Core Viewpoint - The launch of Digital Renminbi 2.0 marks a significant evolution from a cash-like digital currency to a financial asset that can earn interest, enhancing its appeal and usability for consumers [4][10]. Group 1: Development and Features - Digital Renminbi has transitioned from a non-interest-bearing electronic cash system to a financial asset that can earn interest, aiming to change personal financial habits and establish a unique development path for digital currency in China [4][9]. - The Digital Renminbi 2.0 version introduces a wallet balance that is treated as a liability of commercial banks, akin to demand deposits, thus enhancing its monetary attributes [9][10]. - The digital currency's design includes four types of wallets, with the first three types earning interest based on the bank's current deposit rates, while the fourth type remains a non-interest-bearing anonymous wallet [9][11]. Group 2: Market Expansion and Adoption - The pilot program for Digital Renminbi has expanded from select cities to provinces across China, with significant transaction volumes reported, including 34.8 billion transactions totaling 16.7 trillion yuan by November 2025 [5][6]. - Despite the growth, Digital Renminbi still faces challenges in user adoption compared to established payment platforms like Alipay and WeChat Pay, which dominate the market [6][14]. Group 3: Regulatory and Policy Framework - The Chinese government has laid the groundwork for the Digital Renminbi's upgrade through policies that emphasize the stable development of digital currency, including the integration of digital currency into the deposit insurance framework [8][12]. - The People's Bank of China is set to implement a comprehensive management framework for Digital Renminbi, ensuring that it is subject to the same regulatory standards as traditional bank deposits [8][12]. Group 4: Future Implications and Challenges - Digital Renminbi 2.0 is expected to enhance macro-financial security by integrating into the prudential management framework, which will help mitigate risks associated with financial disintermediation [12][14]. - The internationalization of the Renminbi could be bolstered by the interest-bearing feature of Digital Renminbi, providing incentives for foreign entities to hold and use the currency [13][16]. - Challenges remain in user adoption, technological integration for smaller banks, and the need for international regulatory cooperation on digital currencies [14][16].

本报讯（记者 姜凝）2026年是中非开启外交关系70周年，也是"中非人文交流年"。1月29日，天津外国 语大学举行中非数字人文交流研究中心揭牌仪式暨区域国别学专题讲座，标志着该校在深化中非人文交 流、推动区域国别学学科创新发展、探索"外语+数字"交叉学科创新方面迈出关键一步。 据了解，该中心旨在依托学校外语学科优势与智能语言服务、国际智能传播等新兴交叉学科基础，通过 数字化手段破解中非语言文化隔阂，创新文化传播模式，服务国家和区域发展战略，激活数字发展新动 能。中心将致力于建设国内领先的中非语言文化数字资源库，打造品牌学术活动与交流项目，推动中非 语言文化、历史遗产、教育合作等领域的数字化转型，努力建设成为集学术研究、智库服务、文化传播 与人才培养于一体的国家级人文交流基地，为推动构建新时代全天候中非命运共同体夯实人文根基。 活动中，与会嘉宾围绕中非数字人文交流研究中心的发展规划、区域国别学学科建设如何更好服务国家 战略和支持天津市高水平对外开放等议题深入交流研讨，共商在学术创新、智库服务、人才培养与国际 交流等领域务实合作，并表示期待该中心充分发挥学校多语种、跨学科优势，深化政产学研用协同，将 中心建设成为 ...

证券之星消息，1月29日数字人民币板块较上一交易日下跌0.7%，天阳科技领跌。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。数字人民币板块个股涨跌见下表： 从资金流向上来看，当日数字人民币板块主力资金净流出22.18亿元，游资资金净流入4.77亿元，散户资 金净流入17.42亿元。数字人民币板块个股资金流向见下表： 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。 ...

2026年伊始，随着新一代数字人民币计量框架、管理体系等正式落地，我国数字人民币试点工作全面迈入2.0时代。1月28日，北京商报记者梳理发现，进入 2026年后，各试点地区数字人民币"成绩单"陆续对外披露，数字人民币交易规模持续攀升，其中江苏省数字人民币累计交易金额达到15万亿元。 除了交易规模的变化外，历经五年试点，数字人民币发展呈现新特点。整体来看，各试点地区数字人民币特色鲜明，应用场景纵深拓展、跨境创新多点突 破，从范围扩张向场景深耕转型态势显著。分析人士指出，数字人民币逐步迈向场景深耕、生态构建的新阶段，未来发展不必照搬单一模式，可聚焦本地优 势资源或民生痛点，做深做透特定领域。 多地披露数字人民币成绩 江苏省领跑 2025年末，人民银行宣布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，数字人民币的最新成绩也一并出 炉，数据显示，截至2025年11月末，全国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。 透过各试点地区披露的信息来看，各地正在结合区域发展定位 ...

