Core Viewpoint - The digital renminbi concept stocks surged on December 29, with the fintech sector rising 1% despite market conditions, driven by the announcement of a new digital renminbi framework set to launch in 2026 [1][3][7]. Market Performance - The fintech sector saw significant gains, with Lakala leading the charge with over a 12% increase, followed by Cuvi Co. hitting the daily limit, and several other stocks rising over 3% [1][4]. - The fintech ETF (159851) experienced a 1.08% increase, with trading volume nearing 500 million yuan, indicating strong market interest [1][4]. Digital Renminbi Developments - A new digital renminbi measurement framework and management system will officially start on January 1, 2026, as part of efforts to expand the cross-border use of the renminbi [3][7]. - The West Land-Sea New Channel is expected to enhance the international logistics network and facilitate the broader use of the renminbi, presenting new opportunities for the digital currency [3][7]. Future Outlook - The fintech sector is poised for growth due to multiple positive factors, including record trading volumes in A-shares and the increasing integration of AI in financial services, which is expected to enhance product value and industry barriers [3][7]. - The current valuation of the CSI Fintech Theme Index is at a near six-month low, suggesting potential for upward movement as market activity remains high and new trends like AI finance and digital renminbi gain traction [3][7]. Investment Recommendations - Investors are encouraged to focus on the fintech ETF (159851) and its associated funds, which cover a wide range of sectors including internet brokerage, financial IT, cross-border payments, and AI applications [4][8]. - The fintech ETF has demonstrated strong liquidity, averaging 800 million yuan in daily trading over the past six months, making it a leading choice among similar ETFs [4][8].

Core Viewpoint - The financial industry is evolving into a technology-driven ecosystem, with increasing demand for digital transformation and product upgrades in financial services, particularly through the integration of big data, cloud computing, blockchain, and AI. This shift has positively impacted companies like Yuxin Technology, which has seen significant stock price appreciation and maintains a strong market position in the financial technology sector [1][2]. Group 1: Company Performance - Yuxin Technology's stock price has increased nearly 70% since the beginning of 2023, reflecting market confidence in its stable market position and growth prospects [1]. - The company has been ranked second in the domestic banking financial technology solutions market for three consecutive years from 2022 to 2024, with a projected market share of approximately 2.1% in 2024 [1]. - Yuxin Technology's revenue figures for the years 2022 to 2025 (first nine months) are as follows: 4.281 billion, 5.199 billion, 3.954 billion, and 2.348 billion RMB, indicating fluctuations in revenue [3][7]. Group 2: Revenue Breakdown - The main revenue source for Yuxin Technology has been its banking technology solutions, contributing 3.755 billion, 4.664 billion, 3.461 billion, and 1.896 billion RMB over the same period, accounting for nearly 90% of total revenue [3][4]. - Revenue from non-bank technology solutions and operational services has been significantly lower, with figures of 0.362 billion, 0.378 billion, 0.371 billion, and 0.186 billion RMB for non-bank solutions, and 0.165 billion, 0.157 billion, 0.122 billion, and 0.102 billion RMB for operational services [4]. Group 3: Profitability and Growth Strategy - Yuxin Technology's gross profit has shown improvement, with figures of 1.119 billion, 1.335 billion, 1.140 billion, and 0.764 billion RMB, and corresponding gross profit margins of 26.1%, 25.7%, 28.8%, and 32.5% [5]. - The company has focused on high-value projects, which has positively impacted its profitability, particularly in the software segment of banking technology solutions, where gross margins have increased from 27.5% in 2022 to 35% in 2025 [4][5]. Group 4: Future Outlook - Yuxin Technology plans to enhance its presence in overseas markets, with revenue from international operations showing a doubling in the first nine months of the current year compared to the previous year [6]. - The company aims to invest in emerging markets such as Southeast Asia, the Middle East, and Africa, while maintaining an annual R&D investment of about 10% of its revenue to advance technologies like AI, big data, cloud computing, and blockchain [8]. - The ability of Yuxin Technology to convert its technological advancements into sustainable revenue growth remains a critical factor for its future success in the market [8].

随着金融行业从服务业逐步演变为技术驱动的"社会神经系统"，金融业务充分渗透到社会全方位。在此 背景下，全球金融机构、金融客户、政府机构及监管机构对金融服务生态中数字化转型与产品升级的需 求不断增加。尤其是伴随大数据、云计算、区块链、AI等技术的融合突破，金融科技行业更是迈入了 场景化、智能化、生态化为特征的新发展阶段，在全球金融服务中扮演起越来越关键的角色。 行业乘上"东风"，扎根金融科技行业二十余年的宇信科技（300674）（300674.SZ）也尝到了甜头。以 二级市场的表现来看，2023年以来宇信科技的股价逐年拾级而上，至今累计涨幅逼近七成。走势呈现慢 牛格局，背后逻辑大概是市场认可宇信科技稳固的市场地位，同时也在一定程度上看好公司后续的成长 前景。根据灼识咨询报告，2022-2024年宇信科技连续三年在国内银行类金融科技解决方案市场中排名 第二，2024年的市占率约为2.1%。 或是为了进一步抓住行业机遇并扩大自身的影响力，日前宇信科技再度向港交所递交了上市申请。就财 务表现而言，宇信科技目前盈利状况正处于恢复性增长趋势中，但公司的营收规模似乎仍未企稳。对于 志在完成"A+H"上市的宇信科技来说，未来 ...

