在这场2000万亿元市场的竞赛中，合规是入场券，技术是加速器，而全球化视野是最终胜出的密码。 跨境支付概念近期坐上"过山车"。Wind数据显示，跨境支付指数自4月8日～4月22日迅速上涨，从1269 点上涨至1500点上方，区间涨幅超15%。4月24日开始至今，又回调至1445点附近。 热门概念股表现也震荡。以拉卡拉（300773.SZ）为例，该股4月8日股价最低下挫至13.95元/股，随后震 荡上行，4月22日一度触及29.99元/股高点。截至4月30日收盘，拉卡拉报收21.21元/股。此外，新晨科 技（300542.SZ）、高伟达（300465.SZ）、信雅达（600571.SH）、海联金汇（002537.SZ）等多只"跨 境支付概念股"也高度活跃。 跨境支付指数14天暴涨超15%又迅速回调背后，一场关税冲击下的跨境支付行业变局正在上演。短期来 看，跨境支付行业面临关税政策带来的压力——合规成本增加、短期内跨境支付笔数和金额可能减少。 中长期来看，人民币国际化进程加速与全球供应链重构或为跨境支付企业打开新的增长空间，行业洗牌 已悄然开启。 跨境支付指数大幅波动 跨境支付板块的行情波动绝非偶然，其背后是政策 ...

虽然直到今天还有不少网友把美元说成是"美金"，但是自从美国撕毁"布雷顿森林体系"协议以来美元和 黄金就成了此消彼长的竞争关系。 一般每当代表美元汇率走势的美元指数大幅跳水的时候，国际金价就会在避险投资涌入的支撑下强势上 涨。 在美国进入"特朗普2.0时代"以后（1月20日至今），一日三变的特朗普已经让美元指数下跌近8%，与此 同时国际金价则屡创历史新高，4月22日一度突破每盎司3500美元大关。 一季度以来包括我国、俄罗斯、新加坡在内的全球各国大量增持黄金，这股"囤金潮"是否会让美元贬值 90%，人民币国际化又能否趁势崛起呢？ 一、央行囤金的原因 在这场"囤金潮"中我国显然是最值得关注的主力。截至一季度末中国央行已经通过连续五个月的大举买 入，将黄金储备规模提高至7370万盎司（约合2292吨），相比十年前增长超过一倍。 环球银行金融电信协会（Swift）最近公布的数据显示，截至今年一季度末美元在全球贸易中的支付占 比依然高达49.08%，相比去年同期提高1.71个百分点。既然美元目前还是全球贸易最主要的结算货币， 各国央行疯狂囤金的目的是什么呢？ 首先，美债危机严重大幅提高黄金避险价值。虽然特朗普的关税战可 ...

导读 2025年4月22日，由中国人民大学深圳研究院（社会科学高等研究院（深圳））主办，中国人民大学国际货币研究所（IMI）、中国人民大学深圳金融高 等研究院共同承办的"人大深圳社科沙龙"（第49期）暨"大金融思想沙龙"（总第252期）在线上成功举行，本次会议的主题为： "全球经济变局下的人民 币汇率观察"。 IMI研究员、中国人民大学财政金融学院副教授陆利平发表主题报告， 中国人民大学经济学院原党委常务副书记兼副院长王晋斌，国家发展和改革委员会 宏观经济研究院研究员曲凤杰，北京航空航天大学经济管理学院金融学教授谭小芬，华创证券研究所副所长、首席宏观分析师张瑜等嘉宾出席会议并参与 研讨。本次沙龙由 中国人民大学财政金融学院教授张顺明主持。 主题报告 沙龙第一环节，由 IMI研究员、中国人民大学财政金融学院副教授陆利平发表主题报告，提出三方面观点，一是近期全球经济格局面临重大变化，美国对 华关税政策对中国出口和经济增长带来不确定性，人民币汇率承压。美元指数持续走弱及美国经济衰退预期持续作用于汇率。二是贸易摩擦是影响汇率走 势的重要因素，本轮摩擦中人民币短期贬值后迅速反弹，波动性明显增强。三是人民币汇率同时面临多 ...

