人民银行深圳市分行近日发布的行政处罚决定书显示，嘉联支付有限公司（下称"嘉联支付"）因违反商 户管理规定及违反清算管理规定，被给予警告、通报批评，并处以141万元罚款，同时没收违法所得 1293.91元。 2020年8月，嘉联支付因存在未按规定建立有关制度办法或风险管理措施，与身份不明的客户进行交 易，未按照规定履行客户身份识别义务，未按规定报送大额交易报告或者可疑交易报告的违法行为，被 罚款941万元。时任嘉联支付风险管理部总经理的周某、时任嘉联支付业务运营中心总经理的路某，以 及时任嘉联支付常务副总裁兼监事的黎某程分别对上述违法违规行为负有直接责任，分别被罚款5万 元、12.5万元、17.5万元。 不久前，嘉联支付母公司深圳市新国都股份有限公司（下称"新国都"）向香港联合交易所递交招股书， 拟发行H股股票，并申请在港交所主板挂牌上市。新国都主要通过拥有全国性银行卡收单业务牌照的全 资子公司嘉联支付，提供支付服务及场景数字化服务。 2023年10月31日，嘉联支付又因存在违反清算管理规定、违反商户管理规定以及未对外包服务商开展尽 职调查的违法违规行为，被央行深圳市分行予以警告，没收违法所得并罚款299万元。 ...

预计到2030年跨境支付规模将达290万亿美元，其中零售市场规模将增长45%。随着B2B电子商务增长加速，预计将从39 万亿美元增至 56万亿美元，成为跨 境支付最大细分市场。同时，跨境商业服务的增长将超过货物贸易。 自2015年一期上线以来，人民币跨境支付系统（ CIPS ）逐步扩展至全球市场，截至2025年4月末，直接参与者共计171家，间接参与者1500家，相关业务通 过4900多家银行机构覆盖全球187个国家和地区。 央行联合五地官方机构建设多边央行数字货币桥mBridge，基于DLT实现多中心同平台的跨境"支付即结算"，2024年已进入最小可行化产品阶段。数字人民 币跨境支付DCEP商业试点于2025年加速推进，截至2025年4月已扩展至50多个国家和地区，覆盖"一带一路"沿线90%的经济体。 D音支付 未来全球电商市场增长依然强劲，2023-2024年同比增长10%，预计到2030年CAGR将达到8%。目前电商已占C2B支付场景15%的市场份额，到2030年这一比 例预计将达到19%。全球消费正进入全面数字化时代。 （一）人民币跨境支付基础设施建设全面展开 2023年下半年起，人民币跃升成为国际支 ...

收单承压 硬件逆势增长 从H股招股书披露的收入结构来看，新国都的增长逻辑正在发生变化。 成立于2001年，于2010年深交所上市的新国都，在2022—2025年上半年间，收单及增值服务收入占比从 70.9%降至61.9%，而电子支付产品收入占比从22.7%升至35.2%，成为公司新的收入支撑点。与此同 时，公司毛利率经历了先上升后回落的波动，从2022年的25.27%分别升至2023年、2024年的38.8%、 40.56%，后又回落至34.06%。 新国都方面在接受记者采访时表示，公司两大核心业务板块业务结构的变化主要为外部市场等因素导 致；整体毛利率的变化主要受收单及增值服务板块毛利率变化影响。 中经记者 许璐 李晖 北京报道 支付行业正在进入深度调整期。 12月5日，中国人民银行深圳市分行发布新罚单，嘉联支付有限公司因违反商户管理规定、清算管理规 定被给予警告、通报批评，并罚款141万元，没收违法所得1293.91元。 值得注意的是，近期嘉联支付母公司新国都（300130.SZ）向香港联交所递交了发行境外上市股份（H 股）并在香港联交所主板挂牌上市的申请，谋划"A＋H"双平台资本运作，成为继拉卡拉（30 ...

