节后首个交易日（10月9日），沪指10年来首次突破3900点整数关口，市场放量成交，大金融盘中异动 明显。金融科技水下拉升翻红，信安世纪领涨超6%，高伟达、神州信息、恒生电子等多股涨超2%，财 富趋势、同花顺等炒股软件涨超1%。 责任编辑：杨赐 创新方面，上海成立数币运营中心，金融创新再迎新举措。9月24日，数字人民币国际运营中心在上海 正式运营。数字人民币国际运营中心由中国人民银行数字货币研究所筹建和管理，负责建设运营数字人 民币跨境和区块链基础设施，本次同步推出跨境数字支付平台、区块链服务平台和数字资产平台等3大 数字人民币运营平台。 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），标的指数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。截 至9月30日，金融科技ETF（159851）最新规模超120亿元，近1个月日均成交额超10亿元，规模、流动 性在跟踪同一标的指数的6只ETF中断层第一！ 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 ...

证券研究报告 | 行业点评 gszqdatemark 2025 09 28 年 月 日 计算机 数币迎重大落地事件，政策暖意初现 数币进入全球落地阶段，国际运营中心正式运营。9 月 24 日，数字人民 币国际运营中心业务平台推介会在上海举行，向各相关机构集中宣传介绍 数字人民币跨境数字支付平台、数字人民币区块链服务平台及数字资产平 台功能，标志着数字人民币国际运营中心正式运营。数币运营中心的成立 标志着中国从数字货币技术试点（如国内零售场景）转向全球化金融基础 设施输出。 中心同步推出三大平台，构建跨境金融基础设施体系。1.跨境数字支付平 台：解决传统跨境支付效率低、成本高等痛点，支持法定数字货币的跨境 应用。2.区块链服务平台：提供标准化跨链交易信息转接及链上支付服务， 促进多场景区块链互联互通。3.数字资产平台：为金融级数字资产提供标 准化服务，支持现有金融基础设施向链上拓展。 美联储降息，全球流动性有望迎来拐点。9 月 18 日凌晨，美联储宣布将 联邦基金利率下调 25 个基点至 4.00%-4.25%，这是 2025 年以来首次降 息，符合市场普遍预期。点阵图显示，美联储官员中位预期年内还将再降 两次 ...

Core Viewpoint - The establishment of the Digital Renminbi International Operation Center in Shanghai marks a significant step towards the internationalization of the digital renminbi, enhancing Shanghai's role as an international financial center [1][4]. Group 1: Launch of Three Major Business Platforms - The Digital Renminbi International Operation Center, managed by the People's Bank of China, aims to build and operate cross-border and blockchain infrastructure for the digital renminbi [2]. - The three platforms launched include: - Cross-border digital payment platform, which addresses pain points in traditional cross-border payments [2]. - Blockchain service platform, which supports standardized blockchain transactions and on-chain digital renminbi payments [2]. - Digital asset platform, which facilitates the issuance, registration, custody, and compliant trading of digital assets [2]. - These platforms are designed to improve payment efficiency, ensure transaction traceability and security, and lay the groundwork for future digital financial asset trading [2]. Group 2: New Path for Renminbi Internationalization - The Digital Renminbi International Operation Center opens new pathways for the internationalization of the renminbi, leveraging technological advantages to overcome existing barriers [3]. - It proposes a new model of "payment first—investment follows—reserve development" to enhance the renminbi's acceptance in international markets [3]. - The establishment of a separate cross-border financial infrastructure for the digital renminbi reduces reliance on traditional international payment systems, thereby increasing China's influence and financial security in the global financial system [3]. Group 3: Empowering Shanghai's International Financial Center - The operation of the Digital Renminbi International Operation Center aligns with the core functions of Shanghai's international financial center, enhancing its financial infrastructure and market stability [4]. - The center's presence is expected to strengthen Shanghai's position in global financial infrastructure and attract related industry enterprises, fostering an ecosystem [5]. - By leading in digital currency applications, Shanghai can transition from being a "rule taker" to a "rule maker" in the evolving landscape of international financial regulations [5].

