支付收单行业迎来最严合规整治风暴！ 近日，鲲鹏支付、乐刷支付等第三方支付收单机构接连启动面向所有合作服务商及旗下拓展终端程 序的全面核查与整改专项工作，对于未满足国家及行业相关认证规范的设备，将启动全流程清退程序。 在受访行业专家看来，支付终端显示的商户信息与真实商户信息不匹配（俗称"一机多码"或"一机 多商户"），容易引发信用卡套现、洗钱等风险，这是监管整治的高压地带，也是支付机构被罚的重灾 区。在"双罚制"常态化、监管科技升级的背景下，支付机构为避免牌照注销风险、清算限制及声誉损 失，不得不主动清退异常终端、终止高风险代理合作，是生存和合规的必然要求。 支付机构围剿"一机多码" 终端程序整改、违规代理清退，支付收单合规整治再升级！ 鲲鹏支付近日发布通知称，近期已启动面向所有合作服务商及旗下拓展终端程序的全面核查与整改 专项工作。一是全面梳理现有终端设备，对于未满足国家及行业相关认证规范的设备，将启动全流程清 退程序，完成彻底清理工作确保终端设备整体合规性。 二是针对当前业务开展中，存在交易模式异常、交易行为不合规及交易占比超出正常范围等问题的 合作项目，将组建专项排查小组，通过线下实地核验、线上系统实时监 ...

2025年12月4日至7日，以"智能领航 智惠共生"为主题的2025数智科技生态大会在广州琶洲·中国进出口 商品交易会展馆隆重举行。大会期间，中国电信翼支付精心打造的"AI支付与数据科技生态合作展区"， 系统性呈现其在数字消费生态构建与智能化监管科技领域的最新成果，展现其积极承接移动支付产业链 链长单位建设责任，落实产业链焕新升级战略的实践与成效。 在行业解决方案板块，中国电信翼支付重点展示面向汽车出行、金融保险等垂直领域的定制化服务。例 如，为汽车央企打造数智化销售与车后服务方案，提供线下聚合支付、智能POS关联销售系统等解决方 案，实现订单与支付数据实时同步。在保险金融领域，通过定制化支付与还款通道解决方案，助力合作 机构实现高效资金流转与风险管控。 云值守智慧门店实景演示也吸引了众多参观者的驻足体验，观众可现场体验扫码进门、自主选购、无感 支付、自动核销的全流程无人化购物，直观感受技术赋能带来的便捷与高效。同时，AI眼镜支付、掌 静脉支付等创新方式，依托中国电信翼支付自研的多模态核身与空间计算技术，为用户提供"看一眼、 说一句"即可完成的极致支付体验，真正实现无感化、智能化消费流程。 数据运营展区，深入 ...

这家支付公司再度迎来股权转让。12月3日，北京商报记者注意到，海南产权交易所披露的信息显示，海航商业控股有限公司（以下简称"海航商 业控股"）拟将持有的上海卡友支付服务有限公司（以下简称"卡友支付"）23.52%股权全部对外转让，这也是近期海航集团剥离支付牌照的又一动 作。 对于卡友支付的股权转让，业内并不陌生。过去十余年间，卡友支付股权几经变动，股东方甚至欲将公司全部股权进行转让，但并未能获得人民 银行的批准。卡友支付本身已于2024年9月暂停支付业务，至今尚未恢复。股东变更之外，卡友支付如何在支付牌照有效期到期前重拾支付业务、 重振支付品牌亦面临挑战。 "海航系"支付持续"瘦身" 根据公告，海航商业控股在2025年12月1日—31日对全体意向投资者进行公开招募，拟将所持有的卡友支付23.52%股权全部转让。 按照要求，意向投资者应该具备与股权收购事宜相匹配的资金实力，同时应核心主业突出、公司治理规范、组织架构清晰、股权结构透明、资信 状况良好，近三年无重大违法、违约记录。两个或两个以上的意向投资者可联合参与投资，但至少一个意向投资人符合上述条件。 人民银行官网显示，卡友支付主要业务类型是银行卡收单，业务覆 ...

