A股跨境支付板块盘初活跃，优博讯涨超11%，浔兴股份涨停，先进数通涨超8%，拉卡拉、信雅达、新 晨科技跟涨。 ...

2025 年 04 月 28 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：62 分（较热） 最近一年大盘走势 -15 -10 -5 0 5 10 15 20 (%) 沪深300 相关研究 1、《双融日报》2025-04-25 2、《双融日报》2025-04-24 3、《双融日报》2025-04-23 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 62 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：跨境支付、虚拟电厂、农业 1、跨境支付主题：中国央行等印发《上海国际金融中心 进一步提升跨境金融服务便利化行动方案》。主要内容提 到，跨境清算公司增强与金融机构协同联动，共同提升对 "走出去"企业的服务水平。推动更多银行加入 CIPS，持续 扩大 CIPS 网络覆盖范围。相关标的：跨境通（002640）、青 岛金王（002094） 2、虚拟电厂主题：近日，国家发展改革委、国家能源局 发布《关于加快推进虚拟电厂发展的指导意见》。其中提 到，到 2027 ...

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the Chinese economy, focusing on various sectors including real estate, infrastructure, consumer services, and the impact of external trade policies. Core Insights and Arguments 1. **Economic Growth and Risk Management**: The Political Bureau meeting emphasized the dual focus on stabilizing growth and managing risks, indicating a stronger policy response to economic challenges, particularly in service consumption and support for foreign trade enterprises [1][2][3]. 2. **Real Estate Strategy**: The meeting highlighted the importance of real estate, proposing a new development model that includes increasing the supply of high-quality housing and optimizing land acquisition policies to stabilize the market [1][19][20]. 3. **Infrastructure Investment**: Government investment is seen as a key driver, with a focus on major projects in economically advantageous regions like the Yangtze River Delta and Greater Bay Area, as well as significant projects in western regions [1][28][29]. 4. **Service Consumption Growth**: There is a strong signal to boost income for low- and middle-income groups and develop service consumption, with expectations that service retail will account for over 40% of total retail sales by 2027 [1][37][41]. 5. **Impact of Tariffs on Textile and Apparel**: Chinese textile and apparel companies are adapting to U.S. tariff policies by relocating production to Southeast Asia, while maintaining competitiveness through price adjustments [1][42][44]. 6. **Cross-Border E-commerce**: The cross-border e-commerce market is thriving despite tariff challenges, with companies like Dunhuang.com performing well in the U.S. market [1][43]. 7. **AI and Technology in Retail**: The integration of AI technology is transforming the retail landscape, with major Chinese internet companies investing heavily in AI infrastructure and applications [1][50][51]. Other Important but Potentially Overlooked Content 1. **Challenges in Land Acquisition**: The government faces challenges in land acquisition policies, including pricing and funding issues, which may hinder the execution of real estate strategies [1][22][23]. 2. **Slow Progress in Urban Village Renovation**: Urban village renovation has been slow, with various obstacles such as funding models and compensation mechanisms affecting progress [1][24]. 3. **Consumer Behavior Trends**: New consumption trends are emerging, with a focus on personalized and unique experiences driving growth in sectors like beauty care and personal grooming [1][48][49]. 4. **Investment Opportunities in Infrastructure**: The emphasis on urban renewal and infrastructure investment presents significant opportunities for growth in the construction and related sectors [1][31][32]. 5. **Potential for High-Quality Housing**: The trend towards high-quality housing is gaining momentum, with local governments implementing new standards to enhance living conditions [1][21][25]. This summary encapsulates the key points discussed in the conference call, providing insights into the current economic landscape and potential investment opportunities within various sectors.

近年来，跨境支付行业在全球范围内迎来了显著的发展机遇。特别是自 2020 年疫情爆发以来，随着互联网的普及和消费理念的变化，跨境支付市场呈现出 蓬勃发展的趋势。全球跨境支付市场规模在 2024 年已超过 2.4 万亿美元，并 且每年的增幅保持在 10%到 15%之间。中国的跨境支付市场规模在 2024 年 也已超过 7.5 万亿元人民币，并预计在 2025 年继续增长。这一增长主要得益 于国家鼓励创收外汇政策以及 B2B 外贸和跨境电商的发展。 当前全球和中国的跨境支付市场格局如何？ 从全球角度来看，欧美市场仍然占据主要地位，但新兴市场如东南亚、拉美、 中东和非洲等地区也开始崛起。例如巴西、墨西哥等拉美国家，以及中东和非 洲地区，这些区域因互联网普及和消费理念变化而呈现出爆发式增长。在中国， • SWIFT 系统仍占全球交易系统约 80%份额，新兴体系如 CIPS 和金砖国家 支付系统旨在弱化对 SWIFT 的管控，但短期内难以抗衡，未来十年内 SWIFT 仍将保持主导地位。 • 中国政府提高出口退税率，设立专项贷款支持外贸企业，推动保税仓与海 外仓联动，推广人民币跨境结算系统（CIPS），鼓励市场多元化发展 ...

