证券日报网讯1月29日，中科江南（301153）在互动平台回答投资者提问时表示，公司以电子凭证库为 核心支撑，构建五纵四横全链路监管体系，纵向贯通人行—财政—预算单位—银行—收款方，横向覆盖 预算编制、支付、核算、决算全流程，实现管理流、资金流、凭证流的统一，对预算执行、转移支付资 金进行动态监测，有效防范资金使用风险。同时，公司持续探索数字人民币智能合约与伞列钱包技术在 财政专项资金拨付、惠民惠企补贴发放等业务场景的融合应用，进一步实现资金穿透监管与交易记录的 安全保存。在防止资金挪用和异常交易监测方面，公司通过个人电子签名签章安全检测模型、政策法规 智能解析模型、资金流向知识图谱以及财会监督风险预警模型等技术能力，实现风险探查与闭环处置的 高效联动，保障财政资金安全、规范、高效运行。 ...

Group 1: Economic Transformation and Technological Innovation - The core of China's economic transformation during the "14th Five-Year Plan" period is driven by new productivity, emphasizing the need for technological innovation to overcome development bottlenecks and activate growth momentum [1] - The "2025 Zhitong Finance 8th Investment Annual Conference" focused on the theme of economic transformation and technological breakthroughs, featuring discussions on cross-industry transformation and value investment [1] Group 2: Company Strategies and Innovations - Lianhua Holdings has transitioned from a well-known seasoning brand to the intelligent computing sector, establishing a dual-driven model of "consumption + technology" [3] - The company has launched new products in its seasoning business while also entering the computing rental and AI sectors, achieving nearly 100 million yuan in revenue from its computing rental business by Q3 2025 [3] - Lianhua's strategy includes attracting industry elites and implementing incentive mechanisms to stabilize traditional business while fostering innovation in new sectors [3] Group 3: Industry Challenges and Opportunities - Zero Gravity Aircraft Industry faces challenges in commercializing low-altitude economy due to insufficient airspace resources and infrastructure, with only 512 general airports in China compared to nearly 20,000 in the U.S. [4] - The company advocates for the "green aviation camp" business model to promote low-altitude tourism, utilizing electric new energy aircraft [4] Group 4: Infrastructure and Urban Development - Pacific Construction is evolving from a traditional builder to a city operator, focusing on integrating physical space with cutting-edge industries [5] - The company has initiated projects like a zero-carbon digital economy industrial park in Hebei, showcasing a comprehensive service model from investment to operation [6] Group 5: Financial Innovations and Support for Technology - There is a gap between traditional financial systems and emerging tech companies, as banks typically assess past performance rather than future potential [6] - Banks are adapting by restructuring credit data and incorporating external data to enhance risk control, with digital RMB smart contracts potentially reshaping financial logic [6][7] - The application of digital RMB smart contracts could create a better market environment for hard tech companies and enable precise funding allocation for R&D [7] Group 6: Investment Perspectives - The compatibility of technological originality with industry chain integration is crucial for hard tech survival, with a focus on the ability to transform technology into cost-effective products [8] - The role of the investment institution is to empower rather than take over, fostering trust and collaboration with invested companies and local governments [8]

Core Viewpoint - The evolution of digital RMB is progressing towards becoming a true credit currency, with the upcoming "Digital RMB Action Plan" integrating it into the reserve requirement system, thereby enhancing its role in the banking system [2][3]. Group 1: Digital RMB Framework - Digital RMB will be managed under the reserve requirement system, with wallet balances subject to reserve requirements, and non-bank payment institutions required to implement 100% reserve for digital RMB [2]. - The transition from digital RMB as mere cash to a deposit-like status means it will now be treated as a liability of both the central bank and commercial banks, similar to existing bank deposits [3]. Group 2: Monetary Control and Risks - The integration of digital RMB into bank accounts allows for better control of monetary policy by the central bank, mitigating risks associated with cash leakage and financial disintermediation seen in other digital currencies [3][4]. - Digital currencies, including Bitcoin and stablecoins, pose risks due to their anonymity and decentralization, which can lead to challenges in macroeconomic regulation [3]. Group 3: Technological Integration - The "account system + digital currency + smart contract" framework aims to enhance the digitalization and intelligence of RMB issuance, circulation, and payment processes [4]. - The application of smart contracts in digital RMB can improve financial solutions across various sectors, including supply chain finance and consumer protection [5]. Group 4: Environmental and Social Applications - Digital RMB can facilitate carbon reduction initiatives by providing value confirmation and payment services for energy-saving behaviors, thus promoting public participation in carbon reduction efforts [6]. - The use of blockchain technology in digital RMB enhances trust among multiple stakeholders, particularly in cross-border payments, offering advantages such as efficiency, low cost, and security [6].

