【导读】安永忻怡：金融科技正成为资管行业价值创造核心引擎 金融科技作为科技驱动的金融创新，已成为数字经济背景下金融发展方式和治理体系变革的重要驱动 力。资产管理行业如何充分发挥人工智能和数据要素的双轮驱动作用、提升各个业务环节的投入产出 比、稳妥推动金融数智化转型迈上新台阶？中国基金报记者就此专访了安永大中华区金融服务首席合伙 人、安永亚太区金融科技与创新首席合伙人忻怡。 金融科技从辅助工具迈向价值创造核心引擎 中国基金报：在你看来，与前几年相比，当前中国资产管理行业对金融科技的需求发生了哪些根本性的 变化？ 忻怡：当前中国资管行业对金融科技的需求已从被动适配合规要求、单点工具应用向主动以科技为战略 核心、驱动全价值链数智化重构进行转变。 前几年机构更侧重用科技手段解决流程自动化等问题，如今更聚焦业务场景、数据要素与技术能力的深 度耦合，追求从客户触达、投研决策、风险管理到内部运营等端到端全流程智能化升级。这一转变的核 心特征是：机构不再将科技视为辅助工具，而是将其作为破解净值化转型压力、应对市场化竞争、挖掘 新增量价值的核心引擎，对技术的业务价值转化效率、跨场景协同能力提出了更高要求。 中国基金报：人工智能 ...

【导读】安永忻怡：金融科技正成为资管行业价值创造核心引擎 中国基金报记者 郭玟君 金融科技作为科技驱动的金融创新，已成为数字经济背景下金融发展方式和治理体系变革的 重要驱动力。资产管理行业如何充分发挥人工智能和数据要素的双轮驱动作用、提升各个业 务环节的投入产出比、稳妥推动金融数智化转型迈上新台阶？中国基金报记者就此专访了安 永大中华区金融服务首席合伙人、安永亚太区金融科技与创新首席合伙人忻怡。 二是穿透式管理。借助算法对底层资产、逐笔交易及关联方信息进行深度拆解，打破多层嵌 套结构带来的风险隐匿问题，实现风险在不同资产类别、交易结构、机构主体间的全链条传 导追踪。 金融科技从辅助工具迈向 价值创造核心引擎 中国基金报： 在你看来，与前几年相比，当前中国资产管理行业对金融科技的需求发生了哪 些根本性的变化？ 忻怡： 当前中国资管行业对金融科技的需求已从被动适配合规要求、单点工具应用向主动以 科技为战略核心、驱动全价值链数智化重构进行 转变。 前几年机构更侧重用科技手段解决流程自动化等问题，如今更聚焦业务场景、数据要素与技 术能力的深度耦合，追求从客户触达、投研决策、风险管理到内部运营等端到端全流程智能 化升级 ...

Market Overview - The Nikkei average index closed at a new low since October 24, dropping 1284 points (2.5%) to 50212 points on November 5, with an intraday decline exceeding 2400 points, reaching a low of 49073 points [2] - Concerns over the overheating of AI and semiconductor-related stocks have led to profit-taking and a shift in market sentiment towards caution [2][5] Key Events - On November 4, Palantir Technologies' stock fell nearly 8%, which is considered a trigger for the sell-off in AI and semiconductor stocks in both the US and Japan [4] - Despite Palantir's earnings exceeding market expectations due to AI data analysis demand, the revelation that investor Michael Burry's firm held put options against Palantir's stock was interpreted as a bearish signal [4][5] Market Sentiment - Major financial institutions like Goldman Sachs and Morgan Stanley have indicated that the market may face adjustments, contributing to a shift from bullish to cautious sentiment among investors [5] - The Nasdaq composite index, heavily weighted in tech stocks, fell by 2%, while the Philadelphia Semiconductor Index (SOX) dropped by 4% [5] Stock Performance - SoftBank Group and Advantest, which previously led the market rally, experienced significant declines, with SoftBank's stock dropping as much as 14% and Advantest falling by 10% [5] - Fujikura, a Japanese cable manufacturer associated with AI data centers, saw its stock plunge by 10% during the session [5] Valuation Metrics - The NT ratio of the Nikkei average to the TOPIX index reached a historical high of 15.73 on October 31, indicating potential overvaluation [6] - The Nikkei average's RSI (Relative Strength Index) exceeded 73% as of November 4, surpassing the "overbought" threshold of 70% [5][6] Analyst Insights - Analysts from Goldman Sachs noted the high NT ratio and RSI levels, suggesting that a short-term market correction or consolidation phase is likely [6]

