5月16日，2025年紫金保险客户节在南京启幕。江苏省人大常委会原副主任、江苏省妇女儿童福利基金会理事长赵鹏，无锡市锡山区住房和城乡建设局副 局长张扬，中国建设银行南京分行副行长张莅，紫金保险党委书记、董事长陈加明，紫金保险党委副书记、（拟任）总裁何啸等公司领导班子，部分股东 客户、合作伙伴出席仪式。 向新紫金 将客户需求放在首位 紫金保险党委书记、董事长陈加明在开幕式上致辞。他表示，紫金保险成立十六年以来，始终坚持以客户为中心，将客户需求放在首位，目前累计服务客 户数量已超过2500万位，官微实名注册客户数突破400万位，注册产品总数达到3800款，涵盖13大类800余险种，服务领域遍及社会经济和人民生活的各个 方面。公司始终坚持党的领导，坚守初心使命，努力"服务地方高质量发展和人民高品质生活"，成为"全国前列的保险综合服务和解决方案供应商"；坚持 利他之心，将"管理风险、创造价值"立为使命，将"利他"原则列为恪守的基本原则；坚持匠心精神，围绕客户全生命周期，不断提升专业化水平，打造 了"保险+服务+科技"的创新模式。公司保费规模自2009年成立以来连续15年保持正增长，年均复合增长率近50%，自2012年 ...

以下文章来源于申万宏源策略 ，作者全球资产配置团队 申万宏源策略 . 我们强调体系性、实战性 人民币国际化的进程、前景与机遇 ——全球货币体系重构与人民币国际化系列之一 金倩婧/冯晓宇/林遵东/涂锦文/王胜 本期投资提示： 2025年以来，为了解决美国面临的双赤字问题，特朗普上台后一系列政策极大增加了全球经 济、贸易、金融市场的不确定性。与此同时，全球投资者持有美元资产的意愿下降，特别是以 安全属性为主的美债被抛售，黄金受到青睐。对于全球投资者而言，无论是官方还是私人部 门，资产多元化将是趋势。另一方面，当前中国在全球经贸当中的参与权重，意味着人民币国 际化将不断深化。自2022年以来的人民币国际化展现出多维度深化、结构性优化与机制性建设 协同推进的鲜明特征，尽管在资本项目有序开放、金融市场体系建设等方面挑战犹存，但人民 币在全球货币体系中的实际地位和影响力无疑已迈上新台阶，正为中国建设金融强国的战略目 标提供日益重要的支撑。 从发展历程来看，人民币国际化经历了政策出击市场需求扩张高水平开放金融市场的三个阶 段：1）政策驱动 ：2009年我国开放人民币跨境贸易和直接投资的结算试点，2011年推广至全 国，人民 ...

Group 1: Global Currency System and Dollar Status - The recent sell-off of dollar assets is viewed as a short-term phenomenon, and despite a decline in trust, the dollar's dominant position in the global currency system remains difficult to challenge [4] - New currencies like the euro, renminbi, and Special Drawing Rights (SDR) are unlikely to gain widespread acceptance in the short term, as the formation of reserve currencies requires long-term accumulation of national economic strength [4] - The transition from a unipolar to a multipolar global currency system requires significant changes in the economic field, which is still a distant goal [4] Group 2: Development of Digital Renminbi - Public acceptance of digital renminbi depends on its advantages over existing payment methods; without unique benefits, it may struggle to gain popularity [5] - The success of digital renminbi in international markets faces challenges similar to those in China, where entrenched payment methods like credit cards hinder the adoption of alternatives [5] - Market forces should drive the development of digital renminbi, with widespread adoption occurring only when businesses find it more convenient and cost-effective than traditional banking [5] Group 3: Internationalization of Renminbi - The path to renminbi internationalization is long and challenging, with non-convertibility and strict capital controls being the main obstacles [7] - Despite China's significant role in global trade, the current economic environment is not conducive to opening capital accounts and achieving full convertibility of the renminbi [7] - Long-term, as China's economy continues to develop, issues surrounding renminbi convertibility and capital flow will gradually be resolved, leading to its important position in the global currency system [7]

