Investment Rating - The report maintains a positive outlook on the cross-border payment industry, highlighting significant growth potential driven by policy support and technological innovation [4][7]. Core Insights - The internationalization of the Renminbi (RMB) is a key strategic move in the US-China rivalry, with a positive feedback loop beginning to form. The report notes that since 2024, there has been a surge in policies aimed at promoting cross-border e-commerce and payment systems, with 11 relevant policy documents issued compared to only two per year from 2021 to 2023 [5][20]. - The report emphasizes the importance of innovative payment systems such as CIPS, mBridge, and Brics Pay in facilitating RMB internationalization and improving payment efficiency compared to traditional systems like SWIFT [5][28]. - The cross-border payment industry is expected to see substantial growth as domestic payment institutions actively seek international expansion, with significant opportunities in both B2B and B2C segments [8][61]. Summary by Sections 1. Promoting RMB Internationalization - The report discusses the critical role of cross-border payments in RMB internationalization, highlighting the recent policy initiatives aimed at encouraging the development of cross-border e-commerce and payment systems [16][17]. - It outlines the strategic importance of RMB internationalization in mitigating the impacts of US dollar hegemony and enhancing China's global economic standing [21][22]. 2. Political and Technological Innovations Driving Payment System Reforms - The report compares existing systems like SWIFT with emerging Chinese systems (CIPS, mBridge, Brics Pay), noting the latter's advantages in transaction speed and cost [29][34]. - It details the operational frameworks of these new systems, emphasizing their potential to enhance the efficiency of cross-border payments [28][32]. 3. Industry Chain Expansion: Trends and Opportunities - The report identifies key players in the payment industry, including clearing institutions, banks, and third-party payment providers, and discusses their internationalization efforts [61][62]. - It highlights the competitive landscape, noting that while UnionPay has a strong global presence, there remains significant room for growth in overseas penetration [67]. 4. Listed Companies Related to the Payment Industry - The report provides insights into specific companies involved in the payment industry, such as Newland, which has obtained a rare European acquiring license, and Sifang Jingchuang, which is uniquely involved in the mBridge project [6][8]. - It also mentions companies like Lianlian and Feitian Chengxin, which are engaged in cross-border payment services and digital RMB initiatives [6][8].