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].

Core Viewpoint - Longshine Technology's stock price has shown fluctuations, with a slight increase of 2.01% on November 17, 2023, while the company faces challenges in profitability and stock performance over the year [1][2]. Group 1: Stock Performance - As of November 17, 2023, Longshine Technology's stock price is 14.24 CNY per share, with a market capitalization of 11.549 billion CNY [1]. - Year-to-date, the stock price has decreased by 0.37%, with a 5-day decline of 0.77%, a 20-day increase of 0.21%, and a 60-day decrease of 18.07% [1]. Group 2: Financial Performance - For the period from January to September 2025, Longshine Technology reported a revenue of 1.089 billion CNY, reflecting a year-on-year growth of 5.19%, while the net profit attributable to shareholders was -11.394 million CNY, a decrease of 386.16% compared to the previous year [2]. - The company has distributed a total of 230 million CNY in dividends since its A-share listing, with 17.3892 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Longshine Technology had 87,900 shareholders, a decrease of 12.30% from the previous period, with an average of 8,054 circulating shares per shareholder, an increase of 14.05% [2]. - The top three circulating shareholders include Huabao Zhongzheng Financial Technology Theme ETF, holding 13.3078 million shares (an increase of 6.3301 million shares), and Southern Zhongzheng 1000 ETF, holding 7.4316 million shares (a decrease of 70,400 shares) [3].

证券日报网讯 11月13日晚间，长亮科技发布公告称，为进一步加强与投资者的互动交流，深圳市长亮 科技股份有限公司（以下简称"公司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市 公司协会与深圳市全景网络有限公司联合举办的"2025年度深圳辖区上市公司投资者网上集体接待日"活 动，活动时间为2025年11月20日。 （文章来源：证券日报） ...

证券日报网讯长亮科技（300348）11月13日在互动平台回答投资者提问时表示，公司目前经营情况正 常，员工稳定，现金流充裕，在国内银行核心领域与东南亚均取得了进一步的突破。与此同时，公司正 在寻找更多的海外发展机会。 ...

关于参加2025年度深圳辖区上市公司投资者 网上集体接待日的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：300348 证券简称：长亮科技 公告编号：2025-074 深圳市长亮科技股份有限公司 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 11 月 20 日（周四）14:30-17:00，其中公 司与投资者互动的时间为 15:40-17:00。届时公司高管将在线就公司业绩、公司 治理、发展战略、经营状况、融资计划、股权激励和可持续发展等投资者关心的 问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告！ 深圳市长亮科技股份有限公司 2025 年 11 月 13 日 为进一步加强与投资者的互动交流，深圳市长亮科技股份有限公司（以下简 称"公司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市公 司协会与深圳市全景网络有限公司联合举办的"2025 年度深圳辖区上市公司 ...

长亮科技（300348.SZ）11月13日在投资者互动平台表示，公司目前经营情况正常，员工稳定，现金流 充裕，在国内银行核心领域与东南亚均取得了进一步的突破。与此同时，我们正在寻找更多的海外发展 机会。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司现在是不是债务危机缺口补不上资金链断了？ ...

Core Viewpoint - Changliang Technology is a leading enterprise in the domestic financial technology sector, experiencing rapid growth in its core business market within the Xinchuang field [1] Company Overview - The company is one of the few providers of core business system solutions for all types of banks, including state-owned large banks, national joint-stock commercial banks, large city commercial banks, rural commercial banks, foreign banks, and private banks [1] - Changliang Technology has significantly expanded its overseas business, achieving fruitful results with new clients in Southeast Asian countries such as Thailand, Malaysia, Indonesia, Vietnam, the Philippines, and Singapore [1] Future Development - In 2024, the company plans to develop a large core business system client, followed by another large client in 2025 [1] - The company aims to continue expanding its customer base through relevant products and demonstration cases, enhancing its overall business competitiveness [1] - The company expresses confidence in its growth prospects as overseas business continues to expand [1]

