Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report indicates a significant improvement in market trading volume and new fund issuance at the beginning of 2026, which is favorable for the fundamentals of financial IT and brokerage sectors. Brokerage firms are expected to continue rapid growth in their brokerage business, while investment banking, asset management, and overseas expansion are likely to enhance the return on equity (ROE) of leading brokerage firms. The insurance sector has also seen a strong start in both individual and bank-insurance channels, with a continued trend of deposit migration, suggesting a positive outlook for the insurance sector in the spring market [4][6]. Summary by Sections Brokerage Sector - Daily average trading volume for stock funds reached 3.44 trillion, down 16% week-on-week; however, the average trading volume since the beginning of 2026 is 3.64 trillion, a 105% increase compared to Q1 2025 [4] - New stock and mixed fund issuance in January 2026 totaled 44.3 billion, a 56% year-on-year increase [4] - The "Public Fund Performance Benchmark Guidelines" was officially released on January 23, 2026, establishing stricter standards for benchmark selection and changes, enhancing performance evaluation and compensation management systems [4] Insurance Sector - The fourth quarter of 2025 saw a stable research value for ordinary life insurance products at 1.89%, slightly down from 1.90% in the previous quarter, indicating a trend towards stability [6] - The individual insurance channel is under pressure due to various factors, but the strong start in 2026 is expected to improve new policy growth, aided by favorable market conditions [6] - The stabilization of long-term interest rates and a favorable equity market are expected to enhance net assets and profitability for insurance companies, with a potential valuation recovery towards 1x PEV for leading firms [6] Recommended Stocks - Recommended stocks include Guangfa Securities, Guotai Junan, Huatai Securities, and China International Capital Corporation H, as well as China Life, China Pacific Insurance, and Ping An Insurance [7]

Group 1 - The company, Jiufang Zhitu Holdings (09636), announced the grant of a total of 6.583 million restricted stock units to several employees on January 23, 2026, under the terms of the 2025 share incentive plan, subject to acceptance by the grantees [1]

Core Viewpoint - Jiufang Zhitu Holdings (09636) announced the grant of a total of 6.583 million restricted stock units to several employees on January 23, 2026, under the terms of the 2025 share incentive plan, pending acceptance by the grantees [1] Summary by Category - **Company Announcement** - Jiufang Zhitu Holdings will grant 6.583 million restricted stock units to employees [1] - The grant is part of the 2025 share incentive plan [1] - The grant will only be effective upon acceptance by the grantees [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 JF SmartInvest Holdings Ltd 董事會謹此宣佈，於2026年1月23日，本公司根據2025年股份激勵計劃的條款向 若干僱員授予合共6,583,000份受限制股份單位，惟須經承授人（定義見下文）接納 後方作實。 根據2025年股份激勵計劃授予受限制股份單位的詳情 九方智投控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9636） 授予受限制股份單位 本公告由本公司根據上市規則第17.06A條、第17.06B條及第17.06C條作出。 1 零 每股56.80港元 授予日期： 2026年1月23日 承授人及授予的受限制 股份單位數目： 向本集團348名僱員（「承授人」）授出6,583,000份受限 制股份單位，相當於6,583,000股股份，包括 (i) 向本集團345名僱員授出6,481,000份受限制股份 單位（相當於6,481,000股股份）； (ii) 向本集團兩名 ...

