金融大模型：重塑金融生态，引领智能决策新纪元 头豹词条报告系列

Investment Rating - The report does not provide a specific investment rating for the financial large model industry Core Insights - The financial large model, as a vertical application of generative AI in the financial sector, demonstrates high technical superiority and industry compatibility, despite facing challenges such as computing power bottlenecks and intense market competition. The market is expected to grow rapidly in the coming years, driven by technological collaboration and the potential of AI agents [4][5][13]. Industry Definition - The financial large model is defined as the vertical research and application of generative large models in the financial sector, supported by data, algorithms, and computing power. It is a highly popular industry within the AI sector and is characterized by its technical superiority and practical feasibility [5]. Industry Classification - The financial large model industry can be classified based on service areas, application practices, and open-source status. Key categories include banking models, insurance models, securities models, and trust models, each focusing on enhancing operational efficiency and risk management [6][10]. Industry Characteristics - The financial large model industry faces short-term computing power bottlenecks but is expected to see gradual growth in computing power over the long term. The market is currently in its early stages, with significant potential for growth as demand for applications in risk management and customer service increases [13][16]. Development History - The emergence of ChatGPT at the end of 2022 marked a significant turning point for the financial large model industry, leading to rapid advancements in technology and applications within the financial sector starting from March 2023 [17][19]. Industry Scale - The market size of the financial large model industry is projected to grow from 0.62 billion RMB in 2019 to 26.46 billion RMB in 2024, with a compound annual growth rate (CAGR) of 111.99%. The growth is expected to continue, reaching 310.44 billion RMB by 2029 [37][39]. Policy Overview - Recent policies aim to promote the integration of technology and finance, enhancing the development of financial large models. Initiatives include low-cost credit support for high-tech enterprises and the establishment of a comprehensive national computing network [55][56].