（股份代號：9636） 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 九方智投控股有限公司 （於開曼群島註冊成立的有限公司） 承董事會命 九方智投控股有限公司 董事會主席 陳文彬 關連及須予披露的交易 完成收購JF FINANCIAL 中國香港，2026年1月6日 完成收購事項 茲提述(i)九方智投控股有限公司（「本公司」）日期為2025年4月3日的公告；(ii)本 公司日期為2025年5月20日的通函；及(iii)本公司日期為2025年6月20日的投票結 果公告（統稱為「該等公告」），內容有關（其中包括）收購目標公司全部股權及核心 信息系統（「收購事項」）。除文義另有所指外，本公告所用詞彙與該等公告所界定 者具有相同涵義。有關收購事項的詳情，請參閱該等公告。 JF Financial Company Limited（前稱Yintech Financial，「JF Financial」）為一間 ...

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Jiufang Zhitu Holdings, which increased over 20% and reached 57.55 HKD, with a trading volume of 562 million HKD [1] - The capital market has shown increased activity since the beginning of the year, with the Shanghai Composite Index achieving a 13-day consecutive rise, marking the highest level since July 2015 [1] - Jiufang Zhitu Holdings is recognized as a leader in the 2C financial information service industry, leveraging its investment advisory license and a dual-driven approach of "investment research + technology" to attract customers [1] Group 2 - The company's revenue from orders is strongly correlated with market trading volume, suggesting that in a bullish market, customer acquisition efficiency and conversion rates are likely to improve [1] - The firm is expected to experience significant earnings elasticity, with growth rates anticipated to outperform those of brokerage business revenues and market trading volumes [1] - There is a sustained demand for medium to long-term investment advisory services, indicating substantial growth potential for the company [1]

Group 1 - The core viewpoint of the article highlights that Jiufang Zhitu Holdings (09636) has seen a significant stock price increase, rising over 20% and reaching HKD 57.55 with a trading volume of HKD 562 million [1] - The capital market has shown increased activity since the beginning of the year, with the Shanghai Composite Index achieving a thirteen-day winning streak, marking its highest level since July 2015 [1] - According to Kaiyuan Securities, Jiufang Zhitu Holdings is a leader in the 2C financial information service industry, leveraging its advisory license and a dual-driven model of "investment research + technology" to attract customers through "content + traffic" [1] Group 2 - The company's order revenue is strongly correlated with market trading volume, suggesting that in a bullish market, customer acquisition efficiency and conversion rates are likely to improve, leading to significant performance elasticity [1] - The demand for medium to long-term advisory services is expected to continue rising, indicating substantial growth potential for the company [1]

Core Viewpoint - The acceleration of digital RMB implementation and the formal introduction of new fund sales fee regulations are expected to optimize the financial ecosystem and payment system [1][2]. Securities Sector - The People's Bank of China will officially implement a new action plan for digital RMB management and related financial infrastructure by January 1, 2026, which is expected to enhance monetary policy transmission efficiency and support the internationalization of the RMB [2]. - The new fund sales fee regulations, effective December 31, 2025, will allow differentiated redemption fees for bond funds, significantly reducing the pressure from short-term redemptions and encouraging long-term holding by investors [2]. Investment Recommendations for Securities - Focus on undervalued brokers for potential rebound during the spring market, with strong recommendations for quality brokers with significant valuation and performance mismatches, particularly Guotai Junan and Haitong Securities [3]. - Attention should be given to Sichuan Shuangma, which is positioned in the technology sector and is expected to benefit from venture capital opportunities in gene therapy [3]. - Highlighting multi-financial firms with impressive growth rates, such as Yixin Group, Far East Horizon, and Jiufang Zhitu Holdings [3]. Insurance Sector - The tax base switch is expected to have minimal impact on insurance companies' net profits and net assets, with high proportions of tax-exempt income and deferred tax liabilities [4]. - The new tax guidelines for insurance contracts will require companies to follow new standards starting in 2026, but the actual taxable income is projected to remain low due to high tax-exempt income ratios [4]. Investment Recommendations for Insurance - The high growth in liabilities is expected to drive valuation shifts, with the insurance sector benefiting from increased demand for savings and the rising market share of leading companies [5]. - The upcoming insurance market rally is supported by stable or improving conditions in the stock market and interest rates, which will enhance the balance sheets of major insurance companies [5].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 九方智投控股有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09636 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.00001 | HKD | | 20,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.00001 | HKD | | 20,000 | II. 已發行股份及/ ...

