RWA 监管更加明晰，金融信息服务监管趋严 [Table_Industry] 综合金融 ——金融科技行业双周报第二十三期 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 孙坤(分析师) | 021-38038260 | sunkun@gtht.com | S0880523030001 | 本报告导读： 请务必阅读正文之后的免责条款部分 行 国内大模型产品与营销均有亮点，带动金融科技相关标的受益，境外 RWA 监管明 细，金融信息监管趋严。合规金融机构更加受益。 投资要点： [Table_Report] 相关报告 综合金融《权益市场火热，居民边际配置权益资 产》2026.02.09 综合金融《境内虚拟货币违法，境外 RWA 监管 明晰》2026.02.08 综合金融《支付牌照缩减，多家投资咨询公司暂 停新增》2026.02.01 综合金融《消金监管趋严，行业加速出清》 2026.01.25 综合金融 ...

Core Insights - The company, Hengsheng Electronics Co., Ltd., won a procurement project from Everbright Wealth Management with a bid amount of 2.1 million yuan [1][2]. Financial Performance - In 2024, the company's operating revenue was 6.581 billion yuan, with a revenue growth rate of -9.62% [3]. - The net profit attributable to the parent company for 2024 was 1.043 billion yuan, reflecting a net profit growth rate of -26.75% [3]. - For the first half of 2025, the operating revenue was 2.426 billion yuan, showing a revenue growth rate of -14.44% [3]. - The net profit attributable to the parent company for the first half of 2025 was 261 million yuan, with a significant net profit growth rate of 771.57% [3]. Industry and Product Overview - The company operates in the information technology industry, with primary product types including CTI voice software, ERP software, investment banking services, industry-specific software, and operational platform systems [3]. - In the 2024 annual report, the revenue composition was as follows: software revenue accounted for 99.49%, technology park development sales for 0.45%, and other businesses for 0.06% [3].

Group 1 - The core point of the article highlights that on February 6, Hengsheng Electronics executed a block trade of 297,400 shares, amounting to 8.1645 million yuan, which represented 1.18% of the total trading volume for that day [1] - The transaction price was 27.45 yuan, reflecting a discount of 7.79% compared to the market closing price of 29.77 yuan [1] - The buying and selling brokerage involved in the transaction was Guotai Junan Securities Co., Ltd., Hangzhou Fuchun branch [2]

Group 1: Core Insights - The city of Heze, known as the "Peony Capital of China," is experiencing a vibrant atmosphere as it prepares for the upcoming Spring Festival, showcasing its unique industries such as peony cultivation and Hanfu culture [1] - Heze Agricultural Commercial Bank has introduced flexible credit products, including an 800,000 yuan "Peony and Chinese Herbal Medicine Loan," to support local farmers in preparing for the peak sales season of peony pots and cut flowers [1] - The People's Bank of China Heze Branch has been actively promoting financial services to support local enterprises, having visited over 400 peony industry entities and established credit files for more than 200, with a total of over 50 million yuan in credit funds disbursed [2] Group 2: Industry Developments - The Hanfu industry in Heze is witnessing a surge in online sales, with a 60% year-on-year increase in sales during the New Year shopping festival, driven by live-streaming sales efforts [2] - Financial institutions in Heze, including Hengfeng Bank, have launched specialized loan products for the Hanfu industry, with loan approval times reduced to within two working days, resulting in a total credit amount of 3.647 billion yuan for the industry, a 43.28% year-on-year increase [3] - As of the end of 2025, the balance of inclusive small and micro loans in Heze reached 94.47 billion yuan, growing by 20.28%, which is significantly higher than the overall loan growth rate [4]

恒生电子股份有限公司 为补充资金管理系统产品线，增强在复杂衍生品、结构性产品方面的软件产 品覆盖，增强为大中型银行金融市场部提供完整解决方案的能力，2021 年 11 月， 恒生电子股份有限公司（以下简称"恒生电子"或"公司"）控股子公司杭州云赢 网络科技有限公司（以下简称"云赢网络"），与 Finastra 公司签署交易协议，以 6,500 万美元（约合人民币 42155.1 万元）收购 Finastra 公司的 Summit 业务（指 Summit 在中国内地及港澳地区的业务）。 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《关于控 股子公司云赢网络收购 Finastra 公司 Summit 业务的公告》（公告编号：2021-058）。 二、进展情况 Finastra 公司已将其资金与资本市场（TCM）业务独立分拆为 TCMI UK 公司， 并出售给 Apax Partners 公司（大型私募股权投资机构）。Summit 业务包含在 TCM 业务范畴内。近日，相关方已签署权利义务转移协议，原由 Finastra 公司承担的与 云赢网络相关的后续权利与义务现由 TCMI UK ...

