应用场景打开，AI 助推金融机构内部效 率与外部价值双升 [Table_Industry] 计算机 "AI+金融"系列专题研究（二） [Table_Invest] 本报告导读： 当前，AI 应用已在各类金融机构的核心业务以及中后台场景中加速渗透，助推金融 机构内部效率与外部价值双升。 投资要点： 告 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 专 题 研 究 证 券 研 究 报 股票研究 /[Table_Date] 2025.11.24 [Table_Report] [table_Authors] 2025-11-25 [Table_Summary] 投资建议：2025 年 DeepSeek R1 的发布助推通用模型推理能力跃迁 和成本锐减，并实现模型开源，成为金融机构本地化部署 AI 的行业 拐点。当前，AI 应用已在各类金融机构的核心业务以及中后台场景 中加速渗透，未来 AI 有望重构金融业务流程和组织架构，为金融数 智化打开新纪元。建议关注：1）金融信息服务。相关标的：同花顺、 九方智投控股、指南针。2）第三方支付。推荐标的：新大陆、新国 都，相关标的：拉卡拉。3）银行 IT。推荐标的：宇 ...

Core Viewpoint - The banking industry is actively pursuing AI development, with various banks announcing projects related to AI capabilities, indicating a significant trend towards AI integration in financial services [1][4][6]. Group 1: AI Deployment Strategies - Different types of banks are forming differentiated AI development paths based on regional characteristics, customer structures, and digitalization foundations [2][5]. - State-owned banks tend to be conservative in their application of financial vertical models, focusing on foundational applications, while city commercial banks and joint-stock banks show a stronger willingness for transformative AI strategies [5]. - Current implementations show that state-owned banks are building platforms and ecosystems, while joint-stock banks emphasize scalability and systematic construction [5]. Group 2: Commonalities Across Banks - All types of banks are focused on how AI can enhance customer experience, optimize business processes, reduce operational costs, and strengthen risk control [6]. - As of August, 31% of customer service centers and remote banking have completed large model deployments within banks [6]. - The total financial technology investment by the six major state-owned banks reached 125.46 billion yuan, a year-on-year increase of 2.15% [6]. Group 3: Challenges in AI Application - The application of AI in financial institutions is primarily focused on general areas, with lower penetration in critical business areas such as marketing and risk control [7][8]. - Three core challenges hinder deeper AI application: technology maturity, professional requirements, and cost considerations [8]. - Financial institutions are currently in a phase of observing and experimenting with AI, particularly in general scenarios, while being cautious in core business areas [8]. Group 4: Technology and Market Dynamics - The integration of finance and AI is driving a dual upward spiral of "technology" and "market" [10]. - Financial institutions are feeling anxious about how to effectively utilize advanced technologies like large models, especially as peers achieve breakthroughs [10]. - The current stage is primarily driven by technology, but as banks recognize AI's value, business demands will increasingly shape technology development [10][11].

Group 1: Transition from Digital Banking to AI Banking - The banking industry is transitioning from digital banking to AI banking, with 2024 being recognized as the "Year of Large Model Applications" [1][2] - AI technologies with deep reasoning and cross-modal capabilities are reshaping the operational environment of banks [2] - The foundational AI strategy for banks includes generative large models and reasoning models, catering to diverse application needs [3][4] Group 2: AI Applications in Banking - Banks are implementing AI applications across various scenarios, including intelligent coding, marketing, customer service, risk control, compliance, and daily management processes [5] - Notable examples include CITIC Bank's integration of AI decision-making and generative models, and China Merchants Bank's AI assistant achieving a 95% accuracy rate in customer intent recognition [5][8] - The number of AI application scenarios disclosed by banks has surged, with major banks like ICBC and CCB enabling numerous applications across various business areas [11] Group 3: Human-AI Collaboration - The relationship between humans and AI is increasingly emphasized, focusing on how employees can effectively utilize AI technologies [9] - Banks are investing significantly in financial technology, with a total investment of 125.46 billion yuan in 2024, reflecting a 2.15% increase from 2023 [11] - The workforce in technology roles is expanding, with notable increases in the number of tech personnel across major banks [12] Group 4: Opportunities and Challenges - AI's widespread application is a key driver of digital transformation in banking, enhancing operational efficiency and customer experience [16] - The banking sector faces challenges related to algorithm compliance, data privacy, and the need for robust AI governance [19][22] - The accuracy of leading financial models is around 95%, indicating ongoing challenges in AI reliability and the need for continuous improvement [22] Group 5: Future Outlook - The integration of AI in banking is expected to lead to comprehensive automation and intelligent services, fundamentally changing operational models [17][23] - The year 2025 is anticipated to be a pivotal period for rapid AI application growth in the financial services sector [23]

