Core Insights - The financial technology sector is undergoing unprecedented transformation driven by artificial intelligence (AI) advancements, with Jinzheng Co., Ltd. actively engaging in comprehensive technological layout in this wave of innovation [1][2] - Jinzheng has launched several AI applications, including the self-developed financial model K-GPT and the programming assistant "Copilot," establishing a complete technical system from AI infrastructure to application development and scenario implementation [1] Group 1: AI Applications in Financial Services - In wealth management, Jinzheng has developed multiple intelligent agents, such as Business Assistant and Smart Navigator, enhancing transaction speed significantly through professional knowledge retrieval [1] - In asset management, the company has created applications like intelligent trading and risk control based on the A8 new generation investment trading system [1] Group 2: Institutional Operations and Development Tools - The company has built an intelligent agent matrix using the AI-KOCA platform, improving efficiency in account opening, auditing, and data analysis through task planning engines and multimodal recognition technologies [1] - The programming assistant Copilot, based on the code model, provides developers with an efficient coding experience, significantly increasing code generation efficiency and adoption rates [1] Group 3: Achievements of Subsidiaries - Jinzheng's subsidiaries, Jinzheng Youzhi and Jinzhiwei, have also made notable progress in AI, with Jinzheng Youzhi's document platform enhancing productivity through AI-driven document extraction, review, and writing [2] - Jinzhiwei has developed the Ki-AgentS product, which integrates dynamic planning of large models with the controllability of RPA, further improving business process execution [2] Group 4: Future Outlook - The AI applications of Jinzheng are evolving from "tool-based assistance" to "strategic support," with expectations for continued deepening of AI integration in financial scenarios through ongoing technology iteration and ecosystem collaboration [2]

Investment Rating - The report maintains an "Outperform" rating for the company [2][13] Core Insights - The company achieved a total revenue of 4.693 billion yuan in 2024, a year-on-year decrease of 25%, with a net profit attributable to shareholders of -202 million yuan, reflecting a significant decline of 154.8% [7] - The first quarter of 2025 saw a revenue of 521 million yuan, down 52% year-on-year, and a net profit of -95 million yuan, indicating a 20% decline [7] - The new generation core trading system has been successfully implemented, with multiple product lines achieving breakthroughs, including the FS2.5 comprehensive service platform for securities business [7][9] - The company is actively promoting the application of large models and AI, having established an AI company and developed the K-CODE large model, which has been internally deployed [9] Financial Data and Profit Forecast - The company’s total revenue is projected to be 4.635 billion yuan in 2025, with a slight decrease of 1.2% year-on-year, and a net profit of 259 million yuan, marking a significant recovery from previous losses [6][12] - The gross profit margin is expected to be 27.6% in 2025, with a return on equity (ROE) of 6.6% [6] - The revenue forecast for 2026 and 2027 is adjusted to 4.664 billion yuan and 4.762 billion yuan respectively, with net profits of 337 million yuan and 382 million yuan [12][13] Revenue Breakdown by Sector - In 2024, the financial sector generated 2.308 billion yuan, a decrease of 6%, with the securities brokerage software business declining by 32.57% [8] - Non-financial sector revenue was 2.377 billion yuan, down 36.81%, with the digital economy business experiencing a 40.2% decline [8] Market Comparison - The company's stock closed at 15.28 yuan, with a market capitalization of 14.459 billion yuan, and a price-to-book ratio of 4.1 [2] - The stock has seen a one-year high of 20.99 yuan and a low of 8.85 yuan [2]

