The Greater Bay Area Exchange Technology Conference was successfully held, and the process of digital intelligence empowerment in the capital market was accelerated

21st Century Business Herald reporter Yang Ping reported from Shenzhen

From December 15th to 16th, the Shenzhen Stock Exchange, the Hong Kong Stock Exchange and the Guangzhou Futures Exchange jointly held the 2023 Greater Bay Area Exchange Technology Conference with the theme of "Technology Leading, Digital Intelligence Empowerment".

The 21st Century Business Herald reporter learned on the spot that the conference aims to give full play to the geographical advantages and technological leading role of the Greater Bay Area Exchange, build a broader communication platform for the industry, and jointly promote the development and progress of capital market technology.

The Central Financial Work Conference emphasized that "do a good job in science and technology finance, green finance, inclusive finance, pension finance, and digital finance", and required "to do a solid job in strengthening financial supervision, preventing and resolving financial risks, and promoting high-quality financial development".

Li Chao, vice chairman of the China Securities Regulatory Commission, believes that the above content points out the direction and provides guidance for stimulating the new momentum of digital intelligence in the capital market and achieving high-quality development. The China Securities Regulatory Commission (CSRC) attaches great importance to the trend of digital development, and with the vision of "data makes supervision smarter", it has continuously deepened the reform of science and technology supervision, strengthened the top-level design and overall planning of digital transformation, consolidated the basic capacity building of science and technology supervision, promoted the strengthening of autonomy and security, and improved the level of scientific and technological innovation in the industry.

The securities and futures industry has strengthened the layout of digital finance

At present, with the rapid development of science and technology, the technological innovation and application of AI large models represented by chatgpt have injected new momentum and brought new opportunities to the digital construction of the industry.

Among them, the securities and futures market, as a witness, participant and beneficiary of the wave of scientific and technological innovation, is also actively facing new technological changes.

HKEX Group Chief Executive Officer Nicolas Aguzin said that fintech is triggering profound changes in the capital market. Located in the vibrant Guangdong-Hong Kong-Macao Greater Bay Area, a global hotspot for technological innovation, HKEX is deeply aware of the power unleashed by technological innovation, and has been closely monitoring the latest technological developments, striving to enhance market efficiency and competitiveness through technology, and connecting the present and the future.

"As early as 2020, we started to apply artificial intelligence technology in the review process of listed companies' annual reports, reviewing the annual reports submitted by more than 2,600 listed companies. This year, we launched HKEKSynapse, a Stock Connect trade settlement acceleration platform, to standardise and streamline post-trade workflows. Last month, we launched FINI, a cloud-based platform, which greatly simplifies the IPO settlement process electronically. At the same time, we are actively bringing investors products that cater to future trends, such as carbon futures ETFs, green bond ETFs, and Asia's first crypto asset ETFs. Aguzin said.

Yu Huali, chief engineer of the Shenzhen Stock Exchange, also pointed out that under the overall deployment of the China Securities Regulatory Commission, the Shenzhen Stock Exchange has actively promoted the construction of "digital intelligence" exchanges in recent years, consolidated the foundation of digital transformation, expanded intelligent business applications, accumulated the soft power of "digital intelligence" innovation, and strived to explore the development path of "digital intelligence empowerment" in the industry.

In recent years, the Shenzhen Stock Exchange has accelerated the construction of the second phase of the South Center project, launched the Shenzhen cloud upgrade project, laid out data centers in Beijing, Shanghai, Shenzhen, Dongguan and other places, built a new computing infrastructure with industry agglomeration effect and cross-regional influence, deepened data governance, built a group-level big data center, carried out the planning and construction of a digital middle platform, and improved the ability of data sharing and interoperability.

At the same time, in line with the needs of market development and reform, the Shenzhen Stock Exchange has created a demonstration project for science and technology supervision, an intelligent supervision platform for listed companies, iteratively improved the intelligent assistance system for listing review, fully launched a new generation of derivatives enrichment system, and built a full-cycle service platform from IP to IPO to post-listing to be better and stronger, and the level of precision and intelligence of regulatory services has been greatly improved.

In addition, the Shenzhen Stock Exchange also undertakes the task of tackling key national R&D technology projects, actively participates in the science and technology supervision work of the China Securities Regulatory Commission, carries out research on topics such as intelligent supervision and identification of abnormal transactions, and leads a number of industry science and technology standard researches.

