哈喽大家好，今天老张带大家聊聊金融圈最近炸了个大瓜！ 全球主导的美元稳定币USDT和USDC，总市值都超千亿美元了，不少普通投资者被"稳定"俩字忽悠， 真以为它跟法定货币一样安全。 核心突破 2025年11月28日，中国人民银行牵头，公安部、中央网信办、最高法、最高检等14个核心部门凑一块儿 开了个会，这神仙阵容直接拉满，明摆着是要对虚拟货币交易炒作动真格，半点儿情面都不留！ 为啥突然搞这么大阵仗？还不是虚拟货币又开始兴风作浪了。虽说2021年9月咱们就下过全面禁令，明 明白白说虚拟货币相关业务是非法金融活动，但全球市场压根没闲着。 就说比特币，2025年11月刚从12.6万美元的高位跌到9万美元区间，可跟年初比还是涨了不少，这大起 大落的行情，引了一堆投机资金往里冲。 这次会议最绝的操作，就是把稳定币的"遮羞布"给扯掉了！之前这东西一直打着"价值稳定"的旗号，挂 钩法定货币或一篮子资产，装作一副"安全靠谱"的样子，还成了连接传统金融和加密市场的中介。 欧美就是想"边规范边发展"，既不想错过金融创新，还想靠这巩固美元、欧元在数字支付领域的地位。 结果这次监管直接定性：稳定币就是虚拟货币！它连客户身份识别、反洗 ...

Core Insights - The Shanghai Financial Technology Development White Paper (2025) indicates that the financial technology industry in Shanghai is projected to reach approximately 440.5 billion RMB in 2024 [1][2] - The white paper has been published six times since its inception in 2020 and has been integrated into the Shanghai government's action plan for building a global financial technology center [1] - Shanghai's financial technology sector is experiencing steady growth in research and development investment, with notable advancements in digital currency and artificial intelligence applications [2] Industry Overview - Shanghai ranks among the top in the nation for overall research and development investment, with stable financial technology investments in the banking sector and steady growth in the securities industry [2] - The city has seen a significant increase in the quality of insurance technology, with various successful platforms and systems emerging, such as "Pudong Data Chain" and the Shanghai Data Exchange's fully digital data trading system [2] - Financial technology regulatory innovation projects in Shanghai are among the highest in the country, with successful progress in central bank innovation regulatory tools and capital market pilot projects [2] Comparative Analysis - Shanghai is recognized as one of the most important global financial centers, contributing significantly to the development of financial technology solutions [3] - Despite its advancements, there remains considerable room for improvement in the structure, ecosystem, and talent reserves of Shanghai's financial technology sector [3] - The city is transitioning from the "concept" phase of financial technology to a "practical" phase, with expectations for deep integration of technological innovation, scenario empowerment, and collaborative ecosystems [3]

Group 1 - The National Financial Supervision Administration issued a notice to enhance financial support for clients affected by the fire in Hong Kong, urging banks to provide repayment delays and support for disaster recovery [2] - The People's Bank of China emphasized the need to combat virtual currency speculation, stating that virtual currencies do not have the same legal status as fiat currencies and should not circulate in the market [3] - A joint meeting by the People's Bank of China and the Ministry of Science and Technology highlighted the importance of integrating financial support for technological innovation and optimizing policy measures to promote high-quality development [4] Group 2 - A survey by the All-China Federation of Industry and Commerce revealed that the internationalization of private enterprises is expanding, with overseas income projected to reach 52,149.66 billion yuan in 2024, a nearly 12% increase [5] - The establishment of the Xiong'an Service Base by the Shenzhen Stock Exchange marks a new phase in capital market services for technological innovation and industrial upgrades in the Xiong'an New Area [6] - The release of the "Beijing Artificial Intelligence Industry White Paper (2025)" predicts that the AI industry in Beijing will exceed 450 billion yuan by 2025, driven by advancements in AI applications [7] Group 3 - The Shanghai Financial Technology Development White Paper (2025) indicates that the financial technology industry in Shanghai is expected to reach approximately 440.5 billion yuan in 2024, with increasing applications of digital currency and AI [9] - Micron Technology plans to invest 1.5 trillion yen (approximately 96 billion yuan) to establish a factory in Japan for AI storage chips, with government subsidies of up to 500 billion yen [10] - The London Metal Exchange reported that copper futures reached a historical high, driven by supply shortages and strong demand, with UBS predicting further price increases due to global copper supply disruptions [13]

