证券代码：600446 证券简称：金证股份 公告编号：2025-064 深圳市金证科技股份有限公司 关于使用闲置自有资金认购私募证券投资基金份额的 进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 1 月 6 日，公司召开第八届董事会 2025 年第一次会议，审议通过《关 于继续持有私募证券投资基金产品份额的议案》。根据证券市场变化情况和基金 产品的投资情况，董事会同意公司继续持有世纪弘金 2 号私募证券投资基金份额。 具体内容详见公司于 2025 年 1 月 7 日刊登在《中国证券报》《证券时报》《上 海证券报》及上海证券交易所网站（www.sse.com.cn）的《金证股份关于使用闲 置自有资金认购私募证券投资基金份额的进展公告》（公告编号：2025-002）。 重要内容提示： 投资标的名称 世纪弘金 2 号私募证券投资基金 投资金额（万元） 5,000 万元 投资进展阶段 完成 终止 交易要素变更 √进展 特别风险提示（如有请勾选） 募集失败 未能完成备案登记 提前终止 发生重大变更 其他： 一、合 ...

证券代码：600446 证券简称：金证股份 公告编号：2025-063 深圳市金证科技股份有限公司 关于关联交易的公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 基于公司日常经营及业务发展需要，深圳市金证科技股份有限公司（以 下简称"公司"）与参股公司港融科技有限公司（以下简称"港融科技"）签订 《业务合作框架协议》，参考市场价格及预计的工作量，2026 年 1 月 1 日至 2026 年 12 月 31 日预计公司向港融科技采购服务费用金额预计不超过 6,000 万元（人 民币元，以下同），港融科技向公司采购服务费用金额预计不超过 2,800 万元， 定价原则上不高于同类业务市场价格，实际结算金额以双方实际签署的业务合同 为准。 基于公司日常经营及业务发展需要，公司与参股公司深圳市钐烽科技有 限公司（以下简称"钐烽科技"）签订《业务合作框架协议》，参考市场价格及 预计的工作量，2026 年 1 月 1 日至 2026 年 12 月 31 日公司向钐烽科技采购服务 费用金额预计不超过 3,000 万元 ...

证券代码：600446 证券简称：金证股份 公告编号：2025-065 深圳市金证科技股份有限公司 关于召开2025年第四次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 30 日 至2025 年 12 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东会召开日期：2025年12月30日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (一) 股东会类型和届次 2025年第四次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方 ...

公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 证券代码：600446 证券简称：金证股份 公告编号：2025-062 深圳市金证科技股份有限公司第八届董事会 2025 年第九次会议决议公告 深圳市金证科技股份有限公司（以下简称"公司"）第八届董事会2025年第 九次会议于2025年12月12日以通讯表决方式召开。会议应到董事6名，实到董事6 名。经过充分沟通，以通讯表决方式行使表决权。会议的召开符合《深圳市金证 科技股份有限公司公司法》（以下简称"《公司法》"）及《深圳市金证科技股份有 限公司章程》（以下简称"《公司章程》"）的规定。 一、会议以同意6票，反对0票，弃权0票的表决结果审议并通过了《关于补 选第八届董事会薪酬与考核委员会委员的议案》； 根据《公司法》、《公司章程》、《董事会薪酬与考核委员会议事细则》等有关 规定，为保证公司董事会薪酬与考核委员会依法行使职权和有序开展各项工作， 董事会同意补选李结义先生为第八届董事会薪酬与考核委员会委员，上述任期自 本次董事会审议通过之日起至第八届董事会任期届满之日止。 二、 ...

金证股份公告称，基于日常经营及业务发展需要，公司与参股公司港融科技、钐烽科技签订《业务合作 框架协议》。2026年，公司向港融科技采购服务费用预计不超6000万元，港融科技向公司采购预计不超 2800万元；公司向钐烽科技采购预计不超3000万元，钐烽科技向公司采购预计不超1400万元。公司持有 港融科技29.40%股份、钐烽科技29.1667%股权，董事长李结义、高级副总裁兼董秘殷明分别为两公司 董事，此次交易属关联交易，不构成重大资产重组，无需股东会审议。 ...

