Research Report Goldmine | Dongwu Securities: Maintain Tonghuashun "Buy" Rating, Accelerating AI + Financial Ecosystem Construction

Dongwu Securities Research Report indicates that the market remains active, with the core business of Tonghuashun benefiting significantly, and the construction of AI + financial ecosystem accelerating. At the industry level, market activity continues to be strong, and investor confidence is recovering: according to Wind, the A-share trading volume in 2025 first exceeded 40 trillion yuan, with an average daily trading volume of 1.73 trillion yuan, a year-on-year increase of 63%. At the company level, Tonghuashun has formed a business closed loop around “traffic entry—data capability—product services—transaction conversion,” with a diversified revenue structure and significant synergy effects. In 2025, total operating costs are expected to increase by 13% year-on-year to 2.6 billion yuan, mainly due to increased marketing efforts and higher sales expenses. The company’s total revenue is expected to further grow in the future. Tonghuashun is deepening AI strategic cooperation with leading financial institutions, exploring in-depth AI implementation paths, and consolidating its leading position in financial technology. Based on the continued improvement in market activity and growth in various business revenues, previous profit forecasts are raised, with corresponding P/E ratios of 36/28/23 times, maintaining a “Buy” rating.