今年以来，A股市场交投活跃，近期，A股日均成交额更是持续站稳万亿元大关。随之而来的是，AI投 顾管理规模呈现爆发式扩张。AI投顾智能体逐渐成为各大券商、投顾平台的"标配"，行业从"人海战 术"迈向"算法红利"时代。 根据最新数据，A股投资者数量已突破2.4亿户，相当于每6个中国人就有1个股民。值得关注的是，A股 市场中，信息差、知识差、情绪差仍是普通投资者面临的老问题，不过，AI正尝试把投研产能"翻 译"成简明可执行的投资提示，让专业服务从少数人的特权变成多数人的工具。 AI投顾智能体使用体验如何？普通投资者能享受到怎样的普惠投研服务？近期，南方都市报、南都大 数据研究院课题组对同花顺问财、东方财富妙想和九方灵犀3款主流AI投顾智能体进行了测评。在本次 测评中，课题组从普通投资者视角出发，围绕投资分析中常用的热点解读、条件选股和诊股分析三大核 心功能场景，模拟用户需求对三款AI投顾智能体进行了多轮提问测评。根据测评对比，三款AI投顾智 能体各有特点，同花顺问财的口语化语义理解和可视化输出表现较好，东方财富妙想更能融合专业研报 等多信源信息，进行分析整合输出，而九方灵犀则在回答输出中表现出较强的思维链决策推理、 ...

Core Insights - The company has achieved an upgrade to an A rating in the 2025 Wind ESG rating, ranking 47th among 186 participating software companies, reflecting significant breakthroughs in environmental management, technological innovation, and social value creation [1][3] ESG Performance - In 2024, the company reduced its carbon emission density to 1.43 tons per person, a decrease of 6.94% compared to the previous year [3] - The generation of non-hazardous waste per unit decreased by 7.88%, and electricity consumption density also fell by 6.95% [3] - The company has established an ESG governance structure directly supervised by the board, integrating DEI principles and privacy protection into daily management processes [4] Technological Innovation - The company leverages its self-developed AI dialogue agent "Jiufang Lingxi" to enhance service efficiency and customer experience [4] - Innovative tools like "AI Monitoring Officer" and "AI Inspection Officer" have been implemented to create an intelligent compliance defense [4] - The newly established subsidiary Jiufang Zhiqing focuses on technological advancements and collaborates deeply with Tencent Cloud to explore new opportunities in cloud computing [4] Educational Initiatives - As the "first stock in securities investor education," the company emphasizes education, creating a comprehensive investment education system that spans multiple universities and the general public [4] - The company participates in significant events like the First Financial Buffett Shareholders' Meeting live broadcast and the National Investor Protection Day, enhancing market awareness and bridging connections between regulatory bodies, financial institutions, and ordinary investors [4] Strategic Development - The company aims to optimize its ESG governance framework through measures like carbon footprint tracking and green supply chain transformation [5] - It is accelerating the application of AI technology in core securities scenarios to build a more efficient and secure financial service ecosystem [5] - With the growing demand for professional financial management among retail investors, the company is positioned to usher in a new era of financial inclusivity [5]

Core Insights - The article discusses the challenges faced by traditional investment advisory services, including low response efficiency, difficulties in personalized strategy recommendations, and limited content generation capabilities [1][2][3] Group 1: Challenges in Investment Advisory Services - There is a significant asymmetry in supply and demand for investment advisory services, leading to low user consultation response efficiency [1] - Personalized strategy recommendations are difficult due to a lack of user profiling and risk adaptation [2] - Content generation capabilities are limited, resulting in a lack of coherence and depth in strategy interpretation and market commentary [3] Group 2: Solutions Proposed - The introduction of an intelligent dialogue assistant aims to improve response efficiency by providing 24/7 support for personalized investment queries [4] - A dynamic user profiling system is proposed to enhance personalized advisory content generation and push notifications based on user behavior and risk assessments [5] - The development of a financial content generation engine is suggested to automate the production of market commentary, strategy analysis, and educational content, thereby improving user engagement and trust [5] Group 3: Achievements and Impact - The "Jiufang Lingxi" model has achieved significant milestones since its launch, addressing the limitations of traditional advisory teams and enhancing service quality [5][6] - As of early 2025, the platform has recorded over 18 million interactions, with a user penetration rate of over 10% for intelligent advisory services [7] - User satisfaction exceeds 50%, particularly praised for the professionalism and timeliness of responses, contributing to the dual empowerment of both small and large business segments [7]

