Core Viewpoint - The article emphasizes the collaboration between cross-border payment service providers and regulatory bodies to leverage technological innovation for reducing costs, enhancing efficiency, and promoting diversified market development in cross-border payments [1] Group 1: Current State of Cross-Border Payment Market - The global cross-border payment market is dominated by four payment models and a dual-layer infrastructure, including agency models, proprietary closed-loop models, regional integration models, and peer-to-peer models [2] - In 2024, the global cross-border payment volume is projected to reach $194.6 trillion, with wholesale payments accounting for approximately $149 trillion (77%) and retail payments around $45 trillion [3] Group 2: Cost Analysis of Cross-Border Payments - The average cost of B2B payments is the lowest at 0.1%, while C2C payments incur the highest average cost of 6.2%, indicating significant improvement opportunities in the retail payment sector [4] - Retail payments, particularly in the C2C market, represent a substantial portion of the high-cost landscape, highlighting the potential for technological advancements to reduce these costs [4] Group 3: Technological Innovations in Cross-Border Payments - Technological innovation is a key driver of the cross-border payment market, influencing various models and applications, with wholesale payments benefiting significantly from these advancements [5] - The SWIFT GPI system has implemented blockchain technology to enhance real-time tracking of fund flows, achieving that 50% of agency model payments are settled within 30 minutes and nearly 90% within one hour [6] Group 4: Emerging Payment Models and Infrastructure - The proprietary closed-loop model, led by card organizations and electronic wallets, has gained traction in retail payments, with companies like Visa and PayPal innovating to enhance cross-border payment efficiency [7] - Central banks are exploring blockchain technology for digital currency cross-border payment trials, exemplified by the Jasper-Ubin project between Singapore and Canada, which allows direct interconnection and settlement without third-party involvement [8] Group 5: Future Trends and Recommendations - The future of the cross-border payment market is expected to be characterized by diversification driven by technological advancements, with both traditional and emerging payment institutions leveraging new technologies [9] - Continuous innovation in technology must be accompanied by institutional and regulatory innovations to address the complexities of cross-border payments and build trust among various stakeholders [9]

近日，江苏省工业和信息化厅公布2025年江苏省第二批专精特新中小企业名单，星图金融旗下星云数字凭借核心技术积 累、产品创新实力成功入选。 技术研发层面，星云数字坚持核心技术自主创新，聚焦人工智能、大数据、云计算、区块链等新一代信息技术研发和应 用，其多项算法和软件系统的技术水平行业领先，在相关领域构建了坚实的技术"护城河"。目前，星云数字共申请专利300 余项、软件著作权25项，拥有CMMI3、ISO9001、ITSS等几十项国内外权威认证。 产品创新层面，星云数字自主研发的"星术"金融质检大模型应用，基于大模型的深度学习能力，实现对复杂语义、模糊语义 的精准理解和智能分析，为银行、保险等多个金融行业提高质检准确率。通过自然语言维护质检规范，大幅减少了人工介 入量，让质检工作效率可提升3倍以上，运营成本可降低60%以上。 从国家高新技术企业，到毕马威领先金融科技50强企业，再到专精特新中小企业，一系列荣誉见证了星云数字的创新实践 与技术沉淀。未来，星云数字将持续加大研发投入，提升核心竞争力，携手生态伙伴为千行百业的数字化、智慧化转型贡 献力量。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 专 ...

