近年来，以人工智能、大数据、云计算和互联网等为代表的系列通用目的技术加速创新和普及应用，日 益融入经济社会发展各领域全过程，正在推动新一轮产业革命，促使全球产业要素资源重组、全球产业 结构重塑，从而改变全球产业竞争格局。先进制造业与现代服务业、现代农业相互渗透，生产与流通、 制造与消费融合共生，共同创造新价值、新模式的经济新形态已初见端倪。 作为先进制造业与现代服务业深度融合的典型新产业（300832）形态，服务型制造是具有鲜明中国特色 的产业融合概念，是基于制造的立场考虑制造业和服务业融合发展演进必然逻辑，是我国制造业高质量 发展的重要方向。无论在传统产业转型升级，还是在新兴产业培育成长、未来产业前瞻布局的过程中， 服务型制造已经展示出巨大的潜力，成为推进和实现新型工业化的有效路径之一。与传统生产型制造聚 焦产品的生产和交付不同，服务型制造以洞察和满足市场需求为出发点，注重形成产品生产和服务提供 紧密融合、无缝衔接的生产方式，具有跨传统领域划分、全周期、定制化、一体化、多重价值等特性， 从而展现出面向终端需求更为丰富的价值创造过程。实践中，定制化服务、总集成总承包服务、供应链 管理服务、全生命周期服务、信息 ...

Core Viewpoint - The internet financial information service industry in China is experiencing rapid growth driven by the high-quality development of the securities market and technological innovation, with a projected market size increase from 10.07 billion yuan in 2015 to 63.52 billion yuan in 2024, representing a compound annual growth rate of 22.71% [2][3]. Industry Overview - The internet financial information service industry has emerged alongside the development of the internet, effectively utilizing its convenience and speed to provide investors with enhanced information services. The industry can be segmented into three categories: financial information terminal services, value-added information services, and online financial information services [3]. - Despite the rapid growth and diversification of services, the industry remains relatively small compared to its domestic potential and the more mature international market, indicating significant growth opportunities [3]. Development History - The internet financial sector in China began to take shape before 2005, with traditional financial institutions initially moving their operations online. The introduction of e-commerce in 1993 marked the start of a fully electronic business era, prompting banks to innovate and adapt to the internet [5]. - From 2005 to 2012, the industry saw the emergence of third-party payment systems, P2P lending, and crowdfunding, marking a shift from mere technological integration to actual business models [6]. - The year 2013 is recognized as the starting point of rapid growth for internet finance in China, highlighted by the launch of "Yu'ebao," which led to the maturation of third-party payments and explosive growth in P2P lending [6]. Relevant Policies - The Chinese government has implemented various policies to support the healthy development of the internet financial information service industry. For instance, the State Council issued guidelines in March 2025 to enhance data security and promote technological innovation in the financial sector [8][9]. - In April 2025, a plan was introduced to accelerate the construction of a financial service system that aligns with technological innovation, aiming to improve the quality and efficiency of financial services [8][9]. Industry Chain - The internet financial information service industry chain has matured, encompassing areas such as financial information, third-party payments, and online lending. The upstream includes data providers, banks, and individual funders, while the downstream consists of individual consumers, merchants, and enterprises [10]. - The relationship between merchants and third-party payment institutions is crucial, as the attractiveness and conversion rates of merchants significantly influence transaction volumes [10].

Core Insights - The internet financial information service industry is experiencing rapid growth driven by the dual forces of high-quality development in the securities market and technological innovation, with the market size projected to expand significantly from 10.07 billion yuan in 2015 to 63.52 billion yuan in 2024, reflecting a compound annual growth rate of 22.71% [1][18] - The industry has evolved into a complete value chain from data collection and processing to intelligent information integration, benefiting from the continuous growth of household wealth and increasing demand for financial information from investors [1][18] Industry Overview - The internet financial information service industry emerged alongside the development of the internet, effectively utilizing its convenience and speed to provide investors with enhanced information services. The industry can be segmented into three categories: financial information terminal services, value-added information services, and online financial information services [3] - Despite the rapid growth of the industry, China's market size remains relatively small compared to its potential and the more mature international markets, indicating significant growth opportunities [3] Development History - The development of internet finance in China began before 2005, with traditional financial institutions initially moving their services online. The introduction of e-commerce in 1993 marked the start of a shift towards electronic business operations [5][6] - The period from 2005 to 2012 saw the emergence of true internet financial business models, including third-party payment, P2P lending, and crowdfunding, leading to significant changes in traditional financial models [6] Policy Environment - Government policies have been supportive of the healthy and orderly development of the internet financial information service industry, with initiatives aimed at enhancing data security, network security, and the application of new technologies [8][10] Industry Chain - The industry chain has matured, encompassing financial information, third-party payment, and online lending. The upstream includes data suppliers, banks, and individual fund providers, while the downstream consists of individual consumers, merchants, and enterprises [11] - The connection between merchants and end customers is crucial for the transaction volume of third-party payment services, with small and micro merchants playing a significant role in the market's long-tail effect [11] Market Dynamics - The financial sector is experiencing stable growth, with the total social financing scale projected to reach 408.3 trillion yuan in 2024, reflecting an 8% year-on-year increase. This stable financial environment provides a solid foundation for the development of the internet financial information service industry [13] - The software and information technology service industry, which includes internet financial information services, is crucial for economic development, with revenues expected to reach 13.73 trillion yuan in 2024, growing by 10% year-on-year [16] Competitive Landscape - Leading companies in the internet financial information service sector include Dongfang Caifu, Tonghuashun, and Zhinancai, which have capitalized on the rapid development of internet technology and the liberalization of interest rates to attract investors [20][23] - Dongfang Caifu's revenue from securities services is projected to be 8.494 billion yuan in 2024, while Tonghuashun's revenue is expected to reach 4.187 billion yuan, reflecting growth driven by increased demand for financial information services [23][25] Future Trends - The industry is expected to undergo a technological transformation with the integration of AI, big data, and cloud computing, leading to smarter services and improved user experiences [27] - Regulatory frameworks are becoming stricter, promoting the need for compliance and risk management, which will shape the industry's future development [28] - User demand is diversifying, pushing for innovative service offerings that cater to both individual and institutional investors, emphasizing real-time data and personalized services [29]