恒生电子股份有限公司 对外担保管理制度 （2025年12月修订） 第一章 总则 第一条 为规范恒生电子股份有限公司（以下简称"公司"）对外担保行为， 有效控制公司对外担保风险，保证公司资产安全，维护股东权益，根据《公司 法》《中华人民共和国民法典》《上海证券交易所股票上市规则》以及相关的企业 内部控制指引文件政策和《恒生电子股份有限公司章程》（以下简称"《公司章程》 "）等有关规定，制定本制度。 第二条 本制度所称对外担保，是指公司根据《中华人民共和国民法典》的规定， 按照公平、自愿的原则，以第三人的身份为他人提供的担保，包括保证、质押、 抵押、留置或定金等多种形式，当被担保人不能履行债务时，依照法律规定和合 同协议承担相应法律责任的行为。本制度所称对外担保，不包括公司为公司自身 债务提供的担保，也不包括因其他方为公司提供担保而由公司为对方提供反担保。 第三条 公司对外实施担保的原则： （一）符合国家法律、法规的规定； （二）符合公司的整体利益要求，包括直接的利益，或者公司能间接从担 保行为中受益，不损害股东权益； （三）被担保人符合相应的条件，能够独立自主经营，不存在恶性风险，并 有一定的偿债与承担风险的能 ...

恒生电子股份有限公司 会计师事务所选聘制度 （2025年12月制定） 第一章 总则 第一条 为规范恒生电子股份有限公司（以下简称"公司"）选聘（含新聘、 续聘、变更）会计师事务所的有关行为，提高审计工作和财务信息的质量，切实 维护股东利益，根据《中华人民共和国公司法》《国有企业、上市公司选聘会计 师事务所管理办法》《上海证券交易所股票上市规则》等法律法规、规范性文件 和《恒生电子股份有限公司章程》（以下简称"《公司章程》"）的相关规定， 并结合公司实际情况，制定本制度。 第二条 公司根据相关法律法规要求，聘任会计师事务所对财务会计报告、内 部控制等发表审计意见、出具审计报告的，应当遵照本制度，履行选聘程序。公 司聘任会计师事务所从事除财务会计报告、内部控制审计之外的其他法定审计业 务的，可比照本制度执行。 第三条 公司选聘或解聘会计师事务所，应经董事会审计委员会（以下简称" 审计委员会"）审议同意后提交董事会审议，并由股东会决定。公司不得在董事 会及股东会审议通过前委任会计师事务所开展审计业务。 第四条 公司控股股东、实际控制人不得在公司董事会、股东会审议前，向公 司指定会计师事务所，也不得干预审计委员会独立 ...

恒生电子股份有限公司 董事会秘书工作办法 （2025年12月修订） 第一章 总则 第一条 为提高公司治理水平，规范董事会秘书的选任、履职、培训和考核 工作，根据《公司法》《证券法》《上海证券交易所股票上市规则》（ 以下简称 " 上市规则"）等法律 法规和其他规范性文件，制订本办法。 第二条 董事会秘书为公司高级管理人员，对公司和董事会负责，应忠实、 勤勉地履行职责。 第三条 董事会秘书是公司与上海证券交易所之间的指定联络人。根据规定， 上海证券交易所仅接受董事会秘书或代行董事会秘书职责的人员以公司名义办理 信息披露、公司治理、股权管理等其相关职责范围内的事务。 第四条 公司设立董事会办公室作为公司信息披露负责机构，系由董事会秘 书分管的工作部门。 第二章 选 任 第五条 公司董事会应当在原任董事会秘书离职后三个月内聘任董事会秘书。 第六条 担任董事会秘书，应当具备以下条件： （一）具有良好的职业道德和个人品质； （二）具备履行职责所必需的财务、管理、法律等专业知识； 第七条 具有下列情形之一的人士不得担任董事会秘书： （一）根据《公司法》等法律法规及其他有关规定，不得担任董事、高级 管理人员的情形； 第八条 ...

恒生电子股份有限公司 信息披露暂缓与豁免制度 （2025年12月制定） 第一章 总 则 第一条 为规范恒生电子股份有限公司（以下简称"公司"）信息披露暂缓与 豁免行为，确保公司及相关信息披露义务人（以下简称"信息披露义务人"）依 法合规地履行信息披露义务，保护投资者的合法权益，根据《中华人民共和国公 司法》《中华人民共和国证券法》《上市公司信息披露管理办法》《股票上市规则》 以及有关法律、法规、规章和《恒生电子股份有限公司章程》（以下简称"《公司 章程》"）、《恒生电子股份有限公司信息披露管理制度》的规定，结合公司信息披 露工作的实际情况，制定本制度。 第二条 公司暂缓、豁免披露临时报告，在定期报告、临时报告中豁免披露 中国证券监督管理委员会和证券交易所规定或者要求披露的内容，适用本制度。 第三条 公司拟披露的信息存在《上海证券交易所股票上市规则》及交易所 其他相关业务规则中规定的可暂缓、豁免披露情形的，由公司自行审慎判断，并 接受证券交易所对有关信息披露暂缓、豁免事项的事后监管。 第二章 信息披露暂缓与豁免的适用情形 第四条 公司和其他信息披露义务人有确实充分的证据证明拟披露的信息涉 及国家秘密或者其他因披 ...

