（文章来源：北京商报） 北京商报讯2026年1月8日，中国互联网金融协会官微发布消息称，根据《关于规范供应链金融业务引导 供应链信息服务机构更好服务中小企业融资有关事宜的通知》（银发〔2025〕77号）关于"应收账款电 子凭证融资，由当事人通过中国人民银行征信中心动产融资统一登记公示系统办理登记"的相关规定， 为进一步推进应收账款电子凭证融资业务登记标准化，不断提升登记和查询质效，中国互联网金融协会 和中国人民银行征信中心共同组织编制了《应收账款电子凭证融资业务登记——财产信息描述示例》， 现予以发布。相关当事人办理应收账款电子凭证融资业务登记时，可参考示例对有关财产信息进行描 述。 ...

Group 1 - The rumor that social security cards have no expiration date is false; social security cards do have an effective period, which may be printed on the back in some regions [2] - If the expiration date is not marked, local human resources departments and banks typically notify users before expiration through SMS or announcements [2] - Users can apply for a replacement if the card is damaged or unreadable, and the process can be done through various service platforms [2] Group 2 - The claim that cherries contain melatonin and can aid sleep lacks sufficient scientific support, despite cherries being identified as a fruit with relatively high melatonin content [5] - The highest melatonin content in cherries is approximately 13.46 ng/g, but consuming 100g of cherries only provides about 1.3 μg of melatonin, which is minimal compared to the body's natural production [5] - The body's melatonin production peaks at 03:00-04:00, generating a total of 10-80 μg per night, indicating that the sleep aid effect from cherries is negligible [5] Group 3 - In 2025, Shanghai police cracked down on 10 cases of corporate-related rumors, with two individuals facing criminal charges and eight receiving administrative penalties [7] - A gaming company was targeted by multiple rumors, including false claims about its game being abandoned and investors withdrawing, leading to administrative penalties for the perpetrator [7] - In another case, a financial company faced stock price fluctuations due to a rumor about a significant fine for insider trading, prompting a swift response to issue a denial [8] Group 4 - A recent incident in Jiangxi involved a netizen spreading false claims about a public employee's misconduct, resulting in administrative detention and fines for the individual [8] - The individual used AI to generate misleading content without verifying its accuracy, highlighting the risks associated with misinformation in the digital space [8]

Group 1 - The internet finance sector continues to decline, with Guoyuan Technology dropping over 10% [1] - Yingshi Sheng and Tianli Technology both fell by more than 7% [1] - Zhinan Compass, Hengbao Co., and Huijin Co. experienced declines of over 5% [1]

Group 1 - The A-share market is experiencing a continuous upward trend, with the Shanghai Composite Index achieving a 13-day winning streak, and there is optimism about its continuation [1][3] - The central bank is establishing mechanisms to provide liquidity to non-bank institutions under specific scenarios, which is expected to benefit the stock and real estate markets [3] - The market is anticipated to see a significant increase in trading volume, potentially exceeding 30 trillion, driven by abundant post-holiday funds and profit effects [3][5] Group 2 - The A-share market is projected to reach 4100 points, with a complex process expected but a high probability of achieving this target [5] - The Hong Kong stock market is also expected to continue its upward trajectory, particularly in the securities sector, with increasing trading volume [5][7] - The current market environment emphasizes the importance of strategic stock selection, particularly in sectors like healthcare and internet finance, while previously high-performing sectors may not see similar gains [7]

Market Overview - The Shanghai Composite Index experienced a rare 13 consecutive days of gains, breaking the previous high from November 14, 2025, and reaching a new high since July 2015, closing up by 1.50% [1] - The market saw over 4,100 stocks in the green, with significant contributions from financial sectors such as brokerage, insurance, and internet finance [1] Seasonal Trends - According to Zheshang Securities, the first quarter typically sees a "spring rally," where small and mid-cap growth indices perform best, setting the stage for February's market performance [1] Key Sectors Financial Sector - Major financial stocks like Dazhihui and Hualin Securities hit the daily limit, while China Ping An reached a new five-year high [1] Brain-Computer Interface - The brain-computer interface sector saw a surge, with nearly 20 stocks hitting the daily limit, driven by breakthroughs in clinical trials for a new fully implanted device [3] - The industry is expected to enter a critical phase of large-scale application, supported by policy backing and ongoing technological advancements [3] Non-Ferrous Metals - The non-ferrous metals sector strengthened, with companies like Luoyang Molybdenum and Zijin Mining reaching historical highs, influenced by rising global metal prices [4] - The London Metal Exchange reported significant price increases for tin and copper, indicating strong demand and supply dynamics [4] Solid-State Batteries - The solid-state battery sector experienced a rally, with several stocks hitting the daily limit, following the announcement of a commercially viable solid-state battery by Donut Lab [5] - The sector is expected to progress towards industrialization, supported by policy focus and active participation from industry players [5] Semiconductor Sector - The semiconductor sector remained active, with storage chips and semiconductor equipment leading the gains, as companies like Beifang Huachuang reached historical highs [6] - Price increases for DRAM chips were reported, with significant hikes expected in Q1 2026 [7] Institutional Insights - Guotai Junan Securities highlighted the internal trend of a "transformation bull market" in China, driven by economic shifts and capital market reforms [8] - Debon Securities expressed optimism for a slow bull market following the New Year, with expectations for continued upward movement in the A-share market [8] - Dongfang Securities noted that the market's upward trend is supported by strong investor confidence and the commercialization of new industries like brain-computer interfaces and AI [9]

