Core Insights - The article discusses the potential of blockchain technology in enhancing the trust and transparency of cash register systems in the beauty industry, addressing the skepticism surrounding traditional systems and their vulnerabilities [1][2][5]. Group 1: Traditional Cash Register Issues - Traditional cash register systems, even those using SaaS software, store data on service providers' servers, leading to a lack of trust among business owners regarding data security and accuracy [2]. - Key issues include data black box concerns, where critical data like transactions and employee commissions may be tampered with, making it difficult for owners to verify [3][4]. - The lack of a universally trusted "public ledger" creates a trust deficit among owners, customers, and employees [5]. Group 2: Blockchain's Role - Blockchain is described as a "distributed, tamper-proof public ledger," which can significantly enhance cash register systems in the beauty industry by ensuring every transaction is recorded and immutable [6]. - It allows for complete transaction traceability, meaning every customer transaction is logged from order generation to payment and redemption, providing undeniable proof of financial records [6]. - Enhanced internal controls can be achieved through strict permission management, where every employee action is recorded on the blockchain, increasing transparency and accountability [8]. Group 3: Business Value of Blockchain - Blockchain addresses specific needs for trust and transparency, particularly for beauty businesses that prioritize brand reputation and have high customer transaction volumes [10]. - It can free business owners from concerns about theft and reconciliation, allowing them to focus on service and operations, while providing a solid data foundation for financing and expansion [10]. - Customers benefit from clear consumption records, enhancing their trust and loyalty, while the industry as a whole can improve its reputation and attract higher-quality clients [10]. Group 4: Practical Considerations - The current application of blockchain may be costly for most small to medium-sized beauty businesses, and it is still in the exploratory phase [12]. - A more pragmatic approach is to adopt mature SaaS systems that ensure data security, operational transparency, and robust after-sales service, addressing immediate digitalization needs [12]. - As businesses grow and demand for data trust and security increases, integrating advanced technologies like blockchain can become a natural progression [12]. Group 5: Industry Reflection - Blockchain serves as a reflection of the beauty industry's fundamental need for trustworthy digital transformation, shifting from mere tool efficiency to a desire for system credibility [13]. - The digitalization journey in the beauty sector involves connecting and online processes initially, followed by a focus on trust and intelligence to build deep customer relationships and a stable operational foundation [13].

Core Viewpoint - The eighth session of the Risk Management Professional Committee of the China Securities Association aims to enhance the industry's risk management capabilities and ensure sustainable development while preventing systemic financial risks [1][3]. Group 1: Committee Meeting Outcomes - The first plenary meeting of the new committee was held on December 24, 2025, in Beijing, discussing key work for 2026 and announcing the appointment of new committee members [1]. - The previous committee achieved significant results in improving the comprehensive risk management system and enhancing the industry's risk management capabilities [1]. Group 2: 2026 Key Work Focus - The committee emphasizes the need to respond proactively to the current era and align with the strategic deployment of the "14th Five-Year Plan" in the financial sector, focusing on risk prevention, regulatory strengthening, and promoting high-quality development [2]. - Continuous improvement of the self-regulatory rule system is prioritized, with a focus on revising risk management regulations to create a comprehensive and efficient self-regulatory framework [2]. - The committee will strengthen risk prevention in key areas by identifying risk control challenges and promoting advanced experiences to enhance overall industry risk management capabilities [2]. - There is a push for exploring emerging technologies like artificial intelligence and blockchain in risk management to improve the industry's ability to handle new and complex risks [2]. - Establishing a regular communication platform for industry training and information sharing is essential to foster a collaborative risk management ecosystem [2]. Group 3: Future Directions - The China Securities Association will continue to implement the spirit of the 20th Central Committee's Fourth Plenary Session and the Central Economic Work Conference, enhancing the committee's role in improving the comprehensive risk management system [3]. - The focus will be on guiding securities firms towards proactive risk control and elevating the industry's risk management standards to support high-quality development during the "14th Five-Year Plan" period [3].

