Core Viewpoint - Guosheng Jin控 announced plans to dispose of up to 12.67 million shares of Qudian, representing approximately 7.87% of its holdings, to enhance asset efficiency and focus on core business development [1][2]. Summary by Sections Company Actions - Guosheng Jin控 plans to sell its stake in Qudian to improve asset utilization and concentrate resources on its main business [2][4]. - The decision was approved during the 51st meeting of the fourth board of directors on September 26, with authorization for the management to determine the timing, method, and price of the sale within 12 months [2][4]. Financial Implications - If Guosheng Jin控 fully liquidates its Qudian shares, it is expected to recover around RMB 400 million [1][2]. - As of March 31, Qudian reported total assets of RMB 12.464 billion, total liabilities of RMB 1.173 billion, net assets of RMB 11.291 billion, total revenue of RMB 216 million, and net profit of RMB 92 million for the year 2024 [3]. Historical Context - Guosheng Jin控 acquired a 5% stake in Beijing Happy Times Technology Development Co., which later led to the acquisition of shares in Qudian through a VIE structure [3]. - The initial investment in Qudian was part of a strategic shift in 2016, focusing on expanding into the financial services sector and exploring consumer finance [4][5]. Stakeholder Information - Other significant shareholders of Qudian include Luo Min, who holds 40.2% of the shares [3]. - The company emphasizes that the planned share disposal will not harm the interests of shareholders, particularly minority shareholders [4].

Core Insights - The company, Zhice Linghang, has completed a Series A+ strategic financing round led by Xuhui Capital, with total funding reaching several tens of millions [1][2] - The investment from Xuhui Capital, a state-owned capital platform, highlights the market's recognition of the company's long-term development potential in the intersection of AI and financial innovation [2][4] Company Overview - Zhice Linghang was established in 2024 by a team from Tsinghua University and other prestigious institutions, focusing on democratizing and intelligentizing financial investment through AI [2] - The core product, "Cai Dazai," serves as an AI investment partner for retail investors, offering features such as market trend analysis, report generation, and investment backtesting [2][4] Industry Recognition - The company received significant recognition at the 2025 DEMO CHINA conference, being awarded as a "2025 AI Innovator," which underscores its technological strength and market potential [3][4] - Zhice Linghang has also been featured in national media, reflecting societal and industry acknowledgment of AI's role in enhancing the quality of financial development [3] Future Outlook - The dual benefits of financing and awards are expected to enhance the company's growth momentum, with plans to increase investment in AI agent development and product iteration [5] - The company aims to expand market collaborations and promote the practical application of AI in financial technology across broader scenarios [5]

此外，该行指出，九方智投控股通过收购香港持牌机构加强在香港、美国及通过沪港通和深港通北向交 易等核心市场的覆盖能力，提升行业竞争力及影响力。公司通过配售融资布局数字资产领域，未来将通 过"技术及经验复制+外部投资"，拓展数字资产行业经验，包括将金融信息技术延伸至数字资产场景。 消息面上，Wind数据显示，A股两融余额创下历史新高，近五个交易日均保持在2.4万亿元以上；市场 活跃度也不断提升。湘财证券近期研报指出，九方智投控股业绩表现与股市交投活跃度高度相关，当市 场成交额越高，订单及收入增长越快。"9.24"行情以来市场成交额明显回升，入市投资者增加，公司订 单金额爆发式增长。该行预计25Q3以来订单金额将随市场交投活跃而增加，继续支撑全年收入实现较 快增长。 九方智投控股(09636)午后曾涨超14%，截至发稿，涨8.33%，报74.15港元，成交额6.15亿港元。 ...

Core Viewpoint - Jiufang Zhitu Holdings (09636) has seen a significant increase in stock price, attributed to the rising trading activity in the A-share market, which has reached a historical high in margin financing balance [1] Group 1: Stock Performance - Jiufang Zhitu Holdings experienced a stock price increase of over 14% in the afternoon, settling at an 8.33% rise to HKD 74.15, with a trading volume of HKD 615 million [1] - The A-share margin financing balance has consistently remained above CNY 2.4 trillion for the past five trading days, indicating heightened market activity [1] Group 2: Revenue and Orders - The company's performance is highly correlated with market trading activity; as trading volume increases, so does the growth in orders and revenue [1] - Following the "9.24" market trend, there has been a notable recovery in trading volume, leading to explosive growth in order amounts [1] - It is anticipated that order amounts will continue to rise alongside market trading activity, supporting rapid revenue growth for the year [1] Group 3: Strategic Initiatives - Jiufang Zhitu Holdings is enhancing its competitive edge and market influence through acquisitions of licensed institutions in Hong Kong, as well as expanding coverage in key markets such as the US and through northbound trading via the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect [1] - The company is positioning itself in the digital asset sector through placement financing, aiming to replicate its technology and experience while making external investments to expand its expertise in digital assets [1]