Core Viewpoint - The A-share market is undergoing a new wave of "delisting risk inspection" as companies disclose their 2025 annual performance forecasts, with over 20 companies already indicating potential delisting risk warnings due to financial indicators not meeting standards, major violations, or abnormal audit opinions [1][9]. Financial Indicators Not Meeting Standards - According to the latest rules from the Shanghai and Shenzhen Stock Exchanges, main board companies will trigger financial delisting risk warnings if their "net profit for the most recent accounting year is negative and operating revenue is below 300 million yuan" or if "net assets at the end of the period are negative" [2][10]. - Companies such as Bayi Steel, Shuaifeng Electric, Tianjian Technology, Yijing Optoelectronics, and Huaxia Happiness have announced that their stocks may face delisting risk warnings due to financial issues [2][10]. Specific Company Financial Issues - Bayi Steel expects its net assets to be between -1.76 billion yuan and -1.95 billion yuan by the end of 2025, which will trigger delisting risk warnings [3][11]. - Yijing Optoelectronics anticipates a net asset of -68 million to -130 million yuan for 2025, also leading to potential delisting risk warnings [3][11]. - Huaxia Happiness is expected to have negative net assets by the end of 2025, which may result in delisting risk warnings [3][11]. Revenue and Profit Shortfalls - Shuaifeng Electric forecasts a total profit loss of between -57 million and -38 million yuan for 2025, with a net profit loss of -62 million to -43 million yuan, and operating revenue expected to be between 21 million and 25 million yuan, below the 300 million yuan threshold [4][12]. - Tianjian Technology projects a total profit loss of between -170 million and -242 million yuan for 2025, with a net profit loss of -176 million to -250 million yuan, and negative operating revenue expected [4][12]. Internal Control Issues - Companies like Digital People and Tianye Co. face potential delisting risk warnings due to unresolved internal control issues highlighted in their audit reports for 2024 [5][13][14]. - Digital People received a negative opinion on its internal controls, which could lead to delisting risk warnings if similar issues persist in 2025 [5][13]. Importance of 2025 Audit Opinions - For companies already under delisting risk warnings, the audit opinions for 2025 will be critical. For instance, *ST Panda has indicated that unresolved non-standard audit opinions may lead to further delisting risks if not addressed [7][15]. - *ST Zhengping has also warned that unresolved audit issues could result in termination of listing if not rectified by the 2025 audit report [7][16].

报告指出，上述案件为规范电商推广行为、压实商家主体责任、治理AI"声替"乱象提供规则指引，积极 推动人工智能与深度合成技术向上向善发展。 北京市人民检察院检察长朱雅频作北京市人民检察院工作报告时还提到，北京突出全球数字经济标杆城 市建设需求，惩治侵犯数据权益犯罪108件。东城区人民检察院办理全市首例非法删除人工智能模型训 练数据案，推动人工智能模型训练系统纳入刑法保护的"计算机信息系统"。 其中，AI生成声音带货案入选2025年电子商务法领域年度十大典型案例。该案中，原告李某在教育、 育儿领域具有一定知名度和社会影响力。2024年，李某发现被告某公司在网店销售家庭教育类图书过程 中，使用李某公开演讲、授课视频，并配以与李某声音高度近似的AI合成声音。 北京互联网法院经审理依法认定，未经权利人许可使用AI合成的名人声音用于带货构成侵权，委托推 广商家应承担连带责任。 中国青年报客户端北京1月27日电（中青报·中青网记者 尹希宁）"AI生成声音带货""虚拟数字人形象侵 权""变身漫画特效不正当竞争""非法抓取网络平台数据集合"等有重要影响的新类型案件写入北京市高 级人民法院报告。 上述非法删除人工智能模型训练数据 ...

Core Insights - JD.com has officially launched its annual New Year goods festival on January 25, featuring significant discounts and promotions, including direct price cuts of up to 50% and additional subsidies of up to 3,000 yuan [1][2] - The introduction of AI-native digital humans marks a technological upgrade, transitioning from traditional digital tools to a more interactive and personalized shopping experience [2][8] Group 1: AI Native Digital Humans - The new generation of AI-native digital humans, powered by JD's JoyAI model, allows for real-time generation of various personas, enhancing consumer engagement and providing a more immersive shopping experience [2][6] - These digital humans can perform complex tasks and create personalized content, moving beyond their previous role as mere cost-saving tools [2][5] Group 2: Creative Engagement Strategies - Over 100 brand presidents will appear as customized digital avatars during the festival, promoting popular products with significant discounts [3][4] - The character "Ma Honghong" will randomly appear in various brand live streams, offering chances to unlock substantial cash rewards, enhancing consumer interaction [3][4] Group 3: Technological Advancements - The JoyAI model enables digital humans to generate long-duration live streams with high expression fidelity and natural interaction, addressing industry challenges such as hand illusion [6][7] - JD.com has introduced a "digital human live room replication" feature, allowing merchants to upload real live stream content for accurate replication, enhancing the quality and fluidity of digital interactions [7] Group 4: Market Positioning - JD.com is leading the commercialization of AI-native digital humans, with plans to launch over 300 such digital personas during the New Year festival, covering various scenarios from product promotion to brand activation [8] - The shift from "tool-based" to "native" digital humans is redefining the boundaries of live streaming and driving the next evolution in live commerce [8]

