2026年度格隆汇"下注中国"十大核心资产已正式发布，东方财富(300059.SZ）经过层层选举和PK最终被入选成为"全球视野"十大核心资产中金融行业代表标 的。 以下是关于东方财富的入选原因和分析逻辑： 当十五五金融强国战略落地、居民存款大搬家启幕，A股正迎来"健康牛"的黄金窗口期——2025年日均成交额稳站1.5万亿元，两融余额突破2.5万亿元，券 商行业ROE明显回升，但板块涨幅却跑输沪深300指数超12个百分点，呈现"盈利高增+股价滞涨"的错配格局，这也意味着券商板块在2026年"慢牛"行情中具 有攻守兼备特点。 在这场即将到来的行情中，东方财富（300059.SZ）早已跳出传统券商"靠天吃饭"的桎梏，以"东方财富网+天天基金+证券"的生态闭环，叠加AI技术赋能， 成为兼具牛市β弹性与个股α优势的核心标的。 从业绩表现来看，2025年前三季度东方财富营收115.89亿元，同比暴涨58.67%；净利润90.97亿元，已逼近2024年全年水平。作为A股唯一互联网券商龙头， 它用"流量+牌照+技术"的铁三角，构筑了对手难以复制的护城河，2026年无论是行情红利还是自身成长，都值得期待。 01 行业β+政策红 ...

以下是关于东方财富的入选原因和分析逻辑： 当十五五金融强国战略落地、居民存款大搬家启幕，A股正迎来"健康牛"的黄金窗口期——2025年日均成交额稳站1.5万亿元，两融余额突破 2.5万亿元，券商行业ROE明显回升，但板块涨幅却跑输沪深300指数超12个百分点，呈现"盈利高增+股价滞涨"的错配格局，这 也意味着券 商板块在2026年"慢牛"行情中具有攻守兼备特点。 | Choice终端及妙想Al:Choice为专业金融数据服务,技术壁垒高，为机构及专业投资者提供 数据支撑,赋能投研场景 | | --- | | 2025年上半年经营情况 | | 证券业务,绝对的营收主力 2025年上半年证券服务收入52.79亿元，占总营收76.99%，同比大增54.24% | | 基金代销,高毛利的"现金牛" 天天基金2025年上半年收入14.16亿元，虽然同比只微涨0.31%，但毛利率高达93.07% | | Al和数据服务，未来的 "增长引擎" 2025年"妙想"金融大模型全面接入APP赋能投研及投顾；Choice数据终端的机构用户同比增67％ | | www.gogudata.com | | 2025H1营收结构 | | ...

转自：新华财经 12月6日，由东方财富信息股份有限公司主办的"科创引领新经济 数智驱动新发展"——中国资产管理论坛暨2025东方财富风云际会在贵阳举行。来自200多 家金融机构的700多位嘉宾齐聚一堂，共商金融科技如何助力新兴产业，共寻行业发展新引擎，共建高质量资管生态。贵州省贵阳市市委副书记、市长王 宏，东方财富董事长其实致辞，贵州省投资促进局局长谢强作产业推介。 东方财富董事长其实表示，当前，资管行业正面临科技与金融深度融合的历史性机遇。随着国家人工智能+战略的深入推进，数智化已成为推动行业转型升 级的核心动力。东方财富将持续深化AI+金融战略布局，与行业同仁携手，共同构建更具韧性的行业发展新生态，为推动资管行业高质量发展贡献力量。 论坛上，东方财富证券研究所副所长、首席策略官陈果发表主题演讲《智能浪涌，逐牛攀高——2026年中国股市策略展望》。他指出，2026年A股有望延续 牛市，建议布局泛AI、周期反转与国际化三条主线，覆盖AI应用、半导体、新能源、有色、化工、工程机械等行业，警惕AI商业化进程带来的波动风险。 上海天天基金销售有限公司总经理潘世友发表演讲《用户为本、科技为径：财富管理的数智化探索》。 ...