Core Viewpoint - Honghe Technology's stock price has shown fluctuations with a year-to-date increase of 25.61%, despite a recent decline in revenue and profit [1][2]. Financial Performance - For the period from January to September 2025, Honghe Technology reported revenue of 2.457 billion yuan, a year-on-year decrease of 11.14% [2]. - The net profit attributable to shareholders was 82.2857 million yuan, reflecting a significant year-on-year decline of 66.42% [2]. Stock Market Activity - As of November 5, Honghe Technology's stock price was 27.95 yuan per share, with a market capitalization of 6.614 billion yuan [1]. - The stock experienced a trading volume of 88.0935 million yuan, with a turnover rate of 1.64% [1]. - The stock has seen a net outflow of main funds amounting to 7.5383 million yuan, with significant selling pressure from large orders [1]. Shareholder Information - As of October 31, the number of shareholders for Honghe Technology was 16,500, a slight increase of 0.05% from the previous period [2]. - The average number of circulating shares per shareholder was 11,928, which decreased by 0.05% [2]. Dividend Distribution - Since its A-share listing, Honghe Technology has distributed a total of 701 million yuan in dividends over the past three years [3]. Institutional Holdings - As of September 30, 2025, Honghe Technology's fourth-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 8.5375 million shares, an increase of 663,500 shares from the previous period [3].

Group 1 - The stock price of Tangyuan Electric has increased by 72.78% this year, but it has seen a decline of 0.58% in the last 5 trading days, 10.82% in the last 20 days, and 19.63% in the last 60 days [1] - As of November 5, the stock is trading at 25.55 CNY per share, with a market capitalization of 3.675 billion CNY [1] - The company has experienced a net outflow of main funds amounting to 268.07 thousand CNY, with significant selling pressure observed [1] Group 2 - Chengdu Tangyuan Electric Co., Ltd. was established on November 5, 2010, and went public on August 28, 2019, focusing on the rail transit industry [2] - The main business revenue composition includes: machine vision intelligent detection equipment (49.89%), technical services and others (22.02%), vanadium-titanium resource development (12.86%), big data intelligent management systems (9.98%), and railway public transport and smart stations (5.25%) [2] - As of September 30, the number of shareholders has increased by 0.32% to 8,052, while the average circulating shares per person have decreased by 14% [2] Group 3 - Since its A-share listing, Tangyuan Electric has distributed a total of 131 million CNY in dividends, with 81.489 million CNY distributed in the last three years [3]

Core Viewpoint - Shentong Express has experienced a decline in stock price recently, despite a significant increase in its stock price year-to-date, indicating potential volatility in the logistics sector [1][2]. Company Overview - Shentong Express Co., Ltd. is located in Qingpu District, Shanghai, and was established on November 1, 2001. It was listed on September 8, 2010. The company primarily engages in domestic express delivery, general freight, cargo transportation agency, warehousing services, and unloading services [1]. - The main revenue source for the company is express delivery services, accounting for 98.67% of total revenue, while other business activities contribute 1.33% [1]. Financial Performance - For the period from January to September 2025, Shentong Express reported a revenue of 38.57 billion yuan, representing a year-on-year growth of 15.17%. The net profit attributable to shareholders was 756 million yuan, reflecting a year-on-year increase of 15.81% [2]. - The company has distributed a total of 1.614 billion yuan in dividends since its A-share listing, with 131 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 5, Shentong Express's stock price was 15.17 yuan per share, with a market capitalization of 23.222 billion yuan. The stock has increased by 50.74% year-to-date but has seen a decline of 2.63% in the last five trading days and 15.25% over the past 20 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 25, where it recorded a net purchase of 14.1143 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Shentong Express was 40,700, a decrease of 4.36% from the previous period. The average circulating shares per person increased by 2.81% to 36,082 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest, holding 31.0712 million shares, a decrease of 12.1407 million shares from the previous period [3].

