政策实施质效。结合地方实际探 索运用融资担保、贷款贴息、风险补偿等多种方式，加强财政、商务、金融政策协同配合，引导信贷资 金加大向消费重点领域投放。鼓励有条件的地方通过多种方式支持参与康养、文旅等消费重点项目和数 字、绿色等新型消费领域。鼓励银行和非银行金融机构发挥各自特点，加强优势互补，协同参与促消费 活动，促进消费提质升级。 ...

（文章来源：商务部网站） 商务部办公厅、中国人民银行办公厅、金融监管总局办公厅发布关于加强商务和金融协同，更大力度提 振消费的通知。其中提到，强化政策合力。鼓励地方商务主管部门充分利用现有资金渠道，积极开展促 消费活动，与金融支持形成合力，更好激发消费潜力。鼓励有条件的地方运用数字人民币智能合约红包 提升促消费政策实施质效。结合地方实际探索运用融资担保、贷款贴息、风险补偿等多种方式，加强财 政、商务、金融政策协同配合，引导信贷资金加大向消费重点领域投放。鼓励有条件的地方通过多种方 式支持参与康养、文旅等消费重点项目和数字、绿色等新型消费领域。鼓励银行和非银行金融机构发挥 各自特点，加强优势互补，协同参与促消费活动，促进消费提质升级。 ...

Core Insights - The article discusses the ongoing pilot program of digital RMB in Suzhou, highlighting its increasing adoption and the implications for cash usage in the future [1][3][10] Group 1: Digital RMB Overview - Digital RMB is a digital form of the Chinese currency, directly issued by the central bank, distinguishing it from payment tools like Alipay and WeChat Pay, which are based on bank accounts [1] - The pilot program in Suzhou has been running for six years, starting in 2019, and has expanded its application across various sectors including retail, dining, public transport, healthcare, and education [3][7] Group 2: Advantages of Digital RMB - Digital RMB offers several advantages over cash, including traceability for transactions, which aids in combating money laundering and tax evasion [4][5] - It enhances efficiency by speeding up transactions and reducing the need for physical cash handling, thus providing convenience for both merchants and consumers [4] - The safety of digital payments is higher compared to carrying cash, reducing the risk of theft or loss [4] Group 3: Disadvantages of Digital RMB - The reliance on technology poses a challenge, as digital RMB cannot be used without electricity or internet access, making cash still important in remote areas [4] - Privacy concerns arise since all transactions are traceable, which some users may find intrusive [4] - There is a learning curve for older individuals who may not be familiar with technology, and the need for smart devices can be a financial burden for economically disadvantaged groups [4] Group 4: Adoption and Growth Factors - The acceptance of digital RMB is gradually increasing, particularly among younger and urban populations, while older individuals and rural areas show lower acceptance [4][8] - Government initiatives, such as encouraging employees to use digital RMB and distributing subsidies through this medium, have accelerated its adoption [7] Group 5: Future of Cash and Digital RMB - The article suggests that cash will not be eliminated in the near future, as a significant portion of the population still relies on it for daily transactions [8] - The central bank has emphasized that digital RMB and cash will coexist for the foreseeable future, countering speculation about an imminent cashless society [8][10] Group 6: Implications for Stakeholders - Merchants may benefit from accepting digital RMB as it can attract customers who prefer cashless transactions and improve business management through better transaction records [9] - The promotion of digital RMB can assist the central bank in executing monetary policy more effectively by providing better insights into currency flow [9]

Core Viewpoint - The development of digital RMB is crucial for establishing a new international monetary and financial order, and it is imperative to accelerate its innovation and application to gain a competitive advantage globally [1][19]. Group 1: Digital RMB Development - Since May 2025, the U.S. and Hong Kong have been advancing legislation on stablecoins and digital assets, prompting discussions in China about the need to promote digital RMB and stablecoin legislation [3][22]. - The People's Bank of China (PBOC) announced plans to optimize the positioning of digital RMB beyond the previously defined M0 level and to enhance its management system [3][22]. - A meeting was held on November 28, where 13 departments emphasized the need to continue prohibiting virtual currencies and to combat illegal financial activities related to them [3][22]. Group 2: Challenges and Controversies - The policy direction to firmly curb virtual currencies has exceeded many expectations and has sparked significant social debate [4][23]. - The initial positioning of digital RMB as M0 has led to limitations in supply and application scenarios, making it less competitive compared to mobile payments [7][27]. - There is a need to redefine the essence and positioning of digital RMB to ensure its successful development and international competitiveness [4][28]. Group 3: Technological and Structural Considerations - Digital RMB must leverage technologies such as blockchain and smart contracts to enhance efficiency and security [12][34]. - The integration of digital RMB with digital identity systems is essential for ensuring the authenticity and security of user information [14][36]. - A clear distinction between domestic and international versions of digital RMB is necessary due to jurisdictional differences [16][37]. Group 4: Strategic Importance - Digital RMB should be elevated to a national strategic project, requiring collaboration across various government departments to ensure effective resource allocation and project quality [18][39]. - The relationship between digital RMB and existing RMB clearing systems must be carefully managed to ensure seamless integration and operation [19][40].