Group 1: Fixed Income Research - The recent correlation between government bond futures and equity markets indicates a new phase, moving beyond the previous simple "see-saw" logic [3][4] - As of November 21, the 10-day correlation between TL contracts and the CSI 300 index has significantly increased to a historical high since July 2025, suggesting a complex relationship [3][4] - The future dynamics of government bond futures are expected to be influenced by equity market movements, indicating a potential for better resilience in bond futures if growth expectations change [4] Group 2: Computer Industry Research - The release of DeepSeek R1 in 2025 is anticipated to significantly enhance general model reasoning capabilities and reduce costs, marking a turning point for AI deployment in financial institutions [5][6] - AI applications are rapidly penetrating core business and back-office scenarios in various financial institutions, aiming to optimize internal operations and enhance external value [6][7] - Large financial institutions are focusing on private deployment of large models, while smaller institutions are pursuing cost-effective solutions for agile development [8] Group 3: Investment Recommendations - Recommended stocks in financial information services include Tonghuashun and Jiufang Zhitu Holdings, while third-party payment recommendations include Newland and New Guodu [6][7] - In the banking IT sector, recommended stocks include Yuxin Technology and Jingbeifang, with additional recommendations in securities IT and insurance IT sectors [7][8]

Core Insights - The article discusses the evolution of cross-border payment systems in China, highlighting the shift from outbound payments by Chinese consumers to facilitating inbound payments for foreign visitors and supporting Chinese enterprises in international transactions [1][3][5] - The growth of cross-border payment demand is driven by increased international exchanges, the rising recognition of Chinese goods and services abroad, and the feasibility of exporting domestic technological expertise [2][4] Group 1: Current Landscape of Cross-Border Payments - Chinese payment institutions are actively working to create a seamless payment experience for both outbound Chinese consumers and inbound foreign visitors [1][3] - In major cities like Shenzhen, Hong Kong, and Singapore, Chinese tourists can easily use local payment platforms, while foreign visitors can link their wallets or international cards to Chinese payment systems [1][2] - The current cross-border payment ecosystem is evolving to address the complexities of both individual and enterprise needs, with a focus on enhancing user experience and operational efficiency [3][4] Group 2: Innovations and Developments - Recent innovations include Tencent's launch of the "Global Cashier" service, which aims to streamline the payment process for foreign users in China by allowing them to use familiar payment methods [4][5] - The "Unified Cross-Border QR Code Gateway" is being developed to standardize payment processes across different countries, facilitating easier transactions for foreign visitors [6][8] - AI technology is being integrated into payment systems to enhance security and user experience, significantly reducing fraud rates and improving transaction efficiency [9] Group 3: Market Dynamics and Future Outlook - The market for cross-border payments is characterized by a competitive landscape where large state-owned banks primarily serve large enterprises, while third-party payment providers target small and medium-sized businesses [5][6] - The anticipated future of cross-border payments includes a reduction in the perception of cross-border transactions, making them as simple as domestic payments [2][7] - The collaboration among various payment platforms and institutions is essential for expanding the overall market and enhancing transaction volumes [7][8]

Core Insights - The article discusses the evolution of cross-border payment systems in China, highlighting the shift from outbound spending by Chinese consumers to facilitating inbound payments from foreign visitors and supporting Chinese businesses operating abroad [1][3][9] Group 1: Cross-Border Payment Developments - Chinese payment institutions are actively working to create a seamless cross-border payment experience, allowing both Chinese citizens abroad and foreign visitors in China to use familiar payment methods [1][2] - The People's Bank of China has been promoting initiatives such as binding foreign cards for domestic use and establishing a unified cross-border QR code gateway to enhance payment connectivity [2][11] - The total amount of RMB cross-border payments is projected to reach 52.3 trillion yuan in 2023 and 64.1 trillion yuan in 2024, with a year-on-year growth rate exceeding 20% [3] Group 2: User Experience and Pain Points - While cross-border payment options are expanding, challenges remain, such as foreign users wanting to use their domestic wallets in China without needing to download additional apps [1][5] - In Singapore, local consumers face issues with completing payments through WeChat mini-programs, indicating a gap in the payment process that needs to be addressed [5][10] - Tencent has launched the TenPay Global service to streamline the payment process for foreign users in Chinese establishments, aiming for a seamless order and payment experience [6][10] Group 3: Business Expansion and Competition - Chinese companies expanding overseas face complex payment needs, with considerations including security, transaction speed, service fees, and currency support [7] - Large state-owned banks dominate the cross-border payment market, primarily serving large foreign trade enterprises, while third-party payment providers target small and medium-sized businesses and cross-border e-commerce [7][8] - Tencent's Zhihui E-commerce service supports various overseas platforms, providing compliant fund collection, currency exchange, and withdrawal services for Chinese sellers [7] Group 4: Future Vision and Infrastructure - The vision for cross-border payments is to create a "no-sense" payment experience, where users can transact without feeling the complexities of cross-border transactions [9][12] - The establishment of a unified cross-border QR code gateway is seen as a crucial infrastructure development to facilitate smoother transactions for foreign visitors in China [11][12] - The collaboration among various payment institutions is essential for expanding the overall market scale and enhancing transaction volumes [13] Group 5: Role of AI in Cross-Border Payments - AI technology is being utilized to enhance security and user experience in cross-border payments, with Tencent employing deep learning for risk identification [15] - AI can also optimize payment processes, making them more user-friendly and efficient, potentially transforming consumer behavior in e-commerce transactions [15]

