（2）行情升温引发资金加速涌入，绩优权益基金相继"降温"。部分年内回报领先、规模快速膨胀的产品宣布暂停申购；亦 有基金针对短期主题资金集中流入，设置万元级小额限购。业内人士指出，闭门或限额可缓解建仓冲击、平滑净值波动， 也有利于基金经理保持策略锐度，为后续行情演绎预留调仓空间。 （3）数据显示，过去一年来有色金属主题ETF（剔除黄金）净申购超510亿元，15只相关产品最新规模合计近800亿元。近 一周已有7只有色金属主题基金集中上报，多家公募同步推进发行。业内人士指出，全球供需错配、绿色能源转型及高端制 造升级共振，铜、铝、稀土等工业金属价格弹性仍存，资金借道ETF快速布局周期复苏与产业替代双重逻辑，预计后续仍 有新品跟进，板块工具化程度将进一步提升。 三、01月14日新发基金一览（不包含传统封闭式基金） 一、交易提示 数据显示，截至1月13日，145家公募年内已调研154家公司，累计999次，节奏明显高于往年。计算机、电子、医药生物位 列热度前三，数字人民币、人工智能、机器人、脑机接口、商业航天等前沿方向获密集关注。年初调研指向全年配置线 索，机构正提前锁定高景气赛道，为春季行情及全年组合构建储备标的。 1 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 有投资者在互动平台向旗天科技提问："旗天科技董秘好！数字人民币和人民币国际化，近年来一直以 来作为国家战略发展的方向；2026年伊始有专家建议出台全面普发现金拉动消费市场，结合国家战略和 潜在的场景需求，数字货币应用极有可能作为一种应用工具普及全民，请问贵司在数字货币方向有没有 应用业务开展和涉及？数字货币业务范围在公司现在和未来的业务范畴和业绩贡献中占比能达到多少？ 如果开展数字货币的业务，对公司其他业务开展是否能起到协同和助力发展？" 针对上述提问，旗天科技回应称："尊敬的投资者：您好！公司围绕数字科技战略定位，聚焦数字营销 赛道，以平台化科技能力为支撑，致力于为客户提供专业、领先、高效的全流程、一站式用户全生命周 期管理解决方案，谢谢！" ...

Core Viewpoint - The article emphasizes the transition of urban development in China from rapid expansion to quality enhancement, focusing on sustainable and innovative urban growth to meet the evolving needs of the population [1][2][3][4]. Group 1: Urban Development Strategy - Urbanization in China is shifting from extensive growth to quality improvement, with a focus on "in-depth development" and creating modern, resilient cities [1]. - The "14th Five-Year Plan" suggests prioritizing urban quality and innovation, indicating a strategic shift from quantity to quality in urban development [1][2]. - The central economic work conference in 2025 highlights the importance of domestic demand and high-quality urban renewal [1]. Group 2: Innovation and Economic Growth - Cities can leverage their educational and research institutions to foster innovation and transform research advantages into industrial benefits, thus activating new productive forces [2]. - The emergence of new business models, such as "super individuals" and "one-person companies," reflects the dynamic nature of urban economies driven by technological advancements [2]. Group 3: Quality of Life and Community Development - The demand for housing is evolving from mere availability to quality, necessitating urban development that enhances living conditions and community amenities [2]. - Initiatives like Shanghai's "15-minute community life circle" aim to improve convenience and stimulate local commerce through better community services [2]. Group 4: Environmental and Health Considerations - Integrating green elements into urban planning can stimulate demand for green manufacturing and enhance public health, supporting the growth of wellness industries [3]. - Cities like Chengdu are setting examples by creating extensive green spaces that promote outdoor activities and tourism [3]. Group 5: Infrastructure and Resilience - Building resilient cities is essential for long-term stability, especially in the face of climate change, necessitating investments in dual-use infrastructure and smart emergency systems [3][4]. - Safety is identified as a foundational element for sustainable urban development [3]. Group 6: Cultural and Social Dynamics - Cultural heritage and interactive experiences are vital for enhancing a city's soft power, attracting talent, and boosting local economies through creative industries [3]. - Cities are encouraged to leverage their cultural resources to foster new business opportunities and enhance their attractiveness [3]. Group 7: Digital Transformation and Economic Vitality - Accelerating digital transformation in cities can optimize the business environment and improve residents' quality of life, as seen in initiatives like Hangzhou's "one-stop" policy reform [4]. - Digital tools are creating new economic opportunities and enhancing urban living standards [4]. Group 8: Governance and Policy Framework - Effective urban development requires a shift in evaluation metrics from scale and speed to factors like productivity, income, and cultural appeal [4]. - Establishing a stable and transparent regulatory framework is crucial for attracting social capital and ensuring sustainable urban growth [4].