12月26日，"2025金融大模型评测体系暨金融评测基准"在上海市委金融办、上海市委网信办、上海市经信委及上海徐汇区人民政府指导、由上海人工智能实 验室与上海库帕思科技有限公司联合主办的发布会上正式落地。 记者现场了解到，当下，金融大模型仍存在着实时性与动态适应性不足、偏见和公平性、数据安全与隐私、领域知识深度不足及透明度和可解释性薄弱等相 对局限性。 针对以上痛点，该项最新评测体系汇聚了4个公开数据集与22个自建数据集，约3.6万条评测数据，坚持科学与鲁棒的评测过程，采用循环选项打乱机制和多 样化提示词，并研发金融裁判大模型，实现评测全流程自动化、标准化，为上海金融领域银行、券商、基金、投资等企业或者机构人员提供权威、精准的大 模型能力评估，助力机构选型、优化及风险把控。 21世纪经济报道记者 余纪昕 上海报道 该场发布会上，上海市委金融办副主任、一级巡视员葛平指出，人工智能正在深刻重塑金融行业发展格局，大模型技术在应用场景深化、关键要素强化和应 用生态协同推进三方面加速赋能。 他强调，去年由库帕思、上海人工智能实验室等机构发布的全国首个"以金融业务为中心"的金融大模型评测体系，为行业提供了科学选型与能力对 ...

Core Viewpoint - The company, Oriental Communication (600776.SH), has stated that it is not currently involved in quantum communication technology and will continue to focus on core industries such as information communication, financial technology, and intelligent manufacturing [1] Group 1: Business Strategy - The company aims to consolidate mature businesses, strengthen growth businesses, and accelerate the cultivation of new businesses as part of its development strategy [1] - The company plans to actively explore the extension of existing industries and the second curve of business growth through technological extension, market extension, and model innovation [1] Group 2: Industry Focus - The company will pay attention to high-quality resources in the upstream and downstream of the industry chain [1] - The company is committed to promoting industrial transformation and accelerating breakthroughs in strategic emerging industries to achieve sustainable and stable development [1]

每经头条（nbdtoutiao）——直击茅台经销商大会：2000多人周末齐聚！重大变革公布：涉及茅台酒价 格、分销等，董事长陈华：经销商不能再"躺着赚钱" （记者 曾健辉） 每经AI快讯，赢时胜（SZ 300377，收盘价：23.74元）12月29日晚间发布公告称，深圳市赢时胜信息技 术股份有限公司（以下简称"公司"）于近日通过中国证券登记结算有限责任公司系统查询，获悉公司控 股股东、实际控制人之一唐球先生持有的部分公司股份已解除冻结，本次解除冻结股份数量为172万 股。截至本公告披露日，股东唐球累计被冻结股份500万股，占其所持股份比例的6.36%，占公司总股 本的0.67%。 2025年1至6月份，赢时胜的营业收入构成为：金融行业占比98.68%，非金融行业占比1.32%。 截至发稿，赢时胜市值为178亿元。 ...

Core Viewpoint - Hainan's full closure operation starting December 18, 2025, represents a significant step in China's new phase of opening up, characterized by a policy of "one line open, one line controlled, and free flow within the island" [1][5]. Group 1: Trade and Taxation Policies - Hainan implements a zero-tariff policy on over 6,600 items, covering 74% of all tax categories, a significant increase from the previous 1,900 tax categories [3]. - Goods entering the mainland from Hainan must follow regular tax procedures, with only processed goods that have added value exceeding 30% exempt from import duties [3]. Group 2: Economic Impact and Development Phases - The construction of the free trade port is divided into three phases, with the closure in 2025 being a key milestone aimed at establishing a policy system focused on trade and investment freedom [5]. - Economic effects are already visible, with service import and export totals growing by 23.1% year-on-year in the first three quarters of 2025, despite a 7.7% decline in goods import and export totals [11]. Group 3: Regional and Global Reactions - Neighboring countries, such as Vietnam, are responding to Hainan's closure by accelerating their own free trade zone developments, with plans to establish 6-8 free trade zones by 2030 [13]. - Singapore expresses concern over Hainan's closure, as it may reduce the need for goods to be transshipped through Singapore, impacting its trade-dependent economy [19]. Group 4: Strategic Positioning and Future Prospects - Hainan's strategic location allows it to focus on developing tourism, modern services, and high-tech industries, moving away from traditional trade and manufacturing [7]. - The region is expected to become an international hub for manufacturing, research, healthcare, and education, providing high-quality cross-border services without the need to leave the country [22]. Group 5: Broader Implications - Hainan's closure signifies a proactive opening window for China amidst global challenges, aiming to diversify the Asia-Pacific economic landscape [24]. - The initiative reflects a shift in global development models, encouraging countries to adapt to new rules rather than cling to outdated paths [26].

