在全球经济不确定性与数字化发展的双重背景下，采购舞弊呈现出鲜明的新型特征：舞弊手段隐秘性增 强，舞弊风险呈现全球化态势，舞弊行为类型不断拓展，经济诱因持续增强以及负面传播速度大幅加 快。 1.舞弊手段的隐秘性显著增强 随着科技的快速发展，舞弊行为越来越多地借助区块链、人工智能、物联网等高新技术，其作案手法更 加智能化、隐秘化，给监测带来更大挑战。 全球经济不确定性的背景下，采购舞弊风险呈现出多元化、复杂化的态势。上篇已分析其核心诱因、全 流程表现及多重危害，而新时期舞弊呈现出新特点，传统应对方式已难以适配新的风险挑战。本篇将基 于上篇洞察，进一步探讨舞弊行为的新型特征，并构建兼具韧性与防控力的采购链反舞弊体系，为企业 在复杂环境下筑牢合规防线提供实操路径。 某知名奢侈品品牌的供应链外包公司中部分仓库管理员与物流人员串通，将退回的正品掉包为次品或仿 品，再把正品私自流入市场售卖牟利。 4.舞弊影响的传播速度加快 我们的案例 某公司为提升业务效率，引入了采用区块链与人工智能技术的供应链管理平台。然而，一名员工却通过 发现的技术漏洞，在系统中添加了不存在的供应商，并生成虚假订单，同时伪造了包括入库记录在内的 物流数 ...

Core Insights - Faraady Future (FF) has completed regulatory certification for its first EAI robot, with other initial products also progressing rapidly towards certification, aiming for a "release upon sale, delivery upon sale" strategy [1] - BlackRock increased its stake in FF during Q4 of the previous year, holding approximately 9.5 million shares as of December 31, 2025, representing a 40% increase from the end of September [1] - FF plans to unveil its EAI robot at the NADA Show in Las Vegas on February 4, combining its robot strategy with Web3 and blockchain technology, leveraging AI capabilities from the automotive sector [1]

Core Viewpoint - The stock of Tonghuashun has experienced fluctuations, with a recent decline of 2.02% and a year-to-date increase of 11.06%, indicating volatility in its market performance [1]. Group 1: Stock Performance - As of January 26, Tonghuashun's stock price is 357.80 CNY per share, with a market capitalization of 192.35 billion CNY [1]. - The stock has seen a net outflow of 101 million CNY in principal funds, with significant buying and selling activity from large orders [1]. - Over the past five trading days, the stock has decreased by 1.97%, while it has increased by 10.30% over the past 20 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Tonghuashun reported a revenue of 3.261 billion CNY, representing a year-on-year growth of 39.67% [2]. - The net profit attributable to shareholders for the same period was 1.206 billion CNY, showing an impressive increase of 85.29% year-on-year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Tonghuashun is 82,600, a decrease of 4.81% from the previous period [2]. - The average number of circulating shares per shareholder has increased by 5.05% to 3,336 shares [2]. - The company has distributed a total of 7.991 billion CNY in dividends since its A-share listing, with 4.193 billion CNY distributed in the last three years [3].

