Core Viewpoint - The issuance of the "Action Plan for Promoting the High-Quality Development of Public Funds" marks a strategic shift in the industry from "scale expansion" to "quality improvement," emphasizing the need to enhance equity investment scale and proportion, which is crucial for both capital market reform and strengthening the core competitiveness of fund companies [1][2]. Group 1: Product Development Strategy - The company aims to build a diverse product matrix that meets investor needs by conducting in-depth research on risk preferences, investment goals, and holding periods, while adhering to principles of long-term and sustainable investment [1][2]. - The company is focusing on expanding its equity product offerings, particularly in technology finance, green finance, inclusive finance, pension finance, and digital finance, to support high-quality economic development [2][3]. Group 2: Green Finance Initiatives - The company has established low-carbon themed funds and issued two public REITs in the renewable energy sector to support infrastructure development, with plans to further innovate in green finance products [3][4]. - Future initiatives will include exploring innovative products in sustainable development and green low-carbon sectors, aligning with national strategies and economic restructuring [3]. Group 3: Inclusive and Pension Finance - The company is enhancing the development of low-volatility products and expanding its product matrix to meet the inclusive financial needs of clients, while also promoting fee reforms to lower investor costs [3][4]. - In the pension finance sector, the company has launched a one-year holding period pension target fund and plans to introduce additional funds tailored to different retirement dates and risk profiles [3][4]. Group 4: Passive Investment Products - The company is improving its passive management product offerings by developing a comprehensive index product system that includes broad-based, thematic, and industry-specific indices to meet specialized investor needs [4]. - The core of high-quality public fund development lies in providing professional products that allow investors to share in economic growth, with a commitment to continuous reform and improvement in equity product supply [4].

智通财经获悉，2025年上半年，哈尔滨银行(06138)稳步推进"数字哈行"建设，夯实安全运营基础，提 升科技支持与创新能力，深化科技体制改革。研发智慧信贷项目推动零售信贷数字化，制定信息科技战 略三年规划，构建业务、技术、管理"三维"研发框架，强化信息安全保障体系，加速数字金融新格局构 建。同时，集团坚守稳健偏审慎风险偏好，构建全面风险管理体系，将风险管控贯穿战略、绩效与业务 全流程，优化全周期风险识别、计量、监测流程，严守合规底线，提升智能风控能力，为高质量发展筑 牢风险防线。 ...

编者按： 时代之笔擘画新章，金融活水润泽实体。在金融"五篇大文章"铺就的壮阔画卷中，证券业正以创新之墨 挥毫作答。这是服务国家战略的使命担当，更是深化金融供给侧改革的生动实践。证券业以"国之大 者"为经，以"民之关切"做纬，让金融血脉与实体经济同频共振，奏响中国式现代化的资本强音。证券 时报联合中国证券业协会，推出"做好'五篇大文章' 证券业作答进行时"系列专栏， 本篇为系列报道之 四十一，敬请垂注。 在证券业数字化转型深入推进的背景下，借助金融科技重塑服务模式与提升运营效能，已成为券商发展的 关键议题。 以零售财富管理为特色业务的华西证券，构建了数字化系统支撑、标准化内容与敏捷机制保障的集约运营体 系，系统性重塑客户触达方式，实现客户数量、资产结构与运营效率的多重提升，关键指标与投产效率居行业 前列。 随着人工智能（AI）技术落地，华西证券将大模型集成于客户服务、产品运营与决策支持等多环节，形成精准 服务、敏捷运营、人才梯队与智能风控四位一体的差异化优势，为行业实践"数字金融"提供可借鉴路径。 运营新模式破解行业痛点 据证券时报记者了解，在"客户服务"领域升级方面，华西证券实现数字能力与客户服务场景的深度融 ...

在证券业数字化转型深入推进的背景下，借助金融科技重塑服务模式与提升运营效能，已成为券商发展 的关键议题。 以零售财富管理为特色业务的华西证券（002926），构建了数字化系统支撑、标准化内容与敏捷机制保 障的集约运营体系，系统性重塑客户触达方式，实现客户数量、资产结构与运营效率的多重提升，关键 指标与投产效率居行业前列。 随着人工智能(AI)技术落地，华西证券将大模型集成于客户服务、产品运营与决策支持等多环节，形成 精准服务、敏捷运营、人才梯队与智能风控四位一体的差异化优势，为行业实践"数字金融"提供可借鉴 路径。 运营新模式破解行业痛点 如何借助互联网及金融科技手段，实现规模化、标准化服务经纪与财富条线的"长尾客户"的拓展，是近 年来行业进一步提升服务效能的破局关键。 华西证券集约化服务团队投资顾问龙涛告诉证券时报记者，该公司正掀起一场客户服务的"效率革 命"，"我目前服务客户半径由原来的300名～400名扩大了近10倍。"他介绍，借助客户标签、客户画像 数字化工具等，他能快速识别客户风险偏好和投资轨迹，通过智能内容及服务策略第一时间为名下客户 提供服务，然后利用"数字化服务看板"实时跟踪服务效果，并做出动 ...

