Core Viewpoint - The article discusses the release of the "Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Corridor" by the People's Bank of China and seven other departments, which aims to optimize the cross-border trade settlement system and expand the use of the Renminbi in cross-border transactions [1][2]. Group 1: Financial Support Measures - The "Opinions" propose 21 key measures to enhance the financial organization collaboration system, build a high-quality capital circulation system, promote institutional reforms, establish a digital financial service platform, and deepen cross-border financial regulatory cooperation [1][2]. - The focus is on leveraging the core financial functions of "financing" and "settlement" to support the high-quality development of the Western Land-Sea New Corridor, which connects the Silk Road Economic Belt and the 21st Century Maritime Silk Road [1][2]. Group 2: Cross-Border Trade and Currency Use - The "Opinions" support banks in facilitating legitimate trade settlements for quality enterprises and promote the convenience of cross-border settlements for new trade formats such as market procurement and cross-border e-commerce [2]. - To expand the use of the Renminbi, the "Opinions" emphasize strengthening bilateral currency cooperation with Southeast Asia and Central Asia, and support investors from ASEAN countries to invest in Renminbi [2]. Group 3: Digital Currency Development - The "Opinions" highlight the advantages of digital Renminbi, such as payment and settlement efficiency, low cost, and programmability, and propose exploring its application in various scenarios including cross-border payments and financing [2]. - There is a focus on expanding the regions for digital Renminbi's cross-border application and utilizing bilateral and multilateral business models to reduce costs and increase efficiency in cross-border payments [2]. Group 4: Investment Recommendations - The Western Land-Sea New Corridor is identified as a significant international logistics channel that will play a crucial role in expanding the use of the Renminbi, with digital Renminbi expected to encounter new development opportunities [3]. - The article suggests paying attention to related industry chains, including banking IT systems, payment ecosystems, and infrastructure such as hardware wallets and financial devices [3].

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The People's Bank of China and eight other departments have issued opinions to enhance financial support for the construction of the Western Land-Sea New Corridor, which will optimize the cross-border trade settlement system and further expand the use of the Renminbi [2][4] - The report emphasizes the importance of the Western Land-Sea New Corridor as a significant international logistics channel, connecting the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which will facilitate the expansion of Renminbi usage [4] - Digital Renminbi is expected to see new development opportunities, leveraging its advantages in payment and settlement, and exploring its application in various scenarios [4] Summary by Sections Financial Support Measures - The report outlines 21 key measures aimed at improving the financial organization collaboration system, constructing a high-quality capital circulation system, and enhancing cross-border financial regulatory cooperation [4] Cross-Border Trade Settlement - The report supports banks in facilitating compliant trade settlements for quality enterprises and encourages the use of Renminbi in cross-border transactions, particularly with Southeast Asia and Central Asia [4] Digital Renminbi Development - The report highlights the potential for digital Renminbi to create innovative solutions through smart contracts and expand its cross-border application [4] Investment Recommendations - The report suggests focusing on related industry chains such as banking IT systems, payment ecosystems, and financial infrastructure, recommending specific companies for investment [4][5]

中国人民银行等八部门印发《关于金融支持加快西部陆海新通道建设的意见》。《意见》提出，扩大人 民币跨境使用。加强与东南亚、中亚地区国家的双边货币合作，为人民币跨境使用创造支持条件。深入 推进更高水平贸易投资人民币结算便利化试点，支持外经贸企业更多使用人民币进行结算。支持东盟国 家投资者以人民币投资、境内再投资。鼓励大宗商品交易人民币计价结算。支持银行业金融机构跨境调 运人民币现钞。支持银行开展跨境融资、跨境担保、跨境资产转让业务时使用人民币进行计价结算。支 持符合条件的沿线省（区、市）法人银行加入人民币跨境支付系统。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。 ...

Core Viewpoint - The Henan Province has issued a plan to replicate and promote the comprehensive alignment of free trade pilot zones with international high-standard economic and trade rules, aiming to advance high-level institutional openness [1] Group 1: Financial Technology Development - The plan emphasizes the deepening of financial technology development and international cooperation [1] - It aims to facilitate financial institutions in conducting cross-border asset management [1] Group 2: Services for Overseas Funds - The initiative includes providing domestic investment management and valuation services for funds established overseas [1] Group 3: Digital Currency Application - The plan outlines the orderly promotion of exploring the application scenarios of digital RMB in the trade sector within qualified free trade pilot zones [1]

Core Viewpoint - The Henan Provincial Government has issued a plan to promote high-level institutional opening-up measures in free trade zones, focusing on financial technology development and international cooperation [1] Group 1: Financial Technology and Cross-Border Management - The plan aims to facilitate financial institutions in conducting cross-border asset management and provide domestic investment management and valuation services for overseas fund products [1] - It supports the exploration of digital RMB applications in trade scenarios within qualified free trade zones [1] Group 2: Support for Multinational Corporations and Insurance - The plan encourages multinational companies to establish fund management centers and explore integrated currency pool business under the national macro-prudential policy framework [1] - It also supports qualified insurance institutions in exploring international reinsurance business, allowing the use of RMB for reinsurance settlements [1] Group 3: Asset Management and Data Transmission - The plan includes research support for qualified asset management companies to conduct cross-border transfer of asset-backed securities, and to explore cross-border transfer of financing lease assets with RMB settlements in qualified free trade zones [1] - Financial institutions are permitted to transmit data necessary for daily operations abroad under the national data cross-border transmission security management framework, with regulatory measures in place to ensure the security of important data and personal information [1]

