Core Viewpoint - Shenzhen has emerged as a vibrant hub for technological innovation, supported by a comprehensive financial service system that covers the entire lifecycle of enterprises, enhancing their growth and development [1][2][13]. Group 1: Innovation and Financial Support - Shenzhen boasts an average of 12 national high-tech enterprises per square kilometer, the highest density in the country, and has nurtured over 1,300 specialized "little giant" enterprises, leading the nation in new additions for three consecutive years [1]. - The city's R&D investment accounts for 6.67% of its GDP, ranking first among major cities in China [1]. - The financial support system includes products like "Tengfei Loan" and "Technology Startup Pass," which cater to the financing needs of tech enterprises throughout their lifecycle [3][4]. Group 2: Specific Financial Products - "Tengfei Loan" has evolved to include revenue-sharing models, allowing banks to provide long-term loans to high-growth tech companies while sharing future profits, with 146 companies signing contracts totaling 8.63 billion yuan by November 2025 [3][4]. - "Technology Startup Pass" has helped 5,037 enterprises secure loans totaling 8 billion yuan by November 2025, significantly shortening the time for companies to obtain financing [4][5]. - "Crossing Loan" provides rapid financing support for growth-oriented companies lacking collateral, serving nearly 70 enterprises with a total of 200 million yuan [5]. Group 3: Ecosystem Optimization - Shenzhen is building a collaborative "technology-industry-finance" ecosystem, enhancing the "stock-loan-debt-insurance-exchange" linkage in its financial service system [6][10]. - The "Kowloon Technology Innovation Cooperation Zone" facilitates cross-border flow of innovation resources between Shenzhen and Hong Kong, with over 200 high-end research projects and 15,000 researchers attracted to the area [9][10]. - The introduction of the "Technology Board" and risk-sharing tools has provided private investment institutions with stable, low-cost funding sources, addressing previous financing challenges [11][13].

Core Viewpoint - The market is undergoing a valuation reassessment of growth stocks, with previously overlooked stocks beginning to see a rebound, while the financial sector remains strong, reaching historical highs [3]. Group 1: SOFI's Market Position - SOFI has not been able to break the key resistance level of $31 since August-September 2025, but there is no need for excessive pessimism as clearer market signals have emerged [3]. - The stock's bullish logic in October focused on its ability to diversify into high-growth areas, particularly in the financial services sector, although the market is unlikely to significantly raise its growth stock valuation multiples [3]. - SOFI's expected price-to-earnings ratio is currently around 50 times, which is close to its one-year low, and the stock has seen an annual return of over 80% this year, with a cumulative return exceeding 500% over the past three years [6]. Group 2: Growth Areas - SOFI is strategically expanding into new growth areas, including the restart of its cryptocurrency platform, which is expected to enhance user engagement [7][12]. - The loan platform business has shown impressive performance, achieving a fourfold year-on-year growth, and is now seen as a strong growth driver for the company [10]. - The company has completed loan issuance of $3.4 billion, with an annualized operating scale of $13 billion and annual revenue contribution reaching $660 million [10]. Group 3: Strategic Developments - The restart of the cryptocurrency business is a well-considered strategic decision, aligning with user feedback and the growing mainstream acceptance of cryptocurrency investments [12]. - SOFI's introduction of a fully-backed USD stablecoin is a natural extension of its cryptocurrency business, indicating a move towards more diversified growth areas [12]. - The company’s management emphasizes that the loan platform business is no longer limited to referral and monetization channels but is deeply integrated with SOFI's core capabilities, enhancing revenue stability [10]. Group 4: Future Outlook - SOFI's strong earnings growth trajectory suggests that its competitive moat is solidifying, indicating that the company’s best performance may still be ahead [13]. - Despite a nearly 50 times expected price-to-earnings ratio potentially limiting further valuation increases, the stock shows strong buyer support around the $25 mark [13]. - The company faces challenges, including potential consumer confidence issues and economic conditions that could impact its high valuation multiples [13].

