九方智投控股(09636)公布，秉承"科技+投研"双轮驱动战略，公司旗下全资科技子公司—上海九方智擎 科技有限公司(九方智擎)，正式入驻全国首个大模型创新生态社区，标志公司向"金融智能体2.0"迈进， 聚焦金融垂类大模型的研发与应用，致力打造开放型智能引擎。 九方智擎正式揭牌入驻AIGC创新生态先导区—"模速空间"。公司未来将专注于金融垂类大模型研发与 应用，致力于打造高精尖AI研究团队，深度推动AI技术在证券领域核心场景(研究分析、投教服务、合 规风控等)的落地、赋能及创新，为金融数智化转型实践提供有力支撑。 此外，该集团与腾讯云计算(北京)有限责任公司正式建立战略合作。双方共同构建面向AI原生的新一代 企业内部效率工具;同时继续深化数据库、自研中间件、微服务架构等自主技术的联合创新，以打造更 具韧性的技术底座，聚焦人工智能AI领域的前沿技术研发与场景应用落地，共同推进云计算及智能化 基础设施的升级与创新发展。 董事会认为，九方智擎作为集团布局AI战略的重要载体，其入驻"模速空间"，标志公司AI产品化、生态 化、产业化迈入新阶段，推动"人工智能+"，进一步加速集团"数智化"转型，与集团打造证券领域全周 期A ...

Core Viewpoint - The "Enterprise Brain" model application project by Jincheng Bank has been awarded the "Best Generative AI Application Project in China" at the 2025 China Awards by The Asian Banker, recognized for its revolutionary impact on bank back-office operations and deep integration of AI technology with financial scenarios [1][3]. Group 1 - The Asian Banker China Awards program, established for over 10 years, is considered the "Oscar" of the Asia-Pacific financial industry, with nearly 600 submissions evaluated through a multi-dimensional assessment process [3]. - Jincheng Bank's project improved traditional inefficient processes, such as compliance management and document handling, by creating an enterprise knowledge base, intelligent customer service assistant, intelligent coding support plugin, and intelligent compliance cockpit [3]. - The call center quality inspection process has achieved up to 100% automation from an initial 5% manual review, and AI-assisted coding has increased development efficiency by 40%, significantly enhancing operational efficiency while reducing costs and controlling risks [3][4]. Group 2 - The "Enterprise Brain" model, as a large language model, excels in natural language processing and conversational tasks, with future potential for larger parameter scales, multi-modal capabilities, and enhanced reasoning model logic [4]. - Jincheng Bank has accumulated rich experience and technological achievements in the field of digital transformation, contributing to the digital transformation of the financial industry with its "Jincheng Wisdom" [4]. - The bank plans to continue deepening AI technology applications and exploring the extensive use of large models in the financial sector to drive continuous innovation and development [4].

Core Insights - The importance of data in the banking sector is increasingly recognized as a strategic priority, with a focus on digital transformation to enhance financial innovation and high-quality development [1] - Guizhou Rural Credit Union, a major local financial institution in Guizhou, has established itself as the largest bank in the province, with significant deposits and loans, and is now pursuing a digital transformation in collaboration with Huawei [1][10] Group 1: Challenges in Traditional Storage Networks - Traditional Fiber Channel (FC) storage technology faces limitations in scalability, with a maximum network bandwidth of only 32G, leading to increased costs as business scales [4] - The complexity of managing FC networks requires specialized technical personnel, raising operational costs and impacting efficiency as business grows [5] - Network performance bottlenecks are evident, with traditional Ethernet networks prone to packet loss, which can severely affect storage network performance [6][7] Group 2: NoF+ Storage Solution Implementation - Guizhou Rural Credit Union has partnered with Huawei to implement the NoF+ (NVMe over Fabric) storage solution, aiming to create a high-performance, reliable, and easy-to-manage storage network [10] - The OceanStor Dorado all-flash storage system, combined with CloudEngine data center switches, utilizes the iLossless intelligent lossless algorithm, achieving 0 packet loss under 100% throughput, with IOPS increased by 87% and latency reduced by 42% [11][15] - The NoF+ solution features intelligent sensing capabilities for fault detection, enabling millisecond-level notifications and sub-second failover to ensure business continuity [12][16] Group 3: Value Enhancement from NoF+ Solution - The implementation of the NoF+ storage solution has significantly improved the performance of Guizhou Rural Credit Union's storage network, enhancing system responsiveness and service efficiency [15] - Reliability has been bolstered through intelligent sensing features, ensuring zero impact on core storage operations during network failures [16] - Operational efficiency has increased due to the smart interlinking of storage devices, allowing for plug-and-play capabilities and one-click expansion, thus reducing operational costs [17] Group 4: Future Outlook - Guizhou Rural Credit Union plans to continue its collaboration with Huawei to explore innovations in financial technology and deepen its digital transformation efforts [17] - The ongoing technological advancements and partnerships aim to enhance service quality and operational