Group 1 - The core viewpoint emphasizes the importance of legal governance in the internet space, as highlighted by Xi Jinping's call for a robust network ecological governance mechanism to ensure a clean and just online environment [1] - Xinjiang's unique position as a strategic barrier for national security necessitates a strong legal framework for internet governance to maintain social stability and ethnic unity [1][2] - The establishment of a comprehensive legal system in Xinjiang is crucial for enhancing cybersecurity capabilities and fostering a conducive environment for digital economic development [2][3] Group 2 - The implementation of various local regulations in Xinjiang, such as the Internet Audio-Visual Program Service Management Measures and the Internet Civilization Construction Regulations, aims to clarify responsibilities and standards for internet governance [3] - The legal construction of the internet ecosystem in Xinjiang is a systematic project that supports ethnic unity and regional stability, requiring collaboration between local authorities and the military [4][7] - The promotion of a shared network culture among ethnic groups is essential for fostering emotional resonance and cultural synergy in the online space [5][7] Group 3 - The integration of legal governance with the promotion of a shared cultural identity is vital for ensuring that internet governance aligns with the broader goals of national unity and cultural recognition [6][8] - The need for a robust local regulatory framework to address issues such as cross-border network infiltration and data governance is emphasized, alongside the importance of adapting to rapid technological advancements [7] - The establishment of a collaborative enforcement mechanism among various departments is necessary to enhance the effectiveness of internet governance and address jurisdictional challenges [7]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it implies a cautious outlook due to recent market conditions and regulatory delays [34]. Core Insights - The cryptocurrency market experienced a significant decline, with a total market capitalization dropping by 6.5% to $3.02 trillion. Bitcoin and Ethereum prices fell by 6.3% and 10.4%, respectively [10][11]. - The fear and greed index shifted from neutral to fear, indicating a decrease in market sentiment [14]. - Upcoming Federal Reserve meetings are anticipated to maintain interest rates, with a high probability of no rate cuts in early 2026 [10][15]. Summary by Sections 1. Market Review - The cryptocurrency market capitalization decreased by 6.5% this week, with Bitcoin closing at $89,504 and Ethereum at $2,953 [10]. - The market sentiment has turned cold, with the fear and greed index dropping to 35, indicating fear among investors [14] [10]. 2. Global Policy and Industry News - The Clarity Act is expected to be delayed until late February to March due to prioritization of housing policies in the Senate [2]. - The New York Stock Exchange plans to launch a 24/7 trading platform for tokenized securities, aiming to reduce counterparty risk [27]. - Vietnam is initiating a pilot program for licensing cryptocurrency trading platforms, with about 10 companies expressing interest [29]. 3. Company News - Bitmine received shareholder approval for a stock increase to facilitate future financing [30]. - Strive plans to raise $150 million through preferred stock issuance to purchase Bitcoin and repay debts [31]. - WhiteFiber forecasts preliminary revenues of $22.7 to $25.1 million for Q4 2025 [31]. 4. Investment Recommendations - The report suggests monitoring companies transitioning to AI data centers, particularly those with partnerships with Google and significant power reserves [32]. - It also recommends focusing on trading platforms that are exploring stock and equity tokenization opportunities [32].

Core Viewpoint - The article emphasizes the importance of building a strong central bank through digital central bank construction, aiming to enhance the central bank's capabilities using digital and intelligent means, contributing to a modern financial system with high adaptability, competitiveness, and inclusiveness in China [3]. Group 1: Financial Digitalization and Intelligence - The financial industry is characterized as technology-intensive and innovation-driven, with a historical evolution of integrating finance and technology since the reform and opening up [5]. - China's financial informationization has progressed through electronic and network stages, establishing a solid foundation for the current digital and intelligent phase [5]. - Recent advancements in technologies such as artificial intelligence, big data, cloud computing, and blockchain are reshaping the global innovation landscape and financial service models, marking a significant transition to digital and intelligent finance [6]. Group 2: Impact on Financial Demand - The digital and intelligent transformation of the economy is creating new forms of economic activities, leading to new financial demands that align with the development of the smart economy and society [9]. - Financial demand is evolving from "embedding" to "integrating," where users expect seamless access to financial services in various life and production scenarios, facilitated by data sharing and advanced technologies [9]. - There is a shift in financial service expectations from "customization" to "adaptation," with users desiring services that can learn and adjust in real-time based on their behaviors and market conditions [10]. - Security concerns are transitioning from "perceptible" to "imperceptible," where users expect robust security measures to be integrated into financial services without compromising user experience [11].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it implies a cautious outlook due to recent market conditions and regulatory delays [34]. Core Insights - The cryptocurrency market experienced a significant decline, with a total market capitalization dropping by 6.5% to $3.02 trillion. Bitcoin and Ethereum prices fell by 6.3% and 10.4%, respectively [10][11]. - The fear and greed index shifted from neutral to fear, indicating a decrease in market sentiment [14]. - Upcoming Federal Reserve meetings are anticipated to maintain interest rates, with a high probability of no rate cuts in early 2026 [10]. - The Clarity Act's review has been postponed, affecting the regulatory landscape for cryptocurrencies [2][27]. Summary by Sections 1. Market Review - The cryptocurrency market capitalization decreased by 6.5% this week, with Bitcoin closing at $89,504 and Ethereum at $2,953 [10][11]. - The market sentiment has turned cold, with the fear and greed index dropping to 35, indicating fear among investors [14] [10]. 2. Global Policy and Industry News - The Clarity Act is expected to be delayed until late February to March due to prioritization of housing policies in the Senate [2][27]. - The New York Stock Exchange plans to launch a 24/7 trading platform for tokenized securities, aiming to reduce counterparty risk [2][27]. - Vietnam is initiating a pilot program for licensing cryptocurrency trading platforms, with about 10 companies expressing interest [2][29]. 3. Company News - Bitmine received shareholder approval for a stock increase to facilitate future financing [30]. - Strive plans to raise $150 million through preferred stock issuance to purchase Bitcoin and repay debts [30]. - WhiteFiber forecasts preliminary revenues of $22.7 to $25.1 million for Q4 2025 [30]. 4. Investment Recommendations - As the earnings season approaches, attention is drawn to companies transitioning to AI data centers, particularly those with partnerships with Google and significant power reserves [4][32]. - Companies like Riot Platform and Hut 8 are highlighted for their potential in the evolving market landscape [32].

