21世纪经济报道记者李览青 "金融大模型将走向专业化、轻量化、合规化，大模型不是量化交易的终点，而将成为智能金融新纪元的起点。" 11月22日，在由南方财经全媒体集团指导、21世纪经济报道主办的"第二十届21世纪金融年会"上，中国科学院大学教授、国家 计算机网络入侵防范中心主任张玉清在主旨演讲中表示。 张玉清指出，当下大模型正在重构量化交易的范式，多智能体与多模态融合将推动量化交易技术不断演进，在未来的某一天， 可能完全靠机器就能在风控强化的背景下抓取信号与重要投资机会。 量化交易瓶颈待突破 张玉清指出，近年来，与基本面基金相比，量化基金无论在业绩表现还是风险控制上的表现都相对突出。 据2023年统计数据显示，全球量化交易在美股市场占比已超60%，在A股市场占比约为20%-30%，2019年到2022年间，A股量化 基金数量翻倍，占主动型公募基金的18%。 然而，量化交易仍存在部分痛点。 张玉清指出，首先是交易策略的同质化。今年8月在A股市场的极端分化行情中，超过七成的量化多头产品跑输了基准指数。张 玉清指出，这主要是由于多数量化策略极度分散，当市场资金集中追捧少数科技权重股时，其收益便被摊薄，难以跟上指数涨 ...

Core Viewpoint - The ongoing merger between Dazhihui (601519) and Xiangcai Co. (600095) faces legal challenges as a shareholder has filed a lawsuit to annul a recent shareholder meeting resolution related to the merger [1][3][15] Group 1: Legal Proceedings - A shareholder, Wang Gongwei, has filed a lawsuit against Dazhihui, claiming that the merger with Xiangcai Co. constitutes a significant related party transaction that requires compliance with specific auditing and evaluation procedures [3][5] - Dazhihui asserts that it has followed all necessary procedures for the merger and will actively respond to the lawsuit, although the case does not currently involve specific financial amounts [5][6] Group 2: Historical Context - The merger discussions between Dazhihui and Xiangcai Co. have been ongoing for ten years, with a previous attempt in 2015 to acquire Xiangcai Securities for 8.5 billion yuan that was halted due to regulatory investigations [6][7] - Xiangcai Co. became Dazhihui's second-largest shareholder in 2020 after Xiangcai Securities went public through a reverse merger [7] Group 3: Financial Performance - Dazhihui's revenue has declined from 819 million yuan in 2021 to 771 million yuan in 2024, with a net loss of 201 million yuan in 2024 [7] - Xiangcai Co. has also faced financial difficulties, with total revenue dropping from 4.571 billion yuan in 2021 to 2.192 billion yuan in 2024, and a net profit of just over 100 million yuan in 2024 [7] Group 4: Merger Details - The merger plan involves Xiangcai Co. issuing A-shares to acquire all Dazhihui shares, with a total fundraising target of up to 8 billion yuan to support various financial technology projects and improve liquidity [13][14] - The merger aims to enhance synergies between the two companies, particularly in internationalizing their securities business [13]

行业简报 1 研究框架 | ◆ | 中国银行大模型部署实践 | ---------- | 3 | | --- | --- | --- | --- | | | • 金融大模型发展现状 | ---------- | 3 | | | • 银行大模型招投标情况 | ---------- | 4 | | | • 应用落地主要场景 | ---------- | 5 | | | • 应用落地实践效果 | ---------- | 6 | | | • 优化路径分析 | ---------- | 7 | | | • 发展机遇 | ---------- | 8 | | ◆ | 业务合作 | ---------- | 9 | | ◆ | 方法论及法律声明 | ---------- | 10 | www.leadleo.com 400-072-5588 DeepSeek如何优化银行业的算力资源与运营效率 企业标签：DeepSeeK China Large Model Industry 中国大規模モデル産業 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另 行标明出处者除外）。 ...

Core Viewpoint - The appointment of a Chief Information Officer (CIO) at Qinghai Datong Rural Commercial Bank signifies a strategic move towards digital transformation, particularly in the context of rapid advancements in financial technology. This role is crucial for middle-sized banks to navigate the challenges of digitalization and compete effectively in the market [1][4]. Group 1: Appointment of CIOs - Liu Shouzhu's qualification as CIO of Qinghai Datong Rural Commercial Bank has been approved by local regulatory authorities, marking a rare instance of a county-level rural commercial bank appointing a CIO [1][4]. - Over ten regional banks have had their CIO appointments approved this year, predominantly among city and rural commercial banks, indicating a trend towards enhancing digital leadership within these institutions [4][5]. Group 2: Characteristics and Trends - Many of the newly appointed CIOs in regional banks are either internally promoted or hold dual roles, reflecting a common practice in the industry [5]. - There is a growing trend of external recruitment for CIO positions in smaller banks, as seen with Zhengzhou Bank's recent announcement for a CIO position, emphasizing the need for candidates with extensive banking and technology project experience [6][7]. Group 3: Role and Importance of CIOs - The role of the CIO is evolving, requiring a blend of business acumen and technical expertise, as well as significant influence within the bank's management structure [8][10]. - The rapid development of artificial intelligence is reshaping the expectations of CIOs, with larger banks investing heavily in AI technologies, while smaller banks are still in the process of digital transformation [9][10]. - The importance of the CIO is expected to increase, as they are seen as pivotal in aligning technology initiatives with business strategies to drive digital transformation [11].