Group 1: Cross-Border Payment Strategies - The company plans to apply for payment licenses in relevant regions and optimize solutions for overseas markets, targeting Chinese enterprises and local merchants [1][3][4] - In 2024, the company achieved a cumulative payment service transaction volume exceeding 20 trillion RMB, with nearly 15,000 merchants enabled for digital RMB services [2][4] - The company has deep cooperation with six major international credit card organizations, expanding its foreign currency acceptance network to 331 cities and 12 key industries [2][6] Group 2: AI and Digital Transformation - The company is focusing on AI-driven solutions to enhance merchant operations, including the development of AI marketing tools to assist small and medium-sized merchants [5][10] - Three AI agents have been launched, focusing on merchant review, compliance anti-money laundering, and customer service [5][10] - The company aims to leverage AI technology to improve operational efficiency and provide additional value to merchants and banking clients [7][10] Group 3: Financial Performance and Growth - In Q1 2025, the company reported total revenue of 1.896 billion RMB, a year-on-year increase of 8.92%, and a net profit of 311 million RMB, marking a historical high with a growth of 25.16% [7][13] - The overseas sales revenue reached 2.253 billion RMB in 2024, with a year-on-year growth of 18.70%, and overseas business income accounted for nearly 75% of the group’s total revenue [4][7] Group 4: Digital Identity and Security - The company is committed to building a secure digital identity system, integrating personal information protection and data interoperability [11][12] - It has developed a series of applications and solutions for trusted digital identity, successfully deployed in various cities and industries [11][12]

Group 1: Company Overview and Strategic Initiatives - Newcap Electronic Co., Ltd. integrates IoT and AI technologies for identity verification and payment solutions in educational and enterprise sectors, having implemented digital RMB projects in nearly 40 institutions [1] - The company has established long-term partnerships with major banks and telecom operators to enhance its payment platform and collection devices [2] Group 2: AI and Educational Technology Development - Newcap has developed an AI+Education framework, including a proprietary large model and a customizable intelligent assistant platform, aimed at improving educational outcomes [2] - The StarPro large model leverages a vast campus knowledge graph to enhance scene understanding and semantic recognition, providing comprehensive model services for educational institutions [2] Group 3: Financial Performance and Market Management - The company emphasizes cash dividends and market value management, maintaining a commitment to share operational success with investors [3] - In 2025, Newcap aims to improve operational quality and product standards while expanding sales channels and increasing revenue from channel sales [5] Group 4: Challenges and Future Outlook - The company faces seasonal revenue fluctuations, with significant income concentrated in the third and fourth quarters [5] - Newcap is actively pursuing AI project opportunities and expanding its market reach, having already provided AI tools to several universities [5]

Group 1 - The core viewpoint is that the recent appreciation of the RMB against the USD is a result of the ongoing policy competition between China and the US, particularly in the context of interest rate adjustments and currency stabilization efforts [1][3][4] - The Federal Reserve has raised interest rates 11 times in 2023, reaching a 22-year high of 5.25%-5.5%, which has caused significant fluctuations in global currency markets. However, the RMB has shown remarkable resilience due to targeted interventions by the People's Bank of China (PBOC) [3][4] - China has implemented measures such as lowering foreign exchange reserve requirements, restarting counter-cyclical factors, and issuing offshore central bank bills to stabilize the RMB, while maintaining an independent monetary policy that supports the real economy [3][4] Group 2 - The ongoing trade tensions have led to the RMB exchange rate becoming a focal point of contention, with the US pressuring for RMB appreciation under the guise of promoting "fair trade," aiming to weaken China's export competitiveness [4][5] - In the context of the technology war, the depreciation of the RMB has reduced the cost of chip imports for China, alleviating some of the pressure from sanctions, showcasing a strategic response to external challenges [7] - The emergence of China's digital currency (DCEP) and its cross-border payment system is reshaping the financial landscape, potentially allowing transactions to bypass the USD settlement system, which could challenge US financial dominance [7]

近期，科技主题板块值得关注，政策对科技创新的重视程度不断提高，人工智能、半导体、AI+、金融 科技等细分领域发展前景广阔。 今日（4月30日），金融科技板块开盘冲高，成分股多数上涨，凌志软件涨超15%，新致软件涨超 14%，翠微股份涨停，普元信息、星环科技-U、顶点软件、拓尔思、中科金财等多股跟涨。金融科技 ETF(516860)直线冲高超2%，成交额超3900万元，拉长时间看，截至4月29日，金融科技ETF近1年累计 涨幅超44%。 1)生成式AI规模化应用加速：金融行业是AI应用落地最佳场景之一，金融机构80%的应用案例涉及生成 式AI，重点布局智能投研、客服、风控等场景。毕马威预测，2025年金融大模型将在数据安全、跨境 支付等领域实现突破，推动行业生产力提升。 一、行业逻辑解析 ①国家战略与地方政策协同发力，构建金融科技发展生态 1)顶层设计明确方向：《金融科技发展规划（2022-2025年）》提出"数据要素价值释放"、"数字化转型 高质量推进"等核心目标，要求金融机构加速AI、区块链等技术应用。 2)地方政策精准落地：2025年上海发布的《全球金融科技中心建设行动方案》进一步细化路径，推动银 行业保 ...