Core Insights - The financial industry is increasingly integrating AI into its operations, transitioning from a focus on efficiency to a strategic necessity for core competitiveness and survival [1] - Jiufang Zhitu Holdings has accelerated its AI strategy, with a significant increase in R&D personnel and the launch of multiple AI products [1][2] - The company has established a wholly-owned tech subsidiary, Jiufang Zhiqing, to explore various possibilities of "Artificial Intelligence +" [1][5] Investment Research and Technology - Jiufang Zhitu Holdings has a strong talent pool with 462 licensed investment advisors and a total of 1,935 securities professionals, supporting high-quality research output [2] - The company has conducted nearly 70 company research projects and produced around 560 in-depth analysis articles on macroeconomics, industry trends, and corporate fundamentals [2] - The self-developed AI model, Jiuzhang, has enabled the launch of core AI products like Jiufang Lingxi, which offers intelligent and personalized investment services [2][3] Digital Transformation - The company is actively pursuing a "digital intelligence" transformation, having established a comprehensive product matrix that includes various applications and learning tools [4][5] - Jiufang Zhiqing is focusing on developing financial vertical models and aims to create an open intelligent engine to support the company's digital transformation [5] - The company plans to deepen AI integration across product services, business operations, and management while also exploring overseas expansion and diversification [5][6] Market Response and Future Outlook - Jiufang Zhitu Holdings' recent financial report reflects the results of its digital transformation efforts, showcasing its core advantages in intelligent algorithms, professional research, and ecosystem services [6] - The company has garnered attention from over 10 brokerage firms this year, receiving positive ratings and indicating strong market interest [6]

Investment Rating - The report assigns a "Buy" rating for the company, indicating strong potential for growth and performance in the capital markets [5][10]. Core Insights - The company is recognized as a leading online investment decision-making solution provider in China, with a strong emphasis on research, technology, and operational capabilities. Its business model is highly elastic to capital market performance, suggesting significant growth potential during market upswings [6][11]. - The company has a concentrated and stable shareholding structure, with the controlling shareholders holding 65.5% of the shares, which may contribute to strategic consistency and long-term planning [6][29]. Summary by Sections 1. Leading Online Investment Decision-Making Solution Provider - The company began as a high-end investment education service provider and has strategically expanded into overseas markets [16]. - It holds a rare securities investment consulting license, which is crucial for compliance and operational legitimacy in a tightly regulated industry [17]. 2. Core of Traffic Operations and Re-monetization - The business model focuses on acquiring users through public media and converting them into paying customers via private channels, enhancing user engagement and retention [35]. - The company has shifted its product strategy from high-value offerings to a diversified product range, including small-scale and educational products, to tap into a broader customer base [50]. 3. Capturing the Knowledge Payment Wave - The number of individual investors in the A-share market has steadily increased, providing a growing customer base for the company's services [59]. - The company has effectively leveraged new media platforms like Douyin to capture traffic and enhance user engagement, resulting in a significant increase in followers and content reach [7][36]. 4. Competitive Advantages - The company boasts a robust research and development team, with 119 researchers contributing to high-quality investment content, supported by AI technology for operational efficiency [8]. - The company has demonstrated a strong return on investment (ROI) in its traffic acquisition strategies, with a notable increase in ROI from 2.6 times in 2022 to 5.2 times in 2024 [36]. 5. Profit Forecast and Valuation Comparison - The company is projected to achieve net profits of 1.285 billion, 1.396 billion, and 1.710 billion yuan for the years 2025, 2026, and 2027, respectively, with significant growth rates [10][11]. - The company's price-to-earnings (P/E) ratio is significantly lower than its comparable peers, suggesting an undervaluation relative to its growth potential [10].

