Core Insights - Visa hosted the "Payments in Motion - Growth Launch" leadership forum during the 2026 Spring/Summer Shanghai Fashion Week, focusing on payment innovations for SMEs, cross-border business payments, and funding flow solutions [1][17] - The global B2B payment transaction volume is expected to reach approximately $200 trillion by 2028, indicating significant growth opportunities for Visa's business payment and funding flow services in China [1][4] - Visa has been a long-term partner of Shanghai Fashion Week, sponsoring the event for nine consecutive years and launching the "Visa Creator Program" in 2024 to empower young designers [1][17] Group 1: Payment Innovations and Trends - Visa's Greater China President, Yu Xue Li, emphasized that payments are not just transactional tools but key drivers of business growth and global connectivity [2][17] - Chavi Jafa, Visa's General Manager for Business Payments and Funding Flow in the Asia-Pacific region, discussed the evolution of B2B payment experiences, highlighting the shift from backend tools to front-end growth engines [4][6] - Wang Zhi Yun, General Manager for Business Payments and Funding Flow in Greater China, presented Visa's one-stop cross-border payment solutions that assist Chinese enterprises in globalizing their operations [6][9] Group 2: Collaboration and Ecosystem - A panel discussion featured Visa's China Business Payments Head, Ma Yue, and other industry leaders discussing the challenges and opportunities of cross-border payments for SMEs, emphasizing the importance of a collaborative ecosystem [9][11] - Huang Xue Ling, Head of SME Business Payments in the Asia-Pacific region, highlighted data-driven insights and embedded finance as core drivers for future SME growth [11][17] Group 3: Brand Globalization and Design - A second panel, moderated by Visa's Asia-Pacific Chief Marketing Officer, Jin Yi Dong, focused on how Chinese original design brands can break into global markets, showcasing the potential of Chinese design [13][17] - Visa aims to integrate financial technology with the creator economy to support Chinese designers in achieving commercial success on the global stage [13][17] Conclusion - Visa's China General Manager, Yin Xiao Long, summarized the event's key points, emphasizing the transition from friction to seamless operations through technological innovation and ecosystem collaboration [15][17] - The forum showcased Visa's strategic initiatives in promoting SME globalization and empowering designer brands, reinforcing its commitment to driving growth through payment solutions [17]

Core Viewpoint - UnionPay International has signed a comprehensive acceptance cooperation agreement with Portugal's national airline, marking a significant expansion of its presence in Europe [1] Group 1: Market Expansion and Partnerships - The agreement with Portugal's national airline is part of UnionPay's strategy to deepen its market presence in Europe, coinciding with the 50th anniversary of diplomatic relations between China and the EU [1] - UnionPay has established a robust payment network in Europe over the past 20 years, with over 90% of countries and regions in Europe now offering UnionPay services [1] - The company has created a multi-faceted payment system that integrates card, code, and mobile payment options, with over 6 million merchants supporting mobile payments through UnionPay [1] Group 2: Consumer Experience and Payment Solutions - The rise of mobile payments has been significant, with UnionPay mobile transactions in Europe doubling since 2025, becoming the mainstream choice for Chinese tourists [1] - UnionPay offers various advantages for cardholders, including favorable exchange rates and cashback offers, enhancing the consumer experience for outbound Chinese tourists [2] - The tax refund process has been optimized, allowing for real-time refunds through the Cloud Flash Payment app at major international airports in Germany, Spain, Portugal, and Italy [2] Group 3: Product Offerings and Global Reach - UnionPay, in collaboration with the Bank of China Frankfurt branch, has launched the "Jinxiu China Card" in Europe, with over one million UnionPay cards issued across 13 European countries [3] - The global acceptance network of UnionPay has expanded to 183 countries and regions, covering over 74 million merchants and issuing more than 200 million UnionPay cards abroad [3]

Core Insights - UnionPay International has signed a comprehensive acceptance cooperation agreement with Portugal's national airline, marking a significant expansion in Europe [1] - The year 2025 marks the 50th anniversary of diplomatic relations between China and the EU, highlighting the deepening economic and cultural exchanges [1] - UnionPay's mobile payment services have seen a doubling in transaction volume since 2025, becoming the mainstream choice for Chinese tourists in Europe [1] Group 1 - UnionPay has established a robust payment network in Europe over the past 20 years, with over 90% of countries and regions in Europe now offering UnionPay services [1] - Approximately 80% of merchants' POS terminals in Europe support UnionPay card transactions, with over 6 million merchants accepting mobile payments via UnionPay [1] - UnionPay's services are integrated into various high-frequency consumption scenarios in Europe, enhancing the travel experience for tourists [1] Group 2 - With the resurgence of outbound tourism from China, the importance of a comprehensive payment network has increased, with a projected 30% year-on-year growth in Chinese citizens' outbound spending in 2024 [2] - UnionPay continues to offer advantages such as multiple discounts, favorable exchange rates, and high cashback for cardholders in several European countries [2] - The tax refund process has been optimized, allowing for real-time refunds through the Cloud Flash Payment app at major international airports in Germany, Spain, Portugal, and Italy [2] Group 3 - UnionPay, in collaboration with the Bank of China Frankfurt branch, has launched the "Jinxiu China Card" in Europe, with over one million UnionPay cards issued across 13 European countries [3] - European Economic Area residents can apply for UnionPay virtual and physical cards via mobile apps, facilitating seamless transactions both locally and in China [3] - UnionPay's global acceptance network now spans 183 countries and regions, covering over 74 million merchants and issuing more than 200 million UnionPay cards abroad [3]