efficiency, contributing to the economic and social development of Guizhou Province [17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 report shows a decline in total revenue by 14% year-on-year to 1 billion yuan, while net profit attributable to shareholders increased by 186% year-on-year to 31 million yuan [1] - The decline in revenue is attributed to reduced income from asset management technology services, risk and platform technology services, and operational and institutional technology services [7] - Investment income saw a significant increase of 2635% year-on-year to 55 million yuan, contributing to the overall profit despite the revenue drop [7] Revenue and Profit Analysis - Total revenue forecast for 2023A is 7,281 million yuan, with a projected decline in 2024A to 6,581 million yuan, followed by a recovery to 7,551 million yuan in 2025E [1] - Net profit attributable to shareholders is expected to be 1,424 million yuan in 2023A, decreasing to 1,043 million yuan in 2024A, and then recovering to 1,199 million yuan in 2025E [1] - The earnings per share (EPS) for 2023A is 0.75 yuan, projected to decrease to 0.55 yuan in 2024A, and then increase to 0.63 yuan in 2025E [1] Business Segment Performance - Wealth technology service revenue decreased by 5% year-on-year to 235 million yuan in Q1 2025 [7] - Asset management technology service revenue saw a significant decline of 34% year-on-year to 187 million yuan [7] - Operational and institutional technology service revenue decreased by 9% year-on-year to 212 million yuan [7] - Risk and platform technology service revenue decreased by 43% year-on-year to 56 million yuan [7] Cost Structure - Overall costs decreased, with operating costs down by 2% year-on-year to 362 million yuan [7] - Sales expenses decreased by 32% year-on-year to 85 million yuan, with a sales expense ratio of 8% [7] - Management expenses decreased by 11% year-on-year to 145 million yuan, with a management expense ratio of 14% [7] - Research and development expenses decreased by 11% year-on-year to 500 million yuan, with a research expense ratio of 49% [7] Future Outlook - The company maintains its previous performance forecasts, expecting net profits of 1.2 billion yuan, 1.4 billion yuan, and 1.7 billion yuan for 2025-2027, corresponding to P/E ratios of 46, 40, and 33 times respectively [7] - The overall recovery of the capital market is anticipated, although significant growth in technology investment from financial institutions has not yet been observed [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a 14% year-on-year decline in total revenue for Q1 2025, amounting to 1 billion yuan, while the net profit attributable to shareholders increased by 186% to 31 million yuan [1] - The decline in revenue was primarily due to reduced income from asset management technology services, risk and platform technology services, and operational and institutional technology services [7] - Investment income saw a significant increase of 2635% year-on-year to 55 million yuan, contributing to the overall profit growth [7] Revenue and Profit Analysis - Total revenue forecast for 2023A is 7,281 million yuan, with a projected decline of 9.62% in 2024A, followed by a recovery to 7,551 million yuan in 2025E, and further growth to 10,156 million yuan by 2027E [1][18] - Net profit attributable to shareholders is expected to be 1,199 million yuan in 2025E, with a growth trajectory leading to 1,654 million yuan by 2027E [1][18] - The latest diluted EPS is projected to be 0.63 yuan in 2025E, increasing to 0.87 yuan by 2027E [1][18] Business Segment Performance - Wealth technology service revenue decreased by 5% to 235 million yuan, while asset management technology service revenue dropped by 34% to 187 million yuan [7] - Operational and institutional technology service revenue fell by 9% to 212 million yuan, and risk and platform technology service revenue decreased by 43% to 56 million yuan [7] - Other business segments showed varied performance, with data services and innovation business revenues declining by 10% and 9% respectively, while corporate finance and insurance core services increased by 19% [7] Cost Structure - Overall costs decreased, with operating costs down by 2% to 362 million yuan [7] - Sales expenses saw a significant reduction of 32% to 85 million yuan, while management expenses decreased by 11% to 145 million yuan [7] - R&D expenses remained stable, with a slight increase in the R&D expense ratio to 49% [7] Future Outlook - The company maintains its previous performance forecasts, expecting net profits of 1,200 million yuan in 2025, 1,400 million yuan in 2026, and 1,700 million yuan in 2027, corresponding to P/E ratios of 46, 40, and 33 respectively [7][18] - The overall recovery of the capital market is anticipated, although significant growth in technology investments by financial institutions has yet to be observed [7]