Wall Street's still betting big on Circle -- find out why analysts think this compliance-first fintech could become the backbone of digital finance in the next wave of global innovation.Circle Internet (CRCL 0.26%) is at the heart of the digital finance revolution, leveraging its USDC stablecoin, the GENIUS Act tailwinds, and major partnerships. Watch and find out if Circle stock could soon hit $280 as some analysts suggest.Stock prices used were the market prices of Oct. 6, 2025. The video was published on ...

Core Insights - The core viewpoint of the articles is that Hong Kong is emerging as a key experimental ground for new financial order in the blockchain era, driven by the implementation of the Stablecoin Regulation and the exploration of Real World Asset (RWA) tokenization [1][3][8] Group 1: Stablecoin Development - Hong Kong's stablecoin development is based on a "regulatory-first" innovation paradigm, aiming to inject "trust backing" into digital assets through high standards and clear application scenarios [3][4] - The integration of stablecoins with the internationalization of the Renminbi and cross-border trade settlements is seen as a foundation for Hong Kong to compete for global digital financial rule-making [3][4] Group 2: RWA Tokenization - RWA is viewed as the "asset layer" supporting stablecoins, with tokenization of standard financial assets like bonds and funds being a feasible entry point that lowers investment barriers and enhances transaction efficiency [4][6] - The collaboration between companies like Langxin Technology and Ant Group on RWA projects exemplifies how traditional assets can be transformed into financing opportunities, addressing challenges in SME financing [4][6] Group 3: Risks and Challenges - There are warnings regarding the risks associated with RWA, particularly concerning the authenticity of on-chain and off-chain asset mapping, which could lead to speculative traps if not managed properly [6][7] - Regulatory differences across jurisdictions and issues related to tax accounting and data privacy are identified as potential barriers to the large-scale development of RWA [6][7] Group 4: Strategic Recommendations - Financial institutions in Hong Kong are advised to prioritize a systematic understanding of blockchain, stablecoins, and RWA, focusing on standard financial assets and building compliance experience through modular frameworks [7][8] - The unique advantages of Hong Kong, such as its institutional flexibility under "one country, two systems," position it favorably in the global digital finance competition [7][8] Group 5: Future Outlook - The success of Hong Kong's new financial landscape will depend on balancing innovation speed with risk management, with the potential to serve as a model for global blockchain finance [8]

Core Insights - The launch of the Digital Renminbi International Operation Center in Shanghai marks a significant transformation in financial infrastructure, focusing on cross-border payments and blockchain services [1] - Guotai Junan International's digital renminbi internal testing plan aligns with national strategies, providing a practical example for the implementation of the digital economy [1][6] Summary by Sections Internal Testing Plan - The internal testing targets 1 million users, requiring a minimum holding of 100,000 stablecoins for eligibility, ensuring a representative sample and encouraging user engagement in the digital financial ecosystem [3] - The testing phase includes a mechanism for users to accumulate assets before redeeming, promoting deeper participation [3] User Benefits and Innovations - Guotai Junan has created a unique benefits system for internal testers, combining asset security with service upgrades, including physical stablecoins for users holding 200,000 stablecoins [4] - The stablecoin is pegged 1:1 to the digital renminbi and offers a 2% annual interest rate, with interest paid monthly in digital renminbi without withdrawal fees, enhancing the value of digital assets [4] - The program has attracted over 30,000 users, demonstrating its inclusive value [4] Strategic Implications - Guotai Junan's internal testing plan aims to disrupt the global stablecoin market, which is currently dominated by USDC and USDT, by establishing a compliant domestic stablecoin backed by low-risk assets [5] - The plan includes future developments such as zero-fee exchanges with digital renminbi, integration into public services like healthcare and social security, and cross-border payment trials in 15 countries along the Belt and Road Initiative [5] Conclusion - The internal testing initiative reflects the microcosm of the digital economy strategy, showcasing a clear development path driven by policy, market forces, and public participation [6] - The evolution of the digital renminbi from a payment tool to a bridge connecting finance and daily life is poised to reshape the global payment landscape, offering a secure and inclusive "Chinese solution" for digital finance [6]

