Core Viewpoint - The main focus of the news is on the net inflow and outflow of major funds in various industries, highlighting the performance of specific sectors and stocks in the market on July 11. Group 1: Industry Performance - The computer and non-bank financial sectors saw significant net inflows, each exceeding 30 billion yuan [2] - Among the 25 industries with net outflows, the electronics sector had the highest outflow at 34.4 billion yuan, followed by the power equipment and media sectors, each exceeding 20 billion yuan [2] - Other sectors such as telecommunications, retail, food and beverage, and real estate also experienced net outflows exceeding 10 billion yuan [2] Group 2: Individual Stock Performance - A total of 73 stocks had net inflows exceeding 1 billion yuan, with 12 stocks seeing inflows over 3 billion yuan [3] - Dongfang Caifu led with a net inflow of 15.97 billion yuan, benefiting from the launch of the HarmonyOS intelligent framework [3] - Zhongyin Securities recorded a net inflow of 4.65 billion yuan, with analysts optimistic about the growth of brokerage and investment banking businesses due to a favorable market environment [4] Group 3: Tail-End Market Activity - At the end of the trading day, the market saw a net outflow of 16.71 billion yuan, with sectors like non-ferrous metals, basic chemicals, and oil and petrochemicals attracting significant late-stage investments [7] - Individual stocks such as Yuxin Technology, Changliang Technology, and WuXi AppTec had net inflows exceeding 1 billion yuan in the tail end [8] - Yuxin Technology, in particular, saw a net inflow of 2.34 billion yuan, focusing on stablecoin ecosystem partnerships [8]

证券研究报告 【AI金融新纪元】系列报告（四） ——金融与AI融合持续深化 证券分析师 ：孙婷 执业证书编号：S0600524120001 联系邮箱：sut@dwzq.com.cn 证券分析师 ：武欣姝 执业证书编号：S0600524060001 联系邮箱：wuxs@dwzq.com.cn 二零二五年六月十一日 引言：IT电子化→互联网金融→AI金融，金融与科技融合持续深化 2004年之前 2004年-2010年 2010年-2022年 2023年-至今 ⚫ 中国金融与技术的融合始于20 世纪80年代，互联网及数字技 术出现，传统金融机构受到提 高工作效率等需求推动，开始 通过传统IT软硬件实现办公自 动化、电子化，实现业务升级。 IT部门、银行卡、ATM、证券 交易所等线下部门快速普及。 ⚫ 互联网在中国迅速发展，2008 年牛市下PC端金融网络门户 兴起，新浪、搜狐、网易等传 统门户财经频道日益成熟，和 讯网、金融界、证券之星等垂 直财经网址厚积薄发。但是受 限于时代条件，互联网金融领 域仍处于起步阶段。东方财富 后来居上，成为该阶段的集大 成者。 ⚫ 2009年移动应用市场兴起， 财经类移动APP开始出 ...

证券研究报告 【AI金融新纪元】系列报告（四） ——金融与AI融合持续深化 证券分析师 ：孙婷 执业证书编号：S0600524120001 联系邮箱：sut@dwzq.com.cn 证券分析师 ：武欣姝 执业证书编号：S0600524060001 联系邮箱：wuxs@dwzq.com.cn 二零二五年六月十一日 引言：IT电子化→互联网金融→AI金融，金融与科技融合持续深化 2004年之前 2004年-2010年 2010年-2022年 2023年-至今 ⚫ 中国金融与技术的融合始于20 世纪80年代，互联网及数字技 术出现，传统金融机构受到提 高工作效率等需求推动，开始 通过传统IT软硬件实现办公自 动化、电子化，实现业务升级。 IT部门、银行卡、ATM、证券 交易所等线下部门快速普及。 ⚫ 互联网在中国迅速发展，2008 年牛市下PC端金融网络门户 兴起，新浪、搜狐、网易等传 统门户财经频道日益成熟，和 讯网、金融界、证券之星等垂 直财经网址厚积薄发。但是受 限于时代条件，互联网金融领 域仍处于起步阶段。东方财富 后来居上，成为该阶段的集大 成者。 ⚫ 2009年移动应用市场兴起， 财经类移动APP开始出 ...

