Guotai Haitong: Financial AI applications continue to be implemented, Agent security draws attention

Guotai Haitong released a research report stating that fintech/Hong Kong fintech declined by 2.29%/3.53% respectively over the past two weeks. Financial AI applications continue to advance, with intelligent investment research, agent payments, and enterprise workflow products accelerating their implementation, while agent security governance draws attention. The firm remains bullish on AI applications in the financial sector. Agents are penetrating various industries and gradually becoming real-world infrastructure, driving the fintech industry toward a new stage of intelligence with broad growth potential. Fintech investment is ushering in new opportunities, and core companies benefiting in each sub-sector are recommended. Guotai Haitong's main views are as follows: Securities financial AI applications and payment innovation continue to advance; overseas agent security governance draws attention In financial IT, CITIC SECA5 Max operates stably, industry seminars focus on Xinchuang and AI implementation, and Alibaba Cloud released Qwen Book; in financial information services, China Economic Information Service and Alibaba Cloud jointly build financial AI, and Robinhood launched an investment agent; in consumer finance, eight government departments proposed increasing the supply of service consumption credit; in third-party payments, Alipay restructured its business groups, and policies promote cross-border payment interconnectivity and DIGIHUMAN RMB smart contract applications. In overseas AI frontiers, Google updated its frontier models, ServiceNow launched AIWorkflow Factory, and multiple enterprises jointly advanced agent identity and permission governance. Individual stock AI products and capital operations continue to advance LIANLIAN showcased AI infrastructure, Newland Digital Technology released the Modou Cloud Platform, and Hithink RoyalFlush Information Network established an AI R&D entity and launched the iFinDAI workstation. Beijing Compass Technology Development plans to apply for a comprehensive credit line of no more than 500 million yuan, XGD INC. participated in an industrial fund, and Lakala Payment is planning to acquire Gaofu Information; Yusys Technologies adjusted its management, and Xiangcai Co.,Ltd's absorption and merger of Shanghai DZH Limited has been temporarily suspended for review. JF SMARTINVEST repurchased 762,700 shares in September at a cost of approximately HK$21.8794 million. Bohai Leasing's subsidiary Avolon plans to purchase an additional 250 aircraft. Investment recommendations Agents are penetrating various industries and gradually becoming real-world infrastructure, driving the fintech industry toward a new stage of intelligence with broad growth potential. Fintech investment is ushering in new opportunities, and core companies benefiting in each sub-sector are recommended: 1) Bullish on the business system upgrade demand brought by large-scale agent implementation in financial IT, combined with quality and efficiency improvements from deep empowerment by large models. In addition, active market trading has increased the urgency for securities firms to upgrade their IT systems. Relevant targets include Hundsun Technologies Inc., Shenzhen Kingdom Sci-Tech, and Fujian Apex Software. 2) Bullish on the development prospects of intelligent investment research and intelligent investment advisory in the financial information services industry, providing differentiated and intelligent information services to better meet investors' information needs. Leading companies that have launched high-quality vertical agent products are recommended: JF SMARTINVEST, Hithink RoyalFlush Information Network, and East Money Information. 3) Bullish on agent payments driving the transition of payment services from channel-based to intelligent operation-based. Lakala Payment, YEAHKA, and LIANLIAN, which are among the first to deploy Agent Payment technology and scenarios, are recommended. Risk warnings: AI model application risks; agent execution misconduct risks; market volatility risks.