Group 1: Key Insights - The Loan Prime Rate (LPR) has remained unchanged for four consecutive months, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, aligning with market expectations [10][22]. - The digital RMB international operation center has officially commenced operations, featuring three major business platforms: cross-border digital payment, blockchain service, and digital asset platforms, aimed at enhancing RMB internationalization and cross-border payment efficiency [22][23]. - The Chinese government emphasizes the importance of mutual respect and cooperation in US-China relations, with a focus on creating more opportunities for foreign investment in China [25][26]. Group 2: Market Overview - The domestic securities market showed mixed performance, with the STAR 50 index experiencing the highest increase of 6.47%. The power equipment sector led the industry gains with a 3.86% rise [2][30]. - The LPR's stability suggests a continuation of a loose monetary policy in the short term, although the necessity for further rate cuts appears limited [2][10]. - The market outlook indicates potential growth in the application of digital RMB in cross-border transactions, which could positively influence market dynamics if US-China trade relations stabilize [2][25]. Group 3: Investment Recommendations - Development of new productive forces is a key policy direction, with a focus on sectors such as artificial intelligence, semiconductor chips, robotics, low-altitude economy, deep-sea technology, and controllable nuclear fusion, which are expected to yield excess returns [3][40]. - Consumer spending is anticipated to increase, suggesting investment opportunities in new consumption, home appliances, and automotive sectors [3][40]. - In the context of geopolitical tensions and global economic uncertainty, long-term demand for gold as a safe-haven asset is expected to grow, alongside tight copper supply, presenting investment opportunities in these commodities [3][40].

本报（chinatimes.net.cn）记者赵奕 上海报道 "数字人民币国际运营中心的正式运营，标志着数字人民币在跨境应用场景的基础设施建设迈入实质化 推进阶段，体现了央行在数字货币领域从国内试点向国际应用延伸的清晰路径，有助于提升人民币在国 际结算中的占比和影响力。"中国（上海）自贸区研究院金融研究室主任刘斌向《华夏时报》记者表 示，构建独立的数字人民币跨境金融基础设施，有助于减少对传统国际支付系统如SWIFT的依赖，提升 我国在国际金融体系中的话语权和金融安全性。 三大平台赋能数字人民币全球服务 早前，在今年6月，中国人民银行行长潘功胜在2025陆家嘴论坛上宣布，在上海设立数字人民币国际运 营中心，推进数字人民币国际化运营与金融市场业务发展，服务数字金融创新。据悉，数字人民币国际 运营中心由中国人民银行数字货币研究所筹建和管理，负责建设运营数字人民币跨境和区块链基础设 施，推进与境内外金融基础设施的跨境互联互通。 9月24日，数字人民币国际运营中心业务平台推介会在上海举行，该中心向各相关机构集中宣传介绍数 字人民币跨境数字支付平台、数字人民币区块链服务平台及数字资产平台功能。 "数字化时代货币和支付体系 ...

9 月 24 日，数字人民币国际运营中心在上海正式运营，跨境数字支付、区块链服务、数字资产三大平 台同步落地。这一由央行数字货币研究所筹建的战略枢纽，以 "统一账本，业务分域" 的技术架构，为 全球跨境金融提供了高效合规的新方案，标志着人民币国际化迈入技术驱动的新阶段。 这一布局兼具城市赋能与全球意义。对上海而言，217 家境内外机构的接入与 "一带一路" 32 国的覆 盖，强化了其国际金融中心的基础设施优势。在全球层面，中国提出的技术标准被国际清算银行采纳， 推动国际货币体系向多元化演进，世界银行测算其可使全球跨境支付成本降低 40% 以上。正如田轩所 言，这是通过构建共赢生态参与全球金融治理的关键一步。 从陆家嘴论坛的蓝图到实体平台的运营，数字人民币正以技术创新破解全球金融痛点。随着 2025 年底 覆盖百国目标的推进，这一数字金融基础设施必将为高水平开放与数字经济发展注入持久动力。 三大平台构建的协同生态直击行业痛点。跨境数字支付平台通过与香港快速支付系统对接，将传统 SWIFT 体系 3-5 天的结算周期缩短至分钟级，交通银行试点显示企业结算成本降低 60% 以上，实现 "一点接入、全球通达" 的突破 ...

