Core Viewpoint - The company reported a decline in both revenue and net profit for 2024, indicating challenges in the energy and financial investment sectors, particularly due to falling electricity prices and limited profitability in traditional energy sources [1][4]. Energy Power Business: Steady Progress but Growth Constraints - In 2024, the company maintained a steady approach in its energy power business, addressing challenges such as declining thermal power output growth and falling electricity prices [4]. - The company achieved stable electricity sales through strategic adjustments, with key assets like Meixian Heshuyuan Power Plant and Lufeng Jiahuwan Power Plant playing crucial roles [4]. - The Lufeng Jiahuwan Power Plant Phase II expansion project saw an investment of 200 million yuan, with successful phased loan disbursements, yet overall revenue declined by 23.08% and net profit by 20.60% [4]. - The company faces the challenge of enhancing the competitiveness of its thermal power business amid the growing trend of renewable energy generation [4]. Financial Investment Business: Cautious Management but High Revenue Volatility - The company adopted a cautious investment strategy in the financial sector, optimizing existing assets to improve operational efficiency [4]. - The company completed the transfer of equity in China General Nuclear Power Group's offshore wind power company and publicly listed stakes in other firms, enhancing asset liquidity [4]. - The newly established Meizhou Commercial Bank reported total assets of 41.79 billion yuan, a 30.38% increase, with operating income rising by 20.20% and net profit after provisions increasing by 7.71% [4]. - Despite some growth in financial investments, revenue volatility remains high, closely tied to market conditions [5]. Compliance Management: Multiple Measures but Governance System Needs Improvement - The company implemented various measures for compliance management, focusing on party leadership, system improvement, internal audits, and compliance training [6]. - The governance structure was enhanced with the completion of board elections, integrating party leadership with corporate governance [6]. - The company improved its internal control and audit processes, yet the governance system requires further refinement to adapt to rapidly changing market conditions [6]. Overall Assessment - The company navigated a complex market environment in 2024, achieving sustainable development through stable operations and diversified investment strategies [6]. - However, growth momentum in both energy power and financial investment sectors remains insufficient, and the governance system requires ongoing enhancement [6].

Investment Rating - The report maintains a "Recommended" investment rating for Yuxin Technology (300674.SZ) with a current stock price of 24.02 yuan [1]. Core Views - The company reported strong profit performance in Q1 2025, with a significant increase in net profit driven by improved profitability despite a decline in revenue [5][9]. - Yuxin Technology is focusing on AI-enabled financial technology business development, which is expected to enhance operational efficiency in its financial technology services [9][10]. - The company is actively expanding its non-bank institutional business, innovative operations, and overseas business, which are anticipated to be key growth drivers in the future [12]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 525 million yuan, a year-on-year decrease of 12.57%, while net profit attributable to shareholders was 58.15 million yuan, a year-on-year increase of 81.09% [5][9]. - The gross margin for Q1 2025 was 27.77%, an increase of 1.36 percentage points year-on-year, and the operating expense ratio decreased to 21.84% [9]. - The company’s revenue projections for 2025-2027 are 4.45 billion yuan, 5.30 billion yuan, and 6.42 billion yuan respectively, with corresponding EPS of 0.63 yuan, 0.75 yuan, and 0.91 yuan [12]. Business Development Summary - Yuxin Technology has established a comprehensive AI application framework, focusing on providing integrated hardware and software solutions for financial institutions [9]. - The company has successfully expanded into non-bank sectors and is developing innovative operational models, including partnerships in retail credit and automotive finance [12]. - In the overseas market, the company secured significant contracts, including a major software project with a multinational bank, marking a milestone in its international business development [12].