Core Insights - The event "2025 Human Resource Management Transformation and Upgrade Seminar and Ningbo Bank Digital Human Resource 3.0 Launch" was successfully held in Beijing, focusing on exploring new paths for digital transformation in human resources [1] - The seminar gathered over 80 representatives from state-owned enterprises, listed companies, and key private technology enterprises in Beijing to discuss new opportunities in the industry [1] Group 1: Company Initiatives - Ningbo Bank has been recognized for its commitment to empowering enterprise development and serving the real economy, as highlighted by the Deputy Director of the Economic Service Department of the Beijing Federation of Industry and Commerce [3] - The bank's Digital Human Resource 3.0 system, based on the "6865" service plan, introduces four functional modules: Executive Dashboard, HR Smart Hub, Financial Accelerator, and Employee Benefits Station, aimed at providing comprehensive solutions for digital upgrades in human resource management [3][4] - The system is designed to break down data barriers across human resources, financial accounting, and business operations, creating a closed-loop management ecosystem that supports executives, HR departments, finance departments, and employees [4] Group 2: Industry Trends and Compliance - The seminar featured a presentation by a senior partner from Beijing Dacheng Law Firm, focusing on labor management policy trends, including employment stability policies, labor remuneration standards, social insurance requirements, and employee rights protection [6] - Key areas of focus included compliance points and risk prevention measures for enterprises in human resource management, providing clear guidance for legal and regulatory adherence [6] Group 3: Future Outlook - The successful hosting of the seminar not only provided a platform for collaboration among participating enterprises but also introduced advanced human resource management concepts and practical digital solutions [9] - The launch of the Digital Human Resource 3.0 system marks a significant step for Ningbo Bank in expanding its service offerings and enhancing its financial technology capabilities, aiming to assist more enterprises in their digital transformation journeys [9]

Core Viewpoint - The launch of the Shuzhi International Holding Alliance marks a new phase in the establishment of digital asset rights and the internationalization of the digital renminbi, driven by a comprehensive restructuring and governance upgrade of the original platform [1][3]. Group 1: New Positioning - Shuzhi International aims to be an independent hub for a national-level digital asset system, operating under the principles of unified standards, channels, regulation, and risk control [3]. - The core tasks include building a digital asset management system, structuring historical rights for verification, completing international settlement compliance, and establishing a strategic partnership mechanism for long-term development [3]. Group 2: Achievements During Silent Period - During the silent period, Shuzhi International completed key projects such as verifying historical data and funds, integrating with national blockchain systems, and ensuring compliance through third-party audits [5]. Group 3: Historical Asset Rights and Reflow Mechanism - The platform has initiated the rights confirmation and reflow of historical assets prior to November 11, 2025, including wallet balances and digital renminbi [6]. - Historical assets will be categorized and released according to established rules, ensuring traceability and verifiability for users [6]. Group 4: Historical Recharge Refund and Value Path - Shuzhi International has outlined a clear refund policy for historical recharges made before November 11, 2025, which will be accounted for under platform rules [7]. - A two-tier system for "historical recharge balance" and "sharing income balance" will be established to meet compliance and incentive needs [7]. Group 5: New Products Launch - Two significant products have been launched: HEN (Historical Equity Confirmation Shares) and the Shuzhi Civilian Fund for Stagnant Funds, aimed at facilitating the transition of historical rights to capitalized value [9][10]. - Both products will undergo independent third-party audits to ensure transparency and compliance [11]. Group 6: System and Incentive Optimization - The platform has made compliance adjustments to incentive structures and job titles to enhance clarity and sustainability [12]. - Changes include renaming "weekly salary" to "equity dividend (weekly)" and upgrading "team leader" to "regional director" [12]. Group 7: Regulation, Audit, and External Cooperation - Shuzhi International commits to conducting all significant business and asset handling in accordance with national laws and regulations, maintaining close ties with regulatory bodies [14]. Group 8: Outlook - The launch of Shuzhi International represents a milestone in the expansion of China's digital financial infrastructure, aiming for a more regulated governance structure and international application of digital assets [15].

证券之星消息，根据天眼查APP-财产线索数据整理，中国邮政储蓄银行股份有限公司12月11日发布 《中国邮政储蓄银行2026—2028年银行卡及数字人民币硬钱包制卡服务采购项目（包4：数字人民币硬 钱包制卡服务） 中标候选人公示》，详情如下： 标题：中国邮政储蓄银行2026—2028年银行卡及数字人民币硬钱包制卡服务采购项目（包4：数字人民 币硬钱包制卡服务） 中标候选人公示 通过天眼查大数据分析，中国邮政储蓄银行股份有限公司共对外投资了7家企业，参与招投标项目18260 次；财产线索方面有商标信息1455条，专利信息1013条，著作权信息201条；此外企业还拥有行政许可 99个。 数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 采购方：中国邮政储蓄银行股份有限公司 供应商：楚天龙股份有限公司,金邦达有限公司 中标金额： 地区：未知 发布日期：2025-12-11 ...

北京商报讯（记者 廖蒙）据人民银行官网消息，12月12日，中国人民银行党委书记、行长潘功胜主持 召开党委会议，传达学习中央经济工作会议精神，落实全国金融系统工作会议要求，研究部署贯彻落实 举措。中国人民银行各党委成员出席会议。 会议强调，稳步推进金融高水平开放，维护国家金融安全。践行全球治理倡议，积极参与和推进全球金 融治理改革完善。务实开展金融外交和多双边货币金融合作。推进人民币国际化。持续建设和发展多渠 道、广覆盖的人民币跨境支付体系。稳步发展数字人民币。 ...

Core Viewpoint - The People's Bank of China emphasizes the importance of steadily advancing high-level financial openness while maintaining national financial security [1] Group 1: Financial Policy and Strategy - The meeting highlighted the need to actively participate in and promote global financial governance reform [1] - It was noted that practical financial diplomacy and multilateral currency and financial cooperation should be conducted [1] - The advancement of the internationalization of the Renminbi is a key focus [1] Group 2: Payment Systems and Digital Currency - There is a commitment to continuously build and develop a multi-channel, widely accessible cross-border payment system for the Renminbi [1] - The steady development of the digital Renminbi is also a priority [1]