Core Viewpoint - The market in December 2025 shows a significant characteristic of "sector concentration and stock differentiation," with high elasticity opportunities concentrated in policy-sensitive sectors and clearly defined industrial trends [1][7]. Group 1: Market Trends and Predictions - The strongest structural directions are from non-ferrous metals, military industry, and price increases, driven by supply-demand gaps and policy-driven market rallies [1][7]. - The National Space Administration's release of the "Action Plan for Promoting High-Quality Development of Commercial Aerospace" and the establishment of the Human Robot Standardization Committee by the Ministry of Industry and Information Technology have directly boosted the aerospace, defense, and robotics sectors [1][7]. - Looking ahead to January 2026, the market may refocus on performance and liquidity improvements, with expectations for a stable start to the domestic economy despite current weak demand [1][7]. Group 2: Key Upcoming Events - The Bank of Japan's interest rate decision on January 23 is crucial, as the previous meeting raised the benchmark rate to 0.75%, the highest in 30 years, indicating a clear policy direction [2][8]. - The Federal Reserve's interest rate decision on January 28 is anticipated to maintain the current rate, with expectations for a new chairperson to emerge, potentially influencing global capital markets [3][8]. - By January 31, A-share listed companies must release performance forecasts for 2025, which may impact market pricing based on industry performance [3][8]. Group 3: Investment Focus Areas - In January, the importance of performance realization increases, with a focus on core technology and manufacturing sectors, particularly in overseas computing power, storage, consumer electronics, and wind energy storage [4][8]. - There is potential for rotation into low-position innovative drugs and gaming sectors, which may see fundamental improvements in Q1 [4][8]. - The global manufacturing sector is expected to resonate in 2026, benefiting from fiscal and monetary easing, with a focus on manufacturing in the export chain and related sectors such as real estate and automotive [9].

Core Viewpoint - The upgrade of digital RMB from a "pilot product" to a "core liability and infrastructure" of banks will lead to an "order-driven + long-term penetration" impact on A-shares, rather than a simple thematic trade [1][2]. Group 1: Digital RMB Upgrade - The People's Bank of China will officially launch a new generation of digital RMB measurement framework and management system starting January 1, 2026, transitioning from "cash-type 1.0" to "deposit currency-type 2.0" [2]. - The core of the 2.0 mechanism is the redefinition of liability attributes and the inclusion of a macro framework, where balances in real-name wallets at commercial banks will be treated as "account-based commercial bank liabilities" [3]. Group 2: Financial IT Impact - Financial IT companies are likely to benefit from the need for banks to transform their core systems, accounting, channels, and data governance as the digital RMB infrastructure is implemented [1]. - The digital RMB will enhance the willingness of users to hold and use it by providing interest payments on wallet balances, similar to traditional deposits, thus creating a manageable asset-liability space for banks [3]. Group 3: Technical Architecture - The proposed digital path includes an "account system + currency string + smart contracts," which aims to standardize the wallet system and enhance the resilience of the system while ensuring compatibility with distributed ledger technology (DLT) [4]. - The smart contract ecosystem will facilitate programmable digital payments, reducing misuse risks and compliance costs across various scenarios such as supply chain finance and fiscal subsidies [4]. Group 4: Investment Recommendations - Companies such as Hengsheng Electronics, Jingbeifang, Changliang Technology, and Yuxin Technology are recommended for their potential in payment acceptance and terminal expansion [5]. - Communication operators like China Telecom, China Unicom, and China Mobile are expected to benefit directly from capabilities related to SIM hard wallets and cross-border connections [5].

