东吴证券(国际)-计算机行业深度-从支付产业链看行业变迁：数字人民币

EquityResearch·IndustryResearch·ComputerIndustryComputerIndustryResearch1/23东吴证券（香港）请务必阅读正文之后的免责声明部分[Table_Main]TheopportunitiesindevelopingDCEPfromtheperspectiveofpaymentindustryevolvementOutperform(Maintain)InvestmentThesis◼Fromtheperspectiveofindividualnon-cashpaymentmethods(mainlyC2BandC2C),bothpaymentindustrychainsinChinaandtheUnitedStatesaremainlybasedonthefour-partyliquidationsystem.Webelievethatthechangesinfuturepaymentcarriersandmethods,aswellastechnologicalinnovationofenterprises,arelikelytobreaktheoriginalindustrychainbalanceandcreatenewopportunities.◼Thefour-partyliquidationsystemderivedfromsociallabordivision,alongwithcompromisesofinterestsfromallparties.Therearefourstagesinthedevelopmentof"cardpayment"intheUnitedStates:1)Thebilateralpaymentrelationshipwasformedbetweenmerchantsandconsumers.2)Thetripartiteliquidationsystemwasformedaftertheaccessionofthird-partyissuers.3)Thefour-partyliquidationsystemwasformedaftertheaccessionofliquidationinstitutions.4)Fintechcompaniesgraduallyjoinedthepaymentindustrychain,formingaflourishingbusinessecosystem.Atpresent,"cardpayment"and“third-partypayment”inChinaalsoformafour-partyliquidationsystem,inwhichmajorplayersaremerchants,acquirers,clearinginstitutionsandissuers.◼ProfitdistributionmodelinthepaymentindustrychainintheUSisrelativ...