智富资源投资（00007.HK）持续停牌状态：该公司股份自2024年4月起已于香港联交所暂停买卖，复牌 进展是长期关注的核心事件。 公司状况 经济观察网 根据公开信息，名称中涉及"智富"的上市公司主要有港股"智富资源投资"和美股"奇富科 技"。以下分别列出其近期值得关注的事件。 股票近期走势 奇富科技（QFIN.O）近期财务表现：公司最新财报为2025年第一财季（截至2025年3月31日）数据，显 示营收同比增长12.94%，净利润同比增长54.86%。投资者可关注其后续季报的发布时间。 战略推进 奇富科技（QFIN.O）战略发展重点：公司正全面推进"AI+金融"战略，并持续拓展嵌入式金融等多元化 获客渠道。 以上内容基于公开资料整理，不构成投资建议。 智富资源投资（00007.HK）业务转型动向：公司宣布任命三位在金融、科技及产业领域有资深背景的 人士为高级顾问，市场解读此为推动业务重组、寻求复牌的关键布局。 业绩经营情况 ...

Core Viewpoint - Qifu Technology is expected to report a net profit of between 5.88 billion to 6.08 billion yuan for the full year of 2025, reflecting a year-on-year change of -2% to +1%, with a significant loss of approximately 420 million yuan in the fourth quarter due to the discounted disposal of a personal consumption bad asset package valued at 7.429 billion yuan, resulting in a discount rate of only 4.15% [1] Financial Performance - The company is transitioning to a light capital model following the implementation of new lending regulations in 2025, but the high costs associated with this transition have not yet translated into significant financial returns, compounded by fluctuations in the macroeconomic environment, leading to short-term operational pressure [1] Stock Performance - Recently, Qifu Technology's stock price has shown volatility, with an 8.44% rebound from February 5 to 11, 2026, closing at 64.85 HKD, but with low trading volume (average daily turnover of approximately 1.06 million HKD), indicating low investor participation [1] - As of February 13, 2026, the stock closed at 61.20 HKD, down 2.16% for the day, with a five-day fluctuation of 3.73% and a narrowing amplitude of 1.68%, while the US stock performance was weaker, closing at 15.55 USD with a five-day decline of 3.30% and an amplitude of 11.75% [1] - The stock price fluctuations reflect market concerns regarding the company's performance losses, deteriorating asset quality, and increasing industry regulation [1]

Core Viewpoint - Qfin Holdings (QFIN) is upgraded from Hold to Buy, with an expected upside of 61% over the next 12 months despite no growth in revenues or earnings [1] Summary by Category Company Performance - The company is currently not showing growth in revenues or earnings [1] Valuation - The current valuation of Qfin Holdings has dipped, prompting the upgrade recommendation [1]

Economic Overview - The Chinese economy is perceived to be in a precarious position, influenced by ongoing geopolitical tensions and macroeconomic issues such as excessive price wars [1] Investment Strategy - The investment approach focuses on cash flow and fundamentals, emphasizing the importance of intrinsic value over mere price movements [1] - A contrarian strategy is adopted, targeting stocks that are overlooked or deemed risky by institutional investors [1] Analysis Methodology - The analysis process involves thorough due diligence, including scrutiny of macro-events, news, and financial statements to assess intrinsic value [1] - Valuation methods employed include Discounted Cash Flow (DCF), Residual Income Model (RIM), or Dividend Discount Model (DDM) [1] - Active monitoring of investment theses is conducted, with updates provided as financial results are released [1]

Group 1 - MSCI announced its quarterly index adjustments for February 2026, effective after the market close on February 27 [2][3] - The MSCI Global Small Cap Index will include 21 new stocks from the China region, such as Anjuke Food (603345), AutoHome (ATHM.US), and Baiaosaitu (02315) [2][3] - The adjustments also include the addition of stocks from Hong Kong, such as Champion REIT (02778) and Longjiang Life Science Technology (00755) [3][4] Group 2 - Stocks removed from the MSCI Global Small Cap Index include Yasheng Service (03319), BOE Technology Group (00710), and Chaince Digital (CD.US) [2][3] - In Hong Kong, stocks like Cafe de Coral (00341) and SuperX AI (SUPX.US) were also removed from the index [4]

Group 1 - The Nasdaq China Golden Dragon Index increased by over 0.5% on February 10 [1] - Dingdong Maicai saw a significant rise of 16.97% [1] - Xinyi Technology rose by 2.52% [1] - 360 DigiTech increased by 2.14% [1] - Tencent Music experienced a growth of 2.15% [1] - Zhihu's stock went up by 2.09% [1]