证券研究报告 公司研究 点评报告 新大陆(000997.SZ) 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 人民币国际化背景下，打造全球领军的数字商业服务商 2025 年 4 月 30 日 事件：新大陆发布 2024 年年度报告及 2025 年一季报，2025 年公司实现营 业收入 77.45 亿元，同比下降 6.11%；实现归母净利润 10.10 亿元，同比增 长 0.59；实现扣非归母净利润 9.88 亿元，同比下降 8.87%。单四季度实现 收入 21.72 亿元，同比减少 8.21%，实现归母净利润 1.91 亿元，同比增长 2.91%。2025 年一季度，公司实现收入 18.96 亿元，同比增长 8.92%；实现 实现归母净利润 3.11 亿元，同比增加 25.16%。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 一季度多项数据显著向好 ...

人民网阿尔及尔4月30日电（记者郝瑞敏）当地时间4月28日，由中国石油技术开发有限公司牵头的 中石油企业联合体阿尔及利亚奥兰阿尔泽LNG锅炉改造项目首笔人民币付款成功，顺利到账国内账 户。 人民币国际化是中国经济实力和国际地位的重要体现。"该合同的突破性亮点是成功引入了人民币 结算，合同约定采用人民币和当地币两种币种进行结算，其中人民币结算金额占合同总金额的 85%。"中国石油技术开发有限公司项目负责人表示，这笔人民币付款实现了阿尔及利亚当地银行首次 进行跨境支付大额人民币结算的历史性突破，也是央企践行责任担当，推进人民币国际化的生动实践。 油气领域是阿尔及利亚的经济命脉，中国企业与阿尔及利亚国家石油公司首次成功签署并执行人民币计 价、决算合同，是中阿合作史上的重要里程碑。这一成果不仅标志着两国在核心经济领域的合作迈向新 高度，更为推动人民币在全球产业链供应链中的应用，持续提高和释放人民币在国际经济循环中的影响 力发挥示范效应。 "奥兰阿尔泽LNG锅炉改造项目展现了中国企业在国际能源领域的综合实力，更是在阿国油气核心 领域首次实现了大额人民币跨境支付结算，降低了汇兑成本、规避了汇率风险。这一成功案例为阿中项 ...

Core Viewpoint - The company emphasizes its commitment to serving the real economy, risk prevention, and enhancing global competitiveness while promoting high-quality financial development to contribute to economic modernization. Group 1: Financial Performance and Support Initiatives - As of the end of March, the company's total assets reached 35.99 trillion yuan, a growth of 2.64% from the beginning of the year, with operating income of 164.9 billion yuan, an increase of 2.41% year-on-year [2] - The company has intensified credit support for consumption, launching a special action plan to boost consumer finance, resulting in a 7.62% increase in non-housing consumer loans compared to the beginning of the year [2] - The company has also focused on supporting private enterprises, with new loans to private enterprises increasing by 353.2 billion yuan, a growth of 7.99% [2] - In support of rural revitalization, agricultural loans increased by 262.4 billion yuan, with a growth rate of 10.49% [2] Group 2: Capital Market Support - The company supported 73 stock repurchase plans for listed companies in the first quarter, with a total loan intention amount of 25.359 billion yuan [3] - It has initiated equity investment pilot projects in 18 cities, establishing 9 pilot funds with a total subscription scale of 7.9 billion yuan [3] Group 3: Internationalization and Global Strategy - The company is committed to advancing the internationalization of the renminbi, with cross-border renminbi settlement volume increasing by 27.95% year-on-year, maintaining the largest market share [4] - It has the highest number of participating institutions in the CIPS, holding 16 seats among the 34 authorized renminbi clearing institutions globally [4] - The company is enhancing its global layout and service offerings, focusing on supporting initiatives like the Belt and Road [4] Group 4: High-Quality Financial Development - The company's technology finance loan balance increased by 570.2 billion yuan, with a growth rate of 29.82% [5] - It leads the market in underwriting green bond issuances, with domestic green credit balance exceeding 4 trillion yuan, growing over 10% [5] - Inclusive loans for small and micro enterprises grew by 27.63% in balance and 38.07% in the number of loan accounts, benefiting 1.65 million market entities [5] Group 5: Digital Transformation and Service Innovation - The company is building a multi-level pension financial product service system and has launched a new pension financial section in its mobile banking app [6] - It has completed the promotion of a digital marketing platform in 10 pilot branches, with monthly active users of personal mobile banking reaching 98.56 million, a year-on-year increase of 9.38% [6] - The company continues to focus on enhancing its service to the real economy, supporting major strategies and key areas to inject continuous momentum into China's modernization [6]

