2025年12月31日，中国建设银行（601939）发布公告称，为了更好地为您服务，自2026年1月1日起，中 国建设银行将为您开立的建设银行数字人民币实名钱包余额按照中国建设银行活期存款挂牌利率计付利 息，计结息规则与活期存款一致，并相应修订《中国建设银行数字人民币钱包个人客户服务协议》相关 内容，具体如下： 数字人民币：指中国人民银行发行的法定数字货币和相关支付体系，采用双层运营架构，由中国人民银 行向数字人民币业务运营机构发行，再由数字人民币业务运营机构兑换给公众。 自2026年1月1日起，数字人民币钱包（不含四类钱包）中的钱包余额按照中国人民银行规定的活期存款 计结息规则计付利息，并由乙方依法代扣代缴利息税（如有）。 如您对本次业务调整有任何疑问，可通过中国建设银行95533客服热线进行咨询。感谢您长期以来给予 中国建设银行的大力支持！ ...

Market Performance - The Hong Kong stock market closed early due to the New Year holiday, with the Hang Seng Index rising 27.77% for the year, closing at 25,630.54 points [1] - The Technology Index increased by 23.45%, closing at 5,515.98 points, while the National Enterprises Index rose by 22.27%, closing at 8,913.68 points [1] Daily Market Movement - On the last trading day of the year, the market showed light trading activity, with the Hang Seng Index down 0.87%, the Technology Index down 1.12%, and the National Enterprises Index down 0.86% [3] Sector Highlights Film and Entertainment - Film stocks led the market, with major gains from companies like Dama Entertainment (+5.56%), Maoyan Entertainment (+3.12%), and Huayi Brothers (+1.59%) [8] - The 2025 New Year box office reached 5.245 billion yuan, marking an eight-year high, with a 76.35% year-on-year increase in November box office [9] Aviation - Airline stocks surged due to increased travel demand for the New Year holiday, with China Eastern Airlines (+4.92%), China Southern Airlines (+4.30%), and Air China (+3.36%) showing significant gains [10] - Domestic flight ticket bookings exceeded 2.71 million, a 35% year-on-year increase, with average ticket prices rising by 6.7% [11] Cryptocurrency - Cryptocurrency-related stocks saw gains, with HashKey Holdings (+11.33%) and OSL Group (+4.29%) benefiting from favorable policy developments regarding digital currency [12] - The new digital RMB framework will take effect on January 1, 2026, enhancing market expectations for compliant cryptocurrency ecosystems [13] Robotics - Robotics stocks faced pressure, with MicroPort Robotics (-8.72%) and DJI (-4.29%) declining, despite the establishment of a new standardization committee for humanoid robots [14][15] Pharmaceuticals - Pharmaceutical stocks continued to struggle, with companies like Fonda Holdings (-1.96%) and WuXi Biologics (-1.93%) showing declines [17] - The upcoming J.P. Morgan Healthcare Conference is expected to attract over 8,000 participants, including major Chinese pharmaceutical firms [18] Individual Stock Movements - Xuanwu Cloud saw a significant intraday rise of over 13% following news of a strategic investment from Hantang Mingyuan [19] - Boke Vision Cloud experienced a rise of over 9% after its largest shareholder extended the lock-up period for shares [20]

Core Viewpoint - The company is actively developing digital currency solutions, specifically focusing on the implementation of digital RMB in campus environments, indicating a strategic move towards digital finance integration in education [1]. Group 1: Company Developments - The company has innovated a smart campus solution based on digital RMB, promoting its application in educational settings [1]. - It has established digital RMB projects for over 50 domestic schools and enterprises, showcasing its commitment to expanding its digital currency initiatives [1]. - The company has formed long-term stable partnerships with the People's Bank of China Digital Currency Research Institute, six major banks, and three major telecom operators, indicating strong industry collaboration [1].

新开普回复：您好，感谢您的关注！近年来，公司创新基于数字人民币的智慧校园解决方案，推动数字 人民币在校园场景的落地。目前公司已为国内50余所院校、企业建设了数字人民币项目，并与中国人民 银行数字货币研究所、六大行、三大运营商建立了长期稳定的合作关系。2022年1月，新开普"完美校 园"APP和中国银行合作实现了数字人民币子钱包交易能力，成为全国前50名、教育行业首家接入数字 人民币APP的子钱包应用。2022年9月26日，公司与中国银行合作高校数字人民币校园卡"硬钱包"项目 在苏州工业职业技术学院全国首发落地，进一步拓展了数字人民币应用新渠道、新载体、新场景，进一 步实现了一卡多用功能，为校园小额高频消费提供了更安全、便捷、稳定、高效的数字人民币应用保 障。同时，荣获"中国银行苏州分行数字人民币生态建设合作伙伴"称号。未来，新开普将结合现有业务 场景，持续加大自主研发力度，完善数字人民币在教育、公交、企业、电力、燃气、水利等行业的各项 应用功能，同时，积极开拓新型应用场景，丰富多种支付方式，加快数字人民币在各场景的落地，助力 中国数字经济快速发展。谢谢！ 以上内容为证券之星据公开信息整理，由AI算法生成（网信 ...