"以前办理泰铢兑换要多方比对汇率，办理速度受到影响，现在直接在银行窗口提交申请，十分钟就能 到账！"昆明锦宇物流有限公司财务部会计孙心萍感慨。 近年来，中国人民银行云南省分行持续推进区域金融改革、推动金融开放。富滇银行在老挝设立的老中 银行，率先开展人民币对泰铢区域交易试点，推动泰铢进入全国银行间市场。从边民互市到重大跨境项 目，人民币在南亚东南亚市场的认可度持续提升。 去年以来，中国人民银行云南省分行持续扩大自动取款机外卡取现功能覆盖面，积极推动跨境二维码互 联互通，越来越多外籍游客用上了二维码支付。目前，云南已与越南、老挝、泰国的12家银行实现了跨 境二维码互联，今年前10个月，云南省银联跨境二维码累计交易金额达1521.02万元。 曾经"换汇难、到账慢"的边贸结算，如今也迈入"秒级结算"新阶段。邮储银行（601658）云南分行针对 已经开立外汇账户的企业，只需提供电子材料，银行购汇就可以将款项付到指定的境外交易对手账户 中。从纸质审核转为电子化审核，企业无需线下奔波，大幅提升了企业国际结算业务效率。 "过去每次带团都要先统计游客兑换人民币数额，有零有整颇费工夫，如今外籍游客在云南的跨境支付 体验越来越' ...

Core Insights - Airwallex has completed a Series G funding round, raising $330 million, led by Addition with participation from T. Rowe Price, Activant, Lingotto, Robinhood Ventures, and TIAA Ventures, resulting in a valuation of $8 billion [2] - The company is establishing its second global headquarters in San Francisco, following Singapore, and plans to double its U.S. team to over 400 people within the next 12 months [2] - Airwallex reported an annualized revenue of $720 million for March 2025, representing a 90% year-over-year growth, with a global transaction volume exceeding $130 billion [2] Company Overview - Airwallex was founded in December 2015 by Jack Zhang, Max Li, Lucy Liu, and Xijing Dai, aiming to create a more efficient and cost-effective cross-border payment solution for businesses [3] - The company provides global payment, financial management, expense control, and embedded financial solutions for modern enterprises [2]

Core Viewpoint - The A-share market experienced a rebound on December 8, with the financial technology ETF Huatai (159103) opening higher and achieving a three-day consecutive increase, closing up by 1.03% after rising over 2% at one point [1]. Group 1: Financial Technology ETF Performance - The financial technology ETF Huatai (159103) showed strong performance, with significant gains in its component stocks, including Sifang Jingchuang and Yinzhijie, which rose over 3%, and Hengsheng Electronics, which increased over 2% [6]. - The index of the financial technology ETF covers various sectors, including internet brokerage, financial IT, AI applications, and cross-border payments, highlighting its high elasticity and growth potential in a favorable liquidity environment [7]. Group 2: Regulatory Changes Impacting Insurance Companies - Recent adjustments to the risk factors for insurance companies' stock investments aim to enhance their solvency and encourage long-term capital investment in the equity market. The risk factor for stocks held over three years has been reduced from 0.3 to 0.27, and for stocks held over two years, it has been lowered from 0.4 to 0.36 [4]. - The adjustments are expected to release a minimum of 326 billion yuan in capital, with potential market inflows of 1,086 billion yuan if the insurance funds increase their allocation to the CSI 300 index stocks [5].

上市支付机构或其母公司近期先后晒出三季度成绩单。 从已披露的业绩看，微信支付等头部钱包类机构伴随着三季度国内非银支付行业网络支付业务增长，利 润恢复较高增长；而主营范围在国内的收单机构，相较自身过往周期，业绩表现难言乐观，其中拉卡 拉、嘉联支付母公司新国都前三季度营收和净利润同比双降。 在国内支付市场费率"内卷"、竞争愈发激烈的背景下，跨境支付业务成为多数支付机构的业绩增长引 擎，业务增速和营业收入贡献度持续提升。在港股上市的移卡三季度海外支付交易量（GPV）超越去年 全年，拉卡拉前三季度跨境支付商户规模和交易金额同比分别增长71.91%和77.56%，义支付（义乌跨 境支付系统）跨境支付业务交易额同比增长超35%…… "支付机构加码海外布局，是国内业务增长乏力下的必然选择，且已有明确的高增长数据印证其战略价 值，不过也需直面多重现实挑战。"在受访行业专家看来，虽然增长数据很高，但由于基数太低，很多 机构实际上已经错过了最佳市场扩展的机会，新兴市场体量不足以支撑这类机构像以前一样规模化扩 展，而且扩张的难度和成本也比之前大很多。 业绩分化显著 三季度，支付机构业绩延续了分化态势，头部钱包类机构利润恢复较高增长 ...

