Core Viewpoint - The acceleration of digital RMB implementation and the formal introduction of new fund sales fee regulations are expected to optimize the financial ecosystem and payment system [1][2]. Securities Sector - The People's Bank of China will officially implement a new action plan for digital RMB management and related financial infrastructure by January 1, 2026, which is expected to enhance monetary policy transmission efficiency and support the internationalization of the RMB [2]. - The new fund sales fee regulations, effective December 31, 2025, will allow differentiated redemption fees for bond funds, significantly reducing the pressure from short-term redemptions and encouraging long-term holding by investors [2]. Investment Recommendations for Securities - Focus on undervalued brokers for potential rebound during the spring market, with strong recommendations for quality brokers with significant valuation and performance mismatches, particularly Guotai Junan and Haitong Securities [3]. - Attention should be given to Sichuan Shuangma, which is positioned in the technology sector and is expected to benefit from venture capital opportunities in gene therapy [3]. - Highlighting multi-financial firms with impressive growth rates, such as Yixin Group, Far East Horizon, and Jiufang Zhitu Holdings [3]. Insurance Sector - The tax base switch is expected to have minimal impact on insurance companies' net profits and net assets, with high proportions of tax-exempt income and deferred tax liabilities [4]. - The new tax guidelines for insurance contracts will require companies to follow new standards starting in 2026, but the actual taxable income is projected to remain low due to high tax-exempt income ratios [4]. Investment Recommendations for Insurance - The high growth in liabilities is expected to drive valuation shifts, with the insurance sector benefiting from increased demand for savings and the rising market share of leading companies [5]. - The upcoming insurance market rally is supported by stable or improving conditions in the stock market and interest rates, which will enhance the balance sheets of major insurance companies [5].

"分享的题材方向和题材的研报，旨在为您梳理选股方向，您可以加自选关注，但是不构成投资建议， 不作为买卖依据，您应当基于审慎原则自行参考，如据此操作，风险自担！" 参考文献：国泰海通证券 张盛海 杨林 张盛海2025-12-26 扩大人民币跨境使用，数字人民币迎发展新机 遇 数字人民币迎来发展新机遇。《意见》提出发挥数字人民币支付即结算、低成本、可编程等优势，研究 利用数字人民币智能合约打造创新解决方案，探讨拓展数字人民币在通道支付结算、融资、退税等场景 中应用的可行性。研究扩大数字人民币跨境应用地区范围，利用双边和多边跨境业务模式为通道跨境支 付降本增效。 投资观点： 我们认为，西部陆海新通道北接丝绸之路经济带、南连21世纪海上丝绸之路、协同衔接长江经济带，是 重要的国际物流大通道，将成为扩大人民币跨境使用的重要抓手，数字人民币有望迎发展新机遇。建议 关注相关产业链：银行IT系统、支付生态以及硬件钱包、金融机具等基础设施配套。 行业要闻： 央行等八部门发布《关于金融支持加快西部陆海新通道建设的意见》，未来西部陆海 新通道的跨境贸 易结算体系将得到优化，人民币跨境使用将进一步扩大。 中国人民银行等八部门12月2 ...

导语： "十五五"规划建议明确将"稳步发展数字人民币"作为加快建设金融强国的重要任务。近期， 数字人民币"双中心"架构落地， 多地提 出"十五五"时期要积极推进数字人民币应用和生态体系建设。 目前，数字人民币的推广使用，面临着 基础设施 与 战略定位 的新一轮升 级。关于具体实施路径与发展方向，多位专家提出了相关见解。 数字人民币基础设施建设全面提速 ： 华创证券金融业首席分析师 徐康 顶层制度设计与跨境场景应用正同步推进 今年6月，中国人民银行在上海设立数字人民币国际运营中心，并于9月正式投入运营。该中心重点推进数字人民币在跨境合作和 使用、金融市场业务等方面的创新应用，服务数字金融开放与创新。10月，央行在北京设立数字人民币运营管理中心，主要负责 数字人民币系统的建设、运行与维护，以技术保障助力北京国家金融管理功能建设。而更广密的"毛细血管"则需要依靠各家商业银 行及金融科技公司等商业机构搭建。 11月，恒生银行、恒生中国与建设银行在香港合作推出数字人民币商户收款服务，进一步拓展数字人民币在境外零售消费场景的应 用。目前数字人民币应用场景已覆盖全国17个省（市）的26个地市，试点区域覆盖了全国五分之一的人 ...

Core Insights - Digital RMB is characterized by a solid foundation and accelerated penetration in application scenarios, but the transaction scale still needs to break through [1][4] - Compared to cryptocurrencies, Digital RMB has institutional advantages such as legal tender status, regulatory control, privacy and compliance balance, and controllable anonymity [1][4] - The development focus of Digital RMB should be on solidifying the foundation and educating on application scenarios rather than pursuing short-term transaction volume spikes [1][4] Development Status - As of the end of September this year, the Digital RMB pilot has covered 26 regions across 17 provinces, with a cumulative transaction amount of 14.2 trillion yuan and 33.2 billion transactions processed [4] - A total of 225 million personal wallets have been opened through the Digital RMB app, with applications in wholesale retail, dining, education, healthcare, public services, social governance, and rural revitalization [4] Institutional Framework - The People's Bank of China has established a dual-center structure for Digital RMB, with an International Operation Center in Shanghai for cross-border cooperation and a Management Center in Beijing for system construction and maintenance [5] - Experts suggest that regulatory authorities should continue to adhere to a "prudent" management principle while enhancing the application scenarios and scope of Digital RMB [5] Future Directions - To promote the development of Digital RMB, it is recommended to enhance communication with other central banks and international organizations for cross-border interoperability and pilot projects [7] - Financial institutions and compliant technology companies should be encouraged to innovate in payments, smart contracts, and compliance data services under strict compliance guidelines [7] - There is a need to improve the legal framework for digital currencies and stablecoins, including anti-money laundering provisions and emergency response mechanisms [7]

Group 1 - The People's Bank of China (PBOC) has implemented multiple policy documents since 2017 to prevent and manage risks associated with domestic virtual currency trading and speculation, which remain effective [1] - The PBOC will continue to collaborate with law enforcement to combat domestic virtual currency operations and speculation, while closely monitoring the development of overseas stablecoins [1] - The emergence of stablecoins has raised concerns among international financial organizations and central banks, which view their development with caution due to issues related to customer identification and anti-money laundering [1] Group 2 - The PBOC plans to optimize the management system for the digital yuan and support more commercial banks to become operational entities for digital yuan services [2] - A digital yuan international operation center has been established in Shanghai to facilitate cross-border cooperation and usage, while a management center in Beijing will oversee the system's construction, operation, and maintenance [2]