Core Viewpoint - The joint notification from the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau aims to strengthen collaboration between commerce and finance to boost and expand consumption in China [1][2]. Group 1: Policy Measures - The notification outlines 11 policy measures across three main areas, encouraging the synergy of government, finance, and enterprises to promote consumption through diverse activities and information sharing [1][2]. - Local commerce departments are encouraged to utilize existing funding channels to conduct consumption promotion activities, enhancing the effectiveness of financial support [2]. - The notification emphasizes the importance of financial institutions in supporting key consumption areas, including health, culture, and new consumption fields like digital and green consumption [2][3]. Group 2: New Consumption Development - The notification promotes the development of new consumption models, focusing on risk control and commercial sustainability, and encourages financial support for emerging sectors such as green and digital consumption [2][3]. - It highlights the role of digital RMB smart contracts and improved inbound payment convenience to empower cities with active consumption ecosystems [3]. Group 3: Upgrading Consumption - The notification calls for enhanced financial services for durable goods and digital products, aiming to meet consumer demand for upgrades [4]. - Financial institutions are encouraged to collaborate with platforms and key merchants to improve payment services, including installment plans and digital RMB [4]. - Policies supporting trade integration and cross-border supply chain financing are emphasized to facilitate the entry of quality foreign products into the domestic market [4]. Group 4: Economic Context - The notification is part of broader macroeconomic policies aimed at stabilizing the economy and promoting domestic demand, with recent indicators showing positive trends in consumer prices and production [5]. - The Ministry of Commerce plans to work with financial authorities to ensure the effective implementation of these measures, contributing to a strong start for the 14th Five-Year Plan [5].

Core Viewpoint - The notification emphasizes the need for stronger collaboration between commerce and finance to boost consumer spending, encouraging local authorities to leverage existing funding channels for promotional activities [1] Group 1: Policy Coordination - The notification calls for enhanced policy synergy, urging local commerce departments to actively engage in consumer promotion activities in conjunction with financial support [1] - It encourages the use of digital RMB smart contract red envelopes to improve the effectiveness of consumer promotion policies [1] Group 2: Financial Support Mechanisms - Local governments are encouraged to explore various methods such as financing guarantees, loan interest subsidies, and risk compensation to strengthen the collaboration between fiscal, commerce, and financial policies [1] - There is a focus on guiding credit funds to increase investment in key consumer sectors [1] Group 3: Targeted Consumption Projects - The notification promotes support for key projects in health, culture, tourism, and new consumption areas such as digital and green sectors [1] - Banks and non-bank financial institutions are encouraged to leverage their unique strengths and collaborate in consumer promotion activities to enhance the quality and upgrade of consumption [1]

Core Insights - The article highlights the successful implementation of China's first domestic factoring supply chain finance business utilizing digital RMB smart contracts, marking a significant innovation in financial services for small and medium-sized enterprises in the industrial chain [1] Group 1: Business Implementation - The business was launched under the guidance of the Yangzhou municipal government, the People's Bank of China Yangzhou branch, and the Postal Savings Bank of China [1] - The operation leverages the Postal Savings Bank's "U Chain" supply chain finance platform, integrating the programmability of digital RMB with smart contract technology [1] Group 2: Process Overview - The core enterprise, Jiangsu ** Construction Engineering Co., Ltd., confirmed accounts payable to the supplier, Yizheng City ** Building Materials Trading Co., Ltd., which initiated a financing request online [1] - The smart contract automatically generated contract certificate information based on the borrowing agreement, enabling a fully online and automated financing process [1] Group 3: Future Plans - The Postal Savings Bank's Yangzhou branch plans to deepen its digital transformation and replicate this model across more industrial scenarios [1] - The bank aims to fully utilize digital RMB smart contracts to enhance the quality and efficiency of the supply chain finance ecosystem [1]

Core Insights - The article discusses the implementation of a centralized sales and financial reporting system for agricultural products at the Gongbei Port Market in Zhuhai, aimed at enhancing social consumption potential and addressing challenges in agricultural product management [1][2] - The system, developed by Zhuhai Industrial and Commercial Bank in collaboration with the People's Bank of China, introduces a unified cash collection and financial accounting model to streamline data reporting [1] Group 1 - The new system has processed over 300,000 transactions and achieved a total centralized sales amount exceeding 30 million yuan since its launch this year [2] - The initiative serves as a case study and system support for the government to promote centralized financial reporting in the retail and commercial sectors, accelerating the progress of agricultural product sales reporting [2] - The system features a real-time settlement model that meets the cash flow needs of market merchants, enhancing their operational efficiency [2]