陆磊提到，业务平台落地上海，不仅是便利跨境支付的具体措施，也与上海国际金融中心的核心功能建设高度契合。数字人民币国际运营中心由 央行数字货币研究所筹建和管理 跨境数字支付平台立足于支持人民币国际化与跨境使用，探索运用法定数字货币解决传统跨境支付中存在的痛点；区块链服务平台定位于支持标 准化的区块链交易转接和链上数字人民币支付服务；数字资产平台定位于支持链上发行、登记、托管和交易合规数字资产。 其中，后两个平台基于同一区块链底座建设，可实现双平台联动，支持统一账本的券款对付（DvP）结算，探索在现行监管框架下，提升金融业 务服务质效、降低结算风险的可行路径。 文 |《财经》记者 唐郡 编辑 | 张威 数字人民币国际运营中心已正式运营。 据中国人民银行（下称"央行"）官网消息，9月24日，数字人民币国际运营中心业务平台推介会在上海举行，标志着数字人民币国际运营中心正式 运营。 《财经》了解到，数字人民币国际运营中心根据市场需求已形成三大业务平台，分别是跨境数字支付平台、区块链服务平台及数字资产平台。推 介会向各相关机构集中宣传介绍了三大业务平台功能。 一是跨境支付体系向多元化发展，包括跨境支付币种和结算渠道多元化 ...

Core Viewpoint - The establishment of the Digital Renminbi International Operation Center in Shanghai marks a significant step in the infrastructure development for the international application of the digital renminbi, facilitating cross-border digital payments and enhancing the internationalization of the renminbi [1][4][9]. Group 1: Digital Renminbi International Operation Center - The Digital Renminbi International Operation Center has three main business platforms: cross-border digital payment platform, blockchain service platform, and digital asset platform, which are interconnected through a common blockchain foundation [1][5]. - The operation of the center signifies a strategic move by the central bank to promote the internationalization of the renminbi and the digitalization of finance, providing a clear path for extending digital currency applications from domestic trials to international use [1][4][11]. Group 2: Impact on Shanghai's Financial Center - The center's establishment is expected to inject new vitality into Shanghai's development as an international financial center, enhancing its global financial resource allocation capabilities and attracting more international financial institutions and investors [2][9][10]. - The operation of the center will foster financial technology innovation in Shanghai, leading to new business models and products, particularly through the integration of blockchain and smart contracts for real-time cross-border payment settlements [3][10][11]. Group 3: Benefits of the Business Platforms - The three business platforms aim to reduce costs, improve efficiency, and enhance traceability in cross-border payments, aligning with the central bank's principles of "no loss, compliance, and interoperability" [4][7]. - The cross-border digital payment platform addresses pain points in traditional cross-border payments, while the blockchain service platform enhances transaction transparency and regulatory oversight [5][6][7]. Group 4: Global Financial Technology Center - The Digital Renminbi International Operation Center will strengthen Shanghai's position in the global financial technology ecosystem, attracting related fintech companies and fostering sectors such as supply chain finance and cross-border e-commerce [11][12]. - The center's operation is anticipated to elevate Shanghai's status in the global central bank digital currency application landscape, facilitating the transition from a traditional financial hub to a digital finance nexus [11][12].

Core Insights - The establishment of the Digital Renminbi International Operation Center in Shanghai marks a significant step in the infrastructure development for cross-border digital payment and the internationalization of the Renminbi [1][2][6] - The center aims to enhance the efficiency, security, and cost-effectiveness of cross-border payment solutions, thereby fostering new business models and products [3][7] Group 1: Digital Renminbi Platforms - The Digital Renminbi International Operation Center has developed three main business platforms: cross-border digital payment platform, blockchain service platform, and digital asset platform, which are interconnected through a common blockchain infrastructure [1][4][5] - The cross-border digital payment platform focuses on supporting the internationalization of the Renminbi and addressing pain points in traditional cross-border payments [4][5] - The blockchain service platform is designed to facilitate standardized blockchain transactions and on-chain digital Renminbi payment services, while the digital asset platform supports the compliant issuance, registration, custody, and trading of digital assets [4][5] Group 2: Impact on Shanghai's Financial Landscape - The operation of the Digital Renminbi International Operation Center is expected to inject strong momentum into the construction of Shanghai as an international financial center, enhancing its global financial resource allocation capabilities [2][6][7] - The center will promote financial technology innovation in Shanghai, leveraging blockchain and smart contracts to enable real-time settlement and programmable transactions in cross-border payments [3][7] - The establishment of the center will improve the financial infrastructure in Shanghai, facilitating cross-border connectivity with domestic and international financial systems [6][7] Group 3: Global Financial Integration - The Digital Renminbi International Operation Center is positioned to enhance the international influence of the Renminbi and optimize the digital Renminbi ecosystem, contributing to the development of a dual domestic and international operational framework [5][8][9] - The center's operations will support the growth of digital financial innovation and attract related fintech companies to Shanghai, further solidifying its status as a global financial technology hub [6][9]