证券研究报告/行业研究 用户积累与 ARPU 提升决定金融信息服务企业盈利能力 ——金融信息服务行业专题研究 投资要点 ➢ 24年金融信息服务公司财务表现分化 2024 年指南针、九方智投、同花顺营收和利润表现亮眼。麟龙股份、古鳌科 技、益盟股份等公司营收，净利润均呈现负增长趋势，原因在于行业增速放 缓，其依赖营销及人力获客，导致销售费用率居高不下。行业马太效应持续， 用户规模优势与变现效率将成为决定企业竞争力的关键因素。 ➢ 金融信息服务公司核心竞争力在于零售客户的累积 金融信息服务公司的业务基础均依赖平台用户和流量，而实现客户增长需构 建自有流量矩阵与提升付费转化率。行业头部公司同花顺和早期的东方财富 积累了大量低成本流量并持续留存，指南针和九方智投用户流量池规模相对 较小，在提升付费转化率方面各具特色。指南针专注于证券分析软件领域； 九方智投则通过搭建覆盖 MCN 频道、互联网终端、传统媒体的融媒体生态， 形成"公域获客-私域沉淀-付费转化"的漏斗模型。 ➢ 寻找多元化流量变现途径，提升ARPU 当 PC 与移动端客户流量触及天花板后，各公司业务发展路径均聚焦于提升 ARPU。提升 ARPU 主要有两条 ...

Core Viewpoint - The recent Q1 2025 financial report from Dongfang Caifu shows strong year-on-year growth in revenue and net profit, indicating a solid performance despite some quarter-on-quarter pressures [1][2]. Financial Performance - Total revenue for Q1 2025 reached 3.486 billion yuan, a year-on-year increase of 41.93% [1]. - Net profit attributable to shareholders was 2.715 billion yuan, reflecting a year-on-year growth of 38.96% [1]. - The weighted ROE was 3.31%, up by 0.62 percentage points year-on-year [1]. Quarterly Analysis - Q1 2025 net profit decreased by 23.91% compared to Q4 2024 [2]. - Year-on-year revenue growth was 41.92%, but there was a quarter-on-quarter decline of 18.95% [2]. - Daily average stock fund trading volume increased by 70.96% year-on-year but decreased by 15.56% quarter-on-quarter [2]. Business Segments - Revenue from fund distribution and other financial services grew by 7.95% and 56.90% year-on-year, respectively [2]. - The margin for self-operated business faced pressure, with a year-on-year decline of 13.88% and a quarter-on-quarter decline of 27.41% [3]. - The company’s market share for margin financing reached 3.18%, up by approximately 0.02 percentage points from the end of 2024 [3]. Cost and Expenses - Total operating costs increased by 0.19% year-on-year but decreased by 10.51% quarter-on-quarter [4]. - Sales expenses decreased by 16.05% year-on-year and 33.69% quarter-on-quarter [4]. - R&D expenses saw a year-on-year decrease of 12.64% [4]. Strategic Initiatives - The company is enhancing its "AI + Finance" strategy, focusing on AI research and development [4]. - The proprietary "Miaoxiang" financial model has achieved significant advancements in various technical fields [4]. - The integration of AI capabilities aims to improve the financial ecosystem and create more value for users [4]. Investment Outlook - The ongoing implementation of new policies is expected to boost market confidence and support the growth of core business segments [5]. - The company’s market share in brokerage and margin financing is anticipated to continue its upward trend [5]. - Projected diluted EPS for 2025, 2026, and 2027 are 0.68, 0.72, and 0.77 yuan, respectively, with corresponding PE ratios of 30.46, 28.54, and 26.81 [5].