Group 1 - The core discussion revolves around the necessity of a unified standard for the practical implementation of AI in finance, as highlighted by industry experts [1][3] - Yang Yehui from Qifu Technology emphasizes that AI serves as a tool in high-barrier industries like finance and healthcare, which are likened to fertile land for AI applications [1] - The FCMBench framework aims to create a standardized evaluation system for financial AI models, addressing the confusion among financial institutions regarding model selection [1] Group 2 - Professor Xu Yanwu from South China University of Technology points out that AI has already made significant contributions in areas such as insurance pricing, asset evaluation, and quantitative trading, although these impacts may not be visible in consumer-facing products [2] - Professor Chen Tao from Fudan University stresses the importance of developing a financial reasoning chain within AI models, moving beyond generic pre-training and fine-tuning to ensure models understand interest rates, regulations, and risks [4]

Core Viewpoint - The discussion centered around the establishment of a standardized evaluation benchmark for credit multi-modal AI, named FCMBench-V1.0, which aims to provide a widely recognized measurement tool for financial AI applications [1][3]. Group 1: FCMBench-V1.0 Overview - FCMBench-V1.0 is the first evaluation benchmark specifically designed for credit scenarios, developed by Qifu Technology in collaboration with researchers from Fudan University and South China University of Technology [1][3]. - The benchmark is based on real credit business scenarios and focuses on key aspects such as multi-modal perception, reasoning, and decision-making [1][3]. - It includes an open-source dataset and evaluation tools, aiming to create a reliable "ruler" for financial AI [1][3]. Group 2: Importance of Standardization - The lack of a unified standard makes it difficult for financial AI to be effectively implemented, as highlighted by industry experts during the discussion [3][5]. - Qifu Technology's multi-modal head, Dr. Yang Yehui, emphasized that without a fair and transparent evaluation system, financial institutions struggle to choose between models claiming different performance scores [5]. - FCMBench aims to level the playing field by allowing models to be tested under real business conditions, thus providing clarity in decision-making [5]. Group 3: Insights from Experts - Professor Xu Yanwu from South China University of Technology noted that AI is already deeply involved in areas like insurance pricing and asset evaluation, even if its presence in consumer-facing products is not obvious [5][6]. - He also pointed out that the shorter business iteration cycles in finance provide a conducive environment for model evaluation and updates [6]. - Professor Chen Tao from Fudan University compared the current stage of financial AI to the early days of deep learning, emphasizing the need for a significant evaluation benchmark like FCMBench to unify standards in the industry [8][11]. Group 4: Future Directions - The discussion concluded with a call for continued collaboration among industry, academia, and research institutions to scale and standardize financial AI [11]. - The host, Yang Xuan, expressed the hope for more partners to engage in dataset testing and evaluation, aiming to develop a "financial ImageNet" through collaborative efforts [11].

Core Insights - The launch of the "Nano Comic Production Line" marks a significant advancement in the industrial-grade AI comic production sector, aiming to address common industry challenges such as production capacity bottlenecks and quality concerns [1][4] - The platform has gained rapid popularity during its public testing phase, with many leading companies switching to or integrating the "Nano Comic" for core project production, indicating a shift towards industrialized comic production [1][4] Group 1 - The "Nano Comic Production Line" is designed to provide a complete solution for creators, focusing on high controllability, consistency, cinematic quality, and top-tier efficiency [1][3] - The platform utilizes the self-developed "Nano Space Engine" to automate processes, ensuring precise execution of creative intentions and eliminating common issues in traditional AI production [3][4] - The tool has demonstrated its potential as a transformative engine for the industry, with early adopters reporting significant success in their projects, such as "全民诡异" and "丧尸之王" [4][5] Group 2 - The choice of Zhengzhou, known as the "Short Drama Capital," for the closed-door launch reflects a strategic alignment with a local billion-dollar industry cluster [5] - The "Nano Comic Production Line" aims to facilitate the transition from artisanal production to digital industrialization in the comic industry, breaking through the limitations of scale and quality [5]

Company Overview - Qfin Holdings, Inc. (NASDAQ:QFIN) operates as a holding company focused on credit technology services in China, utilizing AI and data analytics to connect borrowers, primarily consumers and small enterprises, with financial institutions [4] Investment Potential - QFIN is identified as one of the best small-cap stocks poised for significant growth by 2026, with a Buy rating and a price target of $50 set by Richard Xu from Morgan Stanley [1] - Analyst Xu sees a mix of potential headwinds and competitive strengths for QFIN, with positive factors outweighing the negatives [2] Market Challenges - New regulations in microloans are expected to cap yields at 12%, which may squeeze QFIN's take rate, particularly affecting high-yield on-balance-sheet loans as they shift to lower-margin models [2] - Despite these challenges, the estimated impact on earnings from the new rule is considered manageable, although a decline in the take rate is anticipated [2] Competitive Advantage - The presence of over 4,800 micro-loan firms in China, many of which are expected to struggle under the new regulations, positions QFIN favorably as it can leverage its cheap funding to offer loans below the 12% yield, thereby capturing market share in a challenging environment [3]