Core Viewpoint - The internationalization of the Renminbi (RMB) is progressing steadily, and its global influence is underestimated when solely relying on SWIFT payment rankings [3][6][10]. Group 1: RMB's Global Payment Position - The SWIFT ranking places RMB fifth in global payments, leading to skepticism about its international influence [3]. - SWIFT's statistics include all payments processed through its system, which may not accurately reflect RMB's usage since many domestic transactions do not go through SWIFT [6]. - The establishment of CIPS (Cross-Border Interbank Payment System) allows for significant RMB transactions that are not captured in SWIFT's data, indicating a more substantial global presence than suggested by rankings [6][12]. Group 2: RMB in Trade and Investment - Many countries along the Belt and Road Initiative are increasingly using RMB for direct trade settlements, reducing reliance on USD and EUR [8]. - As of mid-2025, foreign holdings of RMB assets exceeded 10 trillion, demonstrating strong international demand for RMB-denominated bonds and stocks [8][10]. - RMB's share in global trade financing reached over 7% by September 2025, second only to USD, highlighting its growing acceptance in international trade [12]. Group 3: RMB's Role in Global Financial Stability - Since 2016, RMB has been included in the IMF's SDR basket, signifying its status alongside major currencies like USD and EUR [10]. - In times of global financial instability, RMB has emerged as a safe-haven asset, with many central banks entering into currency swap agreements with China [10][14]. - The trend of "de-dollarization" globally is creating opportunities for RMB to gain further traction as an alternative currency [14]. Group 4: Future Outlook for RMB Internationalization - The internationalization of RMB is a gradual process, with its global payment share increasing from less than 1% in 2011 to a more significant figure today [12][14]. - The development of CIPS enhances the speed and security of RMB transactions, attracting more countries to adopt RMB for settlements [14]. - The future of RMB internationalization is promising, contingent on China's economic stability and ongoing financial reforms [14][16].

Group 1 - The Shanghai and Shenzhen Stock Exchanges are seeking public opinion on adjusting the price fluctuation limit for risk warning stocks on the main board to 10%, aligning it with other stocks [1] - The adjustment aims to enhance market consistency and potentially improve trading dynamics for risk warning stocks [1] Group 2 - Guosheng Securities indicates that the "14th Five-Year Plan" is a year for layout, suggesting that market adjustments present opportunities [2] - The macro environment is characterized by economic resilience, policy stability, and high asset volatility, with expectations of a fluctuating A-share market in the second half of the year [2] - The policy approach is divided into two phases: the first focuses on accelerating existing policy implementation, while the second will assess the need for further fiscal stimulus based on economic conditions [2] Group 3 - Guosheng Securities highlights the advantages of stablecoins in payment scenarios, particularly in cross-border payments, and notes the competitive landscape among different stablecoins [3] - The integration of stablecoins with AI agents and the tokenization of U.S. stocks are seen as significant trends that could enhance global financial market liquidity [3] Group 4 - Dongwu Securities reports that the solid-state battery industry is entering a critical mid-test phase, with rapid advancements in the supply chain supported by national policies [6] - The solid-state battery's core components, particularly sulfide electrolytes, are expected to achieve mass production by 2030, with significant progress in manufacturing processes [6] Group 5 - Investment recommendations include focusing on the battery segment with high barriers to entry, suggesting companies like CATL and BYD, as well as equipment and materials sectors [7] - The solid-state battery market is anticipated to see breakthroughs in both equipment and materials, with ongoing developments in production techniques [6][7] Group 6 - The AI healthcare sector in China is experiencing rapid growth, with significant advancements in technology, commercialization, and policy support [8] - Ant Group's launch of the AI health application "AQ" aims to address healthcare needs and connect users with a vast network of medical professionals [8] - Investment opportunities are identified in AI healthcare companies such as Alibaba Health and WeDoctor [9]