Core Viewpoint - The performance of Tonghuashun is significantly influenced by the activity level of the capital market, but it also demonstrates resilience during market downturns due to strategic initiatives and its strong market position [1] Group 1: Company Performance - Tonghuashun's revenue is heavily impacted by the capital market's activity, but it has shown resilience during quieter market periods [1] - The resilience is attributed to proactive strategies in new areas such as product innovation, customer expansion, and technology development [1] - According to data from Analysys Qianfan, Tonghuashun leads the securities app market with a market share of 21%, significantly ahead of its closest competitor, Dongfang Caifu [1] Group 2: Business Strategy - The company possesses four key elements: strategic determination, core product technology, comprehensive layout, and advantages in the consumer end [1] - Both C-end and B-end AI initiatives have started to generate revenue, with recent B-end contracts, such as a major deal with Guotai Junan, showcasing its technical capabilities [1] - The C-end AI service, "WenCai AI," has begun implementing tiered pricing [1] Group 3: Financial Projections - Based on a reassessment of Tonghuashun's business, the projected net profit attributable to shareholders for 2025-2027 is estimated to be 2.854 billion, 3.513 billion, and 4.308 billion yuan, with growth rates of 57%, 23%, and 23% respectively [1] - Previous profit expectations were lower, at 2.286 billion, 2.749 billion, and 3.159 billion yuan [1] - The current PE ratio for 2026 is 51x, indicating over 20% potential upside, maintaining a "buy" rating [1]

Group 1 - The financial technology sector experienced a significant pullback, with the Huaxia Financial Technology ETF (516100) down by 2.45% as of 14:47 on January 7, 2026 [1] - The market has seen a surge in investment enthusiasm, with the Shanghai Composite Index recording 13 consecutive days of gains since December 17, 2025, marking a record since the implementation of the ±10% price limit system in 1996 [1] - The digital renminbi initiative is expected to benefit financial IT and third-party payment sectors, with increased compliance requirements for financial information services and consumer finance [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the CSI Financial Technology Theme Index (930986) accounted for 51.09% of the index, including Dongfang Wealth (300059) and Tonghuashun (300033) [2] - The top ten stocks by weight in the index include: - Tonghuashun (300033) with a weight of 10.63% and a decline of 2.47% - Dongfang Wealth (300059) with a weight of 9.94% and a decline of 2.59% - Zhinan Zhen (300803) with a weight of 7.97% and a decline of 4.00% [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [5][6]. Core Insights - The report emphasizes four key growth factors driving the company's success: strategic determination, core product technology, comprehensive layout, and advantages in the C-end market [5][13]. - The company demonstrates resilience during market downturns by actively innovating products, expanding customer bases, and enhancing technology [5][28]. - The report highlights the potential for increased market attractiveness due to the influx of medium to long-term capital into the market, supported by favorable policy changes [5][6]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 4,187 million in 2024, 5,717 million in 2025, 6,751 million in 2026, and 7,882 million in 2027, with year-on-year growth rates of 17.5%, 36.5%, 18.1%, and 16.8% respectively [4]. - The forecasted net profit attributable to the parent company is expected to be 1,823 million in 2024, 2,854 million in 2025, 3,513 million in 2026, and 4,308 million in 2027, with growth rates of 30.0%, 56.5%, 23.1%, and 22.6% respectively [4]. - The report notes that the company's price-to-earnings ratio (PE) for 2026 is projected at 51x, which is below the average PE of 63x for comparable companies, indicating over 20% upside potential [6]. Business Model and Market Position - The company operates a diversified business model that includes value-added telecommunications services, software sales, advertising, and fund distribution, with a significant portion of revenue derived from C-end traffic monetization [14][20]. - The report identifies the company's strong strategic focus on long-term business and technology development, which has allowed it to maintain a competitive edge in the financial information services sector [39][42]. - The company has a robust cash flow model, with operating cash flow typically exceeding net profit, indicating a strong financial position [33][34]. Market Dynamics and Competitive Landscape - The report highlights that the company's revenue is significantly influenced by the activity level of the capital markets, with a noted correlation between revenue growth and market trading volumes [21][26]. - The company has successfully maintained revenue growth even during periods of declining market activity, showcasing its operational resilience [26][28]. - The competitive landscape includes major players such as Wind and Eastmoney, with the company positioned favorably due to its comprehensive product offerings and market share [17][20].