Core Insights - The establishment of Jiufang Zhiying marks a strategic move by Jiufang Zhituo Holdings to leverage AI technology in the securities industry, aiming to enhance efficiency and redefine investment consulting services [1][2] - Jiufang Zhiying's entry into the "Mosu Space" innovation ecosystem is part of a broader initiative to integrate AI capabilities into financial services, positioning the company as a key player in China's AI-driven market [2][3] - The collaboration with Tencent Cloud focuses on enhancing AI tools, redefining operational paradigms, and establishing a robust technological foundation, which is expected to yield significant synergies [3] Company Developments - Jiufang Zhituo Holdings has been actively investing in AI, with a comprehensive model system and products like Jiufang Lingxi, which provide intelligent and personalized investment services [1][4] - The company reported a strong growth trajectory, with a projected R&D expenditure of 319 million yuan in 2024, reflecting a double-digit growth rate and a significant commitment to innovation [5] - Jiufang Zhituo's focus on AI integration is expected to create a unique competitive advantage, enhancing its attractiveness to investors and positioning it for long-term growth [5] Industry Context - The rapid advancement of AI is reshaping the securities consulting industry, offering new efficiencies and experiences, and driving a wave of technological transformation [2][4] - The recent financial performance of major tech companies, such as Meta and Microsoft, underscores the high demand and optimism surrounding AI-related investments, which is likely to influence investor sentiment towards Jiufang Zhituo Holdings [4] - The increasing "AI content" in financial services is anticipated to lead to a re-evaluation of investment values in the sector, with Jiufang Zhituo poised to benefit from this trend [4]

Core Viewpoint - The establishment of Jiufang Zhiying marks a strategic move by Jiufang Zhitu Holdings to leverage AI technology in the securities industry, aiming to enhance efficiency and redefine investment consulting services [1][2][4] Group 1: Company Developments - Jiufang Zhiying was officially launched in Shanghai's "Mosu Space," a hub for AI innovation, to explore AI applications in the securities sector [1][2] - The company has previously established an AI center and developed a comprehensive model system for the securities field, including the launch of AI products like Jiufang Lingxi [1][4] - Jiufang Zhitu Holdings is transitioning from traditional investment consulting to intelligent consulting, with a focus on AI integration [1][4] Group 2: Strategic Collaborations - Jiufang Zhiying has formed a strategic partnership with Tencent Cloud, focusing on enhancing AI tools, redefining operational paradigms, and building a resilient technological foundation [3] - This collaboration is expected to create significant business synergies, leveraging Tencent Cloud's resources to enhance Jiufang Zhiying's capabilities in financial technology [3] Group 3: Market Position and Financial Performance - The rapid development of AI is reshaping the business landscape, leading to a re-evaluation of AI-related stocks in the capital market [4] - Jiufang Zhitu Holdings has reported a positive trend in profits, supported by high contract liabilities, indicating strong performance for the second half of the year [4][5] - The company is investing heavily in R&D, with a projected expenditure of 319 million yuan in 2024, representing a double-digit growth rate [5] Group 4: Competitive Advantage - Jiufang Zhitu Holdings is building a unique competitive edge through AI-driven technology, which is recognized by institutional investors [5] - The company’s investment value is seen not only in its current market position but also in its ability to capitalize on future opportunities in financial technology [5]