Core Concept - The article emphasizes the transition from "subject credit" to "data credit" and "transaction credit" in supply chain finance, addressing the challenges faced by small and medium-sized enterprises (SMEs) in obtaining financing due to traditional financial models [2] Technology Architecture - The solution is built on a dual-engine technology architecture centered around blockchain and a data platform, which supports the secure, efficient, and scalable operation of complex supply chain finance [3] Credit Penetration - The core of the solution is to utilize real, continuous, and traceable transaction data to digitize and certify supply chain assets, enabling multi-level credit flow from core enterprises to upstream suppliers [4] - The integration of business flow, logistics, capital flow, and information flow into a unified system ensures the authenticity and uniqueness of trade backgrounds, reducing risks such as double financing and false transactions [4] Business Model - The solution offers a comprehensive financing service matrix that covers the entire supply chain and adapts to various industry scenarios, meeting the diverse funding needs of upstream and downstream enterprises [6] Ecological Value - The supply chain finance solution creates significant value for all participants by reconstructing credit and capital flow methods, promoting digital transformation in industries [7] Financing Modes - Accounts receivable financing is a core application where upstream suppliers can convert their receivables into electronic certificates for financing [8] - Inventory pledge financing allows SMEs to digitize inventory information and obtain financing against electronic warehouse receipts [8] - Prepayment financing enables downstream distributors to secure goods with minimal funds by applying for financing based on verified purchase orders [8] - Data credit financing provides SMEs with financing based on historical transaction data and credit scores, shifting the risk assessment from collateral-based to data-driven [8] Benefits for Stakeholders - SMEs can overcome financing bottlenecks and achieve sustainable growth by leveraging their position in the supply chain [8] - Core enterprises can optimize their financial structure and enhance their position in the supply chain by converting payables into financeable electronic certificates [8] - Financial institutions can access a previously underserved market of quality SMEs with reduced risks through a digitalized and blockchain-enhanced platform [8] - The solution enhances overall chain efficiency and supports the real economy, providing a valuable tool for local governments to promote digital transformation and stabilize supply chains [8]

Group 1 - The core ideal of the cryptocurrency movement was to build financial services on decentralized infrastructure, bypassing banks and intermediaries that charge fees [1] - Tokenization, the process of recording real-world assets on the blockchain, is expected to change the current state of cryptocurrency adoption, with banks and their clients likely to benefit the most [1] - Standard Chartered analysts predict that the market value of all tokenized real-world assets (RWA) will reach $2 trillion by 2028, excluding stablecoins [1] Group 2 - Banks are positioned to capitalize on cost savings from the new system, with institutions like Citigroup and HSBC already offering tokenization services to select corporate clients [2] - Alibaba plans to leverage technology developed by JPMorgan to launch a tokenized global payment network, aiming to accelerate international business transactions [2] Group 3 - Skeptics argue that banks are developing these products to counter the competitive threat posed by stablecoins, as customers may withdraw funds from the banking system [3] - Tokenized stocks traded on platforms like Robinhood may not grant individual investors the same rights as traditional shareholders, leading to regulatory caution in markets like the U.S. [3] - The dream of decentralized finance is being replaced by a more practical reality where cryptocurrency payment systems help banks eliminate friction in existing infrastructures, making traditional lenders important participants in the cryptocurrency landscape [3]

本报记者 郭冀川 近日，市场监管总局、国家发展改革委等六部门联合印发《现代物流标准化重点工作计划（2025—2027年）》（以下简称 《工作计划》），集中部署5大板块、101项国家标准研制任务，支撑纵深推进全国统一大市场建设。 在物流基础设施功能提升方面，《工作计划》明确提出，重点面向国家物流枢纽、物流园区、仓储配送中心等重要物流基 础设施，加快研制基础设施功能设计、服务能力、数字化评价等标准，提升物流基础设施联通水平，健全"通道+枢纽+网络"现 代物流运行体系。 巨丰投资首席投资顾问张翠霞对《证券日报》记者表示，从资本市场角度看，投资者更青睐具有创新能力和核心竞争力的 企业，《工作计划》提出推动现代物流运行体系建设，意味着物流企业需加大对物流基础设施技术改造的投入，依据新的功能 设计标准对现有设施进行升级改造，这对于拥有资本支撑的物流上市公司来说，将进一步增强其市场竞争力。 《工作计划》将国家物流枢纽、物流园区、仓储配送中心等关键节点作为标准化突破口，例如，针对国家物流枢纽，标准 有望明晰多式联运中转效率、应急物资储备能力等指标，提升物流的时效性和灵活性。基础设施标准化可显著提升物流资源整 合效率，让货物在 ...

Core Insights - The digital asset market is at a pivotal point for institutional adoption, with 2026 predicted to be a key year for the integration of tech giants and traditional finance into the crypto space [1][2] - The focus of wealthiest companies is shifting towards neutral infrastructure rather than closed ecosystems dominated by single entities [1][2] Industry Applications - The banking and fintech sectors are expected to be the primary areas where the Fortune 100 companies will engage with blockchain technology [3] - Institutions are likely to utilize existing toolkits like Avalanche or OP stack to build permissioned chains, ensuring data privacy while maintaining interaction with public chains [3] - Major tech companies such as Google, Meta, and Apple are anticipated to potentially launch crypto wallets by 2026, which could introduce billions of new users to the crypto market [3] Caution on L1 Blockchain - RadexMarkets expresses caution regarding fintech companies attempting to build their own Layer 1 (L1) blockchains to compete with Ethereum or Solana, noting that such "enterprise chains" often underperform in active addresses, stablecoin traffic, and real-world asset integration [4] - The lack of decentralization in these enterprise chains may hinder their ability to achieve significant network effects [4] Price Predictions - Bitcoin is projected to surpass $150,000 by the end of 2026, although its market dominance may decline due to the growth of altcoin ecosystems [4] - The stablecoin market is expected to grow by 60%, with traditional leaders like USDT facing competition from emerging players [4] - While the crypto market is predicted to remain vibrant, the integration of crypto and AI may be limited to security applications in the short term rather than large-scale economic payments [4]

