Group 1 - Tianyang Technology's stock price increased by 2.22% on January 6, reaching 20.73 CNY per share, with a trading volume of 1.79 billion CNY and a turnover rate of 2.06%, resulting in a total market capitalization of 10.119 billion CNY [1] - The company experienced a net outflow of 277,500 CNY in main funds, with large orders buying 30.468 million CNY (17.06%) and selling 38.384 million CNY (21.49%) [1] - Year-to-date, Tianyang Technology's stock price has risen by 0.83%, with a 4.49% increase over the last five trading days and a 9.22% increase over the last 20 days, while it has decreased by 5.77% over the last 60 days [1] Group 2 - As of September 30, Tianyang Technology reported a total revenue of 1.516 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 8.11%, while the net profit attributable to shareholders decreased by 32.25% to 57.767 million CNY [2] - The number of shareholders decreased by 24.01% to 49,500, while the average circulating shares per person increased by 36.27% to 8,526 shares [2] Group 3 - Since its A-share listing, Tianyang Technology has distributed a total of 110 million CNY in dividends, with 42.781 million CNY distributed over the past three years [3] - As of September 30, 2025, Huabao Zhongzheng Financial Technology Theme ETF is the fifth largest circulating shareholder, holding 6.4686 million shares, an increase of 3.2689 million shares compared to the previous period [3]

Group 1 - On January 4, a total of 7 companies were investigated by institutions, with 6 companies being surveyed by funds, highlighting a significant interest in certain firms [1] - Among the companies surveyed, Jingji Zhino (京基智农) attracted the most attention, with 23 funds participating in the investigation, followed by Tianyang Technology (天阳科技) with 21 funds and Yuxin Technology (宇信科技) with 14 funds [1] - The surveyed companies included 3 from the Shenzhen main board and 3 from the ChiNext board, indicating a diverse representation across different market segments [2] Group 2 - The total market capitalization of the surveyed A-share companies included 2 firms with a market value of less than 10 billion yuan, specifically Shanjiji Technology (熵基科技) and Jingji Zhino (京基智农) [3] - In terms of market performance, 5 out of the surveyed stocks increased in value over the past 5 days, with Jingji Zhino leading at a rise of 23.94%, followed by Shanjiji Technology at 13.77% and Jingbeifang (京北方) at 11.09% [3] - Notably, Jingbeifang experienced a net inflow of 216 million yuan in funds over the past 5 days, indicating strong investor interest, while Yuxin Technology and Jingji Zhino also saw significant net inflows of 103 million yuan and 67.98 million yuan, respectively [3]