Group 1 - The core viewpoint of the news is the successful issuance of the "Fangchenggang Cultural Tourism Group 2025 Non-Public Corporate Bonds (Third Phase)" led by Guohai Securities, marking the first digital RMB corporate bond in Guangxi, with a total issuance scale of 400 million yuan and a subscription multiple of 2 times, achieving historical lows in interest rates for similar bonds in the region [1][2] - The issuer, Fangchenggang Cultural Tourism Group Co., Ltd., is a key state-owned enterprise responsible for significant infrastructure projects in Fangchenggang, contributing positively to the local economic development [1] - The issuance of this bond will effectively reduce the issuer's financing costs and optimize its financial structure, providing solid funding support for future business expansion and enhancing profitability and core competitiveness [1] Group 2 - Fangchenggang, as a pilot city for digital RMB, has established a digital RMB ecosystem covering 14 core scenarios, including innovative applications for cross-border trade settlements [1] - The bond issuance innovatively utilized digital RMB wallets for point-to-point fund transfers, enhancing transaction efficiency and reducing costs due to the unique advantages of digital RMB, such as immediate settlement and high security [1] - Guohai Securities, as a local listed brokerage in Guangxi, is committed to exploring innovative financing channels for enterprises in the region and aims to contribute to the high-quality development of the local real economy [2]

Group 1 - The core viewpoint of the article highlights the innovative initiatives by China Construction Bank's Jiangmen branch in integrating digital financial services into various sectors, particularly focusing on the digital RMB and its applications in public services and education [2][3][4] - The Jiangmen branch has launched a "Smart Canteen System" that utilizes technology to enhance the efficiency of traditional canteen operations, providing a new approach for digital transformation in consumption scenarios [3][4] - The digital RMB fiscal distribution solution introduced by the bank aims to provide secure, efficient, and intelligent salary payment services for government departments, marking a significant step in the development of digital governance [2][4] Group 2 - The "Smart Canteen System" incorporates data analysis capabilities to create a fully digital management process, including online meal ordering, intelligent meal preparation, and facial recognition payment, thereby reducing food waste and improving service efficiency [4] - The system allows students to make payments through facial recognition without the need for physical cards or mobile phones, addressing common issues such as long queues and payment difficulties in traditional canteens [4] - The initiatives by the Jiangmen branch not only enhance the efficiency of fund circulation but also promote the digital transformation of management models, contributing to the digital development of the Guangdong-Hong Kong-Macao Greater Bay Area [4]

Core Viewpoint - The company has established significant advantages in the cross-border payment sector through its early integration with SWIFT and CIPS systems, as well as its involvement in the digital yuan ecosystem [1]. Group 1: Cross-Border Payment Advantages - The company has been assisting clients in connecting to SWIFT and CIPS systems for several years, showcasing its extensive experience and technical capabilities in cross-border payments [1]. - The company possesses a rich portfolio of case studies and has built a strong talent reserve in the field of cross-border payments [1]. - The company is a core partner in the m-CBDC Bridge project, providing technical support for cross-border payment systems in the context of central bank digital currencies (CBDC) [1].

Group 1 - The article highlights various promotional activities organized by the bank for the year 2025, including rewards and discounts for customers [1][3][5] - Customers can participate in a winter activity with rewards up to 656 yuan and a chance to win 100 yuan in WeChat discount cash [1] - There are additional promotions such as a chance to win up to 1998 yuan in WeChat discount cash for meeting payment standards [3] Group 2 - The bank offers a program where customers can use their comprehensive points to redeem discounts on Alipay and Meituan, with a maximum deduction of 20 yuan [5][10] - There is a specific promotion for digital currency payments, allowing customers to receive up to 25 yuan in WeChat discount cash [7]