Core Viewpoint - The company, Gao Weida, has demonstrated strong business competitiveness in the fields of digital currency and cross-border payment, successfully landing multiple key projects that highlight its technological capabilities [1] Group 1: Digital Currency - The company has won a series of projects related to digital currency for a financial institution, providing ongoing technical support and expanding smart contract scenarios [1] - The successful projects in the digital currency sector reflect the market's recognition of the company's technological strength in this area [1] Group 2: Cross-Border Payment - Gao Weida has successfully bid for a CIPS direct access system project for a bank, which will provide crucial technical support for the bank's access to the RMB cross-border payment system [1] - This project aims to enhance the efficiency and service capabilities of cross-border payments [1] Group 3: Future Outlook - The company plans to continue focusing on its core business areas, contributing to the promotion of digital currency and innovation in cross-border payments within the financial industry [1]

Group 1: Financial Technology and AI Developments - The company has made significant progress in the field of financial technology and artificial intelligence, focusing on nine core business areas including credit, operations, customer information management, and automotive finance, with a goal to deepen project implementation in 2026 [1] - 2026 is identified as a critical year for the rapid deployment of technology in the financial AI sector, with all business units required to ensure comprehensive order fulfillment [1] Group 2: Data Services Business Growth - 2025 is designated as the foundational year for the company's data services, while 2026 is expected to be the year of growth, with each business unit tasked to complete relevant data service orders in their respective markets [1] Group 3: Digital Currency Initiatives - The company has early involvement in the digital RMB business, providing technical services to state-owned banks and continuously enhancing its offerings in areas such as wallets, payments, and supply chain finance applications [2] Group 4: Cross-Border Financial Services - The company has established a mature technical foundation in cross-border financial services, particularly in CIPS-related business, which has been a focus area since its early development [2] Group 5: Future AI Business Layout - Future plans include expanding in three key areas of artificial intelligence: application business, data analysis and governance, and computing power, which are essential for the development of AI business [2]

在总结10年研发试点经验基础上，中国人民银行于近期出台了《关于进一步加强数字人民币管理服 务体系和相关金融基础设施建设的行动方案》，提出了新一代数字人民币计量框架、管理体系、运行机 制和生态体系。此举是数字人民币试点以来的重大调整，具有里程碑式的意义。 更重要的是，数字人民币从人民银行的负债，明确转变为商业银行的负债。数字人民币开始具有价 值尺度、价值储藏和跨境支付三大核心职能，由电子支付进入数字支付时代，具备全场景型货币能力。 这将有助于激活商业银行参与数字人民币生态建设的内生动力，扭转此前商业银行"只投入无收益"的尴 尬局面。银行未来还有望围绕计息数字钱包开发更多存款、理财及信贷产品，进一步打造"支付+金 融"的综合生态。这种相容性激励安排，让用户、银行、非银支付机构等各方都能从数字人民币生态中 获益，将推动数字人民币与现有支付体系深度融合。这对打造一个持续健康发展的数字人民币生态来 说，尤为重要。 接下来，在此次重大调整的基础上，数字人民币仍需不断完善自身建设，进一步完善数字人民币监 管框架，明确法定地位。同时，进一步扩大数字人民币试点范围，充分调动各参与方积极性，通过和各 类促消费活动联动等方式，进一 ...

Core Viewpoint - The company Dongxin Peace has seen a significant increase in stock price, driven by its strategic focus on digital currency, eSIM products, quantum security, and traditional business upgrades [1]. Group 1: Stock Performance - As of 10:34 AM, Dongxin Peace's stock rose by 10.00%, marking two consecutive days of trading limits [1]. - The latest stock price is 27.71 yuan, with a total market capitalization of 16.084 billion yuan [1]. - The stock has a trading volume of 1.962 billion yuan and a turnover rate of 12.54% [1]. Group 2: Business Focus - The market is paying attention to Dongxin Peace's digital RMB business, eSIM product layout, quantum security initiatives, and upgrades to traditional business strategies [1]. - The company has implemented digital RMB hardware wallets and terminal products in various high-frequency application scenarios, including enterprise parks and consumer services [1]. - eSIM-related digital identity module products are being applied in diverse fields such as vehicle networking, industrial IoT, and consumer electronics [1]. Group 3: Strategic Developments - Dongxin Peace is actively researching and developing post-quantum cryptography technology as part of its quantum security strategy [1]. - The company is executing a "retain existing customers and expand new customers" strategy to strengthen its traditional business while transitioning to digital identity security [1]. - Starting January 1, 2026, the digital RMB will enter version 2.0, allowing interest payments based on bank deposit rates, with ongoing upgrades to mechanisms and technical architecture [1].

