The　scientific　and　technological　revolution　expands　digital　technology　in　securities,　greatly　impacting　securities　companies.　This　study　employed　the　stochastic　frontier　method　to　measure　the　cost　efficiency　and　profit　efficiency　to　examine　the　impact　of　Fintech　on　the　operational　efficiency　of　securities　companies　and　analyze　the　intermediary　role　of　absorptive　capacity　in　this　relationship　by　using　the　data　of　93　Chinese　securities　companies　between　2017　and　2021.　The　empirical　analysis　yielded　the　following　findings.　(1)　Fintech　primarily　influences　cost　efficiency　rather　than　profit　efficiency.　It　significantly　promotes　cost　efficiency　improvement,　while　no　significant　positive　relationship　was　found　between　Fintech　and　profit　efficiency.　(2)　Absorptive　capacity　has　a　significant　positive　effect　on　cost　efficiency　and　a　negative　effect　on　profit　efficiency.　(3)　Absorptive　capacity　acts　as　an　intermediary　between　Fintech　and　cost　efficiency,　but　there　is　a　masking　effect　in　the　impact　of　Fintech　on　profit　efficiency.　This　study　provides　valuable　insights　for　the　evaluation　of　Fintech　development　effectiveness　and　the　enhancement　of　operational　efficiency　in　securities　companies.　©　2023　ACM.