Core Points - The first payment of import value-added tax using digital RMB was made by HCHB International Logistics Co., amounting to 186,000 yuan, marking the official entry of customs tax payments into the digital RMB era [1] - The implementation of this payment method enhances the application scenarios of digital RMB and upgrades the customs tax payment process, significantly facilitating enterprises [1] - The entire payment process is automated, eliminating the need for offline document submission and manual bank processing, thus achieving a fully intelligent workflow [1] Group 1 - The digital RMB payment service operates 24/7 and offers full data traceability, making tax payments quicker, safer, and more reliable for enterprises [1] - Qingdao is one of the second batch pilot cities for digital RMB, with collaboration among Qingdao Customs, the People's Bank of China Qingdao Branch, and China Merchants Bank Qingdao Branch to empower foreign trade development [1] - The introduction of this service optimizes traditional customs tax payment processes and adds a digital RMB pathway for tax collection, representing a key practice in financial innovation and government services [2] Group 2 - Qingdao Customs plans to deepen cooperation with financial institutions in the digital finance sector and explore more applications of digital RMB in customs scenarios to further empower enterprises in reducing costs and increasing efficiency [2]

智通财经APP获悉，10月21日，香港财政司司长陈茂波在韩国仁川出席亚太区经济合作组织(亚太经合 组织)财政部长会议(财长会议)，并与会议主席、韩国经济副总理兼企划财政部长官具润哲会面。在讨论 环球和区域经济展望时，陈茂波表示，环球经济增长在单边主义和关税的挑战下有放缓的势头，当前世 界经济正面临极大不确定性，一些经济体还须面对合作与胁迫之间，以及共同繁荣与狭隘私利之间的抉 择。他指出，在这个背景下，中国香港坚定维持自由开放的贸易与投资环境，为全球企业和资本提供稳 定、先后一致和可预期的营商环境。他呼吁各成员经济体坚定维护以规则为本的多边贸易体系，团结合 作，推动区域经济的可持续增长。 在讨论数字金融的环节上，陈茂波指出，区块链技术和人工智能正引领数字金融服务快速发展，它们不 单能提升效率和降低成本，也有助推动普惠金融。在数字资产及人工智能越趋广泛应用于金融服务的背 景下，各经济体应重视有关创新是否负责任和可持续，包括须顾及投资者利益和金融稳定。陈茂波表 示，香港积极参与数字金融的跨境合作与政策对话，并愿与区内伙伴深化在相关领域的合作。 在讨论数字金融的环节上，陈茂波指出，区块链技术和人工智能正引领数字金融服 ...

Core Viewpoint - The China Development Bank (CDB) emphasizes its commitment to serving the real economy by focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, aiming to enhance high-quality financial development and support the construction of a strong financial nation [1][17]. Group 1: Technology Finance - CDB actively promotes financial services for technological innovation, providing comprehensive financial support throughout the lifecycle of technology projects and enterprises, thereby fostering new productive forces [2][3]. - The bank has issued its first batch of three "Technology Innovation Bonds" totaling 20 billion yuan, aimed at supporting technology innovation demonstration enterprises and high-tech manufacturing sectors [4]. Group 2: Green Finance - CDB is committed to supporting green transformation in the economy and society, focusing on financing for infrastructure upgrades, low-carbon technology innovation, and major ecological projects [5][9]. - The bank has issued 157 billion yuan in green financial bonds since the beginning of the 14th Five-Year Plan, supporting national strategies for ecological protection and high-quality development [9]. Group 3: Inclusive Finance - CDB plays a significant role in providing student loans, having issued 246 billion yuan in loans supporting over 23 million students, covering 80% of the national total [11]. - The bank has supported over 1.5 million small and micro enterprises, enhancing financial services to meet diverse needs in key sectors [10][12]. Group 4: Pension Finance - CDB has supported the construction of over 190,000 inclusive pension beds during the 14th Five-Year Plan, addressing the needs of the aging population [13][14]. Group 5: Digital Finance - CDB is advancing its digital transformation by supporting the construction of foundational networks and artificial intelligence infrastructure, enhancing financial service efficiency [15][16]. - The bank has implemented a mobile app for student loan services, streamlining the application process and improving user experience [16].

香港财政司司长在韩国仁川出席亚太经合组织财长会议 中新网香港10月21日电 当地时间10月21日，香港特区政府财政司司长陈茂波在韩国仁川出席亚太经济 合作组织(简称"亚太经合组织")财政部长会议，并与会议主席、韩国经济副总理兼企划财政部长官具润 哲会面，讨论如何加强在经贸、金融和创科领域的合作。 当地时间10月21日，香港特区政府财政司司长陈茂波(左)在韩国仁川出席亚太经济合作组织财政部长会 议，并与会议主席、韩国经济副总理兼企划财政部长官具润哲(右)会面。 (香港特区政府新闻处供图) 据香港特区政府新闻处消息，本次会议聚焦讨论环球和亚太区的经济情况与展望、数字金融、各经济体 的公共财政政策等议题。陈茂波在会上表示，中国香港坚定维持自由开放的贸易与投资环境，为全球企 业和资本提供稳定、一致和可预期的营商环境。他呼吁各成员经济体坚定维护以规则为本的多边贸易体 系，团结合作，推动区域经济的可持续增长。 在讨论公共财政政策的环节，陈茂波分享了中国香港的经济发展策略，包括巩固国际金融中心和贸易中 心等优势产业，并推动创科等新兴产业发展。他表示，特区政府会积极运用市场资源，例如公私营合作 及发债等，以提速发展北部都会区 ...

