金融行业行业深度研究报告：数字人民币应用进展、产业链分析与投资策略

Investment Rating - The report suggests a positive investment outlook for the digital RMB sector, highlighting significant growth potential in related technology and service companies [4]. Core Insights - The digital RMB, as China's legal digital currency, is backed by advanced technologies ensuring security and stability, including blockchain and strong encryption algorithms [3]. - The promotion of digital RMB has steadily progressed, expanding its application across various life and cross-border scenarios since its pilot launch in 2020 [3]. - The digital RMB industry chain encompasses upstream, midstream, and downstream sectors, forming a complete ecosystem for technology and application [4]. Summary by Sections 1. Concept and Underlying Technology of Digital RMB - Digital RMB (DCEP) is defined as a legal digital currency issued by the People's Bank of China, supporting a wide range of payment functionalities and ensuring user privacy [14][20]. - It is positioned within the M0 category, equating it with physical cash in terms of legal status and economic value [28]. 2. Development History and Current Status of Digital RMB - The development of digital RMB began in 2014, with significant milestones including pilot tests in various cities and the introduction of offline payment capabilities [62][73]. - As of June 2024, the cumulative transaction amount of digital RMB has exceeded 7 trillion yuan, with ongoing policy support to enhance its adoption [73]. 3. Digital RMB Industry Chain Overview - The industry chain consists of three layers: upstream (development and management), midstream (distribution and circulation), and downstream (application and technical support) [91]. - Key players in the upstream include the People's Bank of China and technology providers like Geer Software and Newland, which support the digital RMB's infrastructure [95]. 4. Investment Recommendations - The report recommends focusing on companies in the upstream sector that specialize in digital encryption and network security, such as Geer Software, and midstream IT service providers like Changliang Technology [4]. - Downstream opportunities are identified in hardware wallet and terminal device upgrades, with companies like Lakala and Cuiwei Co. showing strong market potential [4].