金融科技 2026 年投资策略 - 短期看市场活跃的持续性， 中期关注金融 IT20251125 摘要 金融科技政策导向积极，覆盖银行、保险、券商等领域，旨在促进高质 量发展和科技投入，为行业发展提供正面支持，并为相关公司长期投资 价值提供保障。 金融 IT 投入持续增长，但增速放缓。证券 IT 领域 B 端由恒生、顶点、 金证主导，C 端由同花顺、财富趋势主导。同花顺已开始布局 AI 系统， 但收入占比尚小。 东方财富依托多牌照、多流量生态模式实现流量变现；指南针通过历史 流量及收购牌照变现；同花顺协助金融机构赚钱，业务收入增长快；九 方专注于向散户销售产品。 金融科技指数表现优于大盘，同花顺、指南针、东方财富涨幅居前，股 价与市场交易活跃度高度相关，需关注新开户及日均成交量数据。 短期内关注东方财富经纪业务和两融业务市占率变化，长期关注 AI 产品 发展。基金代销业务受费率政策调整影响有限，总体不利因素基本消除。 同花顺短期业绩弹性主要体现在 C 端广告及互联网推广，指南针和九方 智投控股依赖市场活跃度带来的产品销售增长，长期关注牌照变现情况。 推荐东方财富、财富趋势、恒生电子、顶点软件、长亮科技、宇信科 ...

为深入贯彻落实中央金融工作会议精神，营造理性投资、价值投资、长期投资的市场氛围，进一步增强 投资者对上市公司的了解，促进上市公司与投资者之间的沟通，2025年11月21日，由上海证券交易所、 中邮证券主办，恒生电子、中邮证券浙江分公司联合承办的"我是股东"走进沪市上市公司恒生电子（股 票代码：600570）活动圆满举行。 活动伊始，在恒生电子投教基地工作人员的讲解下，投资者参观了公司展厅，详细了解了恒生电子的发 展概况、企业文化、主营业务、核心产品等。恒生公司以"让金融变简单"为使命，致力于成为一家全球 领先的金融科技公司。在金融科技自主创新领域，公司通过搭建信创生态为金融机构提供了全栈式服 务。2025年是恒生电子成立30周年，"持之以恒，生生不息"的企业精神也令恒生公司近年来发展迅速并 在国内多个一线城市包括北京、上海、深圳等地拓展子公司。在接下来数智展厅的参观中，讲解员带领 投资者追溯金融技术演进历程，理解科技对金融效率的提升，近距离地体验金融科技的魅力。 通过此次活动，拉近了投资者与上市公司的距离，让投资者更加直观地了解到上市公司的经营状况与发 展规划，进一步激发投资者对股东权利的认识与行使。未来，中 ...

Group 1 - The Zhongzheng Cloud Computing and Big Data Theme Index (930851) has shown strong growth, with notable increases in constituent stocks such as Zhongji Xuchuang (300308) up 14.48%, Xinyi Sheng (300502) up 10.61%, and Shiji Information (002153) up 10.00% [1] - The Big Data ETF (159739) has risen by 3.96%, with the latest price reported at 1.55 yuan [1] - The AI industry chain is experiencing a broad rally, particularly in computing hardware stocks, with active performance in AI applications [2] Group 2 - Meta is negotiating with Google to use TPU chips worth billions of dollars in its data centers by 2027, which could generate significant revenue for Google [2] - Alphabet recently achieved a quarterly revenue exceeding $100 billion for the first time in Q3 2025, marking a 16% year-on-year growth [2] - The total potential market size for Optical Circuit Switching (OCS) is expected to exceed $1.6 billion by 2029, driven by advancements in Google's AI processes [2] Group 3 - The Zhongzheng Cloud Computing and Big Data Theme Index includes 50 listed companies involved in cloud computing services, big data services, and related hardware, reflecting the overall performance of these sectors [3] - As of October 31, 2025, the top ten weighted stocks in the index account for 61.58% of the total, including Zhongji Xuchuang (300308), Xinyi Sheng (300502), and Keda Xunfei (002230) [3]

证券之星消息，根据天眼查APP-财产线索数据整理，根据国泰海通证券股份有限公司11月20日发布的《国泰海通证券2025年下半年基金投顾资产 配置管理系统改造服务采购项目公示》内容显示，恒生电子股份有限公司中标，详情如下： 标题：国泰海通证券2025年下半年基金投顾资产配置管理系统改造服务采购项目公示 通过天眼查大数据分析，恒生电子股份有限公司共对外投资了132家企业，参与招投标项目6870次；财产线索方面有商标信息910条，专利信息537 条，著作权信息1145条；此外企业还拥有行政许可243个。 数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 采购方：国泰海通证券股份有限公司 供应商：恒生电子股份有限公司 中标金额： 地区：上海市 发布日期：2025-11-20 ...

我是 股东 中邮证券联合上交所走进 沪市上市公司恒生电子 活动伊始，在恒生电子投教基地工作人员的讲解下，投资者参观了公司展厅，详细了解了恒生电子的发 展概况、企业文化、主营业务、核心产品等。恒生公司以"让金融变简单"为使命，致力于成为一家全球 领先的金融科技公司。在金融科技自主创新领域，公司通过搭建信创生态为金融机构提供了全栈式服 务。2025年是恒生电子成立30周年，"持之以恒，生生不息"的企业精神也令恒生公司近年来发展迅速并 在国内多个一线城市包括北京、上海、深圳等地拓展子公司。在接下来数智展厅的参观中，讲解员带领 投资者追溯金融技术演进历程，理解科技对金融效率的提升，近距离地体验金融科技的魅力。 在投资者互动环节，恒生电子董事会办公室董办主任崔俊丽介绍了公司概况、金融数智化浪潮及恒生电 子深耕金融科技领域取得的创新发展情况，并介绍了公司的未来发展和战略愿景。最后投资者就所关注 的上市公司生产经营、公司利润、股票市值、行业趋势等方面的问题与上市公司进行了深入交流，上述 问题均获得了详细答复。投资者通过实地考察与面对面交流，对恒生电子有了更立体的认知，为投资决 策提供了更扎实的依据。 通过此次活动，拉近了投 ...

