Core Viewpoint - The People's Bank of China (PBOC) is set to transition the digital renminbi from a digital cash era to a digital deposit currency era, with a new action plan to be implemented on January 1, 2026 [1] Group 1: Digital Renminbi Transition - The action plan marks a significant change in the positioning of the digital renminbi, shifting from digital cash to digital deposit currency, which fundamentally alters its nature from a central bank liability to a commercial bank liability [2] - This transition addresses major issues of the previous version, such as financial disintermediation risks and the reduction of the money multiplier, enhancing liquidity management for banks [2] Group 2: Market Impact - The new digital deposit currency will provide users with cash-like convenience, including offline payments, real-time settlement, and enhanced security and yield for deposits, significantly increasing the attractiveness of the digital renminbi [2] - Banks will gain asset-liability management rights over the digital renminbi, allowing them to activate wallet funds through wealth management and credit services, thus boosting participation [2] Group 3: Regulatory Framework - The action plan optimizes the "dual-layer architecture" under the DC/EP theoretical framework, with the central bank responsible for business rules and technical standards, while commercial banks will manage digital renminbi wallets for individuals and entities [3] - Non-bank payment institutions will provide digital renminbi that customers can exchange with their bank deposits, which will be subject to regulatory oversight [3] Group 4: Market Reaction - Following the announcement, the digital currency sector and related stocks experienced a significant surge, with notable increases in share prices for companies such as Lakala (up 12.57%) and ST Tianyu (up 11.40%) [3]

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 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].

Core Viewpoint - The People's Bank of China announced a significant adjustment to the digital yuan, transitioning from a digital cash era to a digital deposit currency era, with a new management and service framework set to launch on January 1, 2026 [2][12]. Group 1: Digital Yuan Market Performance - On December 29, digital yuan concept stocks collectively surged, with an average increase of 1.99%, led by stocks such as Lakala, which rose by 12.57%, and *ST Tianyu, which increased by 11.4% [13][4]. - The total trading volume of digital yuan transactions reached 34.8 billion, with a cumulative transaction amount of 16.7 trillion yuan by the end of November 2025 [12][2]. Group 2: Stock Performance and Investment Trends - Seven digital yuan concept stocks received over 1 billion yuan in net inflows on December 29, with Lakala leading at 371 million yuan [4][14]. - Eight stocks related to digital yuan have been heavily invested by social security funds, with a total holding value of 2.939 billion yuan [8][17]. Group 3: Application and Expansion of Digital Yuan - The application scenarios for digital yuan are expanding from personal consumption to industrial finance, cross-border trade, and public services [16][6]. - The digital yuan international operation center commenced operations in September, marking a significant step in cross-border application infrastructure [16][6]. Group 4: Future Growth Potential - Analysts from Guotai Junan Securities believe that the digital yuan will accelerate penetration across various segments of the industry, including upstream technology support and downstream terminal deployment, indicating broad future growth potential [17][7]. - The digital yuan is expected to drive demand for bank IT and fintech, as well as upgrades in payment ecosystems, including POS machines and ATMs [17][7].

Core Viewpoint - The digital currency sector has shown a positive performance with a 1.73% increase, ranking fourth among concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Market Performance - As of December 29, the digital currency concept saw 67 stocks rise, with notable performers including Cuiwei Co., *ST Rendo, and Lakala, which increased by 12.57%, 11.40%, and 8.31% respectively [1]. - The sector experienced a net inflow of 1.981 billion yuan, with 55 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflow [2]. Group 2: Key Stocks and Their Performance - The top stocks by net inflow included Chipone Technology with 388.46 million yuan, followed by Cuiwei Co. with 368.15 million yuan, and Lakala with 361.21 million yuan [3]. - The highest net inflow ratios were observed in Cuiwei Co. at 15.55%, Changliang Technology at 12.65%, and Nantech Information at 12.39% [3]. Group 3: Declining Stocks - The stocks with the largest declines included Geer Software, Xinghui Entertainment, and Jida Zhengyuan, which fell by 2.25%, 2.09%, and 1.87% respectively [1][7].

