GUOTAI HAITONG SECURITIES·2026-02-24 00:35Investment Rating - The report assigns an "Overweight" rating for the financial technology sector [4]. Core Insights - The domestic large model products and marketing have shown highlights, benefiting related financial technology stocks. The overseas RWA regulation has become clearer, and financial information regulation is tightening. Compliant financial institutions are expected to benefit more [2]. Summary by Sections 1. AI - From February 2 to February 20, 2026, the financial technology index decreased from 3116.08 to 3093.77, with a return of -0.72%. The Hong Kong financial technology index fell by 3.48% during the same period. Financial IT and third-party payment sectors performed well due to increased marketing efforts of major AI models and new regulations on virtual currencies [7][8]. 2. Overseas RWA Regulation - 2.1 Financial IT: On February 6, the People's Bank of China and eight departments issued a notice to prevent risks related to virtual currencies and clarified the RWA regulatory framework for overseas issuance [12][13]. - 2.2 Financial Information Services: On February 9, the Shanghai and Shenzhen Stock Exchanges announced optimized refinancing measures, benefiting high-quality R&D enterprises [14]. - 2.3 Third-party Payment: New scenarios for digital currency have emerged, and the concentration of licenses in the third-party payment sector is accelerating [16]. - 2.4 Consumer Finance: The head effect is evident, with a focus on promoting domestic demand through consumer finance [18]. 3. Individual Company News and Announcements - 3.1 Lakala is accelerating the development of intelligent payment through MOSS, while Tonghuashun's vertical model has gained high usage rates among brokers [19]. - 3.2 ST Rendo's net assets are expected to turn positive, and Jiufang Zhitu has initiated a stock buyback [21]. 4. Investment Recommendations - Digital RMB is expanding its application scenarios, indicating significant growth potential. AI is driving the upgrade of financial services, presenting new investment opportunities. Recommended core companies include: 1. Financial IT firms benefiting from digital currency upgrades: Changliang Technology, Yuxin Technology, Zhongke Software, and New Zhiyuan Software [24][28]. 2. Financial information service companies focusing on intelligent investment research: Jiufang Zhitu, Tonghuashun, and Dongfang Caifu [24][28]. 3. Payment institutions adapting to digital currency functionalities: Lakala, Yika, and Lianlian Digital [24][28]. 4. Consumer finance companies leveraging intelligent customer service and marketing: Yixin Group and Qifu Technology [24][28].