上周A股市场延续震荡格局，指数表现分化、科技成长占优。尽管重要会议强调对拉动内需的支持，11 月M2和社融规模增速保持稳定，CPI数据也有所回暖，但当前资金依然更青睐科技板块。周内A股交投 活跃度有所回升，日均成交额升至1.95万亿元。风格上看，科技成长领涨而周期、消费普遍下跌。整体 体现为：成长>周期>消费>金融。 金鹰基金表示，近期多项重要会议与数据落地，国内方面，上周政治局会议、中央经济工作会议先后举 行，初步奠定政策基调并明确"扩大内需"、"人工智能+"、"着力稳定房地产市场"等结构性方向。数据 上，11月CPI有所回暖、M2和社融规模增速保持稳定，但居民消费动力仍不足。后续需关注财政提效、 货币适度宽松与结构性政策落地对市场的持续提振。 海外方面，美联储超预期鸽派降息，但联储内部分歧加剧，提前重启技术性扩表应对流动性紧张，资本 市场在降息呵护下软着陆。但上周五科技板块集体下挫，市场对AI泡沫的担忧仍存，市场或呈阶段性 震荡。后续关注本周将公布的11月非农数据、明年初美联储新任主席的提名情况，我们认为美联储在明 年年初降息暂歇后，仍会持续开启降息，温和通胀和疲弱就业或依然支持美联储保持降息路径。 关注 ...

上周A股主要指数普遍上涨，但量能不足。周内A股交投活跃度有所回落，日均成交额降至1.70万亿 元。风格上看，周期板块在供给收紧与美联储降息预期升温的双重推动下表现亮眼，贵金属领涨，市场 风格整体表现为：周期>金融>成长>消费。 金鹰基金分析表示，国内方面，周末消息显示，后续优质券商资本空间与杠杆上限有望打开，险资投资 风险因子调降均利于千亿级别增量资金入市，后续春节躁动的增量资金加持相对明确。本周国内外将陆 续进入政策重要观察期，其中12月中央经济工作会议对明年经济的政策定调，我们预计相对积极财政布 局值得期待，尤其是财政支持相关的新领域的拓宽，将直接影响部分板块明年景气度的修复。 关注行业方面，春季躁动聚焦科技+制造主线，关注国内政策加码方向。金鹰基金表示，科技风格已来 到调整的中后段，从历史经验来看，40个交易日的回调和25%的行业指数下跌，指向当前科技风格后续 的回调空间或已相对有限，近期海外流动性紧张阶段引发的全球科技回调或已探明本轮科技回调的底部 区域，只不过中期科技风格结束回调需要打消此前市场讨论AI泡沫论时对AI投资回报率的担忧，由此 大模型能力的提升和AI 商业化闭环进展等催化，或将成为后续科 ...

周五（12月5日），金融科技午后直线拉升，互联网券商、金融IT双双走高，中证金融科技主题指数收 涨超3%。其中，赢时胜20CM涨停，星环科技大涨超17%，古鳌科技、安硕信息、银之杰、指南针、顶 点软件、大智慧、财富趋势、艾融软件等多股涨超5%，东方财富阶段新低后反弹超4%。 热门ETF方面，同类规模最大的金融科技ETF（159851）超跌反弹，场内涨幅一度摸高4.71%，收盘仍 大涨3.56%，连收3根重要均线！全天爆量成交超10亿元，资金顺势抢筹2.63亿份，此前资金已连续四日 潜伏加码，累计金额超2亿元！ 责任编辑：杨红卜 单周复盘看，金融科技板块自8月高点连续回调以来，周线已两连阳，筑底回暖迹象明显。后市分析 看，金融科技板块兼具"金融"+"科技"双重属性，在非银金融补涨预期、AI全域赋能金融软件等多重催 化下，金融科技作为行情急先锋，有望成为冲刺年末行情的领头羊。 金融端来看，政策支持促进金融行业高质量发展，预计长端利率低位震荡，权益市场延续风险偏好提升 驱动下的牛市行情。浙商证券指出，非银板块2025年整体滞涨，随着权益市场长期"慢牛"行情的持续演 绎，非银板块的贝塔属性有望凸显，在今年滞胀的背景下 ...

周五（12月5日），金融科技午后直线拉升，互联网券商、金融IT双双走高，中证金融科技主题指数收 涨超3%。其中，赢时胜20CM涨停，星环科技大涨超17%，古鳌科技、安硕信息、银之杰、指南针、顶 点软件、大智慧、财富趋势、艾融软件等多股涨超5%，东方财富阶段新低后反弹超4%。 热门ETF方面，同类规模最大的金融科技ETF（159851）超跌反弹，场内涨幅一度摸高4.71%，收盘仍 大涨3.56%，连收3根重要均线！全天爆量成交超10亿元，资金顺势抢筹2.63亿份，此前资金已连续四日 潜伏加码，累计金额超2亿元！ 单周复盘看，金融科技板块自8月高点连续回调以来，周线已两连阳，筑底回暖迹象明显。后市分析 看，金融科技板块兼具"金融"+"科技"双重属性，在非银金融补涨预期、AI全域赋能金融软件等多重催 化下，金融科技作为行情急先锋，有望成为冲刺年末行情的领头羊。 金融端来看，政策支持促进金融行业高质量发展，预计长端利率低位震荡，权益市场延续风险偏好提升 驱动下的牛市行情。浙商证券指出，非银板块2025年整体滞涨，随着权益市场长期"慢牛"行情的持续演 绎，非银板块的贝塔属性有望凸显，在今年滞胀的背景下，2026年有望迎 ...