Group 1 - The stock of Tongdao Liepin (06100) rose by 10.17%, reflecting market recognition of its "AI recruitment strategy" and "financial stability" [1] - The restaurant sector saw significant gains, with Haidilao (06862) up 7.7%, Jiumaojiu (09922) up 5.38%, and Helens (09869) up 6.67%, driven by demand recovery since early 2023 [1] - Voice Technology (02495) surged over 10% after announcing a share issuance of 6.73 million shares at HKD 46.3 each, with approximately 50% of the proceeds allocated for R&D [1] Group 2 - Alibaba-W (09988) increased by nearly 5%, following announcements at the 2025 Cloud Summit regarding changes to hardware infrastructure in response to new market demands [1] - Hua Hong Semiconductor (01347) rose over 5.3% after announcing a plan to acquire approximately 97.5% of Huali Micro for CNY 8.268 billion [2] - Jiufang Zhitu Holdings (09636) saw an increase of nearly 8%, attributed to active market trading with a daily turnover reaching CNY 3.6 trillion [2] Group 3 - Jingtai Holdings (02228) rose over 5.5%, with a month-to-date increase of nearly 50%, following the successful dual approval of its incubated company ReviR's innovative drug RTX-117 [2] - Xun Ce (03317) briefly rose over 6%, reaching a new high of HKD 68, due to a strategic cooperation framework agreement with Jinyong Investment [2] - Alibaba Health (00241) surged over 14.2%, with a month-to-date increase exceeding 30%, following the announcement of a milestone solution in the infant vascular tumor treatment field [3] Group 4 - Bitcoin rose over 2.5%, reaching USD 93,500, with Bitcoin-related stocks also increasing, including MSTR up 6.63% and COIN up 4% [4] - GCDT, a green decarbonization technology company, saw its stock price surge 25% after its IPO, which aims to raise approximately USD 10 million for factory construction and debt repayment [4] - Lithium giant Albemarle (ALB.US) rose 4.46%, with analysts noting a reduction in concerns over its balance sheet as it achieves leverage optimization [4] Group 5 - Gold concept stocks showed mixed performance, with AngloGold Ashanti (AU.US) up 1.11% and Barrick Mining (B.US) up 1.39%, while some others declined [5] - Google (GOOGL.US) increased by 1.24% following a significant partnership with Apple to advance AI technology, with Google's Gemini model becoming a core support for future Apple devices [5] - Payment concept stocks continued to decline, with major banks also falling, amid concerns over potential impacts from proposed credit card interest rate caps [6] Group 6 - Intel (INTC.US) and AMD (AMD.US) saw initial gains of 7.33% and 6.39%, respectively, after KeyBanc Capital Markets upgraded their ratings to "overweight" [6] - Rezolve AI (RZLV.US) fell 9.23% despite raising its long-term revenue forecast, indicating significant commercialization progress [7] - Satellogic (SATL.US) declined 1.11% after a previous surge, following the announcement of a contract for two high-resolution satellites [7]

Core Viewpoint - Jiufang Zhitu Holdings (09636) has seen a 5.02% increase in stock price, currently at HKD 64.80, with a trading volume of HKD 146 million, amidst a vibrant market environment where daily trading volume reached a new high of HKD 3.6 trillion [1][4]. Group 1 - The company adheres to a "research + technology" dual-driven model, utilizing "content + traffic" for customer acquisition [1][4]. - There is a strong correlation between the company's order revenue and market trading volume, suggesting that in a bullish market atmosphere, customer acquisition efficiency and payment conversion rates are expected to improve, leading to significant performance elasticity and growth rates potentially exceeding those of brokerage business revenue and market trading volume [1][4]. - Recently, the company announced the completion of the acquisition of JF Financial (formerly Yintech Financial), gaining full ownership of JF Financial and its core subsidiaries, Fangde Securities and Fangde Capital [1][4]. Group 2 - Xiangcai Securities believes that the enhancement of overseas licenses will assist the company in applying its mature business model to overseas operations, thereby enriching its revenue sources [1][4].

