Core Points - The company will hold an investor briefing on November 26, 2025, from 13:00 to 14:00 to discuss its Q3 2025 operational results and financial status [1][2] - The briefing will be conducted in an interactive online format, allowing for real-time communication with investors [1][2] - Key personnel, including independent directors and senior management, will participate in the briefing to address investor inquiries [1][2] Meeting Details - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible via the website [1][2] - Investors can participate online during the specified time and submit questions in advance through the designated channels [2] - Contact information for inquiries includes Mr. Li Xiliang and Ms. Jiang Minfei, with a provided email address for questions [2]

证券代码：600155 证券简称：华创云信 编号：临 2025-030 （二）会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络互动 三、参加人员 公司独立董事郑卫军先生、朱玉先生、钱红骥先生，总经理、 华创云信数字技术股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为便于广大投资者更全面深入地了解公司 2025 年第三季度 经营成果、财务状况，华创云信数字技术股份有限公司（以下简 称"公司"）计划于 2025 年 11 月 26 日（星期三）13:00-14:00 举 行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经营成果及财务指标的具体情况与投资者进行互 动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问 题进行回答。 二、说明会召开的时间、地点 （一）会 ...

Core Viewpoint - The insurance sector shows positive fundamentals with long-term investment value highlighted by three key supporting arguments Group 1: Positive Outlook for Insurance Companies - The expectation for the "opening red" (a term for the first quarter performance) is optimistic, with major listed insurance companies setting targets for Q1 2026 that exceed previous market expectations, driven by competitive account support, increased cooperation with state-owned banks, and the introduction of higher-value long-term products, with anticipated new business value (NBV) growth exceeding 20% for leading companies [1] - The recovery of dividend assets and stable long-term interest rates are beneficial for insurance companies' investment returns, as recent price trends for dividend assets, represented by bank stocks, have been positive, and insurance companies have increased their holdings in these assets, leading to favorable investment returns in Q4 [1] - The performance of insurance companies appears attractive relative to their valuations, with expected return on equity (ROE) for most listed insurers reaching 15-25% for 2025-2026, while current price-to-book (PB) and price-to-earnings (PE) ratios are at 1-1.2 times and 0.5-0.7 times, respectively, which are below historical averages [1] Group 2: Index and ETF Information - The insurance securities ETF closely tracks the CSI 800 Securities Insurance Index, which selects securities from the insurance sector based on the CSI 800 Index, providing investors with diversified investment options [2] - As of October 31, 2025, the top ten weighted stocks in the CSI 800 Securities Insurance Index include China Ping An, Dongfang Caifu, CITIC Securities, Guotai Junan, China Pacific Insurance, Huatai Securities, China Life, GF Securities, China Merchants Securities, and Dongfang Securities, collectively accounting for 62.44% of the index [2]

Core Insights - Huachuang Yinxin experienced a stock price increase of 5.22%, reaching 7.86 CNY per share, with a trading volume of 276 million CNY and a turnover rate of 1.62%, resulting in a total market capitalization of 17.398 billion CNY [1] Company Overview - Huachuang Yinxin Digital Technology Co., Ltd. was established on July 21, 1998, and listed on September 18, 1998. The company is located in Xicheng District, Beijing [1] - The main business areas include enterprise management consulting services, internet information services, IT consulting services, data processing and storage services, and financial information technology outsourcing for financial institutions [1] - The revenue composition of the main business includes: investment and trading business (34.79%), wealth management (24.08%), institutional business (20.63%), digital technology (13.83%), credit trading (9.26%), investment banking (7.86%), and asset management (3.02%) [1] Fund Holdings - Huafu Fund has a significant holding in Huachuang Yinxin, with the Huafu CSI Securities Company Pioneer Strategy ETF (516980) increasing its stake by 42,400 shares in the third quarter, bringing the total to 170,700 shares, which accounts for 2.56% of the fund's net value [2] - The fund has generated an estimated floating profit of approximately 66,600 CNY today [2] Fund Manager Performance - The fund manager of Huafu CSI Securities Company Pioneer Strategy ETF is Li Xiaohua, who has been in the position for 4 years and 193 days [3] - The total asset size of the fund is 12.118 billion CNY, with the best return during the tenure being 83.53% and the worst return being -19.66% [3]