Core Viewpoint - The successful launch of the "Silver Industry Cloud" platform by the Industrial and Commercial Bank of China (ICBC) in Liaocheng represents a significant step in integrating digital finance with pension services, highlighting the bank's commitment to high-quality development and social responsibility [1][2]. Group 1: Project Implementation - ICBC Liaocheng quickly established a special service team for pension finance after learning about the "Silver Industry Cloud" platform, focusing on policy interpretation and industry knowledge training to enhance service efficiency and professionalism in the pension sector [1]. - The team conducted visits to key local pension institutions to explain the platform's features, safety advantages, and cooperation prospects, aiming to tailor solutions to meet the specific needs and pain points of businesses [1]. - A dedicated team was organized to streamline the project process, creating a scientific progress management table to ensure efficient execution of due diligence, documentation, account opening, API setup, and platform establishment [1]. Group 2: Platform Benefits and Future Plans - Following the successful launch, the platform has empowered multiple local pension institutions by providing a comprehensive digital operation solution that includes smart scheduling, health record management, cost settlement, material procurement, and meal management [2]. - ICBC Liaocheng plans to leverage the "Silver Industry Cloud" platform as a key tool to explore financial support for the construction of the pension service system, aiming to inject new momentum into the high-quality development of the regional silver economy [2].

来源：市场资讯 （来源：上林下夕） 1 政策调整的历史背景与动因 2025年美联储对银行加密货币业务的监管政策发生了根本性转变，这一转变并非孤立事件，而是美国金 融监管体系为应对数字货币浪潮做出的战略性调整。本次政策松绑是特朗普政府时期监管思路调整的延 续，自2022年共和党重新掌控众议院后，美国证监会(SEC)便逐步撤销了多项加密诉讼。这一系列举措 标志着美国监管机构从过去的限制性态度转向更为开放包容的监管框架，背后蕴含着深层次的战略考 量。 美国监管政策的转变是多重因素共同作用的结果。首先，加密货币市场的快速成熟和机构投资者兴趣的 激增是主要推动力。根据日本野村证券旗下加密风险投资部门Laser Digital的调查，超过96%的机构投 资者现已认可加密资产的价值，并将其视为与固定收益、现金、股票等传统资产类别相当的投资多元化 工具。与此同时，美国银行业对加密服务的需求显著增长，美联储2025年第一季度报告显示，已有46% 的美国银行为客户提供加密货币相关服务，较2022年的18%大幅提升。 其次，美国在Web3时代争夺金融话语权的战略考量是政策转变的关键动因。分析人士指出，监管态度 软化一方面是对行业快 ...

Core Viewpoint - Derlin Holdings (01709.HK) plans to raise approximately HKD 973 million through a combination of existing share placement and directed new share issuance, with Antalpha-related parties becoming strategic shareholders after investing HKD 200 million [1][2] Fundraising Plan - The fundraising will be executed in two steps: first, the placement of 255 million existing shares at HKD 3.05 per share to at least six independent subscribers, followed by a subscription agreement with Evergreen Wealth Investment Limited for up to 63.83 million new shares at the same price [1][2] Use of Proceeds - The net proceeds from the fundraising, estimated at HKD 956 million after expenses, will be allocated as follows: approximately 56% for expanding Bitcoin mining and digital reserve operations, 24% for developing and tokenizing Real World Assets (RWA) products, 10% for strategic and diversified investments, and 10% for general working capital [2] Share Pricing - The subscription price of HKD 3.05 per share represents a discount of about 11.34% compared to the last closing price of HKD 3.44 and a discount of approximately 4.98% compared to the average closing price of HKD 3.21 over the last five trading days [2] Strategic Partnership - Antalpha, a Nasdaq-listed fintech company and a key financial enabler in the Bitcoin mining ecosystem, has entered into a strategic partnership with Derlin Holdings, which has made substantial progress in its strategic business segments, including the procurement and deployment of high-performance mining machines [2]

