我们都知道，金融科技的概念在移动互联网时代便已经开始出现了。无论是头部的互联网玩家们，还是传统的金融玩家们，无 一不将自身定义成为金融科技的真实落地者。然而，我们同样看到，对于互联网玩家们来讲，它们更多地将金融科技看成是 「科技」的范畴，而对于传统的金融玩家们而言，它们更多地将金融科技看成是「金融」的范畴。说到底，金融科技之所以会 遭遇这样一种困境，其中一个很重要的原因在于「金融」和「科技」两种元素并未实现真正意义上的融合。 当下，AI正在深度影响与改变着各行各业，互联网玩家们尤其深刻而全面。作为互联网时代的衍生物，金融科技，同样正在受 到AI的深刻影响。毫不夸张地说，AI，正在将金融科技的发展带入到一个全新的时代。无论是AI识别在金融科技的应用，还是 AI数字人在金融科技的落地，无一不是这样一种现象的直接体现。 如果我们将互联网时代的金融进化，看成是一次金融科技进化的启航之地的话，那么，当AI时代来临，金融科技的进化，则是 开始进入到真正意义上的嬗变时代。在这样一个全新的时代，只有那些真正可以给金融科技的发展带来改变的玩家才能继续留 在牌桌上。反之，如果仅仅只是将金融科技在AI的新进化看成是一个概念和噱头， ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 06 月 10 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】周一 A 股三大指数集体上涨。截至收盘，上证综指涨 0.43%，深成指涨 0.65%，创业板指涨 1.07%。全市场成交额 13,126 亿元，较上日增加 1,355 亿元。全市场超 4,100 只个股上涨。板块题 材上，创新药、足球概念、可控核聚变、互联网金融板块涨幅居前； 贵金属、白酒板块跌幅居前。 【重要新闻】 【国家统计局公布 2025 年 5 月份 CPI 和 PPI 数据】2025 年 5 月份， 全国居民消费价格同比下降 0.1%。其中，城市持平，农村下降 0.4%； 食品价格下降 0.4%，非食品价格持平；消费品价格下降 0.5%，服务 价格上涨 0.5%。1-5 月平均，全国居民消费价格比上年同期下降 0.1%。 5 月份，全国居民消费价格环比下降 0.2%。其中，城市下降 0.2%， 农村下降 0.2%；食品价格下降 0.2%，非食品价格下降 0.2%；消费品 价格下降 0.3%，服务价格持 ...

Group 1 - The core viewpoint of the articles highlights the significant transformation in the financial sector driven by the integration of technology and finance, particularly with the pilot operation of digital currency in China [1] - The YunYueDong APP is recognized as an innovator in the fintech space, preparing for its listing in mid to late July, and has gained wide recognition in the industry due to its strong technological support and professional financial services [1][3] - The platform aims to support agricultural development through diversified services, exploring new models for government agricultural funding, and establishing a strategic framework focused on rural finance, industrial funds, and industrial investment [3] Group 2 - YunYueDong APP has developed multiple business lines including wealth asset management, global open product platforms, and internet finance, providing comprehensive financial services such as investment consulting and project investment [5] - The platform addresses the challenges posed by the pandemic by facilitating small investment projects, helping investors and entrepreneurs navigate economic difficulties [5] - As a key player in the internet investment industry, YunYueDong APP emphasizes compliance and the establishment of a transparent financing network, while also adapting to the trends of economic globalization [7] - The company expresses its commitment to sustainable development and corporate social responsibility, leveraging innovative financial models to support agricultural enterprises and contribute to rural revitalization and economic recovery [7]

Core Viewpoint - A-shares experienced a rebound with all three major indices rising, driven by strong performance in the innovative drug sector and other active sectors like football concepts and internet finance [1] Market Performance - The Shanghai Composite Index rose by 0.43%, the Shenzhen Component increased by 0.65%, and the ChiNext Index gained 1.07% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.31 trillion yuan, an increase of 135.5 billion yuan compared to the previous trading day [1] Sector Highlights - The innovative drug sector saw significant gains, with stocks such as Shuyou Shen, Changshan Pharmaceutical, Haichen Pharmaceutical, Ruizhi Medicine, Lianhua Technology, and Zhongsheng Pharmaceutical hitting the daily limit [1] - The football concept sector remained active, with Co-Creation Turf achieving six consecutive trading limit ups and Jinling Sports rising over 10% [1] - The precious metals sector led the declines, with stocks like Chifeng Gold and Shandong Gold experiencing the largest drops [1] Overall Market Sentiment - The overall market showed a positive trend with more than 4,100 stocks rising, indicating a bullish sentiment among investors [1]