12月5日午后，金融科技板块异动拉升，互联网券商、金融IT双双走高，赢时胜20CM涨停，星环科技、 安硕信息、银之杰等多股涨超10%。热门ETF方面，同类规模最大的金融科技ETF（159851）场内直线 拉升，超跌反弹超3.8%，放量成交超3.7亿元。 金融端来看，政策支持促进金融行业高质量发展，预计长端利率低位震荡，权益市场延续风险偏好提升 驱动下的牛市行情。浙商证券指出，非银板块2025年整体滞涨，随着权益市场长期"慢牛"行情的持续演 绎，非银板块的贝塔属性有望凸显，在今年滞胀的背景下，2026年有望迎来补涨，兼具胜率与赔率，继 续看好板块后续表现。 （文章来源：每日经济新闻） 科技端上，AI全域赋能，金融软件等计算机板块业绩周期与技术周期有望同步向上。信达证券认为， 展望未来，AI应用端相关企业受益于算力扩容提质、模型能力快速进步等影响，计算机行业有望享受 突出的估值弹性。计算机板块"牛市旗手"属性凸显，基本面与流动性共振。 金融科技ETF（159851）及其联接基金（013477），标的指数重仓计算机+非银金融，全面覆盖了互联 网券商、金融IT、跨境支付、AI应用、华为鸿蒙等热门主题。同类比较看，截至 ...

Summary of Financial Technology Conference Call Industry Overview - The financial technology sector is experiencing positive policy guidance aimed at promoting high-quality development and technological investment across banking, insurance, and brokerage industries, providing long-term investment value assurance for related companies [1][18] Key Insights and Arguments - Financial IT investment continues to grow, although the growth rate is slowing down. The B-end of the securities IT sector is dominated by companies like Hang Seng, Vertex, and Jinzheng, while the C-end is led by Tonghuashun and Wealth Trend. Tonghuashun has begun to develop AI systems, but the revenue contribution is still small [1][4][5] - The financial technology index has outperformed the broader market, with Tonghuashun, Wealth Trend, and Oriental Fortune showing significant price increases. Stock prices are highly correlated with market trading activity, necessitating attention to new account openings and average daily transaction volume [1][8] - Short-term focus should be on changes in market share for Oriental Fortune's brokerage and margin financing businesses, while long-term attention should be on AI product development. The impact of fee policy adjustments on fund distribution business is limited, with overall adverse factors largely eliminated [1][9] Company-Specific Highlights - **Oriental Fortune**: Achieved significant results through a multi-license and multi-traffic ecosystem model. Short-term focus on market share changes in brokerage and margin financing, and long-term focus on AI product development [6][9] - **Tonghuashun**: Short-term performance elasticity is mainly reflected in C-end advertising and internet promotion, with significant year-on-year growth. The company assists financial institutions in generating revenue [6][10][12] - **Wealth Trend**: Relies on historical high-quality traffic and license acquisitions for monetization [6] - **Vertex and Ninefang**: Both depend on market activity for product sales growth, with a long-term focus on license monetization [12] Market Performance and Valuation - As of November 13, 2025, the financial technology index has increased by 74%, significantly outperforming the Wind All A Index (42%) and the CSI 300 Index (39%). Notable stock price increases were observed in Tonghuashun (27%), Wealth Trend (38%), and Oriental Fortune (approximately 5%) [8] - The financial technology sector's PE valuation is approximately 66 times, higher than the historical percentile of 14%. Leading companies like Oriental Fortune and Hang Seng have lower volatility in valuations, while others like Wealth Trend and Vertex show mixed valuation percentiles [16] Recommendations - Recommended companies for investment include Oriental Fortune, Wealth Trend, Hang Seng, Vertex, Changliang Technology, Yuxin Technology, and Jinzheng. These companies have strong fundamentals and configuration value, with steady growth opportunities from the ongoing promotion of Xinchuang [2][17] - Long-term investment opportunities in B-end IT companies include Hang Seng, Vertex, Changliang Technology, Yuxin Technology, and Jinzheng, all showing improving fundamentals and growth potential [21] Policy Impact - Financial technology policies from 2021 to 2025 cover multiple sectors, promoting high-quality development and encouraging investment in financial technology, which is expected to positively influence the industry's development [18] Development Directions for Financial IT Companies - Broker IT focuses on production system construction and AI system updates for new revenue. Internet finance should prioritize traffic acquisition and product license monetization, while bank IT needs to meet diverse customer service demands and focus on overseas orders [19]