Core Insights - The performance of payment institutions in the third quarter shows a significant divergence, with leading wallet providers experiencing strong profit recovery, while domestic acquiring institutions face challenges with declining revenues and profits [1][2][3]. Group 1: Performance Overview - Major wallet institutions like WeChat Pay have benefited from the growth in the domestic non-bank payment sector, leading to a recovery in profits [1]. - In contrast, companies like Lakala and JiaLian Pay reported declines in both revenue and net profit for the first three quarters, with Lakala's revenue down 7.32% to 4.068 billion yuan and net profit down 33.90% to 339 million yuan [2][3]. - The overall transaction volume for non-bank payment institutions increased, with 3.38 trillion transactions amounting to 85.28 trillion yuan in Q3, compared to 3.33 trillion transactions and 82.11 trillion yuan in Q2 [2]. Group 2: Cross-Border Payment Growth - Cross-border payment services have emerged as a key growth driver for many payment institutions, with significant increases in transaction volumes and merchant numbers [1][6]. - Lakala reported a 602 billion yuan cross-border payment volume, with merchant scale and transaction amounts growing by 71.91% and 77.56% respectively [6]. - Newland's overseas payment device revenue grew over 26%, indicating successful expansion into emerging markets [6]. Group 3: Challenges and Market Dynamics - The overall performance of payment institutions is under pressure due to stricter compliance regulations, leading to a decline in transaction volumes and increased operational costs [4][5]. - Analysts highlight that the decline in traditional card acquiring business is a core issue, compounded by intensified competition and a shrinking profit margin [4][5]. - The need for diversification in revenue streams and the slow development of new technology services are also noted as significant challenges for many institutions [5]. Group 4: Strategic Recommendations - Experts suggest that payment institutions should focus on overseas expansion as a necessary strategy to counteract domestic growth stagnation, with cross-border payment services expected to offer higher profit margins [7][8]. - Institutions are advised to pay close attention to local regulations and market characteristics when entering new regions, emphasizing the importance of compliance and local partnerships [7][8]. - The potential risks associated with overseas operations, including regulatory compliance and geopolitical factors, must be carefully managed to ensure sustainable growth [8].

（原标题：大金融板块午后拉升，金融科技ETF、证券保险ETF、港股通非银ETF涨超3%） A股三大指数今日早盘小幅震荡，午后集体拉升走高；截至收盘，沪指涨0.7%报3902点，深证成指涨 1.08%，创业板指涨1.36%。全市场成交额1.74万亿元，较前一交易日增量1773亿元，近4400股上涨。 香港证券ETF跟踪中证香港证券投资主题指数，成份股仅16只，包括中信证券、香港交易所、国泰海 通、中国银河、华泰证券、中金公司、国泰君安国际等龙头公司。 消息面上，国家金融监督管理总局发布关于调整保险公司相关业务风险因子的通知，经研究，现就保险 公司相关业务风险因子事项通知如下： 一、保险公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险因子从 0.3下调至0.27。该持仓时间根据过去六年加权平均持仓时间确定。 二、保险公司持仓时间超过两年的科创板上市普通股的风险因子从0.4下调至0.36。该持仓时间根据过去 四年加权平均持仓时间确定。 三、保险公司出口信用保险业务和中国出口信用保险公司海外投资保险业务的保费风险因子从0.467下 调至0.42，准备金风险因子从0.605下调至0.54 ...

Market Performance - On December 5, the A-share market showed a rebound, with the Shanghai Composite Index rising by 0.71% to 3902.81 points, the Shenzhen Component Index increasing by 1.08% to 13147.68 points, and the ChiNext Index up by 1.36% to 3109.3 points [1] Fund Manager Changes - On December 5, 26 fund managers experienced changes in their positions, with 730 fund products having manager changes in the past 30 days [3] - The reasons for the changes included 5 managers leaving due to job changes, 2 due to personal reasons, and 2 due to product expiration [3] New Fund Manager Appointments - On December 5, 33 fund products announced new fund manager appointments, involving 17 fund managers [5] - Notably, Liu Mingyu from Huaxia Fund has a total fund asset scale of 422.43 billion yuan, with the highest return product being Huaxia Dingxing Bond C, achieving a return of 373.53% over nearly 3 years [5] Fund Research Activity - In the past month (November 5 to December 5), Bosera Fund conducted the most company research, engaging with 48 listed companies, followed closely by Huaxia Fund and Guotai Fund [7] - The consumer electronics sector was the most researched, with 256 instances, followed by specialized equipment with 212 instances [7] Individual Stock Research Focus - The most researched stock in the past month was Luxshare Precision, with 88 fund management companies participating in the research [7] - In the last week (November 28 to December 5), the most researched company was Jerry Holdings, with 66 fund institutions involved [8]