Group 1 - The company, Xinchen Technology (300542), has been deeply engaged in the financial information technology sector for many years, indicating a strong industry implementation experience and technical accumulation [1] - The company plans to continue leveraging its business experience and technological research and development to effectively meet customer business needs [1]

华夏大盘精选混合A（000011）基金经理为屠环宇。 资料显示，新晨科技股份有限公司位于北京市海淀区蓝靛厂东路2号院金源时代商务中心2号楼B座8 层，成立日期1998年1月24日，上市日期2016年9月20日，公司主营业务涉及以自主研发的新晨交换平台 为基础面向重点行业进行应用软件开发并提供相应信息化解决方案与服务。主营业务收入构成为：软件 开发45.46%，系统集成38.48%，专业技术服务16.06%。 从新晨科技十大流通股东角度 数据显示，华夏基金旗下1只基金位居新晨科技十大流通股东。华夏大盘精选混合A（000011）三季度 新进十大流通股东，持有股数102.43万股，占流通股的比例为0.41%。根据测算，今日浮盈赚取约105.5 万元。 华夏大盘精选混合A（000011）成立日期2004年8月11日，最新规模42.38亿。今年以来收益5.15%，同类 排名2502/9012；近一年收益43.51%，同类排名2738/8157；成立以来收益4239.03%。 1月12日，新晨科技涨5.05%，截至发稿，报21.43元/股，成交4.12亿元，换手率7.92%，总市值63.98亿 元。 截至发稿，屠环宇累计 ...

Core Insights - The Chinese data exchange system industry is experiencing structural growth driven by multiple strategic demands, with a projected market size of approximately 13.749 billion yuan in 2024, representing a year-on-year growth of 7.05% [1][5][6] - The industry is transitioning from traditional network connection devices to core computing infrastructure, propelled by the "East Data West Computing" national strategy, AI model training, and large-scale deployment of 5G edge computing [1][5] Industry Overview - Data exchange systems (DTP) are hardware and software combinations deployed across networks of varying security levels to facilitate cross-platform, cross-network, and cross-language data transmission, integration, and security control [2] - The primary goal is to resolve data interoperability issues between different systems through standardized data formats, transmission protocols, and interfaces [2] Core Functions of Data Exchange Systems - The systems utilize a dual-host architecture consisting of a Trusted Access Server (TAS) and an Untrusted Access Server (UAS) to ensure data security and compliance during transmission [4] - TAS acts as a secure gateway, while UAS handles data reception and distribution, supporting high concurrency and ensuring secure data transfer across different security domains [4] Industry Value Chain - The upstream of the data exchange system industry includes components like chips, optical devices, and software development tools, while the midstream focuses on manufacturing and integration [5] - The downstream applications span data centers, telecommunications, finance, and government sectors [5] Market Size - The data exchange system market in China is projected to reach approximately 13.749 billion yuan in 2024, with a year-on-year growth of 7.05% [1][5][6] - The growth is closely tied to the evolving demands of data centers, which are expected to reach a market size of about 277.3 billion yuan in 2024, growing by 15.21% year-on-year [5] Key Companies' Performance - New Morning Technology focuses on financial, air traffic control, and government sectors, with a revenue of 653 million yuan in the first three quarters of 2025, down 2.92% year-on-year [7] - Beijing Sanwei Tiandi's data exchange service platform supports various data transmission needs and reported a revenue of 134 million yuan in the first three quarters of 2025, up 5.85% year-on-year [9] Industry Development Trends 1. The evolution from "network connection" to "trusted circulation" emphasizes data sovereignty and security as core architecture [10] 2. The shift from "batch synchronization" to "real-time intelligence" is transforming data processing paradigms, with AI integration enhancing data handling efficiency [11] 3. The transition from "professional tools" to "inclusive services" aims to lower usage barriers, making data exchange systems accessible to non-technical users [12]

Company Overview - Xinchen Technology Co., Ltd. is located in Haidian District, Beijing, and was established on January 24, 1998. The company went public on September 20, 2016. Its main business involves application software development and providing corresponding information technology solutions and services based on its self-developed Xinchen Exchange Platform [1] - The revenue composition of Xinchen Technology includes: software development 45.46%, system integration 38.48%, and professional technical services 16.06% [1] Financial Performance - As of September 30, 2025, Xinchen Technology reported a revenue of 653 million yuan, a year-on-year decrease of 2.92%. The net profit attributable to shareholders was -22.68 million yuan, a year-on-year decrease of 27.87% [2] - Since its A-share listing, Xinchen Technology has distributed a total of 98.81 million yuan in dividends, with 10.18 million yuan distributed over the past three years [3] Stock Market Activity - On January 6, Xinchen Technology's stock price increased by 2.21%, reaching 20.36 yuan per share, with a trading volume of 238 million yuan and a turnover rate of 4.80%. The total market capitalization is 6.079 billion yuan [1] - Year-to-date, the stock price has decreased by 0.63%, but it has increased by 2.83% over the last five trading days, 9.40% over the last twenty days, and 5.60% over the last sixty days [1] Shareholder Information - As of September 30, 2025, the number of shareholders of Xinchen Technology is 37,800, a decrease of 21.84% from the previous period. The average number of circulating shares per person is 6,546, an increase of 27.90% [2] - Among the top ten circulating shareholders, Huabao Zhongzheng Financial Technology Theme ETF is the fifth largest with 2.8394 million shares, an increase of 1.2271 million shares from the previous period. Huaxia Large Cap Selected Mixed A is the seventh largest with 1.0243 million shares, a new shareholder [3]