"In the next step, the Shenzhen Stock Exchange will closely follow the big article of 'digital finance', strengthen its leading position in technology, adhere to the bottom line of safety, comprehensively strengthen technical cooperation, and drive the ecological construction of 'digital intelligence' in the industry with the transformation of the exchange's 'digital intelligence', so as to make due contributions to promoting the high-quality development of the capital market and better serving the Chinese-style modernization. Yu Huali said.

Li Zhen, deputy general manager of Guangqi Institute, introduced the practice of technology and business integration of Guangqi Institute, and he believes that in the future, with the continuous development of information technology and the higher and higher degree of automation, the gap between technology and business integration will be easier and easier to bridge, "but I think no matter how technology develops, people are the first element, so to ensure that the exchange can go further and continue to climb over one peak after another on the road of innovation, I think technology and business are eternal topics." ”

The process of digital intelligence empowerment in the capital market is accelerating

In addition to major exchanges, financial institutions, as an important subject of the securities and futures industry, are also accelerating the innovative application of large model technology in the capital market.

In September this year, the Security Center of the Ministry of Industry and Information Technology of the People's Republic of China issued the "White Paper on the Development of AI Large Models", which specifically pointed out that large models are a new engine to promote the transformation of production and lifestyle, promote the intelligent transformation and upgrading of industries, promote the high-quality development of the digital economy, and reshape the new pattern of artificial intelligence development.

The Central Economic Work Conference proposed to lead the construction of a modern industrial system with scientific and technological innovation, accelerate the development of artificial intelligence, strengthen applied basic research and cutting-edge research, and strengthen the main position of enterprises in scientific and technological innovation.

Cheng Long, CIC's CIO, said that CICC set up a dedicated AI team in 2021 and also built an AI platform, and with the emergence of large models, the company is also actively exploring and trying, including consulting, document processing and review, meetings, operations and other application fields. For example, the accuracy of information extraction can reach more than 95%, and the labor time of each job can be saved by more than 70%. ”

Hu Tao, assistant to the president and chief digital officer of China Merchants Securities, also pointed out that China Merchants Group has recently undertaken the national construction tasks on AI+ finance, AI+ logistics, and large-scale model AI in these two fields. "We believe that it will take until the second half of next year for the application of the real domestic model to explode, when we will see things that really improve the work efficiency of employees and customer experience." ”

It is worth mentioning that in addition to strengthening their own digital intelligence transformation and upgrading, all parties in the securities and futures market are also actively using the power of the capital market to thoroughly implement the spirit of the Central Financial Work Conference, accelerate digital construction, strengthen digital intelligence empowerment, and promote the high-quality development of related real industries.

Taking the Shenzhen Stock Exchange as an example, according to incomplete statistics, there are about 70 AI-related industry chain companies in the Shenzhen Stock Exchange, covering chip manufacturing, cloud computing, data services, natural language processing and other fields.

Over the years, Shenzhen artificial intelligence industry companies have actively developed with the help of capital market financing, and have gradually become the backbone of the industry. For example, iSoftStone's initial public offering in March last year raised 4.63 billion yuan for the expansion of delivery centers and industry digital transformation products and solutions, while Thundersoft raised 3.1 billion yuan in its non-public offering in September last year for the research and development of vehicle operating systems and edge computing stations.

In the past five years, eighty percent of the listed companies in the artificial intelligence industry in Shenzhen have carried out industrial integration through mergers and acquisitions, restructuring, and cooperative investment with professional institutions, and more than eighty percent of the listed companies in the artificial intelligence industry have implemented equity incentive plans, all of which are higher than the overall level of A-shares.

In this meeting, iFLYTEK attended the event as a representative of listed companies in the industry.

iFLYTEK has undertaken the construction of national platforms such as the "National Engineering Research Center for Speech and Language Information Processing" and the "National Key Laboratory of Cognitive Intelligence". On October 24, iFLYTEK released the Spark Large Model V3.0, which widely applies the large model technology to education, office, medical, industrial, operator and other industry scenarios.

Jiang Tao, secretary of the board of directors of iFLYTEK, pointed out that the most important thing for the implementation of the large model is how to gradually flatten the three mountains - data cost, computing power cost, and landing cost, "If the whole society has a good plan, the cost of data and computing power can be greatly reduced by the cost of the end user, which is our institutional advantage."

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