2025年08月21日 国泰君安期货商品研究晨报 观点与策略 | 黄金：高位震荡 | 3 | | --- | --- | | 白银：小幅回落 | 3 | | 铜：缺乏明确驱动，价格震荡 | 5 | | 锌：区间震荡 | 7 | | 铅：库存减少，支撑价格 | 9 | | 锡：区间震荡 | 10 | | 铝：高位震荡 | 12 | | 氧化铝：横盘小涨 | 12 | | 铸造铝合金：跟随电解铝 | 12 | | 镍：基本面逻辑窄幅震荡，警惕消息面风险 | 14 | | 不锈钢：宏观预期与现实博弈，钢价震荡运行 | 14 | | 碳酸锂：现实与预期博弈加剧，盘面波动放大 | 16 | | 工业硅：情绪提振 | 18 | | 多晶硅：报价抬升，情绪继续提振 | 18 | | 铁矿石：宏观风偏尚未显著回调，支撑仍存 | 20 | | 螺纹钢：宽幅震荡 | 21 | | 热轧卷板：宽幅震荡 | 21 | | 硅铁：市场情绪冷淡，偏弱震荡 | 23 | | 锰硅：市场情绪冷淡，偏弱震荡 | 23 | | 焦炭：宽幅震荡 | 25 | | 焦煤：宽幅震荡 | 25 | | 原木：震荡反复 | 27 | | 对二甲苯：原油反 ...

Core Viewpoint - The payment industry in China is undergoing significant innovation, transitioning from traditional methods to advanced technologies like NFC and biometric payments, enhancing consumer experience and driving consumption growth [1][4][10]. Payment Innovation - Alipay has introduced new payment methods such as "Tap to Pay" and "Look to Pay," which simplify the payment process and cater to various user groups, including the elderly and visually impaired [3][5][12]. - The "Tap to Pay" feature allows users to complete transactions without opening the app, significantly reducing the time taken for payment [5][12]. - The "Look to Pay" function, integrated into smart glasses, enables users to make payments through voice commands, enhancing convenience in hands-busy situations [3][13]. Market Impact - The rapid development of mobile payment in China has led to a 25-fold increase in bank mobile payment transactions over the past decade, with non-bank payment institutions processing 1.34 trillion transactions, reflecting a 570% growth since 2015 [5][10]. - Alipay's innovations are seen as crucial for stimulating consumer demand and enhancing the overall payment experience, contributing to high-quality service consumption growth [5][12]. Technological Advancements - The evolution of payment methods is supported by advancements in communication technology, artificial intelligence, and the Internet of Things (IoT), which facilitate seamless payment experiences [6][8]. - The introduction of a new chip developed by Fudan Microelectronics in collaboration with Alipay aims to enhance the speed and reliability of the "Tap to Pay" feature [8][11]. Consumer Experience - Alipay's innovations aim to lower the barriers to payment for various demographics, ensuring that payment processes are not only efficient but also secure, addressing privacy concerns [10][15]. - The average operation time for visually impaired users has decreased from 30 seconds to 5 seconds with the "Tap to Pay" feature, showcasing the impact of these innovations on user experience [5][10]. Industry Collaboration - The payment industry is encouraged to collaborate and share technology standards to enhance service levels across the board, benefiting both consumers and businesses [11][12]. - Alipay is focused on exploring new digital technologies and payment methods to further reduce payment barriers and create new consumption growth opportunities [11][12].

Financial Data and Key Metrics Changes - The company reported a turnaround from a loss of $38.1 million in 2022 to a projected profit of $120 million in FY 2025, indicating significant financial improvement [11] - Gross Merchandise Volume (GMV) grew by 64.1% year over year in Q1 2025, significantly outpacing industry growth projections [11] Business Line Data and Key Metrics Changes - The average quarterly consumer purchase frequency increased by more than 1.5 times compared to the previous year, reflecting enhanced consumer engagement [11] - The company has grown its base of monthly on-demand subscribers to 658,000, which is crucial for increasing consumer lifetime value [11] Market Data and Key Metrics Changes - The consumer base shopped at 346,000 different merchants in Q1 2025, showcasing the product suite's versatility across various retail sectors [12] Company Strategy and Development Direction - The company aims to evolve and adapt its platform to meet changing consumer needs while delivering exceptional returns to shareholders [12] - There is a commitment to expanding impact and innovation within the financial services landscape, indicating a forward-looking growth strategy [12] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed fiscal year 2025 guidance despite recent market headlines, indicating confidence in the company's operational stability [13] - The management expressed gratitude to shareholders and partners, emphasizing the importance of collaboration and trust in driving success [13] Other Important Information - The annual meeting was conducted via remote electronic means, allowing shareholders to participate online [4][5] - Voting on proposals was conducted by poll, with results to be disclosed in a Form 8-K after the meeting [21] Q&A Session Summary Question: Were there any submitted questions from shareholders? - There were no submitted questions during the Q&A session, indicating either satisfaction with the information provided or a lack of engagement from shareholders [15][16]