互联网金融板块持续拉升，大智慧涨停，同花顺涨超10%，财富趋势、指南针、东方财富涨幅居前。 ...

Core Insights - The integration of digital economy and fintech has allowed internet platforms to become significant players in the financial sector, moving beyond traditional payment services to encompass credit, wealth management, and insurance, thus accelerating their financialization process [1][24] - Traditional banks are facing severe challenges in the retail financial market, losing their dominance to internet platforms, which are increasingly seen as "funding outsourcing institutions" [1][24] - The shift in industry dynamics has altered the supply structure of financial services and introduced complexities in risk transmission and regulatory challenges [1][24] Regulatory Framework - The release of the "Notice on Strengthening the Management of Internet Loan Business by Commercial Banks" in April 2025 provides a clear policy framework to regulate financial activities of internet platforms and reshape bank-enterprise cooperation [2][25] - The new regulations encourage banks to enhance their self-management capabilities and strengthen oversight of partner institutions, aiming to return financial operations to licensed practices and prevent systemic financial risks [2][25] Role of Internet Platforms - Internet platforms are often perceived as auxiliary players in consumer finance, but they predominantly control customer access and are the main drivers of the business model [3][26] - They dominate the business structure by designing the financial service chain, where banks are merely components responsible for funding [4][27] - Internet platforms also dictate value distribution, securing the largest share of profits compared to traditional financial services [4][27] Value Creation - Internet platforms leverage big data and AI to optimize traditional credit processes, significantly reducing transaction times and enhancing service accessibility [6][30] - They reach a vast user base through diverse application scenarios, effectively covering markets that traditional banks struggle to penetrate [6][30] - By collaborating with internet platforms, financial institutions can access long-tail customer segments with lower operational risks and costs [7][31] Risks and Challenges - The reliance on internet platforms leads to a gradual loss of financial institutions' self-management authority, making them overly dependent on platform data and models [8][32] - The convenience of internet lending can encourage excessive borrowing among users, increasing the risk of multiple debts [8][32] - The fragmented nature of the consumer finance chain complicates regulatory oversight, creating challenges in managing risks effectively [9][33] Cooperation Models - The primary cooperation models between banks and internet platforms are joint lending and assistance lending, each with distinct legal and operational frameworks [10][34] - Joint lending involves shared funding and risk, while assistance lending focuses on platforms providing services like customer screening and risk assessment, with banks supplying the capital [12][38] Future Development Path - Future development of internet platform financial activities should adhere to principles of returning to core functions, standardized operations, and complementary advantages [16][42] - Strengthening the primary role of financial institutions and ensuring that they lead operations while platforms serve as auxiliary service providers is essential for sustainable growth [17][42] - Regulatory frameworks must evolve to ensure clarity in responsibilities and enhance oversight of non-licensed entities involved in financial activities [41][42]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 互联网正在成为推动经济发展与产业升级的重要力量。在日前发布的2025年"中国互联网企业综合实力 100强"榜单中，乐信凭借在AI创新、积极践行社会责任等方面优异表现，第五次入选100强榜单，位列 第26位。 百强榜单由中国互联网协会创办于2013年，目前已连续13年开展，成为衡量国内互联网企业综合竞争力 的关键标尺。今年，该榜单进一步完善企业综合实力评价指标体系，涵盖创新能力、成长性、企业规 模、社会责任等7大维度、19类核心指标，全面准确反映企业整体水平和实力。 作为中国领先的新消费数字科技服务商，乐信以用户为中心，成立十余年以来，通过分期零售、普惠金 融、个人消费信贷等多元化的生态业务，满足超2亿优质高成长客群的差异化需求，助力消费增长、服 务实体经济发展。旗下分期乐商城积极发挥场景优势与分期特色，通过推出"甄品惠""工厂店"等创新形 态、自建物流仓、上线"先质检再发货"服务，深入挖掘年轻消费者消费潜力，助力消费增长；分期乐普 惠凭借线上精准风控能力，以及上门服务、最快1分钟放款的服务优势，缓解小微小小微企业"融资难、 融资慢"等痛 ...

