Company Overview - Hengsheng Electronics is located in Hangzhou, Zhejiang Province, and was established on December 13, 2000. It was listed on December 16, 2003. The company primarily develops application software for industries such as securities, banking, and funds [1]. - The main revenue composition of Hengsheng Electronics includes 99.45% from software, 0.49% from property leasing, and 0.06% from other sources [1]. Financial Performance - For the first half of 2025, Hengsheng Electronics achieved operating revenue of 2.426 billion yuan, a year-on-year decrease of 14.44%. However, the net profit attributable to shareholders increased significantly by 771.57% to 261 million yuan [2]. - The company has cumulatively distributed 2.444 billion yuan in dividends since its A-share listing, with 682 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 24, Hengsheng Electronics' stock price increased by 2.14% to 33.43 yuan per share, with a trading volume of 1.03 billion yuan and a turnover rate of 1.65%, resulting in a total market capitalization of 63.242 billion yuan [1]. - Year-to-date, the stock price has risen by 19.86%, but it has seen a decline of 4.59% over the last five trading days and a 10.01% drop over the last 20 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Hengsheng Electronics reached 201,500, an increase of 7.02% from the previous period. The average number of circulating shares per person decreased by 6.56% to 9,388 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 133 million shares, a decrease of 15.016 million shares from the previous period [3].

Core Viewpoint - The software service index and related ETFs are experiencing significant growth, driven by advancements in AI and software development capabilities, particularly in large model agents [1][4][5]. Group 1: Software Index Performance - As of September 24, 2025, the CSI Software Service Index increased by 0.98%, with notable gains from companies like iFlytek (4.94%) and 360 (4.12%) [1]. - The software ETF (159852) rose by 0.87%, indicating positive market sentiment [1]. Group 2: ETF Trading and Growth Metrics - The software ETF recorded a turnover rate of 3.63% and a transaction volume of 169 million yuan [3]. - Over the past month, the ETF's average daily trading volume reached 570 million yuan, ranking first among comparable funds [3]. - The ETF's scale grew by 1.637 billion yuan over the last three months, also leading in growth among comparable funds [3]. - In the past week, the ETF's shares increased by 99 million, marking the highest new share issuance among comparable funds [3]. - The ETF saw a net inflow of 222 million yuan recently [3]. - Over the past three years, the ETF's net value has risen by 24.90%, with a maximum monthly return of 39.35% since inception [3]. Group 3: Major Stocks in the Index - As of August 29, 2025, the top ten weighted stocks in the CSI Software Service Index accounted for 62.05% of the total index, with iFlytek, Tonghuashun, and Kingsoft being the most significant contributors [3]. Group 4: AI Model Advancements - The enhancement of large model agent capabilities is expected to break through application bottlenecks in software development, improving understanding of user-specific needs and application scenarios [4]. - AI agents are anticipated to bring commercial value through process automation, data analysis, and precise decision-making, increasing willingness to pay among downstream clients [5]. - In software development, the improved code generation capabilities of AI models are being applied to various stages, with further expansion into creative tasks like requirement analysis and architecture design [5].

Core Insights - Dongxing Securities has made a significant move in the AI sector by signing a strategic cooperation agreement with Hang Seng Electronics to explore intelligent upgrades in the securities industry [1] Group 1: Strategic Partnership - The partnership will focus on the research and application of core technologies related to large models over a three-year period [1] - Dongxing Securities aims to leverage Hang Seng Electronics' experience in financial vertical large model technology, particularly the "Photon Series" full-stack solutions [1] Group 2: Areas of Collaboration - The collaboration will establish joint research and long-term synergy mechanisms in areas such as intelligent investment research, intelligent investment advisory, intelligent risk control, and intelligent Q&A [1] - This strategic cooperation signifies a solid step for Dongxing Securities in advancing financial technology and promoting business intelligence transformation [1]