今天分享的是：Airwallex空中云汇：2025年跨境支付：拓展香港市场的关键策略报告 报告共计：24页 《跨境支付：拓展香港市场的关键策略报告》由Airwallex空中云汇与Statista合作完成，旨在为企业拓展香港市场提供策略指 导。报告通过对1000名香港跨境电商消费者的调查，分析香港市场特点，提出关键策略。 1. 市场现状与消费者需求：香港电商市场增长迅速，2024 - 2029年预计行业估值将增长52%。消费者热衷网购，92%每月至少网 购一次，95%喜欢购买海外商品。支付偏好多样，信用卡虽常用（82%），但电子钱包（64%）和先买后付（BNPL，71%认为 重要）发展迅速，尤其受奢侈品消费者青睐。电商平台是主要购物渠道（75%），社交电商也在兴起，种草达人对83%的消费者 购买决策有影响。消费者重视结账体验，85%希望看到港币标价，超90%期望提供首选支付方式、税费明细和适配移动设备的支 付流程。 3. Airwallex空中云汇优势：该平台提供一站式服务，助力企业合规运营，拥有全球企业账户、安全措施、财务工具等。能实现 结账流程本地化，支持多种支付方式和自动货币转换。在节约成本上，提供优汇率 ...

"65%的Z世代和千禧一代会因为商家提供先买后付而购买更多或者原本购买意愿度不高的商品，先买后 付，如Klarna，Afterpay，在奢侈品、大额消费品等类目和年轻消费者赛道上展现出增长潜 力。"Airwallex空中云汇中国区市场负责人唐晓非在第三届跨境卖家大会上表示。 2024年，中国跨境电商进出口2.63万亿元，同比增长10.8%，占进出口规模总量比重6%。据德国数据调 研机构Statista的预测，全球跨境电商市场规模还将继续上升：到2029年，全球电商总规模将增长至5.9 万亿美元，每年增速达到8.02%，其中美国、欧洲、英国和东南亚市场均将实现不同幅度的增长。 为帮助更多企业捕捉跨境电商出海增长机遇，《出海策略研究》首次以企业出海目标区域为专题，覆盖 美国、欧洲、英国、中国香港、东南亚和澳新地区六大核心市场，基于对全球11个国家和地区11000名 跨境线上消费者的深度调研，揭示了横跨4个年龄段的消费趋势。 研究显示，跨境购物受到各个年龄段消费者普遍欢迎，年轻消费群体接受度达93%。就跨境购物的主要 渠道来看，78%的受访者偏好包括亚马逊在内的跨境电商购物平台。另有15%和7%的受访者倾向于独立 ...

Investment Rating - The investment rating for the computer industry is "Strongly Outperform the Market" and is maintained [1]. Core Viewpoints - The report highlights a significant increase of 43% in CIPS transactions, indicating an acceleration in the internationalization of the Renminbi [1][22]. - The cross-border digital payment industry is experiencing continuous growth, with the market size reaching 7.5 trillion RMB in 2024 [22][24]. - The integration of CIPS and digital RMB is transforming the cross-border payment landscape, with digital RMB trials expanding to 129 countries and regions [22][24]. Summary by Sections Section 1: Cross-Border Payment System - CIPS + Digital RMB - CIPS is a wholesale payment system dedicated to Renminbi cross-border payment and settlement, aimed at enhancing efficiency and security in cross-border transactions [7][9]. - Digital RMB, issued by the People's Bank of China, is a legal digital currency that supports various payment scenarios and is equivalent to physical cash [11]. Section 2: CIPS Growth and Globalization of Renminbi - The cross-border digital payment industry is projected to grow significantly, with CIPS processing 821.69 million transactions worth 175.49 trillion RMB in 2024, marking a year-on-year increase of 42.60% [22][24]. - The demand for cross-border payments is surging due to the rise of e-commerce platforms and the "Belt and Road" initiative, which enhances payment needs in emerging markets [24][26]. Section 3: Investment Opportunities in Technology and Applications - Investment opportunities are identified in the underlying technologies for digital RMB, including blockchain and smart contracts, which are crucial for its implementation [36]. - The report emphasizes the need for hardware upgrades to support digital RMB transactions, with companies like Guangdian Yuntong and Lakala poised to benefit from this demand [36][39]. - The digital RMB's programmability offers innovative solutions for supply chain finance and cross-border trade, with companies like Yuxin Technology and Changliang Technology expected to take on more customized projects [36][39]. Section 4: Target Identification - The report outlines potential investment targets related to digital RMB and CIPS, focusing on companies that are positioned to benefit from the growth of cross-border payment systems and digital currency applications [48].