Investment Rating - The report does not explicitly state an investment rating for the IT and Internet finance industry Core Insights - The overall performance of the IT sector for C-end brokers is improving due to market activity and stable traffic accumulation, with AI product capabilities being a key driver [19][20] - The B-end broker IT sector is facing challenges due to a lack of significant demand growth, but innovation upgrades may provide alpha opportunities [42][43] - The Internet finance sector is experiencing increased market activity, leading to a rapid stabilization of company fundamentals [65][66] Summary by Sections C-end Broker IT - The capital market recovery has led to an upward trend in overall performance for C-end broker IT, with stable traffic accumulation and AI product enhancements being crucial [20][19] - Key companies like Tonghuashun and Wealth Trend are showing varying performance, with Tonghuashun's revenue increasing by 17% to 4.2 billion yuan in 2024, while Wealth Trend's revenue decreased by 10.5% to 400 million yuan [23][28] - Profit margins are relatively stable, with Tonghuashun's gross margin at 89.4% and net profit margin at 43.6% in 2024 [28][29] B-end Broker IT - The B-end broker IT sector is experiencing slight declines in performance due to intense competition and stagnant market demand [42][43] - Companies like Hengsheng Electronics and Jinzeng Co. are facing revenue drops, with Hengsheng's revenue down 10% to 65.8 billion yuan in 2024 [46][51] - Profitability varies, with Hengsheng's gross margin at 72.1% and net profit margin at 15.8% in 2024, while Jinzeng's gross margin is more stable at 23.3% [51][49] Internet Finance - The Internet finance sector is seeing continuous improvement in performance, with companies like Dongfang Caifu and Guiding Needle showing significant revenue growth [66][67] - Dongfang Caifu's revenue increased to 34.86 billion yuan in 2024, reflecting a 42% year-on-year growth, while Guiding Needle's revenue surged by 85% [67][68] - The overall market activity is enhancing the fundamentals of these companies, leading to a more stable financial outlook [65][66]

Core Viewpoint - Several listed companies in the Shanghai and Shenzhen markets have announced significant updates, including stock suspensions, name changes, and financial adjustments, which may present both opportunities and risks for investors [4][5][8][10]. Group 1: Stock Suspension and Changes - ST Xinchao will suspend its stock from May 6, 2025, due to the inability to disclose audited financial reports within the legal timeframe, with a risk of delisting if reports are not provided within two months [4]. - Wolong Real Estate plans to change its stock name to "Wolong New Energy" to align with national carbon neutrality policies and explore new profit growth areas [5]. Group 2: Financial and Operational Updates - Dongzhu Ecology clarified that it holds only a 10% stake in Dilos AI Technology and has no substantial business cooperation with it, indicating potential uncertainties in future performance [6][7]. - Haitian Flavor Industry has received approval from the China Securities Regulatory Commission for its H-share issuance, planning to issue up to 710.52 million shares for overseas listing, though uncertainties remain [8]. - Fudan Zhangjiang announced a price reduction of at least 35% for its Doxorubicin Liposome Injection, which generated approximately RMB 210 million in sales in 2024, accounting for 29% of total revenue, potentially leading to losses in 2025 [10]. Group 3: Shareholding and Financing Activities - Jiangbolong's major shareholder, the National Integrated Circuit Industry Investment Fund, plans to reduce its stake by up to 1% through market transactions between May 27 and August 26, 2025, without affecting control [12][13]. - Cambrian Technology intends to raise no more than RMB 4.98 billion through a private placement to fund projects related to large model chip and software platforms and to supplement working capital [14]. - Jinzhen Co. plans to sell up to 5 million shares from its repurchased stock, which amounts to 50% of the total repurchased shares, to maintain company value and shareholder interests [15]. Group 4: Major Contracts and Procurement Wins - Aolaide's subsidiary signed a sales contract worth RMB 655 million with Chengdu BOE Display Technology, expected to positively impact the company's performance in 2025 and 2026 [16]. - Tongguang Cable is a candidate for two procurement projects from the State Grid Corporation, with a total expected bid amount of RMB 142 million, representing approximately 5.49% of the company's total revenue for 2024 [17].

