在全球经济脉络中，跨境支付如同血液，其流转的速率与成本直接决定着商业体的活力与健康。近年来，尽管全 球商品、数据与人员的流动已高度一体化，但支撑这一切的金融支付网络，却仍深陷于半个世纪前构建的框架之 中，日益显现出与数字时代脱节的疲态。变革的呼声与技术的浪潮正合力冲击着旧有体系，一场静默而深刻的重 构已悄然启幕。 规模与痛点：万亿市场下的效率困局 根据麦肯锡的数据，2022年全球跨境支付流总量惊人地达到了约150万亿美元，其中近九成源于企业间的商业活 动。如此庞大的资本流动，本应是全球贸易繁荣的引擎，然而，其背后却隐藏着长期未能解决的结构性痛点。 传统的跨境支付，尤其是服务于国际贸易的结算，严重依赖基于代理行模式的SWIFT电报网络。这套系统如同一 座由无数中间环节搭建的"金融巴别塔"，每一笔汇款或贸易结算都需要经过汇出银行、中间代理行、收汇银行等 多重关卡。每一个环节都意味着独立的人工审核、合规筛查、资金清算和对账，这不仅导致了高昂的手续费（通 常为交易额的1%-3%，加上不透明的汇率加价），更造成了漫长的处理周期——普通电汇平均需要2-5个工作日， 而复杂的信用证结算则可长达30至45天。 对于全球数以千 ...

Core Viewpoint - The digital currency sector is experiencing significant activity, driven by the accelerated development of the digital RMB ecosystem and supportive policies, which are expected to benefit related companies as the digital RMB scales up [1][2]. Market Performance - As of December 30, the digital currency sector saw notable stock performance, with Digital Certification rising over 16%, and Yuyin Co., Cuiwei Co., and Aerospace Information hitting the daily limit [1][2]. - Specific stock prices and changes include: - Digital Certification: 34.56, up 16.01% - Yuyin Co.: 8.55, up 10.04% - Cuiwei Co.: 17.63, up 9.98% [2]. Policy Developments - The People's Bank of China has issued a plan to enhance the digital RMB management service system and related financial infrastructure, with a new framework set to be implemented on January 1, 2026 [2]. - The revision of the CIPS business rules aims to optimize cross-border payment processes, facilitating the exploration of digital RMB applications in cross-border scenarios [3]. Industry Analysis - **Digital RMB Technology Services**: The promotion of digital RMB requires technical support such as encryption certification and payment terminal adaptation, leading to increased demand for these services as application scenarios expand [4]. - **Cross-Border Payments**: The revised CIPS rules will enhance efficiency and security in cross-border payments, benefiting companies involved in cross-border payment technology and related system development [4]. - **Financial Hardware Devices**: The implementation of digital RMB necessitates hardware like POS machines and ATMs, providing opportunities for manufacturers to upgrade or develop new products [4]. - **Financial Software Systems**: Financial institutions will need to upgrade their core and payment systems to accommodate digital RMB, creating demand for customized solutions from software development companies [4].

在跨境支付行业，一个明显的变化正在发生。 出海企业正在变得更加多元： 市场更分散、运营更本地化、组织结构更扁平。与此同时，越来越多企业开始将成本中心迁往香港、新加坡，甚至直接设在业务发生地附近。 这让一个问题变得越来越突出——企业不再只关心钱怎么"收进来"，而是关心这些钱，能否被长期、合规、高效，规模化地用起来。 在一次围绕跨境支付与企业全球化资金管理的交流中，Neobank代表公司Qbit的创始人吴羽君提出了一个非常清晰的判断： 随着企业全球化程度加深，跨境支付的竞争正在变得更加多维：除了通道能力之外，资金如何被使用、被管理、被规模化支持，正成为越来越重 要的组成部分。 这个判断，并非来自概念层面的推演，而是源自Qbit，这家已经在真实业务中高速运行的全球化团队的长期实践。 当"虚拟卡"不再只是一个支付工具 在很多人的认知里，"虚拟卡公司"本质上只是一个工具提供者： 给企业一张卡，用来刷海外平台、订阅服务、支付广告费用。 但在真实的企业运营中，问题远不止如此。 随着客户规模扩大、市场分布变广，企业真正面临的，往往是一些更底层、更系统性的问题： "如果只是提供一张卡，这些问题一个都解决不了。"吴羽君在交流中直 ...

A股三大指数今日涨跌不一，截至收盘，沪指涨0.04%，深成指跌0.49%，创业板指跌0.66%，北证50指 数跌0.45%，沪深京三市成交额21577亿元，较上日缩量234亿元。三市超3300只个股下跌。板块题材 上，碳纤维、脑机接口、多元金融、商业航天、人形机器人、光伏设备板块涨幅居前；医药商业、能源 金属、电池、食品饮料、化工板块跌幅居前。盘面上，商业航天产业链延续强势，神剑股份8连板，大 业股份4连板，泰尔股份3连板，苏州高新、中超控股、航天发展2连板。脑机接口板块表现活跃，三博 脑科、翔宇医疗、创新医疗涨幅居前。跨境支付、数字货币概念股同样表现积极，拉卡拉大涨10%。翠 微股份、四方精创领涨。此外，人形机器人、碳纤维、光伏设备等多个板块盘中轮动。另一方面，能源 金属板块午后下挫，盛新锂能、天齐锂业、赣锋锂业纷纷下跌。食品饮料板块集体走弱，妙可蓝多盘中 跌停，皇氏集团、南侨食品、西部牧业跟跌。 ...