Core Insights - The digital RMB pilot program has expanded to 23 regions across 15 provinces and cities, with significant transaction volumes and innovative applications emerging in various sectors [1][2] Group 1: Pilot Expansion and Transaction Volume - The digital RMB pilot program has expanded from 10+1 regions to 15 provinces and cities, with 23 areas involved [2] - As of May 31, the pilot regions have recorded approximately 264 million transactions, amounting to about 83 billion RMB [1] Group 2: Application Scenarios and Innovations - New application scenarios for digital RMB are being developed, including a "digital currency + public fund" service in Shenzhen and cross-region tax payments in Guangzhou [2] - The digital RMB features characteristics such as low cost, immediate settlement, and programmability, which are being leveraged to enhance public and private sector integration [3] Group 3: Privacy Protection Measures - The digital RMB adheres to the principle of "small amounts anonymous, large amounts traceable," ensuring robust personal information protection [4][5] - The dual-layer operational system allows for the collection of necessary personal information while maintaining user privacy [5] Group 4: Legal and Regulatory Framework - There is an ongoing effort to establish legal regulations and industry policies to solidify the legal foundation for digital RMB [6][7] - Key measures include creating information isolation mechanisms, defining legal conditions for wallet operations, and enhancing anti-money laundering regulations [7]

Core Insights - The digital RMB is expanding its application scenarios, showcasing innovative products like the low-carbon card and IoT smart gas meters at the 2022 China International Fair for Trade in Services [1][2][3] - The digital RMB wallet launched by Industrial Bank marks a significant step in the bank's efforts to enhance digital currency services and broaden its operational scope [3] - The introduction of smart contract technology within the digital RMB framework is a key innovation, enabling programmable transactions and enhancing efficiency in various economic activities [4][5] Group 1: Digital RMB Innovations - The low-carbon card, a hardware wallet for digital RMB, allows users to make payments across various online and offline scenarios, enhancing convenience for consumers [1] - The IoT smart gas meter integrates a digital RMB wallet, streamlining the gas purchasing process and addressing traditional complexities [2] - Industrial Bank has introduced over ten types of digital RMB hardware wallets, including smartwatches and electronic IDs, to improve customer payment experiences [2] Group 2: Expansion and Adoption - As of May 31, digital RMB transactions reached approximately 264 million, totaling around 83 billion RMB, with 4.567 million merchants supporting digital RMB payments [3] - The digital RMB wallet by Industrial Bank aims to create more unique scenarios and business models, contributing to the broader adoption of digital currency [3] Group 3: Smart Contract Applications - Smart contracts within the digital RMB ecosystem can reduce transaction costs and enhance the business environment, with applications in government subsidies and retail marketing [4][5] - The technology allows for automated payment transactions based on agreed conditions, improving efficiency and compliance in various sectors [4][5] - Future developments will focus on building a robust ecosystem for smart contracts, involving collaboration with market institutions to establish standards and compliance mechanisms [5]

Core Viewpoint - The application of digital currency, particularly the digital yuan (e-CNY), is becoming a significant trend in international payments and cross-border trade settlements, representing China's strategic move to enhance its competitiveness in the global economic system [1] Group 1: Digital Yuan and Smart Contracts - The digital yuan is not just a digital form of the renminbi but a strategic initiative by China to deepen reforms and enhance competitiveness in the global economy [1] - Smart contracts, based on blockchain technology, can automatically execute contract terms without relying on third-party intermediaries, improving efficiency and transparency in cross-border trade settlements [1][3] Group 2: Advantages Over Traditional Payment Systems - Traditional cross-border payment systems rely on intermediaries, making the process cumbersome and time-consuming, while the digital yuan's smart contracts can automatically trigger payments upon consensus between trading parties [3] - The use of digital yuan can effectively reduce risks associated with exchange rate fluctuations by minimizing foreign exchange conversion steps, thus enhancing payment stability and reliability [3] Group 3: Integration with SWIFT System - The SWIFT system remains a crucial infrastructure for cross-border payments, but it has limitations such as long transaction times and high costs, which the digital yuan's smart contracts can help address [5] - Integrating digital yuan smart contracts into the SWIFT system can enhance cross-border payment efficiency, reduce costs, and improve interoperability within the global payment system [5][7] Group 4: Future Implications - The collaboration between digital yuan and the SWIFT system can simplify settlement processes by allowing direct payments between buyers and sellers, reducing operational risks and disputes arising from information asymmetry [7] - The synergy between digital yuan and SWIFT is expected to drive the intelligent transformation of global cross-border payments, ushering in a new era of efficient, secure, and convenient payment solutions [9]