信息技术-计算机行业专题报告：金融科技：“国之重器”的保障基石

Investment Rating - The industry is rated as "Outperform the Market" [5] Core Viewpoints - The financial technology sector is evolving rapidly, transitioning from electronic and internet finance to a more intelligent and integrated approach, emphasizing the importance of risk control and asset allocation in capital markets [1][4] - The future capital expenditure in financial IT is expected to grow due to external policy support and internal investment trends, with a focus on digital transformation across banking, securities, and insurance sectors [2][16] - The development of financial technology is increasingly supported by policies, with clear focus areas and application scenarios emerging, such as core trading systems and AI technologies [3][4] Summary by Sections 1. Historical Phases of Financial IT - The financial technology industry has undergone significant iterations approximately every 15-20 years since the 1970s, evolving from electronic and information technology to internet finance and now to intelligent finance [12][14] 2. Factors Driving Growth in Financial Technology Capital Expenditure - The financial technology sector combines advanced technologies like big data, AI, blockchain, and cloud computing, aiming to enhance efficiency and customer experience in traditional financial institutions [16][18] - The banking sector has seen substantial IT investments, with major banks like ICBC and CCB investing over 200 billion yuan each in 2023, reflecting a trend of increasing capital expenditure [20][22] 3. Financial Technology Technology and Application - The core trading systems in securities firms are undergoing a transformation to improve performance and security, with a shift towards distributed architectures [45][47] - AI models are being integrated into financial services, enhancing user experience and operational efficiency, while regulatory frameworks are being established to ensure safe deployment [48][50] 4. Rise of Financial Information Services - The financial information services industry has grown significantly, with market size increasing from 340.86 billion yuan in 2018 to an estimated 762.26 billion yuan by 2025, driven by the expanding capital market and diverse investor needs [80][82] - The correlation between A-share market turnover and the revenue growth of leading financial information service providers indicates a strong relationship between market activity and service demand [89][92] 5. Investment Recommendations - The report suggests that the ongoing development of the capital market and the increasing demand for financial technology will create significant investment opportunities across various segments of the financial technology industry [94]