东吴证券指出，非银金融目前平均估值仍然较低，具有安全边际，攻守兼备。1）保险行业受益于经济 复苏、利率上行。储蓄类产品销售占比大幅提升，预计负债端将持续改善，长期仍看好健康险和养老险 发展空间。2）证券行业转型有望带来新的业务增长点。受益于市场回暖、政策环境友好，券商经纪业 务、投行业务、资本中介业务等均受益。 截至2025年12月8日 10:19，中证金融科技主题指数(930986)强势上涨2.48%，成分股赢时胜(300377)上涨 15.55%，格尔软件(603232)上涨8.13%，银之杰(300085)上涨6.45%，中科金财(002657)，四方精创 (300468)等个股跟涨。金融科技ETF指数(563670)上涨2.39%，最新价报0.9元。 金融股持续走强，消息面上，证监会相关负责人12月6日在出席中国证券业协会第八次会员大会发言时 表示，监管层面将强化分类监管，对优质机构优化评价指标、适度拓宽资本空间与杠杆上限，提升资本 利用效率。 数据显示，截至2025年11月28日，中证金融科技主题指数(930986)前十大权重股分别为同花顺 (300033)、东方财富(300059)、恒生电子(60 ...

从中长期投资逻辑来看，金融科技板块弹性十足，对流动性改善反映迅速，目前A股有望迎更多增量资 金进场，金融科技板块有望持续受益：互联网券商基本面预期有望持续改善，金融IT等作为顺周期高 弹性品种，也持续受益于交易量提振，C端炒股软件景气度向上，B端金融IT需求逐步释放。 展望板块2026年投资策略，东吴证券观点认为，金融科技机会主要围绕两条主线展开：短期看市场活跃 的持续性，2025年资本市场活跃度仍在持续，互联网券商在2025年及2026年上半年仍会有一定的业绩释 放；中期关注金融IT业绩弹性，随着政策发力推动金融行业基本面改善，同时券商信创稳步推进，也 将使金融IT公司收益逐步增长。 12月8日早盘，受利好消息刺激，金融科技高开高走，赢时胜大涨超15%，中科金财、创识科技、银之 杰、四方精创等多股涨超5%，指南针、东方财富、同花顺、大智慧等互联网券商涨超2%。 热门ETF方面，同类规模最大的金融科技ETF（159851）场内继续反弹超2%，成交额快速放量超2亿 元，资金实时净申购8700万份，此前一周已有超4亿元加码！ | 分时 多日 1分 5分 · | F9 盘前盘后 露加 九射 面线 工具 @ (2 > ...

Group 1 - The core viewpoint of the articles highlights the resurgence of the fintech sector driven by AI applications, with the China Securities Financial Technology Theme Index rebounding and constituent stocks generally closing in the green, with 51 stocks rising over 1% [1][3] - The AI assistant Qianwen App from Alibaba has surpassed 10 million downloads within a week of its public testing, making it the fastest-growing AI application, outpacing competitors like ChatGPT and Sora [3] - Financial institutions are increasingly adopting AI technologies in core business areas and back-office scenarios, indicating a significant shift towards digital transformation in the financial sector [3] Group 2 - The largest fintech ETF (159851) experienced a price increase of 2% after a period of adjustment, with a trading volume of 367 million yuan on the day [1][4] - The financial technology ETF has a current scale exceeding 9 billion yuan, with an average daily trading volume of 800 million yuan over the past six months, indicating strong liquidity and market interest [4] - East Wu Securities suggests focusing on fintech opportunities through the fintech ETF and its associated funds, emphasizing coverage of internet brokerages, financial IT, cross-border payments, and AI applications [3][4]

证券代码：002657 证券简称：中科金财 公告编号：2025-059 北京中科金财科技股份有限公司 关于对全资子公司担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 北京中科金财科技股份有限公司（以下简称"公司"） 2024 年年度股东大 会审议通过了《关于审议年度担保额度的议案》，同意公司及各级全资下属公司 之间相互提供担保，担保的额度不超过人民币 50,000 万元，有效期自公司 2024 年年度股东大会审议通过之日起至 2025 年年度股东大会召开之日止。详见公司 于 2025 年 4 月 23 日披露的《关于年度担保额度的公告》。 一、担保情况概述 | 项目 | 2024 年 12 月 31 日（元） | 2025 年 9 月 30 日（元） | | --- | --- | --- | | 资产总额 | 41,144,616.20 | 42,671,350.22 | | 负债总额 | 82,678,207.05 | 179,719,679.83 | | 净资产 | -41,533,590.85 | -137,048,329.61 | | 项 ...

Group 1 - The company, Zhongke Jincai, announced the completion of the registration for the reserved portion of the 2025 restricted stock incentive plan [2] - The number of shares granted in the reserved registration is 172,975 shares [2] - The grant price for the shares is set at 14.60 yuan per share [2] Group 2 - A total of 19 individuals are involved in the reserved grant registration [2] - The source of the shares is from the company's repurchased A-shares held in a dedicated securities account [2] - The completion date for the grant is November 19, 2025 [2]

证券代码：002657 证券简称：中科金财 公告编号：2025-058 北京中科金财科技股份有限公司 关于 2025 年限制性股票激励计划预留部分授予登记完成的 公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 预留授予登记数量：172,975 股 授予价格：14.60 元/股 预留授予登记人数：19 人 股票来源：公司回购股份专用证券账户已回购的中科金财 A 股普通股股票 授予完成日期：2025 年 11 月 19 日 根据《上市公司股权激励管理办法》（以下简称"《管理办法》 "）、深圳 证券交易所、中国证券登记结算有限责任公司深圳分公司有关规则的规定，北 京中科金财科技股份有限公司（以下简称"公司"）完成了 2025 年限制性股票 激励计划（以下简称"本激励计划"）预留部分授予登记工作，现将有关事项 公告如下： 一、本激励计划已履行的决策程序和信息披露情况 1．2025 年 8 月 7 日，公司召开第七届董事会第三次会议，审议通过了《关 于<北京中科金财科技股份有限公司 2025 年限制性股票激励计划（草案）>及 其摘要的议案》、《关于 ...