Group 1 - The core viewpoint of the articles highlights the resurgence of the fintech sector driven by AI applications, with the China Securities Financial Technology Theme Index rebounding and constituent stocks generally closing in the green, with 51 stocks rising over 1% [1][3] - The AI assistant Qianwen App from Alibaba has surpassed 10 million downloads within a week of its public testing, making it the fastest-growing AI application, outpacing competitors like ChatGPT and Sora [3] - Financial institutions are increasingly adopting AI technologies in core business areas and back-office scenarios, indicating a significant shift towards digital transformation in the financial sector [3] Group 2 - The largest fintech ETF (159851) experienced a price increase of 2% after a period of adjustment, with a trading volume of 367 million yuan on the day [1][4] - The financial technology ETF has a current scale exceeding 9 billion yuan, with an average daily trading volume of 800 million yuan over the past six months, indicating strong liquidity and market interest [4] - East Wu Securities suggests focusing on fintech opportunities through the fintech ETF and its associated funds, emphasizing coverage of internet brokerages, financial IT, cross-border payments, and AI applications [3][4]

| 代码 | 名称 | 现价 | | 涨跌 | | --- | --- | --- | --- | --- | | 159590 | 软件50ETF | 1.136 | 0.027 | 2.43% | | 515230 | 软件ETF | 0.890 | 0.020 | 2.30% | | 159899 | 软件龙头ETF | 0.891 | 0.020 | 2.30% | 有机构表示，在当前全球科技竞争日益激烈的背景下，基础软件的自主可控不仅是国家安全的需求，也是产业可持续 发展的必然选择。未来基础软件企业将面临更高的技术要求和更强的竞争压力，但也意味着更多的市场机遇。随着国 产化替代的持续推进和产业链金融服务的不断深化，基础软件企业将有望实现从"跟跑"到"并跑"再到"领跑"的转变， 为我国新型工业化和高质量发展提供坚实的底层技术支撑。 （文章来源：每日经济新闻） 软件概念股走强，三六零涨超8%，用友网络涨超4%，金山办公、恒生电子涨超3%。 受盘面影响，软件相关ETF涨超2%。 ...

Core Viewpoint - Hang Seng Electronics has experienced fluctuations in stock price and trading volume, with a recent increase of 2.01% to 28.92 CNY per share, while facing a year-to-date price increase of 3.69% but a significant decline over the past 60 days of 24.80% [1] Financial Performance - For the period of January to September 2025, Hang Seng Electronics reported a revenue of 3.49 billion CNY, a year-on-year decrease of 16.66%, while the net profit attributable to shareholders was 455 million CNY, reflecting a growth of 2.16% [2] - Cumulative cash dividends since the A-share listing amount to 2.44 billion CNY, with 682 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 213,800, with an average of 8,863 shares held per shareholder, a decrease of 5.59% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 92.13 million shares, a decrease of 40.78 million shares from the previous period [3]

Core Points - The first meeting of the 2025 Employee Stock Ownership Plan (ESOP) was held on November 18, 2025, with 50 participants representing 13,293,000 shares [1][2] - The meeting approved the establishment of a management committee for the 2025 ESOP to oversee daily operations and protect the rights of shareholders [1] - The committee consists of five members, with a term lasting for the duration of the ESOP [1] - The meeting also elected committee members and authorized them to manage various aspects of the ESOP [3][4] Summary by Sections Establishment of Management Committee - The management committee is set up to ensure the smooth operation of the 2025 ESOP and to safeguard the rights of the holders [1] - The committee will act as a daily supervisory body and represent the shareholders [1] Election of Committee Members - The meeting elected five individuals to the management committee, including Jiang Jiansheng, Lin Feng, Yao Manying, Li Yan, and Xiao Min [3] - The election results showed unanimous support, with 100% approval from the participating shareholders [3][2] Authorization of Management Committee - The committee is authorized to handle various responsibilities related to the ESOP, including convening meetings, managing daily operations, and representing shareholders in agreements [4] - The authorization includes managing share subscriptions, rights distribution, and handling special matters during the ESOP's duration [4]

Core Insights - The National Bureau of Statistics has officially released the list of pilot projects for high-quality data set construction for 2025, with the project "Multi-modal High-Quality Data Set Construction for Financial Industry Large Models" successfully selected, co-applied by Hang Seng Electronics and Zheshang Securities [2][3] Group 1: Project Overview - The selected project addresses core challenges in financial vertical large models, including data quality inconsistencies, insufficient interpretability, and difficulties in practical application [3] - The construction path involves data fusion, standardized processing, knowledge modeling, scenario application, and ecological empowerment, aiming to create a high-quality financial data set with high accuracy, timeliness, and coverage [3] Group 2: Company Background - Hang Seng Electronics has over 30 years of experience in capital market information technology, providing top-tier technology and product services to various financial institutions [3][4] - Hang Seng Data Service, a subsidiary, has extensive experience in financial data collection, cleaning, structured processing, and deep mining, serving nearly a thousand institutions [4] Group 3: Future Plans - Moving forward, Hang Seng Electronics and Hang Seng Data Service will leverage this pilot project to focus on high-quality data set construction for the financial industry, supporting the integration of large model technology into financial business scenarios [5]