Group 1 - ST Xinchao is unable to disclose its audited annual report for 2024 and Q1 2025 by the legal deadline, leading to a stock suspension starting May 6, 2025. If the report is not disclosed within two months, the stock will face delisting risk warning [3] - Wolong Real Estate plans to change its stock name to "Wolong New Energy" to align with national "dual carbon" policies and to explore new profit growth points in the renewable energy sector [4] - Dongzhu Ecology clarifies that it only holds a 10% stake in Dilos AI Technology and has no substantial business cooperation with it, as Dilos is still in its early stages of development [5] Group 2 - Haitian Flavor Industry has received approval from the China Securities Regulatory Commission for its H-share issuance, planning to issue up to 710.52 million shares for listing on the Hong Kong Stock Exchange, though uncertainties remain [6] - Jiawei New Energy's controlling shareholder received a warning letter from the Shenzhen Securities Regulatory Bureau for failing to fulfill a commitment to increase shareholding by at least 60 million yuan [7] - Fudan Zhangjiang will reduce the market retail price of its Doxorubicin Liposome Injection by no less than 35% starting May 1, 2025, which may negatively impact its sales revenue and lead to potential losses for this product in 2025 [8] Group 3 - Tongguang Cable is a pre-selected candidate for two procurement projects from the State Grid Corporation, with a total expected bid amount of 142 million yuan, representing approximately 5.49% of the company's total revenue for 2024 [12]

证券代码：600446 证券简称：金证股份 公告编号：2025-027 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东大会召开日期：2025年5月23日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2025年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 23 日 14 时 00 分 召开地点：深圳市南山区高新南五道金证科技大楼 9 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 23 日 涉及融资融券、转融通业务、约定购回业务相关账 ...

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证券代码：600446 证券简称：金证股份 公告编号：2025-023 深圳市金证科技股份有限公司第八届董事会 2025 年第四次会议决议公告 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个别及连带责任。 深圳市金证科技股份有限公司（以下简称"公司"）第八届董事会2025年第 四次会议于2025年4月30日以通讯表决方式召开。会议应到董事7名，实到董事7 名。经过充分沟通，以通讯表决方式行使表决权。会议的召开符合《公司法》及 《公司章程》的规定。 一、会议以同意7票，反对0票，弃权0票的表决结果审议并通过了《关于出 售部分公司已回购股份的议案》。 为维护公司价值及股东权益，公司于2022年6月使用自有资金以集中竞价交 易方式回购公司股份10,007,526股，占公司总股本的1.06%。鉴于公司回购股份目 的已实现，为妥善处置本次已回购股份，根据《上海证券交易所上市公司自律监 管指引第7号—回购股份》等相关规定及公司股份回购方案的用途约定，公司拟 通过集中竞价方式出售已回购股份不超过5,000,000股（不超过前述回购数量的 50%），出 ...

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深圳市金证科技股份有限公司 会计政策变更、会计估计变更及会计差错更正管理制度 （2025 年 4 月修订） 第一章 总则 第二章 决策程序 1 第一条 为规范公司会计政策变更、会计估计变更和会计差错更正的程序及信 息披露，确保公司会计信息的真实性、准确性和完整性，保护投资者 的合法权益，根据《中华人民共和国证券法》、《上市公司信息披露管 理办法》、《企业会计准则》、《公开发行证券的公司信息披露编报规则 第 19 号——财务信息的更正及相关披露》、《上海证券交易所股票上 市规则》和《深圳市金证科技股份有限公司章程》（以下简称"《公司 章程》"）等的有关规定，制定本制度。 第二条 本制度适用于公司及公司全资和控股子公司的会计政策变更、会计估 计变更和会计差错更正及其信息披露。 第三条 公司不得利用会计政策变更和会计估计变更操纵公司业绩及所有者 权益等财务指标。 第四条 本制度所称会计政策变更、会计估计变更和差错更正事项是指《企业 会计准则第 28 号——会计政策、会计估计变更和差错更正》定义的 会计政策变更、会计估计变更和会计差错。 第五条 公司会计政策变更、会计估计变更和会计差错更正事项，应严格按照 有关法律法 ...