Core Insights - The collaboration between Lianchu Securities and Hengsheng Electronics has led to the successful launch of an intelligent document sorting system, enhancing operational efficiency and service quality in the brokerage industry [1][2][3] - The system has received recognition by winning the "2024 Financial Technology Development Award" from the People's Bank of China, highlighting its innovative application of large model technology [1] Group 1: System Implementation and Efficiency - The intelligent document sorting system automates the entire process of "collection-sorting-archiving," significantly reducing the time required for document sorting from 30 minutes to under 1 minute [2] - The system achieves an automatic classification accuracy of over 95%, with a rejection rate of less than 5%, effectively controlling business risks [2] Group 2: Technological Innovation - The system incorporates advanced technologies such as large models and machine learning, enabling rapid classification and information extraction from a large volume of disordered documents [2] - It features a microservice architecture that allows seamless integration with core brokerage business systems, enhancing its functionality [2] Group 3: Impact on Workforce and Customer Experience - The implementation of the system simplifies operational processes, allowing frontline staff to focus on higher-value customer service tasks, thereby improving customer satisfaction [3] - The system supports additional functionalities such as real-time scanning and post-collection, enhancing the continuity of business operations and customer experience [2][3] Group 4: Future Prospects - The intelligent document sorting system has the potential to expand its application to areas such as customer service, compliance monitoring, and investment consulting, aiming to create an integrated intelligent operational platform for brokerages [3] - Hengsheng Electronics plans to continue collaborating with financial institutions to deepen the application of large models in core financial business processes, supporting the digital transformation of the industry [3]

Investment Rating - The investment rating for the computer industry is maintained as "Recommended" [8] Core Insights - The computer sector's fund holdings in Q4 2025 accounted for approximately 2.34% of total fund holdings, showing a slight decrease from previous quarters, indicating a historical low. The focus remains on leading companies in AI applications and computing power, with expectations for increased holdings as national industrial policies support the AI sector [4][21] - Recent developments in the industry include significant financing rounds and advancements in AI chip technology, highlighting the ongoing growth and innovation within the sector [22][23][25] Summary by Sections 1. Q4 2025 Holdings Analysis - The proportion of computer sector holdings in funds decreased slightly to 2.34%, down from 2.51% in Q3 2024 [11] - The number of computer companies in the top ten holdings decreased to 138 from 171 in the previous quarter, indicating a consolidation in holdings [14] - The top ten companies by fund holdings in Q4 2025 included iFlytek, Kingsoft Office, Hikvision, Inspur Information, and others, with notable changes in rankings compared to Q3 2025 [17] 2. Industry News - StepFun completed a B+ round financing exceeding 5 billion yuan, setting a record for single financing in the domestic large model sector [22] - Microsoft launched the second-generation AI chip Maia 200, which improves inference efficiency by 30% compared to its predecessor [23] - Alibaba's Pingtouge introduced the high-end AI chip "Zhenwu 810E," achieving full self-research in both hardware and software [25] 3. Company News - Inspur Information's chairman and vice president plan to reduce their holdings by a total of 30,000 shares, representing 0.002% of the total share capital [26] - Tianyang Technology's controlling shareholder plans to reduce holdings by up to 14.5 million shares, accounting for 3% of the total share capital [27] - Daily Interaction's controlling shareholder announced a plan to reduce holdings by up to 371,500 shares [29] 4. Market Review - During the week of January 26-30, the CSI 300 index rose by 0.08%, while the computer sector index fell by 4.47%. The top gainers included Wangsu Science and Technology and Youke Technology, while the biggest losers were Chuangzhong Technology and China Greatwall [30][37]

