Group 1 - The Hunan Province Cross-Border Trade Comprehensive Service Platform is the first provincial-level platform in China built on self-controlled blockchain technology, recognized as a key pilot project by 17 national ministries [3] - The platform aims to enhance cross-border trade efficiency and reduce operational costs for enterprises by integrating data across customs, taxation, foreign exchange, and other departments, creating an ecosystem of eight service systems [3] - The platform has successfully completed its first transaction in Chinese Renminbi with Nigeria's Naira, marking a significant breakthrough in cross-border settlement between China and Africa [3] Group 2 - The Tianxin Economic Development Zone released a support policy focused on technology and industry innovation, featuring six major support systems and 25 specific policies to assist enterprises throughout their lifecycle [4] - The policy includes financial incentives for projects in digital economy and low-altitude economy, with rewards up to 2 million yuan for R&D and 1 million yuan for major foreign investment projects [4] - The signing of projects in digital economy, low-altitude economy, and cross-border trade reflects the synergy between policy and industry, enhancing the industrial ecosystem of the Tianxin Economic Development Zone [5] Group 3 - The signing ceremony involved partnerships with eight ecological cooperation enterprises, including major banks, to establish a comprehensive service system for cross-border trade [6] - The integration of projects in the digital economy, such as the Quantum Fusion Application Research Institute, aims to strengthen the region's capabilities in quantum communication and information security [5] - The low-altitude economy sector is set to benefit from a full-chain breakthrough with multiple projects covering drone research, production, training, and application, positioning the Tianxin Economic Development Zone as a core area for low-altitude economy in Hunan [5][6] Group 4 - The overall initiative aims to reinforce the digital foundation of the southern integration area of Changsha, promoting the deep integration of digital economy, low-altitude economy, and advanced manufacturing [8] - The efforts are part of a broader strategy to establish Hunan as a highland for reform and opening up in inland regions and to build a leading area for China-Africa economic cooperation [8]

Core Points - The "Tong Silk Road" cross-border trade digital comprehensive service platform was launched on September 23 during the 2025 Eurasian Economic Forum [1] - The platform is an upgraded version of the original "Tong Silk Road" cross-border e-commerce RMB settlement service platform, focusing on digital services for foreign trade [1] Group 1: Enterprise Services - The "Tong Silk Road" platform provides essential services such as customs declaration, international logistics, and cross-border RMB settlement, aimed at reducing exchange rate risks and improving settlement efficiency for enterprises [2] - It addresses financing challenges faced by small and micro foreign trade enterprises by integrating various financial institutions to offer services like credit insurance and financing [2] Group 2: Government Services - The platform assists government agencies in effectively monitoring and supporting the foreign trade industry through data statistics and monitoring services [2] Group 3: Public Services - The platform combines resources for conferences, enterprise certification, legal consulting, and industry insights to help businesses stay informed about market dynamics and policy changes [2]

Core Viewpoint - Chaoyang District has positioned itself as a significant window for the capital's opening-up, focusing on high-standard implementation of the "Two Zones" initiative since 2020, leading to enhanced investment openness, trade facilitation, and innovative open models [1][4][5]. Investment and Economic Development - Over the past five years, Chaoyang District has implemented over 150 pilot reform policies, resulting in 109 innovative projects and 87 institutional innovations, with 15 measures replicated nationwide [4][5]. - The district has attracted major projects such as Alibaba's Beijing headquarters and the Beijing International Big Data Exchange, with a total of 4,473 projects recorded and 2,644 implemented [4][5]. Financial and Trade Openness - Chaoyang has deepened financial sector openness, establishing the first foreign-funded securities company in China, Standard Chartered Securities, and leading in the number of approved telecom business types [5][12]. - The district has completed a cross-border trade digitalization pilot with Singapore, enhancing trade facilitation and establishing a service center for port collaboration [5][6]. Cross-Border Flow and Data Management - The district has initiated comprehensive reforms for cross-border capital flow, becoming a leader in international payment services and cross-border investment facilitation [5][6]. - It has established data flow service centers and implemented the first personal information export standard contract in the country, enhancing data management capabilities [6][10]. Industry Innovation and Technology - Chaoyang has developed 20 specialized industrial parks focusing on sectors like AI, digital healthcare, and the metaverse, with over 1,400 companies in the metaverse industry cluster [8][9]. - The district has launched the first digital healthcare park in the city, housing over 240 enterprises in AI and new drug development [9]. International Cooperation and Investment Attraction - Since 2021, Chaoyang has established 2,398 new foreign enterprises, accounting for 28.4% of the city's total, with actual foreign investment reaching $17.4 billion [11][12]. - The district has expanded its international investment network, engaging with countries like the UK and Germany to foster cooperation in various industries [13][14]. Service and Infrastructure Enhancement - Chaoyang has improved its international service capabilities, establishing a friendly consumption environment for foreign visitors and enhancing payment services [17][18]. - The district has launched initiatives to optimize living conditions for expatriates, including the distribution of a foreigner handbook and the establishment of international talent apartments [19][20].

Investment Rating - The report assigns an "Overweight" rating for the cross-border payment industry [1][10]. Core Insights - The People's Bank of China and other departments aim to enhance the functionality and global coverage of the Cross-Border Interbank Payment System (CIPS), which is expected to open new growth opportunities for the cross-border payment industry [3][4]. - The implementation of high-level opening-up strategies through free trade zones is anticipated to increase demand for cross-border payment services, thereby supporting the industry's overall growth [4]. - The digital transformation and application of advanced technologies such as blockchain and big data are driving the upgrade of the cross-border payment system, indicating an irreversible trend towards digitalization in cross-border settlements [4]. Summary by Sections Policy Support - The report highlights that the enhancement of CIPS and the promotion of free trade zones will require the collaborative development of the cross-border clearing industry, with innovation being crucial for achieving policy goals [4]. - The demand from export enterprises and the government for cross-border payment services is expected to increase, providing better growth opportunities for related companies [4]. Recommended Stocks - The report recommends the following stocks: Yuxin Technology, Jingbeifang, Newland, Xinguodu, and Lakala as primary beneficiaries, while Changliang Technology, Sifang Jichuang, Baoshui Technology, Ruimaotong, and Anshuo Information are identified as secondary beneficiaries [4][5]. Financial Projections - The report provides earnings per share (EPS) forecasts for 2024A, 2025E, and 2026E for the recommended stocks, indicating a positive outlook for their financial performance [5].

Group 1 - The central bank and other departments are promoting the enhancement of the Cross-Border Interbank Payment System (CIPS) functionality and global network coverage, aiming to drive more banks to join CIPS [1] - The policy goals include optimizing processes, digital upgrades, financing support, and risk management to expand CIPS's service targets and improve its functionality, ultimately promoting the internationalization of the Renminbi [1] - The demand from export enterprises and the government for cross-border payment-related companies is increasing, providing better growth opportunities and stimulating industry innovation [1] Group 2 - The acceleration of the free trade zone enhancement strategy by the central government is expected to increase the proportion of Renminbi settlement, allowing the currency to play a significant role in trade and investment financing [2] - The demand for cross-border payment services is expected to rise due to the import and export trade within the free trade zones, prompting business upgrades in the industry to meet various settlement needs [2] Group 3 - The digital transformation and advanced technologies are facilitating the upgrade of the cross-border payment system, with a clear goal for the digitalization of cross-border trade [3] - Companies are actively exploring the application of blockchain, big data, and other cutting-edge technologies in cross-border payments to drive industry upgrades [3] - The interaction between government guidance and corporate innovation is likely to open new markets for the cross-border payment industry and support the comprehensive upgrade of the payment system [3]