Core Insights - The event "AI Technology Empowerment and Copyright Protection: Building a New Ecosystem for Digital Content" was successfully held, focusing on copyright protection in the AI era [1] - The Securities Daily has established a comprehensive AI news production workflow, achieving a daily average of over 500 AI news releases, positioning itself as a leader in the industry [1][2] - Key discussions revolved around the challenges of copyright protection in AI-generated content, including the ambiguity of copyright ownership and the need for clearer legal frameworks [2][3] Group 1 - The event gathered over 30 professionals from finance media, AI companies, and the legal sector to discuss copyright protection in the context of AI [1] - Securities Daily's Director of Information, Zhao Ziqiang, highlighted the importance of data accuracy and established a detailed review standard for AI-generated content [1][2] - The daily release of AI news has remained stable at over 500 articles, indicating a strong presence in the industry [1] Group 2 - The AI product "Miaoxiang" from Dongfang Caifu integrates over 10 billion financial data points to enhance investment research efficiency [2] - Legal expert Gao Fei emphasized that copyright law protects specific expressions rather than ideas, complicating the ownership of AI-generated content [2] - Recommendations for copyright protection included optimizing algorithms to reduce content homogeneity and establishing clear agreements on copyright ownership [2] Group 3 - The head of the China Economic Net Innovation Laboratory pointed out that while AI tools can enhance productivity, they also pose copyright risks [3] - Media representatives expressed a commitment to collaboratively establish a new paradigm for copyright protection that emphasizes technology empowerment and industry cooperation [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][9][21] Core Views - The company has shown strong performance in its brokerage and margin financing business, with a significant increase in revenue and net profit in Q1 2025, driven by a rise in stock trading volume [4][5][11] - The company is actively investing in AI and financial technology, enhancing its capabilities and product offerings through the development of its proprietary financial model [7][15][17] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 3.486 billion yuan, a year-on-year increase of 41.93%, and a net profit of 2.715 billion yuan, up 38.96% [4][10] - For the full year 2024, the company achieved revenue of 11.604 billion yuan, a growth of 4.72%, and a net profit of 9.610 billion yuan, increasing by 17.29% [4][10] Business Segments - The brokerage business revenue in Q1 2025 increased by 66% year-on-year, with total revenues from interest and commission fees reaching 0.811 billion, 0.717 billion, and 1.958 billion yuan respectively [5][11] - The company’s market share in brokerage services continues to grow, with a total stock trading volume of 24.24 trillion yuan in 2024 [5][11] Cost Management and R&D - The company has successfully reduced its sales expenses, with a sales expense ratio of 2.01% in Q1 2025, down from 2.77% in 2024 [6][15] - Significant investments are being made in financial technology, with advancements in AI capabilities including natural language processing and image recognition [6][15] AI and Financial Model Development - The company is deepening its "AI + Finance" strategy, with the launch of its proprietary "Miaoxiang" financial model aimed at enhancing financial research capabilities [7][17] - The company has built a comprehensive financial database and an extensive user ecosystem centered around its platform, enhancing its competitive edge in the financial services sector [7][17] Earnings Forecast - The company is expected to achieve revenues of 12.929 billion, 14.544 billion, and 16.404 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 10.547 billion, 11.761 billion, and 13.007 billion yuan [8][21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a robust overall performance in Q1 2025, with total revenue increasing by 42% year-on-year to 3.5 billion yuan and net profit attributable to shareholders rising by 39% to 2.7 billion yuan [1] - The company continues to enhance its market share in brokerage and margin trading, benefiting from an active A-share market [1][7] - The company is expected to maintain its leading position in the retail brokerage sector and leverage its AI capabilities to restructure traditional securities business [1][7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 11,081 million yuan, with a year-on-year decrease of 11.25%. Revenue is expected to grow to 13,383 million yuan in 2025, reflecting a growth rate of 15.32% [1] - Net profit attributable to shareholders is forecasted to be 8,193 million yuan in 2023, with a slight decline of 3.71%. It is expected to increase to 11,522 million yuan in 2025, showing a growth of 19.90% [1] - The latest diluted EPS is projected to be 0.52 yuan in 2023, increasing to 0.73 yuan in 2025 [1] Brokerage and Margin Trading - The average daily trading volume in the A-share market increased by 70% year-on-year to 1.52 trillion yuan in Q1 2025, contributing to a 66% increase in net commission income to 2 billion yuan [1][7] - The net interest income from margin trading rose by 37% to 700 million yuan, with the margin financing balance increasing by 3.7% to 61 billion yuan [1][7] Fund Distribution and Self-operated Business - The fund distribution business showed a positive trend, with revenue increasing by 8% year-on-year to 800 million yuan in Q1 2025 [1][7] - The self-operated business reported a stable investment income of 700 million yuan, although it decreased by 14% year-on-year [1][7] Cost Control - Total operating costs increased by only 0.2% year-on-year to 1 billion yuan, with significant reductions in sales and R&D expenses [1][7] - The company effectively controlled various expenses, with sales expenses down by 16% and R&D expenses down by 13% [1][7] Future Outlook - The company is expected to achieve net profits of 115 billion yuan, 135 billion yuan, and 158 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 31, 27, and 23 [1][7] - The company is well-positioned to capitalize on its strong customer base and the ongoing AI transformation in the financial sector [1][7]

