Core Viewpoint - The report from Yingli Securities initiates coverage on Xunce Technology (03317) with a "Buy" rating and a target price of HKD 136, highlighting the company as a leading provider of real-time data infrastructure and analytical solutions in China [1] Group 1: Company Overview - Xunce Technology specializes in providing real-time information technology solutions that encompass data infrastructure and data analysis for enterprises across various industries [1] - The company'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 [1] - The company has built a data analysis application layer on this infrastructure, leveraging real-time data to generate insights, make predictions, and support business decisions, effectively transforming data into value [1] Group 2: Market Opportunity - The company is poised for rapid growth, capitalizing on the "Digital China" trend, starting from the asset management industry, which has the highest data complexity and strictest accuracy and timeliness requirements [1] - In 2024, the asset management sector is expected to account for 11.2% of China's real-time data infrastructure and analysis market, with Xunce Technology holding the top position in this segment with a market share of 11.6% [1] - 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%, significantly outpacing the overall average [1] Group 3: Strategic Collaboration - In January 2026, Xunce Technology entered into a strategic cooperation framework agreement with Jinyong Investment, focusing on real-time data infrastructure, wealth management technology product innovation, financial technology project investment, and business services [2] - Jinyong Investment has been continuously increasing its stake in Xunce Technology since December 2025, reflecting strong recognition of the company's technological capabilities and market prospects in the real-time data infrastructure field [2] - This series of capital actions and the strategic agreement signify a substantial move from capital connection to industrial collaboration between the two entities [2]
盈立证券：迅策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