Core Insights - The 2026 strategy conference held by Dongfang Caifu Securities focused on the theme "Intelligent Wave: Rising East," discussing new missions and opportunities in the Chinese capital market [3] - The logic of asset revaluation in China is expected to continue, with both domestic and foreign investments likely to increase in the equity market, indicating potential for new highs in A-shares [9] Group 1: Economic and Market Outlook - Dongfang Caifu Securities' Chief Strategist Chen Guo predicts that the logic of asset revaluation will persist into 2026, with significant room for improvement in domestic residents' equity asset allocation [9] - The macroeconomic environment is expected to stabilize, supported by proactive fiscal policies and continued monetary easing, as well as the advancement of major projects under the 14th Five-Year Plan [11] Group 2: AI and Industry Transformation - The application of AI is seen as a core driver for upgrading China's real economy, transforming the financial system, and deepening the functions of the capital market [8] - AI is anticipated to reshape industry ecosystems, creating a feedback loop that enhances user understanding and engagement, leading to a more personalized service model in finance [11] Group 3: Investment Strategies and Expectations - The market is expected to experience a "confidence revaluation bull market" in 2025, with corporate earnings projected to recover and exceed market expectations [9] - Investors are advised to focus on three key expectations: corporate earnings exceeding forecasts, advancements in AI, and the potential for increased pragmatic cooperation between China and the U.S. [9]

新的产业生态正在加速孕育 这是前所未有的历史机遇 东方财富证券总经理戴彦在致辞中表示，明年是 " 十五五 " 开局之年，在 " 十五五 " 规划中能够清晰地看到，推动产业智能化、绿色 化、融合化，加快发展新质生产力，抢占未来科技制高点，已成为国家发展战略的核心。在这场深刻的结构性变革中，传统的增长逻辑正 在被改写，新的产业生态正在加速孕育，价值投资的主线正从 " 规模扩张 " 转向 " 创新与效率 " 。对于每一位市场参与者而言，这既是 前所未有的历史机遇，也意味着需要重新校准航向、洞察先机。 他表示，作为连接亿万投资者与中国资本市场的桥梁，东方财富证券始终致力于成为这场伟大变革的 " 看见者 " 与 " 连接者 " 。未来， 东方财富证券不仅仅要提供信息，更是要为客户提炼洞察、创造价值，帮助大家在时代的东风中乘风破浪，共同奔赴这场智能革命的壮阔 前程。 【导读】东方财富证券举办 2026 年度策略会 中国基金报记者 孙越 11 月 18 日至 19 日，东方财富证券 2026 年度策略会于上海陆家嘴召开。本次会议以 " 智能浪潮 · 势起东方 " 为主题，探讨中国资本 市场的新使命与新机遇。 东方财富证券研 ...

智通财经APP获悉，东方财富证券发布研报称，今年以来经济运行稳中向好，资本市场整体回暖，带动 前三季度券商业绩显著改善，未来预计在稳增长政策持续发力下流动性仍然有望持续宽松。"十五五"规 划赋予资本市场"财富蓄水池"与"消费放大器"战略定位，政策支持与内在需求正共同推动证券行业向更 高层次发展，行业有望迈向"头部做优做强"与"中小特色化发展"的新格局，以更优的结构、更强的功能 服务资本市场高质量发展。 东方财富证券主要观点如下： 业绩显著改善，各业务线全面开花 在监管明确支持头部机构通过并购重组、组织创新等方式提升核心竞争力的背景下，头部券商迎来了做 优做强的战略机遇期，其发展路径主要表现为三条主线：一是通过外延与内生双重手段实现规模的快速 扩张，2025Q3末前10家上市券商总资产规模同比+28%，跑赢行业水平(25%)；二是推动业务模式向提 升资本效率和经营韧性转型，例如推动重资本业务向客需驱动转型和构建一体化智能生态体系；三是积 极拓展发展边界，布局全球市场与虚拟资产等创新业务。 2025Q1-3我国经济运行整体稳中有进，向好因素累积增多，一级市场股权融资、二级市场股基交易额 同比高增。在此背景下，券商 ...

