digihuman(BJ:835670) 智通财经网·2026-01-05 01:34Core Viewpoint - The upgrade of digital RMB from a "pilot product" to a "core liability and infrastructure" of banks will lead to an "order-driven + long-term penetration" impact on A-shares, rather than a simple thematic trade [1][2]. Group 1: Digital RMB Upgrade - The People's Bank of China will officially launch a new generation of digital RMB measurement framework and management system starting January 1, 2026, transitioning from "cash-type 1.0" to "deposit currency-type 2.0" [2]. - The core of the 2.0 mechanism is the redefinition of liability attributes and the inclusion of a macro framework, where balances in real-name wallets at commercial banks will be treated as "account-based commercial bank liabilities" [3]. Group 2: Financial IT Impact - Financial IT companies are likely to benefit from the need for banks to transform their core systems, accounting, channels, and data governance as the digital RMB infrastructure is implemented [1]. - The digital RMB will enhance the willingness of users to hold and use it by providing interest payments on wallet balances, similar to traditional deposits, thus creating a manageable asset-liability space for banks [3]. Group 3: Technical Architecture - The proposed digital path includes an "account system + currency string + smart contracts," which aims to standardize the wallet system and enhance the resilience of the system while ensuring compatibility with distributed ledger technology (DLT) [4]. - The smart contract ecosystem will facilitate programmable digital payments, reducing misuse risks and compliance costs across various scenarios such as supply chain finance and fiscal subsidies [4]. Group 4: Investment Recommendations - Companies such as Hengsheng Electronics, Jingbeifang, Changliang Technology, and Yuxin Technology are recommended for their potential in payment acceptance and terminal expansion [5]. - Communication operators like China Telecom, China Unicom, and China Mobile are expected to benefit directly from capabilities related to SIM hard wallets and cross-border connections [5].