经查询，竞买人张宇、魏巍分别竞得 2,800 万股、1,345.50 万股股 份。标的物最终成交以上海市浦东新区人民法院出具的拍卖成交裁定 为准。 公司将密切关注上述事项的进展情况，并根据相关规定及时履行 信息披露义务。 特此公告。 华创云信数字技术股份有限公司董事会 2025 年 11 月 9 日 证券代码：600155 证券简称：华创云信 公告编号：临 2025-029 华创云信数字技术股份有限公司 关于公司股东部分股份被司法拍卖的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 公司前期披露了关于公司股东部分股份将被司法拍卖的提示性公 告，上海市浦东新区人民法院于 2025 年 11 月 8 日 10 时起至 9 日 10 时止在"淘宝网"（www.taobao.com）司法拍卖网络平台对上海杉融实 业有限公司持有的公司 41,455,000 股（占公司总股本比例 1.87%）无 限售流通股进行公开拍卖。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In November, the payment pressure may increase compared to October, but with the central bank's active support, the risk of tightened funds is limited. The DR007 is expected to fluctuate between 1.4 - 1.5%. [3][4][66] - The central bank has restarted bond - buying, and considering the current operation ideas of maintaining sufficient liquidity, the funds are expected to remain stable. [4][66] 3. Section - by - Section Summaries 3.1 10 - Month Review of Fundamentals and Liquidity: Active Early - Season Investment, Stable Central Level 3.1.1 Review of Fundamentals: Narrow - Range Fluctuation of Funds - In October 2025, the overnight fund fluctuation range narrowed compared to the previous month, with the overnight fund fluctuating around 1.31% at the beginning of the month and reaching a maximum of 1.47% in the late month. The 7D fund fluctuation range widened, fluctuating around 1.43% from the beginning to the middle of the month and reaching a maximum of 1.58% at the end of the month. There was no inversion between overnight and 7D funds this month. [10][11] - At the beginning of the month, the central bank conducted a 3M repurchase reverse repurchase of 1.1 trillion yuan to ease the pressure of large - scale reverse repurchase maturities. In the middle of the month, with limited payment pressure, the central bank continued to support, and the fund prices remained stable. At the end of the month, affected by the tax period and other factors, the funds faced pressure, but the MLF actively operated and bond - buying was restarted, and the liquidity gradually stabilized. [11] - In terms of fund stratification, the stratification pressure widened and then slightly narrowed in October, and the spread was at a seasonal low. In terms of fund volatility, the volatility of overnight and 7D funds was at a seasonal low. The average daily trading volume of inter - bank pledged repurchase in October increased slightly compared to the previous month, with a monthly total of around 131 trillion yuan. [16][19][20] - In terms of lending behavior, the net lending scale of state - owned banks first increased and then decreased, the net lending of joint - stock banks was at a seasonal low, and the net lending of money market funds fluctuated greatly. [23] 3.1.2 Review of Liquidity: Low Gap Pressure in October, Active Central Bank Investment - **Liquidity Aggregate**: In October, the base money decreased by about 1.1 trillion yuan. After considering factors such as reserve release and cash withdrawal, the excess reserve at the end of the month decreased by about 90 billion yuan, and the excess reserve ratio was about 1.4%, and the narrow - sense excess reserve level after deducting reverse repurchase was about 0.66%, showing obvious improvement. [2][31] - **Open - Market Operations**: In October, the central bank's open - market operations recovered steadily. The reverse repurchase was net - recovered by 59.53 billion yuan, the MLF was net - invested by 20 billion yuan, the pledged reverse repurchase was net - invested by 40 billion yuan, and the central bank net - bought 2 billion yuan of national bonds at the end of the month. The 1 - month treasury deposit was 12 billion yuan, and 15 billion yuan matured. [36][38][40] 3.2 October Monetary Policy Tracking: Resumption of National Bond Trading, Construction of a Comprehensive Macro - Prudential Management System - In October 2025, the central bank announced the resumption of open - market national bond trading and the construction of a scientific and stable monetary policy system and a comprehensive macro - prudential management system. The central bank affirmed the reasonable operating range of the bond market at 1.75 - 1.85% and emphasized the improvement of the macro - prudential management system and the prevention and disposal mechanism of systematic financial risks. [2][43] - The central bank's monetary policy actions in October included: learning the spirit of the Fourth Plenary Session of the 20th Central Committee to build a scientific and stable monetary policy system; reporting on the financial work situation and affirming the operating range of the 10 - year national bond; announcing the resumption of open - market national bond trading at the Financial Street Forum; and emphasizing the improvement of the macro - prudential management system on multiple occasions. [48][49][50] 3.3 November Gap Forecast: Restart of Bond - Buying, Continued Loose Trend 3.3.1 Rigid Gap: Small Consumption of Excess Reserves by Reserve Requirements, Large Maturity of MLF - In November, the increase in general deposits may consume about 12 billion yuan of excess reserves. The MLF matures at 90 billion yuan, and the pledged reverse repurchase matures at 1 trillion yuan (70 billion yuan for 3M and 30 billion yuan for 6M), with the 3M term renewed for 70 billion yuan on November 5th. [55] 3.3.2 Exogenous Shocks: Cash Withdrawal and Non - Financial Institution Deposits Consume Liquidity at the End of the Year - In November, cash withdrawal may consume about 15 billion yuan of excess reserves, and non - financial institution deposits may consume about 3 billion yuan of excess reserves. [60] 3.3.3 Fiscal Factors: Accelerated Year - End Expenditure, Possible Decrease in Government Deposits - In November, considering factors such as tax payments, government bond issuance, and fiscal expenditures, government deposits may release about 13 billion yuan of liquidity. [61] 3.3.4 Comprehensive Judgment: Central Bank Restarts Bond - Buying, Funds in November May Remain Stable - In November, the monthly liquidity gap may be around 2 trillion yuan, and the overall fund gap pressure may be at a seasonal high. However, with the central bank's bond - buying restart and the maintenance of sufficient liquidity, the DR007 is expected to fluctuate between 1.4 - 1.5%. [3][66] - The central bank may use national bond trading to partially replace MLF and pledged reverse repurchase. The central bank's current bond - holding ratio in the national bond market is about 6%, and there is still room for further bond - buying. Attention should be paid to the scale and rhythm of bond - buying. [4][70]