Core Viewpoint - The article emphasizes that choosing the right trading app is crucial for profitability in futures trading, with Sina Finance App being highlighted as the best option due to its comprehensive features in market data, news, and trading capabilities [1][6]. Group 1: Sina Finance App - Market Dimension: Covers over 40 global markets and data from more than 80 exchanges, with a refresh rate of 0.03 seconds, significantly faster than the industry average. It offers over 20 technical indicators for free and supports custom price alerts [2][7]. - News Dimension: Leverages over 20 years of media experience to provide 24/7 millisecond-level updates on macro policies and industry dynamics, with breaking news reaching users 5-10 seconds ahead of competitors. It features real-time Q&A in futures live broadcasts and allows users to link news directly to corresponding contract K-lines [2][7]. - Trading Dimension: Directly connects with 15 leading futures companies, enabling online account opening in 3 minutes with just an ID and facial recognition. The process is 60% faster than the industry average, supports cloud-based conditional orders, and offers a simulation account with 1 million for beginners [2][7]. Group 2: Other Trading Apps - Wenhua Finance: A professional tool platform with a high entry barrier, requiring paid subscriptions for foreign market data and monthly service cards for real trading. It lacks comprehensive macroeconomic analysis, making it less suitable for investors seeking cross-market insights [3][8]. - Boyi Master: An established market analysis tool that connects to Reuters and Bloomberg data sources but has a 10-15 minute delay for foreign market data unless paid for. It primarily reprints third-party news, lacking original analysis, and has limited trading functionalities [4][9]. - Tonghuashun Futures: A popular platform with broad coverage but experiences a 0.5-second delay for domestic futures and lower update frequency for foreign data. It lacks in-depth analysis from industry experts and has stability issues in its trading module [5][10]. Group 3: Comparative Summary - Overall, the four main futures trading apps each have their strengths and weaknesses: Wenhua Finance is professional but has a high entry barrier; Boyi Master is basic but lacks standout features; Tonghuashun Futures is broad but lacks depth in futures analysis. In contrast, Sina Finance App provides seamless integration of comprehensive market data, timely news, and efficient trading, making it the optimal choice for both novice and professional investors [5][10].

Core Viewpoint - The article emphasizes that choosing the right trading app is crucial for profitability in futures trading, with Sina Finance APP being highlighted as the best option due to its comprehensive market coverage, fast information updates, and convenient trading features [1][6]. Group 1: Market Data Comparison - Sina Finance APP covers over 40 global markets and more than 80 exchanges, providing real-time data refresh rates of 0.03 seconds, significantly surpassing the industry average [2][7]. - Wenhua Finance offers professional technical analysis tools but requires paid subscriptions for foreign market data, making it less accessible for average investors [2][7]. - Boyi Master provides accurate international gold quotes but has a default delay of 10-15 minutes for overseas market data, requiring additional payment for real-time data [2][7]. - Tonghuashun Futures has a wide coverage of products but experiences a delay of about 0.5 seconds for domestic commodity futures, with lower update frequency for foreign market data compared to Sina Finance [2][7]. Group 2: Information Comparison - Sina Finance APP leverages over 20 years of media experience to provide 24/7 millisecond-level updates on macro policies and industry dynamics, with breaking news reaching users 5-10 seconds faster than competitors [3][8]. - Wenhua Finance focuses on futures position data but lacks sufficient macroeconomic analysis, failing to meet cross-market information needs [3][8]. - Boyi Master primarily reprints third-party news and lacks original analysis, with a news update timeliness lagging over 30% behind Sina Finance [3][8]. - Tonghuashun Futures has a rich database of financial news but lacks depth in the futures vertical, missing insights from frontline analysts [3][8]. Group 3: Trading Comparison - Sina Finance APP connects directly with 15 leading futures companies, allowing online account opening in just 3 minutes with minimal steps, reducing the process by 60% compared to the industry average [4][9]. - Wenhua Finance requires users to switch to partner futures company apps for account opening, resulting in a fragmented process, with high annual fees for professional trading services [4][9]. - Boyi Master supports only a limited number of futures companies and lacks an internal simulation trading module, making it challenging for beginners [4][9]. - Tonghuashun Futures supports multiple futures companies but lacks connections with some leading institutions, leading to slightly lower stability in trading modules [4][9]. Conclusion - Overall, while Wenhua Finance is noted for its professionalism but has high barriers to entry, Boyi Master offers basic functionality without standout features, and Tonghuashun Futures has broad coverage but lacks depth. Sina Finance APP stands out for its seamless integration of market data, information, and trading, making it the optimal choice for both novice and professional futures traders [5][9].

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Jiufang Zhitu Holdings, which increased over 20% and reached 57.55 HKD, with a trading volume of 562 million HKD [1] - The capital market has shown increased activity since the beginning of the year, with the Shanghai Composite Index achieving a 13-day consecutive rise, marking the highest level since July 2015 [1] - Jiufang Zhitu Holdings is recognized as a leader in the 2C financial information service industry, leveraging its investment advisory license and a dual-driven approach of "investment research + technology" to attract customers [1] Group 2 - The company's revenue from orders is strongly correlated with market trading volume, suggesting that in a bullish market, customer acquisition efficiency and conversion rates are likely to improve [1] - The firm is expected to experience significant earnings elasticity, with growth rates anticipated to outperform those of brokerage business revenues and market trading volumes [1] - There is a sustained demand for medium to long-term investment advisory services, indicating substantial growth potential for the company [1]

消息面上，开年以来资本市场行情热度升温，1月6日，上证指数持续走强冲击十三连阳，刷新2015年7 月底以来的新高。开源证券指出，九方智投控股是2C金融信息服务行业龙头，以投顾牌照为基础，坚 持"投研+科技"双轮驱动，以"内容+流量"获客展业。公司订单收入与市场交易量具有较强相关性，该行 认为牛市氛围下，公司获客效率、付费转化率有望提高，业绩弹性充分释放，增速有望优于券商经纪业 务收入和市场交易量。此外，中长期投顾服务需求有望持续提升，仍有较大增长空间。 九方智投控股(09636)涨超20%，截至发稿，涨19.25%，报57.55港元，成交额5.62亿港元。 ...