近日,镁信健康以"AI FOR HEALTH"为主题成功举办行业生态合作大会。此次大会分为"产品升级与行业 解决方案分享"以及"支付创新与生态协同论坛"两大篇章,与头部险企、药企领袖、业内专家及战略合作 伙伴一同,围绕多元支付时代背景下医药险融合的新态势、新格局展开深入探讨与交流。 对于创新药企来说,商业保险已成为主要支付方之一。赛生药业总裁兼首席执行官赵宏表示:"所有的创新 都是为了患者。医保只能支持基本的医疗保障,所以从中我们看到了商业保险的价值。在过去两年当中, 在镁信健康和其他平台的支持下,我们参与了全国80多个城市的惠民保。我们坚信,创新药企需要多元化 的创新支付来支撑。只有这样,整个生态环境才能够形成闭环。" 展望未来,随着人口老龄化进程加快与医疗需求的持续升级,行业各方需秉持长期主义与创新精神携手共 进。当支付创新真正服务于患者需求,当生态协同真正聚焦于价值创造,中国医疗健康产业必将在高质量 发展的道路上阔步前行,镁信健康将持续完善以用户为中心的服务生态,让高品质的创新药和医疗服务加 速跑进千家万户,为亿万民众的健康福祉交出更优异的答卷。 中再寿险产融创新事业部兼业务拓展部总经理张楚,进一步围绕 ...

消费是拉动经济增长的"三驾马车"之一，"提振消费"被写入今年的政府工作报告，位列2025年政府工作 十大任务之首。而支付作为金融基础设施，是促成消费的必经环节，其所发挥的作用不容小觑。整体来 看，支付行业通过技术创新、场景嵌入与生态构建，既直接降低消费门槛、提升交易效率，又间接优化 供给端能力、扩展消费场景，成为提振内需的重要引擎。 值得一提的是，在推进便利化支付服务的过程中，伴随着支持受理外卡POS机的改造、银行ATM升级、 移动支付"外卡内绑""外包内用"等一系列措施落地，境外来华人士的消费热情也进一步被点燃。人民银 行最新公布的数据显示，2025年"五一"假期，银联、网联共处理支付交易234.39亿笔、金额7.64万亿 元，较去年"五一"假期分别增长20.49%、3.21%。其中，处理境外来华人员支付交易笔数、金额较去年 同期分别增长244.86%、128.04%。 除了改善支付环境、降费率、发放优惠券等举措，许多支付机构通过场景渗透、技术赋能、生态联动的 路径为消费市场助力。 素喜智研高级研究员苏筱芮表示，当下来看，各家支付机构深挖垂直场景成为趋势，通过"支付+"解决 方案的打造以及SaaS商户经营场 ...

超 400 座城市，千万商家，上亿用户。"碰一下"上线的第 321 天，支付宝公布了这样一组数据。 "碰一下"的第一笔交易诞生于2024年6月7日，这是继扫码支付后，基于条码支付的基础上，支付宝 推出的创新支付方式。首批在上海、杭州、成都、武汉、长沙、福州6个城市落地。 4月24日，"支付宝碰一下"生态大会上透露，不到一年，"碰一下"已覆盖全国超400座城市，服务千 万商家、上亿用户，并进入支付、点餐、核身等超300种行业场景，为用户提供创新服务。 与上线之初的"尝鲜感"不同，商家、用户规模的迅速成长让"碰一下"生长出了更多战略意义。比起支 付花样的创新，它还在长成一个用户服务的入口，关联着万千服务场景，甚至在催生一个数千亿级的 生态链。 商业故事的风起云涌里，"碰一下"正打开通往未来生活的入口。 一个支付方式的创新 "感觉很酷。"95后消费者王欣这样形容第一次使用"碰一下"的原因。在便利店，她看到收银台旁边一 个印着支付宝logo的圆形"装置"，店员提醒，打开手机以后不用打开支付宝app也能用完成付款，好 奇心驱使她试了试。如今，"碰一下"已成为她生活的一部分，在咖啡店、快餐店以及商场购物时，只 要按下手机 ...