证券代码：300348 证券简称：长亮科技 公告编号：2025-072 深圳市长亮科技股份有限公司 关于 2023 年股票期权与限制性股票激励计划之限制性股票 第二个解锁期解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、公司 2023 年股票期权与限制性股票激励计划（以下简称"本次股权激励 计划"）第二个解锁期可解锁的激励对象共计 27 人，可解锁的限制性股票数量 为 671,600 股，占 2025 年 10 月 31 日公司总股本比例为 0.0828%； 2、本次解除限售股份的上市流通日为 2025 年 11 月 10 日。 深圳市长亮科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日 召开第五届董事会第三十一次会议和第五届监事会第二十八次会议，分别审议通 过了《关于 2023 年股票期权与限制性股票激励计划第二个行权期/解锁期的行权 /解锁条件成就的议案》，公司本次股权激励计划第二个解锁期的解锁条件已经 成就。截至本公告日，公司办理了本次解除限售股份上市流通的相关手续。现将 具体情况 ...

Core Viewpoint - Longshine Technology's stock has experienced a decline, with a current price of 14.36 CNY per share and a market capitalization of 11.647 billion CNY, reflecting a challenging market environment for the company [1]. Company Overview - Longshine Technology, established on April 28, 2002, and listed on August 17, 2012, is based in Shenzhen, Guangdong Province. The company specializes in providing IT system solutions and services for financial institutions, along with software and hardware development [1]. - The company's main business revenue breakdown is as follows: Digital Financial Business Solutions (58.44%), Big Data Application System Solutions (33.99%), Full Financial Value Chain Business Management Solutions (7.57%), and Others (0.01%) [1]. Financial Performance - For the period from January to September 2025, Longshine Technology reported a revenue of 1.089 billion CNY, representing a year-on-year growth of 5.19%. However, the net profit attributable to shareholders was -11.394 million CNY, a significant decrease of 386.16% compared to the previous period [2]. - Since its A-share listing, Longshine Technology has distributed a total of 230 million CNY in dividends, with 17.3892 million CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Longshine Technology had 87,900 shareholders, a decrease of 12.30% from the previous period. The average number of circulating shares per shareholder increased by 14.05% to 8,054 shares [2]. - The top ten circulating shareholders include notable entities such as Huabao Zhongzheng Financial Technology Theme ETF and Southern Zhongzheng 1000 ETF, with changes in their holdings indicating varying levels of investor confidence [3].

Core Viewpoint - Changliang Technology is a leading financial IT solution provider in China, facing challenges in revenue and profit margins compared to industry averages, but is exploring new opportunities in stablecoins and global expansion [1][2][5][6]. Company Overview - Established on April 28, 2002, and listed on the Shenzhen Stock Exchange on August 17, 2012, Changliang Technology is headquartered in Shenzhen, Guangdong Province [1]. - The company specializes in providing IT system solutions and services to financial institutions, along with software and hardware development [1]. Financial Performance - For Q3 2025, Changliang Technology reported revenue of 1.089 billion yuan, ranking 25th out of 102 in the industry, below the industry average of 1.712 billion yuan [2]. - The net profit for the same period was -11.39 million yuan, ranking 56th in the industry, also below the industry average of 26.43 million yuan [2]. Profitability and Debt Ratios - As of Q3 2025, the company's debt-to-asset ratio was 31.22%, lower than the industry average of 31.94% [3]. - The gross profit margin was 30.01%, down from 35.11% year-on-year and below the industry average of 41.71% [3]. Executive Compensation - Chairman Wang Changchun's salary decreased from 1.1217 million yuan in 2023 to 911,000 yuan in 2024, a reduction of 210,700 yuan [4]. - General Manager Li Jinsong's salary also saw a similar decrease [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.30% to 87,900 [5]. - The average number of circulating A-shares held per shareholder increased by 14.05% to 8,054.15 [5]. Future Outlook - The company is researching stablecoins and seeking partnerships, with projected revenues of 1.999 billion, 2.334 billion, and 2.695 billion yuan for 2025-2027, reflecting growth rates of 15.14%, 16.75%, and 15.45% respectively [5]. - Net profits are expected to rise significantly, with projections of 116 million, 164 million, and 206 million yuan for the same period, indicating growth rates of 522.00%, 42.00%, and 25.46% respectively [5]. Analyst Ratings - Huachuang Securities noted a slight revenue increase and reduced losses in Q1 2025, with expectations of revenue growth of 11.2%, 12.8%, and 13.9% for 2025-2027 [6].