央企融资租赁联盟倡议，围绕海南"五向图强"的工作目标，彰显央企租赁作为。在旅游业领域，为邮轮 游艇、低空飞行、大型旅游设施提供定制化融资租赁服务，助力打造国际旅游消费中心。在现代服务业 领域，支持现代物流、医疗健康、会展、教育文化等行业的设备投入和资产盘活，推动服务贸易提质增 效。在高新技术产业领域，聚焦深海科技、航天航空、数字经济、生物医药、清洁能源等"9+6"产业赛 道，为企业研发、中试和规模化生产提供灵活高效的设备融资方案，重点支持首台(套)设备、重大技术 装备等"国之重器"产业化应用。在热带特色高效农业领域，助力农业机械化、智能化升级，推动南繁硅 谷重大平台建设，以融资租赁赋能乡村全面振兴。在基础设施建设领域，积极参与机场港口、航运物 流、智慧城市、五网基础设施等领域的设备融资租赁业务，筑牢自贸港发展根基，共同谱写金融"五篇 大文章"。 此外，还倡议稳步推进飞机、船舶等跨境租赁业务，吸引境外租赁资产回归，助力共建"一带一路"建设 和国产设备"出海"；探索知识产权、数据资产无形资产的融资租赁模式创新，建设数字化平台，运用人 工智能、大数据、区块链等技术优化业务流程、提升客户体验。 在国务院国资委指导下， ...

Core Viewpoint - The financial cybersecurity range is evolving from a technical validation tool to a core infrastructure for digital financial security, enhancing the defensive capabilities of financial institutions and promoting proactive immunity against cyber threats [5]. Industry Overview - The financial cybersecurity range integrates virtualization, big data, and other technologies to provide a comprehensive security infrastructure for financial institutions, including attack-defense drills, vulnerability verification, emergency response training, and system testing [1]. - The industry value chain consists of upstream technology providers, midstream platform developers, and downstream financial institutions, forming a complete chain from equipment supply to operational services, with a gross margin of approximately 50-65% [3]. Market Trends - According to QYResearch, the global financial cybersecurity range market is projected to reach $1.37 billion by 2031, with a compound annual growth rate (CAGR) of 7.1% over the coming years [3]. - The financial cybersecurity range is becoming a critical infrastructure in the digital transformation of the financial industry, driven by the acceleration of digitalization and the evolution of cyberattack methods [5]. Industry Chain Collaboration - The industry chain covers three main segments: upstream technology support focusing on core technology development, midstream platform construction and operation, and downstream application scenarios expanding to fintech companies and third-party payment platforms [7]. - Upstream focuses on core technology research, including virtualization engines and AI attack-defense algorithms, while midstream involves specialized security vendors providing modular designs for core functional modules [7]. Policy Drivers - Global financial regulatory frameworks have set clear requirements for the construction of cybersecurity ranges, with policies accelerating their adoption among financial institutions [8]. - The Chinese "Financial Technology Development Plan (2022-2025)" emphasizes the establishment of a cybersecurity attack-defense exercise system, mandating regular drills for financial institutions [8]. Challenges and Opportunities - The financial cybersecurity range faces challenges such as reliance on imported technologies, high construction costs, and a significant talent gap in the industry [9]. - The market has high entry barriers, requiring expertise in core patents, substantial funding, and compliance with security certifications [10]. Future Directions - The financial cybersecurity range is expected to evolve into a "financial security brain," integrating various technologies and expanding its application scenarios [10]. - Companies are encouraged to pursue differentiated competition by focusing on full-scenario coverage in the financial industry and collaborating with academic institutions to overcome technological bottlenecks [10].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The overall market shows a complex and diverse trend, with different sectors and varieties having their own characteristics and influencing factors. For example, in the macro - financial sector, A - shares are in a wide - range shock, and the bond market sentiment is gradually improving; in the black sector, steel and ore prices are expected to be weak in the short - term, and coal and coke prices may fluctuate weakly; in the agricultural product sector, different varieties have different supply - demand situations and price trends [11][14][28]. Summary by Directory Macro Information - The Central Economic Work Conference emphasizes the implementation of more proactive fiscal policies and moderately loose monetary policies, and determines 8 key tasks, including promoting investment to stop falling and stabilizing, and stabilizing the real estate market [6]. - Mexico will impose 5% - 50% tariffs on some products from China and other Asian countries starting next year, and China has launched a trade - investment barrier investigation [6]. - There are rumors about the clearance of quantitative trading