应用场景打开，AI 助推金融机构内部效 率与外部价值双升 [Table_Industry] 计算机 "AI+金融"系列专题研究（二） [Table_Invest] 本报告导读： 当前，AI 应用已在各类金融机构的核心业务以及中后台场景中加速渗透，助推金融 机构内部效率与外部价值双升。 投资要点： 告 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 专 题 研 究 证 券 研 究 报 股票研究 /[Table_Date] 2025.11.24 [Table_Report] [table_Authors] 2025-11-25 [Table_Summary] 投资建议：2025 年 DeepSeek R1 的发布助推通用模型推理能力跃迁 和成本锐减，并实现模型开源，成为金融机构本地化部署 AI 的行业 拐点。当前，AI 应用已在各类金融机构的核心业务以及中后台场景 中加速渗透，未来 AI 有望重构金融业务流程和组织架构，为金融数 智化打开新纪元。建议关注：1）金融信息服务。相关标的：同花顺、 九方智投控股、指南针。2）第三方支付。推荐标的：新大陆、新国 都，相关标的：拉卡拉。3）银行 IT。推荐标的：宇 ...

消息面上，阿里旗下的AI助手千问App公测一周，下载量已突破1000万次，超越ChatGPT、Sora、 DeepSeek成为史上增长最快的AI应用。此外，近日谷歌发布多模态AI模型、第二代Nano Banana （Gemini 3.0 Pro Image）正式更新，其超预期的输出表现也令市场对AI应用的关注度进一步强化。 国泰海通证券认为，金融是AI应用落地的绝佳"试验田"，AI+金融拐点已至！金融行业作为典型的数 据、信息、决策密集型产业，其数智化转型需求与大模型技术特性高度契合。目前，AI应用已在各类 金融机构的核心业务领域以及中后台场景中加速渗透，未来AI有望重构金融业务流程和组织架构，为 金融数智化打开新纪元。 周一（11月24日），AI应用点燃金融科技板块，中证金融科技主题指数止跌反弹，成份股普遍收红， 累计51股涨幅超1%！热门个股方面，恒银科技涨停，拓尔思、恒生电子、中科金财等多股涨超4%，大 智慧、指南针、同花顺等互联网券商均涨超1%。 热门ETF方面，同类规模最大的金融科技ETF（159851）早盘一度再探调整新低，午后反弹走高，场内 价格收涨2%，单日成交3.67亿元。技术面上，年线失而 ...

Investment Rating - The report suggests a positive investment outlook for the financial industry, highlighting its strong alignment with AI application and digital transformation needs [3][7]. Core Insights - The financial industry is identified as an ideal "testing ground" for AI applications due to its data-intensive nature and the increasing demand for digital transformation [1][7]. - The release of DeepSeek R1 in 2025 is anticipated to be a pivotal moment for local AI deployment in financial institutions, enhancing model reasoning capabilities and reducing costs [3][7]. - AI applications are rapidly penetrating core business areas and back-office functions within various financial institutions, with the potential to reshape business processes and organizational structures [3][7]. Summary by Sections Investment Recommendations - The report emphasizes the financial sector's need for digital transformation, which aligns well with the characteristics of large models in AI. It predicts a shift from "digital intelligence" to "artificial intelligence" in financial institutions [7]. - Key areas to focus on include: 1. Financial information services with relevant companies like Tonghuashun, Jiufang Zhitu Holdings, and Guiding Compass [8]. 2. Third-party payment services, particularly New大陆 and New国都, with related companies like Lakala [9]. 3. Bank IT, focusing on companies such as Yuxin Technology, Jingbeifang, and Guodian Yuntong [9]. 4. Securities IT, with a focus on companies like Hengsheng Electronics and Jinzhen Shares [10]. 5. Insurance IT, highlighting companies like Newzhisoft and Zhongke Soft [11]. Industry Drivers and Policy Support - The report discusses the strong internal and external drivers for AI application in finance, including the continuous expansion of IT spending by financial institutions and supportive government policies [14][25]. - The maturity of large model technology and its alignment with the financial industry's needs are emphasized, indicating a shift towards industry adaptation [14][18]. Technical Aspects - The report outlines two main technical paths for AI integration in finance: general models trained with financial data and specialized financial models [36]. - DeepSeek R1 is highlighted as a significant advancement in AI deployment for financial institutions, offering enhanced reasoning capabilities and cost efficiency [45][52]. - The report notes that the performance of DeepSeek R1 has improved significantly, with accuracy rates in complex reasoning tasks rising from 70% to 87.5% after updates [48]. Market Trends - The financial sector's technology investment is projected to grow significantly, with a total expected investment of 650 billion yuan by 2028, reflecting a compound annual growth rate of approximately 13.3% [25][31]. - The report indicates a notable increase in AI-related procurement projects within the financial sector, with 133 large model projects initiated in 2024 alone [27][35].