12月19日，香港特区政府财经事务及库务局（以下简称财库局）副局长陈浩濂，在中国基金报主办 的"2025资本市场香港论坛"上致辞时表示，本次论坛以"科技与资管赋能高质量发展"为主题，与香港作 为国际金融中心的发展方向高度契合。他分享了香港作为国际金融中心的独特优势，以及香港推动金融 行业健康发展的各项举措。 2025资本市场香港论坛为紫荆文化集团主办的首届"香港国际AI艺术节"系列活动之一。本届艺术节 以"预见未来：现实与无界"为主题，致力于打造亚洲首个聚焦技术与艺术深度融合的国际盛事，助力香 港建设国际创新科技中心与中外文化艺术交流中心，吸引了众多海内外顶尖科学家、艺术家、企业代表 及学界领袖参与。 香港金融科技及新股集资额 均居全球榜首 陈浩濂表示："在全球瞬息万变的经济格局中，凭借'一国两制'的制度优势，香港在背靠祖国、联通世 界的独特背景下，已发展成为亚洲领先的国际金融中心。首先，香港拥有可方便地进入内地市场的优 势；其次，香港的核心竞争力还包括与海外主要市场接轨的监管体系，以及简单和低税制等。这些优势 使得香港在《全球金融中心指数》中持续位列全球第三、亚洲第一，并在金融科技领域获评全球榜首， 实力备 ...

证券研究报告 | 行业专题研究 gszqdatemark 2025 12 22 年 月 日 区块链 存款代币：平衡"天才法案"与银行利益 "天才法案"推出后，美国银行家协会公开呼吁修改"天才法案"，认为 "天才法案"框架下挂钩法币的代币会对美国现存的金融系统构成威胁， 银行业担忧代币快速发展可能导致巨额存款外流，推高银行资金成本，削 弱信贷能力，并抬高企业和家庭贷款利率。在此背景下，摩根大通推出存 款代币，在银行流动性管理和代币业务之间做了微妙的平衡。 "天才法案"框架下，会造成银行业的存款流失，甚至"金融脱媒"。某种 程度上，挂钩法币的代币与存款具有类似"法币"的相同特点，但两者的 区别同样明显，这些区别可能对银行业产生一些深远影响。例如，代币对 银行传统信贷业务带来一定冲击，传统银行信贷业务靠息差的盈利模式在 代币发行过程中并不存在，代币发行方获得储备资产的低风险资产收益， 而用户并不会获得任何利息。因此，代币看似避开了信贷风险，但银行发 行代币势必也会失去信贷业务。进而导致的结果是，若将存款转换为代币 的资产储备，将抽走银行体系的存款；若企业长期持有或应用代币，银行 体系也将失去相应的存款（同时失去金融 ...

Group 1 - The core viewpoint of the news highlights a strong performance in the financial technology sector, with the China Securities Financial Technology Theme Index (930986) rising by 1.03% as of December 22, 2025, and individual stocks such as Chutianlong (003040) and Sifang Jingchuang (300468) showing significant gains of 6.87% and 5.44% respectively [1] - Dongwu Securities anticipates that opportunities in financial technology for 2026 will revolve around two main lines: the sustainability of market activity in the short term, and the performance elasticity of financial IT companies in the medium term, driven by policy support and improvements in the financial sector's fundamentals [1] - The Financial Technology ETF Index (563670) closely tracks the China Securities Financial Technology Theme Index, which includes listed companies involved in financial technology products and services, reflecting the overall performance of these companies [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the China Securities Financial Technology Theme Index include Tonghuashun (300033), Dongfang Caifu (300059), and Hengsheng Electronics (600570), with these stocks collectively accounting for 53.31% of the index [2]

（原标题：新股消息 | 滴灌通搁置港股上市计划 优先启动私募基金运作） 他又称，暂时搁置上市计划，让滴灌通得以全面启动本身推迟的3.0投资计划，将在2026年初正式启 动，同时同步开展MIFC私募基金募集工作，滴灌通集团将投入一亿美元自有资金，认购MIFC首期LP 份额。 此外，滴灌通表示，已非常接近在全系统完成人工智能(AI)重塑，将在2026年一季度开始全面部署滴灌 通投资算法引擎、数字获客引擎和新一代资金清分引擎。新推出的"滴灌导航图"正以AI为核心总调度 师，让小微资产的筛选、匹配与落地全流程更精准、更高效，料这一AI驱动的业务范式将成为3.0阶段 的核心竞争力之一。 公司官网显示，滴灌通集团是一家运用金融科技连结全球资本与小微企业的交易所集团。该交易所是全 球首家持牌的DRO(每日收入分成产品)交易所。6月18日，滴灌通安排新成立的"滴灌投资"以上市规则 21章投资公司申请香港IPO。由于期满6个月，滴灌通递交的港股招股书于12月18日失效。 李小加表示，MIFC的业务模式获得不少资金及资产方认可及响应。因此，决定优先启动私募基金程 序，把MIFC作为私募基金来运作，相关募资和投资部署上都会更灵活， ...