Core Viewpoint - Jiufang Zhitu Holdings (09636) has seen a stock price increase of over 5%, currently trading at 64.7 HKD with a transaction volume of 116 million HKD, indicating strong market activity and investor interest [1] Group 1: Market Activity - Recent market transactions have been active, with a single-day transaction volume reaching a new high of 3.6 trillion HKD [1] - The company’s order revenue is strongly correlated with market trading volume, suggesting that a bullish market atmosphere could enhance customer acquisition efficiency and conversion rates [1] Group 2: Business Strategy - Jiufang Zhitu Holdings employs a "research + technology" dual-driven strategy, focusing on "content + traffic" for customer acquisition [1] - The company is expected to outperform brokerage business revenue growth and market trading volume due to the anticipated release of performance elasticity in a bullish market [1] Group 3: Recent Acquisition - The company has completed the acquisition of JFFinancial (formerly Yintech Financial), gaining full ownership of JFFinancial and its core subsidiaries, Fangde Securities and Fangde Capital [1] - The enhancement of overseas licenses is expected to enable the company to apply its mature business model to international operations, thereby diversifying its revenue sources [1]

Core Viewpoint - Jiufang Zhitu Holdings (09636) has seen a stock price increase of over 5%, currently trading at 64.7 HKD with a transaction volume of 116 million HKD, reflecting a strong market activity with a daily transaction volume reaching a new high of 3.6 trillion HKD [1] Group 1: Company Performance - The company operates on a "research + technology" dual-driven model, focusing on customer acquisition through "content + traffic" [1] - There is a strong correlation between the company's order revenue and market trading volume, suggesting that in a bullish market, customer acquisition efficiency and conversion rates are expected to improve, leading to significant performance elasticity and growth rates potentially exceeding those of brokerage business revenues and market trading volumes [1] Group 2: Recent Developments - Jiufang Zhitu Holdings has completed the acquisition of all shares and core business systems of JFFinancial (formerly known as Yintech Financial) [1] - Following the acquisition, Jiufang Zhitu Holdings will hold all shares of JFFinancial and its core subsidiaries, Fangde Securities and Fangde Capital [1] - The enhancement of overseas licenses is expected to enable the company to apply its mature business model to overseas operations, thereby diversifying its revenue sources [1]

Core Viewpoint - Jiufang Zhitu Holdings (09636) has completed the acquisition of JFFinancial, enhancing its competitive advantage in the investment advisory sector through a technology-driven research strategy [1] Group 1: Acquisition Details - The acquisition includes all shares and core business systems of JFFinancial, previously known as Yintech Financial [1] - Post-acquisition, Jiufang Zhitu will fully own JFFinancial and its key subsidiaries, Fangde Securities and Fangde Capital [1] Group 2: Strategic Insights - Xiangcai Securities highlights the company's commitment to a "technology + research" strategy, leveraging a mature research system and refined MCN traffic operations to create a differentiated competitive edge [1] - The enhancement of overseas licenses will enable the company to apply its successful domestic model to international markets, diversifying revenue sources [1] Group 3: Market Position and Future Outlook - Kaiyuan Securities notes the establishment of a multi-dimensional product matrix and a "1+N" research system, emphasizing R&D investment and comprehensive AI integration [1] - The company is expected to benefit from short-term high beta attributes due to active capital markets, while its long-term strategies of "small-scale" and "platformization" are likely to increase user engagement [1] - The sales performance of learning machines is strong, and the acquisition of a Hong Kong brokerage expands the company's international business footprint [1]

Group 1 - The core point of the article is that Jiufang Zhitu Holdings (09636) has completed the acquisition of JFFinancial, enhancing its competitive advantage in the financial advisory sector through a "technology + research" strategy [1][1][1] - Following the acquisition, Jiufang Zhitu will hold all shares of JFFinancial and its core subsidiaries, Fangde Securities and Fangde Capital, which is expected to diversify the company's revenue sources [1][1][1] - The stock price of Jiufang Zhitu increased by 6.57% to HKD 63.25, with a trading volume of HKD 362 million, indicating positive market sentiment towards the acquisition [1][1][1] Group 2 - Xiangcai Securities believes that the company's established research system and refined MCN traffic operations create a differentiated competitive advantage [1][1][1] - Kaisheng Securities highlights the company's multi-dimensional product matrix and "1+N" research system, emphasizing the importance of R&D investment and AI integration [1][1][1] - The company is expected to benefit from short-term capital market activity and long-term strategies focused on user engagement and international business expansion through the acquisition of a Hong Kong brokerage [1][1][1]