Core Viewpoint - The merger between Xiangcai Co. and Dazhihui is progressing rapidly, with key transaction details finalized, marking a significant step towards shareholder and regulatory approval [2][4][20]. Group 1: Merger Details - Xiangcai Co. plans to absorb Dazhihui through a share swap, with Xiangcai's A-share swap price set at 7.51 CNY per share and Dazhihui's at 9.53 CNY per share [3][9]. - Post-merger, Xiangcai's total share capital is expected to increase to 5.141 billion shares, while Dazhihui will cease to be listed [3][9]. - The merger includes a financing plan to raise up to 8 billion CNY, targeting specific investors for funding towards financial technology and other strategic areas [11][12]. Group 2: Financial Projections - The merger is projected to enhance Xiangcai's financial metrics, with total assets expected to rise from approximately 4.13 billion CNY to 5.91 billion CNY post-merger [18]. - The total revenue is anticipated to increase from 11.44 billion CNY to 15.11 billion CNY in the first half of 2025 [18]. - However, profit metrics may experience short-term fluctuations, with potential losses projected for the fiscal year 2024 [17][18]. Group 3: Market Reaction and Historical Context - The announcement has sparked significant market interest, with Xiangcai's stock rising over 84% since the merger announcement in March 2025 [4][20]. - The merger represents a culmination of a decade-long relationship between the two companies, with previous attempts at acquisition and collaboration [21][22]. - This merger positions Xiangcai to become the third internet brokerage in A-shares, following similar paths taken by companies like Dongfang Caifu [6][24][26]. Group 4: Strategic Implications - The merger aims to create a synergistic effect by combining traditional brokerage services with advanced financial technology, enhancing overall service capabilities [16][29]. - Xiangcai's collaboration with Dazhihui is expected to leverage Dazhihui's extensive user base and technological expertise to improve customer acquisition and service delivery [29][30]. - The combined entity is anticipated to face challenges in replicating the success of established players like Dongfang Caifu due to differences in market conditions and operational backgrounds [30].

Group 1 - The 2025 China International Service Trade Fair (CIFTIS) focuses on financial services with the theme "Digital Intelligence Drives Open Win-Win," highlighting the integration of artificial intelligence (AI) into core financial scenarios [1] - Major banks showcased advanced technologies, including ICBC's trillion-level financial model and Agricultural Bank's virtual reality services, aiming to enhance customer experience and shift financial services from passive to proactive [2][3] - The application of AI in finance is seen as a significant opportunity, with industry leaders emphasizing its role in improving efficiency, reducing operational costs, and enhancing sustainable development within the banking sector [3] Group 2 - The collaboration between Beijing Rural Commercial Bank and Beijing Data Group aims to explore application scenarios and innovate data products, promoting the deep integration of data elements with financial services [5] - AI technologies are being applied across various core business scenarios in finance, including risk control, wealth management, and intelligent trading, indicating a shift towards a more efficient and inclusive financial ecosystem [2][3]

Core Viewpoint - Ant Group's subsidiary, Ant Digital, aims to differentiate itself in the market by focusing on enterprise-level AI services and Web3 solutions, leveraging its extensive technological capabilities and industry experience to create value for businesses [4][11]. Group 1: Company Overview - Ant Digital officially became independent in March 2024 and has shown promising results, achieving breakeven last year and projecting a 50% revenue growth this year [4]. - The company has a strong foundation in toB services, benefiting from years of experience within Ant Group, which has a transaction volume exceeding one trillion [4][5]. - Ant Digital's CEO, Zhao Wenbiao, emphasizes the importance of AI and Web3 as transformative opportunities, comparable to the impact of mobile payments [4][6]. Group 2: AI Strategy - Ant Digital focuses on "application landing" rather than competing in foundational large models, offering a full-stack AI service that includes intelligent computing power scheduling, industry-specific large models, and intelligent agent development platforms [4][5]. - The company has introduced a performance-based payment model, allowing businesses to pay based on the actual business effects generated by AI, marking a significant shift from traditional project-based or subscription models [5][6]. - Zhao believes that the current AI landscape is filled with projects that address isolated issues, resulting in limited business value, and highlights Ant Digital's ability to provide end-to-end solutions [5][6]. Group 3: Web3 Focus - Ant Digital views Real World Assets (RWA) as a key breakthrough in the Web3 space, having completed its first RWA transaction in Hong Kong and expanding into various asset categories [6][8]. - The company has developed a comprehensive technical infrastructure for asset security, trustworthy on-chain processes, cross-chain circulation, and issuance, which lowers industry barriers and accelerates scalability [6][8]. - Ant Digital has over 6,000 blockchain patents and aims to leverage its blockchain technology to create a robust ecosystem, anticipating significant industry growth [6][8]. Group 4: Market Positioning - Ant Digital distinguishes itself from other fintech companies by focusing solely on technology services for enterprise digitalization, rather than providing financial services [10][11]. - The company has established a strong presence in the financial sector, serving 100% of state-owned banks and over 60% of local commercial banks, while also expanding into the renewable energy sector [13][19]. - Zhao emphasizes the importance of technology innovation, value creation for industries, and a cautious approach to innovation, avoiding speculative ventures that do not generate real value [12][14]. Group 5: Future Outlook - Ant Digital is positioned for significant growth in the next three to five years, with a focus on long-term investment in the enterprise service market [29]. - The company aims to redefine industry standards and practices in both AI and Web3, seeking to lead rather than follow in these transformative areas [6][21]. - Zhao expresses a commitment to becoming a respected technology company that drives industry advancement, with a focus on creating competitive products and services [26][29].