Core Insights - The Kunpeng Application Innovation Competition 2025 Shenzhen Division concluded successfully, with Jinzheng Co., Ltd. winning an excellence award for its "Jinzheng Market Maker Trading System Solution" in the financial industry application innovation track [1] - The event aimed to gather industry wisdom and promote high-quality development of Shenzhen's digital economy and industrial ecosystem, under the theme "Technology Empowers Industry, Innovation Drives the Future" [1] Company Highlights - Jinzheng's award reflects its deep accumulation and leading practice in core trading system innovation and technology [1] - The Jinzheng Market Maker Trading System is built on Huawei's Kunpeng full-stack technology, supporting multiple market-making businesses across various platforms such as the Sci-Tech Innovation Board and North Exchange [1] - The system features a microservices distributed architecture and self-developed middleware, achieving low latency and high concurrency in transaction processing [1] Future Outlook - Jinzheng Co., Ltd. is committed to independent innovation and security in financial core systems, with plans to continue collaborating with ecosystem partners to focus on financial innovation and digitalization [2] - The company aims to provide more robust, efficient, and intelligent trading solutions for clients such as brokerages and exchanges, contributing to the development of the financial technology ecosystem [2]

Group 1 - The virtual robot sector leads the market with a rise of 3.4% [1] - Winning Time Technology increased by 20.0% [1] - Zhongfu Tong rose by 7.9% [1] - Dazhihui saw an increase of 4.06% [1] - Dongfang Wealth, Tonghuashun, and Jinzhen Shares all experienced gains of over 2% [1]

Summary of Financial Technology Conference Call Industry Overview - The financial technology sector is experiencing positive policy guidance aimed at promoting high-quality development and technological investment across banking, insurance, and brokerage industries, providing long-term investment value assurance for related companies [1][18] Key Insights and Arguments - Financial IT investment continues to grow, although the growth rate is slowing down. The B-end of the securities IT sector is dominated by companies like Hang Seng, Vertex, and Jinzheng, while the C-end is led by Tonghuashun and Wealth Trend. Tonghuashun has begun to develop AI systems, but the revenue contribution is still small [1][4][5] - The financial technology index has outperformed the broader market, with Tonghuashun, Wealth Trend, and Oriental Fortune showing significant price increases. Stock prices are highly correlated with market trading activity, necessitating attention to new account openings and average daily transaction volume [1][8] - Short-term focus should be on changes in market share for Oriental Fortune's brokerage and margin financing businesses, while long-term attention should be on AI product development. The impact of fee policy adjustments on fund distribution business is limited, with overall adverse factors largely eliminated [1][9] Company-Specific Highlights - **Oriental Fortune**: Achieved significant results through a multi-license and multi-traffic ecosystem model. Short-term focus on market share changes in brokerage and margin financing, and long-term focus on AI product development [6][9] - **Tonghuashun**: Short-term performance elasticity is mainly reflected in C-end advertising and internet promotion, with significant year-on-year growth. The company assists financial institutions in generating revenue [6][10][12] - **Wealth Trend**: Relies on historical high-quality traffic and license acquisitions for monetization [6] - **Vertex and Ninefang**: Both depend on market activity for product sales growth, with a long-term focus on license monetization [12] Market Performance and Valuation - As of November 13, 2025, the financial technology index has increased by 74%, significantly outperforming the Wind All A Index (42%) and the CSI 300 Index (39%). Notable stock price increases were observed in Tonghuashun (27%), Wealth Trend (38%), and Oriental Fortune (approximately 5%) [8] - The financial technology sector's PE valuation is approximately 66 times, higher than the historical percentile of 14%. Leading companies like Oriental Fortune and Hang Seng have lower volatility in valuations, while others like Wealth Trend and Vertex show mixed valuation percentiles [16] Recommendations - Recommended companies for investment include Oriental Fortune, Wealth Trend, Hang Seng, Vertex, Changliang Technology, Yuxin Technology, and Jinzheng. These companies have strong fundamentals and configuration value, with steady growth opportunities from the ongoing promotion of Xinchuang [2][17] - Long-term investment opportunities in B-end IT companies include Hang Seng, Vertex, Changliang Technology, Yuxin Technology, and Jinzheng, all showing improving fundamentals and growth potential [21] Policy Impact - Financial technology policies from 2021 to 2025 cover multiple sectors, promoting high-quality development and encouraging investment in financial technology, which is expected to positively influence the industry's development [18] Development Directions for Financial IT Companies - Broker IT focuses on production system construction and AI system updates for new revenue. Internet finance should prioritize traffic acquisition and product license monetization, while bank IT needs to meet diverse customer service demands and focus on overseas orders [19]