12月6日下午，由 东方财富 信息股份有限公司主办的"科创引领新经济 数智驱动新发展"——中国资产管理 论坛暨2025东方财富风云际会在贵阳举行。200多家金融机构的700多位嘉宾齐聚一堂，深入探讨习近平 总书记关于金融工作的重要论述，共商金融科技如何助力新兴产业，共寻行业发展新引擎，共建高质量资 管生态。贵阳市市委副书记、市长王宏，东方财富董事长其实致辞，省投资促进局局长谢强作产业推介。 （图为演讲嘉宾：上海天天基金销售有限公司总经理潘世友） 东方财富董事长其实表示，当前，资管行业正面临科技与金融深度融合的历史性机遇。随着国家 人工智 能 +战略的深入推进，数智化已成为推动行业转型升级的核心动力。东方财富将持续深化AI+金融战略布 局，与行业同仁携手，共同构建更具韧性的行业发展新生态，为推动资管行业高质量发展贡献力量。 嘉宾热议数智化财富管理 论坛上，东方财富 证券 研究所副所长、首席策略官陈果发表了以《智能浪涌，逐牛攀高——2026年中国 股市策略展望》为主题的演讲，陈果指出2026年A股有望延续牛市，重点关注三大预期差：企业盈利超预 期、中国AI进展超预期及中美务实合作深化。建议布局泛AI、周期反转与国 ...

Group 1 - The forum highlighted the integration of technology and finance as a historic opportunity for the asset management industry, emphasizing the role of AI in driving transformation and high-quality development [1][8] - Keynote speakers discussed the importance of adapting financial services to meet the evolving needs of clients, leveraging AI for personalized wealth management and enhancing user experience [3][6][5] - The discussions underscored the necessity for the industry to embrace digital transformation and AI technologies to improve operational efficiency and service quality, aligning with national strategies for economic growth [2][4][5] Group 2 - The roundtable discussion emphasized the trend of multi-fusion and collaborative win-win scenarios in the asset management ecosystem, with institutions focusing on their core competencies and roles [7] - Participants noted that the next 3 to 5 years will be critical for the digital transformation of the asset management industry, with a focus on integrating products and risk management [7] - The forum concluded that the asset management industry must enhance its service capabilities and innovate to build a resilient and dynamic ecosystem, aiming for high-quality development [8]

Investment Rating - The report suggests a positive investment outlook for the financial industry, highlighting its strong alignment with AI application and digital transformation needs [3][7]. Core Insights - The financial industry is identified as an ideal "testing ground" for AI applications due to its data-intensive nature and the increasing demand for digital transformation [1][7]. - The release of DeepSeek R1 in 2025 is anticipated to be a pivotal moment for local AI deployment in financial institutions, enhancing model reasoning capabilities and reducing costs [3][7]. - AI applications are rapidly penetrating core business areas and back-office functions within various financial institutions, with the potential to reshape business processes and organizational structures [3][7]. Summary by Sections Investment Recommendations - The report emphasizes the financial sector's need for digital transformation, which aligns well with the characteristics of large models in AI. It predicts a shift from "digital intelligence" to "artificial intelligence" in financial institutions [7]. - Key areas to focus on include: 1. Financial information services with relevant companies like Tonghuashun, Jiufang Zhitu Holdings, and Guiding Compass [8]. 2. Third-party payment services, particularly New大陆 and New国都, with related companies like Lakala [9]. 3. Bank IT, focusing on companies such as Yuxin Technology, Jingbeifang, and Guodian Yuntong [9]. 4. Securities IT, with a focus on companies like Hengsheng Electronics and Jinzhen Shares [10]. 5. Insurance IT, highlighting companies like Newzhisoft and Zhongke Soft [11]. Industry Drivers and Policy Support - The report discusses the strong internal and external drivers for AI application in finance, including the continuous expansion of IT spending by financial institutions and supportive government policies [14][25]. - The maturity of large model technology and its alignment with the financial industry's needs are emphasized, indicating a shift towards industry adaptation [14][18]. Technical Aspects - The report outlines two main technical paths for AI integration in finance: general models trained with financial data and specialized financial models [36]. - DeepSeek R1 is highlighted as a significant advancement in AI deployment for financial institutions, offering enhanced reasoning capabilities and cost efficiency [45][52]. - The report notes that the performance of DeepSeek R1 has improved significantly, with accuracy rates in complex reasoning tasks rising from 70% to 87.5% after updates [48]. Market Trends - The financial sector's technology investment is projected to grow significantly, with a total expected investment of 650 billion yuan by 2028, reflecting a compound annual growth rate of approximately 13.3% [25][31]. - The report indicates a notable increase in AI-related procurement projects within the financial sector, with 133 large model projects initiated in 2024 alone [27][35].