Core Insights - The financial services sector is a key focus at the 2025 Service Trade Fair, showcasing China's commitment to financial openness, intelligence, and inclusivity [1][6] - The event attracted 97 financial institutions, including 46 foreign entities, indicating a high internationalization rate of 47.4% [1] - Innovations in payment systems, such as the first "three-in-one" card product, enhance convenience for foreign nationals in China [2] Group 1: Financial Services and Internationalization - The presence of major international financial institutions like HSBC, Citibank, and JPMorgan Chase highlights the integration of global financial services into the Chinese market [1] - The financial exhibition serves as a significant platform for showcasing cross-border financial services and wealth management solutions [1] Group 2: Technological Integration - The deep integration of artificial intelligence in finance is a major highlight, with large-scale financial models demonstrating potential applications in risk control, investment advisory, and customer service [4] - The digital renminbi experience zone attracted significant attention, showcasing the efficiency of digital currency in various payment scenarios [4] Group 3: Inclusivity and Accessibility - Financial institutions are launching inclusive financial products aimed at small and micro enterprises, utilizing big data for risk management and precise customer profiling [5] - The exhibition featured user-friendly financial tools for the elderly, emphasizing the importance of age-friendly financial services [5] Group 4: Overall Impact - The financial innovations presented at the fair signify a qualitative leap in service trade, reflecting China's evolving financial landscape and international opportunities [6]

Group 1 - The core theme of the 2025 China International Service Trade Fair (CIFTIS) is the integration of finance and technology, showcasing innovative financial services and interactive experiences [1] - The event features nearly a hundred financial institutions, presenting both hard-core innovations and engaging activities such as AI immersive experiences and digital RMB markets [1][3] - The "Rong Tong Kai Fang" exhibition in Hall 5 illustrates the deep connection between finance and the economy, while Hall 6 focuses on the fusion of technology and finance [3] Group 2 - The digital RMB market spans nearly 1,000 square meters, allowing attendees to interact with various applications of digital currency, supported by AI technology [7] - Major banks like Bank of China and Agricultural Bank of China showcase innovative products and services, including VR technology for real estate and cross-border financial solutions [8] - Interactive activities are designed to educate the public about finance in a fun way, with various engaging games and challenges [9] Group 3 - The event includes specialized experiences for both professionals and the general public, with dedicated days for business interactions and public participation [11] - Financial institutions are providing tailored financial solutions to meet the needs of businesses, emphasizing the importance of precise financial resource allocation [11] - The "AI Digital Financial Experience Tour" and "Financial for the People Lecture" aim to enhance public understanding of financial safety and services [11]

Group 1: Core Insights - The financial industry is undergoing an unprecedented intelligent transformation in 2025, marking a critical turning point for the practical application of financial large models [1] - Four core elements—regulatory policy improvement, significant reduction in GPU computing costs, continuous enhancement of foundational model performance, and a richer application ecosystem—are redefining the industry landscape [1] - The focus of industry discussions has shifted from "whether to adopt" to "how to implement faster and better" [1] Group 2: Evaluation Framework - A new evaluation framework is being explored to accurately assess the performance of intelligent systems in real business scenarios, moving beyond traditional superficial testing methods [2] - This new assessment system extracts key elements from the daily operations of financial institutions, transforming specific business pain points into systematic testing projects [2][4] - The advanced evaluation benchmarks typically include tens of thousands to hundreds of thousands of test samples, reflecting the complexity and diversity of information processing in financial work [3] Group 3: Application in Investment Advisory and Research - Large model technology is profoundly changing traditional work patterns in investment advisory and research, significantly improving service quality and decision-making accuracy [5] - Leading fintech platforms are supporting millions of daily active users through a robust "tools + services + compliance" capability architecture [5] - Smart investment advisory platforms utilize a multi-channel deployment strategy, allowing financial institutions to reach users effectively across various platforms [6] Group 4: Smart Financial Terminals - The emergence of smart financial terminals signifies a fundamental transformation in research workflows, integrating financial large models with professional data services [6][7] - These systems inherit comprehensive coverage capabilities for various financial data and ensure rapid verification and retrieval of data indicators [7] - The "data-logical-outcome" three-stage transition model enhances research efficiency and ensures that every conclusion is traceable and substantiated [7]