Core Insights - The article discusses the 2025 "Wisdom Gathering: Trading" institutional trading technology summit hosted by Jinzheng Co., which aims to assist securities firms and financial institutions in planning for 2026 and adapting to future market developments [1] - Jinzheng Co. is integrating AI technology into its new generation trading system to provide comprehensive solutions for securities firms, helping them navigate policy innovations and the dual opening of the market [1][2] Industry Development - The "14th Five-Year Plan" and the implementation of the new "National Nine Articles" have led to continuous improvements in regulation and an active capital market, enhancing market expectations and confidence [2] - Over the past year, the sentiment in China's capital market has significantly recovered, with liquidity increasing and high-risk capital becoming more active, leading to a substantial rise in investor participation [2] - The securities industry is accelerating strategic mergers and acquisitions and internationalization in response to a competitive environment and market opening [2] Technological Transformation - The financial industry's digital transformation is accelerating, with AI becoming a driving force for the transformation of financial services and the reconstruction of productivity paradigms [2] - Jinzheng Co. focuses on the securities industry, gradually expanding its offerings in trading derivatives, wealth management, institutional services, and operational services, while deeply integrating AI technology [3] Wealth Management Opportunities - The financial industry is entering a new phase of innovation driven by both policy and market forces, with major securities firms completing core system pilot projects and smaller firms beginning to adopt these innovations [3] - The wealth management sector is increasingly focusing on a customer-centric approach, accelerating the transformation of buy-side advisory services, and emphasizing the construction of a wealth management ecosystem [3] Service Solutions - Jinzheng Co. has completed the adaptation of its entire product system to support financial institutions in various upgrade and migration strategies [4] - The company provides a comprehensive suite of wealth management solutions, including investment research and advisory services, to help securities firms build multi-layered wealth management systems [5] - Jinzheng has integrated all-channel operational terminals, creating a centralized operation platform driven by AI, which enhances operational efficiency [6] Institutional Services - Jinzheng adopts a service philosophy of "one broker externally, one client internally," reshaping business processes to aggregate resources and technological capabilities for comprehensive institutional services [6] - The company offers a range of solutions, including institutional asset management and trading systems, to help securities firms establish a warm, one-stop comprehensive financial service system for institutions [6] Policy Response - Jinzheng actively responds to regulatory changes and participates in system modifications to quickly adapt to new business scenarios, ensuring compliance and efficient operations [7] - The company provides various platform tools and consulting services to assist securities firms in digital transformation and regulatory compliance [7]

Investment Rating - The report suggests a positive investment outlook for the financial industry, highlighting its strong alignment with AI application and digital transformation needs [3][7]. Core Insights - The financial industry is identified as an ideal "testing ground" for AI applications due to its data-intensive nature and the increasing demand for digital transformation [1][7]. - The release of DeepSeek R1 in 2025 is anticipated to be a pivotal moment for local AI deployment in financial institutions, enhancing model reasoning capabilities and reducing costs [3][7]. - AI applications are rapidly penetrating core business areas and back-office functions within various financial institutions, with the potential to reshape business processes and organizational structures [3][7]. Summary by Sections Investment Recommendations - The report emphasizes the financial sector's need for digital transformation, which aligns well with the characteristics of large models in AI. It predicts a shift from "digital intelligence" to "artificial intelligence" in financial institutions [7]. - Key areas to focus on include: 1. Financial information services with relevant companies like Tonghuashun, Jiufang Zhitu Holdings, and Guiding Compass [8]. 2. Third-party payment services, particularly New大陆 and New国都, with related companies like Lakala [9]. 3. Bank IT, focusing on companies such as Yuxin Technology, Jingbeifang, and Guodian Yuntong [9]. 4. Securities IT, with a focus on companies like Hengsheng Electronics and Jinzhen Shares [10]. 5. Insurance IT, highlighting companies like Newzhisoft and Zhongke Soft [11]. Industry Drivers and Policy Support - The report discusses the strong internal and external drivers for AI application in finance, including the continuous expansion of IT spending by financial institutions and supportive government policies [14][25]. - The maturity of large model technology and its alignment with the financial industry's needs are emphasized, indicating a shift towards industry adaptation [14][18]. Technical Aspects - The report outlines two main technical paths for AI integration in finance: general models trained with financial data and specialized financial models [36]. - DeepSeek R1 is highlighted as a significant advancement in AI deployment for financial institutions, offering enhanced reasoning capabilities and cost efficiency [45][52]. - The report notes that the performance of DeepSeek R1 has improved significantly, with accuracy rates in complex reasoning tasks rising from 70% to 87.5% after updates [48]. Market Trends - The financial sector's technology investment is projected to grow significantly, with a total expected investment of 650 billion yuan by 2028, reflecting a compound annual growth rate of approximately 13.3% [25][31]. - The report indicates a notable increase in AI-related procurement projects within the financial sector, with 133 large model projects initiated in 2024 alone [27][35].