CIPS大增43%，人民币国际化进程加速

Investment Rating - The investment rating for the computer industry is "Strongly Outperform the Market" and is maintained [1]. Core Viewpoints - The report highlights a significant increase of 43% in CIPS transactions, indicating an acceleration in the internationalization of the Renminbi [1][22]. - The cross-border digital payment industry is experiencing continuous growth, with the market size reaching 7.5 trillion RMB in 2024 [22][24]. - The integration of CIPS and digital RMB is transforming the cross-border payment landscape, with digital RMB trials expanding to 129 countries and regions [22][24]. Summary by Sections Section 1: Cross-Border Payment System - CIPS + Digital RMB - CIPS is a wholesale payment system dedicated to Renminbi cross-border payment and settlement, aimed at enhancing efficiency and security in cross-border transactions [7][9]. - Digital RMB, issued by the People's Bank of China, is a legal digital currency that supports various payment scenarios and is equivalent to physical cash [11]. Section 2: CIPS Growth and Globalization of Renminbi - The cross-border digital payment industry is projected to grow significantly, with CIPS processing 821.69 million transactions worth 175.49 trillion RMB in 2024, marking a year-on-year increase of 42.60% [22][24]. - The demand for cross-border payments is surging due to the rise of e-commerce platforms and the "Belt and Road" initiative, which enhances payment needs in emerging markets [24][26]. Section 3: Investment Opportunities in Technology and Applications - Investment opportunities are identified in the underlying technologies for digital RMB, including blockchain and smart contracts, which are crucial for its implementation [36]. - The report emphasizes the need for hardware upgrades to support digital RMB transactions, with companies like Guangdian Yuntong and Lakala poised to benefit from this demand [36][39]. - The digital RMB's programmability offers innovative solutions for supply chain finance and cross-border trade, with companies like Yuxin Technology and Changliang Technology expected to take on more customized projects [36][39]. Section 4: Target Identification - The report outlines potential investment targets related to digital RMB and CIPS, focusing on companies that are positioned to benefit from the growth of cross-border payment systems and digital currency applications [48].