周观点 迎接红十月，关注 Sora 2 带来的板块效应 点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨/罗池婧 本周观点聚焦 本周 观 点： 迎接红十月，关注 Sora 2 带来的板块效应 坚定看多计算机行业红十月行情。 正如 9 月最后一期周观点所述，在 AI 的 4 个行业中，计算机行业在 Q3 涨幅相对较低。展望 10 月， AI 大模型持续更新，二十届四 中全会将于 10 月 20 日开幕，计算机行业对技术及政策红利较敏感，有望充分受益。同时，自 2010 年以来，计算机行业在 10 月份取得正向收益的概率为 53% ，位 列所有月份第 4 名。 持续推荐 AI 、国产化及金融科技。 从技术受益方向来看， AI 大模型的迭代在加快，带动算力及应用需求， AI 是最核心主线；从政策受益方向来看， AI 、国产化是 科技自强的重点领域，金融科技与流动性政策密切相关。站在当前的位置，建议重点配置头部公司、边际变化较为显著的赛道领军、以及三季报预期较好且有估值切换 逻辑的公司。 关注 Sora 2 对 AI 板块的信心提振。 在 AI 多模态领域， Open ...

金融科技（FinTech）行业 | 洞察报告 核心摘要： 在信创建设稳步推进的背景下，建设以技术迭代与创新化应用为核心驱动的金融业务价值提升体系 ， 政策聚焦 "科技-产业-金融"为主体的科技金融循环体系建 设，强调数据要素在金融业务场景的多元化、依法合规应用 。 金融市场的繁荣与科技行业的飞速发展共同推动国内金融科技市场规模持续走高，预计将以约 13.3%的复合增长率于2028年突破6500亿元 。本篇报告将结合业内专家观点与典型案例展示，分析在《金融科技发展规划（ 2022-2025）》收官之年，国内金 融机构数智化转型进程与金融科技行业的发展现状。 iResearch-卓越者 评估指标介绍 评测说明：评测模型主要包括服务厂商的行业深耕程度、产品与技术能力、服务能力及生态能力四个核心维度，最终评测结果的产出来自于对以 上四个核心维度的综合考量，为了更全面的量化各服务厂商在核心维度下的具体表现，将核心维度进一步拆分至二级、三级评价指标，并给予其 不同的评测重要程度等级，具体指标如下图所示： iResearch- 卓越者 入围厂商（1/3） 中国金融科技行业卓越服务厂商TOP50榜单 iResearch - ...

Core Insights - The financial technology (FinTech) industry is experiencing significant growth, driven by technological innovation and the establishment of a technology-finance-industry cycle, with a projected compound annual growth rate (CAGR) of approximately 13.3%, expected to exceed 650 billion yuan by 2028 [1][7]. Industry Overview - The domestic FinTech market is continuously expanding due to the flourishing financial market and rapid technological advancements, with a focus on the integration of technology into financial services [1][7]. - The current phase of digital transformation in financial institutions is characterized by a shift from foundational digital infrastructure to more sophisticated applications and data governance [10][16]. Policy Analysis - Recent policies emphasize the construction of a technology-finance-industry cycle, highlighting the diverse and compliant application of data elements in financial business scenarios [4]. - The focus of guiding policies has shifted towards sustainable product technology iteration and data management, marking a transition in the FinTech sector's development [4]. Market Size and Growth - The domestic FinTech market is expected to grow at a CAGR of about 13.3%, reaching over 650 billion yuan by 2028, driven by the increasing technological capabilities and the rise of new productivity models [7][20]. - The banking sector's technology investment is projected to grow at a CAGR of 11.85%, potentially exceeding 450 billion yuan by 2028, influenced by the adoption of emerging technologies and the completion of domestic innovation goals [20]. Sector-Specific Insights Banking Sector - The banking industry is in a "semi-mature" stage of digital transformation, with a high penetration of basic technology products and a steady increase in technology investment [20]. - The focus on new technologies and their multi-scenario applications is expected to reshape the banking sector's operational models [20][23]. Insurance Sector - The insurance market is benefiting from demographic changes and increased awareness, with a projected technology investment growth rate of 14.83%, expected to surpass 100 billion yuan by 2028 [29]. - The integration of advanced technologies in risk pricing and customer service is driving the development of insurance technology [29][32]. Securities Sector - The securities industry is witnessing a recovery, with technology investments increasing as firms focus on enhancing operational efficiency and reducing system failures [38]. - The expected growth rate for technology investment in the securities sector is approximately 19.7%, with a projected market size exceeding 970 million yuan by 2028 [38][42]. Technology Trends - Artificial intelligence (AI) and big data are becoming central to the financial sector's technological advancements, with AI product investments expected to grow at a CAGR of 30.36%, surpassing 16 billion yuan by 2029 [48]. - The integration of cloud services is a key trend, with financial institutions increasingly adopting hybrid cloud solutions for non-core business scenarios [61][63].

