Core Insights - The core viewpoint of the article emphasizes the evolution and current state of inclusive finance in China, highlighting the transition from rapid credit growth to a focus on quality and sustainability in financial services [5][9]. Group 1: Development Stages of Inclusive Finance - The evolution of inclusive finance in China can be divided into three key stages: the "Infrastructure Foundation Period," the "Policy-Driven Period," and the current "Value Restructuring Period" [5]. - The current period is characterized by a shift from merely increasing credit volume to achieving stable growth in both quantity and quality, integrating technology, policy, and commercial sustainability [5]. Group 2: Challenges and Responses - Key challenges facing inclusive finance include the "digital divide," high operational costs in underserved markets, and a lack of differentiated products among financial institutions [6]. - Regulatory responses should include differentiated policies, expanded information sharing, and incentives for institutions effectively using AI to serve long-tail customers [6]. Group 3: Technological Integration - The integration of AI and digital currency is seen as crucial for overcoming the "last mile" challenge in inclusive finance, enabling better credit assessment and risk management [7]. - Specific paths include using AI to create dynamic credit profiles and leveraging digital currency for traceable transactions, which can enhance financial inclusion [7]. Group 4: Regional Financial Development - The article discusses the issue of product homogeneity in county-level financial services, attributing it to risk management shortcomings and a lack of tailored financial solutions [8]. - Solutions proposed include developing specialized financial products based on local industries and enhancing the capabilities of financial institutions to better serve these markets [8]. Group 5: Role of AIC in Inclusive Finance - The recent approval of Asset Investment Companies (AIC) is expected to reshape the landscape of inclusive finance by providing new solutions for small and innovative enterprises [9][11]. - AICs are seen as a means to bridge the gap in capital supply and risk-sharing mechanisms, although they face challenges in aligning their investment strategies with the high-risk nature of their target clientele [11].

近年来，经营主体在跨境贸易投资中使用人民币的需求不断增长，也对包括跨境清算结算系统在内的金 融基础设施提出更高要求。目前，央行已基本建成多渠道、广覆盖的人民币跨境支付清算网络，包括人 民币跨境支付系统（CIPS）、商业银行行内跨境系统，以及中国银联、财付通、支付宝等商业机构构 建的跨境零售支付网络。数字人民币跨境交易以及境内外快速支付系统、二维码互联互通稳步推进，跨 境支付效率不断提升。 同日，潘功胜与哈立德签署《中国人民银行与阿联酋中央银行关于开展中国—阿联酋跨境支付互联互通 的谅解备忘录》。双方将构建中阿跨境支付合作监管框架，实现两国快速支付系统互联，支持两国企业 和个人线上快速办理跨境汇款，提升中阿跨境支付效率和服务水平，进一步便利双边经贸活动和人员往 来。 11月19日，中国人民银行行长潘功胜在阿联酋阿布扎比会见阿联酋副总统曼苏尔、中央银行行长哈立 德，就加强双边金融合作交换了意见。双方共同出席中国—阿联酋支付合作项目启动仪式，见证中国与 阿联酋快速支付系统互联、"银联—Jaywan"双品牌卡首笔交易及阿联酋多边数字货币桥（JISR）项目的 正式启动。 ...

他提到，具体来看，北京金融业总资产规模约占全国一半，在京各类资管机构资产管理规模约占全国 30%；新设数字人民币运营管理中心、国家金融科技风险监控中心等金融基础设施；一批国际金融合作 组织在京展业；拥有金融从业人员约74万人，国家金融管理中心能级显著提升。 曾林峰说，"十四五"期间，北京积极推动一批国家试点政策在京先行先试。开展跨境融资便利化试点， 业务金额超48亿美元；开展跨国公司本外币一体化资金池、跨境资金集中运营管理业务试点，为企业节 约成本超15亿元人民币；开展本外币合一银行结算账户体系，累计开户超11.7万户。区域性股权市场实 现三项创新试点，即制度和业务创新试点、认股权综合服务平台试点、股权投资和份额转让试点。(完) （文章来源：中国新闻网） 中新社北京11月21日电 (记者吕少威)"十四五"期间，北京辖区企业实现直接融资超5.6万亿元人民币， 新增境内外上市公司200家。 北京市委金融办分管日常工作的副主任曾林峰在21日举行的新闻发布会上提到上述内容。 他表示，"十四五"期间，北京不仅国家金融管理部门最集中、金融机构总部最集中、资金汇聚最集中的 优势更加突出，而且金融基础设施集中、国际金融组织集 ...