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [8]. Core Views - The company reported a revenue of 7.745 billion RMB in 2025, a year-on-year decrease of 6.11%, while the net profit attributable to shareholders was 1.010 billion RMB, a slight increase of 0.59% [1]. - The first quarter of 2025 showed significant improvement, with a revenue of 1.896 billion RMB, representing a year-on-year growth of 8.92%, and a net profit of 311 million RMB, up 25.16% year-on-year [1]. - The company is strategically positioned to benefit from the internationalization of the RMB and the complexities of global trade, with a focus on comprehensive payment solutions [1]. - The overseas performance in 2024 was strong, with international revenue reaching 2.674 billion RMB, a year-on-year increase of 18.7%, accounting for 34.52% of total revenue [1]. - The company is leveraging AI technology in its payment solutions, enhancing its product offerings and operational efficiency [1]. Financial Summary - The total revenue for 2023 was 8.250 billion RMB, with a projected increase to 8.500 billion RMB in 2025, reflecting a growth rate of 9.7% [2]. - The net profit attributable to shareholders is expected to grow from 1.010 billion RMB in 2024 to 1.227 billion RMB in 2025, marking a year-on-year increase of 21.5% [2]. - The gross margin is projected to improve from 36.5% in 2024 to 37.2% in 2025 [2]. - The earnings per share (EPS) are forecasted to rise from 0.98 RMB in 2024 to 1.19 RMB in 2025, with corresponding price-to-earnings (P/E) ratios of 27.31 and 22.47 respectively [2].

Core Viewpoint - The carbon credit system under the Paris Agreement facilitates the cross-border flow of climate funds, achieving carbon reduction goals at lower costs and higher efficiency [1][11]. Development of China's Carbon Market - China's carbon market has evolved from the Clean Development Mechanism (CDM) to a comprehensive system that includes mandatory and voluntary trading markets, ensuring a healthy and orderly operation [4][5]. - The voluntary carbon market has experienced fluctuations, with significant developments starting from 2012, including the establishment of the national certified voluntary emission reduction (CCER) program [4][5]. - The national carbon market has seen a significant expansion, with the launch of the national power quota market in 2021 and the voluntary emission reduction trading system in 2023 [5][6]. Market Performance and Mechanisms - In 2024, the national carbon market's trading volume reached 189 million tons, with a transaction value of 18.114 billion yuan, marking a new high since its inception [6][7]. - The trading price in the carbon market has shown a steady increase, with the closing price in the fourth quarter stabilizing between 97 yuan/ton and 106 yuan/ton [7]. - The market's trading activity has significantly increased, with a turnover rate of 3.5% in 2024, compared to approximately 2.0% in previous years [6][7]. Policy Recommendations for Market Development - To enhance market vitality, it is essential to diversify trading products, participants, and methods, encouraging participation from financial institutions and individual investors [9][18]. - Implementing a paid quota usage mechanism, similar to the EU carbon market, is recommended to internalize costs and improve price discovery [9][18]. - Strengthening environmental information disclosure and building a robust integrity system are crucial for ensuring data quality and market credibility [10][18]. International Cooperation and Market Expansion - Attracting participation from countries involved in the Belt and Road Initiative can enhance the quality and openness of China's carbon market, promoting international carbon asset transactions settled in yuan [1][11]. - Active participation in international rule-making is necessary to establish a legal, international, and modern carbon market, increasing its global attractiveness and influence [1][11].

