中金：软件及服务：AI智道（6）：AI+金融有望迎来规模化拐点

Investment Rating - The report maintains a positive outlook on the AI+Finance sector, suggesting a potential inflection point for scaling [6]. Core Insights - The AI+Finance sector is entering a new cycle of comprehensive empowerment driven by the convergence of technology availability, data completeness, and payment certainty, highlighting the need to focus on the opportunities for industrial value reassessment brought by intelligent reconstruction [3][4]. - Financial institutions are increasingly prioritizing technology investments, with a reported expenditure of CNY 355.82 billion in 2023, a 5.4% year-on-year increase for state-owned banks [4]. - The report emphasizes that the financial industry's high data density and strong process standardization create a natural environment for AI empowerment in areas such as risk control and marketing [4]. Summary by Sections Technology and Investment Trends - The report notes that the financial IT sector is expected to transition from "tool empowerment" to "intelligent reconstruction," with significant investments from major state-owned banks and the securities industry [4]. - Demand for high-performance, low-cost AI solutions like DeepSeek is increasing, leading to enhanced adoption among clients [5]. Application Scenarios - In banking, intelligent marketing and risk control are identified as primary application scenarios, with companies like Yuxin Technology and WeBank integrating DeepSeek into their operations [5]. - The insurance sector is leveraging AI to enhance product design and underwriting capabilities, with companies like New Knowledge Software utilizing DeepSeek for intelligent upgrades [5]. - In the brokerage sector, AI is being applied in investment research, due diligence, and compliance, with firms like E Fund and XunTu Technology enhancing their platforms through AI integration [5]. Valuation and Recommendations - The report recommends focusing on financial IT companies such as Yuxin Technology, Changliang Technology, and Shenzhou Information, as well as leading credit technology firms like Qifu Technology and Lexin [6]. - The coverage ratings and target prices for these companies remain unchanged [6].