Core Viewpoint - The recent equity transfer of Dongfang Caifu has attracted significant market and industry attention, with major institutional investors participating in the transaction, indicating strong capital appeal and potential growth opportunities for the company [1][2][3]. Equity Transfer Details - On October 17, Dongfang Caifu announced the completion of the transfer of 23,780 million shares for approximately 5.8 billion yuan, with 16 well-known domestic and foreign institutions successfully acquiring shares [1][3]. - The transfer was initiated on September 30, with the shares representing 1.5% of the company's total equity, primarily driven by personal funding needs of shareholders Lu Lili and Shen Yougen [2]. - The transfer price was set at 24.4 yuan per share, with 402 institutional investors invited to participate, and 32 providing valid bids [3]. Institutional Participation - The list of participating institutions included prominent names such as E Fund, Guotai Junan, UBS, and Morgan Stanley, with E Fund acquiring the largest share of 14,148 million shares [3][4]. - The transaction reflects a significant interest from both domestic and foreign institutions, enhancing Dongfang Caifu's investment network and potential for future growth [4]. Financial Performance - Dongfang Caifu reported strong financial results for the first half of 2025, with total revenue of 6.856 billion yuan, a year-on-year increase of 38.65%, and a net profit of 5.567 billion yuan, up 37.27% [5][6]. - The company's securities and fund sales segments performed well, with Dongfang Caifu Securities achieving a net profit of 4.175 billion yuan, benefiting from its internet traffic advantages [6]. Strategic Initiatives - The company is advancing its "AI + Finance" strategy, with its self-developed "Miaoxiang" financial model continuously upgraded to enhance user services and product innovation [6]. - This dual approach of platformization and AI empowerment is expected to further solidify Dongfang Caifu's competitive position in the industry [6].

Summary of Key Points Overall Viewpoint - The report highlights that overseas attention is focused on industry tariffs, economic performance, interest rate guidance, and liquidity impacts, with U.S. stock funds preemptively defensive and rotating into interest rate-sensitive sectors such as finance, healthcare, and real estate, as well as U.S. Treasuries and gold benefiting from potential interest rate cuts [3][11][12] - Domestic economic marginal slowdown is noted, but key industries continue to expand, with supply-demand conflicts gradually easing and price indices recovering, making a halt in PPI decline expected [3][11] - The A-share market is anticipated to experience a volatile upward trend supported by three major rebalancing factors, with a focus on technology rotation, interest rate-sensitive trades, and industries benefiting from PPI recovery [3][11][18] Industry and Stock Logic - **Electronics: Lens Technology (300433.SZ)**: The company is expected to achieve total revenue of 69.9 billion yuan in 2024, a year-on-year increase of 28.27%, and a net profit of 3.62 billion yuan, up 19.94%, driven by vertical integration strategies and growth in assembly business [19][22] - **Networking: Shengke Communication-U (688702.SH)**: The company reported a revenue of 508 million yuan in the first half of 2025, a decrease of 4.56%, but a net profit of -24 million yuan, showing a significant year-on-year increase of 58.36% [23][24] - **Electronics: Shengyi Technology (688183.SH)**: The company achieved a revenue of 4.687 billion yuan in 2024, a year-on-year increase of 43.19%, and a net profit of 332 million yuan, turning profitable [28][29] - **Small Cap: Siquan New Materials (301489.SZ)**: The company reported a revenue of 656 million yuan in 2024, a year-on-year increase of 51.1%, with a net profit of 52.45 million yuan, a slight decrease of 3.88% due to increased expenses from new subsidiaries [36][37] - **Automotive: Moulded Technology (000700.SZ)**: The company is expected to generate total sales of 2.04 billion yuan from a luxury car manufacturer and a North American client, with production starting in 2026 [39][40] Key Stock Picks - The report lists ten key stocks, including Lens Technology, Shengke Communication-U, Shengyi Technology, Siquan New Materials, and Moulded Technology, among others, with no specific ranking [4][10]