Core Viewpoint - Starting January 1, 2026, China Construction Bank will pay interest on the balance of digital RMB wallets at the same rate as its current deposit rates, with interest calculation rules aligned with those of current deposits [1] Group 1 - China Construction Bank will implement interest payments on digital RMB wallets, enhancing the attractiveness of its digital currency offerings [1] - The interest rate will be based on the bank's current deposit rates, which may encourage more customers to utilize digital RMB wallets [1] - Customers can inquire about this business adjustment through the bank's customer service hotline [1]

Core Viewpoint - The report from Guojin Securities highlights the steady development of digital RMB as part of the "14th Five-Year Plan," which is expected to enhance monetary policy transmission efficiency and support the internationalization of the RMB [1][2]. Group 1: Event Overview - The People's Bank of China has issued an action plan to strengthen the management service system for digital RMB, with a new measurement framework and operational mechanisms set to be implemented on January 1, 2026 [2]. Group 2: Transition from M0 to M1 - Digital RMB is transitioning from M0 to M1, with banks now able to pay interest on customer-held digital RMB wallet balances, adhering to deposit rate pricing agreements. This marks the entry of digital RMB into a new deposit era [3]. Group 3: Technological Architecture Upgrade - The action plan outlines a digital solution based on "account system + currency string + smart contracts," aiming to enhance the digitalization and intelligence of RMB issuance, circulation, and payment processes [4]. Group 4: Optimization of the "Dual-Layer Architecture" - The central bank will oversee business rules and technical standards for digital RMB, while commercial banks will manage customer wallets and ensure compliance and security, providing the same level of protection as traditional deposits [5]. Group 5: Comprehensive Risk Protection - Banks can independently manage the asset-liability operations of digital RMB wallet balances, with deposit insurance providing equivalent safety guarantees. A digital RMB management committee will be established to ensure comprehensive functional supervision [6].

Group 1: China Ping An (601318) - The insurance sector is expected to undergo a value reassessment, with China Ping An demonstrating significant advantages in managing liability costs and outperforming peers in interest spread performance. The stabilization of long-term interest rates and the ongoing entry of insurance funds into the market indicate a clear trend of asset improvement, suggesting that the insurance sector will benefit from this reassessment [3][13]. - Investment analysis suggests an upward revision of profit forecasts, maintaining a "buy" rating. The projected net profit for 2025-2027 is adjusted to 146.8 billion, 161.2 billion, and 188 billion RMB, respectively, with a target price of 93.8 RMB per share, corresponding to a P/EV of 0.99x for 2026 [3][13]. - The company has a high dividend yield, with a focus on shareholder returns, and is expected to see a recovery in OPAT growth in 2026. The public fund's holding in China Ping An is below the weight of the CSI 300, indicating potential for increased capital inflow [3][13]. Group 2: 37 Interactive Entertainment (002555) - The company has demonstrated strong operational capabilities through strategic transformations over the years, maintaining a stable management team and timely adjustments to its systems. The gaming pipeline is expected to validate its product offerings in 2025 [12][15]. - The revenue forecast for 2025-2027 is adjusted to 16.2 billion, 18.6 billion, and 20.9 billion RMB, with net profit estimates of 3.22 billion, 3.54 billion, and 3.81 billion RMB, respectively. The current price corresponds to a PE of 15/14x for 2026-2027 [12][15]. - The company is actively integrating AI into its production and content innovation, with a focus on expanding its product pipeline in the gaming sector, particularly in the SLG and casual gaming markets [12][15]. Group 3: Baidu Group (09888) - Baidu is advancing its AI stack, with significant growth in its intelligent cloud business. The company has released new AI chips and models, positioning itself as a leader in the AI large model solution market [14][15]. - Revenue projections for Baidu from 2025 to 2027 are set at 128.5 billion, 133.1 billion, and 141 billion RMB, with corresponding growth rates of -3%, 4%, and 6%. The target valuation for the group is 430.2 billion RMB, with a target price of 172.54 HKD per share [14][15]. - The company is also seeing substantial growth in its autonomous driving segment, with a significant increase in order volume and profitability, indicating a strong market position in the next-generation mobility space [14][15]. Group 4: Real Estate Industry - The real estate sector has experienced significant adjustments, with a focus on repairing household balance sheets as a key to recovery. The government is expected to introduce further supportive policies to stabilize the market [18][22]. - The recent reduction in the value-added tax for housing sales is aimed at lowering transaction costs for sellers, which may help restore the transaction chain, although the overall impact on demand remains limited [18][20]. - Investment recommendations include focusing on commercial real estate and high-quality housing companies, with expectations of value reassessment in the sector as supportive policies are anticipated [18][22]. Group 5: Electric Vehicle Industry - The continuation of subsidies for electric vehicles in 2026 is expected to enhance the penetration rate of electric vehicles, with specific measures aimed at promoting the replacement of old vehicles and supporting the electrification of public transport [24][25]. - The policy changes reflect a commitment to boosting consumer demand for electric vehicles, with expectations of strong sales growth in the coming year [24][25]. - Investment opportunities are highlighted in battery manufacturers and material suppliers, with a focus on the long-term growth potential of the electric vehicle market [24][25].