热点概览： A股三大指数今日高开高走，截至收盘，沪指涨0.43%一度站上3400点，深成指涨0.65%，创业板指涨1.07%，北证50指数涨1.08%。全 市场成交额13126亿元，较上日放量1355亿元。全市场超4100只个股上涨。 板块题材上，创新药、足球概念、可控核聚变、互联网金融板块涨幅居前；贵金属、白酒板块跌幅居前。 盘面上，创新药概念再度爆发，舒泰神（300204）、常山药业（300255）、海辰药业（300584）、睿智医药（300149）、联化科技 （002250）、众生药业（002317）等多股涨停。足球概念持续活跃，共创草坪（605099）6连板，金陵体育（300651）涨超10%。互 联网金融板块走强，南华期货（603093）、恒宝股份（002104）涨停。核电股午后活跃，百利电气（600468）、哈焊华通 （301137）、合锻智能（603011）涨停。贵金属板块领跌，赤峰黄金（600988）、山东黄金（600547）跌幅居前。 暗盘资金一眼洞悉庄家意图>> 涨停天梯榜： 【6连板】 共创草坪。 【5连板】 金时科技（002951）。 【4连板】 中嘉博创（000889）、易明医药（0 ...

Core Insights - The article highlights the rapid growth and transformation of the internet finance sector, particularly through the example of the QianMing Wallet APP, which has effectively captured market opportunities in consumer finance since its establishment in 2017 [1][3][4] Industry Overview - The digital finance market in China has seen explosive growth, with the market size increasing from 32.8 trillion yuan to 41.7 trillion yuan between 2021 and 2023, representing a growth rate of 27.1% [3] - Internet finance is expected to continue benefiting from digital technology innovations, emerging consumer scenarios, and diversified financial service demands [4] Company Strategy - QianMing Wallet APP focuses on providing flexible, diverse, and easy-to-apply consumer installment loan products, targeting underserved ordinary users in the traditional financial system [1][7] - The company has invested heavily in technology since 2018, exploring the application of big data and artificial intelligence throughout its financial services [1][9] User Behavior and Demand - Users increasingly demand convenience, personalization, and diversity in financial products, preferring seamless online processes and tailored loan options based on their credit status and consumption habits [5][6] - Over 90% of users complete transactions via mobile apps, with high activity during evenings and weekends [6] Product and Service Innovation - The QianMing Wallet APP offers installment loans with flexible terms, allowing users to choose repayment periods from 3 to 12 months, and loan amounts up to 100,000 yuan [7] - The company employs an intelligent risk control system that utilizes a scoring model based on extensive user data to assess creditworthiness and risk levels [7][9] Marketing and User Engagement - The company utilizes digital marketing strategies and partnerships with e-commerce and service platforms to enhance user acquisition and retention [8] - Personalized financial products and promotional activities are pushed to users based on behavioral data analysis to improve user experience [8] Technological Advancements - The application of big data and AI in risk control and product innovation is a key focus, with the company aiming to enhance user experience and reduce risks through advanced algorithms [9][10] - The exploration of blockchain and IoT technologies is underway, aiming to improve supply chain finance and real-time monitoring of collateral [10][11] Expansion of Financial Services - QianMing Wallet APP is diversifying its offerings beyond consumer loans to include investment, insurance, and payment services, enhancing its one-stop financial service platform [12] - The company is also focusing on green finance initiatives, promoting environmentally friendly consumption through tailored financial products [13][14] Social Responsibility and Inclusivity - The company aims to bridge the financial service gap in rural areas by providing customized financial services tailored to local economic conditions [15] - Efforts are made to enhance financial literacy among users through various educational initiatives, promoting responsible financial behavior [14][15]

零钱往哪放？理财收益率跟踪 金十数据6月9日讯，腾讯理财通余额+7日年化收益率最高为1.5870%，最低为0.9840%，微信零钱通7日 年化收益率最高为1.3230%，最低为1.1580%，支付宝余额宝7日年化收益率最高为1.5010%，最低为 1.1160%。 ...