智通财经APP获悉，东方财富证券发布研报称，看好互联网科技龙头快速发展，看好传媒板块受政策边 际向好驱动的影视公司以及有丰富储备的游戏公司。互联网板块有望在AI浪潮中持续受到资金青睐。 传媒分板块来看：1)游戏板块建议关注后续产品储备丰富的公司;2)影视板块建议关注直接受益于政策驱 动和AI的相关公司;3)广告营销板块建议关注互动新场景以及程序化广告布局的公司。 东方财富证券主要观点如下： 云计算市场快速发展，国内外AI能力差距缩小 随着AI技术持续发展，云计算行业快速增长;同时，2025年AIagent开始兴起，云计算的弹性算力可支撑 复杂场景下的协同需求。规模方面，据中国信息通信研究院统计，2024年中国云计算市场未来五年仍将 保持每年20%以上增长，至2030年可达3万亿+。大模型方面，国内外模型差距逐渐缩小。国外，Google 和XAI等模型在视频生成、代码能力等多个领域能力迅速提升。国内，头部模型平台如Deepseek、阿里 Qwen、腾讯混元等均保持技术迭代，在推理能力、模型架构、上下文理解能力、AIagent等多方面实现 提升，缩小与海外公司差距。 风险提示 宏观经济增长不及预期;技术升级迭代及 ...

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].

Group 1: North American Computing Power - North American cloud vendors are expected to increase capital expenditure to over $600 billion by 2026, indicating a strong growth trajectory for computing power investments and infrastructure development [1] - The demand for AI commercial realization is being driven by open interconnectivity and power cost reduction, validating the rationale for computing power investments [1] - The rise in power consumption per card/cabinet in North America highlights the importance of power supply assurance for cloud computing capacity [1] Group 2: Domestic Computing Power - Domestic AI infrastructure is anticipated to grow rapidly by 2026, driven by continuous upgrades in models and increased capital expenditure from leading cloud vendors and telecom operators [2] - The IDC industry is expected to enter a cyclical turning point due to high demand and improved supply quality, presenting long-term investment value [2] - Structural alpha opportunities are emerging in the industry chain due to the upgrade of network architecture and computing power chips, benefiting segments like optical modules, liquid cooling, switches, and power supplies [2] Group 3: Edge AI - The edge AI market is on the verge of large-scale deployment, supported by policy initiatives and collaboration within the industry chain [3] - The introduction of innovative products, such as MetaAI glasses, is expected to accelerate market growth for edge AI [3] - The combination of policy guidance, ecosystem improvement, and demand growth is likely to create a solid foundation for edge AI, transitioning the industry from thematic catalysts to performance realization [3] Group 4: Telecom Operators - Telecom operators are experiencing a phase of capital expenditure reduction, business structure transformation, and increasing dividend ratios, which enhances their investment appeal [4] - The mature basic telecom business continues to serve as a revenue stabilizer, while cost management and AI integration support profit growth [4] - The rising dividend ratio in a low-interest-rate environment further highlights the value of telecom operators, with potential for continued valuation improvement [4]

数字化投资时代，工具的选择直接决定了信息获取速度与投资效率，而新浪财经APP以9.56的综合评分 在2025年五大核心维度测评中脱颖而出。 根据2025年最新专业评测数据，主流炒股软件的综合评分排名已尘埃落定，新浪财经APP以9.56分的综 合评分稳居行业首位。 | 排名 | 软件名称 | 数据覆盖 | 资讯质量 | 智能工具 | 交易体验 | 社区生态 | 综合评分 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 新浪财经APP | 9.8 | 9.7 | 9.6 | 9.5 | 9.2 | 9.56 | | 2 | 同花顺 | 9.2 | 8.8 | 9.3 | 9.6 | 8.9 | 9.16 | | 3 | 东方财富 | 9.5 | 8.9 | 9.1 | 9.0 | 9.3 | 9.16 | | 4 | 雪球 | 8.5 | 8.7 | 8.4 | 8.2 | 9.5 | 8.66 | | 5 | 涨乐财富通 | 8.8 | 8.3 | 8.2 | 9.2 | 8.0 | 8.50 | （数据来源：AI大模型） 同花顺、东方财富则分 ...