Core Insights - The financial industry is experiencing a significant shift towards AI applications, driven by both internal and external factors, marking a pivotal moment for AI implementation in finance [2] - The release of DeepSeek R1 in 2025 is expected to enhance general model reasoning capabilities and reduce costs, facilitating localized AI deployment in financial institutions [1][3] - AI is anticipated to transform financial business processes and organizational structures, ushering in a new era of digital intelligence in finance [1] Industry Drivers - The financial sector is characterized as data, information, and decision-intensive, making it an ideal testing ground for AI applications [2] - Since the introduction of GPT-1 by OpenAI in 2018, general model technology has progressed from "technology validation" to "industry adaptation," indicating readiness for large-scale application in vertical sectors [2] - Recent policies and top-level designs have provided external impetus for financial institutions to transition from "digital intelligence" to "artificial intelligence" [2] Technological Pathways - There are two main technological approaches for integrating AI in finance: 1. Training general models with financial data, enhancing the ability to solve complex financial problems, with DeepSeek R1 marking a key industry milestone for localized AI deployment [3] 2. Developing financial-specific models that better address industry-specific challenges and compliance requirements [3] - AI agents, particularly multi-agent collaboration, are identified as a future focus area, with current applications primarily in short-thinking financial scenarios like understanding and information extraction [3] Investment Opportunities - Suggested sectors for investment include: 1. Financial information services with recommended stocks like Tonghuashun and JiuFang Zhitou Holdings [4] 2. Third-party payment services with recommended stocks like Newland and New Guodu [4] 3. Banking IT with recommended stocks including Yuxin Technology and Jingbeifang [4] 4. Securities IT with recommended stocks such as Hengsheng Electronics and Jinzhen Shares [4] 5. Insurance IT with recommended stocks like New Wisdom Software and Zhongke Software [4]

Group 1 - The conference on "Building a Financial Intelligent Ecosystem under Artificial Intelligence" emphasizes the integration of AI in the financial sector as a core engine for transformation and high-quality economic development [1][2] - Beijing is positioning itself as a global financial technology innovation hub, leveraging its resources and talent to enhance international competitiveness [1] - The report on "2025 Global Financial Technology Center Cities" identifies the top ten cities, with Beijing, San Francisco, and New York leading the list, and highlights the rise of Paris as a key player in Europe [2] Group 2 - The digital transformation strategy of Industrial Bank focuses on moving from traditional branch operations to a digital-centric model, aiming for 10% coverage of key business processes with AI by 2026 [3] - Discussions at the conference highlighted the need to address regional disparities in financial technology development across China, particularly in coastal areas and cities like Chengdu and Chongqing [3]