equipment in exchanges, but no specific notice has been received [7]. - The storage chip industry is facing a severe supply - demand imbalance, with the shortage of DRAM expected to last until the first quarter of 2027, and the demand for DDR memory growing by 20.7% [7]. - Morgan Chase successfully issued a US commercial paper using blockchain, with payments in USDC [7]. - The key indicator for the "ChatGPT moment" of embodied intelligence is the "double 80%", which may occur in the next one or two years [7]. - OpenAI launches the GPT - 5.2 model, which is expected to bring more economic value. It will be launched in ChatGPT for paid users [8]. - The US trade deficit in September narrowed by nearly 11% month - on - month, reaching the lowest level since June 2020 [8]. - The number of initial jobless claims in the US last week increased by 44,000, and the number of continued jobless claims decreased by the largest amount in four years [8]. - The EU is considering postponing the plan to ban the sale of new fuel - powered cars until 2040 and allowing plug - in hybrid and extended - range electric vehicles to be sold for up to five more years [8]. - Although the yield of Japanese 10 - year government bonds has soared, the Bank of Japan has no intention of intervening for now [9]. Macro - Finance Stock Index Futures - The strategy is to think in terms of wide - range shocks. A - shares are in a downward shock, and the technical weakness of broad - based indexes has been repaired. Attention should be paid to possible adjustments after the realization of positive news [11]. Treasury Bond Futures - If the consensus on the decline of the capital - level center is reached, medium - and short - term bonds may stabilize first and then the rebound may spread to ultra - long - term bonds. The bond market sentiment is gradually improving [13]. Black Steel and Ore - From a policy perspective, the 2026 Politburo meeting and the Central Economic Work Conference are in line with market expectations without new policies. From a fundamental perspective, the demand for building materials is weak, and the demand for coils is fair. The supply of steel mills may decline, and the inventory is at a high level. Steel and ore prices are expected to be weak in the short - term and bearish in the medium - to - long - term [14][15]. Coal and Coke - The prices of coking coal and coke may fluctuate weakly in the short - term. The supply of coking coal is expected to shrink, and the demand for raw materials from steel mills is weakening. The potential negative feedback risk still restricts the prices in the short - term [17][18]. Ferroalloys - For ferrosilicon, it is recommended to take a long - at - low approach; for manganese silicon, it is recommended to take a short - at - high approach in the medium - term [19]. Non - ferrous Metals and New Materials Zinc - The domestic zinc inventory is decreasing. Zinc prices are expected to fluctuate widely, and aggressive investors can short at high prices [22]. Lead - The social inventory of lead is stable. Lead prices are expected to fluctuate, and it is recommended to hold short positions [23][24]. Lithium Carbonate - The price of lithium carbonate is expected to fluctuate widely in the short - term, with a limited decline space [25]. Industrial Silicon and Polysilicon - Industrial silicon may have some valuation repair opportunities, and polysilicon prices are expected to be strong [26]. Agricultural Products Cotton - The supply of cotton is temporarily loose, but the demand is expected to improve. It is suitable to buy at low prices after adjustment [28]. Sugar - The supply - demand situation of domestic sugar is expected to be bearish. Sugar prices are in a downward shock, and it is advisable to wait and see [30]. Eggs - The spot price of eggs is weak, dragging down the near - month contracts. The far - month contracts may be strong due to the expected decline in inventory, but the current valuation is high, so it is advisable to wait and see [32]. Apples - Apple prices are expected to fluctuate [34]. Corn - It is recommended to short the far - month contracts at high prices and pay attention to the changes in the spot price in the production area [35]. Red Dates - It is recommended to buy the far - month contracts at low prices [36]. Live Pigs - The spot market of live pigs shows a pattern of strong supply and weak demand. It is recommended to hold short positions in the near - month contracts [37]. Energy and Chemicals Crude Oil - The rebound of crude oil prices lacks sustainable driving force, and prices are expected to fluctuate weakly [39]. Fuel Oil - The price of fuel oil follows the trend of crude oil prices and is mainly affected by geopolitical and macro - factors [40]. Plastics - Polyolefins have a large supply pressure and weak demand. It is recommended to think in terms of a weak - shock approach and short after the price rebounds [41]. Rubber - The price of rubber is expected to fluctuate. It is advisable to wait and see, and one can sell call options at high prices [42]. Methanol - The near - month contracts of methanol are expected to be in a weak - shock state, and the far - month contracts can be considered for a long - position after smooth inventory reduction [43]. Caustic Soda - The spot price of caustic soda is slightly stable. It is recommended to take a short - term shock approach, avoid long positions in the near - month contracts, and wait and see for long positions in the main contracts [45][46]. Asphalt - The price of asphalt is expected to have a larger fluctuation range, and the future focus is on the price bottom after winter storage [47]. Polyester Industry Chain - The polyester industry chain is expected to continue to be under pressure. One can pay attention to the opportunity of going long on TA and short on PF [48]. Liquefied Petroleum Gas (LPG) - The price of LPG is expected to decline, as the downstream chemical industry's operating rate may fall [49]. Pulp - The fundamentals of pulp are improving slightly. It is advisable to wait and see during the day, and one can go long after a callback or sell out - of - the - money call options for hedging [50][51]. Logs - The fundamentals of logs are weakly bearish, and the spot price is under pressure. The disk is expected to be under pressure [52]. Urea - The spot market of urea is expected to be stable and weak. It is recommended to take a shock approach [53].

Core Insights - The article emphasizes the importance of enhancing international communication effectiveness, which is a composite capability system consisting of resource integration, content innovation, and audience engagement [1][2][3] - It highlights the need for a comprehensive communication system supported by information technology, focusing on cultural content and global mutual learning to optimize China's international communication effectiveness [2][3][4] Group 1: Technological Impact - The rapid development of new-generation information technologies is reshaping communication logic and expanding communication spaces, providing historical opportunities for the dissemination of Chinese civilization [2][3] - Technologies such as artificial intelligence, big data, cloud computing, and blockchain are shifting international communication from a linear model centered on content output to a networked, algorithm-driven, and ecological model [2][3] Group 2: Digital Infrastructure - A solid digital foundation is crucial for effective cultural dissemination, influencing the breadth, speed, and sustainability of communication [3][4] - The construction of new infrastructures like 5G networks and cloud computing enhances the coverage, stability, and timeliness of international communication while reducing costs and information redundancy [3][4] Group 3: Cultural Expression and Innovation - The development of information technology is reshaping cultural creation methods, injecting innovative power into the global expression of Chinese civilization [4][5] - Digital cultural products have become important carriers for international communication, with examples like the game "Black Myth: Wukong" and the film "The Wandering Earth" showcasing Chinese narratives to global audiences [4][5] Group 4: Collaborative Communication - The proliferation of information technology is facilitating a shift from one-way output to multi-directional interaction in cultural dissemination, creating new digital spaces for mutual learning [5][6] - New media and content platforms in China are leveraging technological innovations to engage in interactive dialogues with overseas users, enhancing understanding and communication [5][6]

企业名称赣晶舟应（江西）科技有限公司法定代表人李晓霞注册资本1000万人民币国标行业科学研究和 技术服务业>科技推广和应用服务业>技术推广服务地址江西省南昌市南昌县莲塘街道洪州大道东699号 莲塘街道产业孵化中心122室企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2025- 12-11至无固定期限登记机关南昌县市场监督管理局 经营范围含人工智能应用软件开发，人工智能理论与算法软件开发，人工智能行业应用系统集成服务， 大数据服务，互联网数据服务，数据处理和存储支持服务，云计算装备技术服务，智能机器人的研发， 智能控制系统集成，区块链技术相关软件和服务，5G通信技术服务，通信设备销售，集成电路芯片设 计及服务，集成电路芯片及产品销售，半导体器件专用设备销售，电子元器件批发，电子元器件零售， 物联网设备销售，物联网技术研发，物联网技术服务，移动终端设备销售，电子产品销售，软件开发， 技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广，供应链管理服务，货物进出口，技 术进出口（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 天眼查显示，近日，赣晶舟应（江西）科技有限公司成立，法定代表 ...