Investment Rating - The report suggests a positive investment outlook for the financial industry, highlighting its strong alignment with AI application and digital transformation needs [3][7]. Core Insights - The financial industry is identified as an ideal "testing ground" for AI applications due to its data-intensive nature and the increasing demand for digital transformation [1][7]. - The release of DeepSeek R1 in 2025 is anticipated to be a pivotal moment for local AI deployment in financial institutions, enhancing model reasoning capabilities and reducing costs [3][7]. - AI applications are rapidly penetrating core business areas and back-office functions within various financial institutions, with the potential to reshape business processes and organizational structures [3][7]. Summary by Sections Investment Recommendations - The report emphasizes the financial sector's need for digital transformation, which aligns well with the characteristics of large models in AI. It predicts a shift from "digital intelligence" to "artificial intelligence" in financial institutions [7]. - Key areas to focus on include: 1. Financial information services with relevant companies like Tonghuashun, Jiufang Zhitu Holdings, and Guiding Compass [8]. 2. Third-party payment services, particularly New大陆 and New国都, with related companies like Lakala [9]. 3. Bank IT, focusing on companies such as Yuxin Technology, Jingbeifang, and Guodian Yuntong [9]. 4. Securities IT, with a focus on companies like Hengsheng Electronics and Jinzhen Shares [10]. 5. Insurance IT, highlighting companies like Newzhisoft and Zhongke Soft [11]. Industry Drivers and Policy Support - The report discusses the strong internal and external drivers for AI application in finance, including the continuous expansion of IT spending by financial institutions and supportive government policies [14][25]. - The maturity of large model technology and its alignment with the financial industry's needs are emphasized, indicating a shift towards industry adaptation [14][18]. Technical Aspects - The report outlines two main technical paths for AI integration in finance: general models trained with financial data and specialized financial models [36]. - DeepSeek R1 is highlighted as a significant advancement in AI deployment for financial institutions, offering enhanced reasoning capabilities and cost efficiency [45][52]. - The report notes that the performance of DeepSeek R1 has improved significantly, with accuracy rates in complex reasoning tasks rising from 70% to 87.5% after updates [48]. Market Trends - The financial sector's technology investment is projected to grow significantly, with a total expected investment of 650 billion yuan by 2028, reflecting a compound annual growth rate of approximately 13.3% [25][31]. - The report indicates a notable increase in AI-related procurement projects within the financial sector, with 133 large model projects initiated in 2024 alone [27][35].

Core Insights - The financial industry is experiencing a significant shift towards AI applications, driven by both internal and external factors, marking a pivotal moment for AI implementation in finance [2] - The release of DeepSeek R1 in 2025 is expected to enhance general model reasoning capabilities and reduce costs, facilitating localized AI deployment in financial institutions [1][3] - AI is anticipated to transform financial business processes and organizational structures, ushering in a new era of digital intelligence in finance [1] Industry Drivers - The financial sector is characterized as data, information, and decision-intensive, making it an ideal testing ground for AI applications [2] - Since the introduction of GPT-1 by OpenAI in 2018, general model technology has progressed from "technology validation" to "industry adaptation," indicating readiness for large-scale application in vertical sectors [2] - Recent policies and top-level designs have provided external impetus for financial institutions to transition from "digital intelligence" to "artificial intelligence" [2] Technological Pathways - There are two main technological approaches for integrating AI in finance: 1. Training general models with financial data, enhancing the ability to solve complex financial problems, with DeepSeek R1 marking a key industry milestone for localized AI deployment [3] 2. Developing financial-specific models that better address industry-specific challenges and compliance requirements [3] - AI agents, particularly multi-agent collaboration, are identified as a future focus area, with current applications primarily in short-thinking financial scenarios like understanding and information extraction [3] Investment Opportunities - Suggested sectors for investment include: 1. Financial information services with recommended stocks like Tonghuashun and JiuFang Zhitou Holdings [4] 2. Third-party payment services with recommended stocks like Newland and New Guodu [4] 3. Banking IT with recommended stocks including Yuxin Technology and Jingbeifang [4] 4. Securities IT with recommended stocks such as Hengsheng Electronics and Jinzhen Shares [4] 5. Insurance IT with recommended stocks like New Wisdom Software and Zhongke Software [4]