然而，人工智能、清洁能源与数字金融的崛起，也为全球孕育新均衡提供了可能，世界因此展现出风险 下行与机遇上行的双向张力。与之形成对比的是，中国经济展现出确定性路径。消费潜能释放中流砥 柱，新质生产力崛起后劲十足，政策确定性支撑行稳致远。在全球动荡之中，中国以战略定力和制度优 势稳住自身，也为世界提供稀缺的可预期力量。 全球经济：临界混沌，双向张力。2025年的世界经济，正站在临界混沌的岔路口。一方面，债务高企、 贸易摩擦频发、地缘冲突加剧，叠加货币政策分化所引发的全球流动性变化，任何微小扰动都可能被放 大为系统性风险，复苏路径因此反复摇摆。在此过程中，美国货币政策的转向尤为关键。今年9月，美 联储时隔九个月重启降息，并呈现双重加速：其一是时间序列上的"加速"，未来九个月降息次数预计明 显快于此前，货币政策进入更为积极的调整阶段；其二是规则序列上的"加速"，点阵图所反映的中枢利 率预期，与市场对宽松的押注及政治压力之间形成显著落差，美联储可能跳出泰勒规则等常规参照，更 加注重在政治干预与市场博弈中寻找平衡，从而推动降息节奏的加快。这些不确定性进一步放大了全球 风险敞口。 另一方面，新质生产力的崛起正在积蓄力量。人 ...

四、结语：国产稳定币的时代价值与未来 国泰君安与健康中国四期联合推出的稳定币，不仅是中国应对全球金融变局的战略布局，更是金融服务回归民生本质的创新实践。它打 破了美元稳定币的垄断逻辑，为全球提供了更安全、更合规的数字金融方案；它锚定健康民生需求，让金融产品真正服务于普通人的生 活；它赋能全球贸易与健康合作，推动中国方案走向世界。 随着数字经济的发展，这款稳定币还将不断拓展应用场景 —— 未来，我们或许能看到它在跨境医保结算、全球健康公益项目中的应 用，甚至成为连接全球健康数据与金融服务的 "基础设施"。对于每一个参与者而言，这不仅是一次资产配置的机会，更是见证中国金融 创新、参与全球健康事业的重要历程，而国泰君安与健康中国四期的合作，也将成为 "国有金融机构服务国家战略、赋能民生发展" 的 典范。 在此背景下，国泰君安联合健康中国四期推出的国产稳定币，走出了一条 "破局突围" 的新路径。与私人机构发行的美元稳定币不同， 这款国产稳定币以国家信用为背书，储备资产由国债、政策性金融债等低风险资产构成，且接入央行金融监管大数据平台，实现每一笔 交易的实时可追溯。这种 "国有控股 + 合规运营" 的模式，既规避了私人 ...

9月25日—29日，第四届全球数字贸易博览会于杭州如期举行。杭州银行携多项重磅数智化"硬核"成 果，精彩亮相人工智能馆，充分展现其在数字科技与金融服务深度融合方面的创新探索与实践。 近年来，杭州银行将数字化转型提升至核心战略地位，全面推进"数智杭银"建设。坚持"以客户为中 心、为客户创造价值"的理念，通过运用数字思维与人工智能技术，重塑银行业务及经营管理模式。 构建数智服务新矩阵 杭州银行重点推出了"四通三易"数智化产品与服务矩阵，以"财资通、政务通、票证通、投融通、汇交 易、薪易宝、易收盈"为代表。该体系通过深入的技术应用创新、灵活的服务模式优化以及持续的产品 功能迭代，致力于为企业及机构客户提供全方位、一站式的综合金融解决方案，有效构建起一个覆盖广 泛、响应高效的"数智金融服务网络"，助力客户提升管理效率、优化运营流程。 升级信息基础新设施 杭州银行以企业级架构支撑能力为引领，以国产化、云原生架构建设为抓手，加大科技基础设施建设， 涵盖云平台、分布式数据库、中间件、大数据等基础技术平台，新一代信息科技基础设施日益完善，实 现基础设施资源的持续、弹性、可靠供给。由基础设施（IaaS层）、技术平台（PaaS层 ...