Analysis of the Impact of AI and Blockchain Integration on the Competitive Landscape of China's Fintech Industry

Based on the collected data, I can now provide a comprehensive analysis.

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According to KPMG’s 2025 China Fintech “Dual 50” Report, the fintech industry is undergoing profound technological structural changes [1]:

Technological Element	2021 Share	2025 Share	Trend
Artificial Intelligence	72%	92%	Significantly Increasing
Big Data	~87%	~87%	Sustained Stability
Blockchain and Trusted Computing	Fluctuating	7%	Scenario Deepening
AI & Big Data Track	11%	17%	Core Growth
Digital Intelligence Empowerment Track	5%	11%	Doubled Growth

: AI technology has evolved from an ‘auxiliary tool’ to a ‘core engine’, with 92% of listed enterprises identifying artificial intelligence as a core technological element, marking the full entry of fintech into the ‘2.0 Era of AI-Centric Full-Scenario Empowerment’ [1].

Fintech enterprises are shifting from

to [1]:

• Rise of Technology-Oriented Tracks
  : AI & Big Data and Digital Intelligence Empowerment tracks are growing rapidly
• Differentiation of Application-Oriented Tracks
  : The share of traditional tracks such as wealth tech, inclusive tech, and insurance tech is declining
• Steady Development of Industry-Embedded Fintech
  : Deeply integrated with the real economy, maintaining a share of around 10%

As a representative enterprise integrating AI and blockchain, Boundary Intelligence’s development path has industry demonstration significance [2]:

• Technological Positioning
  : Focuses on the integration of AI and blockchain technologies
• Application Implementation
  : Over 3,500 applications in areas such as financial regulation, supply chain finance, and green finance
• Market Recognition
  : Selected for the ‘China Digital Finance Unicorn List’ for three consecutive years, and included in KPMG’s 2025 Fintech 50

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The 15th Five-Year Plan proposal lists

, marking the official systemic and strategic shift of the focus of financial services for the real economy to the field of scientific and technological innovation [3]:

Policy Dimension	Specific Content
Strategic Positioning	Tech finance ranks first among the ‘Five Key Initiatives’
Service Objectives	High-level technological self-reliance and self-improvement, building a tech power
Implementation Path	Establish a financial service system and mechanism adapted to scientific and technological innovation
Quantitative Achievements	As of Q3 2025, the balance of loans to high-tech enterprises reached RMB 18.84 trillion

As of January 6, 2026 [3]:

• Number of Listed Companies
  : 600
• Total Market Capitalization
  : Over RMB 10 trillion
• Total Financing Amount
  : Over RMB 1.1 trillion

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According to brokerage API data, leading A-share fintech stocks have shown differentiated performance recently [0]:

Indicator	iFinD (300033.SZ)	Hundsun Technologies (600570.SS)
Latest Share Price	¥393.31	¥32.89
60-Day Price Change	+12.70%	+4.41%
P/E Ratio (TTM)	88.90x	59.19x
P/B Ratio	28.18x	6.89x
ROE	33.02%	11.98%
Net Profit Margin	46.52%	17.90%
Market Capitalization	RMB 211.4 billion	RMB 62.3 billion

[0]:

• Valuation is at a historically high percentile, with a P/E ratio of 88.90x reflecting the market’s high expectations for its AI application prospects
• The stock has risen 55.53% in the past year, benefiting from the implementation of AI-empowered scenarios such as intelligent investment advisory and intelligent customer service
• Q3 2025 performance exceeded expectations: EPS exceeded expectations by 22.43%, and revenue exceeded expectations by 10.31%

[0][4]:

• Valuation is at a medium-to-high level in the industry, with a P/E ratio of 56.24x (ranked 21st in the industry)
• Q3 2025 revenue decreased by 16.66% year-on-year, but net profit attributable to parent companies increased by 2.16% year-on-year
• Institutions maintain “Overweight/Buy” ratings, with a target price range of RMB 39.11-46.13