Core Viewpoint - JD.com has officially launched its annual New Year goods festival, introducing significant discounts and the debut of AI-native digital humans in live streaming, marking a technological upgrade in the e-commerce sector [1][2]. Group 1: AI Native Digital Humans - The new generation of AI-native digital humans, powered by JD's JoyAI model, allows for real-time generation of various personas, enhancing the interactivity and engagement in live streaming [2][13]. - These digital humans can represent a wide range of characters, including real people, cartoon IPs, and even inanimate objects, providing a more immersive shopping experience for consumers [2][12]. - The transition from traditional digital humans to AI-native versions signifies a shift towards personalized creation and complex task execution, positioning JD.com ahead in the live streaming market [2][15]. Group 2: New Year Festival Highlights - The New Year festival features over a hundred digital representations of brand CEOs from companies like Haier and VAIO, showcasing popular products at significant discounts [3][8]. - The character "Ma Honghong," serving as a digital welfare officer, will appear randomly in live streams, offering opportunities for consumers to unlock substantial cash rewards [6][8]. - Unique collaborations, such as the partnership between "Ma Honghong" and Haier's digital CEO, will provide exclusive deals and promotions during the festival [8][9]. Group 3: Creative Engagement Strategies - The festival incorporates creative elements, such as historical figures and fictional characters, to enhance the entertainment value of live streams, making them more engaging for viewers [11][12]. - The use of AI-native digital humans allows for storytelling and atmosphere creation, expanding the boundaries of traditional e-commerce live streaming [12][15]. - JD.com aims to balance affordability and entertainment, ensuring that the shopping experience is both enjoyable and efficient for consumers [12]. Group 4: Technological Innovations - The JoyAI model enables digital humans to maintain stable, long-duration live streams with natural expressions and interactions, addressing previous limitations in the industry [13][14]. - Innovations such as hand illusion reduction and facial keypoint monitoring enhance the realism and expressiveness of AI-native digital humans [13][14]. - JD.com has introduced a "digital human live streaming room replication" feature, allowing merchants to easily create digital versions of real hosts, thus transforming quality live content into repeatable digital assets [14].

Core Insights - JD.com has officially launched its annual New Year shopping festival on January 25, featuring significant discounts and promotions, including up to 50% off and additional subsidies of up to 3,000 yuan [1][2] - The introduction of AI-native digital humans marks a technological upgrade in live streaming, transitioning from a tool-based approach to a more interactive and personalized experience [2][16] Group 1: AI Native Digital Humans - The new generation of AI-native digital humans, powered by JD's JoyAI model, allows for real-time generation of various personas, enhancing the shopping experience for consumers and reducing costs for businesses [2][16] - Over 300 AI-native digital humans will be deployed during the New Year festival, covering diverse scenarios such as product promotion and brand activation [16] Group 2: Creative Engagement Strategies - The festival features over 100 brand presidents as digital avatars, engaging in live streams to promote popular products at discounted prices [3][9] - Unique characters like "Ma Honghong" and historical figures such as "Xu Xiake" are utilized to create immersive and entertaining shopping experiences, blending culture and commerce [12][14] Group 3: Technological Advancements - JD's AI-native digital humans can maintain stable, long-duration live streams with natural interactions, thanks to advancements in the JoyAI model [14][15] - Innovations include solutions to common issues like hand illusion and enhanced facial expression capabilities, allowing for a more lifelike digital presence [15][16]

Core Viewpoint - The stock of Tiandi Online has experienced significant market interest, achieving a 7-day consecutive rise with a trading volume of 748 million yuan and a turnover rate of 25.80% [1] Group 1: Company Developments - Tiandi Online is actively involved in the AI application sector, focusing on virtual digital humans, virtual IPs, and digital collectibles [1] - In the virtual digital human field, the company specializes in digital image creation and operation, as well as digital idol services [1] - The company has launched its first virtual IP, Yuanqi, and is collaborating with UME Cinemas to co-create a metaverse cinema [1] - Tiandi Online's wholly-owned subsidiary, Qiyuan Tiandi, has become the first official partner for digital collectibles business with iQIYI [1]