证券研究报告 券商IT&互联网金融 2024年及2025Q1综述-- 市场活跃抬升业绩，科技驱动差异竞争 证券分析师 ：孙婷 执业证书编号：S0600524120001 联系邮箱：sut@dwzq.com.cn 证券分析师 ：武欣姝 执业证书编号：S0600524060001 联系邮箱：wuxs@dwzq.com.cn 二零二五年五月四日 四、主要结论与投资建议 五、风险提示 2 目录 四 、 主要结论与投资建议 券商IT及互联网金融行业架构梳理 一、 C 端券商 IT ：市场活跃拉升整体业绩，流量稳定 积累 +AI 产品力提升或为关键 二、 B 端券商 IT ：市场需求未明显提升冲击业绩，创 新升级或带来阿尔法 三、互联网金融：市场活跃度提升，公司基本面迅 速企稳 五 、 风险提示 二B端券商 IT： 、市场需求未明显提升冲击业绩 ， 创新升级或带来阿尔法 一C端券商 IT：+AI 产品力提升或为关键 、市场活跃拉升整体业绩 ， 流量稳定积累 券 商 IT及互联网金融行业架构梳理 三 、 互联网金融 ： 市场活跃度提升 ， 公司基本面迅速企稳 券商IT及互联网金融行业架构梳理 券商IT投入不断加大，金融科技 ...

Core Insights - AI technology is accelerating its penetration into the financial sector, becoming a core driver of digital transformation in banking, with state-owned banks investing over 100 billion yuan in fintech and employing over 110,000 fintech professionals [1][7] - The People's Bank of China and other departments have outlined a plan to build a financial system that aligns with the digital economy by the end of 2027, enhancing digital operational capabilities [1] - The application of AI in banking is expected to evolve towards comprehensive financial services, high intelligence, and full personalization [1][8] Investment in AI - In 2024, the total investment in fintech by the six major state-owned banks reached 125.46 billion yuan, with fintech personnel exceeding 110,000 for the first time [7] - The proportion of fintech investment relative to operating income for these banks is over 3%, with the Bank of Communications reaching 5.41% [7] AI Application Scenarios - Banks are rapidly deploying AI across various application scenarios, with significant advancements in customer service, risk management, and operational optimization [2][3] - For instance, the Industrial and Commercial Bank of China has implemented a self-controlled AI model covering over 200 application scenarios, while China Construction Bank has developed a financial model service platform with 168 applications [2] Customer Service Enhancements - AI applications in customer service have shown significant results, such as the "Bangde" intelligent assistant from China Construction Bank, which facilitated 34.63 million interactions in 2024 [3] - Postal Savings Bank's trading robot "Youxiaozhu" has processed over 1.5 trillion yuan in inquiries and achieved a transaction time reduction of 94% compared to manual processes [3] Risk Management Improvements - AI technology is effectively breaking down traditional information silos in risk management by integrating various data sources [4] - However, challenges remain, such as the "hallucination problem" and black-box decision-making characteristics of large models, necessitating improvements in data governance and human-machine collaboration [4][7] Future Trends in AI - The future of AI in banking is expected to focus on three main areas: reconstructing service models, evolving business processes, and promoting intelligent financial ecosystems [8] - The "human + AI" collaboration model is reshaping household financial decision-making, enhancing service accessibility and professionalism [6][8] Challenges Ahead - The banking sector faces long-term challenges, including a shortage of versatile talent, real-time fraud monitoring, and the reliability and interpretability of algorithms [9] - Financial service providers need to establish agile innovation mechanisms to maintain leadership in the "AI + finance" landscape [9]