Core Viewpoint - Inclusive finance is essential for promoting social equity and sustainable growth, particularly for small and micro enterprises and low-income urban populations, as emphasized by China's government policies and frameworks since 2013 [1][2][3] Group 1: Policy Framework and Development - China has established a comprehensive policy framework for inclusive finance, enhancing the willingness and capability of financial institutions to serve small and micro enterprises and rural areas [3][4] - The implementation of the "National Financing Guarantee Fund" and a multi-level risk-sharing system has improved financial support for small and micro enterprises and agriculture [3] Group 2: Financial Service Accessibility - By the end of 2024, there will be an average of 1.62 bank outlets per 10,000 people, with nearly 98% coverage of township bank outlets and 100% coverage of insurance services in rural areas [3][4] - The mobile payment transaction volume in rural areas reached 33.933 billion, marking a 33.03% year-on-year increase, indicating a significant advancement in digital financial services [3] Group 3: Service Innovation and Technology Integration - Financial institutions are innovating products and services tailored to the characteristics of small and micro enterprises, such as flexible loan repayment options and supply chain financing [4][5] - The integration of advanced technologies like big data, AI, and blockchain is enhancing the efficiency and effectiveness of inclusive finance, exemplified by the "310" loan model that allows for rapid loan processing [5]

Core Viewpoint - Mastercard International has applied for a patent titled "Predicting whether transactions stored in blockchain involving digital currencies are fraudulent," indicating a focus on enhancing fraud detection in digital currency transactions through machine learning technology [1]. Group 1: Patent Application Details - The patent application was published under the number CN121399638A and was filed on May 2024 [1]. - The abstract of the patent describes a computer-implemented method that utilizes machine learning to process training models for predicting the fraudulent nature of transactions involving digital currencies stored on the blockchain [1]. Group 2: Methodology Overview - The method involves obtaining transaction data related to the first transaction of a digital currency's initial funding, which also includes information related to a second transaction prior to the first transaction [1]. - The process includes labeling the transaction data based on whether the first transaction is fraudulent and using this labeled data as training data for the model [1].

Core Viewpoint - The future of many financial applications is expected to be deployed on Ethereum, as recognized by the CEO of OKX, Star [1] Industry Insights - Regulatory bodies are beginning to understand that money laundering is only a small part of blockchain activities and are starting to promote the development of the industry [1] - The attempts by Biden and Gary Gensler to prosecute individuals in the crypto space represent a final backlash against cryptocurrency, which may have played a significant role in the last U.S. election [1] - Industry participants should focus on the development of technology, applications, and regulations while ignoring short-term factors and noise [1] Market Perception - Meme coins like "XX人生、踏马来了" may negatively influence external perceptions and respect for the cryptocurrency sector [1] Company Strategy - OKX plans to bring assets, including stock assets, onto the blockchain by 2026 [1] - OKX will not cease the development of OKB after its listing and intends to build it long-term [1]