Core Viewpoint - The Chinese financial system is undergoing a transformation to better serve the real economy, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, as outlined in the recent Central Financial Work Conference and subsequent regulatory guidance [1][2]. Group 1: Overview of Securities Companies' Development - Securities companies are actively integrating the "five key areas" into their long-term strategies, emphasizing top-level design and coordinated efforts across departments [1]. - The scale of services in core areas has significantly increased, with the total underwriting scale of the five major themed bonds reaching 1.32 trillion yuan in 2024, a 16-fold increase from 2020 [1]. Group 2: Focus Areas in Financial Services - In technology finance, securities firms are enhancing the "financing + investment" model to support tech companies and establish mother funds in sectors like renewable energy and healthcare [2]. - In green finance, there is a push for product innovation and the creation of ESG-themed products to link green projects with capital [2]. - Inclusive finance efforts are aimed at addressing the financing challenges faced by small and micro enterprises and improving investment education for individual investors [2]. - In pension finance, firms are developing customized products and exploring financing avenues for pension facilities and industries [2]. - Digital finance has achieved comprehensive coverage across business lines, enhancing service efficiency and matching customer needs [2]. Group 3: Challenges for Small and Medium-sized Securities Firms - Small and medium-sized securities firms face challenges in strategic understanding, collaboration efficiency, and business model optimization, leading to a lack of internal motivation for long-term strategic investment [3]. - There are significant gaps in capabilities, particularly in technology and green finance, where service tools and product development need improvement [3]. - The product offerings in pension finance are limited compared to banks and insurance companies, with innovative businesses still in pilot stages [3]. Group 4: Market Dynamics and Competition - The market is increasingly concentrated, with the top five securities firms capturing 58.87% of the underwriting scale for the "five key areas" themed bonds, while smaller firms struggle due to limitations in business layout and capital strength [4]. - Capital pressure restricts business expansion for smaller firms, which face challenges in launching innovative financial products due to stringent regulations [5]. Group 5: Optimization Paths for Small and Medium-sized Securities Firms - Small and medium-sized firms are encouraged to enhance their functional roles and improve service tools to better serve the "five key areas" [6]. - Emphasizing collaboration across business lines and integrating research capabilities can provide timely industry insights and support business development [6]. - Firms should adopt a differentiated development strategy, focusing on specific industries and regional strategies to enhance competitiveness [7]. Group 6: Capital Strengthening Strategies - Strengthening capital through refinancing and exploring merger and acquisition opportunities is crucial for enhancing service capabilities in the "five key areas" [8]. - Optimizing talent resource allocation and fostering high-end professional talent is essential for sustainable growth [8].

Core Viewpoint - The company Guangdian Yuntong has made a significant advancement in its cross-border payment business by obtaining the Money Service Operator (MSO) license from Hong Kong Customs for its wholly-owned subsidiary, Huitong Hong Kong [1] Group 1: Business Development - Huitong Hong Kong's acquisition of the MSO license enhances the company's capabilities in cross-border fund settlement and foreign exchange services [1] - The license allows the company to operate in compliance with regulations, marking a key milestone in its business layout in the cross-border payment sector [1] Group 2: Technological Integration - The company plans to leverage its expertise in artificial intelligence, blockchain, and big data to improve the intelligence and security of its cross-border financial services [1] - This technological integration aims to expand the company's financial technology products internationally and strengthen its global compliance operations [1] Group 3: Strategic Implications - The MSO license lays a foundation for the company's digital financial ecosystem and international business growth [1] - The development signifies a strategic move to enhance the company's position in the global financial market [1]

Core Viewpoint - Hunan Province has introduced implementation opinions to enhance financial services for high-quality economic development, marking a significant acceleration in the development of digital finance in the region [1] Group 1: Digital Financial Development - The People's Bank of China Hunan Branch is guiding the financial system to align with the province's "three highs and four new" blueprint, leveraging the "Digital Hunan" initiative to accelerate digital transformation and increase financial resource investment in digital industries [1][2] - By July 2025, the loan balance for the digital economy industry in Hunan is expected to grow by 13.7% year-on-year, surpassing the average growth rate of all loans [1] Group 2: Digital Transformation Strategies - Hunan Province is focusing on data elements and digital technology to drive high-quality economic development, with the People's Bank of China Hunan Branch prioritizing digital finance in the provincial strategic development framework [2] - The bank is promoting a digital financial foundation project called "Digital Chain of Three Rivers," which aims to enhance the digital transformation of banking institutions and create a data-driven financial service system [2] Group 3: Management and Organizational Framework - A "provincial coordination + provincial-city collaboration" model is being established to manage digital transformation tasks, with 93 key transformation tasks achieving phased results over the past three years [3] - Various banks in Hunan are developing digital transformation management frameworks, with the Construction Bank Hunan Branch implementing a three-year digital operation plan and enhancing digital financial performance assessment [3] Group 4: Talent Development in Digital Transformation - The Changsha Branch of China Merchants Bank has established a "Digital Empowerment Team" and set up digital positions across business lines to promote digital applications like Robotic Process Automation (RPA) [4] Group 5: Technology Empowerment and Efficiency - The "Code Loan" project by a local rural commercial bank has successfully issued credit loans of 200,000 yuan in under 10 minutes, utilizing big data for precise credit assessment [5] - The Hunan Provincial Branch of Agricultural Bank has implemented 188 RPA processes, reducing manual workflow time from 513 person-months to 91 person-months, achieving an efficiency increase of over 82% [7] Group 6: Data-Driven Financial Services - The establishment of a financial big data center in Hunan has integrated 1.6 trillion financial data records, enabling banks to provide standardized data support services [8] - Various banks are launching innovative credit products based on data-driven assessments, such as the "Knowledge Value Credit Loan" and "Xiangtan Quick Loan," which simplify the loan application process and enhance credit evaluation [9]