Group 1: Liquidity and Scale of Software ETF - The software ETF had an intraday turnover of 6.26% and a transaction volume of 366 million yuan [1] - Over the past month, the software ETF's average daily transaction volume reached 569 million yuan, ranking first among comparable funds [1] - In the past week, the software ETF's scale increased by 19.89 million yuan, also ranking first among comparable funds [1] - Over the last 17 trading days, the software ETF attracted a total of 827 million yuan in inflows [1] Group 2: Performance and Returns - As of October 31, the software ETF's net value has increased by 10.46% over the past three years [1] - The highest monthly return since inception was 39.35%, with the longest consecutive monthly gains being three months and the longest cumulative gain reaching 69.40% [1] - The average return during the months of increase was 10.06% [1] Group 3: Policy and Industry Outlook - The 20th Central Committee's Fourth Plenary Session emphasized high-level technological self-reliance as a key development goal [1] - In the context of major power technology competition, the trend towards domestic core software and hardware is expected to accelerate [1] - The "Suggestions" highlight the need for "extraordinary measures" to promote breakthroughs in key areas such as integrated circuits and foundational software [1] - Collaborative innovation between emerging technologies and foundational software is anticipated to be a significant driver of high-quality technological development during the 14th Five-Year Plan period [1] Group 4: Major Stocks in Software Service Index - As of October 31, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Kingsoft Office, and Tonghuashun, collectively accounting for 63.09% of the index [2] - The weightings of the top stocks are as follows: iFlytek (13.80%), Tonghuashun (8.49%), Kingsoft Office (7.78%), and others [4] - Investors can also access AI software investment opportunities through the software ETF linked fund (012620) [4]

Summary of Hundsun (600570.SS) Earnings Call Company Overview - **Company**: Hundsun Technologies Inc. (600570.SS) - **Industry**: IT services for financial institutions in China Key Financial Metrics - **3Q25 Results**: - Core Revenue: Rmb 1.1 billion, down 21% YoY - Gross Profit: Rmb 0.7 billion, down 18% YoY - Net Profit: Rmb 0.2 billion, down 53% YoY - Gross Profit Margin (GPM): Improved by 2.6 percentage points YoY to 67.7% [1][3][22] Core Insights 1. **Revenue Decline**: The decline in core revenue is attributed to tighter IT budgets among financial institutions and extended project cycles, affecting almost all business lines [1][3][22] 2. **Cost Control**: Despite revenue decline, GPM improved due to effective cost control measures, with Cost of Goods Sold (COGS) decreasing by 27% YoY [1][3][22] 3. **Non-Operating Income**: Non-operating income fell by 46% YoY, primarily due to a significant drop in fair value gains, which decreased by 86% YoY [1][2][18] 4. **Investment Income Growth**: Investment income, mainly from Ant Fund Sales and YSS Tech, showed strong growth of 115% YoY, providing a cushion for overall earnings [1][2][18] Future Outlook - **Investor Focus Areas**: - Potential increase in IT budgets by financial institutions due to a strong capital market [2] - Sustainability of GPM improvement [2] - Progress on Xinchuang projects and revenue outlook for 2026-27 [2] - **Revenue Forecasts**: Core revenue forecasts for 2025-27 have been revised down by an average of 5% due to slower-than-expected recovery in IT budgets [19][25] - **Target Price**: New target price set at Rmb 35.79, reflecting a 4% decrease from prior estimates [19] Risks - **Downside Risks**: - Capital market recovery may fall short of expectations - Client IT spending may not meet expectations - Potential decline in GPM due to competitive pressures - Risks associated with investment losses [20] Additional Insights - **R&D Investment**: R&D expenses accounted for 45% of total revenue, an increase of 7 percentage points YoY, indicating a commitment to long-term competitiveness [18] - **Operating Expenses**: Operating expenses totaled Rmb 0.7 billion, down 16% YoY, reflecting effective cost optimization [3][22] Conclusion Hundsun Technologies is facing challenges with declining core revenue due to external budget constraints but is managing to improve its gross profit margin through cost control. The company is focusing on future growth through strategic investments and monitoring market conditions closely. The revised forecasts and target price reflect a cautious but optimistic outlook for the coming years.

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][3]. Core Insights - The company reported a revenue of 3.49 billion yuan for the first three quarters of 2025, a year-on-year decline of 16.66%, while the net profit attributable to shareholders was 455 million yuan, an increase of 2.16% [1]. - In Q3 2025, the company faced short-term pressure with a revenue of 1.063 billion yuan, down 21.33% year-on-year, and a net profit of 195 million yuan, down 53.17% year-on-year [1]. - The company has maintained a stable gross margin of 69.0% for the first three quarters of 2025, reflecting strong profitability despite revenue pressures [2]. - The company is actively exploring business boundaries in the Xinchuang (信创) industry, successfully launching its UF3.0 core business system at multiple securities firms, enhancing operational efficiency [2]. Financial Performance Summary - For 2025, the company is projected to achieve net profits of 1.2 billion yuan, 1.34 billion yuan, and 1.61 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 50, 44, and 37 [3][8]. - The company has effectively controlled expenses, with sales, management, and R&D costs decreasing by 24.99%, 25.69%, and 9.90% respectively in the first three quarters of 2025 [2]. - The forecasted revenue for 2025 is 6.048 billion yuan, reflecting a decline of 8.1% compared to 2024, with a projected recovery in subsequent years [8].