Core Viewpoint - In the current era, inheritance and innovation are eternal themes in corporate development, with a dialectical relationship between the two. YunYueDong APP focuses on agricultural investment development, embodying the principle of "exploring win-win channels and harvesting wealth value" through innovation within tradition [1]. Group 1: Business Model - YunYueDong APP centers its operations around the "Three Rural" projects, establishing three main business models: rural finance, industrial funds, and industrial investment. The platform offers diversified financial services to agricultural enterprises and farmers while providing rich investment options for investors [3]. - The platform has designed over a dozen financial products tailored to different investor sizes, ranging from stable medium-return products to high-yield challenge products, catering to various financial plans, psychological expectations, and risk preferences of investors [3]. Group 2: Risk Management - The professional risk control team of YunYueDong APP comprehensively tracks the use of funds, ensuring that every investment has a clear market direction. The company regularly reports detailed regulatory conditions to investors, ensuring investment safety and transparency [5]. Group 3: Corporate Culture and Future Plans - As a veteran in the financial industry, YunYueDong APP focuses on creating value for investors and emphasizes trust. The company provides safe and efficient investment services to help investors achieve stable asset appreciation [7]. - The corporate culture of YunYueDong APP emphasizes harmony, openness, and balance, valuing user experience and safety while promoting continuous learning and sharing. This culture enhances employee cohesion and drives the platform's sustainable development [7]. - Recently, YunYueDong APP announced its plans for an IPO, expected to launch in mid to late July, marking a new starting point for the company's development and showcasing its achievements in the financial services sector [7].

证券研究报告 奇富科技-S (3660 HK/QFIN US) 2025 年中期策略会速递— 盈利高质量，贷款质量稳健 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国香港/美国 | 其他多元金融 | 6 月 4 日奇富科技出席了我们组织的 2025 年中期策略会，会上公司回顾了 1Q25 的经营情况，并解答了投资者关注的问题。1Q25 需求具有韧性，同 时营销策略持续优化。贷款质量保持健康，C-M2 基本稳定。另外公司重视 股东回报，股份回购持续推进。我们认为公司运营稳健，质量稳定，利润"安 全垫"较为充足，预计 25 年盈利有望进一步提升，维持"买入"评级。 贷款质量保持稳健，盈利质量高 1Q25 C-M2 比例略升至 0.60%（4Q24：0.57%），首日逾期率升至 5.0% （4Q24：4.8%），30 天回款率环比持平于 88.1%。贷款质量仍然维持健康。 基于当前的宏观环境，结合公司谨慎的贷款投放和对风险的重视，我们预计 内年的 C-M2 比例有望大致维持在当前水平。另外 1Q25 的拨备计提率约 4.9 ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company demonstrates resilient demand and stable loan quality, with a focus on shareholder returns through ongoing share buybacks. The operational stability and quality are expected to enhance profitability in 2025 [1][2][4] Summary by Sections Loan Quality and Profitability - The C-M2 ratio slightly increased to 0.60% in Q1 2025 from 0.57% in Q4 2024, while the first-day overdue rate rose to 5.0% from 4.8%. The 30-day repayment rate remained stable at 88.1%. The loan quality is considered healthy, with a provisioning rate of approximately 4.9%, significantly higher than the long-term vintage overdue rate of 2.5-3.5%, indicating a strong profit cushion [2] Demand and Customer Acquisition Strategy - In Q1 2025, the company achieved a loan issuance of 88.9 billion RMB, reflecting a slight decrease of 1.1% quarter-on-quarter, indicating resilient credit demand. The customer acquisition cost per new credit user increased to 384 RMB from 312 RMB in Q4 2024, attributed to a higher proportion of API channel acquisitions and increased spending on high-cost information flow channels [3] Shareholder Returns - As of May 19, 2025, the company repurchased shares worth 178 million USD under a 450 million USD buyback plan, with expectations to complete the remaining amount within the year. The anticipated minimum shareholder return for the year is approximately 10%, supported by a commitment to a 20-30% dividend payout ratio [4] Profit Forecast - The company maintains its profit forecasts for 2025, 2026, and 2027 at 7.1 billion, 7.7 billion, and 8.2 billion RMB respectively. The target prices are set at 55.6 USD and 220.9 HKD, based on a PE ratio of 6.5x for 2025 and DCF methods [5]