Core Viewpoint - Lakala's registered capital has been continuously decreasing due to unmet performance targets in its restricted stock incentive plan, raising concerns about its financial health and strategic direction [1][2][3]. Financial Performance - In 2023, Lakala's revenue was 5.938 billion yuan, a year-on-year decrease of 2.96%, while the net profit was 457 million yuan, showing a significant increase of 131.78% compared to the previous year [3][6]. - For 2024, revenue further declined to 5.758 billion yuan, with a net profit of 351 million yuan, reflecting a year-on-year decrease of 23.26% [3][6]. - Cumulatively, the net profit over the two years was only 800 million yuan, reaching just half of the set performance target [4]. Business Segmentation - Lakala's main business segments include digital payment and technology services, with the payment business accounting for 89.7% of total revenue in 2024, an increase of 2.42 percentage points from the previous year [4][6]. - The technology services segment contributed only 4.91% to the revenue, showing a decline of 0.93 percentage points year-on-year [4][6]. Capital Structure - Lakala's registered capital decreased from 788.08 million yuan to 776.66 million yuan within six months, amounting to a reduction of approximately 24 million yuan [2]. - The company has been repurchasing and canceling shares due to unmet performance targets in its incentive plans [1][2]. Market Challenges - Lakala faces intensified competition from major players like Alipay and WeChat Pay, which are squeezing its market share in the payment sector [4]. - The company reported a decline in transaction amounts, with a total of 982 billion yuan in payment transactions, down 10.51% year-on-year [4]. Compliance and Legal Issues - In 2024, Lakala faced fines totaling nearly 8 million yuan due to compliance violations, including issues related to fund settlement processes [8]. - The company has also been involved in various legal disputes, with significant amounts at stake [11]. Management and Governance - Despite declining performance, executive compensation has been on the rise, with the chairman's salary increasing from 5.263 million yuan in 2022 to 5.306 million yuan in 2024 [14][15]. - The company has a significant portion of shares pledged, with approximately 38% of the top ten shareholders' shares being pledged as of December 31, 2024 [13].

一边加码科技与营销人才的高成本投入，一边通过智能化与流程优化压缩低效岗位，银行业正通过"结构性调 整"重塑人力成本逻辑。 人力成本支出普涨，员工总量逆势增长 2024年，围绕银行员工降薪的传闻屡屡牵动市场神经，而2024年年报则显示，2024年42家A股上市银行员工薪酬 总额、员工人均薪酬均值整体在上涨。 华夏时报（www.chinatimes.net.cn）记者 卢梦雪 北京报道 在"降薪""裁员"的传闻中，银行"打工人"薪资的实际情况随上市银行年报的披露而揭开了真实面纱。 随着A股42家上市银行2024年年报披露收官，《华夏时报》记者梳理发现，2024年上市银行人力成本支出显著增 加，42家银行职工薪酬总额同比增幅超3%。 值得关注的是，42家银行员工总数较2023年末同比增加了约1.04万人，仅有14家"减员"。而2024年银行新增人力 投入聚焦于业务营销与信息科技领域，传统柜员及教育背景不占优势的员工岗位则持续精简。 从月薪来看，2024年42家银行员工人均月薪（未考虑年终奖分期支付的情况）均在2万元以上，但大多数银行（有 21家）人均月薪在3万元到4万元之间，另有12家银行人均月薪在4万元到5万元之 ...

Group 1: Government Initiatives - The Hong Kong SAR government is actively promoting the development and application of fintech and artificial intelligence through various measures [1] - The Hong Kong Monetary Authority (HKMA) has established the Cargox expert group to optimize the digital ecosystem for trade financing, focusing on utilizing logistics data [6][8] - The HKMA and Cyberport launched the second phase of the GenA.I. sandbox to support the development and testing of AI solutions in the banking sector [10][11] Group 2: Virtual Assets and Compliance - HashKey Capital has received approval from the Hong Kong Securities and Futures Commission (SFC) to open a physical subscription channel for its actively managed fund, allowing investors to use top 100 tokens for investment [3] - HashKey Exchange has achieved the largest global coverage for virtual asset insurance, enhancing its position as a leading virtual asset exchange in Asia [4] - The SFC continues to support compliance innovation in the virtual asset industry, reflecting its commitment to fostering a regulated environment [2][3] Group 3: Fast Track Program - The Hong Kong Investment Promotion Agency announced the launch of the eighth Global Fast Track Program 2025, expanding opportunities for fintech and other verticals [12][14] - The program will provide participants with one-on-one meetings, industry expert guidance, and opportunities to connect with over 120 investors and industry leaders [14][16] - The collaboration with Hong Kong Science Park and Accenture aims to assist startups in expanding their business in Hong Kong, offering various support measures [15][16]

