Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is a leader in the 2C financial information service industry, leveraging a "research + technology" dual-drive strategy to enhance its platform transformation [4][17] - The company has established a multi-dimensional product matrix and a "1+N" research system, focusing on AI empowerment and significant R&D investment [4][61] - The projected net profit for 2025-2027 is estimated at 1.19 billion, 1.10 billion, and 1.48 billion CNY, reflecting a growth of 338%, -8%, and 35% respectively, with a corresponding PE of 17.9, 19.4, and 14.4 times, which is lower than comparable companies [4][16] Summary by Relevant Sections Company Overview - The company has a stable shareholding structure and a clear customer positioning, targeting the affluent middle class with a market penetration rate of approximately 5.29% [4][57] - The chairman has over 20 years of experience in the investment advisory industry, contributing to the company's rapid rise as an industry leader [17][20] Products and Services - The company offers a diverse range of products, including VIP products, stock learning machines, and small-scale products, aimed at enhancing customer engagement and meeting varied investment needs [31][32] - The "Yintech Financial" acquisition aims to expand the company's international business footprint and enhance its digital advisory capabilities [6][16] Financial Performance and Projections - The company's revenue is projected to grow significantly, with a CAGR of 53% from 2019 to 2024, and a substantial increase in net profit expected in 2025 [7][36] - The company reported a revenue of 2.1 billion CNY in the first half of 2025, a year-on-year increase of 134%, with a net profit of 870 million CNY, marking a turnaround from losses [36][41] Market Dynamics - The demand for investment advisory services is expected to continue growing, driven by increasing market complexity and a higher proportion of high-net-worth investors [46][50] - The company benefits from a favorable competitive landscape in the 2C financial information service sector, with a strong correlation between its order revenue and market trading volume [5][45]

Core Insights - The report emphasizes that the computer industry is driven by model iteration, application breakthroughs, and domestic computing power leadership, with a buy rating for the sector [2][4][17]. Industry Overview - The AI infrastructure sector is transitioning from "testing and trial" to "large-scale rollout in 2026" for domestic AI chip replacements, with a narrowing gap between domestic and international leading models [8][17][26]. - The AI application sector is categorized into three types of companies: those with recognized benchmark clients but in early stages, those with long-term trends but uncertain timelines, and those leveraging AI with reachable inflection points [8][17][19]. - The EDA and R&D software sector is seeing rapid improvement in domestic product capabilities, with mergers and acquisitions expected to accelerate due to policy support [8][17][21]. - In the intelligent driving and robotics sector, the report suggests focusing on competitive chip tracks, overseas expansion, and new autonomous driving opportunities, recommending global AMR leader Geek+ [8][18][21]. - The report notes that traditional trust and innovation directions are facing funding delays, while the release of HarmonyOS PC in 2025 is seen as a catalyst for business growth and technological upgrades [8][18][21]. - The energy information sector is expected to benefit from stable capital expenditures and market reforms, although policy implementation timelines need to be monitored [8][18][21]. Key Companies - In the AI infrastructure sector, recommended companies include Cambricon, Inspur, and Unisoc, with attention to Sugon [8][19]. - For AI applications, notable companies are Jingtaikong, Rainbowsoft, and Kingdee International, with additional focus on Hancloud and Guangyun Technology [8][19][21]. - In the intelligent driving and robotics sector, key players include Geek+, Black Sesame Intelligence, and Rui Ming Technology, with recommendations to monitor Desay SV and SOTER [8][19][21]. - In the EDA and R&D software sector, companies like GigaDevice, Gexin Electronics, and BGI are highlighted, with attention to Zhongkong Technology and Haocen Software [8][19][21]. - For trust and innovation, recommended companies include Kingsoft and Softcom, with additional focus on Taiji Co. and China Software International [8][19][21]. - In the energy information sector, notable companies are Guoneng Rixin and Longxin Group, with attention to State Grid Information and South Grid Digital [8][19][22].

Group 1 - The Hong Kong Stock Exchange has launched the Hong Kong Stock Exchange Technology 100 Index, which tracks the top 100 Hong Kong-listed companies highly related to the technology sector and eligible for the Stock Connect program [1] - The index includes major companies such as Tencent, Alibaba, CATL, Xiaomi, BYD, Meituan, SMIC, and WuXi AppTec, highlighting its focus on leading technology firms [1] - The index covers six major technology sectors: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics, reflecting current hot sectors and future industries [1] Group 2 - Jiufang Zhitu Holdings has adopted a "technology + research" dual-driven strategy, leveraging AI and big data to transform traditional securities business [2] - The company has invested 1.5 billion yuan in R&D in the first half of 2025, focusing on AI and intelligent upgrades, with a cumulative R&D investment of 15.2 billion yuan over the past six years [2] - Since its listing in 2023, Jiufang Zhitu Holdings has gained recognition in domestic and international capital markets, being included in the Stock Connect, MSCI China Small Cap Index, and FTSE China Small Cap Index, with its inclusion in the Technology 100 Index further affirming its growth potential and investment value [2]