恒生电子股份有限公司 内部审计管理制度 （2025年12月修订） (二) 遵循企业的发展战略； (三) 提高公司经营的效率和效果； (四) 确保财务报告及管理信息的真实、可靠和完整； (五) 保障公司资产的安全完整。 第二章 内部审计机构与人员 第六条 公司设审计办公室作为公司的内部审计部门，是公司董事会审计委 员会的专门工作机构。审计办公室在公司董事会审计委员会的领导下，依照国 家法律、法规，独立行使内部审计监督权，向董事会审计委员会负责并报告工 作。在审计业务方面，直接接受公司董事会审计委员会的领导，并对董事会审 计委员会负责。 第一章 总则 第一条 为进一步规范恒生电子股份有限公司（以下简称"公司"）内部审 计工作，提高内部审计工作质量，实现公司内审计工作规范化、标准化，发挥 内部审计工作在促进公司经营管理、提高经营效益中的作用，根据《内部审计 基本准备》、《内部审计具体准则》、《审计署关于内部审计工作的规定》、 《恒生电子董事会审计委员会组织与工作办法》、《上市公司治理准则》等有 关法律、法规和其他规范性文件以及《恒生电子股份有限公司章程》（以下简 称"《公司章程》"）的规定，并结合公司实际情况制定本 ...

Group 1 - The core viewpoint of the news highlights a strong performance in the financial technology sector, with the China Securities Financial Technology Theme Index rising by 4.27% as of December 5, 2025, and notable increases in individual stocks such as Winshang (20.00%) and Star Ring Technology (17.75%) [1] - The Shanghai Financial Technology Development White Paper (2025) indicates that the financial technology industry in Shanghai is expected to reach a scale of approximately 440.5 billion yuan in 2024, driven by advancements in digital currency and artificial intelligence applications [1] - China Galaxy Securities notes that the current environment is seeing an acceleration of medium to long-term capital entering the market, maintaining high market activity, and suggesting a "healthy bull" market trend, with wealth management transformation and international business expansion expected to drive industry ROE improvements [1] Group 2 - The Financial Technology ETF Index closely tracks the China Securities Financial Technology Theme Index, which selects listed companies involved in financial technology to reflect the overall performance of this sector [2] - As of November 28, 2025, the top ten weighted stocks in the China Securities Financial Technology Theme Index account for 53.31% of the index, including companies like Tonghuashun and Dongfang Caifu [2]

Core Viewpoint - The financial technology sector is experiencing a decline, with specific ETFs and stocks showing negative performance, while certain sectors like cross-strait integration and ice and snow tourism are leading the gains [1]. Group 1: Financial Technology ETF Performance - The Huaxia Financial Technology ETF (516100) has decreased by 1.50%, with its constituent stocks showing mixed performance [1]. - The top ten weighted stocks in the index account for 53.31% of the total index, indicating a concentration in a few key players [2]. Group 2: Individual Stock Performance - Notable declines in individual stocks include Tonghuashun (-3.03%), Dongfang Wealth (-1.78%), and Hengtong Electronics (-1.63%), among others [3]. - The performance of the top ten stocks in the financial technology ETF reflects a downward trend, with most stocks experiencing losses [3]. Group 3: Strategic Partnerships - Hengyin Technology has announced multiple collaborations with Ant Group, focusing on leveraging software and hardware capabilities to enhance digital technology integration in the real economy [1].

Core Insights - The article highlights the strong performance of sectors such as consumer electronics, components, and communication devices, with a focus on AI infrastructure and applications driving growth in cloud computing ETFs [1] Group 1: AI Computing Developments - Google's TPU has introduced a new direction for AI computing with its OCS next-generation optical interconnect solution, designed specifically for accelerating AI and machine learning tasks, marking it as a significant support following GPUs [6] - Alibaba has raised its AI investment guidance, confirming a potential increase in capital expenditures to 380 billion yuan over the next three years, with cloud business growth reported at 34% [7] - Beijing has launched a "space computing" plan to build large-scale data centers in low Earth orbit, aiming to transfer substantial AI computing power to space [8][9] Group 2: Market Growth Projections - According to the China Academy of Information and Communications Technology, the global computing power scale is projected to grow to over 16 ZFLOPS by 2030, with a compound annual growth rate exceeding 50% [3] - The global cloud computing market is expected to reach $692.9 billion in 2024, reflecting a year-on-year growth of 20.3%, while China's cloud computing market is anticipated to grow to 828.8 billion yuan, a 34.4% increase [3] - The cloud computing ETF (159890) tracks the CSI Cloud Computing and Big Data Theme Index, which includes leading companies in optical modules, electronic terminals, and software development [3][13] Group 3: Investment Opportunities - The investment landscape for computing power is evolving, with new stock offerings from companies like Moore Threads and Muxi indicating a potential shift in the investment paradigm [2] - The demand for AI computing infrastructure is expected to remain robust, with significant opportunities in the supply chain for optical modules and related technologies [18][19]

