计算机行业深度：从支付产业链看行业变迁数字人民币-220429（23页）.pdf

1、Equity ResearchIndustry ResearchComputer Industry Computer Industry Research 1 / 23 东吴证券东吴证券（香港香港） 请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分 The opportunities in developing DCEP from the perspective of payment industry evolvement Outperform (Maintain) Investment Thesis From the perspective of individual non-

2、cash payment methods (mainly C2B and C2C), both payment industry chains in China and the United States are mainly based on the four-party liquidation system. We believe that the changes in future payment carriers and methods, as well as technological innovation of enterprises, are likely to break th

3、e original industry chain balance and create new opportunities. The four-party liquidation system derived from social labor division, along with compromises of interests from all parties. There are four stages in the development of card payment in the United States: 1) The bilateral payment relation

4、ship was formed between merchants and consumers. 2) The tripartite liquidation system was formed after the accession of third-party issuers. 3) The four-party liquidation system was formed after the accession of liquidation institutions. 4) Fintech companies gradually joined the payment industry cha

5、in, forming a flourishing business ecosystem. At present, card payment and “third-party payment” in China also form a four-party liquidation system, in which major players are merchants, acquirers, clearing institutions and issuers. Profit distribution model in the payment industry chain in the US i

6、s relatively stable while in China, it has been broken once by third-party payment institutions. In the four-party liquidation system, capital flow in payment industry chain is fixed and all profits in the chain come from merchant transaction fees. The competitive advantage of the company as a each