Group 1 - The cross-border payment (CIPS) concept increased by 1.57%, ranking 7th among concept sectors, with 51 stocks rising, including Cuivi Co. and *ST Rendong hitting the daily limit [1] - Leading gainers in the CIPS sector included Lakala, *ST Tianyu, and Sifang Precision, with increases of 12.57%, 11.40%, and 6.30% respectively [1] - The sector saw a net inflow of 2.446 billion yuan from main funds, with 46 stocks receiving net inflows, and 11 stocks exceeding 100 million yuan in net inflow [1] Group 2 - The top stocks by net inflow included Cuivi Co. with 368 million yuan, followed by Lakala, Industrial Bank, and China Merchants Bank with 361 million yuan, 256 million yuan, and 243 million yuan respectively [1] - The net inflow ratios for major banks included China Construction Bank at 16.86%, Industrial Bank at 15.97%, and Cuivi Co. at 15.55% [2] - The trading volume and turnover rates for leading stocks in the CIPS sector were significant, with Cuivi Co. at a turnover rate of 24.01% and Lakala at 17.11% [2]

Core Viewpoint - The mobile payment sector has shown a positive trend with a 1.21% increase, ranking 10th among concept sectors, driven by significant gains in several stocks [1]. Group 1: Market Performance - The mobile payment concept saw 47 stocks rise, with notable performers including: - Cuvi Co., Ltd. (涨停) at 12.57% - Tuo Wei Information at 11.40% - Hengbao Co., Ltd. at 8.31% [1] - Conversely, stocks like Jiayuan Technology, Zhisheng Information, and Geer Software experienced declines of 11.57%, 5.71%, and 2.25% respectively [1]. Group 2: Capital Flow - The mobile payment sector attracted a net inflow of 2.153 billion yuan, with 38 stocks receiving net inflows, and 6 stocks exceeding 100 million yuan in net inflow [1]. - Tuo Wei Information led the net inflow with 1.743 billion yuan, followed by Cuvi Co., Ltd. with 368 million yuan, and Lakala with 361 million yuan [1]. Group 3: Capital Inflow Ratios - The top stocks by net inflow ratio included: - Tuo Wei Information at 29.67% - Cuvi Co., Ltd. at 15.55% - Changliang Technology at 12.65% [2].

证券之星消息，12月29日一般零售板块较上一交易日下跌0.64%，百大集团领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。一般零售板块个股涨跌见下表： 从资金流向上来看，当日一般零售板块主力资金净流出14.22亿元，游资资金净流出3.38亿元，散户资金 净流入17.6亿元。一般零售板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002187 | 广百股份 | 8.97 | 10.06% | 50.86万 | | 4.50亿 | | 603123 | 翠微股份 | 16.03 | 10.02% | 156.62万 | | 23.67亿 | | 600828 | 茂业商业 | 6.30 | 9.95% | 0 99.04万 | | 5.87亿 | | 600415 | 小商品城 | 16.29 | 3.10% | 103.54万 | | 16.96ZZ | | 600838 | 上海九百 | 11.37 ...

Group 1: Market Overview - The Shanghai Composite Index experienced a slight increase, achieving a nine-day winning streak, marking the longest consecutive rise this year, closing up by 0.04% [2] - The Shenzhen Component Index and the ChiNext Index fell by 0.49% and 0.66%, respectively [2] - Approximately 2,000 stocks rose in the market, with a total trading volume of 2.16 trillion yuan [2] Group 2: Robotics Sector - The robotics sector saw significant gains, with nearly 20 stocks hitting the daily limit, including Upwind New Materials and Ruisheng Technology, both reaching a 20% increase [4][6] - The establishment of the humanoid robot and embodied intelligence standardization committee by the Ministry of Industry and Information Technology is expected to enhance the development and application of humanoid robots [6] Group 3: Commercial Aerospace Sector - The commercial aerospace sector continued to strengthen, with stocks like Aerospace Hanyu and Superjet shares rising by 20% and over 16%, respectively [8] - The Shanghai Stock Exchange released guidelines to support commercial rocket companies in listing on the Sci-Tech Innovation Board, which is expected to boost the sector [11] Group 4: Digital Currency Sector - The digital currency sector experienced a surge, with stocks such as Lakala rising over 12% and others like Yuyin and Cuiwei hitting the daily limit [13] - The People's Bank of China announced a new action plan to strengthen the management and service system for digital renminbi, set to be implemented on January 1, 2026 [14][15]