Summary of Conference Call on Digital Currency Developments Industry Overview - The discussion primarily revolves around the development and implications of the digital renminbi (RMB) in the context of the financial technology industry and its potential impact on traditional banking systems and international payments. Key Points and Arguments 1. **Expansion of Digital RMB Functionality** The digital RMB has evolved from being merely an electronic version of cash to being included in the deposit category, allowing it to perform more traditional currency functions such as inter-company settlements and contract transfers. This transition enhances its application scope significantly [3][4][5]. 2. **Cross-Border Payment Implications** The promotion of digital RMB could lead to a profound impact on cross-border payments, especially if China establishes a currency swap system with other countries through the CIPS (Cross-Border Interbank Payment System). This could create an international settlement ecosystem based on digital RMB, positioning China as a currency issuer [3][10]. 3. **Anti-Money Laundering and Fraud Prevention** Digital RMB features full traceability and immutability, which are advantageous in combating money laundering and telecom fraud. As its application expands, its role in fighting illegal activities is expected to strengthen [3][4]. 4. **Comparison with Stablecoins** Unlike stablecoins, which are typically issued by private entities, digital RMB is issued by the central bank, providing a stronger credit foundation. This centralization allows it to better meet regulatory requirements such as KYC (Know Your Customer) and anti-money laundering standards, offering more efficient and compliant financial services [5][6]. 5. **Banking System Adjustments** Banks will need to overhaul their core systems to accommodate the digital RMB as a new payment medium. This includes adjustments to account structures and payment settlement systems. Tianyang Technology can support these changes by providing necessary system modifications [7][11]. 6. **Future of Digital RMB in Cross-Border Transactions** The future of digital RMB appears promising, particularly in cross-border settlements. A complete digital RMB ecosystem could facilitate transactions between domestic and foreign enterprises, reducing complexity and enhancing transparency and security [10]. 7. **Impact of Policy Changes** Policy changes are expected to necessitate significant system overhauls, but the complexity and workload may not be excessively high. The central bank's push for digital RMB will likely encourage state-owned enterprises to adopt it for various applications, expanding its use beyond pilot programs [11][12]. 8. **Asset-Liability Management for Commercial Banks** The transition of digital RMB from M0 to M1 will not fundamentally alter the operations of commercial banks, as it will essentially become a form of time deposit. However, the implications for asset-liability management and interest margins will need to be monitored [12]. 9. **Tianyang Technology's Role** Tianyang Technology is actively involved in the construction of relevant systems and plans to increase investment in collaboration with the People's Bank of China and clearinghouses. The company aims to adapt to the new demands arising from the digital RMB landscape [13]. 10. **Digital RMB's Unique Features** Digital RMB stands out from existing payment methods like Alipay and WeChat Pay due to its central bank backing, enhanced security through blockchain technology, and its potential to bypass the SWIFT system for international transactions. This positions it as a significant innovation in the financial technology sector [16]. Additional Important Insights - The digital RMB's development is not solely aimed at circumventing the SWIFT system but also focuses on enhancing payment security in international trade and building a comprehensive credit system through blockchain technology [15]. - The balance between inclusivity and anonymity in digital wallets may present challenges, particularly regarding the treatment of different wallet types under deposit insurance policies [15].

Group 1 - Tianyang Technology announced that on January 4, 2026, it will accept investor research from Huachuang Securities Research Institute and others, with the company's board secretary and vice president Gan Quan, and President and business expert Wang Mingyu participating in the reception and answering investor questions [1] Group 2 - The article discusses predictions for Wall Street and the tech industry in 2026, including topics such as the potential collapse of the AI bubble, a 20% drop in US stocks, quantum computing's impact on cryptocurrency, and gold prices exceeding $10,000 [1]

Group 1: Digital Currency Expansion - The digital RMB has expanded from M0 to M1, marking a significant shift towards large-scale implementation and indicating the government's commitment to promoting its use [3] - The transition allows digital RMB to possess deposit attributes, enabling it to cover most functions of traditional RMB, particularly in corporate settlement scenarios [3] - The digital RMB's traceability and immutability features are expected to play a crucial role in anti-money laundering and fraud prevention [3] Group 2: IT System Adjustments - Banks will need to initiate large-scale IT system upgrades to accommodate the transition from M0 to M1, including adjustments to payment systems and account structures [3] - The integration of digital RMB into existing banking systems will require modifications to ensure compatibility with its encrypted attributes [3] Group 3: Cross-Border Applications - Future cross-border applications of digital RMB may involve creating a unified ecosystem, allowing other countries to issue corresponding digital currencies based on currency swap agreements [4] - The digital RMB aims to simplify cross-border transactions by eliminating complex intermediaries, enhancing transaction transparency and compliance [4] Group 4: Policy and Regulatory Signals - Key signals to watch for include the central bank's issuance of detailed regulations for settlement and deposit-related policies for the M1 phase of digital RMB [4] - State-owned enterprises are expected to be the first to pilot the use of digital RMB in payroll and inter-company settlements, marking a significant step towards its widespread adoption [4] Group 5: Core Objectives and Risks - While one of the primary goals of digital RMB is to bypass SWIFT and enhance cross-border transaction security, it also aims to address domestic settlement needs and compete with existing payment platforms [5] - The issuance mechanism of digital RMB is based on national credit, differentiating it from cryptocurrencies like Bitcoin, which lack sovereign backing [5]