Core Insights - The smart examination room is transforming traditional examination models towards intelligent, automated, and fair systems, leveraging technologies like AI, big data, and cloud computing to enhance the integrity, security, and efficiency of the examination process [1][11] - The smart examination room market is rapidly growing globally, with significant advancements in Asia, particularly in China, where the market size is projected to increase from 1.668 billion yuan in 2017 to 4.575 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 11.86% [1][11] - The increasing number of candidates for national examinations, such as the college entrance examination, is driving the demand for smart examination solutions, which are essential for improving examination governance and maintaining educational fairness [1][9] Industry Overview - The smart examination room utilizes advanced technologies such as image processing, facial recognition, voice analysis, and behavior analysis to create a comprehensive monitoring system that identifies and alerts against cheating behaviors throughout the examination process [4] - The construction of smart examination rooms involves upgrading existing computer examination facilities with intelligent monitoring systems and robots, enhancing the anti-cheating capabilities and service efficiency of the examination system [4] Market Dynamics - The smart examination room industry is characterized by a multi-faceted ecosystem involving traditional educational examination institutions, technology innovation companies, and research institutions, all contributing to the development and implementation of smart examination solutions [11] - Key players in the smart examination room market include companies like Tuowei Information, Jiafa Education, and Keda Xunfei, which provide comprehensive solutions encompassing intelligent monitoring, identity verification, and cheating prevention [12][11] Industry Challenges - The smart examination room industry faces several challenges, including technological bottlenecks in AI applications for monitoring and automated scoring, as well as data security and privacy concerns related to the handling of personal information and examination data [15][16] - High construction and operational costs pose a barrier for smaller examination institutions, necessitating strategies to reduce expenses while maintaining quality and effectiveness [17] Future Trends - The future of the smart examination room industry is expected to see deeper integration of edge computing and IoT technologies, enhancing device interconnectivity and data processing capabilities [20] - There will be a shift towards personalized services in smart examination systems, allowing for tailored examination environments based on individual candidate profiles [21] - The application scenarios for smart examination rooms are anticipated to expand beyond traditional education to include vocational skills certification and corporate talent assessment, with advancements in remote monitoring technologies supporting international examination standards [22]

Core Insights - Shenzhen Metro Group and its subsidiary Shenzhen Tong have launched the AI Deep Rail Treasure intelligent assistant, marking the first "public transport + city service" AI assistant in the country [1][3] Group 1: AI Deep Rail Treasure Features - The AI Deep Rail Treasure utilizes a model with hundreds of billions of parameters for semantic understanding, enabling "one-sentence direct access and second-level response" for intelligent interaction [3] - It offers comprehensive travel services throughout the journey, including pre-trip route planning, schedule inquiries, transportation card recharges, in-journey QR code scanning, and post-trip invoice issuance, creating a closed-loop smart travel service [3][11] - As a city guide, it provides travel tips, shopping district guidance, food and hotel recommendations, and insights into local culture and events, making it a knowledgeable assistant for both travel and local exploration [3][11] Group 2: User Engagement and Benefits - The AI Deep Rail Treasure features a "Shenzhen Travel Benefits Zone," aggregating various travel discounts, allowing users to send "Shenzhen travel discounts" via mobile to win ride coupons [6] - The integration of AI and big data connects core resources from metro operations, commercial management, and hotels, forming a unique "rail + city" knowledge system that links urban transport hubs with diverse local services [11]

Core Viewpoint - The release of the "Guidelines for Supervision of Procurement Activities of State-Owned Enterprises" by the China Federation of Logistics and Purchasing is a significant step in filling the regulatory gap in the supervision of procurement activities within state-owned enterprises, promoting transparency in procurement, and advancing the reform of state-owned enterprises [1] Group 1 - The standard covers the entire process of procurement supervision, including pre-procurement, during procurement, and post-procurement activities [1] - Key areas addressed in the standard include procurement system framework, sourcing, supplier management, procurement document preparation, and contract performance [1] - The introduction of the "smart supervision" concept aims to utilize big data and artificial intelligence technologies for real-time alerts and risk interception, enhancing the precision and efficiency of supervision [1]

Core Viewpoint - The release of the "Guidelines for Supervision of Procurement Activities in State-Owned Enterprises" by the China Federation of Logistics and Purchasing marks a significant step in enhancing the supervision of procurement processes in state-owned enterprises, aiming to promote transparency and efficiency in procurement practices [1] Group 1: Standard Overview - The new standard fills a regulatory gap in the supervision of procurement activities within state-owned enterprises, contributing to the reform of state-owned enterprises and the establishment of a unified national market [1] - It covers the entire procurement process, including system establishment, sourcing, supplier management, document preparation, and contract execution [1] - The standard introduces the concept of "smart supervision," leveraging big data and artificial intelligence for real-time alerts and risk interception, thereby improving the precision and efficiency of supervision [1] Group 2: Implications for State-Owned Enterprises - The standard aims to standardize the procurement process in state-owned enterprises, enhancing audit and disciplinary supervision to create a robust risk prevention framework [1] - Given the significant scale of procurement in state-owned enterprises and its high social attention, the standard is expected to contribute to cost reduction, asset preservation, and the construction of a unified national market [1] - This new guideline, along with previously released procurement operation and management standards, forms a comprehensive standard system that is anticipated to inject new momentum into the high-quality development of state-owned enterprises [1]