渣打集团行政总裁温拓思（Bill Winters）表示，2026年开局良好。该行持续受益于有利的商业环境，该 行在主要市场正在稳健增长。他认为全球贸易及投资的结构性调整，契合了渣打服务跨境及富裕客户银 行业务需求的独特优势。 渣打集团也宣布，启动15亿美元的新一轮股份回购计划。南都N视频记者从渣打获悉，相关回购计划预 期会令渣打的普通股权一级资本比率下降约58个基点。 位于香港中环交易广场附近的渣打分行。 回顾期内，该行的净利息收入上升1%，达到112亿美元；非净利息收入上升13%，达到97亿美元，主要 由财富方案业务、环球银行业务及环球市场业务所带动。南都N视频记者从渣打获悉，该行的财富方案 业务上升24%，其中投资产品及银行保险业务均录得双位数增长。而环球银行业务上升15%，得益于放 贷及分销量增加，以及资本市场活动增多。至于环球市场业务则上升12%，主要由经常性收入所带动。 渣打的经营支出上升4%，达到123亿美元。该行解释称，经营支出上升是因为开展了有针对性的投资， 相关投资可以促进业务增长。税前基本利润增加了18%，达到79亿美元；有形股东权益回报为14.7%， 上升300个基点。至于资产负债表方面 ...

我们将于今年五月举办一场资本市场活动，届时将会阐述该等趋势如何影响本集团下一阶段的增长，并 详述预期的财务成果。我们的2026年指引如下： 渣打集团(02888)发布2025年全年度业绩，按固定汇率基准，该集团取得经营收入209亿美元，同比上升 6%，倘剔除重大项目则增加8%;除税前基本溢利79亿美元,同比增加18%;除税前列账基准溢利70亿美 元，同比增加18%;每股基本盈利229.7美仙，拟派发末期股息每股49美仙。 集团行政总裁Bill Winters表示："我们在2025年再度展现强劲势头，有形股东权益基本回报达到14.7%， 较原定的三年计划提前整整一年达成目标;本年度亦开局良好，持续受惠于利好的商业环境。我们在较 大型市场正稳健增长，全球贸易及投资的结构性调整让我们充分发挥独特优势，服务客户对跨境银行及 富裕客户银行服务的需要。我们将全年每股股息提高65%，并宣布全新的15亿元股份回购。" 基于本年度的表现，本集团预期客户活动将持续受到全球经济结构性调整所影响。这些趋势(包括世界 变得更多元结盟、货币日趋数码化，以及财富管理的巿场参与度提升)预期将持续发展。 列账基准经营收入按年增幅将接近5-7% ...

Group 1 - The core elements for the globalization of Chinese enterprises include the US-China AI competition, the internationalization of the Renminbi, and the deep empowerment of financial services in the industrial chain [1][3] - AI is identified as a core technology that determines future national strength, with a focus on computing power competition primarily between the US and China, where the US prioritizes hard computing power while China adopts a dual approach of hard and soft computing power [3] - China possesses the largest market demand for digital technology in manufacturing and services globally, which is a unique advantage for its AI development [3] Group 2 - The digitalization of currency is an irreversible trend, with the digital Renminbi developing in three directions: advanced digitalization, broader tool application, and grander internationalization [3] - The internationalization of the Renminbi is seen as a strategy to counteract US monetary and financial hegemony, with three counter-strategies proposed: stability against instability, multipolarity against unipolarity, and strong trust against weak trust [3] - Chinese financial institutions are enhancing their support for outbound enterprises by optimizing global layouts for industrial upgrades, strengthening industrial chain collaboration to improve efficiency, and expanding financial services in the industrial chain to boost international competitiveness [3]

Core Viewpoint - The "2025 Shenzhen International Financial Conference" focuses on the theme of "Building a Financial Power and High-Level Opening Up in the Greater Bay Area," discussing the strategic path for China's financial development amid global economic changes [1]. Digital Currency Development - The digital RMB has undergone three phases since 2014: theoretical research, closed-loop pilot, and open pilot, gradually being promoted in daily life [3]. - The digital RMB features a centralized management and dual-layer operation model, ensuring reliable monetary policy transmission and efficient monetary control [3]. - It possesses both account and value characteristics, allowing for value transfer without the need for a bank account, thus reducing reliance on financial intermediaries [4]. Technological Infrastructure - The digital RMB employs a hybrid technical architecture that combines centralized and distributed systems, supporting high transaction volumes and continuous operations [4]. - It can load smart contracts, enabling programmability and automatic payment transactions based on agreed conditions [4]. - The digital RMB aims for greater internationalization, advanced digitization, and broader tool functionality, expanding its use beyond daily transactions to digital asset trading platforms [5][6]. Challenges and Strategic Responses - The digital RMB faces challenges from the U.S. financial hegemony and competition in the domestic mobile payment market [1][7]. - To counter U.S. monetary dominance, China aims to enhance the stability of the RMB, promote a multi-polar currency system, and establish a robust cross-border payment infrastructure [9][10]. - The digital RMB is positioned as a credible digital payment tool backed by national credit, aiming to compete with U.S. stablecoins [10]. Market Application and Expansion - In 2024, mobile payments in China reached 2,109.8 billion transactions, with a total transaction amount of 563.7 trillion yuan, dominated by Alipay and WeChat Pay [12]. - By mid-2025, the cumulative transaction amount of digital RMB is expected to reach 12.9 trillion yuan, with 3.16 billion transactions [12]. - The digital RMB will continue to expand its application scenarios, including personal payments, merchant payments, and cross-border transactions, while optimizing user experience and acceptance environments [12][13].