Group 1 - The core point of the news is that Hengsheng Electronics experienced a decline of 5.02% in its stock price, reaching 32.33 yuan per share, with a trading volume of 1.408 billion yuan and a turnover rate of 2.27%, resulting in a total market capitalization of 61.161 billion yuan [1] - Hengsheng Electronics, established on December 13, 2000, and listed on December 16, 2003, is located in Hangzhou, Zhejiang Province. The company primarily develops application software for industries such as securities, banking, and funds [1] - The main revenue composition of Hengsheng Electronics is as follows: software revenue accounts for 99.45%, rental income from properties is 0.49%, and other income is 0.06% [1] Group 2 - From the perspective of major fund holdings, one fund under Penghua Fund has a significant position in Hengsheng Electronics. The Big Data ETF (159739) reduced its holdings by 198,700 shares in the second quarter, now holding 632,800 shares, which represents 4.24% of the fund's net value, making it the seventh-largest holding [2] - The Big Data ETF (159739) was established on November 3, 2021, with a current scale of 500 million yuan. Year-to-date, it has achieved a return of 49.31%, ranking 535 out of 4220 in its category; over the past year, it has returned 121.94%, ranking 206 out of 3814; and since inception, it has returned 57.69% [2] - The fund manager of the Big Data ETF is Luo Yingyu, who has been in the position for 4 years and 277 days. The total asset scale of the fund is 9.96 billion yuan, with the best return during his tenure being 112.94% and the worst being -12.4% [2]

6月18日，联储证券股份有限公司（以下简称"联储证券"或"公司"）与恒生电子股份有限公司（以下简 称"恒生电子"）成功召开战略合作交流会议。 公司总经理张强，恒生电子高级副总裁张慧海等双方领导共同出席，公司财富、自营、资管、合规风 控、信息技术的分管领导和部门负责人也参与了本次会议。双方围绕证券行业数智化转型、业务创新及 技术赋能等议题展开深度探讨，旨在巩固长期合作关系，挖掘新合作机遇，共同推动金融科技与业务发 展的深度融合。 深化行业洞察，共筑数智化新生态 聚焦业务痛点，共研创新解决方案 恒生电子专家于浩浩就证券经纪数智化实践展开分享，针对账户业务受理效率低、两融风控升级等痛 点，提出智能运营方案。具体包括：账户智能运营，可优化线上见证流程，提升开户效率；结合监管政 策变化，构建动态额度管理和实时风险监控体系，实现两融风控与体验双升级；在佣金驱动创收方面， 可通过计费智能运营实现差异化服务定价，助力财富管理转型。 深度研讨：技术赋能与业务创新 在互动环节，双方就多项创新议题积极提问互动，共同聚焦未来合作方向。 在技术实现与应用方面，IT部门深入探讨了影子账户的运作机制及一致性保障方案。资管团队重点关注 固收 ...

Core Viewpoint - The company, Hengsheng Electronics, has made adjustments to its stock option incentive plan and announced the cancellation of unexercised options from previous years, which reflects its ongoing efforts to align employee incentives with company performance and shareholder interests [2][3][4]. Group 1: Stock Performance - As of September 19, 2025, Hengsheng Electronics' stock closed at 33.5 yuan, down 4.29% from the previous week [1]. - The stock reached a high of 35.47 yuan and a low of 33.48 yuan during the week [1]. - The company's current total market capitalization is 63.374 billion yuan, ranking 8th out of 133 in the software development sector and 259th out of 5,153 in the A-share market [1]. Group 2: Stock Option Incentive Plan - On September 18, 2025, the company held its ninth board and supervisory committee meetings, where it approved adjustments to the 2025 stock option incentive plan [2]. - The number of incentive recipients was reduced from 624 to 621, and the total number of stock options granted was adjusted from 15.159 million to 15.125 million [2][4]. - The grant date for the stock options is September 18, 2025, with an exercise price set at 37.98 yuan per option, representing 0.80% of the company's total share capital [2][4]. Group 3: Cancellation of Unexercised Options - The company plans to cancel a total of 927,250 unexercised options from the 2022 plan and 5,412,638 unexercised options from the 2023 plan due to the expiration of the exercise periods [3][4]. - This cancellation is in accordance with relevant regulations and is not expected to have a material impact on the company's financial condition or operating results [3]. Group 4: Employee Stock Ownership Plan - The company intends to repurchase unvested shares from the 2022 and 2023 employee stock ownership plans, specifically 90,415 shares at a repurchase price of 16.54 yuan per share and 392,550 shares at 19.72 yuan per share, respectively [3][4]. - The funds for the repurchase will come from the company's own resources, and the repurchased shares will be used for cancellation or to continue the employee stock ownership plan [3].