战略赋能，勾勒"金融+"生态新图景。该项目的成功落地，是各方聚焦外籍游客核心需求、以数字人民 币支付为核心突破点的创新实践，充分彰显了金融服务与文旅发展的双向赋能。 记者注意到，这一创新并非孤立之举。近年来，在人民银行深圳市分行的指导下，农行深圳分行全力推 动数字人民币各项创新与试点工作。从在预付式经营领域推广数字人民币以解决"退款难、举证难、追 偿难"的民生痛点，到探索央行数字货币桥在跨境支付中的应用，与香港地区银行、供应链企业合作开 展货物贸易项下的数字人民币跨境交易，再到联合太平财产保险落地数字人民币车险实名支付业务，实 现了"保单录入-实名验证-数币支付"的全链条贯通……该行多措并举助推数字人民币试点工作向纵深发 展。AI城市旅行卡数字人民币硬钱包的发布，是农行深圳分行数字人民币创新之路上的又一里程碑， 标志着其应用场景从民生、跨境进一步拓展至智慧城市与国际文旅服务领域。 "科技+普惠"双翼齐飞 诠释金融服务实体经济本色 在中国人民银行深圳市分行和深圳市文化广电旅游体育局的统一指导下，金博会开幕当天，农行深圳分 行联合加推科技，发布了"深圳AI城市旅行卡数字人民币硬钱包"项目。这项集"AI+文旅+金融 ...

翠微股份在互动表示，海科融通已与央行数字货币研究所指定运营银行系统对接，在多商业场景中支持 数字人民币支付收款，为商户提供数字人民币收单服务。 ...

Macro Strategy - The core viewpoint of the report indicates that the main theme of China's economy in 2025 is to respond to changes, influenced by external factors such as fluctuating tariffs and internal factors like asset revaluation and investment trends [1][4] - For 2026, the focus will be on continuity and adaptation, with five key areas of transition: policy support, AI-driven supply, consumption upgrades, wealth recovery, and price stability [1][4] - Economic growth is projected at around 4.9%, with consumption and export growth slightly declining while investment growth is expected to improve [1][4] Fixed Income and Equity Analysis - The report discusses the issuance of Maolai Convertible Bonds, with a total issuance scale of 563 million yuan, aimed at funding precision optical production and R&D projects [5][6] - The expected listing price range for Maolai Convertible Bonds is between 129.60 and 143.56 yuan, with a low conversion premium of approximately 4.04% [5][6] - The financial performance of Maolai Optical shows a compound annual growth rate of 17.78% from 2019 to 2024, with revenue fluctuations and a projected revenue of 503 million yuan in 2024 [6] Company-Specific Insights - Hengyin Technology is highlighted as a leader in banking smart terminals, with a focus on blockchain technology to empower digital currency [7][8] - The company is expected to see revenue growth from 500 million yuan in 2025 to 800 million yuan in 2027, with a target price of 14.4 yuan for 2026 based on a 12x price-to-sales ratio [7][8] - The report emphasizes the importance of digital RMB and blockchain technology as key drivers for future growth, with a significant increase in overseas revenue expected [7][8]

Investment Rating - The report assigns a "Buy" rating for Hengyin Technology (603106) for the first time [1]. Core Views - Hengyin Technology is a leader in banking intelligent terminals and is continuously expanding its blockchain capabilities to empower digital currency [1]. - The company is expected to see revenue growth recovery starting in 2024, with significant contributions from overseas markets and the digital renminbi [8][20]. - The strategic focus includes transitioning from hardware provider to software and service provider, enhancing its international presence, and leveraging AI in financial services [41]. Summary by Sections 1. Business Overview - Hengyin Technology specializes in the research, production, and sales of financial intelligent terminals, providing comprehensive products and services to major banks [13]. - The company has developed core technologies for cash handling modules and holds numerous patents, positioning itself as a leading smart banking solution provider in China [13]. 2. Financial Performance - The company is projected to recover revenue growth in 2024, with a forecasted total revenue of 4.37 billion yuan in 2024, increasing to 8.04 billion yuan by 2027 [1]. - The gross margin is expected to improve due to product structure optimization and cost control measures [16]. - The net profit is anticipated to turn positive in 2024, with a significant increase in profitability expected in the following years [16]. 3. Digital Currency and Blockchain - The digital renminbi is positioned as a transformative force in the payment landscape, with the central bank emphasizing its infrastructure development in the latest five-year plan [22]. - Blockchain technology is highlighted as a new generation of digital infrastructure, providing decentralized management and data integrity [37]. 4. Strategic Initiatives - The company has outlined a development strategy focusing on four transformations: expanding from domestic to global markets, diversifying application scenarios, enhancing product offerings, and transitioning to a service-oriented business model [41]. - Hengyin Technology aims to leverage AI and blockchain to enhance its product offerings and improve customer interactions [43][44]. 5. Valuation and Profit Forecast - The report forecasts revenue growth for Hengyin Technology, estimating revenues of 5.04 billion yuan in 2025, 6.25 billion yuan in 2026, and 8.04 billion yuan in 2027, with corresponding growth rates of 15.3%, 24.0%, and 28.6% respectively [49]. - The company is expected to maintain a gross margin of around 27.4% to 30.1% during this period [49].