Group 1 - Global asset prices have shown volatility, with previously low-priced assets like Hong Kong stocks and Chinese concept stocks becoming the highest returning equity assets this year [2] - Silver has outperformed other assets, with a year-to-date increase of 64.53% and a third-quarter increase of 31.80%, making it the best-performing asset [3] - Gold prices have also risen, with a year-to-date increase of 47.77% and a third-quarter increase of 17.41% [5] Group 2 - Factors driving the demand for precious metals include rising inflation due to U.S. tariff policies, central banks increasing their gold reserves, and heightened global geopolitical risks [7] - The gold-silver ratio indicates that silver is undervalued compared to gold, with a current ratio of 81.51, suggesting a potential buy signal for silver [9] - There is a persistent supply gap in silver, with a reported shortfall of 118 million ounces this year, contributing to price support [9] Group 3 - The U.S. dollar index has decreased by 9.94% this year, from 108.49 to 97.706, influenced by the Federal Reserve's interest rate cuts and slowing economic momentum [11][13] - The divergence in global monetary policies, with the Bank of Japan normalizing its policies while the European Central Bank remains stable, has further pressured the dollar [14] - Despite the dollar's weakness, U.S. stock markets have continued to perform well, with major indices reaching new highs [19] Group 4 - The Dow Jones Industrial Average has increased by 9.16% this year, while the Nasdaq and S&P 500 indices have shown year-to-date increases of 17.84% and 14.10%, respectively [20] - The performance of major tech stocks has varied, with Nvidia leading the gains but facing valuation concerns, while other tech giants like Microsoft and Amazon have seen declines [21][22] - The semiconductor industry has experienced a capital revolution, with companies like Seagate and Western Digital showing significant gains, while digital currency stocks have also performed well [23] Group 5 - Hong Kong and Chinese concept stocks have rebounded strongly, with the Nasdaq China Golden Dragon Index showing a third-quarter increase of 17.39% [26] - Major Chinese tech companies like Tencent and Alibaba have seen substantial year-to-date increases of 62.23% and 122.21%, respectively [26][28] - However, companies like Xiaomi and BYD have lagged due to disappointing growth expectations [27] Group 6 - The global market in 2025 has shown contrasting trends, with precious metals shining due to various demand factors, while Hong Kong and Chinese stocks have gained momentum [29] - The ongoing weakness of the dollar and the Fed's rate cuts are reshaping the global asset landscape, leading to a shift in investment focus towards undervalued markets [30]

We recently compiled a list of the 12 Best Stocks to Own for Grandchildren. IDT Corporation is one of them. IDT Corporation (NYSE:IDT), a global provider of fintech and communications solutions, operates through key segments including National Retail Solutions (NRS), BOSS Money, and net2phone. The company continues to focus on expanding these platforms to drive steady growth in payments, cloud communications, and digital services. In September 2025, IDT announced a quarterly cash dividend of $0.06 per sh ...

阿通社9月29日消息，第四届全球数字贸易博览会在浙江省杭州市圆满闭幕。阿联酋与印度尼西亚 作为本届博览会官方主宾国参展。这是阿联酋首次受邀担任主宾国，彰显了其在数字化转型、知识经济 和全球数字贸易合作中的领先地位。阿联酋国家馆展示了经济数字化、金融科技、人工智能及智能创新 项目，吸引了中国政府、企业和专业观众的高度关注，并获得中国媒体的广泛报道。 （原标题：第四届全球数字贸易博览会在杭州圆满闭幕） 阿联酋与中国的经贸关系在过去数年间实现跨越式发展。建交41年来，双边贸易额增长逾800倍。2025 年上半年，双方非石油贸易额已突破500亿美元，同比增长15.6%。目前在阿联酋运营的中国企业已超 过1.65万家，2024年为1.55万家，增长势头凸显了阿联酋营商环境的灵活性与吸引力，也展现出中国企 业对阿联酋作为中东和非洲区域市场重要枢纽的高度肯定。 ...

本报（chinatimes.net.cn）记者胡金华 上海报道 继国泰君安合并海通、国联与民生合并、西部证券收购国融、国信证券成为万和证券股东之后，资本市 场又一起券业合并拉开帷幕。 日前，沪市两家券商湘财股份（600095.SH）与大智慧（601519.SH）同步披露换股吸收合并关键草 案，标志着A股市场横跨传统券商与互联网券商的并购取得实质性进展。根据草案内容，湘财股份拟通 过换股方式吸收合并大智慧，并配套募集资金80亿元，重点投向金融科技领域。 "湘财证券吸收合并大智慧，本质是传统券商与金融信息服务商的深度联手，未来将共同打造流量+牌 照的全新业态。拥有类似合并历程的东方财富，2016年3月，东方财富曾通过收购西藏同信证券的方式 拿下券商牌照，成为国内首家拥有券商牌照的互联网平台。与之类似的，还有另一组互联网券商组合， 指南针+麦高证券。湘财合并大智慧后，或将成为业内第三家互联网券商。"上海一家头部券商行业分 析师陈欣接受《华夏时报》记者采访时表示。 交易细节公布 双方披露的多份公告内容显示，湘财股份拟换股吸收合并大智慧，湘财股份的A股换股价格为7.51元/ 股，大智慧的A股换股价格为9.53元/股，换 ...