Group 1: Market Performance - The CSI Digital Economy Theme Index rose by 1.22% as of November 18, 2025, with notable increases in constituent stocks such as Northern Huachuang (up 6.49%) and Tuojing Technology (up 4.94%) [1] - The Digital Economy ETF (560800) increased by 1.14%, reflecting strong market interest [1] - The Digital Economy ETF saw a turnover of 0.84% during the trading session, with a total transaction value of 5.5849 million yuan [1] Group 2: Fund Flows and Liquidity - The Digital Economy ETF experienced a significant increase in shares, with a growth of 12 million shares over the past week [1] - The ETF has seen continuous net inflows over the past six days, with a peak single-day net inflow of 8.0231 million yuan, totaling 21.8513 million yuan in net inflows [1] Group 3: Industry Trends - According to a report by Zheshang Securities, the demand for AI-related chips, including computing power and storage, is rapidly increasing, with the global storage market expected to reach $263.3 billion by 2025, growing at a CAGR of 11.5% from 2025 to 2029 [2] - The report highlights that domestic cloud vendors are accelerating capital investments and enhancing AI core capabilities, with new applications in robotics, new energy vehicles, foldable phones, and AI glasses expected to drive industry growth [2] - Industrial trends indicate that sectors such as AI hardware and IT services are likely to remain key growth areas in the market [2] Group 4: Index Composition - As of October 31, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 53.93% of the index, with notable companies including Dongfang Wealth, Cambricon, and SMIC [3]

行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 市场交投维持高位，板块后续业绩有望延续高增 报告要点 丨证券研究报告丨 [Table_Summary] 券商方面，市场交投仍然维持高位，预计后续业绩延续高增，建议积极配置；保险方面，三季 报上市险企价值、保费、利润均取得显著增长，成长/科技占优的权益市场表现下保险仍然取得 高收益，打破过去"保险投资=红利"的传统认知，行业短期估值有望继续修复。中长期来看印 证了存款搬家、增配权益和新单成本改善逻辑，中长期 ROE 改善确定性进一步提升，估值有 望加速修复，结合中长期拐点向上的判断，我们认为整体配置性价比正逐步提高，板块重估进 行时。 分析师及联系人 [Table_Author] SFC：BUV596 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 请阅读最后评级说明和重要声明 %% %% 重点行业新闻&公司公告 %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 市场交投维持高位，板 ...

沪指11月17日下跌0.46%，申万所属行业中，今日上涨的有17个，涨幅居前的行业为计算机、国防军 工，涨幅分别为1.67%、1.59%。跌幅居前的行业为医药生物、银行，跌幅分别为1.73%、1.31%。非银 金融行业位居今日跌幅榜第三。 | 000750 | 国海证券 | -0.89 | 0.99 | -5149.32 | | --- | --- | --- | --- | --- | | 002670 | 国盛证券 | -3.16 | 2.42 | -4943.23 | | 600390 | 五矿资本 | -0.84 | 0.70 | -4475.33 | | 600155 | 华创云信 | 0.52 | 2.55 | -4393.14 | | 601995 | 中金公司 | -0.88 | 0.54 | -4357.71 | | 002939 | 长城证券 | -0.38 | 0.66 | -4335.29 | | 601878 | 浙商证券 | -0.44 | 0.55 | -3897.56 | | 601059 | 信达证券 | -0.96 | 2.14 | -3824.15 | | 601099 ...