政策+技术双轮驱动，这个板块连续五天资金净流入！

Core Viewpoint - The article emphasizes that cross-border payment has evolved from a supporting service in foreign trade to a key engine driving global economic circulation, fueled by the acceleration of global trade integration and the booming digital economy [5][10]. Group 1: Industry Growth and Trends - Over the past decade, the global cross-border payment transaction volume has cumulatively increased by over 41%, maintaining a steady upward trend despite trade frictions and regulatory adjustments [6][12]. - The demand for cross-border payments is diversifying, with B2B transactions as the core pillar, covering international supply chains and cross-border investments, while B2C and C2C transactions are also growing rapidly [14][15]. - The implementation of the ISO 20022 standard in 2023 has led to a 21.77% growth in B2B cross-border payment volume, contributing to an overall market growth of over 21% [15]. Group 2: Technological and Policy Empowerment - Traditional cross-border payments face challenges such as high costs, slow speeds, and security issues, with transaction times often taking several days [17][18]. - Third-party payment platforms have made significant technological advancements, reducing transaction times to within T+2 days, with some scenarios achieving same-day settlement [20][21]. - The new digital RMB policy has introduced three major breakthroughs: upgrading its status to a "digital deposit currency," enhancing cross-border efficiency with a multi-central bank digital currency bridge, and strengthening security through bank-level encryption and risk control measures [22]. Group 3: Future Trends and Investment Opportunities - The cross-border payment industry is evolving towards instant, inclusive, and intelligent solutions, with the digital RMB policy providing substantial support for these trends [23]. - Instant payment solutions are becoming a target, with expectations that by 2028, instant payments will account for over a quarter of global online payments [24]. - The digital RMB's features are positioned to lower costs and expand access to billions of unbanked individuals and millions of SMEs, aligning with G20 goals to reduce cross-border retail payment costs [24]. - The integration of AI and big data into cross-border payments through the digital RMB will enhance risk management and open new financial service scenarios [26]. Group 4: Investment Recommendations - Companies deeply involved in the infrastructure for digital RMB cross-border settlements are expected to benefit from the expansion of the digital currency bridge project and the new policy [28]. - Leading platform companies in the cross-border payment sector, such as LianLian Digital, are well-positioned to capture market share due to their technological strengths and global licensing [29]. - Companies with a strong foundation in payment services and actively expanding cross-border scenarios, like Lakala and Newland, are likely to achieve breakthroughs in niche markets [30].