本报北京12月30日电 （记者吴秋余）记者近日获悉：中国人民银行出台了《关于进一步加强数字人民 币管理服务体系和相关金融基础设施建设的行动方案》。依据该方案，新一代数字人民币计量框架、管 理体系、运行机制和生态体系将于2026年1月1日启动实施。数字人民币将从数字现金时代迈入数字存款 货币时代。 （文章来源：人民日报） 中国人民银行副行长陆磊表示，根据制度安排，客户在商业银行钱包中的数字人民币是以账户为基础的 商业银行负债，标志着数字人民币由现金型1.0版进入存款货币型2.0版。 方案明确，银行机构为客户实名数字人民币钱包余额计付利息，遵守存款利率定价自律约定。银行可以 对数字人民币钱包余额自主开展资产负债经营管理，由存款保险依法提供与存款同等的安全保障。对非 银行支付机构而言，数字人民币保证金与非银行支付机构客户备付金无差异。 ...

Core Viewpoint - The article emphasizes the need for innovation and steady development of the digital renminbi, addressing four major challenges faced by digital payment tools in relation to central bank monetary control, financial disintermediation, responsibilities of commercial banks, and the centralized management of bank accounts versus the decentralized nature of blockchain technology [1][2]. Summary by Sections Digital Renminbi Development - The digital renminbi has achieved significant progress in its pilot phase, with a total of 3.48 billion transactions amounting to 16.7 trillion yuan by the end of November 2025 [1]. - The People's Bank of China (PBOC) plans to launch a 2.0 version of the digital renminbi on January 1, 2026, to address emerging challenges and enhance the management service system [2]. Challenges and Policy Recommendations - Four main challenges identified include: 1. The impact of new "currency" payment tools on traditional frameworks. 2. Financial disintermediation risks due to digital cash circulation outside the banking system. 3. Ambiguities in the responsibilities of commercial banks regarding digital currency. 4. Compatibility issues between centralized account management and decentralized systems [2]. - Proposed policy measures include: 1. A dual-layer operational structure to strengthen the development direction of the digital renminbi. 2. Classifying the digital renminbi as a liability of commercial banks, integrating it into the reserve and deposit insurance systems to mitigate disintermediation risks [2]. 3. Clarifying the responsibilities of banks, allowing them to pay interest on digital currency balances [2]. 4. Implementing a hybrid architecture combining account systems, currency strings, and smart contracts to leverage blockchain technology [2]. Transition to Deposit Currency - The digital renminbi is transitioning from a "legal currency" to a "deposit currency," enhancing its compatibility with the existing financial system and expanding the operational space for financial institutions [3]. - This transition aims to improve monetary circulation efficiency, stabilize the financial system, and enhance service capabilities for the real economy, potentially increasing transaction volumes in broader scenarios [3].

Group 1 - The digital renminbi is entering its 2.0 era, transitioning from a digital cash phase to a digital deposit currency phase. The People's Bank of China has issued a plan to enhance the management and service system for digital renminbi, with a new framework and ecosystem set to be implemented on January 1, 2026 [2] Group 2 - Major companies are competing in the humanoid robot market, revealing significant opportunities within the industry. Recently, Dongguan Jimu Robotics Co., Ltd., fully owned by Huawei, increased its registered capital from 3.89 billion to 4.6891 billion yuan, marking an increase of approximately 20.54%, fully subscribed by Huawei [3]