Investment Rating - The report assigns a "Buy" rating to the company [3] Core Insights - The company is positioned to benefit from the growing demand for retail investment consulting services as the number of individual investors in the A-share market continues to rise, with over 240 million investors reported by mid-2025 [4][34] - The company has successfully leveraged the short video trend to innovate its business model, achieving high growth rates through effective customer engagement and content distribution [4][11] - Strategic acquisitions and capital raises are expected to diversify the company's business and enhance its international market presence, particularly in the areas of stablecoins and RWA (Real World Assets) [4][13] Summary by Sections Company Overview - The company focuses on high-end investment education and consulting, utilizing AI technology to enhance its service offerings and customer engagement [15][26] - It has developed a range of products, including high-value VIP services and a unique learning machine aimed at educating new investors [11][24] Market Demand and Growth - The demand for investment consulting services is increasing, driven by the growing wealth of individual investors and the need for professional guidance [4][39] - The online investment decision-making solutions market is projected to grow significantly, with estimates reaching RMB 872 billion by 2026 [50] Business Model Innovation - The company has adopted a new business model that integrates content production, multi-channel distribution, and precise customer targeting, resulting in a sustainable growth mechanism [11][59] - The use of AI and big data analytics allows the company to provide personalized investment advice and enhance user experience [12][26] Financial Performance and Projections - Revenue is expected to grow from RMB 3.8 billion in 2025 to RMB 5.1 billion in 2027, with a corresponding increase in net profit from RMB 1.4 billion to RMB 2 billion [5] - The company's P/E ratio is projected to decrease from 15.66 in 2025 to 11.02 in 2027, indicating potential for valuation improvement [5] Strategic Initiatives - The company plans to expand its international footprint through strategic acquisitions and partnerships, particularly in Hong Kong and the Middle East [4][13] - Recent capital raises have been directed towards building a blockchain financial ecosystem and enhancing digital asset services [4][13]

Group 1 - The company announced a dividend plan based on the 2024 annual report, distributing HKD 0.33 per share, totaling approximately HKD 148 million, with a payout ratio of 50.3% [1] - In 2024, the company achieved a net profit attributable to shareholders of approximately RMB 272 million, a year-on-year increase of 42.8%, and revenue of approximately RMB 2.306 billion, a year-on-year increase of 17.3% [1] - The total order amount for 2024 reached approximately RMB 3.506 billion, a year-on-year increase of 49.3%, with the number of paying users reaching 181,500, a year-on-year increase of approximately 149.4% [1] Group 2 - The company continued to deepen its investment in technology research and development, with R&D expenditure of approximately RMB 319 million in 2024, a year-on-year increase of 10.9%, accounting for about 13.8% of total revenue [2] - Under the "technology + R&D" dual-drive strategy, the company launched the industry's first stock learning product "Yizhi Gudao" and several AI investment advisory products [2] - The company aims to deepen the application of AI technology in investment advisory services, promoting a "digital intelligence" transformation and building an intelligent investment advisory ecosystem [2]

Core Viewpoint - Jiufang Zhituo has established itself as a reliable player in the securities investment advisory industry, leveraging its compliance, technological advancements, and industry recognition to provide a unique investment experience for investors [1][8]. Group 1: Qualification Certification - Jiufang Zhituo is one of the earliest professional institutions in China to obtain securities investment consulting qualifications, having been established in 1996 and recognized as a member of the China Securities Association [2]. - The company received its securities investment advisor license in 1998, becoming one of the first licensed institutions in the industry [2]. - As of the end of 2024, Jiufang Zhituo has over 300 qualified investment advisors, placing it among the top in the industry [2]. Group 2: Business Layout - The business model of Jiufang Zhituo is characterized by a "technology + research" dual-drive strategy, focusing on investor education through a comprehensive year-round educational system [4]. - The company has developed an app that offers AI stock diagnosis and intelligent monitoring tools, providing personalized investment decision support [4]. - In 2024, Jiufang Zhituo launched the industry's first stock learning machine, "Yizhi Gudao," featuring nine dimensions of courses and AI interaction capabilities [4]. Group 3: Honor Recognition - Jiufang Zhituo has received multiple awards, including the "Most Improved Securities Data Provider" from the Hong Kong Stock Exchange in 2024, marking it as the first mainland advisory institution to achieve this honor [6]. - The company was recognized as the "Outstanding Financial Technology Company" at the "Golden Ding Award" organized by the Daily Economic News in 2024 [6]. - Jiufang Zhituo's intelligent advisory digital assistant, "Jiugo," served 472,000 users and recorded over 32.4 million service instances in 2024, with its technological achievements receiving multiple national patent certifications [6].