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：2025-080 恒生电子股份有限公司 关于 2025 年员工持股计划第一次持有人会议决议公告 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。 二、审议通过《关于选举 2025 年员工持股计划管理委员会委员的议案》 经审议表决，选举蒋建圣先生、林锋先生、姚曼英女士、李燕女士和肖敏女 士为公司 2025 年员工持股计划管理委员会委员，任期为 2025 年员工持股计划的 存续期。同意由上述人员召开管理委员会第一次会议，选举管理委员会主任。 表决结果：同意 13,293,000 份，占出席持有人会议的持有人所持份额总数 的 100%；反对 0 份，占出席持有人会议的持有人所持份额总数的 0%；弃权 0 份， 占出席持有人会议的持有人所持份额总数的 0%。 恒生电子股份有限公司 三、审议通过《关于授权 2025 年员工持股计划管理委员会及其转授权相关 人士办理本次员工持股计划相关事宜的议案》 根据公司《恒生电子股份有限公司 2025 年员工持股计划（草案）》和 ...

Core Insights - The collaboration between交银国际信托有限公司 (交银国信) and 恒生电子 marks a significant milestone in the Chinese trust industry, achieving a breakthrough in information technology innovation [1] - The project represents the largest and most comprehensive effort in information system construction for交银国信 since 2012, playing a crucial role in the company's digital transformation [1] - The successful implementation of the project paves the way for large-scale application of innovative systems in the trust industry, accelerating the industry's innovation process [1] Business Application - The project has successfully launched nearly 20 systems across various business areas, including wealth management, asset management, operational management, and data risk support [2] - In wealth management, the project upgraded systems such as the wealth marketing platform and online trust services, establishing a customer-centric wealth management capability [2] - In asset management, the project achieved upgrades for non-standard investment systems and performance risk control systems, enhancing the company's comprehensive management capabilities [2] Operational Management - The project upgraded key operational management systems, including the registration and transfer system and valuation and settlement system, improving operational efficiency and standardization [3] - A new generation of operational management platforms was established, enabling automated valuation and clearing, as well as visualized operations [3] - In the data risk support area, the project completed upgrades for systems like the data center and anti-money laundering system, creating a unified regulatory reporting and data governance framework [3] Technical Services - 恒生电子 provided a comprehensive range of technical services, including consulting, infrastructure support, and centralized monitoring platforms, facilitating the establishment of an innovative network for交银国信 [4] - The collaboration addressed challenges related to the completeness of the innovation ecosystem and the complexity of integrated operations, significantly reducing foundational resource costs [4] - The company aims to continue developing integrated solutions that merge financial technology with trust business, enhancing digital capabilities and information security in the trust industry [4]

Core Viewpoint - The company, Ying Shisheng (300377.SZ), has completed a share reduction plan initiated by Shanghai Tongyi Investment Management Co., Ltd., resulting in a decrease in its total shareholding [1] Summary by Relevant Sections Share Reduction Details - Shanghai Tongyi Investment Management Co., Ltd. reduced its holdings by a total of 14,967,815 shares from September 11, 2025, to November 17, 2025, which accounts for 1.9930% of the company's total share capital [1] - Following the completion of this reduction plan, Shanghai Tongyi Investment Management Co., Ltd. and its concerted party, Hengsheng Electronics Co., Ltd., collectively hold 82,460,173 shares, representing 10.9800% of the company's total share capital [1]

Investment Rating - The investment rating for Hundsun Technologies is "Buy" with a target price of Rmb40.7, implying an expected share price return of 37.7% and a total expected return of 38.5% [6]. Core Insights - Future growth for Hundsun Technologies is anticipated to be driven by strong demand for software localization due to US-China geopolitical tensions and the deadline for state-owned enterprises to localize software [2][4]. - The management noted that while brokers experienced improved earnings in the first half of 2025 and third quarter of 2025, asset managers are under pressure due to fully implemented fee cuts and declining assets under management [2]. - An employee share compensation scheme was launched in August 2025, embedding a target of 10% growth in recurring net profit, although management did not provide guidance for 2026 revenue and net profit growth due to uncertainties in project rollout [3]. - The competitive landscape is expected to become more benign, as many listed peers reported net losses in 2024, and smaller unlisted peers may shift strategies away from rapid expansion [4]. Summary by Sections Market Outlook - The demand for software localization is robust, driven by geopolitical factors and regulatory deadlines for state-owned enterprises [2]. - Management expressed confidence in the long-term outlook, focusing on product development and innovation to navigate market downturns [4]. Financial Performance - Brokers have seen improved earnings in 1H25 and 3Q25, while asset managers face challenges due to fee cuts and declining AUM [2]. - The newly launched employee share compensation scheme targets a 10% growth in recurring net profit [3]. Competitive Landscape - The market competition is likely to become more benign, with many listed peers suffering losses and smaller players potentially changing their growth strategies [4]. Valuation - The target price of Rmb40.7 is based on a discounted cash flow (DCF) valuation, projecting free cash flows up to 2034E with a terminal growth rate of 5.5% [8].

