Core Viewpoint - The article discusses the development and implementation of PortAI, a digital assistant designed to assist in investment research, particularly in the context of Hong Kong and US stock markets. The focus is on enhancing the research capabilities of users by integrating deep thinking features into the AI tool [1][3]. Group 1: Development of PortAI - PortAI was created to replicate the analytical thinking of a seasoned research analyst, addressing the need for efficient data processing and independent judgment in investment research [1][3]. - The initial version of PortAI faced challenges in discerning truth from misinformation and lacked independent thinking capabilities, prompting further development [1][3]. Group 2: Features and Performance - The deep thinking version of PortAI has shown significant improvements, demonstrating a rigorous approach to data citation and judgment with a low rate of numerical hallucinations [3][4]. - PortAI has been tested in real scenarios, providing insightful analyses, such as predicting short-term overextension for Xiaomi and offering various scenarios for Tesla's performance [4]. Group 3: User Accessibility - Longbridge users can access PortAI without limitations on the number of inquiries, enhancing user experience and research efficiency [16][17]. - The app requires users to update to the latest version to utilize the PortAI feature effectively [19].

Core Viewpoint - The significant decline in brokerage commission income reflects the changing landscape of the public fund industry, emphasizing the importance of research capabilities among brokerages [2][4][21]. Summary by Sections Brokerage Commission Income - In 2024, the total brokerage commission income from fund distribution reached 10.7 billion yuan, a 36% decrease from 16.8 billion yuan in 2023 and a 51% drop from 22 billion yuan in 2021, marking three consecutive years of decline [2][5][21]. - The income trend from 2019 to 2024 shows a "U-shaped" curve, peaking at 22 billion yuan in 2021 before declining [5][21]. Top Brokerage Rankings - The top five brokerages by commission income in 2024 are CITIC Securities, GF Securities, Changjiang Securities, CITIC Construction Investment, and Guolian Minsheng, with Changjiang Securities moving up to third place [2][10]. - Only four brokerages surpassed 500 million yuan in commission income in 2024, with CITIC Securities leading at 757 million yuan, followed by GF Securities at 648 million yuan [7][11]. Changes in Market Dynamics - The competition among top brokerages has intensified, with Guolian Minsheng entering the top five for the first time, showing a 348% year-on-year increase in commission income [10][13]. - The threshold to enter the top ten for commission income is now over 320 million yuan, with 31 brokerages earning over 100 million yuan [9][10]. Research Capabilities and Market Trends - The decline in commission income has led to a greater focus on research capabilities as a key differentiator for brokerages, with fund managers increasingly selecting brokerages based on their research strength [21][22]. - The regulatory environment is shifting, with new rules on commission rates for public funds set to take effect, further impacting brokerage income [22][23]. Future Outlook - The merger of Guotai Junan and Haitong Securities is expected to disrupt the rankings in the coming year, similar to the impact of the Guolian Minsheng merger [15][26]. - Brokerages are encouraged to diversify their client base and explore international markets to mitigate the effects of declining commission income [26].

Core Viewpoint - The article introduces a new feature called "Personal Meeting" from Alpha Engine, which allows investment professionals to use AI to attend multiple online meetings simultaneously, enhancing efficiency in a high-density information environment [1][5]. Group 1: Personal Meeting Feature - The "Personal Meeting" feature enables AI avatars to join various online meetings, automatically generating transcripts and meeting notes, with data transmitted securely and privately [5][8]. - Currently, the feature supports Tencent Meeting and several brokerage platforms, with plans to expand to more platforms in the future [5][22]. - Users can link their accounts and send meeting details to the AI assistant, which will then join the meeting and provide a recording and summary afterward [5][6]. Group 2: Knowledge Management - The AI assistant also functions as a knowledge collection tool, allowing users to forward reports, audio files, and articles via WeChat for automatic transcription and summarization, organizing documents into a personal knowledge base [11][12]. - The assistant integrates with a proprietary financial model, FinGPT, which is fine-tuned for investment research scenarios, enabling users to interact with their AI research analyst through WeChat [12][14]. Group 3: Deep Research Functionality - Alpha Engine has launched a "Deep Research" feature that can independently conduct complex research tasks by generating a framework and sourcing information from hundreds of materials, including web pages and PDFs [15][16]. - This feature can produce a comprehensive research report in 15-20 minutes, which would typically take a human analyst several hours to complete [17][18]. - The integration of high-quality financial data and a robust corpus enhances the effectiveness of the research conducted by the AI [19]. Group 4: Accessibility and Promotion - The "Personal Meeting" feature is available to all platform customers, while the "Deep Research" feature is currently in a trial phase for institutional clients [22]. - A promotional offer allows 100 users to experience a 30-day VIP trial, with a deadline for registration set for April 31 [22][23]. - Users can access the platform via a web portal or mobile app, with specific instructions provided for registration and usage [24][25].