Core Viewpoint - Postal Savings Bank of China has launched the first AI trading robot in the market, named "Youxiaobao," which is designed for credit bond trading and represents a significant innovation in the investment banking sector [1] Group 1: AI Applications in Banking - Many banks are focusing their AI strategies on "AI+" to enhance various business processes, moving beyond single business empowerment to cover C-end users, B-end clients, and internal employees [1][2] - The AI applications in banks have matured in areas such as intelligent coding, marketing, customer service, risk control, compliance, and daily management [2] - Postal Savings Bank's "Youxiaobao" integrates intelligent pricing responses, comprehensive risk management, and transaction data statistics for bond trading [2] Group 2: Specific Bank Innovations - Industrial Bank has introduced "Xingxiaer," a bond trading robot that utilizes machine learning and advanced technologies to enhance trading efficiency [2] - China Merchants Bank's "Zhaoxiaocai" AI assistant can accurately identify customer intentions with a 95% response accuracy, facilitating complex financial product operations [3] - Construction Bank has launched a ChatBot version of its AI assistant "Bangde," which aims to transform customer service through a comprehensive AI-driven approach [5][6] Group 3: Human-AI Collaboration - A trend towards "human + digital intelligence" models is emerging, where banks aim to empower employees with intelligent tools while ensuring effective usage [4] - China Merchants Bank plans to accelerate the development of the "AI + finance" model to enhance mutual empowerment between humans and technology [4] Group 4: Humanoid Robots in Banking - The banking sector is exploring the application of humanoid robots for customer service, with some banks already testing these technologies in branches [7] - Construction Bank has established a training base for humanoid robots to assist with customer inquiries and service guidance [7] - Despite the potential, experts note that the widespread deployment of humanoid robots in banks faces challenges such as technological maturity, high costs, and regulatory issues [8]

Core Insights - The banking industry is undergoing a digital transformation driven by advancements in artificial intelligence, big data, and cloud computing, with 12 banks, including major players like Bank of China and China Merchants Bank, having released their 2024 financial reports by March 28 [1] Investment and Talent Development - Major state-owned banks continue to dominate in technology investment, with Bank of China investing CNY 23.809 billion, accounting for 3.76% of its revenue, a year-on-year increase of 0.27 percentage points [2] - Postal Savings Bank's technology investment reached CNY 12.296 billion, a 9.03% increase year-on-year, representing 3.53% of its revenue [2] - In contrast, China Communications Bank's technology investment fell to CNY 11.433 billion, a decrease of 4.94% year-on-year, although it still had the highest revenue ratio at 5.41% among the six major banks [2] - Among joint-stock banks, investments from China Merchants Bank, CITIC Bank, and Industrial Bank were CNY 13.35 billion, CNY 10.945 billion, and CNY 8.377 billion, respectively, with their revenue ratios declining [3] - Smaller banks like Chongqing Bank and Changshu Bank are increasing their technology investments, with Chongqing Bank's investment growing by 20% year-on-year to CNY 0.574 billion [3] Talent Acquisition and Growth - By the end of 2024, Bank of China had 14,940 employees in its technology division, an increase of 2,234, representing 4.78% of total staff [4] - Postal Savings Bank's IT team grew to over 7,200, a 2% increase, making up 3.6% of its total workforce [4] - China Communications Bank leads in technology talent, with 9,041 employees, a 15.70% increase, accounting for 9.44% of total staff [4] - Joint-stock banks like China Merchants Bank and Industrial Bank also showed strong talent density, with China Merchants Bank's R&D staff reaching 10,900, representing 9.3% of total employees [4] Technological Advancements and Applications - Banks are leveraging technology to enhance various business scenarios, with Bank of China adding over 900 new business scenarios through AI and automation [9] - China Communications Bank's mobile banking app reached over 55 million monthly active users, a 630,000 increase year-on-year, with 80% of new loans coming from online channels [9][10] - Postal Savings Bank launched an AI-driven trading assistant that has processed over CNY 1.5 trillion in inquiries, achieving a 94% reduction in transaction time [11] - CITIC Bank developed an AI system with over 1,600 applications across various business areas, while Industrial Bank optimized its AI applications in over 70 scenarios [12] Overall Industry Trends - The banking sector is experiencing a "Matthew Effect" where larger banks benefit more from technology investments, while smaller banks are finding unique paths to digital transformation [3][13] - The industry is entering a new phase of "technology reconstruction," with technology integration becoming pervasive across various operational scenarios [13]