Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The People's Bank of China and eight other departments have issued opinions to enhance financial support for the construction of the Western Land-Sea New Corridor, which will optimize the cross-border trade settlement system and further expand the use of the Renminbi [2][4] - The report emphasizes the importance of the Western Land-Sea New Corridor as a significant international logistics channel, connecting the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which will facilitate the expansion of Renminbi usage [4] - Digital Renminbi is expected to see new development opportunities, leveraging its advantages in payment and settlement, and exploring its application in various scenarios [4] Summary by Sections Financial Support Measures - The report outlines 21 key measures aimed at improving the financial organization collaboration system, constructing a high-quality capital circulation system, and enhancing cross-border financial regulatory cooperation [4] Cross-Border Trade Settlement - The report supports banks in facilitating compliant trade settlements for quality enterprises and encourages the use of Renminbi in cross-border transactions, particularly with Southeast Asia and Central Asia [4] Digital Renminbi Development - The report highlights the potential for digital Renminbi to create innovative solutions through smart contracts and expand its cross-border application [4] Investment Recommendations - The report suggests focusing on related industry chains such as banking IT systems, payment ecosystems, and financial infrastructure, recommending specific companies for investment [4][5]

证券日报网讯 12月25日，京北方发布公告称，近日，公司完成了工商变更登记手续，取得了由北京市 海淀区市场监督管理局换发的《营业执照》。 （文章来源：证券日报） ...

Group 1 - The company has a branch in Haikou, Hainan, and has established stable business partnerships with local branches of policy banks and large state-owned banks [1] - The branch provides technical services and system support for clients in scenarios related to fiscal payments and public service payments [1] - The revenue scale of the Haikou branch is currently small compared to the overall revenue of the company, and investors are advised to view the business development of each branch rationally [1]

Core 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]

Market Performance - The software development sector increased by 0.77% on December 25, with Guangdao Tui leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Stock Highlights - Guangdao Tui (code: 920680) saw a significant rise of 29.55%, closing at 1.71, with a trading volume of 244,800 shares and a transaction value of 37.48 million yuan [1] - Shengbang Security (code: 688651) increased by 11.67%, closing at 45.82, with a transaction value of 314 million yuan [1] - Zhizhen Technology (code: 003007) rose by 10.01%, closing at 39.01, with a transaction value of 197 million yuan [1] - Sifang Jingchuang (code: 300468) increased by 6.63%, closing at 36.33, with a transaction value of 3.304 billion yuan [1] Capital Flow - The software development sector experienced a net outflow of 153 million yuan from institutional investors and 141 million yuan from retail investors, while retail investors had a net inflow of 294 million yuan [2] - Notable stocks with significant capital flow include Sifang Jingchuang, which had a net inflow of 320 million yuan from institutional investors [3] Individual Stock Performance - Zhizhen Technology had a net inflow of 99.19 million yuan from institutional investors, representing 50.35% of its total capital flow [3] - Jingbeifang experienced a net inflow of 72.57 million yuan from institutional investors, accounting for 10.82% of its total capital flow [3] - Other stocks like Tonghuashun and Zhinanzhen saw net outflows from both institutional and retail investors, indicating mixed investor sentiment [3]

证券代码：002987 证券简称：京北方 公告编号：2025-056 京北方信息技术股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、基本情况 变更前：注册资本 86,735.7451 万元 变更后：注册资本 86,746.0152 万元 除上述信息外，其他登记事项不变。 三、备查文件 公司营业执照。 京北方信息技术股份有限公司（以下简称"公司"）于 2025 年 12 月 15 日召 开 2025 年第二次临时股东大会，审议通过《关于取消监事会、增加注册资本并 修订<公司章程>的议案》，具体内容详见公司于巨潮资讯网披露的《关于增加 注册资本并修订<公司章程>及部分治理制度的公告》（公告编号：2025-050）。 二、工商变更登记情况 近日，公司完成了工商变更登记手续，取得了由北京市海淀区市场监督管理 局换发的《营业执照》，公司本次工商变更具体信息如下： 特此公告。 京北方信息技术股份有限公司董事会 二〇二五年十二月二十六日 ...