Core Viewpoint - The Sanya International Forum emphasizes the need for Hainan to transition from a "channel economy" to a sustainable "hub economy," focusing on optimizing the "soft environment" and building an industry ecosystem to retain talent [1][7]. Group 1: Economic Transition - Hainan should leverage its unique EF account system to facilitate global fund collection and distribution, particularly for trade in goods [3][6]. - The development of cross-border e-commerce in Hainan can be supported by its unique "fifth" and "seventh" air rights, enhancing global connectivity [3][7]. - The transition to a hub economy requires continuous improvement of the business environment, including high-quality capital project openness and creating a livable and workable environment to attract talent [3][10]. Group 2: Cross-Border E-commerce Opportunities - Hainan has significant potential in exporting tropical agricultural products and developing medical products in the Boao Lecheng International Medical Tourism Pilot Zone [3][8]. - The tourism industry can drive e-commerce growth, as visitors may return to purchase products online after their experience in Hainan [8][9]. - The unique advantages of Hainan, such as its geographical proximity and cultural similarities to Southeast Asian countries, position it as a key base for cross-border e-commerce [8][9]. Group 3: Financial Services and Compliance - PingPong provides end-to-end payment solutions for Chinese enterprises going global, supported by a network of over 100 global banks and more than 60 payment licenses [4][5]. - The EF account system in Hainan is particularly beneficial for current account transactions, allowing for efficient fund management and currency exchange [6][10]. - The financial services landscape for small and medium enterprises (SMEs) needs to improve, as many face challenges due to varying regulations and currency fluctuations in different countries [5][9]. Group 4: Infrastructure and Policy Support - The development of infrastructure, including transportation and regulatory frameworks, is crucial for Hainan to become a true hub economy [7][11]. - Low tax policies, such as a maximum of 15% for corporate and personal income taxes, are attractive for talent retention and investment [10][11]. - Continuous policy and institutional openness are necessary to create a favorable environment for businesses and to retain talent in Hainan [11].

周五（12月26日），金融科技全天冲高回落收盘微涨，成份股涨跌参半。上涨方面，互联网券商、金融 IT表现较为活跃，古鳌科技、电科数字领涨超5%，格尔软件、神州信息、大智慧、东方财富等涨超 1%；下跌方面，跨境支付概念股下挫明显，中亦科技领跌超3%，创识科技、高伟达、新大陆、楚天龙 等多股跌逾1%。 多角度把握金融科技机会，建议重点关注金融科技ETF（159851）及其联接基金（A类013477、C类 013478），按照申万一级行业，标的指数重仓计算机+非银金融，全面覆盖了互联网券商、金融IT、跨 境支付、AI应用、华为鸿蒙等热门主题。 热门ETF方面，同类流动性最佳的金融科技ETF（159851）早盘一度涨近2%，临近午盘跳水翻绿，午后 拉升回暖，场内最终收涨0.24%，全天成交5.83亿元。从技术面看，金融科技ETF（159851）或已突破 横盘整理区间，斩获右侧三连阳，释放看涨反转信号。 从资金分析来看，当前融资客或是主要看多力量之一。数据显示，12月23日，金融科技ETF（159851） 融资余额突破4.4亿元创新高，当前仍维持在历史高位，表明当前融资客当前做多情绪高涨！ 后市分析看，金融科技板块正迎 ...

Investment Opportunities - FenYinTa Technology has completed nearly 100 million RMB in Series A financing, focusing on AI applications in elder care and health [3] - Obita has raised nearly 30 million USD in Pre-A financing, developing a blockchain-based payment network for enterprises [4] - YiSu Innovation has secured 100 million RMB in Pre-A financing, specializing in desktop laser processing equipment [5] - Kepler Project has completed 45 million RMB in angel financing, aiming to launch its RV products in the North American market by Q3 2026 [6] Market Expansion - Aldi plans to increase its store count in China to 100 by Q1 2026, with a focus on the East China market and a significant number of new openings in 2025 [8] - Grupo Bimbo has seen significant growth in its e-commerce and O2O channels in China, with a total investment of 72 million USD from 2023 to 2024 [13] Consumer Trends - A report by McKinsey indicates a cautious consumer sentiment in China, with a projected consumption growth rate of 2.3% for 2025, similar to the previous year's 2.4% [14] - Urban affluent elderly consumers have seen a 20% decline in confidence due to asset depreciation, while younger consumers in third-tier cities remain optimistic despite economic challenges [14] Product Innovations - MoLi NaiBai's Christmas strawberry series sold over 360,000 cups on its first day, leveraging social media and limited edition products to engage young consumers [11] - QiMengDao has opened its first flagship store, focusing on immersive experiences and exclusive products to attract fans [12] Brand Responses - BaWang Tea Ji has addressed consumer concerns regarding caffeine content in its products, emphasizing the balance of active ingredients in tea [9] - XiBei's founder has publicly acknowledged mistakes related to the pre-prepared food controversy, implementing price reductions to regain customer trust [10]

