证券之星消息，根据天眼查APP-财产线索数据整理，根据建信基金管理有限责任公司11月12日发布的《[建信基金]建行"嗖嗖攒"系统及反洗钱系 统优化改造项目采购结果信息公开》内容显示，恒生电子股份有限公司中标，详情如下： 标题：[建信基金]建行"嗖嗖攒"系统及反洗钱系统优化改造项目采购结果信息公开 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：建信基金管理有限责任公司 供应商：恒生电子股份有限公司 中标金额： 地区：未知 发布日期：2025-11-12 ...

Core Insights - The forum "Taihu World Cultural Forum · Qiantang Dialogue" was held on November 13 in Hangzhou, focusing on the impact of AI on the financial industry [1] - Jiang Yonghui, Vice President of Hengsheng Electronics, stated that AI will not change the essence of finance but will reshape processes and enhance data application effectiveness [3][5] AI Applications in Finance - Hengsheng Electronics is focusing on AI applications in various core business scenarios, including intelligent investment research, operational efficiency enhancement, compliance risk empowerment, wealth management advisory assistance, investment banking assistance, and app application [3][4] - The company has launched an intelligent agent platform and established the Hengsheng Research Institute to explore cutting-edge technologies and co-create applications with financial institutions [5][6] X402 Protocol and Micro-Payments - Jiang discussed the X402 protocol, which utilizes encryption and blockchain technology to facilitate automated micro-payments between AI agents, addressing small payment and settlement needs [3][7] - The micro-payment solution based on blockchain can establish a trustworthy mechanism for AI interactions, potentially serving as a foundational infrastructure for future AI development [7][8] Future of AI in Finance - The expectation for demand-side capabilities is increasing as AI technology evolves, with micro-payments allowing for on-demand pricing based on token consumption [8] - The transition from PC internet to mobile internet has significantly changed technology and service forms, and AI is expected to bring similar transformations [9]

恒生电子股份有限公司(以下简称"恒生电子"或"公司")于 2025 年 8 月21 日召开了第九届董事会第四次 会议、第九届监事会第四次会议，于 2025 年 9月 9 日召开了 2025 年第一次临时股东大会，会议审议通 过了《关于〈恒生电子股份有限公司 2025 年员工持股计划(草案)及其摘要〉的议案》、《关于〈恒生 电子股份有限公司 2025 年员工持股计划管理办法〉的议案》、《关于提请股东大会授权董事会办理公 司 2025 年员工持股计划相关事宜的议案》等相关议案，同意公司实施 2025 年员工持股计划(以下简 称"本次员工持股计划")。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及上海证券交易所《上海证券交易 所上市公司自律监管指引第 1 号一一规范运作》的要求，现将公司 2025 年员工持股计划的实施进展情 况公告如下： 2025 年 11 月 12 日，公司收到中国证券登记结算有限责任公司出具的《证券过户登记确认书》，公司 回购专用证券账户中的1,208,500股已于 2025 年 11 月 11 日非交易过户至公司 2025 年员工持股计划账 户，过户价格为 18.990 元 ...

恒生电子股份有限公司 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。 恒生电子股份有限公司(以下简称"恒生电子"或"公司")于 2025 年 8 月 21 日召开了第九届董事会第四次会议、第九届监事会第四次会议，于 2025 年 9 月 9 日召开了 2025 年第一次临时股东大会，会议审议通过了《关于<恒生电子 股份有限公司 2025 年员工持股计划(草案)及其摘要>的议案》、《关于<恒生电 子股份有限公司 2025 年员工持股计划管理办法>的议案》、《关于提请股东大会 授权董事会办理公司 2025 年员工持股计划相关事宜的议案》等相关议案，同意 公司实施 2025 年员工持股计划(以下简称"本次员工持股计划")。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及上海 证券交易所《上海证券交易所上市公司自律监管指引第 1 号——规范运作》的要 求，现将公司 2025 年员工持股计划的实施进展情况公告如下： 2025 年 11 月 12 日，公司收到中国证券登记结算有限责任公司出具的《证 券过户登记确认书》，公司 ...