Group 1 - The core viewpoint of the news is that Jingbeifang Information Technology Co., Ltd. has seen a stock price increase of 5.06%, reaching 20.36 CNY per share, with a trading volume of 338 million CNY and a turnover rate of 2.02%, resulting in a total market capitalization of 17.661 billion CNY [1] - Jingbeifang was established on December 16, 2009, and went public on May 7, 2020. The company primarily provides information technology services and business process outsourcing to financial institutions, mainly banks [1] - The revenue composition of Jingbeifang includes: software development and services (33.73%), financial technology solutions (30.03%), smart customer service and precise marketing in consumer finance (19.58%), digital operation and services (13.95%), and AI and big data innovative products (2.71%) [1] Group 2 - Among the top circulating shareholders of Jingbeifang, a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 85,100 shares in the third quarter, now holding 3.1713 million shares, which accounts for 0.38% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date returns are 27.71%, ranking 1906 out of 4197 in its category; the one-year return is 23.44%, ranking 2053 out of 4170; and since inception, the return is 13.02% [2]

为保证公司治理结构完整，根据《公司法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 法律法规、规范性文件以及《公司章程》的相关规定，公司于 2025 年 12 月 22 日召开职工代表大会，选举许承梁为公司第四届董事会职工代表董事，任期自公 司职工代表大会选举通过之日起至公司第四届董事会届满之日止。许承梁简历详 见附件。 许承梁当选职工代表董事后，公司第四届董事会中兼任公司高级管理人员以 及职工代表担任的董事人数总计不超过公司董事总数的二分之一，符合相关法律 法规的要求。 三、备查文件 证券代码：002987 证券简称：京北方 公告编号：2025-055 京北方信息技术股份有限公司 关于董事辞职暨选举职工代表董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、非独立董事辞职情况 京北方信息技术股份有限公司（以下简称"公司"）董事会于近日收到非独 立董事、副总经理刘颖女士递交的书面辞职报告。因公司治理结构调整，刘颖女 士申请辞去公司第四届董事会非独立董事职务，辞职后将继续担任公司副总经理 ...

Investment Rating - Maintain "Overweight" rating for the industry [5] Core Insights - The "Genius Act" poses significant challenges and opportunities for the banking sector, potentially leading to deposit outflows and liquidity issues, termed "financial disintermediation" [8][10] - JPMorgan's launch of the deposit token, JPMD, aims to balance traditional banking interests with the innovative aspects of cryptocurrency, providing a solution for liquidity management while retaining key features of traditional deposits [3][17] Summary by Sections 1. Core Insights - The "Genius Act" requires that token issuers maintain sufficient assets, which could lead to substantial deposit outflows from banks, estimated at $1.9 trillion if the token market reaches $2 trillion [10][11] - JPMorgan's strategy involves leveraging its position to introduce deposit tokens that mitigate the risks posed by the "Genius Act" while enhancing its service offerings [8][10] 2. JPMorgan's Token Strategy - JPMorgan has been actively developing blockchain payment technologies and has previously launched JPM Coin, which has processed over $1.5 trillion in institutional payments since its introduction in 2019 [10][14] - The new deposit token, JPMD, is designed to represent real bank deposits, offering interest potential and deposit insurance, while integrating with traditional banking systems [3][17] 3. Typical Applications of Deposit Tokens - Payment applications: Deposit tokens facilitate peer-to-peer transactions, reducing reliance on traditional intermediaries [20] - Programmable currency: The programmable nature of deposit tokens allows for innovative solutions in existing deposit services, such as automated loan disbursements [21] - Protocol interaction: Deposit tokens are well-suited for interaction with smart contract protocols, enhancing automation and interoperability in multi-party transactions [23] 4. Investment Recommendations - The report suggests focusing on the rapid development of the RWA (Real World Assets) and asset tokenization markets, particularly in the context of regulatory advancements in the US and Hong Kong [24]

北京金诚同达律师事务所 关于 京北方信息技术股份有限公司 2025 年第二次临时股东大会的 法律意见书 北京市朝阳区建国门外大街 1 号国贸大厦 A 座 10 层 电话：010-5706 8585 传真：010-6518 5057 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于京北方信息技术股份有限公司 2025 年第二次临时股东大会的 法律意见书 金证法意[2025]字 1215 第 1046 号 致：京北方信息技术股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受京北方信息技术股份有 限公司（以下简称"京北方"或"公司"）的聘请，指派本所律师出席公司 2025 年第二次临时股东大会（以下简称"本次股东大会"）并对会议的相关事项出具 法律意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》、《上市公司股东会规则》（以下简称"《股东会规则》"）、 《律师事务所从事证券法律业务管理办法》、《律师事务所证券法律业务执业规 则（试行）》等有关法律、法规和规范性文件的要求以及《京北方信息技术股份 有限公司章程》（以下简称"《公司章程》"）的规定， ...