Core Insights - The article discusses the rapid adoption of AI technologies in the financial sector, highlighting a significant increase in the application of large models and intelligent agents within industrial enterprises, projected to rise from 9.6% in 2024 to 47.5% by 2025 [3] - Companies are shifting their focus from technology validation to measuring the return on investment (ROI) from AI implementations, with over 70% of surveyed executives reporting returns within the first year of deployment [3][4] - Huawei's FinAgent Booster (FAB) is introduced as a solution to help financial institutions accelerate their AI integration, emphasizing the need for a systematic approach to meet evolving client demands [4][6] Industry Transformation - The financial industry is transitioning from manual processes to digitalization, with significant milestones marked by the introduction of automated systems in the late 20th century [7][8] - The current phase is characterized by the integration of AI technologies, with banks embedding AI in over 100 business processes, leading to improved operational efficiency and financial returns [8][9] - The average annual growth rate of shareholder returns for digitally advanced banks is 8.2%, compared to 4.9% for less advanced institutions, indicating the financial benefits of AI adoption [8] Huawei's Role - Huawei has evolved from providing basic IT infrastructure to offering comprehensive solutions that include hardware, software, cloud services, and AI capabilities, establishing a strong market position [10][11] - The company has built a robust ecosystem with over 150 financial solution partners and serves more than 5,600 financial clients globally [10] - Huawei's strategy focuses on enhancing infrastructure resilience, modernizing applications, and fostering innovation in business scenarios to support AI transformation [11][19] FAB Features and Benefits - The FAB platform is designed to lower the barriers for clients to develop their AI capabilities, enabling faster deployment of intelligent agents [12][14] - Key features of FAB include pre-built workflows for over 50 specific scenarios, a knowledge base for easy customization, and optimization tools to enhance model accuracy [13][15] - Huawei emphasizes the importance of data management and knowledge integration to improve AI decision-making processes [15] Ecosystem Collaboration - The financial sector's reliance on collaboration necessitates a multi-faceted approach to meet diverse regulatory and operational needs [16] - Huawei's "融海计划" (Ronghai Plan) aims to strengthen partnerships between Chinese financial institutions and global software developers, enhancing the ecosystem's capabilities [17] - The plan includes initiatives for market expansion, system integration, and innovation in AI applications, demonstrating Huawei's commitment to fostering a collaborative environment [17][18] Talent Development - Huawei has initiated training programs for over 2,000 AI professionals across more than 30 financial institutions, with plans to expand this to 5,000 domestically and internationally [18][19] - The company recognizes the importance of building a skilled workforce to support the ongoing digital transformation in the financial sector [19]

Core Viewpoint - The company, Anshuo Information, plans to raise up to 600 million yuan through a private placement, with nearly 60% of the funds allocated for an AI-based smart credit system project, reflecting the growing demand for digitalization in financial services driven by the AI wave [1][2]. Group 1: Fundraising and Project Allocation - Anshuo Information intends to issue shares to no more than 35 specific investors, with a total fundraising amount not exceeding 600 million yuan, all of which will be used for various projects including the AI-based smart credit system [1][2]. - The smart credit system project has a planned total investment of approximately 354 million yuan, with about 353 million yuan coming from the raised funds, accounting for 58.78% of the total [2]. - Other projects include a comprehensive risk digital management platform with an investment of 71.93 million yuan (11.99% of the total), a digital financial R&D center upgrade costing 62.4 million yuan (10.4%), and working capital supplementation of 113 million yuan (18.83%) [2]. Group 2: Market Trends and Company Strategy - The company aims to enhance its operations through the AI-based smart credit system by adding four new modules and upgrading eleven existing ones, with a construction period of 36 months and an expected annual revenue of 600 million yuan upon completion [2][3]. - Anshuo Information has noted a rising trend in digital and intelligent credit business needs, with 84.29% of surveyed banks having deployed a digital financial strategy [3]. - The banking sector's IT investment in China reached approximately 163.4 billion yuan in 2023, showing a year-on-year growth of 13%, with a projected compound annual growth rate of 9.3% from 2024 to 2028 [3]. Group 3: Company Performance and Shareholding - In the first quarter of this year, Anshuo Information reported a revenue of 150 million yuan, an increase of 8.92% year-on-year, while the net profit attributable to shareholders decreased by 35.99% to 1.6483 million yuan [4]. - The revenue from credit management systems accounted for 72.74% of the company's total revenue in the 2024 financial report [4]. - Anshuo Development holds 27.93% of the company's shares, making it the controlling shareholder, while the actual controllers, Gao Yong and Gao Ming, collectively control 41.28% of the shares, ensuring that the control of the company remains unchanged post-fundraising [4].