Group 1 - The core point of the article is that Hengsheng Electronics Co., Ltd. has won a procurement project from China People's Insurance Group Co., Ltd. for the Hengsheng OPlus service, with a bid amount of 1,180,000 [1][3] - Hengsheng Electronics has invested in 132 companies and participated in 6,609 bidding projects [1] - The company holds 909 trademark registrations, 520 patents, and 1,122 copyright registrations, along with 243 administrative licenses [1] Group 2 - The procurement was announced on September 16, 2025 [3] - The specific region for the procurement is not disclosed [3]

Core Viewpoint - The announcement details the approval and implementation of the 2025 Stock Option Incentive Plan by the company, including the number of options granted, the conditions for granting, and the adjustments made to the plan due to changes in the list of eligible participants [2][31]. Summary by Sections Incentive Plan Overview - The 2025 Stock Option Incentive Plan was approved during the company's board meetings held on September 18, 2025, with a total of 15.125 million stock options granted to 621 participants [2][6][31]. - The exercise price for the stock options is set at 37.98 yuan per share [3][16]. Approval Process - The plan underwent several approval steps, including meetings on August 21, September 3, and September 9, 2025, where various related proposals were discussed and approved [9][10][11][32]. - The company conducted a public notice period from August 23 to September 1, 2025, during which no objections were raised regarding the list of incentive participants [10][32]. Adjustments to the Plan - The number of participants was adjusted from 624 to 621, and the total number of stock options granted was reduced from 15.159 million to 15.125 million due to some participants opting out [31][34]. - The adjustments were within the authorized scope and did not require further shareholder approval [34]. Granting Conditions - The granting of stock options is contingent upon the company meeting specific performance criteria over the fiscal years 2025 to 2027, with annual assessments of net profit [7][12]. - Individual performance assessments will also determine the actual number of options that can be exercised by each participant [8][12]. Financial Impact - The funds raised through this incentive plan will be used to supplement the company's working capital [21]. - The company anticipates that the incentive plan will positively influence its financial performance, outweighing the costs associated with the stock options [24][47]. Legal and Advisory Opinions - Legal opinions confirm that the adjustments and the granting of stock options comply with relevant laws and regulations [27][36]. - An independent financial advisor has also validated that the conditions for granting the stock options have been met [38].

Core Viewpoint - Hengsheng Electronics announced the cancellation of a portion of stock options under its 2023 stock option incentive plan, affecting 1,410 incentive recipients and totaling 5,412,638 unexercised stock options [1] Summary by Relevant Sections - **Company Announcement** - Hengsheng Electronics held its ninth board and supervisory board meetings on September 18, 2025, where the proposal to cancel part of the stock options was approved [1] - **Stock Option Details** - The cancellation involves 5,412,638 stock options that have not been exercised by 1,410 incentive recipients after the first exercise period of the incentive plan [1]

Core Points - Hengsheng Electronics announced adjustments to its 2025 stock option incentive plan, reducing the number of incentive recipients from 624 to 621 due to resignations and other reasons [1] - The total number of stock options granted has been adjusted from 15.159 million to 15.125 million [1]