探寻 AI 时代全新变量， 探索 AI 领域下一个超级应用。 4 月 18 日， 36 氪 2025 AI Partner 大会于上海模速空间盛大开幕。此次大会紧扣 "Super App 来了 " 主题，规划 "Super App 来了 " 、 " 谁是下一个超级应 用 " 两大核心篇章，全力探寻 AI 时代的全新变量，探索 AI 领域下一个超级应用的无限可能性。 中国人工智能领军科学家、上海交大清源研究院研究员刘志毅， AMD 大中华区市场营销副总裁纪朝晖，百度副总裁阮瑜，高通公司 AI 产品技术中国区负 责人万卫星，闲鱼 CTO 陈举锋，大华股份软件研发部副总裁周淼等来自学界和企业的 AI 产业生态重量级嘉宾汇聚一堂，共探 AI 应用发展的前沿趋势。 "从DeepSeek的爆火，我们能够看到，大众传播逻辑已经发生了深刻的变化。"36 氪 CEO 冯大刚在致辞中强调，世界不再是平的，国家之间的关系以及商业 运行的基础规则都变了，无论中国民众还是美国民众都产生了巨大的不安全感。在这种心理下，任何可能引发"颠覆"的因素都会被无限放大，而科技毫无疑 问是所有因素中我们最可以把握、最应该追求的那个关键变量。这种激烈 ...

DeepSeek热潮在证券行业引发的"金融科技竞赛"还在继续，迄今宣布完成本地化部署以及应用场景更新的 券商已超过30家。这场较量背后，其实也是各家券商金融科技实力的一次展演，人才正是重要基石之一。 券商中国记者注意到，在券商近年释放出的金融科技岗位中，对算法工程师的需求日益增多。人力资源服务企 业科锐国际业务总监丁轼对记者表示，可以说现在AI类算法工程师供不应求。从招聘周期看，从券商释放岗 位招聘需求到候选人入职，普通的AI工程师岗位招聘平均需要60天。 不过，虽然人才缺口持续存在，但薪酬并没有因此水涨船高。另外，对算法工程师的需求主要集中在大型券 商。这反映出当前证券行业金融科技投入更注重效能，同时马太效应愈发明显。 券商招聘算法工程师的需求增多 DeepSeek给金融行业带来的深刻影响已不言而喻。自2月6日起，不断有券商官宣完成了DeepSeek-R1大模型的 本地化部署，发布最新应用场景或产品。据券商中国记者不完全梳理，截至2月23日，接入DeepSeek的券商至 少已有32家。 事实上，大模型之于券商并不是一件新鲜事，近两年不少券商已经开展了这方面的研究和部署。如国金证券成 立了人工智能实验室，专注 ...