Group 1 - The employee stock ownership plan (ESOP) of the company will expire on July 29, 2026, with a total duration of 48 months starting from the last transfer of shares to the ESOP account on July 30, 2022 [3][6] - The ESOP was approved during the board and shareholder meetings held in July 2022, allowing the company to implement the plan [1][2] - As of January 28, 2026, the ESOP holds 772,650 shares, representing 0.0408% of the company's total share capital [3] Group 2 - The ESOP shares will be unlocked in three phases: 30% after 12 months, 30% after 24 months, and 40% after 36 months from the last transfer date [2] - If the shares are not fully sold or transferred 15 days before the expiration of the ESOP, the duration can be extended with the approval of two-thirds of the participating holders [4][5] - The ESOP can be terminated early if all shares are sold before the expiration date, or if the holders approve an extension [5]

恒生电子股份有限公司 证券代码：600570 证券简称：恒生电子 公告编号：2026-004 恒生电子股份有限公司 关于 2022 年员工持股计划存续期即将届满的提示性公告 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。 笔标的股票过户至本次员工持股计划名下之日起满 12 个月、24 个月、36 个月， 每期解锁的标的股票比例分别为 30%、30%、40%。 公司分别于 2025 年 9 月 18 日、2025 年 12 月 22 日，召开第九届董事会第五 次会议和 2025 年第二次临时股东会，审议通过了《关于回购公司 2022 年、2023 年员工持股计划未解锁份额对应股份的议案》。具体内容详见公司发布于上海证券 交易所网站（www.sse.com.cn）的 2025-063 号、2025-067 号及 2025-086 号相关公 告。 本员工持股计划的存续期为 48 个月，自公司公告最后一笔标的股票过户至本 次员工持股计划名下之日（2022 年 7 月 30 日）起算，即公司 2022 年员工持股计 划的存续期将于 20 ...

Group 1: Large Model + Code Intelligence Core - iFlyCode by iFLYTEK is the first domestic intelligent programming tool with voice interaction features, supporting code generation, explanation, bug correction, unit test generation, and intelligent Q&A across major programming languages [1][18] - StarRing Technology focuses on AI code generation for big data development, achieving over 90% accuracy in code generation and serving over 200 paying enterprise clients by 2025 [1][19] - Tuya Technology integrates NLP capabilities with AI programming solutions for government and financial sectors, enhancing system development efficiency and reducing maintenance costs [2][20] Group 2: IDE + AI Programming Tools Core - ZTE Information has developed SnapDevelop, an AI-assisted programming tool that increases software development efficiency by 2-3 times and supports multiple programming languages [3][22] - Wanjing Technology targets lightweight development scenarios with AI programming tools, significantly lowering the development barrier for small and medium enterprises [4][23] - CaiXun Co. provides AI programming solutions tailored for the financial sector, enhancing software development efficiency and compliance risk management [5][24] Group 3: Low-Code + AI Programming Integration - Puyuan Information integrates AI programming capabilities into its low-code development platform, improving enterprise application development efficiency by over 40% [7][24] - Jinxianda focuses on the electric power industry, utilizing a proprietary model to enhance development efficiency and customer advantages in AI programming and low-code applications [8][26] - Zhiyuan Interconnect's low-code platform has served over 10,000 enterprise clients, reducing development cycles by over 50% through AI programming capabilities [9][27] Group 4: Industry Solutions + AI Programming - Hengsheng Electronics has developed a low-code platform that integrates AI programming for the financial sector, improving development efficiency by over 60% [11][28] - Saiyi Information focuses on the manufacturing sector, providing AI programming tools that enhance software development efficiency by over 50% [12][29] - Keda Guochuang integrates AI programming into its software development for the electric power and government sectors, reducing development costs by approximately 30% [13][30] Group 5: Enterprise-Level AI Programming Solutions - New Jue Network combines AI programming with intelligent operation and maintenance services, achieving a customer repurchase rate of 83% in 2024 [15][31] - Yonyou Network integrates AI programming into its ERP systems, enhancing development efficiency by over 50% for various enterprise scenarios [16][32]