Group 1 - The core viewpoint of the news is that Jiufang Zhitu Holdings (9636.HK) has been awarded the 2025 "Annual Hong Kong Stock Connect Excellence Award" for its outstanding market value in the fintech sector, alongside other notable companies [1][2] - The "Annual Hong Kong Stock Connect Excellence Award" evaluates companies based on operational quality, liquidity indicators, and trading activity, aiming to recognize firms with healthy governance structures and significant industry positions that provide sustainable value returns to investors [2] - The award reflects strong market confidence in Jiufang Zhitu Holdings' future development potential, highlighting its dual-driven strategy of "technology + research" and its commitment to enhancing core business capabilities through AI applications [2][3] Group 2 - Jiufang Zhitu Holdings has gained recognition in the capital markets, being included in the MSCI China Small Cap Index and the FTSE China Small Cap Index, as well as being one of the first companies selected for the Hong Kong Stock Exchange Technology 100 Index [3] - The company aims to deepen its focus on the fintech sector, continuously enhancing its core competitiveness to create long-term sustainable value for shareholders, clients, and the market [3]

Core Viewpoint - The company is a leading player in the 2C financial information service industry, leveraging a dual-driven model of "investment research + technology" to enhance customer acquisition and business expansion. Group 1: Business Model and Strategy - The company has established a multi-dimensional product matrix and a "1+N" investment research system, emphasizing R&D investment and exploring comprehensive AI empowerment [1] - The company’s short-term high beta attribute benefits from an active capital market, while its long-term strategies of "small-scale" and "platformization" are expected to enhance user stickiness [1] - The company aims to cover long-tail customer groups through a "small-scale" strategy, building brand trust and increasing user engagement [3] Group 2: Market Potential and Financial Projections - The company’s market penetration rate is approximately 5.29%, indicating significant growth potential in the context of increasing demand for high-end investment advisory products [2] - The company forecasts net profits attributable to shareholders of 1.19 billion, 1.10 billion, and 1.48 billion yuan for 2025-2027, reflecting year-on-year growth rates of +338%, -8%, and +35% respectively [1] - The company’s revenue growth has significantly outpaced cost growth, demonstrating notable scale effects, with a projected ROI of 3.7 times and an operating profit margin of 49% in the first half of 2025 [2] Group 3: Technological Empowerment and Operational Efficiency - The company emphasizes the integration of investment research capabilities across all business segments, with 17.6% of total employees dedicated to R&D [2] - The company is optimizing its app to transition from a tool for investment advisory services to an ecosystem platform for financial products and services, which is expected to further enhance user stickiness [3] - The company plans to acquire Yintech Financial to expand its international business footprint and explore new digital advisory models [3]

Core Insights - The "Golden Award" annual outstanding company selection by Gelonghui announced five companies as winners of the "Annual Hong Kong Stock Connect Outstanding Award" [1] - The award aims to recognize companies with healthy governance structures, significant industry positions, and good main business performance, providing sustainable and stable value returns to investors [1] Group 1: Award Winners - The five companies awarded are: Fenbi (02469.HK), Guotai Junan International (01788.HK), Hezhima Intelligent (02533.HK), Kingsoft Cloud (03896.HK/KC.US), and Jiufang Zhitu Holdings (09636.HK) [1] - The ranking of the awarded companies is not in any specific order and is based on the first letter of their names [1] Group 2: Evaluation Criteria - The evaluation for the "Annual Hong Kong Stock Connect Outstanding Award" considered multiple factors including operational quality, liquidity indicators, and trading activity metrics such as the proportion of Hong Kong Stock Connect holdings, the volume of Hong Kong Stock Connect holdings, and turnover rates [1] - The final results were derived through quantitative data analysis and an expert review panel [1] Group 3: Broader Context - Gelonghui's selection aims to create a reference value for listed companies and unicorn companies within the investment community, covering all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [2]

招银国际发布研报称，首次覆盖九方智投(09636)予"买入"评级，基于参考同业前瞻29倍市盈率，目标 价65港元，这分别隐含2025、2026年预估25倍、22倍市盈率。九方智投控股凭借其规模化的多频道联播 网矩阵，掌握散户进入A股市场的浪潮。且在蓬勃发展的新媒体生态系统时代，看到公司流量获取模式 从"平台驱动"阶段转变为"内容驱动"，这使得拥有优质内容和强大用户参与度的平台，能更吸引用户注 意力。 招银国际预测，得益于公司多元化产品组合，能满足大众富裕客户和低端客户的需求，公司总收入将在 2025至2027年以18%的年均复合增长率增长;又鉴于其完善的流量营运模式，预计公司将成为把握新机 遇的主要受益者。 ...

智通财经APP获悉，招银国际发布研报称，首次覆盖九方智投(09636) 予"买入"评级，基于参考同业前 瞻29倍市盈率，目标价65港元，这分别隐含2025、2026年预估25倍、22倍市盈率。九方智投控股凭借其 规模化的多频道联播网矩阵，掌握散户进入A股市场的浪潮。且在蓬勃发展的新媒体生态系统时代，看 到公司流量获取模式从"平台驱动"阶段转变为"内容驱动"，这使得拥有优质内容和强大用户参与度的平 台，能更吸引用户注意力。 招银国际预测，得益于公司多元化产品组合，能满足大众富裕客户和低端客户的需求，公司总收入将在 2025至2027年以18%的年均复合增长率增长;又鉴于其完善的流量营运模式，预计公司将成为把握新机 遇的主要受益者。 ...