数字人民币重大调整,利好金融 IT 和三方支付 [Table_Industry] 综合金融 ——金融科技行业双周报第二十期 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 孙坤(分析师) | 021-38038260 | sunkun@gtht.com | S0880523030001 | 本报告导读： 数字人民币迎利好，允许数币付息和部分准备金制度落地、跨境支付政策落地，利 好金融 IT 和三方支付；部分金融科技行业持续严格监管。 投资要点： 综合金融《数币余额开始付息，供需双向促规模 增长》2026.01.03 综合金融《数币体系升级，规模有望加速增长》 2025.12.29 综合金融《大模型第一股将上市,百融云发布 RaaS 战略》2025.12.22 综合金融《投融资再平衡持续，股权融资逐步回 暖》2025.12.22 股 票 研 究 研 究 报 告 请务必阅读正文之后的免责条款部分 行 ...

行业研究 数字人民币走向存款货币时代，金融 IT 和支付公司有望受益 2025 年 12 月 30 日 ——数字人民币行业动态点评 要点 事件：12 月 29 日，中国人民银行副行长陆磊发表《守正创新 稳步发展数字人 民币》文章。文章提到，中国人民银行出台了《关于进一步加强数字人民币管理 服务体系和相关金融基础设施建设的行动方案》，新一代数字人民币计量框架、 管理体系、运行机制和生态体系将于 2026 年 1 月 1 日正式启动实施，标志着数 字人民币由现金型 1.0 版进入存款货币型数字人民币 2.0 版，升级为具备信用创 造和资产属性的金融基础设施，从而激活了整个金融体系的积极性，为大规模应 用和生态繁荣奠定了基石。 数字人民币以央行为主导，依托商业性金融机构和现有支付体系，在全球率先试 验成功"中央银行-商业机构"双层运营架构，形成中国特色数字货币发展道路： 当前，境内和跨境数字人民币试验推广取得积极成效，在各国央行试验推进的项 目中，数字人民币处于领跑态势。截至 2025 年 11 月末，数字人民币累计处理 交易 34.8 亿笔，累计交易金额 16.7 万亿元。通过数字人民币 APP 开立个人钱 包 ...

宇信科技：公司是国内产品线最为完备的银行软件及服务厂商，已经为中国人民银行、三大政策性银 行、六大国有商业银行、12家股份制银行以及380多家区域性商业银行、农村信用社、农商行和村镇银 行，以及50余家外资银行提供了相关产品和服务。 新致软件：公司在保险行业IT解决方案领域积累了丰富的经验，并长期服务中国太保、中国人保、中国 人寿、新华保险等保险行业核心客户，全面覆盖营销拓客、客服智能应答、智能理赔、智能核保及智能 办公等关键场景。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 国家金融监督管理总局12月26日对外发布《银行业保险业数字金融高质量发展实施方案》，从数字金融 治理、数字金融服务、数字技术应用、数据要素开发、风险管理和监管数字化智能化转型等方面提出了 33项工作任务。 国泰海通研报认为，金融行业作为数据、信息与决策密集型产业，其数智化转型需求与大模型技术特性 高度契合，已成为AI应用落地的绝佳"试验田"。金融机构IT支出持续扩张，2023年科技投入总规模达 3598亿元，2024-2028年预计将以约13.3%的复合增长率高速增长，且2024年以来金融行业大模型 ...

Core Viewpoint - The financial technology sector is experiencing a mix of performance, with internet brokerages and financial IT companies showing strength, while cross-border payment stocks are declining. The financial technology ETF (159851) has shown signs of bullish reversal, indicating potential growth opportunities in the sector [1][8]. Market Performance - On December 26, the financial technology sector saw a slight increase, with mixed performance among constituent stocks. Internet brokerages and financial IT companies, such as Guoao Technology and Electronic Science Digital, led gains of over 5%, while cross-border payment stocks like Zhongyi Technology fell by more than 3% [1][8]. - The financial technology ETF (159851) experienced fluctuations, initially rising nearly 2% before closing up 0.24% with a total trading volume of 583 million yuan. Technical analysis suggests it may have broken out of a consolidation phase, signaling a bullish trend [1][8]. Funding Analysis - As of December 23, the financing balance for the financial technology ETF (159851) exceeded 440 million yuan, marking a historical high and indicating strong bullish sentiment among investors [3][10]. Future Market Outlook - The financial technology sector is poised for positive developments due to several factors. The A-share market has reached a record trading volume of over 400 trillion yuan, which is expected to benefit internet brokerages in terms of performance release in 2025 and 2026 [5][12]. - AI is becoming a core driver in the financial sector, enhancing product value and industry barriers through applications like smart investment advisory and big data risk control. This trend is expected to create new growth opportunities for leading financial IT firms [5][12]. - Current valuations in the financial technology sector have adjusted to near six-month lows, providing a safety margin for investors. The sector's low valuation combined with high market activity expectations and AI integration presents a timely opportunity for investment [6][13]. Investment Recommendations - Investors are encouraged to focus on the financial technology ETF (159851) and its associated funds, which cover a broad range of themes including internet brokerages, financial IT, cross-border payments, and AI applications. The ETF has demonstrated superior liquidity compared to its peers, averaging 800 million yuan in daily trading volume over the past six months [6][13].