:

1. Technological Premium
   : Native AI capabilities have become a valuation bonus, with deepening applications of intelligent agents and large models
2. Policy Catalyst
   : Release of policy dividends from the 15th Five-Year Plan’s tech finance initiatives
3. Business Expansion
   : Upgrading from traditional financial software to digital intelligence transformation services

:

1. Performance Volatility
   : Core business revenue of some enterprises was under pressure in 2025
2. Intensified Competition
   : Increased track crowding and intensified differentiated competition
3. Market Sentiment
   : Valuations are at historically high levels, with potential pullback risks

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Financial institutions generally adopt the architectural strategy of “wide-ranging large models, deep-dive small models” [1]:

• General-Purpose Large Models
  : Responsible for intent recognition and task distribution
• Vertical Small Models
  : Handle specific businesses such as code generation and credit approval
• Evolution of Intelligent Agents
  : Evolving from “instruction executors” to “problem-solving subjects”

Scenario Type	AI Empowerment Direction	Representative Applications
Intelligent Investment Advisory	Evolving from 1.0 to 2.0	Real-time risk exposure calculation, dynamic early warning
Risk Control System	Passive Defense → AI-Native Active Defense	Intelligent risk monitoring and investigation
Customer Service	“People Seeking Services” → “Services Finding People”	Intelligent push of price fluctuation alerts
Cross-Border Payment	Transparent and Traceable via Blockchain	Real-time transaction information processing

Regional Distribution of Listed Enterprises in 2025 [1]:

• Yangtze River Delta
  : 33 enterprises (30%), with 24 in Shanghai as the core
• Guangdong-Hong Kong-Macao Greater Bay Area
  : 32 enterprises, with fintech booming in Hong Kong
• Beijing-Tianjin-Hebei Region
  : 35 enterprises, with core advantages continuing to stand out
• Chengdu-Chongqing Metropolitan Area
  : 6 enterprises, with enhanced strength in the southwest region

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According to the latest research report from UBS, the A-share tech sector will show the following characteristics in 2026 [5]:

• Profit Expectations
  : Overall profit growth rate will increase from 6% in 2025 to 8%
• Valuation Room
  : Equity risk premium is higher than the historical average, with clear room for valuation recovery
• Capital Flow
  : Average daily turnover rose to RMB 2.46 trillion, with the balance of margin trading hitting a new historical high

:

• Disclosure of 2025 annual reports of the STAR Market and ChiNext by the end of January
• Fund issuance scale and ETF capital flow

:

• AI applications evolve from “usable” to “user-friendly”
• Deepening integration of blockchain with the real economy
• Continuous intensification of tech finance policies

• Valuation Risk
  : Valuations of core targets are at historically high levels
• Performance Realization
  : Need to pay attention to the progress of AI commercialization
• Regulatory Changes
  : Compliance requirements for fintech continue to be strengthened

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[0] Jinling API Data

[1] KPMG - “2025 KPMG China Fintech ‘Dual 50’ Report” (https://kpmg.com/content/dam/kpmg/cn/pdf/zh/2026/01/re-china-fintech-50-2025.pdf)

[2] Sina Finance - “A List Witnessing the 10-Year Development of Domestic Fintech” (https://finance.sina.com.cn/jjxw/2026-01-12/doc-inhfzukp8351922.shtml)

[3] People.cn (Theory Channel) - “Developing Tech Finance to Stimulate Innovation Vitality” (http://theory.people.com.cn/BIG5/n1/2026/0109/c40531-40641894.html)

[4] Eastmoney - “Fundamental Analysis of Hundsun Technologies (600570.SH)” (https://caifuhao.eastmoney.com/news/20260112144900769154860)

[5] iFinD Finance - “A-Shares Strengthening to Attract Global Attention, UBS Report: 2026 Trend Upward” (https://m.10jqka.com.cn/20260112/c673953539.shtml)