Core Viewpoint - LSEG has launched the Risk Analytics Lab, a powerful new platform that combines the flexibility of the Open Risk Engine (ORE) with the efficiency and simplicity of SaaS, designed for risk management professionals to provide smarter, faster, and more collaborative risk management solutions [1][3]. Group 1: Key Features - Risk Analytics Lab offers a free entry point for users to access cutting-edge risk and pricing capabilities, fostering a growing user community for shared innovation and addressing industry challenges [2]. - The platform integrates market data and pre-configured workflows, allowing users to execute risk calculations instantly without lengthy setup processes or complex integration projects [1][4]. - The open-source architecture of Risk Analytics Lab enables users to customize and collaborate, promoting a community-driven approach to pricing and risk analysis [5]. Group 2: Advantages - Risk Analytics Lab provides a free usage option, significantly reducing costs for risk management professionals, making it a more viable investment choice for enterprises [4]. - The SaaS solution can be activated immediately, allowing teams to demonstrate its capabilities out of the box while being scalable to meet complex risk calculation needs [4]. - The platform supports advanced mathematical models and simulations for accurate pricing of structured derivatives, utilizing methods like Black-Scholes and Monte Carlo simulations [7]. Group 3: Applications and Capabilities - Risk Analytics Lab facilitates complex product pricing, xVA simulations, and sensitivity analysis, enabling teams to price complex products and validate models [5][6]. - It integrates with Post Trade Solutions' market data services, providing cleaned market data for pricing and model calibration [7][12]. - The platform supports compliance and regulatory reporting, serving as a technical foundation for Basel III and IFRS 13 reporting [12].

Group 1 - Financial technology stocks experienced a significant upward trend on September 29, with Huijin Co., Ltd. hitting a 20% daily limit increase [1] - Zhinancun saw an increase of over 10% [1] - Other companies such as Wealth Trend, Win Times, Silver杰, and Great Wisdom all rose by more than 6% [1]

Core Points - The 2025 Shenzhen International FinTech Competition is officially launched, targeting university students and offering a total prize pool of 500,000 RMB along with physical certificates and trophies [2][4]. - The competition has been held for seven consecutive years, attracting nearly 10,000 students from renowned universities worldwide and resulting in thousands of outstanding fintech software projects [4][6]. - This year's competition features two main tracks: Artificial Intelligence and Data Analysis, with participation open to undergraduate and graduate students from various disciplines [4][5]. Competition Overview - The competition aims to promote innovation in fintech and AI, with a focus on exploring technological applications in these fields [4]. - Participants can compete in teams or individually, with the organizing committee assisting in team formation for individual entrants [4][5]. - The competition includes specific challenges in both tracks, such as AI-driven financial experiences and data analysis models for small businesses [5][6]. Schedule and Prizes - Key dates include registration, technical workshops, and submission deadlines, culminating in a final event in December [6]. - Prizes will be awarded in various categories, including first, second, and third prizes, as well as a Best Creative Award, with cash prizes ranging from 20,000 to 100,000 RMB [8]. Expert Involvement - The competition is supported by a prestigious advisory panel, including academicians and industry experts, enhancing its credibility and appeal [8][10][13].