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].

Company Overview - Beijing Zhongke Jincai Technology Co., Ltd. was established on December 10, 2003, and listed on February 28, 2012. The company is located in Haidian District, Beijing, and its main business includes application software development, technical services, and related computer information system integration services [2] - The revenue composition of Zhongke Jincai includes: 50.81% from data center comprehensive services, 31.66% from financial technology comprehensive services, 14.01% from artificial intelligence comprehensive services, and 3.52% from other services [2] - The company belongs to the Shenwan industry classification of Computer - IT Services II - IT Services III, and is associated with concepts such as digital currency, data rights confirmation, Alibaba Cloud, electronic payments, and cross-border payments [2] Financial Performance - For the period from January to September 2025, Zhongke Jincai achieved operating revenue of 544 million yuan, representing a year-on-year growth of 1.99%. However, the net profit attributable to the parent company was -112 million yuan, a decrease of 42.83% year-on-year [2] - As of September 30, 2025, the company had a total of 101,300 shareholders, an increase of 5.73% compared to the previous period, with an average of 3,306 circulating shares per person, a decrease of 5.79% [2] Stock Performance - On November 7, Zhongke Jincai's stock price fell by 2.02%, trading at 29.07 yuan per share, with a total market capitalization of 9.885 billion yuan [1] - The stock has increased by 58.68% year-to-date, but has seen a decline of 5.74% over the last five trading days, 8.01% over the last 20 days, and 1.29% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on August 19, where it recorded a net buy of -102 million yuan [1] Shareholder Structure - As of September 30, 2025, the second-largest circulating shareholder is Huabao Zhongzheng Financial Technology Theme ETF, holding 5.5759 million shares, an increase of 2.7005 million shares from the previous period [3] - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 4.7615 million shares, a decrease of 3.0508 million shares from the previous period [3] - New shareholders include Guangfa Industry Selected Three-Year Holding Period Mixed A and Bosera Financial Technology ETF, among others, indicating a shift in the shareholder base [3]

Core Points - Zhongke Jincai experienced a decline of 5.05% on November 5, with a stock price of 29.15 CNY per share and a total market capitalization of 9.913 billion CNY [1] - The company, established on December 10, 2003, and listed on February 28, 2012, specializes in application software development, technical services, and related computer information system integration services [1] - The revenue composition of Zhongke Jincai includes: 50.81% from data center comprehensive services, 31.66% from financial technology comprehensive services, 14.01% from artificial intelligence comprehensive services, and 3.52% from other services [1] Shareholder Analysis - Huabao Fund's ETF, Huabao Zhongzheng Financial Technology Theme ETF (159851), is among the top ten circulating shareholders of Zhongke Jincai, having increased its holdings by 2.7005 million shares in Q3, totaling 5.5759 million shares, which represents 1.66% of the circulating shares [2] - The ETF has a current scale of 12.319 billion CNY and has achieved a year-to-date return of 23.18%, ranking 2310 out of 4216 in its category [2] - Over the past year, the ETF has returned 26.23%, ranking 1675 out of 3901, and since its inception, it has returned 76.32% [2] Fund Management - The fund managers of Huabao Zhongzheng Financial Technology Theme ETF are Chen Jianhua and Cao Xucheng [3] - Chen Jianhua has a tenure of 12 years and 322 days, managing assets totaling 27.86 billion CNY, with the best fund return of 174.33% and the worst return of -49.65% during his tenure [3] - Cao Xucheng has been in the position for 168 days, managing assets of 35.182 billion CNY, with the best return of 89.91% and the worst return of 6.02% during his tenure [3]

Group 1 - The stock price of Zhongke Jincai fell by 2.15% on November 5, trading at 30.04 CNY per share, with a total market capitalization of 10.215 billion CNY [1] - Year-to-date, Zhongke Jincai's stock price has increased by 63.97%, but it has seen a decline of 3.56% over the last five trading days and 6.27% over the last twenty days [1] - The company has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on August 19, where it recorded a net buy of -102 million CNY [1] Group 2 - Zhongke Jincai, established on December 10, 2003, and listed on February 28, 2012, specializes in application software development, technical services, and related computer information system integration services [2] - The company's revenue composition includes 50.81% from data center comprehensive services, 31.66% from financial technology services, 14.01% from artificial intelligence services, and 3.52% from other services [2] - As of September 30, 2025, Zhongke Jincai reported a revenue of 544 million CNY, a year-on-year increase of 1.99%, but a net profit attributable to shareholders of -112 million CNY, a decrease of 42.83% year-on-year [2] Group 3 - Since its A-share listing, Zhongke Jincai has distributed a total of 60.4578 million CNY in dividends, with no dividends paid in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include Huabao Zhongzheng Financial Technology Theme ETF, which increased its holdings by 2.7005 million shares [3] - New shareholders include Guangfa Industry Selected Three-Year Holding Period Mixed A and Boshi Financial Technology ETF, among others [3]