Core Viewpoint - Zhejiang Merchants Futures has developed an intelligent hedging management system called "Hedging Party," aimed at simplifying risk management for enterprises through comprehensive, manageable, executable, and visual solutions [1][2] Group 1: System Features and Benefits - The "Hedging Party" system integrates strategy suggestions, real-time alerts, and data analysis to address challenges in traditional hedging, such as strategy formulation, execution tracking, and effectiveness evaluation [1] - The system is designed to empower enterprises with digital intelligence, making risk management more straightforward [1] Group 2: Upcoming Competition - In celebration of its 30th anniversary, Zhejiang Merchants Futures will host the first "Hedging Party" simulation competition from August to December 2025, in collaboration with Futures Daily [1] - The competition aims to enhance market risk management capabilities for enterprises and support their high-quality development [1][2] Group 3: Participation and Support - The event is targeted at industrial clients, who will compete in teams using the "Hedging Party" system for simulated hedging [1] - Each participating team will receive dedicated consulting support, including one-on-one Q&A, training, and coordination services to enhance their market experience [1]

Core Viewpoint - The launch of the upgraded "Postal Wallet APP 3.0" by China Post Consumer Finance aims to enhance customer experience and support consumption through innovative financial services [1][3][4]. Group 1: Product Innovation - The Postal Wallet APP 3.0 has undergone a comprehensive upgrade focusing on five key areas: interactive experience, service functionality, AI-driven financial services, brand trust enhancement, and new experiences within the Harmony ecosystem [5]. - The app has optimized user interaction, simplifying the loan process to three steps and making financial terminology more accessible, significantly improving user experience and lowering barriers to use [8]. - New features include YO+ credit scoring and "Credit Compass," which utilize multi-dimensional data modeling to provide personalized financial services and help users identify hidden risks [8]. Group 2: Risk Management - The company emphasizes the importance of self-developed risk control systems as a core competitive advantage, utilizing a digital risk management platform and big data models to accurately identify customer risks [8][9]. - A comprehensive fraud risk prevention system has been established to protect customer rights against individual and group fraud [8]. Group 3: Technological Development - The company is committed to full-chain independent research and development, with over 90% of its systems self-developed, and has applied for 146 invention patents, of which 101 have been authorized [9][10]. - The integration of AI technologies has led to the development of tools like "Postal Vision" and virtual digital assistants, enhancing customer service and operational efficiency [9][10]. Group 4: Ecosystem Expansion - The company is focused on building a "Postal Consumer Finance+" ecosystem, collaborating with various partners to create a diverse and open ecosystem that offers comprehensive financial and lifestyle services [11]. - The collaboration with academic and industry leaders during the launch event provided valuable insights into the role of credit data and technology in the digital transformation of consumer finance [11]. Group 5: Future Vision - The company envisions a more inclusive financial future, leveraging technology to enhance user experience while ensuring robust risk management [12].

Core Insights - The forum in Xi'an focused on the challenges and opportunities in the financial sector amidst the rise of AI and digital transformation, discussing topics like "financial large model applications" and "new opportunities for bank transformation" [1][2] Group 1: AI and Digital Transformation - Experts emphasized the need to address "data barriers, input-output, and security guarantees" to promote the application of large models in finance [4] - AI is seen as a key factor in reshaping the core competitiveness of the financial industry, driving deep integration between finance and technology [4] - The development of high-quality financial technology requires collaboration across the industry ecosystem and integration of resources from various fields [4] Group 2: Policy and Economic Development - The Shaanxi provincial government is committed to enhancing digital financial infrastructure and providing comprehensive services to financial institutions and enterprises to support high-quality economic development [4] - The changing international monetary environment necessitates research on foreign currency system changes and their implications for global finance [5] - The focus should be on maintaining the sovereignty of the Renminbi amidst technological advancements and external challenges [5] Group 3: Financial Innovation and Strategy - The CIO of Hengfeng Bank highlighted the importance of creating a unique "knowledge base + prompt word" system for AI development in small and medium-sized banks [6] - Financial institutions are encouraged to embrace large models and explore solutions like data engineering systems and trusted security frameworks [6] - The "14th Five-Year Plan" is viewed as a strategic blueprint for balancing development and security in building a strong financial nation [7]