Group 1 - The core viewpoint of the article is the issuance of the "Automobile Industry Digital Transformation Implementation Plan" by the Ministry of Industry and Information Technology and three other departments, focusing on enhancing data security in the automotive sector [1] Group 2 - The plan aims to improve the data security protection system and technical capabilities within the automotive industry [1] - It emphasizes the establishment of a comprehensive data security management system and standards, ensuring that significant data from large-scale automotive enterprises is identified, cataloged, and protected [1] - The initiative includes the creation of an efficient and secure mechanism for cross-border data flow in the automotive industry, guiding companies to strengthen the protection of important data when it is exported [1] Group 3 - The plan encourages the adoption of advanced technologies such as privacy-preserving computing and blockchain to foster a secure and trustworthy environment for the development and utilization of automotive data [1]

Core Viewpoint - The Ministry of Industry and Information Technology and three other departments have issued the "Implementation Plan for Digital Transformation in the Automotive Industry," emphasizing the need for a robust data security protection system and technical capabilities [1] Group 1: Data Security Management - The plan aims to accelerate the establishment of data security management systems and standards in the automotive industry [1] - It targets comprehensive coverage of important data identification, cataloging, graded protection, and risk assessment for large-scale automotive enterprises [1] Group 2: Cross-Border Data Flow - A mechanism for efficient, convenient, and secure cross-border data flow in the automotive sector will be established [1] - Companies are guided to enhance the protection of important data when it exits the country, including the development of technical capabilities for monitoring, logging, emergency response, and inspection support [1] Group 3: Technological Advancements - The plan encourages the deepening of technologies such as privacy-preserving computation and blockchain [1] - It aims to guide the creation of a secure and trustworthy environment for the development and utilization of automotive data [1]

记者丨 郭聪聪 根据方案部署，新一代数字人民币的计量框架、管理体系、运行机制与生态体系将同步落地。 其中主要亮点包括： 数字人民币钱包余额将计付利息；银行类运营机构的数字人民币纳入准 备金制度框架管理，其钱包余额统一计入存款准备金交存基数；参与运营的非银行支付机构则 需实行100%的数字人民币保证金要求等。 从数字现金到数字存款货币 陆磊在文中介绍道，我国数字人民币的研究和开发起步较早。在2014年，中国人民银行就启动 理论研究和封闭测试。2016年，中国人民银行提出了具有数字货币特征的电子支付工具 （DC/EP）的法定数字货币理论框架构想，审慎科学稳健试点探索数字人民币（e-CNY）管理 体系和运行机理。 经反复论证和开放试点，中国人民银行数字货币研究所完成了第一代原型设计（现金型数字人 民币1.0版），在全球率先试验成功"中央银行-商业机构"双层运营体系，初步构建了数字人民 币的生态体系，走出了一条以中央银行为主导，依托商业性金融机构和现有支付体系，融合最 新技术进展的中国特色数字货币发展道路。 当前，境内和跨境数字人民币试验推广取得积极成效，在各国中央银行试验推进的项目中，数 字人民币处于领跑态势。 编 ...

在全球经济脉络中，跨境支付如同血液，其流转的速率与成本直接决定着商业体的活力与健康。近年来，尽管全 球商品、数据与人员的流动已高度一体化，但支撑这一切的金融支付网络，却仍深陷于半个世纪前构建的框架之 中，日益显现出与数字时代脱节的疲态。变革的呼声与技术的浪潮正合力冲击着旧有体系，一场静默而深刻的重 构已悄然启幕。 规模与痛点：万亿市场下的效率困局 根据麦肯锡的数据，2022年全球跨境支付流总量惊人地达到了约150万亿美元，其中近九成源于企业间的商业活 动。如此庞大的资本流动，本应是全球贸易繁荣的引擎，然而，其背后却隐藏着长期未能解决的结构性痛点。 传统的跨境支付，尤其是服务于国际贸易的结算，严重依赖基于代理行模式的SWIFT电报网络。这套系统如同一 座由无数中间环节搭建的"金融巴别塔"，每一笔汇款或贸易结算都需要经过汇出银行、中间代理行、收汇银行等 多重关卡。每一个环节都意味着独立的人工审核、合规筛查、资金清算和对账，这不仅导致了高昂的手续费（通 常为交易额的1%-3%，加上不透明的汇率加价），更造成了漫长的处理周期——普通电汇平均需要2-5个工作日， 而复杂的信用证结算则可长达30至45天。 对于全球数以千 ...