Group 1 - The financial technology sector experienced a significant surge, with notable stocks like Lakala rising over 12% and others such as Cuiwei Co. hitting the daily limit [1][5] - The financial technology ETF (159851) showed strong performance, increasing by over 1% and achieving a transaction volume exceeding 300 million yuan [1][5] - The People's Bank of China has introduced an action plan to enhance the management and service system for digital RMB, with a new framework set to be implemented on January 1, 2026 [6][7] Group 2 - 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 [3][7] - The financial technology sector is benefiting from multiple positive factors, including record trading volumes and the integration of AI into financial services, which is enhancing product value and industry barriers [3][7] - The financial technology ETF (159851) has shown strong liquidity, with an average daily transaction of 800 million yuan over the past six months, leading among similar ETFs [3][7]

Core Viewpoint - Tianyang Technology's stock has shown a significant increase in trading activity and price performance, indicating potential investor interest and market confidence in the company's future prospects [1][2]. Group 1: Stock Performance - As of December 29, Tianyang Technology's stock price rose by 2.02% to 20.24 CNY per share, with a trading volume of 230 million CNY and a turnover rate of 2.72%, resulting in a total market capitalization of 9.88 billion CNY [1]. - Year-to-date, Tianyang Technology's stock has increased by 28.92%, with a 3.69% rise over the last five trading days, a 1.50% increase over the last 20 days, and an 11.03% decline over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on June 16, where it recorded a net buy of 231 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Tianyang Technology reported a revenue of 1.516 billion CNY, reflecting a year-on-year growth of 8.11%, while the net profit attributable to shareholders decreased by 32.25% to 57.77 million CNY [2]. - Cumulative cash dividends since the company's A-share listing amount to 110 million CNY, with 42.78 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Tianyang Technology was 49,500, a decrease of 24.01% from the previous period, while the average number of circulating shares per shareholder increased by 36.27% to 8,526 shares [2]. - Among the top ten circulating shareholders, Huabao Zhongzheng Financial Technology Theme ETF holds 6.4686 million shares, an increase of 3.2689 million shares compared to the previous period [3].

Core Insights - The People's Bank of China and eight other departments have issued opinions to support the construction of the Western Land-Sea New Corridor, emphasizing the exploration of digital financial international cooperation [1] - The offshore RMB has surpassed the 7.0 mark against the USD, reaching a high of 6.996, marking the first time since September 2024, while the onshore RMB also crossed 7.01, a new high since September 27, 2024 [1] - The global retail cross-border payment market is projected to grow to $64.5 trillion by 2032, with a compound annual growth rate (CAGR) of 6.2% from 2024 to 2032, which is expected to enhance the infrastructure and application scenarios for RMB cross-border payments [1] Market Sector Analysis - **Cross-Border Payment Technology Services**: Companies providing cross-border payment system construction, technology upgrades, data processing, and solutions will benefit from the rapid growth of CIPS system business and the expansion of digital RMB cross-border payment trials [2] - **Digital RMB Industry Chain**: The evolution of digital RMB into a strategic carrier integrating finance, technology, and data will drive demand for bank IT upgrades, terminal equipment enhancements, and payment institution scenario expansions, presenting new growth opportunities across the entire industry chain [2] - **Banking and Financial Institutions**: The deepening of cross-border RMB settlement facilitation trials and the increasing choice of international enterprises to use RMB for settlement will open up more business space for Chinese banks in cross-border financial services, trade financing, and asset management, enhancing their non-interest income and international competitiveness [2] - **Cross-Border E-Commerce and Foreign Trade**: Policy support for building cross-border e-commerce digital service platforms in relevant provinces and cities will improve service capabilities and efficiency, reduce cross-border payment costs, and create a more favorable operating environment for cross-border e-commerce enterprises to expand overseas [2] Regional Financial Cooperation Beneficiaries - Financial institutions, logistics companies, and foreign trade enterprises in the regions involved in the Western Land-Sea New Corridor will directly benefit from enhanced financial support and deepened cross-border cooperation, with listed companies in these areas likely to gain more policy dividends and market opportunities [3] Relevant Listed Companies - **Sifang Jingchuang (300468)**: Focuses on providing financial IT solutions for financial institutions, with deep expertise in blockchain technology and digital currency, participating in the development and testing of multilateral central bank digital currency bridge projects [4] - **Zhongyi Technology (301208)**: Provides IT infrastructure construction and operation services, expected to benefit from the demand driven by the promotion of digital RMB and the development of financial technology [4] - **Lakara (300773)**: A well-known domestic third-party payment company actively expanding digital RMB acceptance scenarios and participating in multiple pilot projects, likely to benefit from the expansion of the payment ecosystem brought by digital RMB [4] - **Jingbeifang (002987)**: A leading domestic financial technology company providing IT technical services to banks, with bank system upgrades being a key business direction [4] - **Nantian Information (000948)**: A leading provider of financial information solutions, offering professional IT services to banks, with the promotion of digital RMB driving the demand for upgrades in core and peripheral banking systems [4] - **Changliang Technology (300348)**: A core banking system supplier deeply involved in digital RMB projects, providing a range of solutions from core business systems to digital wallets [5] - **Tianyang Technology (300872)**: Provides IT solutions and services to financial institutions, focusing on business areas such as bank credit and transaction banking, with new business opportunities arising from the application of digital RMB in trade settlement and supply chain finance [5] - **Cuiwei Co., Ltd. (603123)**: Its subsidiary has signed cooperation agreements with designated operating banks for digital currency, actively promoting system construction for digital RMB acceptance [5] - **Chutianlong (003040)**: Has a broad layout in the digital currency field, establishing technical and business cooperation with the People's Bank of China and various commercial banks to promote the construction of the digital RMB ecosystem [5]