Core Insights - The People's Bank of China released a draft for the revised rules of the Cross-Border Interbank Payment System (CIPS), indicating significant changes in financial infrastructure and catalyzing the financial market [1] - The CIPS system is crucial for the internationalization of the Renminbi, connecting 174 direct participants and 1,509 indirect participants across 120 countries and regions by May 2025 [1] - The new rules enhance the flexibility of the CIPS system, allowing for additional business activities approved by the People's Bank of China, which opens up opportunities for future innovations [1] Policy Benefits - The CIPS system serves as a "highway" for Renminbi internationalization, facilitating nearly 35,000 cross-border Renminbi transactions daily [1] - Recent policy measures from the State Council, including 77 pilot measures related to financial technology and cross-border payments, are being promoted to other free trade zones and nationwide [2] - The launch of the Cross-Border Payment Link in Hong Kong allows real-time cross-border remittances, enhancing convenience for residents [2] Market Reactions - The financial software sector has reacted positively, with significant stock price increases for companies like Zhinancun and Dazhihui following the announcement [4] - Analysts are optimistic about the financial IT sector, noting that the new rules will facilitate the continuous expansion of CIPS, benefiting IT service providers [4] - Digital Renminbi applications are expanding, with innovative uses in offshore trade scenarios already being implemented [4] Investment Logic - There is a strong demand for a rebound in the financial technology sector, which has lagged behind other sectors since 2025 [5] - The balance between traditional financial stocks and technology innovation stocks is expected to converge, with opportunities arising from financial reforms [5] - The focus on intelligent risk control is becoming paramount in digital finance, with institutions encouraged to build advanced risk management platforms [5] Ecological Transformation - The upgrade of the cross-border payment system is expected to drive upgrades across the entire industry chain, from hardware to software and operational services [7] - Financial institutions are actively participating in the national "data factor" initiative, which aims to enhance the application of financial data through shared technologies [7] - There is a growing competition for digital finance talent, with institutions encouraged to recruit professionals with digital backgrounds [7] Opportunities and Challenges - Financial institutions must balance innovation with risk control, as highlighted in the new guidelines for artificial intelligence applications [8] - The complexity of managing external cooperation risks in the digital finance ecosystem is increasing, necessitating robust risk assessment frameworks [8] - Rapid technological advancements require financial institutions to continuously adapt and innovate, focusing on distributed and microservice architectures [8] Market Outlook - The CIPS system upgrade is expected to inject new momentum into the financial technology sector, with cross-border payments and digital Renminbi likely to remain active areas [10] - The market is trending towards balance, with undervalued financial stocks and growth-oriented technology stocks expected to rotate positively [10] - The financial technology sector is entering a promising era, with companies demonstrating technological strength and innovation likely to stand out [10]

