Group 1 - The core viewpoint of the report is the recommendation of Zhongke Jincai (002657.SZ) based on its strategic initiatives and growth potential in AI and blockchain sectors [2] - The company has launched an equity incentive plan aimed at enhancing its focus on AI and blockchain business [2] - The 2025 mid-term report indicates a continuous growth trend in revenue [2] - The company is deepening its financial services to solidify its revenue base, with significant growth momentum in its AI business [2] - An AI product matrix has been officially released, and the AI-Native architecture has been implemented to upgrade its business operations [2]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its business accumulation in the financial sector and forward-looking layout in artificial intelligence [4][6]. Core Viewpoints - The company has launched an employee stock ownership plan, focusing on AI and blockchain business, with a target of achieving a revenue growth rate of no less than 10% in 2025 and 20% in 2026 based on 2024 revenue [1]. - The company reported a revenue of 345 million yuan in H1 2025, a year-on-year increase of 14.26%, but a net profit decline of 71.51% due to increased investments in AI [2]. - The company is deepening its financial services, with a significant revenue drop in its core financial technology services but substantial growth in data center services and AI services [3]. Summary by Sections Employee Stock Ownership Plan - The company announced a stock incentive plan covering 12 executives, with a total of 1,476,155 restricted shares, representing approximately 0.434% of the total share capital [1]. Financial Performance - In H1 2025, the company achieved a revenue of 345 million yuan, with AI-related revenue growing over 100% [2]. - The breakdown of revenue shows a significant decline in financial technology services, while data center services and AI services saw substantial growth [3]. AI Business Development - The company officially launched an AI product matrix aimed at B-end customers, enhancing its business capabilities through AI-native architecture [4]. - The company has established partnerships with major players like Alibaba Cloud, Tencent Cloud, and Microsoft Cloud, and has obtained numerous software patents [3]. Financial Forecast - The forecast for net profit from 2025 to 2027 is 22 million, 50 million, and 87 million yuan, with respective growth rates of 139.1%, 132.1%, and 73.4% [4][5]. - The projected PE ratios for 2025 to 2027 are 450, 194, and 112, indicating a potential valuation reshaping due to AI business contributions [4][5].

DIFC 预 计 继 续 实 现 业 绩 高 速 增 长 ， 财 富 管 理 、 家 族 企 业 和"AI+金融科技"是重点发展方向。 作者：杜涛 封图：图虫创意 20年间，迪拜在伦敦、新加坡、中国香港和东京之间，打造了一座国际金融中心。 迪拜国际金融中心（DIFC）首席运营官Alya AlZarouni对经济观察报表示，回溯20年前，迪拜就 要建立国际金融中心（DIFC），这其实是迪拜进化故事的一部分。当时，迪拜从最初的贸易枢纽 逐步发展，建立了港口和阿联酋航空，这些举措显著增强了迪拜的连通性，使其自然成为旅游胜 地，并开始更多地投资于生活方式元素。 于是DIFC应运而生。根据最新的全球金融中心指数（GFCI），DIFC位列全球第12位，是全球仅 有的8个在金融能力上"广泛且深入"的城市之一。 据经济观察报了解，DIFC的架构包含三个独立实体：DIFC管理局（负责战略和基础设施）、迪拜 金融服务管理局（DFSA，类似央行职能的监管机构）和DIFC法院（处理争议解决的独立司法系 统）。 DIFC财富和资产管理主管Jonathan Beardall介绍了2025年DIFC在业绩等方面的未来目标：DIFC 预计继 ...

Core Insights - Dubai International Financial Centre (DIFC) has evolved over 20 years into a significant global financial hub, ranking 12th in the Global Financial Centres Index (GFCI) and recognized as one of the eight cities with "broad and deep" financial capabilities [1][2] - DIFC aims to establish itself as a financial center to support economic diversification and reduce reliance on oil, with a focus on attracting global investments through a familiar business environment based on common law [2][3] Performance Metrics - In 2024, DIFC reported a significant increase in active companies, reaching 7,000 (up 25% year-on-year), with total registered companies surpassing the total from its first decade [2] - The workforce within DIFC has grown to 46,000 employees, indicating robust business activity and employment growth [2] Strategic Initiatives - DIFC is focusing on wealth management, family businesses, and "AI + fintech" as key growth areas, with plans for continued high performance [1][2] - The center has established various initiatives, including the Dubai Sustainable Finance Working Group, to promote sustainable development and enhance its industry position [2] Innovation and Market Position - DIFC serves as a regional innovation hub, attracting 130 AI companies within just six months in 2024, showcasing its commitment to technological advancement [3] - The center offers 100% foreign ownership, no foreign exchange restrictions, and a competitive tax regime (9% corporate tax rate), making it an attractive destination for businesses [3] Regulatory Framework - DIFC comprises three independent entities: DIFC Authority, Dubai Financial Services Authority (DFSA), and DIFC Courts, which collectively support its operational and regulatory framework [4][5] - DFSA acts as the sole regulatory body for financial services within DIFC, overseeing over 900 financial institutions and ensuring compliance with international standards [5][6] Risk Management and Compliance - DFSA employs a risk-based regulatory approach, focusing resources on high-risk areas, and emphasizes education and policy revision to address misconduct early [5][6] - The authority has strict rules regarding financial institutions, including prohibitions on accepting deposits from UAE residents and limitations on direct insurance activities [6]