今年是"十四五"规划的收官之年。近日，中国人民银行行长潘功胜在介绍"十四五"时期金融业发展时表 示，我国在普惠金融、数字金融等方面走在世界前列。普惠金融是服务实体经济的重要力量，尤其在数 字化浪潮推动下，普惠信贷加速下沉服务，有效赋能小微企业、个体工商户、农户及新型农业经营主体 等群体为主的长尾市场，打通金融服务的"最后一公里"。 小微贷款增量 "十四五"以来，金融监管部门着力优化普惠资金供给，金融服务实体经济的效能显著增强。 普惠金融是中央金融工作会议提出的金融五篇大文章之一。5年来，银行业保险业通过信贷、债券、股 权等多种方式，为实体经济提供新增资金170万亿元。重点领域投放精准有力。数据显示，普惠型小微 企业贷款余额36万亿元，是"十三五"末的2.3倍，利率下降2个百分点。"十四五"时期，科技型中小企业 贷款、普惠小微、绿色贷款年均增速超过20%。 "'十四五'以来，我国普惠小微贷款增量可观，主要基于以下有利因素。中国银行深圳市分行大湾区金 融研究院高级研究员曾圣钧表示，一是政策引导支持力度大，"十四五"期间，我国针对普惠小微企业出 台了多项政策举措，适时增加支农支小再贷款额度等，这些政策引导金融机构不 ...

今年是"十四五"规划的收官之年。近日，中国人民银行行长潘功胜在介绍"十四五"时期金融业发展时表 示，我国在普惠金融、数字金融等方面走在世界前列。普惠金融是服务实体经济的重要力量，尤其在数 字化浪潮推动下，普惠信贷加速下沉服务，有效赋能小微企业、个体工商户、农户及新型农业经营主体 等群体为主的长尾市场，打通金融服务的"最后一公里"。 小微贷款增量 "十四五"以来，金融监管部门着力优化普惠资金供给，金融服务实体经济的效能显著增强。 强化科技赋能 普惠金融的发展与数字化浪潮密不可分。在人工智能迅速发展的背景下，普惠信贷的覆盖面越来越广 泛，持续提升服务效率，将资源引导到真正需要的普惠群体并提升生活福祉，是实现普惠金融高质量发 展的应有之义。 "数字金融有助于通过降低金融机构成本、提升服务效率来解决金融排斥问题。面对长尾客群，金融机 构往往需要大量的投入，贷后风险难以分散，风险和成本制约了银行向乡村居民以及小微企业等普惠群 体授信。"中国普惠金融研究院研究员汪雯羽表示，数字金融打破传统服务模式，通过提供新的融资渠 道、金融产品增加了以往服务不足的乡村人群获得金融服务的机会。金融科技的发展让金融服务突破时 间和空间限制 ...

智通财经APP获悉，9月30日，香港财经事务及库务局发文称，上周由英国Z/Yen集团与中国(深圳)综合 开发研究院联合发布的第38期《全球金融中心指数》报告中，香港总排名继续保持全球第三位，并稳居 亚太区首位。香港的整体评分进一步提升4分，达764分，与第一名纽约及第二名伦敦的分差分别缩小至 2分和1分。此成绩令人鼓舞，充分体现香港作为国际金融中心的领先地位和竞争优势，亦肯定了香港持 续推动金融市场革新和发展的努力。 金融科技排名登顶全球 报告不仅对各金融中心整体实力进行评比，亦深入分析金融科技发展状况。在116个全球金融中心中， 香港荣膺金融科技领先地位。自2024年3月报告中排名第14起，香港金融科技实力持续攀升，最终跃升 至首位，彰显香港在该领域的卓越成就。 香港金融科技的优异表现反映了政府多管齐下的策略成效，以及与业界紧密合作所形成的蓬勃生态圈。 政府全力支持金融科技发展，今年6月发布的《香港数字资产发展政策宣言2.0》清晰阐述了建设值得信 赖且创新驱动的数字资产生态的愿景，强调风险管理和投资者保障，同时推动数字技术为实体经济及金 融市场带来切实益处。 加快拓展新增长点 此外，积极开拓金融新领域。《施 ...