Investment Rating - The report suggests a positive investment outlook for the financial industry, highlighting its strong alignment with AI application and digital transformation needs [3][7]. Core Insights - The financial industry is identified as an ideal "testing ground" for AI applications due to its data-intensive nature and the increasing demand for digital transformation [1][7]. - The release of DeepSeek R1 in 2025 is anticipated to be a pivotal moment for local AI deployment in financial institutions, enhancing model reasoning capabilities and reducing costs [3][7]. - AI applications are rapidly penetrating core business areas and back-office functions within various financial institutions, with the potential to reshape business processes and organizational structures [3][7]. Summary by Sections Investment Recommendations - The report emphasizes the financial sector's need for digital transformation, which aligns well with the characteristics of large models in AI. It predicts a shift from "digital intelligence" to "artificial intelligence" in financial institutions [7]. - Key areas to focus on include: 1. Financial information services with relevant companies like Tonghuashun, Jiufang Zhitu Holdings, and Guiding Compass [8]. 2. Third-party payment services, particularly New大陆 and New国都, with related companies like Lakala [9]. 3. Bank IT, focusing on companies such as Yuxin Technology, Jingbeifang, and Guodian Yuntong [9]. 4. Securities IT, with a focus on companies like Hengsheng Electronics and Jinzhen Shares [10]. 5. Insurance IT, highlighting companies like Newzhisoft and Zhongke Soft [11]. Industry Drivers and Policy Support - The report discusses the strong internal and external drivers for AI application in finance, including the continuous expansion of IT spending by financial institutions and supportive government policies [14][25]. - The maturity of large model technology and its alignment with the financial industry's needs are emphasized, indicating a shift towards industry adaptation [14][18]. Technical Aspects - The report outlines two main technical paths for AI integration in finance: general models trained with financial data and specialized financial models [36]. - DeepSeek R1 is highlighted as a significant advancement in AI deployment for financial institutions, offering enhanced reasoning capabilities and cost efficiency [45][52]. - The report notes that the performance of DeepSeek R1 has improved significantly, with accuracy rates in complex reasoning tasks rising from 70% to 87.5% after updates [48]. Market Trends - The financial sector's technology investment is projected to grow significantly, with a total expected investment of 650 billion yuan by 2028, reflecting a compound annual growth rate of approximately 13.3% [25][31]. - The report indicates a notable increase in AI-related procurement projects within the financial sector, with 133 large model projects initiated in 2024 alone [27][35].

Group 1 - The core viewpoint is that the financial technology sector is experiencing significant growth, driven by banks' increasing investments in technology to enhance their competitive edge amid digital transformation challenges [1][2] - The China Securities Financial Technology Theme Index (930986) has risen by 1.52%, with notable increases in constituent stocks such as Xinghuan Technology (688031) up 11.31% and Geer Software (603232) up 10.00% [1] - Recent procurement signals from multiple banks indicate a strong demand for technology solutions, with some project bids exceeding 20 million yuan and service periods extending up to three years [1] Group 2 - Dongwu Securities highlights that the internet finance sector is focusing on short-term performance elasticity, while securities IT is paying attention to the demand for trusted computing [2] - The financial technology ETF index closely tracks the performance of the China Securities Financial Technology Theme Index, which reflects the overall performance of listed companies in the financial technology sector [2] - As of October 31, 2025, the top ten weighted stocks in the China Securities Financial Technology Theme Index account for 54.41% of the index, indicating a concentration in key players such as Tonghuashun (300033) and Dongfang Caifu (300059) [2]