钱江新城再落重磅一子。 12月24日，钱江新城单元JG1307-21、26地块正式出让，由杭州联合银行和杭州市钱江合晟控股发 展有限公司合作摘牌，总价18.9亿元，为上城区2025年度商业商务用地出让画上了一个强劲的收尾。这 座规划中的现代化综合大楼，不仅为其自身构筑战略发展新高地，更将为钱江新城核心区再添一座金融 地标。 "我们看中的是全局之利。"义支付副总经理张雯晶道出逻辑：交通上，这里地处城市发展中轴，是 串联西湖时代与钱塘江时代的关键枢纽；人才上，优越的城市规划、优质的生活品质，让引才更便捷、 留才更稳固；更核心的是金融底蕴——"上城区是杭州金融中心，钱江新城是省级金融集聚区，五大行 总部齐聚，这为我们跨境支付业务提供了丰富的合作伙伴、客户资源，以及懂金融逻辑的监管环 境。"张雯晶说。 作为杭州近年来土地供应最活跃的板块之一，钱江新城每次土拍"上新"都备受关注。截至今年12月 24日，上城区全年成功出让商业商务用地11宗，成交总额突破69亿元，其中钱江新城一期1宗，二期板 块包揽7宗。在浙江省各区县的横向对比中，无论成交总额还是楼面均价，上城均位列第一。 一个清晰的信号已然释放：钱江新城二期（以下简称 ...

Core Viewpoint - Since 2025, China's cross-border trade and personnel exchanges have significantly increased, providing strong momentum for the development of cross-border payments [1] Group 1: Cross-Border Payment Trends - The cross-border payment industry is undergoing transformation, moving away from a single funding channel model towards diversified scenarios, full-chain services, and global layout [1][2] - The demand for cross-border consumption is driving innovation in payment services, with a shift from focusing solely on large corporate transactions to including small personal transactions [3] - The integration of QR code payment systems across borders is rapidly advancing, enabling real-time currency conversion and optimizing cross-border settlement processes [3] Group 2: Infrastructure and Policy Support - The continuous improvement of infrastructure supports technological innovation, with the CIPS system covering 189 countries and processing 4.03 million transactions in the first half of the year [5] - Recent policies have provided critical support for diversified payment scenarios, simplifying processes and establishing standards for cross-border payment innovations [6] Group 3: Evolving Role of Cross-Border Payment Providers - Cross-border payment services are evolving from mere payment facilitation to comprehensive support for businesses, including market research, resource matching, and fund management [7] - Companies are launching products that support multiple currencies and financial management, reducing operational costs and risks for cross-border sellers [8] Group 4: Addressing Market Challenges - Cross-border enterprises face challenges due to varying payment environments in different markets, leading to the development of unified payment solutions to streamline operations [9] - Payment providers are enhancing their service offerings by integrating financial services into business scenarios, creating a closed loop of "payment + value-added services" [10] Group 5: Global Expansion and Compliance - Companies are expanding their global presence by obtaining various payment licenses and establishing local offices to address compliance challenges [10][11] - The establishment of a comprehensive global payment license framework supports operations in over 100 countries and regions, facilitating transactions in more than 130 currencies [11]

Amy一家在北京用餐（右一为Amy） 本报（chinatimes.net.cn）记者付乐 北京摄影报道 2025年以来，我国跨境贸易、人员往来活跃度显著回升，为跨境支付注入了强劲发展动力。 12月25日，记者走访了全国首个"入境消费友好型商圈"北京蓝色港湾。时值圣诞节点，商圈内不少外籍 消费者穿梭驻足，消费支付环节便捷顺畅。 走访过程中，记者采访了来自厄瓜多尔的Amy（化名）一家，Amy称，自己到中国之前已经下载了微信 支付和支付宝这两个软件。 "今天是我和姐姐刚到中国的第一天，专程和父母一起过圣诞节。我父母已经来中国一个月了，一家人 打算在这里待一年零两个月。"Amy笑着补充道。从餐饮消费到礼品选购，移动支付已成为他们在华日 常消费的主要方式。 除了入境消费端，跨境支付行业的变革正在上演。《华夏时报》记者采访多家跨境支付机构发现，2025 年以来，跨境支付政策红利持续释放，底层基础设施建设不断完善，叠加金融科技的赋能，正共同推动 行业告别以往单一的资金通道模式，朝着场景多元化、服务全链路、布局全球化的方向加速演进。 空中云汇相关负责人对本报记者表示，这本质是行业应对贸易场景多元化、合规要求精细化、服务需求 ...