Group 1 - The Chinese government is launching a campaign to eliminate market access barriers to promote a unified national market [2] - The National Development and Reform Commission has allocated an additional 81 billion yuan in special bonds to support the consumption of old goods [3] - The Ministry of Human Resources and Social Security is implementing a special action to protect the rights of new employment form workers [5] Group 2 - The National Development and Reform Commission and the National Energy Administration are accelerating the construction of the electricity spot market, aiming for full coverage by the end of 2025 [6] - The Market Supervision Administration is guiding the catering industry to enhance service standards and promote integrity in operations [7] - The State Taxation Administration has exposed five common tax evasion methods used by online streamers and is strengthening regulatory measures [8] Group 3 - The China Meteorological Administration has released the first "Artificial Intelligence Meteorological Application Service Measures" to promote the healthy development of AI in meteorology [9] - The People's Bank of China is advancing the use of blockchain for cross-border tax payments and digital currency in fiscal and governmental sectors [10] - The China Passenger Car Association reported that in the first quarter of 2025, global car sales reached 22.64 million units, with China accounting for 33% of the market share [11] Group 4 - The Beijing government aims to achieve significant breakthroughs in next-generation blockchain core technologies by 2027 [12] - The Guangzhou Nansha District has officially implemented a policy of providing school placements with home purchases [13] - Jiangsu Province is promoting the construction of smart factories among over 10,000 industrial enterprises [14][15] Group 5 - The Canadian Liberal Party, led by Prime Minister Mark Carney, has formed a minority government following the recent federal election [22] - The U.S. trade deficit surged to a record $162 billion in March, driven by businesses stockpiling goods ahead of tariffs [20] - The BRICS foreign ministers' meeting emphasized cooperation among southern countries and the importance of mutual respect and understanding [29] Group 6 - Porsche China clarified that recent statements regarding competition with Xiaomi were misinterpreted, reaffirming its commitment to electric vehicle development [30] - Nvidia denied reports about plans to establish a joint venture in China amid export restrictions [30] - The U.S. stock market saw gains, with the Dow Jones rising 0.75% and notable movements in tech stocks [34]

Financial Performance - The company achieved a net profit attributable to shareholders of 58.15 million yuan in Q1 2025, representing a year-on-year increase of 81.1% [3] - The non-recurring net profit attributable to shareholders was 55.32 million yuan, up 77.0% year-on-year [3] - The gross profit margin reached 27.8%, an increase of 1.4 percentage points compared to the previous year [3] - The net profit margin was 11.0%, reflecting a year-on-year increase of 5.7 percentage points [3] Client Composition - Large banks contribute approximately 50% of the main business revenue, with state-owned commercial banks, joint-stock banks, and policy banks being the primary contributors [3] - Small and medium-sized banks and rural credit cooperatives account for about 30% of revenue [3] - Revenue from overseas banks grew by 241% year-on-year, reaching 27.53 million yuan [3] Product and Solution Revenue - Revenue from banking IT products and solutions accounted for over 80% of total revenue, with a gross margin exceeding 26%, up 3.5 percentage points year-on-year [3] - Non-banking IT products and solutions contributed approximately 15% of revenue, with a year-on-year growth of 135% [3] - The innovative operations business began generating revenue from overseas digital banking clients, with a gross margin close to 80% [3] Cross-Border Payment Capabilities - The company is involved in three main areas of cross-border payment: infrastructure, institutional level, and e-commerce [4] - It has experience and technical capabilities in serving key financial infrastructures supervised by the People's Bank of China [4] - The company is actively following developments in CIPS and mBridge [4] AI Business Developments - The company focuses on applying AI to enhance client business capabilities, particularly in the banking sector [7] - AI products have been successfully implemented in several city commercial banks, utilizing a SaaS subscription model [8] - The company is responding to the needs of various banks and non-bank clients, facilitating POC testing and case implementations [7] Overseas Business Expansion - The company successfully expanded its overseas business into Southeast Asia and secured a client in Europe [9] - There is a significant demand for upgrading traditional IT architectures among overseas banks, providing opportunities for the company [9] - The company employs a dual strategy of upgrading existing systems and connecting with emerging financial needs in mobile internet ecosystems [10]

Group 1 - The central theme of the news is the performance and growth of the financial technology sector, particularly focusing on the financial technology ETF and its underlying index [2][3][4] - The financial technology ETF has seen significant inflows, with a net inflow of 54.87 million yuan over three days, averaging 18.29 million yuan daily [3][4] - The financial technology ETF's one-year net value has increased by 48.55%, ranking it first among comparable funds [4] Group 2 - The top ten weighted stocks in the China Securities Financial Technology Theme Index account for 54.32% of the index, with notable companies including Tonghuashun and Dongfang Caifu [5][7] - The financial technology ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds [4] - The ETF's tracking error is 0.042%, indicating the highest tracking precision among comparable funds [4]