Core Insights - The article emphasizes the importance of backtesting tools in the gold investment sector, which help investors validate their trading strategies and reduce real-world risks. Six platforms—Huimin Finance, Today Finance, Jinchao Investment, Puhui Gold, Wealth Alliance, and Prohui—offer unique backtesting features to support investors throughout the strategy development and optimization process. Group 1: Huimin Finance - Huimin Finance focuses on "low threshold and high transparency," providing a backtesting tool designed for novice investors. Its "smart allocation system" automatically distributes funds based on user risk preferences, such as allocating 70% to gold ETFs and 30% to swing trading. Users can set entry and exit conditions without complex coding, generating historical return curves automatically [1]. Group 2: Today Finance - Today Finance introduces an event-driven trading paradigm, utilizing a backtesting tool that aggregates real-time information from over 200 sources, including Federal Reserve policies and geopolitical conflicts. The platform generates "investment impact assessment reports," helping users analyze the effects of historical events on gold prices, such as providing insights three days before a potential rate hike in 2025 [1]. Group 3: Jinchao Investment - Jinchao Investment positions itself as an "institutional-level platform for individual investors," employing FPGA hardware acceleration to reduce order execution delays to under 0.1 milliseconds. The platform supports multi-account management and algorithmic trading, regularly publishing in-depth reports on the gold market to help users seize cross-market opportunities [2]. Group 4: Puhui Gold - Puhui Gold's backtesting tool is based on macroeconomic research, integrating global central bank gold purchase data, mining costs, and ETF holdings to generate medium- to long-term price forecasts. It includes an "inflation hedging toolkit" that analyzes CPI and interest rate futures to assist users in constructing cross-market hedging portfolios [2][5]. Group 5: Wealth Alliance - Wealth Alliance innovatively incorporates social attributes into quantitative trading, allowing users to follow certified gold trading experts through a "star strategy following system." The platform's AI assistant matches high-win-rate strategy combinations based on user risk preferences, providing personalized investment recommendations [5]. Group 6: Prohui - Prohui aims to create a "full-scenario gold trading platform," with backtesting tools that support seamless switching across web, app, and API. The platform employs military-grade encryption for data security and offers biometric login and layered password management [5]. Group 7: Technological Empowerment - The article concludes that technological advancements in backtesting tools are reshaping investment logic in gold trading. The six platforms redefine the boundaries of trading strategy validation, making gold investment accessible to a broader audience and transforming it from an exclusive activity into a new choice for public finance [5].

Core Insights - The financial black and gray market has expanded dramatically, growing over tenfold since 2021, resulting in property losses amounting to billions [1][2] - Cross-border scams have intensified, with foreign criminal organizations using fake customer service numbers to deceive users, posing a significant threat to financial security [2][4] Group 1: Industry Trends - The financial black and gray market is increasingly characterized by cross-border, industrialized, and technological trends, becoming an "invisible tumor" threatening public financial safety [2] - Recent police reports indicate that foreign criminal groups are deploying numerous fake customer service numbers, impersonating legitimate financial institutions to lure users into scams [2][4] Group 2: Company Initiatives - The company, along with its parent organization, is implementing a multi-faceted governance system focused on "technical defense, government-enterprise collaboration, and public education" to combat the black and gray market [3][5] - The company has collaborated with law enforcement and other departments to establish a cooperative governance mechanism, reporting 70 cases of financial black and gray market activities to the police and aiding in the arrest of 100 suspects [4] Group 3: Public Awareness and Education - The company is enhancing user awareness of cross-border scams through online and offline campaigns, including a dedicated "anti-fraud section" in its app and community outreach programs targeting vulnerable groups [5] - Educational initiatives include the creation of anti-fraud comic series and local dialect anti-fraud slogans to improve financial literacy among specific demographics [5]

Core Viewpoint - The merger between Xiangcai Co. and Dazhihui is progressing rapidly, with key transaction details recently finalized, marking a significant step towards shareholder approval and regulatory review [1][8]. Group 1: Merger Details - Xiangcai Co. plans to absorb Dazhihui through a share swap, with Xiangcai's A-share swap price set at 7.51 CNY per share and Dazhihui's at 9.53 CNY per share, resulting in a total share capital increase to 5.141 billion shares [3][9]. - The merger will involve a financing plan of up to 8 billion CNY, targeting specific investors for funding directed towards financial technology, big data projects, and debt repayment [3][11]. Group 2: Market Reaction - Following the announcement, Xiangcai's stock surged over 7% on September 26, while Dazhihui rose over 4%, reflecting strong market enthusiasm [5]. - Since the merger announcement on March 16, Xiangcai's stock price has increased by over 84%, with a current market capitalization of 36.3 billion CNY [5]. Group 3: Strategic Implications - This merger positions Xiangcai to become the third internet brokerage in A-shares, following the paths of Dongfang Caifu and Zhinancun, enhancing its competitive edge in the financial services sector [6][22]. - The collaboration aims to create a "brokerage + financial technology" model, leveraging Dazhihui's extensive user base and technological capabilities to enhance Xiangcai's service offerings [22][25]. Group 4: Financial Projections - Post-merger, the total assets, equity, and revenue of the surviving company are expected to increase, although short-term profit fluctuations are anticipated [17]. - The combined entity's revenue ranking is projected to be outside the top 30 in the industry, indicating significant room for growth compared to leading competitors like Dongfang Caifu [24].