Core Viewpoint - Advanced Communication Technology Co., Ltd. has shown significant stock performance with a year-to-date increase of 30.73% and a recent surge of 14.28% over the past five trading days [2]. Group 1: Stock Performance - As of October 13, the stock price of Advanced Communication Technology rose by 2.02% to 17.69 CNY per share, with a trading volume of 5.93 billion CNY and a turnover rate of 8.80% [1]. - The company has experienced a net outflow of 26.45 million CNY in principal funds, with large orders accounting for 20.44% of purchases and 27.41% of sales [1][2]. Group 2: Financial Performance - For the first half of 2025, Advanced Communication Technology reported a revenue of 1.38 billion CNY, reflecting a year-on-year growth of 33.06%, while the net profit attributable to shareholders reached 62.60 million CNY, up 694.25% year-on-year [3]. - The company has distributed a total of 173 million CNY in dividends since its A-share listing, with 78.28 million CNY distributed over the past three years [4]. Group 3: Business Overview - Established on October 31, 2000, and listed on September 13, 2016, Advanced Communication Technology specializes in IT solutions and services primarily for commercial banks, with revenue sources including IT infrastructure construction (80.07%), software solutions (11.41%), and IT operation maintenance services (8.52%) [2][3]. - The company operates within the computer-IT services sector and is involved in various concept sectors such as data elements, digital currency, blockchain, data rights confirmation, and cross-border payments [2].

Core Insights - The payment transaction volume during the National Day and Mid-Autumn Festival holiday reached 41.552 billion, an increase of 9.523 billion transactions or approximately 30% compared to last year [1] - The total payment transaction amount was 13.26 trillion yuan, up by 1.86 trillion yuan or 16% year-on-year [1] Group 1: Consumer Spending Trends - Consumption in sectors such as dining, shopping, and cinema showed growth, indicating a vibrant consumer market during the holiday [2] - Cross-border payment transactions via Alipay and WeChat saw significant increases, reflecting ongoing economic interactions between China and the global market [2] - The top five countries for Chinese tourists' spending abroad were Japan, South Korea, Malaysia, Thailand, and Singapore, with Greece, Laos, Nepal, Portugal, and Turkey emerging as fast-growing destinations [2][3] Group 2: Payment Method Insights - WeChat Pay reported a 21% year-on-year increase in cross-border transaction volume during the first five days of the holiday [3] - The use of electric vehicles for self-driving trips increased, with WeChat Pay transactions for charging stations rising by 43% [3] - The number of transactions for fitness and beauty services also grew, with increases of 16% and 11% respectively [3]

Core Insights - The market share of third-party payment institutions, particularly in cross-border payments, is rapidly expanding due to factors such as foreign trade e-commerce, tourism, and visa-free policies [1] - "Digital wallets" are becoming the primary payment method for small, high-frequency cross-border transactions [2][6] - Chinese third-party payment companies are building a global compliance license network to support businesses going abroad [1][10] Group 1: Market Trends - The traditional banking system's fee structure is a significant consideration for businesses, with high transaction fees making it unfeasible for small transactions [3] - E-commerce platforms are demanding more from cross-border payment solutions, needing to adapt to various local payment methods and currency exchanges across over 200 countries [4] - The shift from traditional bank wire transfers to online payment methods like digital wallets is solidifying in the small-value payment landscape [6] Group 2: Technological Developments - Leading third-party payment companies like PingPong and LianLian International are developing SaaS systems to streamline cross-border payment processes for e-commerce and trade [5] - PingPong has become one of the first Asian payment companies to support the pan-European instant payment system Wero, which will significantly reduce cross-border operational costs for businesses [7][9] - Wero has achieved widespread application in P2P instant transfers, enhancing the speed of cross-border payments from hours or days to mere seconds [8] Group 3: Financial Performance - In the first half of 2025, non-bank payment institutions in China processed 6.40217 billion transactions, amounting to 166.28 trillion yuan [6] - The total deposits from non-financial institutions reached a new high of 25,010.29 billion yuan by the end of August 2025, indicating a recovery from earlier lows [6] - China's cross-border e-commerce imports and exports are projected to grow, with a reported 1.32 trillion yuan in total for the first half of 2025, reflecting a 5.7% year-on-year increase [10]

