Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 31.82 [1]. Core Insights - The company is expected to achieve a revenue of RMB 16.068 billion in 2025, representing a year-on-year growth of 38.46%, and a net profit attributable to the parent company of RMB 12.085 billion, reflecting a 25.75% increase [5]. - The company has established a comprehensive platform focusing on brokerage, margin trading, fund sales, and investment collaboration, benefiting from the expansion of the capital market and wealth management [5]. - The AI upgrade is transitioning from traditional financial information services to intelligent investment research tools, which is expected to contribute significantly to business growth [9]. Financial Performance - Revenue projections for 2025-2028 are as follows: RMB 16.068 billion (2025), RMB 17.374 billion (2026), RMB 18.915 billion (2027), and RMB 20.629 billion (2028) [4]. - Net profit attributable to the parent company is projected to be RMB 12.085 billion (2025), RMB 13.641 billion (2026), RMB 15.199 billion (2027), and RMB 16.735 billion (2028) [4]. - The company’s EPS is expected to grow from RMB 0.76 in 2025 to RMB 1.06 in 2028 [4]. Brokerage and Margin Trading - The company’s brokerage business is projected to have a market share of 3.85% in 2025, with a trading volume of RMB 38.46 trillion [6]. - The margin trading business is expected to maintain a market share of 3.2% by the end of 2025, indicating a slight increase from the previous year [6]. Fund Sales - The company’s fund sales revenue is anticipated to decline from 39% in 2021 to 20% in 2025 due to increased competition and regulatory changes [7]. - The fund sales fee reform is expected to impact short-term revenue but may stabilize in the medium to long term as market conditions improve [7]. Investment Business - Financial investments are projected to account for approximately 31% of total assets by the end of 2025, reflecting a significant increase from previous years [8]. - The company’s investment return rate is expected to be 2.2% in 2025, which is competitive compared to industry averages [8]. AI Development - The company is advancing its AI capabilities in financial data and investment research, with a focus on integrating AI tools into existing workflows [9]. - The launch of "东方财富 Skills" aims to enhance research efficiency by automating repetitive tasks and providing comprehensive data analysis tools [44].

证券研究报告 东方财富 (300059 CH) 聚焦销售费改与 AI 升级 华泰研究 年报点评 投资评级(维持): 买入 目标价(人民币): 31.82 沈娟 研究员 SAC No. S0570514040002 SFC No. BPN843 shenjuan@htsc.com +(86) 755 2395 2763 汪煜 研究员 SAC No. S0570523010003 SFC No. BRZ146 wangyu017005@htsc.com +(86) 21 2897 2228 孙亦欣* 研究员 SAC No. S0570525070004 sunyixin@htsc.com 资料来源：公司公告、华泰研究预测 +(86) 755 8249 2388 郭雅丽 研究员 SAC No. S0570515060003 SFC No. BQB164 guoyali@htsc.com +(86) 21 3847 6016 基本数据 | 收盘价 (人民币 截至 3 月 19 日) | 21.33 | | --- | --- | | 市值 (人民币百万) | 337,100 | | 6 个月平均日成交额 (人民币百万 ...

报告导读： 金融数据终端纷纷推出 AI 智能体工具，在 AI 领域进一步布局，以满足用户 需要，其具备优质底层数据和更好的场景理解能力，有望逐步形成生态以提高竞争力。 事件： Wind 、同花顺、东方财富等金融数据终端大厂官宣"养龙虾"入局 。 3 月 11 日，万得官方宣布 " 万得 WindClaw" 上线； 3 月 12 日同花顺官宣 了 "iFinD 金融 MCP" 的上线；同日，东方财富发布了 " 东方财富 Skills "。 金融数据终端大厂对智能体重视度提高，提升自身在市场的竞争优势。 未来能够更好被 AI 驱动的公司有望在市场获得领先地位。金融数据终端大厂争相 " 养虾 " ，既是顺应行业智能化趋势，也是巩固商业壁垒、延伸服务价值的必然举措。 金融数据终端推出产品设计思路有差异，有的从 " 数据 " 入手，有的从 " 技能 " 入手，还有的直接打造 " 专业版 OpenClaw" 。 各公司加强 AI 智能体建 设，通过自建智能体形成 AI Agent 或从逻辑与数据两个方面加强现有智能体功能。 1 ） Wind 走的是直接打造 " 专业版 OpenClaw" 的路线，推出了 "WindCla ...

Core Viewpoint - The competition among financial data terminal companies is intensifying as they launch their own AI-driven products, referred to as "OpenClaw," to enhance investment decision-making capabilities and adapt to the industry's trend towards automation and intelligence [1][10][11]. Group 1: Product Launches - Wind, Tonghuashun, and Dongfang Caifu have each announced their own versions of "OpenClaw" within two days, showcasing different approaches: Wind focuses on creating a "professional version," Tonghuashun emphasizes data integration, and Dongfang Caifu aims to enhance decision-making skills [5][6][9]. - Wind's "WindClaw" is currently in public testing and integrates professional financial data, allowing for local deployment and continuous learning of user investment habits [6]. - Tonghuashun's "iFinD金融MCP" serves as a professional financial data source, emphasizing seamless integration and natural language interaction for research personnel [6][7]. - Dongfang Caifu's "东方财富Skills" aims to equip OpenClaw with investment decision-making skills, enabling real-time market information retrieval and systematic analysis of thousands of assets [9]. Group 2: Industry Trends - The emergence of "OpenClaw" represents a shift in software competition, moving from data provision to the development of effective research and trading tools [10][11]. - The financial data terminal industry is transitioning from merely selling data to providing integrated tools that enhance the utility of that data, driven by evolving client demands for efficient data usage [12][13]. - The introduction of AI agents like OpenClaw is seen as a way to bridge the gap between data supply and practical application, enhancing service value and reinforcing competitive barriers [11][13]. Group 3: Regulatory Concerns - Despite the enthusiasm for "OpenClaw," some brokerage firms are imposing restrictions on its installation and use, citing security risks associated with its deployment on company devices and networks [2][15]. - Many brokerages have issued internal compliance notices, with some outright banning the use of OpenClaw, while others require approval for its use based on business needs [15][16]. - Concerns have been raised about potential security vulnerabilities that could lead to data leaks and operational disruptions, prompting a cautious approach from financial institutions [15][16].