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector's performance compared to the overall market [61]. Core Insights - The report emphasizes the importance of AI Infrastructure (AI Infra) as a foundational system for AI workloads, which includes computing power, storage, and networking [5][11]. - The AI Infra market in China is projected to grow significantly, reaching CNY 3.45 billion in 2024 and CNY 6.73 billion in 2025, representing a year-on-year growth of 95.1% [7][10]. - Key players in the AI Infra space include both domestic and international companies, with a focus on data layer software and models [4][36]. Summary by Sections AI Infra Overview - AI Infra is defined as the hardware and software systems designed to support AI workloads, aiming for efficient and large-scale AI model training and inference [5][11]. - The infrastructure consists of several layers, including computing, storage, and networking, with a focus on optimizing AI model performance [8][11]. Market Growth and Trends - The AI Infra market is expected to see rapid growth, with a significant increase in the number of AI applications anticipated in 2024 [29][32]. - The demand for private deployment and data integration solutions is rising, particularly in sectors with stringent data security requirements [29][36]. Key Players and Technologies - Major players in the AI Infra market include Alibaba Cloud, Huawei Cloud, and various startups focusing on Machine as a Service (MaaS) [12][13]. - Technologies such as virtualization and containerization are central to the computing management layer, enhancing resource utilization and efficiency [12][22]. Investment Opportunities - The report identifies several investment targets across different categories, including AIGC applications, digital economy leaders, and data infrastructure [52][53]. - Companies like Snowflake and MongoDB are highlighted as international benchmarks for data layer software, with strong revenue growth trends [36][38]. Future Outlook - AI infrastructure providers are expected to maintain high growth potential due to their critical role in supporting AI applications and the increasing integration of AI into traditional industries [51].

Summary of Financial Technology Conference Call Industry Overview - The financial technology sector is experiencing positive policy guidance aimed at promoting high-quality development and technological investment across banking, insurance, and brokerage industries, providing long-term investment value assurance for related companies [1][18] Key Insights and Arguments - Financial IT investment continues to grow, although the growth rate is slowing down. The B-end of the securities IT sector is dominated by companies like Hang Seng, Vertex, and Jinzheng, while the C-end is led by Tonghuashun and Wealth Trend. Tonghuashun has begun to develop AI systems, but the revenue contribution is still small [1][4][5] - The financial technology index has outperformed the broader market, with Tonghuashun, Wealth Trend, and Oriental Fortune showing significant price increases. Stock prices are highly correlated with market trading activity, necessitating attention to new account openings and average daily transaction volume [1][8] - Short-term focus should be on changes in market share for Oriental Fortune's brokerage and margin financing businesses, while long-term attention should be on AI product development. The impact of fee policy adjustments on fund distribution business is limited, with overall adverse factors largely eliminated [1][9] Company-Specific Highlights - **Oriental Fortune**: Achieved significant results through a multi-license and multi-traffic ecosystem model. Short-term focus on market share changes in brokerage and margin financing, and long-term focus on AI product development [6][9] - **Tonghuashun**: Short-term performance elasticity is mainly reflected in C-end advertising and internet promotion, with significant year-on-year growth. The company assists financial institutions in generating revenue [6][10][12] - **Wealth Trend**: Relies on historical high-quality traffic and license acquisitions for monetization [6] - **Vertex and Ninefang**: Both depend on market activity for product sales growth, with a long-term focus on license monetization [12] Market Performance and Valuation - As of November 13, 2025, the financial technology index has increased by 74%, significantly outperforming the Wind All A Index (42%) and the CSI 300 Index (39%). Notable stock price increases were observed in Tonghuashun (27%), Wealth Trend (38%), and Oriental Fortune (approximately 5%) [8] - The financial technology sector's PE valuation is approximately 66 times, higher than the historical percentile of 14%. Leading companies like Oriental Fortune and Hang Seng have lower volatility in valuations, while others like Wealth Trend and Vertex show mixed valuation percentiles [16] Recommendations - Recommended companies for investment include Oriental Fortune, Wealth Trend, Hang Seng, Vertex, Changliang Technology, Yuxin Technology, and Jinzheng. These companies have strong fundamentals and configuration value, with steady growth opportunities from the ongoing promotion of Xinchuang [2][17] - Long-term investment opportunities in B-end IT companies include Hang Seng, Vertex, Changliang Technology, Yuxin Technology, and Jinzheng, all showing improving fundamentals and growth potential [21] Policy Impact - Financial technology policies from 2021 to 2025 cover multiple sectors, promoting high-quality development and encouraging investment in financial technology, which is expected to positively influence the industry's development [18] Development Directions for Financial IT Companies - Broker IT focuses on production system construction and AI system updates for new revenue. Internet finance should prioritize traffic acquisition and product license monetization, while bank IT needs to meet diverse customer service demands and focus on overseas orders [19]