Group 1: Mergers and Acquisitions - The company prefers horizontal mergers within the industry and acquisitions of new productive forces, actively seeking suitable opportunities [2] - Vertical mergers have limited complementary effects due to the short supply chain in the industry [2] Group 2: Accounts Receivable and Cash Flow - High accounts receivable at the end of Q3 is expected to improve quickly, enhancing year-end cash flow [2] - The company anticipates faster collection of receivables towards the end of the year [2] Group 3: Client Base and Revenue Distribution - Major clients include various commercial banks, with no significant reliance on any single client; the top five clients contribute a small revenue share [3] - The company has established itself as a benchmark in the domestic信创 (new infrastructure) business, gaining recognition from numerous clients [3] Group 4: Employee Growth and Market Expansion - The company has over 7,000 employees, with continuous growth driven by increasing sales contracts [3] - Focus on expanding into overseas markets, particularly Southeast Asia, where opportunities are gradually increasing [3] Group 5: Digital Currency and AI Development - The company is exploring digital asset operations in response to national policies on digital currency, while also monitoring stablecoin developments in Hong Kong [4] - AI technology is being integrated to enhance internal efficiency, with ongoing development of systematic product solutions [4] Group 6: Overseas Mergers and Acquisitions - The company is open to acquiring quality overseas enterprises, although challenges exist in the Southeast Asian market [4] - Past overseas acquisitions have yielded positive results, and the company continues to seek market opportunities that align with its existing product capabilities [4]

当前，全球数字货币研发与应用进入快车道，主要经济体纷纷加快 央 行 数 字 货 币 （ CBDC ） 布 局 。 与 此 同 时 ， 国 际 地 缘 格 局 深 刻 演 变，金融基础设施安全成为国家安全的重要组成部分。党的二十大 报告明确提出"有序推进人民币国际化"，"十五五"规划建议提出， 推进人民币国际化，提升资本项目开放水平，建设自主可控的人民 币跨境支付体系。当前，我国多渠道、广覆盖的人民币跨境支付体 系基本建成。在此基础上，人民币跨境支付体系建设进一步凸显"自 主可控"，对于保障金融安全、支撑人民币国际化以及提升国际金融 话语权具有重要战略意义。为此《清华金融评论》编辑部特地展开 征稿活动 。 《清华金融评论》 2026 年第 1 期专题 加速推进数字人民币，建设自主可控的人民币跨境支付体系 当前，全球数字货币研发与应用进入快车道，主要经济体纷纷加快央行数字货币（CBDC）布局。与此同时， 国际地缘格局深刻演变，金融基础设施安全成为国家安全的重要组成部分。党的二十大报告明确提出"有序推进 人民币国际化"，"十五五"规划建议提出，推进人民币国际化，提升资本项目开放水平，建设自主可控的人民币 跨境支付体 ...

Core Viewpoint - The digital renminbi sector experienced a decline of 0.78% on November 20, with Langke Technology leading the drop. The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1]. Summary by Category Stock Performance - The digital renminbi sector saw mixed performance among individual stocks, with notable gainers including: - Dongfang Guoxin (300166) at 11.56, up 3.68% with a trading volume of 1.196 million shares and a turnover of 1.39 billion yuan - Guao Technology (300551) at 13.84, up 3.05% with a trading volume of 186,400 shares and a turnover of 258 million yuan - New Morning Technology (300542) at 18.36, up 2.97% with a trading volume of 105,100 shares and a turnover of 193 million yuan - Conversely, Langke Technology (300042) led the decline at 29.68, down 6.90% with a trading volume of 261,600 shares and a turnover of 789 million yuan [1][2]. Capital Flow - The digital renminbi sector experienced a net outflow of 1.482 billion yuan from major funds, while retail investors saw a net inflow of 1.586 billion yuan. The overall capital flow indicates a shift in investor sentiment, with retail investors increasing their positions despite the overall sector decline [2][3]. Individual Stock Capital Flow - Key stocks in the digital renminbi sector showed varied capital flows: - Dongfang Guoxin (300166) had a net inflow of 1.4 billion yuan from major funds, but a net outflow of 1.46 billion yuan from retail investors - Ziguang Guowei (002049) saw a net inflow of 71.74 million yuan from major funds, with a net outflow of 46.87 million yuan from retail investors - Shen Zhou Information (000555) had a net inflow of 46.90 million yuan from major funds, but a net outflow of 55.93 million yuan from retail investors [3].