Group 1 - The core point of the news is the enactment of the Digital Technology Industry Law in Vietnam, which will officially take effect on January 1, 2026, with some provisions effective from July 1, 2025, marking a strategic step towards establishing Vietnam as a global digital technology center [1] - The law introduces a series of breakthrough incentive policies and a talent development strategy for the high-quality digital technology industry, aiming to strengthen modern digital infrastructure and build a synchronized ecosystem [1] - It serves as an important institutional lever for promoting digital transformation and developing the digital economy, providing strong momentum for the implementation of the Central Committee's Resolution No. 57 on technology, innovation, and national digital transformation [1] Group 2 - Significant breakthroughs in land and corporate income tax are achieved, with 14 categories of key materials and 18 categories of core equipment required for the semiconductor industry receiving the highest level of policy support, including full exemption from land use fees and rents [1] - Companies engaged in electronic device production can benefit from a corporate income tax incentive of "four exemptions and nine reductions," allowing full exemption for the first four years and a 50% reduction for the following nine years [2] - The law allows for the import of second-hand equipment under specific conditions to minimize R&D costs and encourage innovation, including for special professional purposes and scientific research [2]

Core Insights - Morgan Stanley has issued a U.S. commercial paper for Galaxy Digital Holdings on the Solana blockchain, marking a significant step in institutional acceptance of digital assets [1][3] - The transaction, involving Coinbase Global and Franklin Templeton, is one of the earliest cases of using blockchain for securities issuance and management, described by Morgan Stanley as a "global milestone" [1][3] - The debt transaction is valued at $50 million, highlighting the growing interest of traditional financial institutions in blockchain platforms like Solana, which offers high transaction speeds and low costs [4] Company Actions - Morgan Stanley's digital asset market head, Scott Lucas, stated that this milestone transaction is crucial for building the future of finance, demonstrating institutional acceptance of digital assets and the ability to securely bring new financial instruments on-chain amid complex legal and regulatory environments [4] - The bank has previously completed several issuances on its private permissioned blockchain, including municipal securities for Quincy in April 2024 and U.S. commercial paper for OCBC Bank in August 2025 [4] Future Plans - Lucas indicated plans to explore expanding the framework and Morgan Stanley's role in it in the first half of next year, which will include broadening the investor and issuer base and covering more types of securities [2][4] - In this transaction, Morgan Stanley acted as the arranger and created a tokenized version of the U.S. commercial paper, with issuance and redemption payments made in USDC, a stablecoin issued by Circle [5]

Core Insights - SEI blockchain development team Sei Labs has announced a partnership with Xiaomi to pre-install the SEI crypto wallet application on new Xiaomi smartphones, targeting markets outside of mainland China and the United States, including Europe, Latin America, Southeast Asia, and Africa [1][2] Group 1: Market Position and Sales - Xiaomi holds over 36% market share in the Greek smartphone market and over 24% in India [2] - The company is projected to sell over 168 million devices in 2024, capturing 13% of the global market share [2] Group 2: Wallet Features and Services - The pre-installed wallet will allow user registration via Google or Xiaomi account credentials [2] - The collaboration aims to support decentralized applications, peer-to-peer transfers, and consumer-level commercial transactions [2] Group 3: Future Plans and Investments - SEI and Xiaomi plan to enable USDC and other stablecoin transactions on the SEI network, with stablecoin payment services expected to launch in Hong Kong and the EU by Q2 2026 [2] - SEI has committed $5 million to initiate the "Global Mobile Innovation Program," which will provide funding support for developers and startups creating blockchain applications for consumer devices [2] - The partnership is anticipated to bring tens of millions of new users to the SEI platform annually, focusing on expanding wallet services in emerging markets [2]