证券代码：600570 证券简称：恒生电子 编号：2025-078 恒生电子股份有限公司 一、业绩说明会类型 恒生电子股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025年11月20日（星期四）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年11月13日(星期四)至11月19日(星期三)16:00前登录上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 investor@hundsun.com，进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 恒生电子股份有限公司（以下简称"公司"）于2025年10月31日在上海证 券交易所网站（www.sse.com.cn）披露公司2025 ...

Investment Rating - The industry investment rating is "Outperform the Market" [21] Core Viewpoints - The report emphasizes that the implementation of the "Implementation Opinions" by the State Council will accelerate the development of China's artificial intelligence industry [3][7] - The Kimi K2 Thinking model, released by the company "月之暗面," ranks third globally in performance, indicating that domestic large models are continuously improving and adapting well to domestic accelerated computing chips [9][17] - The report suggests a strong outlook for the AI industry in China, driven by the competitive landscape of global AI large models and the ongoing iteration of domestic models [17] Summary by Sections Industry News and Commentary - The State Council issued the "Implementation Opinions" on November 7, which includes five parts aimed at fostering the application of new technologies and products in various economic and social scenarios [3][6] - The report notes that the Kimi K2 Thinking model has achieved state-of-the-art performance in several benchmark tests, enhancing its capabilities in complex reasoning and tool usage [9][17] Key Company Announcements - "浪潮信息" announced the progress of its share repurchase, having repurchased 1,551,866 shares at a total cost of approximately 96.99 million yuan [10] - "东华软件" disclosed two investment announcements, including the establishment of an AI research institute and a technology company with a total investment of 35 million yuan [10] - "国能日新" announced a joint venture for energy storage with a registered capital of 40 million yuan [10] Weekly Market Review - The computer industry index fell by 2.54% this week, underperforming the CSI 300 index, which rose by 0.82% [11][14] - The overall P/E ratio for the computer industry is 56.0 times, with 359 A-share component stocks, of which 98 rose, 2 remained flat, and 257 fell [14] Investment Recommendations - The report recommends focusing on AI-related investment opportunities, particularly in AI computing power and algorithms, highlighting companies such as 海光信息, 龙芯中科, and 恒生电子 [17]

Core Insights - The securities IT industry is experiencing revenue pressure and profit differentiation as companies transition into a critical transformation phase [1][2] - The competitive landscape shows a trend of increasing concentration among leading firms, with traditional B-end leaders like Hengsheng Electronics dominating the market [1][2] - The decline in asset management IT business revenue since Q2 2025 indicates a significant impact from tightened budgets of financial institutions [1] Revenue and Profitability - In the first three quarters of 2025, Hengsheng Electronics reported the highest revenue at 3.49 billion yuan, followed by Jinzhen Co. at 1.77 billion yuan, and Yingshisheng at 937 million yuan [2] - Jinzhen Co. experienced the largest revenue decline of 49.08% year-on-year, while Hengsheng Electronics saw a 16.66% decrease [2] - In terms of net profit, Hengsheng Electronics achieved 455 million yuan, a year-on-year increase of 2.16%, while other companies like Lingzhi Software and Yingshisheng reported significant losses [3] Gross Margin and R&D Expenses - Top companies maintain stable gross margins, with Top Point Software at 71.1% and Hengsheng Electronics at 69% [3] - R&D expenses remain high across the industry, with Hengsheng Electronics allocating 43.51% of its revenue to R&D, impacting overall profitability [3] Market Trends and Demand - The industry is shifting from a "universal growth" phase to a "differentiation" phase, with companies that have mature product capabilities and advantages in AI technology gaining market attention [4] - Recent policies are driving the upgrade of brokerage systems and accelerating the integration of technology into business models [5][6] - The demand for system upgrades is fueled by the need for domestic system transformation and the ongoing evolution of core systems among leading brokerages [7][8] AI and Domestic Upgrades - The application of AI models is reshaping the demand structure for financial institutions, with companies like Dongwu Securities leveraging AI to enhance services [8] - Despite the push for domestic upgrades, the investment in other business areas by brokerage firms remains inconsistent [8]

