Sou Hu Cai Jing·2025-12-25 09:23Core 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]