Core Insights - The article discusses the recent analysis and target price adjustments by major securities firms in the A-share market, highlighting the search for new investment opportunities amid market fluctuations [2][5]. Group 1: Target Price Adjustments - Citic Securities initiated coverage on seven companies, including Giant Network and Ninebot, with target price increases exceeding 50% [3][4]. - Ninebot received a target price of 98 CNY, indicating a potential upside of 62.95% from its latest closing price [4]. - Huatai Securities identified 13 companies with target price increases over 50%, primarily in the technology sector, with the highest being SMIC at 238 CNY, representing a 101.18% upside [5][6]. Group 2: Sector Focus - The focus of research has shifted towards sectors with stable earnings and long-term growth potential, such as technology and consumer goods [7][11]. - The analysis indicates a strong interest in high-dividend stocks and cyclical sectors as market risk appetite stabilizes [5][7]. Group 3: Notable Companies - Zhongding shares were highlighted with a target price of 37.33 CNY, suggesting a 66.80% upside, following significant investment from a major private equity firm [8][10]. - Guizhou Moutai and Wuliangye were noted as top targets in the liquor sector, with target prices reflecting substantial growth potential [11][12]. Group 4: Market Outlook - Analysts predict a potential market consolidation phase due to high valuations and a lack of immediate positive catalysts [9][11]. - The overall sentiment remains cautiously optimistic, with expectations for a gradual recovery in the market driven by stable policy environments and economic growth targets [11][13].

Core Insights - The company has accelerated its digital and intelligent transformation in recent years, adjusting its organizational structure and enhancing operational efficiency [2] - The company has implemented measures such as cost control, optimizing asset allocation, and strengthening services to the real economy to improve quality and efficiency, thereby increasing profitability [2] - The newly developed Internet of Things and AI application infrastructure is currently under construction, with the provincial tourism service intelligent entity "Huang Xiaoxi" officially launched on April 10 at the Guizhou Provincial Tourism Industry Development Conference [2] - The net profit attributable to shareholders for the third quarter of 2025 has increased by 108.5% year-on-year [2]

Core Viewpoint - Huachuang Yinxin, a financial technology company, is facing significant challenges in revenue and profit compared to industry leaders, indicating a need for improvement in its financial performance [2][3]. Group 1: Company Overview - Huachuang Yinxin was established on July 21, 1998, and listed on the Shanghai Stock Exchange on September 18, 1998, with its headquarters in Beijing [1]. - The company provides diversified financial services, including enterprise management consulting, internet information services, and information technology consulting [1]. Group 2: Financial Performance - For Q3 2025, Huachuang Yinxin reported revenue of 2.063 billion yuan, ranking 38th out of 45 in the industry, significantly lower than the top competitors, CITIC Securities at 55.815 billion yuan and Guotai Junan at 45.892 billion yuan [2]. - The net profit for the same period was 64.1614 million yuan, placing the company last in the industry rankings, with a stark contrast to CITIC Securities' 23.916 billion yuan and Guotai Junan's 23.059 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Huachuang Yinxin's debt-to-asset ratio was 56.90%, slightly up from 56.40% year-on-year, which is lower than the industry average of 68.82%, indicating relatively lower debt pressure [3]. - The company's gross profit margin was 9.85%, an increase from 8.07% year-on-year, but still significantly below the industry average of 42.78%, suggesting a need for enhanced profitability [3]. Group 4: Executive Compensation - The chairman, Tao Yongze, received a salary of 2.8336 million yuan in 2024, down by 333,400 yuan from 2023 [4]. - The general manager, Zhang Xiaoi, earned 2.6 million yuan in 2024, a decrease of 70,000 yuan from the previous year [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.83% to 58,000, while the average number of circulating A-shares held per shareholder increased by 10.36% to 38,200 [5]. - Among the top ten circulating shareholders, the Guotai Zhongzheng All-Index Securities Company ETF (512880) emerged as the seventh largest shareholder, holding 57.4581 million shares as a new entrant [5].

Group 1 - Huachuang Yunjin (600155.SH) reported its Q3 2025 results on October 31, 2025, with 12 institutional investors holding a total of 831 million shares, representing 37.54% of the total share capital [1] - The top ten institutional investors collectively hold 37.53% of the shares, with a slight increase of 0.04 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two funds increased their holdings, accounting for a 1.05% increase, while one fund saw a slight decrease in holdings [2] - A total of 125 public funds did not disclose their holdings this quarter, including several notable ETFs [2] Group 3 - MACD golden cross signals have formed, indicating positive momentum for certain stocks [3]