On August 15, the "AI Empowerment in Securities - Shanghai JF Zhiqing Technology Co., Ltd. Entry into 'Model Space' Partnership Ceremony" hosted by JF SMARTINVEST Holdings (09636) in Shanghai was held as scheduled. On the day of the event, JF Zhiqing officially entered the "Model Space" park in Xuhui District, Shanghai, witnessed by guests from all parties. It is understood that JF Zhiqing is a newly established company by JF SMARTINVEST Holdings to seize the era opportunities of AI's explosive development. Going forward, JF Zhiqing will act as a "pioneer" to accelerate exploration of AI technology and product efficiency empowerment in the securities industry.

As a new generation securities investment consulting company, JF SMARTINVEST under JF SMARTINVEST Holdings provides investors with scientific and effective investment paradigms through a "technology + investment research" dual-wheel drive strategy, with AI being a technology tool that JF SMARTINVEST highly values. Before establishing JF Zhiqing, the company had already established an artificial intelligence center, built a complete parameter system for the Jiuzhang securities domain large model, and released AI products such as JF Lingxi this year, continuously deepening AI application technology's efficiency upgrade of core products.

We believe that JF SMARTINVEST's continuous investment in strengthening AI empowerment will have a positive impact on its technological transformation from "traditional investment advisory" to "intelligent investment advisory." Meanwhile, from a capital market perspective, JF SMARTINVEST Holdings, with increasingly higher "AI content," is expected to continuously optimize growth visibility and elasticity, which also means the company's attractiveness to investors will be further enhanced.

**Advancing AI Empowerment Strategy with Key Move**

In recent years, as model capabilities rapidly evolve, AI is becoming stronger productivity across various fields. In the securities investment advisory industry, AI has also demonstrated infinite potential to redefine the boundaries of "efficiency" and "experience." Facing the oncoming new round of technological revolution, JF SMARTINVEST Holdings chose to participate immediately.

It is reported that the "Model Space" where JF Zhiqing entered is positioned as a "large model innovation ecosystem rainforest," which is Shanghai's first generative artificial intelligence (AIGC) professional innovation ecosystem community jointly built by Shanghai Xuhui District Government and Shanghai AI Laboratory and other top institutions. JF Zhiqing's entry into "Model Space" aims to open up key empowerment channels, leverage policy momentum converters, build industrial synergy resonance fields, and create "gravitational poles" for top talent.

If JF SMARTINVEST Holdings, which previously conducted forward-looking AI layouts, could only be considered a "vertical domain participant," then after high-level strategic positioning established AI high-tech industry's profound strategic significance in China's future market, JF SMARTINVEST Holdings with continuous increased investment is also moving toward becoming a "national strategy implementer."

At the same time as landing on China's AI innovation highland, JF Zhiqing also reached important strategic cooperation with Tencent Cloud. According to the introduction, this cooperation will focus on three core directions, including accelerating AI empowerment tool efficiency, reshaping enterprise operation paradigms; creating new service paradigms, defining new industry standards; and building solid intelligent cloud foundations, creating resilient technology foundations.

In our view, given that JF Zhiqing and Tencent Cloud have different endowments, their strong alliance is expected to generate significant business synergy effects. Going forward, based on Tencent Cloud's underlying technology and resource ecosystem, JF Zhiqing is expected to better leverage its advantages in the fintech vertical field, and their cooperation is expected to effectively promote industry cloud computing and intelligent infrastructure upgrade and innovative development.

**Rising "AI Content" Welcomes Value Revaluation Moment**

AI's rapid development is having profound impacts on today's world business landscape, and as technological vision becomes reality, capital markets are also re-evaluating AI concept stocks' investment value with higher enthusiasm. During earnings season, Meta, Microsoft, Google and other companies recently disclosed better-than-expected Q2 financial reports, once again confirming the high prosperity of the AI track. After earnings, these tech giants' stock prices "competed" to reach new highs, further indicating investors' optimism about related companies' prospects.

In the securities investment advisory industry, AI empowerment similarly amplifies economic benefits. According to JF SMARTINVEST Holdings' previously disclosed profit alert announcement, this confirms the continued profit improvement trend. Additionally, as of period end, JF SMARTINVEST Holdings' contract liabilities remained at high levels, expected to provide strong support for steady performance delivery in the second half.

We believe that JF SMARTINVEST Holdings' fundamentals are strongly advancing into a new growth stage, with the underlying deep logic being that under AI empowerment, the company's products have increasingly stronger "smart investment" attributes and increasingly rich product matrices. Take the distinctive Jiuzhang securities domain large model as an example - this model deeply integrates industry-specific knowledge bases while being supported by massive financial data, featuring multi-scenario empowerment and vertical capabilities.

Based on the Jiuzhang securities domain large model, JF SMARTINVEST, the core brand under JF SMARTINVEST Holdings, launched the self-developed financial dialogue intelligent agent JF Lingxi, providing intelligent, professional, and personalized stock investment service support for target users from both intelligent experience and professional investment advisory dimensions.

JF SMARTINVEST Holdings' ability to smoothly open a strong product cycle naturally stems from the company's emphasis on R&D investment. Data shows that in 2024, the company's R&D expenditure was 319 million yuan, with double-digit year-over-year growth; R&D investment accounted for 13.8% of total revenue. During the same period, JF SMARTINVEST Holdings' R&D team numbered 437 people, accounting for 17.7% of total company headcount.

Looking back at JF Zhiqing's entry into Model Space and landing on China's AI innovation highland, perhaps the "subtext" is that JF SMARTINVEST will again increase investment in integrating AI technology with investment advisory services. Understanding the implications, JF SMARTINVEST's AI practices will also bring more reference experiences for the entire industry.

Meanwhile, for JF SMARTINVEST Holdings itself, the company has built unique competitive barriers with AI technology as the core driving force at the technology empowerment level, and its scarce investment value is being recognized by more institutions. Recently, Cinda Securities gave JF SMARTINVEST Holdings a "Buy" rating in its published company research report. The institution's analysts believe that JF SMARTINVEST Holdings' investment value is reflected not only in its current industry-leading position, but also in its grasp of future fintech and global market opportunities, with the company expected to continuously release growth potential in long-term development.

Such investment targets combining certainty and growth elasticity would naturally be welcomed by the market.