Core Insights - Internet platforms are increasingly acquiring third-party payment licenses to meet regulatory compliance and reduce transaction costs, which are essential for their business model development [1][6][7] Group 1: Recent Acquisitions - Xiaohongshu has fully acquired Dongfang Payment, which holds a payment business license valid until May 2026 [2][3] - Tongcheng Group acquired 100% of Xinsheng Payment for approximately 300 million yuan, with the registration capital increasing from 100 million to 330 million yuan [2][3] - 58.com purchased 70% of Shengya Yunding Payment for 23.85 million yuan, with the remaining 30% already pledged to a subsidiary [3] - Douyin acquired 100% of Lian Dong You Shi E-commerce for nearly 1.4 billion yuan, complementing its existing payment capabilities [4] Group 2: Regulatory and Compliance Factors - The acquisition of payment licenses is driven by the need for compliance with regulations, especially after the implementation of the "one control, one participation" principle [6][7] - Platforms face risks if they rely on third-party payment processors, as it may lead to compliance issues and loss of business insights [6][7] - The new regulations require that new shareholders have good financial status and no significant legal violations in the past three years [5] Group 3: Strategic Implications - Acquiring payment licenses allows platforms to create a closed-loop ecosystem for transactions, data, and funds, enhancing their operational efficiency [6][7] - Payment capabilities are becoming a core infrastructure for platforms, facilitating the integration of e-commerce and financial services [7][8] - Platforms are expected to develop their own payment systems, enhance user engagement, and potentially integrate credit services into their offerings [8]

Core Insights - The Chinese third-party payment industry is entering a critical phase of stock competition and value reconstruction, driven by regulatory compliance and market dynamics [2] - The industry is shifting from rapid growth to a phase of stock competition, with a consensus on "payment +" services, particularly in enterprise payment and cross-border payment sectors [2] - Technological innovations, such as NFC and generative AI, are enhancing payment experiences and service personalization [2] Research Background - The implementation of the "Non-bank Payment Institutions Supervision Management Regulations" has led to a compliance reshuffle, with non-compliant institutions exiting the market [2] - The industry is experiencing stable growth in online industrial payments and a rise in cross-border payments, which are becoming dual supports for market expansion [2] - Globalization and digital transformation are deepening, with increased convenience for foreign payments in China, becoming a key part of the dual circulation strategy [2] Research Objectives - The iResearch Consulting Institute plans to release the "2025 China Third-Party Payment Industry Research Report" in Q4 2025, inviting industry participants to contribute [3] Research Content - The report will outline the development history of the third-party payment industry, analyze market size and structural changes, and explore mainstream business models and regulatory environments [4] - Insights into industry trends will be provided, focusing on policy incentives, market structure, and application scenarios [4] Challenges and Solutions - The report will discuss the challenges faced by third-party payment institutions and explore potential solutions for overcoming these challenges [5] Case Studies - The report will feature case studies of outstanding companies in the third-party payment industry, highlighting innovative practices [6] Expert Insights - The research team will conduct in-depth interviews with industry experts to summarize key viewpoints, providing forward-looking insights for third-party payment enterprises [7] Participation Value - Companies participating in the report will have opportunities to enhance brand visibility and influence through inclusion in the industry map and case studies [9][10] - Participants will also have the chance to engage in online and offline events with industry experts and stakeholders [10] Participation Details - The call for participation is open to all stakeholders in the third-party payment industry, with a submission deadline of November 22 [12][13]