Core Insights - The digital RMB sector experienced a decline of 0.38% on November 26, with New Zhi Software leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Digital RMB Sector Performance - Key stocks in the digital RMB sector showed mixed performance, with notable gainers including: - Xinyuan Co., Ltd. (688521) up 5.29% to 153.00 with a trading volume of 190,300 shares and a turnover of 2.921 billion [1] - ST Zhongzhuang (002822) up 4.98% to 4.43 with a trading volume of 242,600 shares and a turnover of 10.7 million [1] - Qitian Technology (300061) up 3.77% to 11.57 with a trading volume of 282,300 shares and a turnover of 324 million [1] - Conversely, New Zhi Software (688590) led the decline, down 3.98% to 19.06 with a trading volume of 70,300 shares and a turnover of 137 million [2] Capital Flow Analysis - The digital RMB sector saw a net outflow of 1.38 billion from institutional investors, while retail investors contributed a net inflow of 1.28 billion [2] - The capital flow for key stocks indicated varying trends, with: - Xinyuan Co., Ltd. experiencing a net inflow of 24.6 million from institutional investors [3] - Qitian Technology showing a net inflow of 12.86 million from institutional investors [3] - New Zhi Software facing a net outflow of 16.1 million from institutional investors [3]

制图:李斌(即梦AI生成) 11月25日，深圳金融监管局召开新闻发布会，通报2025年1月至10月深圳银行业保险业的运行情况，系 统介绍深圳辖内银行业、保险业在稳外贸、促消费方面的政策落地情况与阶段性成果。南都湾财社记者 现场获悉，作为经济高质量发展的重要支撑，深圳金融的精准发力已显现实效:今年前10个月，深圳市 中资银行新发放外贸企业贷款7635.66亿元，同比增长9.83%；个人消费贷款余额8352.88亿元，同比增 长4.95%。 各项贷款余额9.91万亿 同比增长4.92% 深圳金融监管局统计数据显示，截至2025年10月末，深圳金融监管局监管的银行业资产总额达14.36万 亿元，同比增长4.37%；负债总额13.97万亿元，同比增长4.44%。各项贷款余额9.91万亿元，同比增长 4.92%；各项存款余额10.00万亿元，同比增长4.95%。资产、负债、存贷款规模均稳居全国大中城市第 三位。 保险业同样表现亮眼。前10个月，深圳保险业实现原保险保费收入1910.45亿元，规模位列全国大中城 市第三，同比增长12.20%，增速在一线城市中居首。其中，财产险公司原保险保费收入531.54亿元，同 比增长 ...

Core Insights - The core viewpoint of the article emphasizes the evolution and current state of inclusive finance in China, highlighting the transition from rapid credit growth to a focus on quality and sustainability in financial services [5][9]. Group 1: Development Stages of Inclusive Finance - The evolution of inclusive finance in China can be divided into three key stages: the "Infrastructure Foundation Period," the "Policy-Driven Period," and the current "Value Restructuring Period" [5]. - The current period is characterized by a shift from merely increasing credit volume to achieving stable growth in both quantity and quality, integrating technology, policy, and commercial sustainability [5]. Group 2: Challenges and Responses - Key challenges facing inclusive finance include the "digital divide," high operational costs in underserved markets, and a lack of differentiated products among financial institutions [6]. - Regulatory responses should include differentiated policies, expanded information sharing, and incentives for institutions effectively using AI to serve long-tail customers [6]. Group 3: Technological Integration - The integration of AI and digital currency is seen as crucial for overcoming the "last mile" challenge in inclusive finance, enabling better credit assessment and risk management [7]. - Specific paths include using AI to create dynamic credit profiles and leveraging digital currency for traceable transactions, which can enhance financial inclusion [7]. Group 4: Regional Financial Development - The article discusses the issue of product homogeneity in county-level financial services, attributing it to risk management shortcomings and a lack of tailored financial solutions [8]. - Solutions proposed include developing specialized financial products based on local industries and enhancing the capabilities of financial institutions to better serve these markets [8]. Group 5: Role of AIC in Inclusive Finance - The recent approval of Asset Investment Companies (AIC) is expected to reshape the landscape of inclusive finance by providing new solutions for small and innovative enterprises [9][11]. - AICs are seen as a means to bridge the gap in capital supply and risk-sharing mechanisms, although they face challenges in aligning their investment strategies with the high-risk nature of their target clientele [11].