Group 1: Financial Technology ETF Performance - The China Securities Financial Technology Theme Index (930986) increased by 2.57%, with constituent stocks such as Hengyin Technology (603106) rising by 9.96%, Xinzhisoft (688590) by 8.87%, and Puyuan Information (688118) by 8.28% [1] - The Financial Technology ETF Huatai-PineBridge (159103) rose by 2.46%, with the latest price at 0.88 yuan [1] - The trading volume for the Financial Technology ETF Huatai-PineBridge was 593.39 million yuan, with a turnover rate of 2.16% [1] Group 2: Fund Share Growth - The Financial Technology ETF Huatai-PineBridge saw a significant increase of 15 million shares over the past two weeks, ranking second among comparable funds [3] Group 3: Capital Inflow - The latest net capital inflow for the Financial Technology ETF Huatai-PineBridge was 3.44 million yuan, with a total of 13.38 million yuan accumulated over the last ten trading days [4] Group 4: AI Developments - Google recently updated its next-generation multimodal AI model, Gemini 3.0 Pro Image, which is designed to tackle challenging image generation tasks and is now available on the Vertex AI platform [4] - The Gemini 3 model, released on November 18, has achieved top rankings in multiple benchmark tests, marking a significant advancement in AI capabilities [5] - Major tech companies, including Amazon, Microsoft, Google, and Meta, collectively invested over 110 billion dollars in AI-related infrastructure in Q3 2025, indicating strong confidence in the long-term development of AI [5] Group 5: Financial Technology Sector Outlook - The financial technology sector is expected to benefit from a strong liquidity environment, with internet brokerage firms showing greater elasticity in bullish market conditions [6] - The Financial Technology ETF Huatai-PineBridge covers a wide range of high-elasticity sectors, including internet brokerages, financial IT, AI applications, and cross-border payments, driven by both policy and technological advancements [6]

Group 1 - The financial technology sector is experiencing a downturn, with the China Securities Financial Technology Theme Index dropping over 2% and many constituent stocks declining more than 5% [1] - The largest financial technology ETF (159851) has seen a 3% decline, reaching a new low in this adjustment phase, with real-time transaction volume exceeding 200 million yuan [1] - East Wu Securities projects a clear investment logic for the financial technology sector in 2026, driven by policy support, market growth, active capital markets, and technological changes led by AI [3][4] Group 2 - From 2021 to 2025, China's financial technology policies will cover various sectors, aiming to promote innovation and high-quality development, with the market size expected to grow to 651.5 billion yuan by 2028 [3] - The A-share market has seen significant trading activity since August 2025, with daily trading volumes averaging over 2.7 trillion yuan, peaking at 3.75 trillion yuan on September 18 [4] - Investment opportunities in the financial technology sector are focused on two main lines: the sustainability of market activity and the performance elasticity of financial IT companies [4]

Core Insights - The financial technology sector is experiencing active performance despite market conditions, with several stocks in the financial IT space seeing significant gains [1][3] - Key drivers for this performance include advancements in AI applications and supportive policies, particularly in quantum technology, which is benefiting financial IT companies [3] Group 1: Market Performance - Financial technology stocks such as Geer Software and Shenzhou Information have shown strong upward movement, with Geer Software achieving consecutive gains [1] - The Financial Technology ETF (159851) recorded a daily increase of 0.72% with a trading volume of 359 million yuan, indicating potential for further investment [1][4] Group 2: Investment Strategies - East Wu Securities outlines a clear investment logic for the financial technology sector leading up to 2026, driven by policy support, market growth, and technological advancements [3] - Two main investment lines are identified: short-term market activity and mid-term performance elasticity of financial IT companies, with expectations of continued growth in the sector [3] Group 3: ETF Insights - The Financial Technology ETF (159851) has surpassed 10 billion yuan in size, with an average daily trading volume of 800 million yuan over the past six months, indicating strong liquidity [4] - The ETF covers a wide range of themes including internet brokerage, financial IT, cross-border payments, and AI applications, making it a comprehensive investment vehicle [4]

Group 1 - Financial technology sector shows resilience with stocks like Geer Software and Tax Friend rising over 2% [1] - The financial technology ETF (159851) is experiencing positive momentum, indicating potential investment opportunities [1][3] - Open Source Securities suggests that the non-bank financial sector is likely to benefit from the ongoing "slow bull" market, with a focus on high elasticity companies and industry leaders [1][5] Group 2 - The financial technology ETF (159851) has surpassed 10 billion in scale, with an average daily trading volume of 500 million over the past month, leading among similar ETFs [3] - The ETF covers a wide range of themes including internet brokerage, financial IT, cross-border payments, AI applications, and Huawei Harmony [3] - The growth of brokerage firms and cross-border business is expected to continue, with a focus on top brokers that show quick profit recovery and value [5]