Core Viewpoint - The private economy is a vital force in advancing Chinese modernization and is essential for high-quality development, with recent legislation aimed at enhancing financial services for private enterprises to boost their confidence and promote healthy development [1] Group 1: Financial Support and Policy Mechanisms - There is a need to lower the financing threshold for private enterprises by establishing a new credit assessment system that utilizes various data sources to quantify creditworthiness, moving away from traditional collateral-based lending [1][2] - Continuous financial support is crucial for private enterprises, requiring the establishment of policy mechanisms that ensure stable funding sources, such as the Central Bank's targeted medium-term lending facility (TMLF) [2] - A risk-sharing model involving government, banks, and insurance is essential to protect banks' interests while managing fiscal risks, alongside differentiated regulatory assessments to encourage lending to private enterprises [2] Group 2: Ecosystem Reconstruction and Financial Innovation - The reconstruction of the financial ecosystem is necessary, utilizing supply chain finance to create an "industry cloud platform" that integrates upstream and downstream enterprises, thereby reducing bad debt rates and controlling risks [3] - Digital infrastructure improvements, such as the creation of a "financial data port," will enhance the ability to generate enterprise profiles quickly, facilitating better financial services for private enterprises [3] - Incorporating ESG principles into financial service models is a potential avenue for innovation in supporting private enterprises [3] Group 3: Capital Market Engagement - The capital market serves as a crucial platform for direct financing of private enterprises, with the establishment of various boards expanding financing service coverage for small and medium-sized enterprises [4] - A comprehensive range of financial services, including equity financing, bond issuance, and asset securitization, is available to meet the diverse financial needs of private enterprises at different development stages [4] - The development of a full-cycle financing chain from angel investment to the main board market is essential for addressing the funding needs of private enterprises throughout their lifecycle [4]

智能分拣与审核系统是公司经纪业务数字化转型的重要实践。在技术上，信息技术部在智能档案分炼模 块创新性地应用了基于中文语Chinese-CLIP模型。通过同时处理图像和文本数据，显著提升了对文档的 分类和整理能力。针对实际应用场景，还训练出模型识别文档角度的能力，以便于系统自动矫正角度。 同时，智能档案审核模块创新地融合了各种AI技术，包括人脸识别、图像识别-OCR、语音识别-ASR、 语音播报-TTS、自然语言转换-NLP等，搭建AI技术平台，统一接口、标准化输出。自动提取档案中的 信息，与系统留存或者录入的信息进行核查比对，实现档案的智能核查，确保信息的准确性和合规性。 此次获奖，不仅是对联储证券在金融科技领域创新成果的肯定，更是对经纪部与信息技术部团队协作精 神的最佳证明。联储证券将继续充分发挥禀赋优势，积极探索数字金融服务新模式、新生态，促进金融 科技产用深度融合，助推"科技-产业-金融"良性循环。 中央金融工作会议提出做好"五篇大文章"，建设现代化金融强国的战略任务和重大举措。金融行业积极 落实国家战略，践行人民银行《金融科技发展规划(2022—2025年)》要求，将数字思维深度融入业务运 营，强化科 ...

证券研究报告 | 公司更新 | 多元金融 ——OSL 集团点评报告 投资要点 全新管理团队，带领公司收入端和成本端共同改善，2018 年战略转型以来，首 次实现扭亏为盈。 新任 CEO 崔崧 2024 年 8 月加入公司，曾在 Bybit 于 2021-2023 年期间负责合 约、现货、Web 3 等业务条线。2024 年 11 月，黄冠文先生被任命为 CFO。他于 2024 年 9 月加入 OSL 担任首席投资官，在推动集团的战略性投资和全球拓展战 略方面发挥了关键作用。CEO 崔崧在对外采访提到，新的管理团队，对内部文 化、执行效率、团队风格都带来显著改变。公司大量引入科技领域人才，我们发 现公司在深圳进行研发中心团队搭建，这有利于公司运营效率的提升和成本的改 善。2024 年，公司 IFRS 准则下收入同比增加 78.6%至 3.75 亿港元，持续经营业 务的净利润从去年亏损 2.50 亿港元变为盈利 5480 万港元，为 2018 年战略转型 进入数字资产领域以来首次扭亏为盈。成本管控方面，各项费用总额同比下降 9.1%，其中员工成本为唯一同比增加的费用，但人均成本从上年的 263 万港元 下降到 1 ...