Core Insights - The People's Bank of China has introduced a new action plan to enhance the management and service system for digital currency, with a new digital RMB framework set to launch on January 1, 2026 [1][2] - As of November 2025, the digital RMB has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened through the digital RMB app [1] - The digital RMB is evolving into a strategic tool that integrates finance, technology, and data, enhancing trade efficiency and national competitiveness [3] Group 1: Digital Currency Developments - The digital RMB's management system and infrastructure will officially start in 2026, indicating a significant step in China's digital currency evolution [1] - The digital RMB has seen substantial adoption, with 3.48 billion transactions and a total transaction value of 16.7 trillion yuan by late 2025 [1] - The digital RMB app has facilitated the opening of 230 million personal wallets, showcasing its growing user base [1] Group 2: Challenges and Opportunities - The article outlines four key challenges faced by central banks regarding digital currency: modern payment tools' impact on monetary control, risks of financial disintermediation, the relationship between digital cash and commercial banks, and the balance between centralized management and decentralized blockchain features [2] - The Chinese government is exploring international cooperation in digital finance, particularly through the mBridge project for cross-border payments with countries like Thailand and the UAE [2] - Predictions suggest that by 2030, the global cross-border payment market could reach $290 trillion, with the RMB's share potentially between 10% and 20%, and digital currency penetration between 20% and 40% [2] Group 3: Blockchain and Industry Growth - As of December 25, 2025, China has registered 74,600 blockchain-related companies, marking a record high in the past five years, with the majority located in South China [3] - The number of existing blockchain companies in China has steadily increased over the past decade, with a notable acceleration in growth since 2019, totaling 289,400 companies by late 2025 [3] - The development of digital RMB is seen as a strategic asset that leverages blockchain technology to enhance trade efficiency and align with national interests [3]

Summary of Conference Call on Digital RMB and Related Companies Industry Overview - The conference call discusses the development and implications of Digital RMB, highlighting its transition from digital cash to digital deposit currency, which is expected to enhance user willingness to adopt it. By the end of November 2025, the cumulative transaction amount is projected to reach 17 trillion yuan, with 230 million wallets created, indicating strong governmental support for its promotion [1][2]. Key Points and Arguments 1. **Digital RMB Implementation**: A new management service system and financial infrastructure for Digital RMB will be officially implemented on January 1, 2026. This includes a significant change where wallet balances will earn interest like demand deposits, marking a shift to a digital deposit currency era [2][4]. 2. **Impact on Payment Service Providers**: Companies like Newland, Newland, Lakala, and Lianlian Technology are expected to benefit from the Digital RMB ecosystem, particularly in domestic acquiring and cross-border payment sectors. They will need to manage wallets, build payment platforms, and upgrade financial equipment [1][4][6]. 3. **Bank IT System Development**: IT system construction companies such as Sifang Jichuang, Xincheng Technology, Jingbeifang, Yuxin Technology, and Changliang Technology will participate in the necessary system upgrades for operational institutions, including clearing and settlement systems, leading to new order increments [1][4][6]. 4. **Stablecoins vs. Digital RMB**: While stablecoins and Digital RMB share technological similarities, they differ in policy environments. The Chinese government is focused on promoting Digital RMB to replace cash and enhance efficiency, while stablecoin development is still ongoing in regions like Hong Kong [1][4]. 5. **Long-term Investment Opportunities**: The Digital RMB sector presents high cost-effectiveness, with recommendations to focus on companies in bank IT systems, financial equipment, hardware wallets, and the acquiring and cross-border payment sectors, such as Sifang Jichuang, Guodian Yuntong, and Newland [3][9]. Additional Important Insights - **Cross-Border Payment Trends**: The acquiring industry is shifting towards cross-border payments and AI applications. Newland has launched cross-border payment services in Southeast Asia and is applying for licenses in the U.S. and Hong Kong, indicating significant growth potential [3][7]. - **Company Developments**: Newland is collaborating with Alibaba Cloud to develop a specialized model for the payment industry, while Newland has established a sub-brand, Pay Car, focusing on cross-border and overseas acquiring services. Lakala is expanding its cross-border payment business through acquisitions and has achieved substantial transaction volumes in regions like Singapore and Japan [7][8]. - **Future Demand for IT Systems**: The promotion of Digital RMB will create new business opportunities for bank IT system providers, as many financial institutions will need to upgrade their systems to accommodate the new digital currency [6][9]. This summary encapsulates the key insights from the conference call regarding the Digital RMB and its implications for various industries and companies involved in its ecosystem.