29日午后，金融科技板块再次冲高，数字人民币概念活跃，拉卡拉领涨超12%，翠微股份直线涨停，四方精创涨超7%，新国都、楚天龙、长 亮科技、天阳科技、飞天诚信等多股涨超4%。热门ETF方面，同类流动性最佳的金融科技ETF（159851）场内拉升逾1%，冲击日线四连阳， 实时成交额超3亿元。 数据来源：沪深交易所等。 风险提示：金融科技ETF被动跟踪中证金融科技主题指数，该指数基日为2014.6.30，发布日期为2017.6.22，该指数2020-2024年年度涨跌幅分别 为：10.46%、7.16%、-21.40%、10.03%、31.54%，指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。文 中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估的该基 金风险等级为R3-中风险，适宜平衡型（C3）及以上投资者。任何在本文出现的信息（包括但不限于个股、评论、预测、图表、指标、理论、 任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式 的投资建议，亦 ...

近日，京东数科向上交所递交了招股说明书，从招股书内容可以看出，京东数科一直提的"toB"不只是 口号而已。从营收比例、技术投入占比、科技人才占比等各种数据来看，京东数科已经完全是一家toB 的公司，而且完成了阶段性落地。 根据京东数科的招股书显示，京东数科的业务分为三大类：金融机构数字化解决方案、商户与企业数字 化解决方案、政府及其他客户数字化解决方案。截至2020年6月，上述三大业务的营收占比分别为 41.48%、52.37%和5.57%。其中，京东数科金融机构数字化解决方案营业收入年复合增长率达到 100.51%，京东数科政府及其他客户数字化解决方案年复合增长率达到239.05%，创新型业务正在成为 驱动京东数科高速增长的关键因素。 成立两个月后，京东数科率先推出面向供应商融资需求的"京保贝";4个月后，推出了面向消费者短期借 贷需求的"京东白条"。 记者发现，这家新型科技公司的发展历程，总是带给业内很多惊喜——从京东集团内部孵化、含着"金 钥匙"出生，到业内首提金融科技，再到全面转型数字科技公司，不难看出，京东数科总是在激流勇进 时切赛道，并最终引领行业。 京东数科CEO陈生强曾总结道，"我们总是在发展 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the CSI 300 Index by more than 5% within the next six months [31]. Core Insights - The People's Bank of China (PBOC) released the "China Financial Stability Report (2025)," showcasing the achievements of financial work in 2024, emphasizing precise counter-cyclical adjustments and the dual promotion of support for the real economy and risk mitigation, confirming that financial risks are generally controllable [2][8]. - The Financial Regulatory Authority issued the "Implementation Plan for High-Quality Development of Digital Finance in the Banking and Insurance Industries," which outlines 33 tasks aimed at promoting digital transformation and enhancing financial service quality and competitiveness [2][9]. - The PBOC's Monetary Policy Committee held its fourth-quarter meeting for 2025, maintaining a supportive monetary policy stance for 2026, with a shift in focus from "promoting a decline in social financing costs" to "maintaining low social financing costs," indicating a strategic adjustment in financing cost control [2][10]. Summary by Sections Financial Stability Report - The report indicates steady growth in the banking sector's asset-liability scale and an optimized credit structure, with a focus on supporting major strategies and weak links in the economy [8]. - The insurance sector shows stable operations, with increased insurance density and depth, and a decrease in the surrender rate, indicating robust risk compensation capabilities [8]. - The banking sector's capital adequacy remains stable, with ongoing reforms and improvements in risk management and asset quality [8]. Digital Finance Development Plan - The plan emphasizes the importance of top-level design for digital finance, aiming for significant progress in digital transformation over the next five years [9]. - It includes tasks for enhancing digital financial governance, supporting technological innovation, and improving financial service quality in key areas such as technology, green finance, and inclusive finance [9]. Monetary Policy Committee Meeting - The meeting highlighted the need for a moderately loose monetary policy, with an emphasis on counter-cyclical adjustments and the integration of various monetary policy tools to support economic stability and reasonable price recovery [10]. - It also stressed the importance of large banks in serving the real economy and the need for small and medium-sized banks to focus on their core responsibilities [10]. Industry Data - The banking, securities, insurance, and fintech indices experienced changes of -1.01%, +1.58%, +2.97%, and +2.71% respectively, with the CSI 300 Index rising by 1.95% [11]. - Weekly average trading volume for stock funds reached 24.12 trillion yuan, reflecting an 8.6% increase from the previous week [20][24].