Core Insights - The market share of third-party payment institutions, especially in the cross-border payment sector, is rapidly expanding due to factors such as foreign trade e-commerce, tourism, and visa-free policies [1] - "Digital wallets" are becoming the primary payment method for small and frequent cross-border transactions [2] Group 1: Market Trends - There are significant changes occurring in the cross-border payment field, with a focus on building a global compliance license network and localized service networks by Chinese third-party payment institutions [3] - The recent support for the European Unified Instant Payment Wero by leading Chinese payment companies is expected to benefit Chinese enterprises entering the European market, allowing them to access a unified payment interface and reach over 250 million mainstream consumers in Europe [3][9] Group 2: Payment Challenges - Many small merchants face challenges in the supply chain due to a lack of local collection channels, which complicates point-to-point dynamic payment issues in small B2B and foreign trade procurement [4] - Traditional banking systems impose high transaction fees, making it unfeasible for small transactions, as illustrated by a small business owner who finds the fees for larger transactions disproportionate to their sales [5] Group 3: E-commerce Platform Demands - E-commerce platforms require adaptability to thousands of localized payment methods and currency exchanges across over 200 countries, facing challenges such as consumer preferences and complex transaction scenarios [6] - Platforms like Amazon handle millions of transactions daily, necessitating efficient clearing and settlement processes while managing various settlement rules [6] Group 4: Payment Infrastructure Development - Chinese third-party payment companies are focusing on creating agile, efficient, and secure digital payment infrastructures to support outbound enterprises and comply with local financial regulations [7] - The volume of network payment transactions processed by non-bank payment institutions in China reached 6.40217 billion transactions, amounting to 166.28 trillion yuan in the first half of the year [8] Group 5: Cross-Border E-commerce Growth - China's cross-border e-commerce exports are projected to grow, with preliminary estimates indicating a 5.7% year-on-year increase in imports and exports, further expanding the market share of third-party payment institutions [12] - The anticipated surge in cross-border payment volume during the National Day and Mid-Autumn Festival holiday is expected to boost the scale of C-end cross-border payments [12]

Core Insights - Yuxin Technology's stock price decreased by 2.01% on October 10, closing at 24.87 CNY per share, with a total market capitalization of 17.51 billion CNY [1] - The company has seen a year-to-date stock price increase of 29.09%, but has experienced a decline of 1.11% over the last five trading days and 13.31% over the last 60 days [1] Financial Performance - For the first half of 2025, Yuxin Technology reported a revenue of 1.415 billion CNY, a year-on-year decrease of 5.01%, while the net profit attributable to shareholders increased by 35.26% to 220 million CNY [2] - Cumulative cash dividends since the company's A-share listing amount to 809 million CNY, with 415 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased to 77,600, with an average of 9,060 circulating shares per person, an increase of 2.29% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in holdings [3]

随着小程序开放生态在境外拓展，目前小程序服务已覆盖92个国家和地区。国庆期间，境外小程序在旅 游行业、餐饮行业交易笔数分别同比增长超50%、30%。中国游客通过境外中小商户小程序的日均交易 金额规模，同比增长超70%。 入境方面，微信也正成为来华外籍游客深度体验中国的新工具。国庆假期前5日，日均访问小程序的入 境游用户同比增长超60%。 长假带动跨境旅游热，小程序、微信支付等"中国科技"伴随游客深入世界各地。新西兰的微信支付笔数 同比增长131%。境外小程序交通行业的交易笔数同比增长超2.5倍。 国庆期间，新能源车充电桩的微信支付消费金额同比增加43%，通过微信支付购买铁路及客运车票的金 额同比增长21%。运动健身消费笔数同比增长16%，美容美发金额增长11%，数码产品消费金额同比增 长11%。 微信支付数据显示，假期前5天跨境支付笔数同比上升21%。受韩国、马来西亚、新加坡、泰国等地的 对华免签政策影响，微信支付韩国的交易笔数增长46%，新加坡交易笔数增长32%。在马来西亚，通过 马来西亚支付网络PayNet完成的微信支付交易量大幅增长，笔数、金额双双同比增长超过3倍。在日 本，微信支付交易笔数同比涨幅超过 ...

Core Insights - During the National Day and Mid-Autumn Festival holiday (October 1-8), UnionPay and Wanglian processed a total of 41.552 billion payment transactions, amounting to 13.26 trillion yuan [1] - Compared to the 2024 National Day holiday (October 1-7), the number of payment transactions increased by 9.523 billion, and the transaction amount rose by 1.86 trillion yuan [1] - Cross-border payment transactions showed significant growth during the holiday period, with Ant Group reporting a nearly 40% increase in Alipay consumption by inbound tourists compared to the same period last year, and a 500% increase in spending by foreign users using "Alipay Touch" [1] - WeChat Pay also reported a 21% year-on-year increase in cross-border transaction volume during the first five days of the holiday [1]