证券日报网讯12月29日，新晨科技（300542）在互动平台回答投资者提问时表示，公司以金融行业为核 心业务领域，秉承"核心客户、核心产品"的经营理念为以银行为主的金融行业客户提供软件开发、系统 集成等专业化信息解决方案和专业技术服务。公司将继续以市场机会和客户需求为先，坚持以专业为基 石、以创新为引擎、以服务为纽带，有效满足客户的持续性和创新性业务需求。敬请投资者注意投资风 险。 ...

Core Viewpoint - The A-share market has experienced significant fluctuations in 2023, characterized by a structural bull market driven by policy changes, technological revolutions, and macroeconomic shifts, with the Shanghai Composite Index reaching a peak of 4034 points [2][11]. Group 1: Market Performance - The Shanghai Composite Index rose from a low of 3040 points to a peak of 4034 points within the year, reflecting a volatile market influenced by major events such as the introduction of the DeepSeek technology and various policy measures [2][11]. - The market saw a notable recovery after a period of decline, with the index hitting a low of 2689 points in August 2022 before rebounding significantly due to policy interventions [2][4]. Group 2: Investment Strategies - Investors are advised to focus on stocks with strong performance metrics and to avoid speculative trading, as the market has shown a clear distinction between stocks with solid fundamentals and those driven purely by hype [3][12]. - The importance of aligning investment choices with policy directions, industry trends, and company performance is emphasized, indicating that successful investors are those who adopt a value investment approach [3][12]. Group 3: Sector Insights - The technology sector, particularly in AI and computing power, has emerged as a key area for investment, with companies like DeepSeek leading the charge in innovation and market disruption [8][12]. - The commercial aerospace sector is highlighted as a promising investment area, benefiting from a confluence of policy support, technological advancements, and capital investment [12][13]. Group 4: Lessons Learned - The experience of investors in 2023 underscores the necessity of long-term investment strategies over short-term trading, with a focus on companies that demonstrate core technological capabilities and sustainable growth paths [13][12]. - The shift in market dynamics from a policy-driven narrative to an emphasis on industrial execution and performance is noted, suggesting a more mature investment landscape moving forward [11][13].

Core Viewpoint - The People's Bank of China has introduced an action plan to strengthen the management and service system for digital RMB, with a new framework set to launch on January 1, 2026 [2][4]. Group 1: Digital Currency Developments - The digital currency sector has seen significant stock price movements, with companies like Yuyin Co. hitting the daily limit and *ST Tianyu rising over 10% [2][6]. - As of November 2025, digital RMB has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened through the digital RMB app [5]. - The multi-central bank digital currency bridge (mBridge) has handled 4,047 cross-border payment transactions, totaling approximately 387.2 billion yuan, with digital RMB accounting for about 95.3% of the transaction volume [5]. Group 2: Challenges and Opportunities - The Deputy Governor of the People's Bank of China highlighted four key challenges in the development of digital currencies, including the impact of modern digital payment tools on monetary control and the risks associated with financial disintermediation [4]. - The recent policy from eight departments supports international cooperation in digital finance, particularly in cross-border payments using central bank digital currencies with countries like Thailand and Singapore [8]. - Predictions suggest that by 2030, the global cross-border payment market could reach $290 trillion, with the RMB's share estimated at 10%-20% and digital currency penetration at 20%-40%, translating to a market potential of 40.6 trillion to 162.4 trillion yuan [8]. Group 3: Industry Growth - As of December 25, 2025, China has registered 74,600 blockchain-related companies, marking a record high in the past five years, with the South China region accounting for 32.5% of new registrations [8]. - The stock of blockchain-related companies in China has been steadily increasing over the past decade, with a notable acceleration in growth since 2019, totaling 289,400 existing companies as of December 25 [8]. - The development of digital RMB is viewed as a strategic asset that integrates finance, technology, and data, enhancing trade efficiency through blockchain technology [8].

12月25日早盘，跨境支付(CIPS)板块直线拉升。截至 10:33， 四方精创、中亦科技涨超10%，翠 微股份、拉卡拉、楚天龙、新晨科技、新国都等跟涨。 | ટેન | | 翠微股份 | 14.71 | +4.55% | +0.64 | | --- | --- | --- | --- | --- | --- | | | | 603123 | | | | | 创 | + | 新国都 | 26.30 | +3.34% | +0.85 | | | | 300130 | | | | | 创 | | 中亦科技 | 41.99 | +15.83% | +5.74 | | | | 301208 | | | | | 创 | | 四方精创 | 37.65 | +10.51% | +3.58 | | | | 300468 | | | | | 创 | | 拉卡拉 | 24.39 | +7.68% | +1.74 | | | | 300773 | | | | | SZ | | 楚天龙 | 19.86 | +3.71% | +0.71 | | | | 003040 | | | | | 创 | | 新晨科技 | 19.95 | +4. ...