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].

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].

Group 1 - Hengbao Co., Ltd. experienced a stock price increase of 5.07% on December 29, reaching 21.75 CNY per share, with a trading volume of 1.917 billion CNY and a turnover rate of 15.39%, resulting in a total market capitalization of 15.406 billion CNY [1] - The stock has risen for three consecutive days, with a cumulative increase of 6.81% during this period [1] - Hengbao's main business includes the research, production, and sales of card products such as magnetic stripe cards and password cards, with revenue composition being 78.19% from card products, 21.27% from modules, 0.31% from tickets, and 0.24% from other sources [1] Group 2 - Among the top ten circulating shareholders of Hengbao, Bosera Fund's Bosera Financial Technology ETF (516860) entered the list in the third quarter, holding 1.9088 million shares, which is 0.32% of the circulating shares, resulting in a floating profit of approximately 2.0042 million CNY today [2] - During the three-day stock price increase, the floating profit for Bosera Financial Technology ETF reached 2.5196 million CNY [2] - The Bosera Financial Technology ETF was established on September 24, 2021, with a current size of 2.541 billion CNY, and has achieved a year-to-date return of 15.94%, ranking 3162 out of 4197 in its category [2]

12月26日，恒宝股份（维权）盘中上涨2.00%，截至10:47，报20.90元/股，成交9.65亿元，换手率 7.85%，总市值148.04亿元。 资金流向方面，主力资金净流出275.81万元，特大单买入9020.45万元，占比9.35%，卖出6415.26万元， 占比6.65%；大单买入1.85亿元，占比19.13%，卖出2.13亿元，占比22.12%。 恒宝股份今年以来股价涨212.87%，近5个交易日涨5.13%，近20日涨12.00%，近60日跌1.60%。 今年以来恒宝股份已经51次登上龙虎榜，最近一次登上龙虎榜为12月16日，当日龙虎榜净买入2.84亿 元；买入总计4.45亿元 ，占总成交额比19.66%；卖出总计1.61亿元 ，占总成交额比7.11%。 资料显示，恒宝股份有限公司位于江苏省丹阳市横塘工业区，成立日期1996年9月24日，上市日期2007 年1月10日，公司主营业务涉及磁条卡、密码卡等卡类产品及其相关操作系统(COS)和票证产品的研 发、生产和销售。主营业务收入构成为：制卡类78.19%，模块类21.27%，票证类0.31%，其他(补 充)0.24%。 恒宝股份所属申万行业为：通 ...

Group 1 - Cuiwei Co., Ltd. experienced a sharp increase, hitting the upper limit of its trading range [1] - Yingshi Sheng saw a nearly 10% rise in its stock price [1] - Other companies such as Zhongke Jincai, Dongxin Heping, Sifang Jichuang, and Hengbao Co., Ltd. also saw significant gains [1]

Market Overview - On December 16, A-shares saw a collective decline across the three major indices, with total market turnover reaching 1.75 trillion yuan, a decrease of 46.3 billion yuan compared to the previous trading day [1]. Sector Performance - The superconducting concept sector fell, along with the precious metals sector, while the Hainan and controllable nuclear fusion sectors experienced significant declines. Conversely, the tax refund stores and commercial retail sectors rose against the market trend [2]. Stock Performance - A total of 42 stocks hit the daily limit up, with 13 stocks achieving consecutive limit ups. There were 19 stocks that failed to close at the limit, resulting in a limit-up rate of 69% (excluding ST and delisted stocks) [3]. Focus Stocks - Notable stocks included: - Sun Cable (cable concept) with 7 limit ups in 11 days - Falsen with 4 consecutive limit ups - Hualing Cable with 4 consecutive limit ups - Anji Food (pan-consumer sector) with 7 limit ups in 11 days - Baida Group with 4 consecutive limit ups [4]. Top Net Buy and Sell Stocks - The top three net buy stocks on the Dragon and Tiger list were Yonghui Supermarket (656 million yuan), Jiumuwang (299 million yuan), and Hengbao Co. (284 million yuan) [4]. - The top three net sell stocks were Leike Defense (532 million yuan), Aerospace Electromechanical (390 million yuan), and Aerospace Power (362 million yuan) [5]. Yonghui Supermarket Insights - Yonghui Supermarket's new positioning as "National Supermarket·Quality Yonghui" was announced, with 15 billion-level quality products launched. By the end of Q3, 222 stores had been remodeled, accounting for nearly half of the operating stores, and same-store sales showed positive growth [6]. - The company is focusing on expanding domestic demand, as emphasized in the Central Economic Work Conference, which identified expanding domestic demand as a key task for the coming year [5]. Hengbao Co. Insights - Hengbao Co. is one of the first companies involved in the People's Bank of China's digital currency pilot program, having established a full range of digital RMB products and solutions. The company is increasing its investment in digital currency technology research and regional pilot demonstrations [8]. Leike Defense Insights - The commercial aerospace sector faced a collective pullback. Leike Defense has developed a comprehensive technology system for satellite applications, which is applicable in key national economic areas such as national defense and smart cities [9]. Aerospace Electromechanical Insights - Aerospace Electromechanical's stock experienced significant price fluctuations, with a cumulative price deviation exceeding 20% over two consecutive days, indicating potential irrational speculation risks [10]. The company reported a revenue of 2.652 billion yuan for the first three quarters of 2025, a year-on-year decline of 36.1%, with a net loss of 247 million yuan [11].

Strong Individual Stocks - As of December 16, the Shanghai Composite Index fell by 1.11% to 3824.81 points, the Shenzhen Component Index decreased by 1.51% to 12914.67 points, and the ChiNext Index dropped by 2.1% to 3071.76 points. A total of 44 stocks in the A-share market hit the daily limit up [1] - The top three strong stocks based on consecutive limit-up days and trading data are: Hualing Cable (001208) with 4 consecutive limit-ups, Sun Cable (002300) with 3 consecutive limit-ups, and Tongyu Communication (002792) with 2 consecutive limit-ups [1] - Detailed data for the top 10 strong stocks includes: - Hualing Cable (001208): 4 consecutive limit-ups, turnover rate of 27.33%, and a closing price of 14.0 - Sun Cable (002300): 3 consecutive limit-ups, turnover rate of 31.91%, and a closing price of 28.9 - Tongyu Communication (002792): 2 consecutive limit-ups, turnover rate of 15.09%, and a closing price of 17.7 [1] Strong Concept Sectors - The top three concept sectors with the highest gains are: Duty-Free Shops with a gain of 1.44%, Ride-Hailing with a gain of 0.89%, and Pre-made Dishes with a gain of 0.56% [2][3] - The detailed performance of the top 10 concept sectors includes: - Duty-Free Shops: +1.44% - Ride-Hailing: +0.89% - Pre-made Dishes: +0.56% - Digital Currency: +0.47% - Dairy Industry: +0.45% - Mobile Payment: +0.26% - ETC: +0.21% - China Shipbuilding System: +0.15% - Unmanned Retail: +0.02% - Unmanned Driving: -0.03% [3]