Group 1 - The core viewpoint of the news is the strong performance of the financial technology sector, highlighted by the rise of the China Securities Financial Technology Theme Index and its constituent stocks, driven by supportive government policies for digital currency and cross-border payment initiatives [1][2] Group 2 - As of December 25, 2025, the China Securities Financial Technology Theme Index (930986) increased by 1.04%, with notable gains from stocks such as Lakala (300773) up 5.43%, Sifang Jingchuang (300468) up 5.25%, and Nantian Information (000948) up 3.97% [1] - The People's Bank of China and eight other departments released an opinion on December 24, supporting the construction of the Western Land-Sea New Corridor and promoting the use of central bank digital currencies in cross-border payments with countries like Thailand, Hong Kong, UAE, and Saudi Arabia [1] - The digital renminbi is expected to accelerate penetration across the industrial chain, with significant growth potential in the banking IT and financial technology sectors, as well as in downstream payment ecosystems [2] - The top ten weighted stocks in the China Securities Financial Technology Theme Index account for 53.31% of the index, with companies like Tonghuashun (300033) and Dongfang Caifu (300059) among the leaders [2]

证券代码：300872 证券简称：天阳科技 公告编号：2025-115 天阳宏业科技股份有限公司 关于协议受让北京宝兰德软件股份有限公司 部分股份过户完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、交易概述 天阳宏业科技股份有限公司（以下简称"公司"）与北京宝兰德软件股份有 限公司（以下简称"宝兰德"）控股股东、实际控制人易存道先生于 2025 年 11 月 3 日签署了《股份转让协议》，公司拟以现金方式协议受让易存道先生持有的 宝兰德 5,830,000 股股份，占宝兰德总股本的 7.50%，转让价格为 26.56 元/股， 转让总价为人民币 154,844,800 元。具体内容详见公司于 2025 年 11 月 3 日在巨 潮资讯网（www.cninfo.com.cn）披露的相关公告。 二、股份过户登记情况 近日，公司收到了中国证券登记结算有限责任公司出具的《证券过户登记确 认书》，公司本次协议受让宝兰德股份已完成过户登记手续，股份过户登记时间 为2025年12月19日。 本次股份过户登记完成后，公司合计持有宝兰德5,830,000股股份， ...