Core Viewpoint - Dongfang Caifu (300059.SZ) reported mixed mid-year results amid a hot A-share market, with total revenue of 6.856 billion yuan, up 38.65% year-on-year, and net profit of 5.567 billion yuan, up 37.27% [2] Group 1: Financial Performance - Dongfang Caifu Securities, a key subsidiary, generated 6.257 billion yuan in revenue and 4.175 billion yuan in net profit, both showing over 30% growth [2] - The growth in total revenue was primarily driven by an increase in net income from securities fees and commissions, with net interest income reaching 1.432 billion yuan, up 39.38%, and commission income at 3.847 billion yuan, up 60.62% [3] - However, the company's proprietary fixed income business saw a decline, with fair value changes resulting in a loss of 185 million yuan, compared to a gain of 362 million yuan in the same period last year [3][6] Group 2: Business Segmentation - Dongfang Caifu Securities is transitioning from a traditional brokerage to a comprehensive service provider, having received approval for market-making trading qualifications [5] - In contrast, Tian Tian Fund faced stagnation in profits despite a 10.45% increase in non-money market fund assets to 675.266 billion yuan, with net profit remaining nearly flat at 64 million yuan [5] - The challenges for Tian Tian Fund include conservative risk preferences among investors, intense competition from third-party platforms, and ineffective strategies targeting high-net-worth clients [5][8] Group 3: AI Strategy and R&D Investment - The company is enhancing its AI strategy, with the "Miaoxiang" financial model upgraded to support deep research for institutional investors [6] - Notably, R&D investment decreased by 10.27% to 499 million yuan, ending a decade-long growth streak, raising questions about the company's strategic focus [8] - The decline in R&D spending may be attributed to a shift towards application optimization, resource reallocation, and increased regulatory scrutiny [8] Group 4: Future Outlook - The company must balance between scaling operations and maintaining profit quality, as well as between technology investment and short-term returns [9] - If Dongfang Caifu Securities can sustain its advantages in market-making and research, and if Tian Tian Fund can overcome its growth challenges, the company's market value of 420 billion yuan could be just the beginning [9]

Core Viewpoint - The financial report of Dongfang Caifu for the first half of 2025 shows significant growth in revenue and net profit, indicating strong performance in the brokerage business and overall market position [2][4]. Financial Performance - The company achieved total revenue of 6.856 billion yuan, a year-on-year increase of 38.65% [2]. - Net profit attributable to shareholders reached 5.567 billion yuan, up 37.27% year-on-year [2]. - Brokerage business stock trading volume was 16.03 trillion yuan [3]. - Net income from commissions and fees was 3.847 billion yuan, reflecting a 60.62% increase year-on-year [4]. - Investment income and fair value changes were 1.583 billion yuan and -185 million yuan, showing a year-on-year increase of 23.96% and a decline of 151.23%, respectively [4]. Business Segments - The company’s subsidiary, Tian Tian Fund, had 21,801 fund products from 161 public fund managers, with a non-monetary market public fund scale of 675.266 billion yuan and an equity fund scale of 383.81 billion yuan as of June 30, 2025 [4]. Research and Development - R&D investment for the first half of 2025 was 499 million yuan, a decrease of 10.27% year-on-year [5][6]. - The company has integrated its self-developed "Miaoxiang AI" financial model into various business lines to enhance its market position [6]. Shareholder Dynamics - As of the end of Q2 2025, the total number of shareholders was 1.1122 million, a decrease of 3.72% from the previous quarter [7]. - Notable changes in the top ten shareholders included increases in holdings by several institutional investors and a planned share transfer by the controlling shareholder, Shen Yougen, which would reduce his stake to 0.19% [8][9].