专题：2025年深圳香蜜湖金融年会 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年12月20-21日，第二届"深圳香蜜湖金融年会"在深圳市福田区隆重举行，本届年会以"识变局，开 新局——促进粤港澳大湾区科技-产业-金融良性循环"为主题。中企云链股份有限公司执行董事兼总经 理刘长波出席并发言。 刘长波介绍，在产业数字金融实践中，人工智能技术正从三个层面深刻改变服务模式。首先，在客户服 务层面，AI有效应对了供应链金融"小额、高频、用户多"的业务特点。通过对话式交互与数据智能解 读，AI帮助大量中小企业客户更易理解专业金融产品与服务，显著提升了服务可及性与效率，相关应 用已实现人工服务效率的显著提升。 在人工智能应用的第二层面，即面向全体员工的内生赋能环节，技术发挥了关键作用。具体体现为：利 用AI工具对专业性产品的内部培训流程、市场产品分析与数据赋能、宣传物料与内容的智能化生成进 行全方位升级。尤其在技术研发领域，AI的应用显著加速了代码开发与迭代进程，整体开发效率实现 了大幅提升，有效实现了组织内部能力与效率的系统性强化。 在风险管理环节，AI也展现出强大效能。面对海量的 ...

高二学生多布罗辛斯基 凤凰网科技讯北京时间12月22日，《华尔街日报》周日发文称，AI降低了创业门槛。虽然一些高中生 并不擅长写代码，但是他们借助AI氛围编程和社交媒体悟性提前开启了创业之路。 15岁创业 和其他优秀的科技创始人一样，尼克.多布罗辛斯基(Nick Dobroshinsky)也经常起早贪黑地为自己的公司 工作。但是，这位创始人有点特殊，他没得选择，因为每天上午8点到14点55分，他都得去上高中。他 今年才15岁，在华盛顿州萨马米什市读高二。 "八年级快结束的时候，我就想办个公司，"多布罗辛斯基说，"我花了很长时间思考，哪些问题可以通 过AI来解决。" 多布罗辛斯基在从事金融行业的母亲协助下完成了初步市场调研，又获得了在大型科技公司从事AI工 作的父亲的技术指导。最终，他确定了一个创业方向：利用AI模型生成中小型上市公司的分析报告。 由此，BeyondSPX诞生，这是一个基于AI的金融研究平台。 AI降低创业年龄 年少而充满抱负的创业者并不少见：比尔.盖茨(Bill Gates)在19岁时联合创办了微软、马克.扎克伯格 (Mark Zuckerberg)也是在同一年龄创办了脸书。但今天的创业者们可 ...

22日早盘，金融科技表现活跃，楚天龙涨超9%逼近涨停，四方精创涨超5%，恒宝股份、拉卡拉、中科江南、新国都、东信和平等多股涨超 2%。热门ETF方面，同类规模最大的金融科技ETF（159851）场内价格上涨1%，资金大举净申购超1亿份，做多热情高涨！ 风险提示：金融科技ETF被动跟踪中证金融科技主题指数，该指数基日为2014.6.30，发布日期为2017.6.22，该指数2020-2024年年度涨跌幅分 别为：10.46%、7.16%、-21.40%、10.03%、31.54%，指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。 文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估的该 基金风险等级为R3-中风险，适宜平衡型（C3）及以上投资者。任何在本文出现的信息（包括但不限于个股、评论、预测、图表、指标、理 论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成对阅读者任何 形式的投资建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金投资有风 ...

12月22日，东方通信涨5.06%，截至发稿，报15.79元/股，成交6.11亿元，换手率4.15%，总市值198.32 亿元。 资料显示，东方通信股份有限公司位于浙江省杭州市滨江区东信大道66号，成立日期1996年8月1日，上 市日期1996年11月26日，公司主营业务涉及主要从事通信、金融电子和网络业务。主营业务收入构成 为：智能制造67.51%，信息通信47.39%，金融科技5.45%，其他4.67%，其他(补充)0.07%。 从东方通信十大流通股东角度 截至发稿，赵宗庭累计任职时间8年252天，现任基金资产总规模3558.65亿元，任职期间最佳基金回报 119.87%， 任职期间最差基金回报-32.63%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，华夏基金旗下1只基金位居东方通信十大流通股东。华夏中证1000ETF（159845）三季度减 持3100股，持有股数259.78万股，占流通股的比例为0.21%。根据测算，今日浮盈赚 ...