Core Insights - The rise and fall of the Pioneer Financial and Wangxin case exemplifies the collapse of China's internet finance bubble, highlighting the transition from a peak valuation of hundreds of billions to a situation with over 60 billion yuan in funds awaiting redemption [1][9] Group 1: History and Expansion - Pioneer Financial's story began in 2003 with the establishment of the United Entrepreneurship Guarantee Group by Zhang Zhenxin, which laid the foundation for its financial empire [2][11] - The company expanded through innovative internet finance strategies, launching the core platform "Wangxin Wealth Management" in 2013, which attracted massive public funds with high-yield products [2][12] - At its peak, Pioneer Financial controlled hundreds of companies across various sectors, including third-party payments, P2P lending, and public funds, creating a seemingly comprehensive financial service ecosystem [2][11] Group 2: Crisis Timeline - The collapse of Pioneer Financial was a gradual process marked by key events, including the 2019 scandal involving the misappropriation of 1.495 billion yuan in reserve funds and the subsequent operational halt of Pioneer Payment [4][13] - Zhang Zhenxin's death in September 2019 led to chaos in debt management, and by 2020, the company was forming crisis management teams to address the fallout [4][13] - By 2023, the court ruled on the fundraising fraud case, sentencing several executives to life imprisonment, and by June 2025, Pioneer Payment's business license was revoked, initiating asset liquidation [5][13] Group 3: Current Situation - As of November 2020, Wangxin Wealth Management had only repaid approximately 1.04 billion yuan, leaving 64.85 billion yuan in outstanding principal, indicating a redemption rate of less than 2% [14][15] - Pioneer Payment has been stripped of its business license and is facing multiple enforcement actions totaling 239 million yuan, with core listed companies having delisted or entered liquidation [14][15] - The judicial process is ongoing, with Wangxin Wealth Management officially under criminal investigation as of April 2025, which is crucial for future recovery efforts [15][16] Group 4: Industry Insights - The Pioneer Financial and Wangxin case serves as a cautionary tale for investors, emphasizing that high returns often conceal high risks, particularly under the guise of "financial innovation" [7][16] - The industry must prioritize compliance over aggressive growth strategies, moving away from a model that prioritizes scale at the expense of regulatory adherence [7][17] - Regulatory bodies are urged to implement more robust oversight mechanisms to prevent similar occurrences, addressing regulatory gaps that allowed Pioneer Financial to exploit the system [7][17]

Core Viewpoint - Recent concerns have arisen regarding certain lending applications in the Apple App Store that are suspected of offering usurious services, highlighting potential regulatory violations and consumer protection issues [2][3]. Group 1: Company Information - The lending app "Zhen You Qian" was downloaded by a user who received a loan of 3,500 yuan with a repayment amount of 4,970 yuan due in 10 days, resulting in a daily interest rate of approximately 4.2% and an annualized rate exceeding 1,500%, which far exceeds the legal interest rate cap set by the government [2]. - The developer of "Zhen You Qian," Nanjing Yueshengmao Network Technology Co., Ltd., was established in March 2023 with a registered capital of 1 million yuan but has a paid-in capital of zero. The company is linked to 15 other enterprises that have all been deregistered [2][3]. Group 2: Regulatory Environment - The company has been listed in the business anomaly directory by market regulatory authorities due to the inability to contact the company at its registered address, indicating potential legal issues [3]. - The People's Bank of China and the National Financial Regulatory Administration issued guidelines stating that the annualized comprehensive financing cost for new loans should not exceed 24%, which the app's interest rates clearly violate [3]. Group 3: Consumer Protection and Industry Concerns - The user also downloaded another app named "Yun Dou Hua," which exhibited similar characteristics, including forced loan disbursement and lack of customer service, raising further concerns about the integrity of lending applications on the platform [4]. - Apple has acknowledged the reports of these applications and is conducting investigations, but this incident has raised questions about the effectiveness of the app review process on the Apple App Store [4].