Core Viewpoint - The Purchasing Managers' Index (PMI) for Hong Kong in December 2025 is reported at 51.9, indicating a continued improvement in the business environment as it remains above the neutral level of 50 for five consecutive months [1] Group 1: PMI and Business Environment - The PMI reflects a stable growth in the private sector, with production increasing for five consecutive months, although the growth rate in December is slightly lower than in November [1] - New orders have shown a significant increase from both mainland China and overseas markets, supporting the overall upward trend in orders [1] Group 2: Future Outlook - The backlog of work index, which indicates capacity constraints, has ended a year-long decline, suggesting potential expansion in production capacity [1] - Industry sentiment regarding the economic outlook for Hong Kong has improved, reaching the lowest level of pessimism since 2023, indicating increased confidence in future production [1]

文章提出，无论是从理论还是实践来看，数据资产入表不仅实现了数据在财务上的"可见"和"可管"，更 通过价值量化与产品创新机制的建立，推动了企业从数据资源管理者向数据资产价值运营者的转型。这 一过程强化了企业的核心竞争力，为金融信息行业在高水平数字化竞争中的持续发展提供了坚实支撑。 展望未来，随着数据要素市场的不断成熟和相关管理制度的持续完善，数据资产价值管理理论也将进一 步细化，更贴合行业特性与企业实际。各类企业尤其是金融信息服务商应当以数据资产入表为契机，构 建长效价值增长机制，助力行业在数字经济浪潮中实现更高质量的发展。 （文章来源：证券日报） 1月5日，《证券日报》记者获悉，日前，由中央国债登记结算有限责任公司主办的微信公众号"债券杂 志"发布了中债估值中心副总经理赵凌等作者撰写的文章《数据资产入表驱动金融信息服务行业商业模 式变革研究》。 文章以数字经济有关政策的出台和人工智能等技术的发展为背景，分析了金融信息服务行业以客户为导 向的传统商业模式的不足，探讨了数据资产入表给商业模式变革带来的动力，并通过分析中债估值中心 的案例，给出了资产从隐性到显性、数据资产价值从定性到定量、产品创新从发散到聚焦的操作 ...

Group 1 - BYD aims to maintain significant R&D and financial investment to consolidate electrification and promote intelligence in the new "15th Five-Year Plan" period [3] - The company plans to integrate global resources for collaborative innovation and accelerate its global industrial layout to build a world-class Chinese brand [3] - BYD's annual sales have achieved a tenfold growth during the "14th Five-Year Plan" period, establishing it as the largest electric vehicle manufacturer globally [3] Group 2 - Oriental Fortune emphasizes the importance of empowering the real economy and serving people's needs in the financial sector during the "15th Five-Year Plan" [5] - The company aims to leverage technology to connect wealth management and financing needs effectively [5] Group 3 - Moore Threads focuses on accelerating the application of domestic GPUs across various industries to support digital transformation [7] - The company has established a complete technology stack based on a unified architecture, achieving a systematic closed loop from hardware to application [7] Group 4 - Muyuan Foods is committed to producing safe and healthy pork products, aiming for high-quality development in the pig farming industry [9] - The company plans to leverage technology to address industry challenges and contribute to the high-quality development of China's pig farming sector [9] Group 5 - Zhongwei Company aims to achieve 50% to 60% market coverage in high-end semiconductor equipment through organic growth and external expansion [12] - The company emphasizes the importance of technological innovation and industry chain collaboration to enhance global competitiveness [12] Group 6 - Huayou Cobalt plans to align its strategy with national planning during the "15th Five-Year Plan" period, focusing on creating customer value and leading industry development [16] - The company aims to become a leading technology enterprise in energy materials globally [16] Group 7 - Aier Eye Hospital integrates clinical services, research innovation, and public health education into a comprehensive eye health ecosystem [18] - The company is committed to advancing AI diagnostics and expanding its eye health service network [18] Group 8 - Tianci Materials focuses on sustainable development principles, enhancing innovation capabilities in lithium-ion battery materials and specialty chemicals [20] - The company aims to embrace a new growth cycle in the lithium and energy storage industry over the next five years [20] Group 9 - JinkoSolar emphasizes technological innovation as the core driver of its development, aiming to enhance the efficiency of photovoltaic applications [22] - The company is focused on integrating advanced technologies with traditional manufacturing to foster new productive forces [22] Group 10 - Jishi Media aims to integrate cultural and technological advancements, focusing on digital transformation and innovation in the media sector [24] - The company plans to enhance its competitiveness by focusing on AI, data elements, and low-altitude economy [24] Group 11 - China National Machinery Industry Corporation aims to transform into a technology-driven engineering company while embedding its development into the national modernization blueprint [26] - The company plans to enhance its efficiency and investment value through capital market engagement and focus on green engineering and digital infrastructure [26]