Group 1 - The core point of the article is that Hengsheng Electronics Co., Ltd. has won the bid for the construction project of the trust sales system for Jinhua Bank Co., Ltd. [1] - The bid amount for the project is 320 million [3] - The announcement was made on November 2, 2025, and the project is categorized as a non-government procurement project [3] Group 2 - Jinhua Bank Co., Ltd. is the purchaser of the project [3] - Hengsheng Electronics Co., Ltd. has made investments in 132 companies and participated in 6,756 bidding projects [1] - The company holds 910 trademark registrations, 532 patents, and 1,131 copyrights, along with 243 administrative licenses [1]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The industry is still at the bottom, but pre-receipts have shown marginal improvement. The company has demonstrated cautious cost control, and its profitability is expected to remain stable despite the industry's challenges. The report anticipates that the company's revenue and profit performance for the year will still meet initial expectations [6][5]. Financial Data and Earnings Forecast - Total revenue for 2025 is projected to be 69.57 billion yuan, with a year-on-year growth rate of 5.7%. The net profit attributable to the parent company is expected to be 11.43 billion yuan, reflecting a 9.5% increase year-on-year. The earnings per share (EPS) is forecasted at 0.60 yuan [5][6]. - The company reported a total revenue of 34.90 billion yuan for the first three quarters of 2025, down 17% year-on-year, with a net profit of 4.55 billion yuan, which is a 2% increase year-on-year [6]. - The gross profit margin for Q3 2025 was 67.74%, showing an improvement compared to 65.10% in Q3 2024 [6]. Business Segment Performance - The data service business is experiencing positive growth with a revenue increase of 6%. However, other business segments are declining, with revenue growth rates of -10%, -6%, and -8% for wealth technology, operations and institutions, and innovation businesses, respectively. The asset management technology and risk management segments have seen significant declines, with growth rates of -28% and -37% [6]. Pre-receipt Trends - The report indicates a positive trend in broad pre-receipts, which includes prepayments and contract liabilities. In Q3 2025, broad pre-receipts increased by 161 million yuan quarter-on-quarter, marking a 6% year-on-year growth, the first positive growth since Q2 2022 [6].

Group 1: Software ETF Performance - The Software ETF has a turnover rate of 2.14% during trading, with a transaction volume of 1.26 billion yuan. Over the past week, the average daily transaction volume reached 600 million yuan, ranking first among comparable funds [2] - The latest scale of the Software ETF has reached 5.936 billion yuan, marking a new high since its inception and also ranking first among comparable funds. In the past week, the ETF's shares increased by 80 million, achieving significant growth and leading among comparable funds [2] - The Software ETF has recorded a net inflow of 136 million yuan recently. Over the past 18 trading days, it has attracted a total of 963 million yuan [2] - As of November 3, the net value of the Software ETF has increased by 12.40% over the past three years. The highest monthly return since inception was 39.35%, with the longest consecutive monthly increase being three months and a maximum increase of 69.40%. The average return during the rising months was 10.06% [2] Group 2: Computer Sector Insights - According to Open Source Securities, the computer sector has seen improvements in revenue and profit in the first three quarters of 2025, with a year-on-year revenue growth of 3.10% and a net profit growth of 3.93%. The non-recurring net profit increased by 0.42%. This indicates a recovery in revenue growth while many companies in the sector have initiated cost-cutting and efficiency-enhancing strategies, leading to significant profit recovery [3] - Longjiang Securities highlights that in the context of intensified technological competition, achieving complete autonomy and control in key areas is essential for China's technological development. The domestic software systems have gradually developed the capability for domestic substitution [3] - As of October 31, 2025, the top ten weighted stocks in the CSI Software Service Index include iFLYTEK, Kingsoft Office, Tonghuashun, and others, collectively accounting for 63.09% of the index [3]