JF SMARTINV-100 (09636) surged more than 20%. As of writing, the stock was up 19.25%, trading at HKD 57.55 with a turnover of HKD 562 million. Since the beginning of the year, the capital market has shown increasing momentum. On January 6th, the Shanghai Composite Index continued its strong performance, aiming for a thirteenth consecutive day of gains and reaching a new high since late July 2015. Kaiyuan Securities pointed out that JF SMARTINV-100 is a leader in the 2C financial information services industry. Leveraging its investment advisory license, the company adheres to a dual-drive strategy of "investment research + technology" and acquires customers through a "content + traffic" model. The company's order revenue is highly correlated with market trading volume. The securities firm believes that in a bull market atmosphere, the company's customer acquisition efficiency and payment conversion rate are expected to improve, allowing its earnings flexibility to be fully unleashed, with growth rates potentially outperforming brokerage business revenue and overall market trading volume. Furthermore, medium to long-term demand for investment advisory services is expected to continue rising, indicating significant room for future growth.