本报（chinatimes.net.cn）记者张萌 卢梦雪 北京报道 王缅提到，当前不少金融服务机构已在探索基于通用大模型底座提供各类数据分析服务，而在证券垂直 领域，关键在于如何将高质量的领域知识准确地传递给用户，即提升信息"召回"的准确性。中金公司一 站式投研服务平台"中金点睛"致力于将中金研究过去多年的积累，以及300余位分析师针对不同行业构 建的研究框架与模型，系统性地转化为结构化信息。他表示，该平台不仅提供信息，更着眼于辅助投资 决策的逻辑与判断，高效助力投资者研究市场，进一步提升定价能力。 在全球资本市场风险管控领域，"中金公司已有30%以上的收入来自于国际业务，我们的体会是，一旦 中国金融企业走向境外，我们要时刻准备好面对很多复杂情况，有时候甚至是惊涛骇浪。" 王缅在会上 提到，在国际市场展业尤其是如衍生品等资本类业务时，风险管理能力某种程度上决定了业务发展的上 限。中金公司在衍生品定价与风险计量体系建设方面作出了积极实践：自主研发境内外一体化风险与资 本计量系统，通过采用国产GPU/CPU混合部署的云原生分布式架构，极大提升了计算效率，实现百万 量级的衍生品持仓风险资本计量从传统计量软件的4- ...

Core Viewpoint - The article emphasizes the significance of the Guangdong-Hong Kong-Macao Greater Bay Area in enhancing wealth management and financial cooperation, highlighting the opportunities for regional economic growth and the role of CICC in leading the transformation of the wealth management industry [4][6][15]. Group 1: Event Overview - The CICC 2025 Guangdong-Hong Kong-Macao Greater Bay Area Wealth Management Summit successfully gathered over 400 representatives to discuss key topics such as the achievements of the Greater Bay Area, the development of the wealth management industry, and capital market ecology [4]. - The summit featured a welcome address by CICC Chairman Chen Liang, who underscored the strategic importance of the Greater Bay Area in national development and the summit's role in promoting high-quality development in wealth management [6]. Group 2: Government and Economic Insights - Hong Kong's Financial Secretary, Paul Chan, highlighted the challenges and opportunities faced by Hong Kong as an international financial center, emphasizing the importance of the Greater Bay Area in driving wealth management development [9]. - CICC's Chief Economist, Peng Wensheng, delivered a keynote speech on the transition from scale economy to innovation economy, noting China's leading advantages in green industries and artificial intelligence [11]. Group 3: Discussions and Innovations - Nearly 30 speakers from various sectors engaged in discussions on topics such as building resilient portfolios, the transformation of China's consumer industry, and innovations in financial infrastructure [13]. - The summit integrated digitalization and green development elements, showcasing CICC's digital investment research platform "CICC Insight" to enhance the investment research experience for global institutional investors [15]. Group 4: Future Directions - The summit aimed to explore how to leverage opportunities in the wealth management sector within the Greater Bay Area, with CICC committed to contributing to the long-term development opportunities for residents and global partners [15].

Core Viewpoint - The article emphasizes the importance of understanding macroeconomic variables and their impact on industry dynamics, highlighting the need for informed investment decisions in a rapidly changing market environment [1][9]. Group 1: Macro and Industry Analysis - The "Macro Salon" series combines macroeconomic and industry analysis to explore how macro variables influence industry development and uncover the underlying macro logic behind industry dynamics [1]. - Since its launch in August 2024, the program has attracted over 1.2 million views, featuring discussions on current hot topics of interest to investors [2]. Group 2: Digital Research Platform - The "CICC Insight" platform is introduced as a one-stop digital research platform aimed at institutional investors, providing comprehensive research reports, activities, databases, and research frameworks [10]. - The platform covers over 200 industry sub-sectors, nearly 800 stock research frameworks, and more than 1,800 A-shares, Hong Kong stocks, and overseas listed companies, facilitating efficient and intelligent investment research decisions [10].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies. Core Insights - The "中金点睛" platform integrates macroeconomic, market strategy, industry, and company research reports to provide comprehensive research insights, aiding investors in understanding market dynamics and trends [1] - The platform features a fundamental database with over 120,000 indicators covering domestic and international macroeconomic data, major asset classes, and industry data, ensuring professionalism and accuracy through manual collection by analysts [1][3] - The platform covers nearly 200 industry sub-sectors, with 300 researchers regularly updating insights for the next three quarters, allowing for real-time tracking and updates of data [1][8] - The "中金点睛" large model focuses on the financial vertical, significantly reducing data inaccuracies and providing reliable data support for secondary market institutional investors [4][13] Summary by Sections Research Reports - The platform offers comprehensive research reports covering macroeconomic analysis, market strategies, and company research, allowing users to access any of 中金's research viewpoints [3][8] Meeting Functionality - Investors can register for meetings and access call recordings post-event, with AI-generated summaries enabling quick browsing of key points and speaker insights [3][24] Database Quality and Professionalism - The database's quality is ensured through a wide range of data sources, with 40% from daily procurement databases and 60% manually collected by analysts from internet channels [7] - Each indicator is maintained by a dedicated analyst, allowing users to directly contact them for data quality assurance [7] Industry Insights - The platform provides precise industry insights through high-frequency maintenance and tracking of key databases, such as the automotive intelligence data dashboard, which reflects real-time data changes [6][8] Individual Stock Insights - The platform covers approximately 1,700 A-shares, Hong Kong stocks, and overseas listed companies, allowing investors to understand each stock's market performance and potential [2][10] - Detailed financial models and earnings forecast tracking are available for individual stocks, including historical target price changes and earnings forecast adjustments [12][10] AI Model Features - The large model integrates various data sources, including research reports and financial data, ensuring accurate results while minimizing the risk of data inaccuracies [13][15] - It supports multiple scenarios, including AI search for research viewpoints and financial data retrieval [13][19] Future Development - The large model will continue to incorporate professional private data and corpus from 中金 to enhance user experience and accuracy in responses [25]

Core Viewpoint - The emergence of AI, particularly with tools like DeepSeek, is transforming the investment research landscape, enhancing productivity while raising concerns about job displacement and the restructuring of brokerage research operations [1][3]. Group 1: AI Applications in Investment Research - Major brokerage firms such as CICC, CITIC Securities, and GF Securities have already initiated AI applications in investment research, achieving tangible results [3][4]. - CICC launched a digital investment research brand "CICC Insight" in 2023, offering services like data search and AI summaries, reaching nearly one million users [3]. - GF Securities has developed tools for automatic data visualization and enhanced report searching, while CITIC Securities has integrated AI models to manage research documents and automate report generation [4][5]. Group 2: AI Effectiveness in Different Application Stages - AI's effectiveness varies across application stages: approximately 60% in intermediate applications like asset allocation optimization, and about 40% in advanced applications involving deep market insights [8][9]. - In basic applications, AI excels in data cleaning and tracking market trends, while in advanced applications, it struggles with complex research logic and causal reasoning [9]. Group 3: Challenges and Limitations - The issue of "AI hallucination," where AI generates incorrect information, is a significant concern, stemming from mixed data sources and a lack of financial-specific training [10]. - The limited computational power of privately deployed models hampers the ability to process vast amounts of information, leading to reliance on cloud-based models [11]. Group 4: Future of AI in Investment Research - AI is expected to evolve from a tool for information processing to a core driver of investment research, enhancing efficiency and optimizing analytical frameworks rather than completely replacing human reasoning [12][13]. - The future of investment research may involve a collaborative model where AI handles routine tasks, allowing analysts to focus on higher-level decision-making and value judgment [13].