Core Insights - The financial technology ETF Huaxia (516100) has shown strong performance, with a net inflow of 820 million in the last three months and a total scale of 1.34 billion as of November 14, 2023 [3][4] - The ETF closely tracks the CSI Financial Technology Theme Index, which includes sectors such as software development, internet finance, and digital currency, positioning it as a potential beneficiary of market recovery and AI-related catalysts [4] Performance Metrics - As of November 14, 2023, the financial technology ETF Huaxia has achieved a net value increase of 12.99% over the past six months [3] - The highest single-month return since inception is 55.18%, with the longest consecutive monthly gain being four months and a maximum increase of 47.15% [3] - The average monthly return during rising months is 10.21%, with an annual profit percentage of 66.67% and an 83.69% probability of profit over a three-year holding period [3] Top Holdings - The top ten weighted stocks in the financial technology ETF Huaxia account for 54.41% of the index, with notable companies including Tonghuashun (300033), Dongfang Caifu (300059), and Zhinan Zhen (300803) [4][6] - The performance of these stocks varies, with notable increases in stocks like Runhe Software (4.12%) and Dazhihui (4.17%) [6]

Summary of China Software Industry Conference Call Industry Overview - The China software industry experienced a revenue growth of **15.1% YoY** in September 2025, maintaining the same growth rate as August 2025, with a **12% MoM** increase [1][10] - Cumulative revenues for the first nine months of 2025 (9M25) grew by **13% YoY**, compared to **10.8% YoY** in 9M24 [1][19] - The software industry is showing signs of recovery in IT spending, particularly in AI software and productivity tools [1][10] Key Financial Metrics - The net margin for the software industry dropped to **7.9%** in September 2025 from **17.4%** in August 2025, leading to a 9M25 net margin of **12.9%** [19][26] - The total revenue for the software industry in September was approximately **Rmb 1.5 trillion (US$204 billion)** [19] - The revenue from non-China markets decreased to **2.7%** of total revenue, down from **3.5%** in August 2025 [19] Segment Performance - IT services accounted for **69%** of total revenues in 9M25, followed by software products at **21%** and embedded system software at **8%** [19][29] - Specific segments such as semi design, cloud computing, and big data showed strong performance in September [2] AI Product Momentum - The monthly active users (MAU) of major AI productivity tools and AI video/image editing tools outperformed expectations in October 2025 [2][7] - Companies like **Kingsoft Office** and **Sensetime** are highlighted as strong performers in their respective segments [3] Market Sentiment and Outlook - The Small and Medium Business (SMB) Purchasing Managers' Index (PMI) decreased to **47.1** in October 2025 from **48.2** in September, indicating a cautious spending environment [10][12] - Despite the decrease in PMI, there is an expectation of improved IT spending in the fourth quarter of 2025, particularly on AI and productivity-enhancing technologies [10] Notable Company Performances - **Kingsoft Office** reported a **25% YoY** revenue increase in 3Q25, while **Thundersoft** saw a **43% YoY** increase [9] - **Hundsun** experienced a **21% YoY** decline in revenue for 3Q25, indicating challenges in the finance IT segment [9] Additional Insights - The software industry is facing near-term margin pressures but is expected to improve with enhanced employee efficiency [12][13] - The overall sentiment in the market reflects a prioritization of spending on core business operations and innovative AI solutions due to external uncertainties [2][10] This summary encapsulates the key points discussed in the conference call regarding the China software industry, highlighting growth metrics, segment performance, and market outlook.

Group 1 - The core point of the article is the announcement of the procurement result for the mobile banking fund intelligent investment area by Shanghai Rural Commercial Bank, with Hang Seng Electronics Co., Ltd. winning the bid [1][5]. - The procurement announcement was published on November 12, 2025, indicating the ongoing development of digital banking services in the financial sector [5]. - Hang Seng Electronics has a significant presence in the market, having invested in 132 companies and participated in 6,836 bidding projects, showcasing its extensive engagement in the industry [1]. Group 2 - The announcement includes details about Hang Seng Electronics' intellectual property, with 910 trademark registrations, 537 patents, and 1,135 copyrights, highlighting its innovation capabilities [1]. - The company also holds 243 administrative licenses, indicating compliance and operational readiness in various sectors [1].

证券之星消息，根据天眼查APP-财产线索数据整理，根据上海银行总行采购中心11月12日发布的《上海银行2025-2028年度基金代销(FSB)系统维 保及零星需求开发人天服务采购采购信息公示》内容显示，恒生电子股份有限公司中标，详情如下： 标题：上海银行2025-2028年度基金代销(FSB)系统维保及零星需求开发人天服务采购采购信息公示 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6836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1135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：上海银行总行采购中心 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：2025-11-12 ...