Analysis of Jiufang Intelligent Investment Holdings (09636.HK) as a Popular Hong Kong Stock

1. Stock Overview
   ：Jiufang Intelligent Investment Holdings (09636.HK) is a Hong Kong stock in the fintech sector. The closing price on December 24 was HK$50.50 [1]; the 52-week high is HK$84.05 and the low is HK$20.3, slightly higher than the 200-day moving average (approximately HK$48-50) [1].
2. Popular Catalysts
   ：Mainly due to CMB International releasing its first coverage research report on December 22, 2025, giving a ‘Buy’ rating with a target price of HK$65 [2][3][4]. The report points out that the company’s large-scale multi-channel broadcast network benefits from the wave of retail investors entering the A-share market; the shift in traffic model from ‘platform-driven’ to ‘content-driven’ enhances user stickiness; total revenue from 2025 to 2027 is expected to grow at a compound annual growth rate of 18%; at the same time, the company was awarded the 2025 Gelonghui Golden Grid Award for Outstanding Company of the Year, increasing market attention [5].
3. Trading Performance
   ：On December 22, the stock closed at approximately HK$52.00, up 3.4% for the day [1]; capital inflow on that day was approximately HK$477 million, of which large investors accounted for HK$198 million and retail investors accounted for HK$280 million [1]. The Hong Kong stock market was closed on December 25 for Christmas, so the latest trading data is as of December 24.

• Institutional Report Impact
  : CMB International’s ‘Buy’ rating is the core driver of this popularity; the target price implies a 28.7% upside potential from the December 24 closing price of HK$50.50, which has a positive impact on market sentiment.
• Retail and Institutional Attention
  : Being on the Hong Kong Stock Popularity List of the East Money App reflects increased retail investor attention; at the same time, large investor capital inflow (HK$198 million) and the rebound of large investor holdings ratio to approximately 11% indicate that institutional capital momentum is strengthening [1].
• Business Transformation Long-term Value
  : The shift in traffic model from ‘platform-driven’ to ‘content-driven’ is a key factor in CMB International’s optimism about the company’s future growth, which may provide support for long-term development.

• Risks
  : If the target price is achieved, it implies price-earnings ratios of 25x and 22x for 2025 and 2026 respectively; attention should be paid to the risk of overvaluation; the fintech sector is highly competitive, and the company needs continuous innovation to maintain growth; the average Beta value over the past 5 years is -0.33, so although systematic risk is lower than the market, it is still affected by market sentiment.
• Opportunities
  : The business transformation and growth potential favored by CMB International’s research report, as well as market demand brought by the wave of retail investors entering the A-share market, may provide opportunities for the company’s future development.
• Key Price Levels
  : Support level: HK$45 (lower limit of recent trading range); resistance level: HK$65 (CMB International target price).

This report comprehensively analyzes the reasons, market performance, institutional views, risks, and opportunities for Jiufang Intelligent Investment Holdings (09636.HK) to become a popular Hong Kong stock. CMB International’s ‘Buy’ rating and the logic of business transformation are the core focus areas; the current stock price has a certain upside potential from the target price, but attention should be paid to valuation and industry competition risks. Market participants can conduct further decision-making research based on the above analysis, combined with their own risk preferences and investment strategies.