Core Insights - The Shenzhen International Financial Expo has introduced a dedicated "Agricultural Finance Theme Zone" to showcase innovative financial services and collaboration models in modern agriculture, emphasizing the integration of digital currency in the agricultural supply chain [1][5] Event Overview - The "New Quality Agricultural Finance Innovation and Investment Conference" will take place on November 19 from 14:00 to 17:30 at Hall 9, Zone F, featuring leaders from the Ministry of Agriculture and Rural Affairs who will discuss major agricultural projects and financing services [3][12] - The conference will include presentations from key stakeholders, including the Agricultural Bank, focusing on the application of digital currency in supply chain finance and agricultural scenarios [3][12] Key Themes and Discussions - The conference aims to explore the integration of agricultural supply chains and financial chains, leveraging central-local cooperation to create a comprehensive service platform for modern agriculture [5][7] - The "Agricultural Digital Finance Plan" will be launched, focusing on building a collaborative innovation mechanism for new quality agricultural digital finance [7] Notable Participants and Contributions - Leaders from national agricultural technology parks and major agricultural enterprises will share experiences and case studies, particularly in five specific agricultural sectors: navel orange, AI seed industry, beef cattle, camellia oil, and traditional Chinese medicine [3][5][13] - The event will also feature a roundtable discussion to analyze typical scenarios and financial service practices in these sectors [13][15] Strategic Importance - The conference aligns with national strategies for enhancing agricultural productivity and digital finance, responding to the ongoing transformation in supply chain finance towards more scenario-based, ecological, and digital approaches [7] - The application of digital currency in agricultural supply chains is highlighted as a significant development, supporting the broader goals of the Guangdong-Hong Kong-Macao Greater Bay Area's market-oriented reforms [5][7]

Group 1 - The core focus of the financial services exhibition is the innovative applications of digital RMB and the international expansion of financial institutions [1][2] - The digital RMB experience area spans nearly 1,000 square meters, featuring a collaborative display from multiple banks, including China Bank and Agricultural Bank, showcasing a variety of digital RMB applications [2][3] - The exhibition highlights the popularity of digital RMB, with various interactive experiences attracting large crowds, including personalized coffee and cultural-themed hardware wallets [2][3] Group 2 - The exhibition also emphasizes cross-border financial services, showcasing China's increasing openness and innovation in the financial sector [4] - China UnionPay presented its international online business development and innovative payment tools, with a global acceptance network extending to 183 countries and regions [4] - China Galaxy Securities shared its experience in expanding into Southeast Asia, highlighting the need for comprehensive financial services to support Chinese enterprises going abroad [4]

Core Viewpoint - The article discusses the implementation of the "Five Major Financial Articles" in Hunan Province aimed at enhancing economic development through financial reforms, particularly focusing on the digital yuan and debt repayment mechanisms [1][2]. Group 1: Digital Yuan Application - Hunan Province is accelerating the exploration of digital yuan applications, particularly in the context of settling inter-enterprise debts, which are overdue receivables between public and private sectors [2][3]. - The government aims to expand mobile payment scenarios and increase the scale of digital yuan usage, indicating a strategic push towards digital currency integration in financial transactions [2][4]. Group 2: Debt Repayment Mechanism - The article highlights the establishment of a debt repayment mechanism to alleviate financial pressure on small and micro enterprises, which is crucial for stimulating their growth and supporting economic restructuring [3]. - The implementation plan includes strengthening repayment measures, seeking policy support for special bonds, and innovating financial tools to broaden repayment funding channels [3]. Group 3: Practical Applications and Innovations - As of June, the number of merchants participating in the digital yuan pilot in Changsha reached 560,000, with over 200 million transactions amounting to more than 46.2 billion yuan [5]. - The successful implementation of digital yuan for salary payments in various provinces, such as Fujian and Chongqing, demonstrates the practical benefits of digital currency in enhancing payment efficiency and ensuring fund security [6][7].

Group 1 - The core report indicates that in 2024, Jiangsu Province had 587,100 contributing units and 16.83 million contributing employees, with total contributions amounting to 324.16 billion yuan, reflecting year-on-year growth of 7.57%, 3.14%, and 6.72% respectively [1] - The number of flexible employment participants in the housing fund system has rapidly increased, with 220,300 individuals contributing a total of 2.43 billion yuan, marking year-on-year growth of 11.84% and 26.89% respectively [1] - A total of 9.02 million contributing employees withdrew 241.14 billion yuan from the housing fund, representing a year-on-year increase of 6.25%, with 11.75% of withdrawals for purchasing or building housing and 57.54% for repaying housing loans [1] Group 2 - Jiangsu has implemented measures to support housing needs, including allowing withdrawals for rent, increasing withdrawal limits and frequency, and promoting direct payment of rent from the housing fund, resulting in 1.84 million individuals withdrawing 19.83 billion yuan for rent, with year-on-year increases of 28.22% and 42.74% respectively [2] - The province has also adjusted housing loan policies, including lowering interest rates, increasing maximum loan amounts, and promoting various loan types to support green buildings and housing upgrades [2] - In 2024, a total of 262,800 personal housing loans were issued, a decrease of 12.66%, while the total amount of personal housing loans reached 177.27 billion yuan, an increase of 9.07%, with 86.37% of loans for first-time home purchases [2] - The application of digital renminbi in the housing fund sector has been steadily advanced, with over 80 billion yuan settled using digital renminbi across various cities in Jiangsu [2]