Group 1 - The 2025 Shanghai Stock Exchange (Chao Hu) High-Quality Development Conference was held in Hefei, Anhui, focusing on "Capital Empowering Science and Technology Innovation, Industry Leading the Future," with over 1,200 attendees from various sectors [1][11] - The conference highlighted the role of excellent listed companies as growth "ballast stones" and "leaders" in driving industrial upgrades and fostering new productive forces in China's economy [3][11] - The "2024-2025 Listed Company High-Quality Development Report" was released, outlining five dimensions for the development of listed companies amid complex environments [6][13] Group 2 - Jiufang Zhitu Holdings (9636.HK) was awarded the "Value Growth Enterprise" award at the conference, recognizing its outstanding performance in the capital market [3][11] - The award reflects the comprehensive recognition of Jiufang Zhitu's operational development, technological innovation capabilities, and social impact by the capital market and industry associations [7][13] - The company emphasizes investor protection and aims to enhance the evaluation system centered on investor returns, aligning with the recent focus on personal investor rights in the capital market [14] Group 3 - Jiufang Zhitu Holdings is committed to providing personalized investment decision support through professional advisory services and educational content, focusing on a customer-centric approach [14][15] - The company is enhancing its product offerings, including the "Stock Navigation" series and "Super Investor" VIP products, aimed at helping individual investors establish investment systems [15] - Future product launches include "Star Service" and "Decision Master," which will utilize quantitative strategies and provide structured investment analysis frameworks [15][16] Group 4 - Jiufang Zhitu Holdings plans to strengthen its core competitiveness through AI technology, overseas expansion, product enhancement, and collaboration with brokerage firms [9][16] - The company aims to simplify investment and financial management while enhancing the overall customer experience [9][16] - The recent award is seen as both an honor and a new starting point for Jiufang Zhitu, which will continue to focus on governance, compliance, and technological investment to contribute positively to the capital market ecosystem [16]

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） （股份代號：9636） 完成更改每手買賣單位及 有關2024年年度報告 的補充公告 完成更改每手買賣單位 茲提述九方智投控股有限公司（「本公司」）日期為2025年11月17日的公告，內容 有關建議將本公司普通股（「股份」）於香港聯合交易所有限公司（「聯交所」）買賣 之每手買賣單位由500股股份更改為100股股份（「更改每手買賣單位」）。本公司董 事（「董事」）會（「董事會」）謹此宣佈，更改每手買賣單位已於2025年12月8日（星 期一）生效。 有關2024年年度報告的補充公告 2024年股份激勵計劃 茲亦提述本公司日期為2024年9月27日的公告，內容有關採納2024年股份激勵計 劃。根據2024年股份激勵計劃的條款，受限制股份單位參與者毋須就接納據此授 出的獎勵支付任何款項。 1 2023年 ...

九方智投 (09636.HK)开涨9.5%，消息面上，证监会主席吴清表示，适度拓宽券商资本空间与杠杆上 限，从价格竞争转向价值竞争。 本文源自：金融界AI电报 ...

Core Viewpoint - The 2025 Boao Forum for Entrepreneurs, focusing on new productive forces and digital technology innovation, commenced in Hainan, featuring over 30 parallel forums aimed at fostering high-quality industry development [1] Group 1: Event Overview - The forum is co-hosted by the Xinhua News Agency Brand Work Office and Xinhua Net, lasting for four days [1] - Key topics include the cultivation of new productive forces and the development of intelligent technology innovation [1] Group 2: Company Participation - Jiufang Zhitu Holdings (9636.HK) was invited to participate and presented at the 2025 Brand Credit Construction Forum [1] - The company showcased two AI achievements: "AI+ Investment Advisory Dual-Track Practice" and "AI Stock Machine: AI-Driven Integrated Solutions for Investment Advisory and Education," both awarded the "2025 Financial New Productive Force Excellent Practice" [1] Group 3: Awards and Recognition - Jiufang Zhitu has developed an AI product matrix including Jiufang Lingxi, Jiufang AI Stock Machine, and Jiufang Zhitu APP, receiving numerous industry awards in 2025 [1] - The company has been recognized with titles such as "Annual AI Application Scenario Breakthrough Enterprise," "Annual AI Application," and "Annual Competitive Digital Financial Innovation Product," among others [1]

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11月30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: 2025年12月1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 | 本月底法定/註冊股本 ...

Core Viewpoint - Jiufang Zhitu Holdings (09636) announced a change in the trading unit of its shares on the Hong Kong Stock Exchange, reducing the trading unit from 500 shares to 100 shares, effective from December 8, 2025, at 9:00 AM [1] Company Summary - Jiufang Zhitu Holdings will have its trading unit adjusted to 100 shares from the previous 500 shares [1] - The change is set to take effect on December 8, 2025, at 9:00 AM [1] Industry Summary - The adjustment in trading unit may influence liquidity and trading dynamics within the market for Jiufang Zhitu Holdings [1] - This change aligns with broader trends in the industry towards more accessible trading units for investors [1]

Core Viewpoint - Jiufang Zhitu Holdings (09636) announced a change in the trading unit of its shares on the Hong Kong Stock Exchange, reducing the trading unit from 500 shares to 100 shares, effective from December 8, 2025, at 9:00 AM [1] Summary by Category - **Company Announcement** - Jiufang Zhitu Holdings will change its trading unit from 500 shares to 100 shares on the Hong Kong Stock Exchange [1] - The effective date for this change is set for December 8, 2025, at 9:00 AM [1]