Group 1 - The article discusses the challenges faced by the dollar system due to the spillover effects of the Federal Reserve's monetary policy, the weaponization of the dollar, and significant changes in the global economic landscape [1][2][8] - The Milan Report proposes the "Mar-a-Lago Accord" as a strategy for the U.S. to reshape the global economic order through dollar depreciation, debt restructuring, and trade confrontation [2][4] - The dollar's status as the dominant reserve currency is linked to U.S. financial control, which is maintained through military alliances and economic strategies [3][6] Group 2 - The dollar's financial control manifests in three key areas: international pricing power, financial sanctions, and crisis transfer [4][5] - The U.S. has leveraged its financial control to impose sanctions, as seen in the Ukraine crisis, which has raised concerns about the safety of dollar assets and accelerated the process of "de-dollarization" [10][11] - The "Triffin Dilemma" poses a structural challenge to the dollar system, where the need for liquidity through U.S. deficits undermines the dollar's credibility [7][12] Group 3 - The article highlights the impact of the dollar's hegemony on global financial stability, emphasizing that the current U.S. policies may exacerbate internal contradictions within the dollar system [8][9] - The spillover effects of the Federal Reserve's monetary policy have led to global financial cycles, with significant repercussions for emerging markets [9] - The weaponization of the dollar has contributed to the fragmentation of the global financial system, prompting countries to seek alternative payment mechanisms [10][11] Group 4 - The article suggests that the U.S. strategy of "debt monetization" could undermine global financial stability, as proposed in the Milan Report [12][13] - The potential implementation of long-term zero-coupon bonds could lead to a loss of confidence in U.S. Treasury securities, impacting global markets [12][13] - The need for a diversified international monetary system is emphasized, with recommendations for enhancing the use of the renminbi in global trade [13][14] Group 5 - The article advocates for the construction of a new international monetary order based on the concept of a "community of shared future for mankind," promoting cooperation among countries [16] - It highlights the importance of regional financial cooperation and the establishment of a multilateral currency settlement system to reduce reliance on third-party currencies [16] - The development of a digital currency payment system is seen as a crucial step towards reforming the international payment system and enhancing the renminbi's role [15][16]

金价像脱缰的野马，2024年初还在2050美元晃悠，到了2025年直接飙到3500美元，涨了七成多。 而美元却像漏气的皮球，购买力直线崩盘，有人甚至喊它要贬值90%。 人民币可不甘示弱，带着黄金筹码在国际舞台上大杀四方，结算量猛涨，中东土豪都开始用人民币买金。 美元的霸主地位晃得厉害，人民币国际化势头猛得像要追平它。 这场货币大战，到底谁能笑到最后？ 文案：凤梨 编辑：凤梨 国际金市最近可以说是十分热闹，买盘一波接一波，伦敦金交所一天能涌入30亿美金的订单。 亚洲的央行们买的最积极，中国、印度、土耳其，一个比一个出手狠，2025年一季度，全球央行买的黄金占了全年需求的四分之一。 这可不是投机炒作，黄金这东西不生利息，也不像股票能分红，但它有个真本事——能扛住货币贬值的风险。 回想1971年，美元跟黄金彻底分手，布雷顿森林体系崩了。 那会金价才35美元，如今3500美元，美元的购买力硬生生缩水了99%，这数字听着吓人，但市场反应更直接。 数据显示：2025年，美元指数跌到98，三年最低，美国国债日子也不好过，全球抛售潮来了，10年期美债的实际利率滑到-1.3%。 华尔街嘴上不认输，可连中国的保险资金都开始买黄金 ...