Investment Rating - The investment rating for the computer industry is "Strongly Outperform the Market" and is maintained [1]. Core Viewpoints - The report highlights a significant increase of 43% in CIPS transactions, indicating an acceleration in the internationalization of the Renminbi [1][22]. - The cross-border digital payment industry is experiencing continuous growth, with the market size reaching 7.5 trillion RMB in 2024 [22][24]. - The integration of CIPS and digital RMB is transforming the cross-border payment landscape, with the digital RMB pilot expanding to 129 countries and regions [22][24]. Summary by Sections Section 1: Cross-Border Payment System - CIPS + Digital RMB - CIPS is a wholesale payment system dedicated to Renminbi cross-border payment and settlement, aimed at improving efficiency and security in cross-border transactions [7][9]. - Digital RMB, issued by the People's Bank of China, is a legal digital currency that supports various payment scenarios and is equivalent to physical cash [11]. Section 2: CIPS Growth and Globalization of Renminbi - The cross-border digital payment industry is projected to grow significantly, with CIPS processing 821.69 million transactions worth 175.49 trillion RMB in 2024, marking a year-on-year increase of 42.60% [22][24]. - The demand for cross-border payments is driven by the rise of e-commerce platforms and the "Belt and Road" initiative, which enhances payment needs in emerging markets [24]. Section 3: Investment Opportunities in Technology and Applications - Investment opportunities are identified in the underlying technologies for digital RMB, including blockchain and smart contracts, which are essential for its implementation [36]. - The report emphasizes the need for hardware upgrades to support digital RMB transactions, with companies like Guangdian Yuntong and Lakala participating in pilot projects [36][39]. - The digital RMB's programmability offers innovative solutions for supply chain finance and cross-border trade, with companies like Yuxin Technology and Changliang Technology poised to benefit [36][39]. Section 4: Target Identification - The report outlines potential investment targets related to digital RMB and CIPS, focusing on companies that provide technological support and infrastructure for cross-border payments [48].

华夏时报（www.chinatimes.net.cn）记者 叶青 见习记者 胡振明 北京报道 跨境支付板块近日出现回调 近期大涨之后，跨境支付概念板块整体出现了回调，市场开始关注该板块后续能否再度走强。 在央行等四部门联合印发《上海国际金融中心进一步提升跨境金融服务便利化行动方案》之后，受到提升人民币 跨境支付系统（CIPS）功能和全球网络覆盖预期的影响，跨境支付概念板块集体走强，青岛金王 （002094.SZ）、海联金汇（002537.SZ）、新晨科技（300542.SZ）、拉卡拉（300773.SZ）等多只股票在此期间 高度活跃。 然而，经过前期上涨之后，近日新晨科技、拉卡拉、青岛金王股价均有明显回调，海联金汇4连板涨停后也出现了 高位调整迹象。 多年来，新晨科技开发了电子渠道及渠道整合云平台、贸易融资结算系统、交易银行系统、协作云平台、交换平 台、区块链BaaS平台、大数据平台等多种核心系列产品或解决方案。 在近期的投资者关系活动中，新晨科技对投资者表示，在人工智能技术研发方面，公司团队已围绕银行等核心客 户的多个关键场景成功实现了技术应用落地；此外，公司已对DeepSeek技术开展了应用适配工作，目前 ...

股票研究 /[Table_Date] 2025.04.23 贸易政策目标推动跨境支付行业发展 [Table_Industry] 计算机 [Table_Invest] 评级： 增持 | [table_Authors] 杨林(分析师) | 伍巍(研究助理) | | --- | --- | | 021-38676666 | 021-38676666 | | 登记编号 S0880525040027 | S0880123070157 | 本报告导读： 央行等四部门方案提出提升人民币跨境支付系统（CIPS）功能和全球网络覆盖，推 动更多银行加入 CIPS。另外，国务院部署实施自由贸易试验区提升战略，推进高水 平对外开放。政策导向有望支撑跨境支付行业打开新的增长空间。 投资要点： 股 票 研 究 告 请务必阅读正文之后的免责条款部分 券 研 究 报 行 业 跟 踪 报 告 证 [Table_Summary] 投资建议：无论是推动 CIPS 功能提升和范围扩容，还是通过自由贸 易区试点推进高水平对外开放，都需要跨境清算行业的协同发展， 企业的创新创造能力对政策目标的实现至关重要。多维政策目标有 利于共同打开跨境清算企业需求空 ...