来源丨凤凰网财经《IPO观察哨》 作者丨DW 2024年营收同比下滑超过24%，净利润却增长超16%；海外布局喊了五年，2024年收入占比仍不到1%；在AI军备竞赛的关键时刻，研发人员在2024年减少 了超过500人……这些矛盾的信号，同时出现在一家行业龙头公司的港股IPO招股书里。 12月24日，北京宇信科技集团股份有限公司（以下简称"宇信科技"）向港交所二次提交上市申请书，联席保荐人为华泰国际、法国巴黎银行。此刻谋求港 股上市，究竟是其为了突破主业天花板的一场战略豪赌，还是在增长乏力与现金流重压下的无奈自救？ 01 背靠百度，从清华夫妻店到金融IT龙头 宇信科技的故事始于1999年那个互联网勃兴的年代。创始人洪卫东从清华大学自动化系毕业后，毅然放弃了西科姆(中国)有限公司的安稳职位，创办了北 京宇信鸿泰科技发展有限公司，这便是宇信科技的前身。 （宇信科技创始人洪卫东） 这并非一场孤独的冒险，洪卫东的妻子吴红随后也加入其中，两人将一家初期的硬件系统供应商，一步步发展成如今拥有841项软件著作权及71项专利的综 合型金融IT服务商。 | | | | | | | 商首相重意或 | | --- | --- | - ...

Core Viewpoint - The financial technology sector is experiencing significant upward movement, with major stocks and ETFs showing strong performance as the A-share market hits new trading volume records [1][6]. Group 1: Market Performance - The A-share market has achieved a historic milestone, surpassing 405 trillion yuan in annual trading volume for the first time [1][6]. - Financial technology stocks such as Guoao Technology surged over 7%, while others like Yingshisheng, Geer Software, and Dazhihui rose over 4% [1][6]. - The financial technology ETF (159851) has seen a rapid increase of over 1%, indicating strong market interest and a net subscription of 20 million units [1][6]. Group 2: Investment Opportunities - The current valuation of the CSI Financial Technology Theme Index is at a near six-month low, suggesting a potential buying opportunity as the market is expected to remain active [3][8]. - The financial technology ETF (159851) and its associated funds are recommended for investment, covering key sectors such as internet brokerage, financial IT, cross-border payments, and AI applications [3][8]. - As of December 25, the financial technology ETF (159851) has a scale exceeding 9.9 billion yuan, with an average daily trading volume of 800 million yuan over the past six months, leading among similar ETFs [3][8].

Core Viewpoint - The financial technology sector is experiencing a downturn, with the China Securities Financial Technology Theme Index dropping by 1.6%, while certain stocks show resilience amidst broader declines [1][8]. Market Performance - The financial technology ETF (159851), which is the largest in terms of scale and liquidity, fell by 1.59% with a trading volume of 443 million yuan [1][10]. - A significant number of component stocks are declining, with companies like Cuiwei Co., Guoao Technology, and Hengbao Co. leading the losses of over 5% [1][8]. Fund Inflows - Despite the market downturn, there has been a notable influx of capital, with the financial technology ETF seeing a net subscription of 159 million units following a previous day of over 200 million yuan in purchases [3][10]. - Leveraged funds are also increasing their positions, with a net purchase of 24 million yuan on December 22, bringing the financing balance above 400 million yuan, nearing previous highs [3][10]. Investment Logic - **Record Trading Volume**: The A-share market has achieved a historic trading volume exceeding 405 trillion yuan, marking the first time it has surpassed 400 trillion yuan in annual trading, which is expected to benefit internet brokerages in 2025 and 2026 [5][12]. - **AI Integration**: The integration of AI into financial IT is creating new growth opportunities, enhancing product value and customer loyalty through applications like smart investment advisory and big data risk control [5][12]. - **Valuation Recovery**: The current valuation of the China Securities Financial Technology Theme Index is at a near six-month low, indicating a significant correction and potential for future growth as market activity is expected to remain high [6][12]. ETF Focus - Investors are encouraged to focus on the financial technology ETF (159851) and its associated funds, which cover a wide range of sectors including internet brokerages, financial IT, cross-border payments, and AI applications [6][13]. - As of December 22, the financial technology ETF has a scale exceeding 9.8 billion yuan, with an average daily trading volume of 800 million yuan over the past six months, leading among similar ETFs [6][13].