盈立证券：迅策(03317)进入快速发展机遇期 首次覆盖给予买入评级 目标价136港元

Group 1 - The core viewpoint of the report is that XunCe Technology (03317) is entering a rapid development opportunity period, with a buy rating and a target price of HKD 136 [1] - The company is a leading provider of real-time data infrastructure and analytical solutions in China, focusing on delivering real-time IT solutions that encompass data infrastructure and analysis for enterprises across various industries [1] - XunCe's core product is a unified real-time data platform that can collect, clean, manage, analyze, and govern heterogeneous data from multiple sources within milliseconds to seconds, ensuring immediate usability for decision-making or further action [1] Group 2 - The company is poised for rapid growth, benefiting from the "Digital China" era, starting in the asset management industry, which has the highest data complexity and strictest accuracy and timeliness requirements [2] - In 2024, the asset management industry is expected to account for 11.2% of China's real-time data infrastructure and analysis market, with XunCe holding the number one position in this segment with a market share of 11.6% [2] - The overall market for real-time data infrastructure and analysis in China is projected to grow at an average annual rate of 22.0% from 2024 to 2029, while the asset management sector is expected to grow at an impressive 40.7% annually, significantly outpacing the overall average [2] Group 3 - In January 2026, XunCe Technology reached a strategic cooperation framework agreement with Jinyong Investment, focusing on real-time data infrastructure, wealth management technology product innovation, fintech project investment, and business services [3] - Jinyong Investment, as a multi-strategy and multi-asset investment platform, will continuously increase its stake in XunCe from December 2025 through initial public offerings and subsequent market transactions [3] - This series of capital actions and the strategic agreement reflect Jinyong Investment's strong recognition of XunCe's technological strength and market prospects in the real-time data infrastructure field, marking a substantial move from capital connection to industrial collaboration [3]