Core Viewpoint - The internationalization of the Renminbi (RMB) has progressed over 15 years, achieving significant milestones, and is now entering a new phase of cautious and steady advancement, particularly influenced by digital economy factors [1][2]. Group 1: Currency Digitalization and RMB Internationalization - Digital currency can enhance cross-border payment systems, improve payment processes, and reduce transaction costs, thereby facilitating RMB internationalization [3][6]. - The People's Bank of China is actively involved in the mBridge project, which aims to innovate cross-border payment systems and enhance the digital currency landscape [6][10]. - Central bank digital currencies (CBDCs) can streamline cross-border payment processes, integrate fund and information flows, and improve payment efficiency, positively impacting the international use of the RMB [6][9]. Group 2: Trade Digitalization and RMB Internationalization - Trade digitalization is expected to optimize trade models, reduce costs, and enhance the international competitiveness of Chinese enterprises, thereby increasing the demand for RMB in international trade [11][12]. - The shift towards digital trade allows for improved negotiation power and currency choice in trade settlements, which can further promote RMB internationalization [13][14]. - Digital trade platforms are emerging, creating a digital ecosystem that supports various cross-border payment scenarios, enhancing the RMB's international usability [15][16]. Group 3: Financial Digitalization and RMB Internationalization - Digital finance, through technological innovation, can change financial product service models, enhance market depth and breadth, and promote low-cost, high-efficiency financial services, increasing the global use of the RMB [17][18]. - The development of digital finance can lower transaction costs and improve transaction efficiency, thereby encouraging the international use of the RMB [19][20]. - Digital finance can also enhance financial inclusivity, providing more accessible financial services to underserved populations, which can expand the RMB's application scenarios [19][20].

Core Insights - The article discusses the transformative impact of digital currencies, particularly focusing on the complexities of central bank digital currencies (CBDCs) and stablecoins in the current financial landscape [2] - It emphasizes the philosophical reflections on the essence of money, financial order, and the trajectory of human civilization in the context of digital currency [2] Group 1: Technological Reassessment and Monetary Essence - The book highlights the decentralized nature of blockchain technology as a solution for currency issuance, presenting an ideal currency model that eliminates the need for trust in third-party institutions [4] - It critiques Bitcoin's volatility and its classification as a digital asset rather than a true "digital currency," pointing out its limitations within the traditional monetary framework [4] - The text reflects on the historical significance of this digital experiment, suggesting that it challenges existing monetary and financial systems [4] Group 2: Regulatory Dynamics and Institutional Reconstruction - The article notes the coexistence of "regulatory competition" and "regulatory arbitrage" in the global regulatory framework, with various countries adopting different strategies for digital currency regulation [7] - It discusses the unique "dual firewall" mechanism of China's digital yuan and the contrasting approaches taken by the EU and the US regarding stablecoin regulation [7] - The text suggests that regulatory technology (RegTech) is lagging behind technological innovation, creating new governance challenges [8] Group 3: Paradigm Revolution in Civilizational Evolution - The digitization of currency is reshaping the foundation of social contracts, with blockchain-based identity systems and token economies monetizing human activities [10] - The article raises concerns about the digital divide and the potential for new class divisions within the crypto space, questioning the implications for financial inclusion [10] - It explores the dual spiral characteristic of civilization evolution, where digital and physical worlds increasingly intertwine, particularly in the context of emerging technologies like quantum computing [11] Group 4: Dynamic Balance and Future Considerations - The book presents a vision of a future characterized by a dynamic balance between decentralized technology and centralized regulation, efficiency and risk prevention, and monetary sovereignty and global cooperation [12] - It emphasizes the need for an open mindset to navigate the uncertainties posed by technological advancements and regulatory frameworks [12] - The article concludes by reflecting on the historical evolution of money and the potential for digital currencies to disrupt traditional financial systems, urging a balanced approach to efficiency and fairness in the new monetary civilization [13]

Core Concept - Digital Renminbi (DCEP) is a significant innovation in China's currency digitization, issued by the People's Bank of China, and holds the same legal status and economic value as cash [1] Group 1: Characteristics and Technology - Digital Renminbi features "payment and settlement" capabilities, allowing direct value transfer between users without third-party payment institutions, enhancing payment efficiency and reducing transaction costs [3] - It employs advanced blockchain and encryption technologies, achieving a "controllable anonymity" design for small transactions while adhering to regulatory requirements for larger ones [4] - The system can process over 300,000 transactions per second, significantly outperforming Bitcoin and Ethereum networks [4] - Security is ensured through national encryption standards and hardware encryption modules, capable of withstanding various cyber threats, including quantum computing attacks [6] - It supports "dual offline payment" functionality, enabling transactions without network access, which is crucial during emergencies [6] Group 2: Applications and Social Impact - Digital Renminbi is being tested in multiple pilot cities across China, covering retail, public transport, and government services, with over 750 million transactions and a total transaction amount exceeding 830 billion yuan as of June 2023 [7] - It is expected to enhance monetary policy transmission efficiency, reducing time lags by approximately 30% and improving macroeconomic control precision [9] - The initiative aims to increase financial inclusion, potentially raising China's financial inclusion index by 15-20 percentage points [9] Group 3: Global Implications - The launch of Digital Renminbi marks a milestone in China's fintech development and offers valuable insights for the global Central Bank Digital Currency (CBDC) evolution [10] - As the pilot scope expands and application scenarios diversify, Digital Renminbi is reshaping China's payment ecosystem and contributing to the digital transformation of the global monetary system [10]