Core Insights - The comprehensive payment transaction scale in China is expected to reach 577 trillion yuan by 2025, with a year-on-year growth of 3.0%, driven by a 2.9% increase in personal payment transactions and a 3.2% increase in enterprise payment transactions, indicating that enterprise payment growth has surpassed personal payment growth [1][13]. Group 1: Industry Overview - The third-party payment industry in China has entered a stage of deepening stock competition, with regulatory normalization and compliance requirements becoming the foundation for industry development [1]. - The industry has evolved from a phase of rapid growth and diversification of services (2010-2019) to a more mature phase characterized by stricter regulations and stable development [4][5]. Group 2: Regulatory Environment - The implementation of the "Non-Bank Payment Institutions Supervision Management Regulations" in 2024 has led to a significant transformation in the industry, with a marked increase in compliance and accelerated consolidation [7]. - The regulatory environment is expected to intensify in 2025, with a notable increase in the number and amount of fines imposed on institutions [7]. Group 3: Payment Trends - The personal mobile payment market is projected to decline by 3.7% in 2025, reflecting a saturation in daily consumption scenarios and a slowdown in transaction growth [19]. - The enterprise payment market is expected to show resilience, driven by the ongoing digital transformation of enterprises and the expansion of cross-border e-commerce payment scenarios [13][33]. Group 4: Technological Integration - The industry is actively embracing AI technology to enhance internal operational efficiency and external service value, focusing on cost reduction and improved customer experience [10]. - AI applications include intelligent risk control, process automation, and personalized services, which are expected to significantly enhance the overall competitiveness of the payment industry [10][12]. Group 5: Market Dynamics - The enterprise payment sector is increasingly important, with a focus on providing integrated solutions that go beyond basic payment services to include cost reduction and efficiency tools [35]. - The cross-border payment market is anticipated to grow significantly, reaching 3.3 trillion yuan by 2025, driven by the expansion of China's cross-border e-commerce market [55]. Group 6: Future Directions - The industry is expected to explore new payment methods, such as NFC and digital currencies, which are anticipated to enhance payment convenience and security [30][67]. - Emerging markets in Southeast Asia, Latin America, and the Middle East are becoming new growth points for cross-border payment services, presenting both opportunities and challenges [60].

Group 1 - The core viewpoint emphasizes the need to actively seize the spring market, with AI applications expected to enter a main upward trend [1][2] - The spring market is showing continuous development, with rising risk appetite and significant potential in the computer sector due to low institutional holdings and substantial industry changes [1] - Recommendations include increasing positions in core leaders in AI applications and domestic computing power, as well as focusing on key targets in cutting-edge technology fields such as commercial aerospace, brain-computer interfaces, and digital currencies [1] Group 2 - AI applications are anticipated to experience a major upward trend, driven by positive industry developments and the entry of domestic large model manufacturers like Zhiyu and MiniMax into the Hong Kong stock market [2] - The market is closely watching the annual report expectations, with the potential for AI investments to shift from hardware to software, enhancing the upward potential of AI applications [2] - The outlook for the year suggests that AI applications will achieve more comprehensive and in-depth implementation, supported by continuous iterations in algorithms and computing power [2] Group 3 - The second chapter of the report focuses on the brain-computer interface industry, highlighting the imminent mass production of Neuralink and supportive domestic policies [3]

Group 1: Institutional Research and Market Trends - A total of 116 listed companies conducted institutional research from January 5 to 9, with nearly 90% achieving positive returns as the market rose [1] - Notable stock performances included Pulit with a 42.59% increase, and Chengdu XianDao and BoRui ChuanBo both exceeding 30% [1] - Key areas of institutional interest included brain-computer interfaces, commercial aerospace, and AI applications, spurred by the recent central bank policy on digital currency [1] Group 2: Brain-Computer Interface Developments - The brain-computer interface (BCI) concept is currently a major market hotspot, with the Wind BCI index rising approximately 20% [4] - Elon Musk announced plans for large-scale production of BCI devices starting in 2026, indicating significant future market potential [4] - Companies like Dineike have made advancements in BCI technology, including prototypes for smart sleep devices and a low-frequency transcranial magnetic therapy device [4][6] Group 3: Commercial Aerospace Opportunities - The commercial aerospace sector is experiencing sustained interest, with the Wind commercial aerospace index also increasing by about 20% [7] - Chaojie Co. has engaged in multiple institutional research sessions, indicating a positive outlook for new client collaborations starting in Q1 [9] - The company focuses on manufacturing structural components for commercial rockets, which constitute over 25% of the total cost of a rocket [9] Group 4: Digital Currency Policy Changes - The central bank's new policy on digital currency, effective January 1, 2026, expands the role of digital RMB from cash-like to a broader monetary category [12] - This policy shift is expected to enhance banks' engagement and increase the application scenarios for digital RMB [12] - Tianyang Technology highlighted the need for banks to upgrade their IT systems to accommodate the new digital currency framework, particularly in payment systems [14]