Investment Rating - The report maintains a strong buy recommendation for the company [1][3][7] Core Views - The company is facing growth pressure due to weak industry demand and strategic adjustments, but it is actively seizing opportunities from core system upgrades and the domestic innovation window [1][7] - The long-term development of the company's main business is viewed positively, leading to the strong buy rating [1][7] Financial Data and Valuation - Total revenue for 2023 is projected at 72.81 billion yuan, with a year-on-year growth of 12%. However, a decline of 10% is expected in 2024, followed by a further decline of 9% in 2025 [2][14] - Operating profit for 2023 is estimated at 14.52 billion yuan, with a year-on-year growth of 29%. A decrease of 27% is anticipated in 2024, but a recovery of 12% growth is expected in 2025 [2][14] - Net profit attributable to shareholders for 2023 is projected at 14.24 billion yuan, with a year-on-year growth of 31%. A decline of 27% is expected in 2024, followed by a recovery of 12% growth in 2025 [2][14] - Earnings per share (EPS) for 2023 is estimated at 0.75 yuan, with a projected decline to 0.55 yuan in 2024, and a gradual recovery to 0.61 yuan in 2025 [2][14] - The company’s price-to-earnings (PE) ratio is 41.8 for 2023, increasing to 57.1 in 2024, and then decreasing to 51.2 in 2025 [2][14] Business Performance - In the first three quarters of 2025, the company achieved a total revenue of 3.49 billion yuan, a year-on-year decrease of 16.66%. The net profit attributable to shareholders was 455 million yuan, with a year-on-year increase of 2.16% [7] - The company is focusing on improving operational quality during the industry downturn, with a significant improvement in cash flow and a 32.39% year-on-year increase in operating cash flow [7] - The company has made progress in launching key products, with several projects signed and implemented in the securities industry, indicating a positive outlook for future growth [7]

Core Insights - Hengsheng Electronics is a leading fintech product and service provider in China, specializing in application software development for the financial industry, with a strong technical foundation and extensive customer base [1] Financial Performance - For Q3 2025, Hengsheng Electronics reported revenue of 3.49 billion yuan, ranking 11th among 102 companies in the industry, while the industry leader, Shanghai Steel Union, achieved revenue of 57.318 billion yuan [2] - The net profit for the same period was 503 million yuan, placing the company 3rd in the industry, with the top performer, Desay SV, reporting a net profit of 1.805 billion yuan [2] Financial Ratios - The company's debt-to-asset ratio stood at 31.42%, lower than the previous year's 33.01% and below the industry average of 31.94%, indicating good solvency and lower financial risk [3] - The gross profit margin was 69.00%, slightly down from 69.31% year-on-year but significantly higher than the industry average of 41.71%, reflecting strong profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 6.09% to 213,800, while the average number of circulating A-shares held per shareholder decreased by 5.59% to 8,863.55 shares [5] Executive Compensation - The chairman, Peng Zhenggang, received a salary of 3.866 million yuan in 2024, a decrease of 749,100 yuan from 2023, while the president, Fan Jingwu, earned 4.5068 million yuan, down by 320,600 yuan [4] Business Highlights - The company is experiencing growth in its Hong Kong virtual asset business, with its subsidiary Hengyun Technology assisting major Chinese brokers in upgrading core trading and settlement systems [6] - Hengsheng Electronics is embracing AI by developing its own financial models and launching various AI applications, which are expected to open new market opportunities [6] - The company has made significant progress with its core products, with new systems being implemented by leading brokers and fund companies [7]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 41.46 [1][5]. Core Views - The company reported a revenue of RMB 3.49 billion for the first three quarters of 2025, a year-on-year decrease of 16.66%, while the net profit attributable to the parent company was RMB 455 million, an increase of 2.16% year-on-year. The decline in revenue was primarily due to reduced fair value changes in Q3 2025 [1][5]. - Short-term performance is impacted by the financial IT industry's demand recovery and extended project implementation cycles. However, medium to long-term growth is expected from the core system replacement phase in financial innovation and the expansion of virtual asset and AI innovation businesses [1][2][5]. Revenue and Cost Management - The company's revenue for Q3 2025 was RMB 1.06 billion, down 21.33% year-on-year, with a net profit of RMB 195 million, down 53.17% year-on-year. The decrease in net profit was significantly larger than the revenue decline, mainly due to reduced fair value change income [1][2]. - The company has been focusing on cost control, with expenses decreasing by 15.97% in the first three quarters and 16.83% in Q3. Sales, management, and R&D expenses also saw significant reductions [2]. Business Segment Performance - Revenue from various business segments mostly declined, with asset management and risk control services experiencing the largest drops of 28.23% and 36.90% respectively. However, new products are creating new opportunities as financial innovation penetrates core business systems [3][4]. - The company’s virtual asset business in Hong Kong is rapidly developing, providing incremental demand for IT system construction. The company has also embraced AI, launching several applications that enhance customer value and open new market opportunities [4]. Profit Forecast and Valuation - Due to the company's revenue situation and slower-than-expected industry demand recovery, the forecast for net profit attributable to the parent company for 2025-2027 has been revised down to RMB 1.11 billion, RMB 1.26 billion, and RMB 1.46 billion respectively, reflecting a decrease of 15.43%, 15.59%, and 17.40% from previous estimates [5][11]. - The target price has been adjusted to RMB 41.46 based on a PE ratio of 71 times for 2025, down from a previous target of RMB 53.23, primarily due to the decline in industry average valuation levels and the company's profit levels [5].

Group 1: ETF Performance and Market Trends - The software ETF experienced a turnover of 7.16% during trading, with a transaction volume of 410 million yuan [3] - Over the past month, the software ETF's scale increased by 615 million yuan, indicating significant growth [3] - In the last 16 trading days, the software ETF attracted a total of 831 million yuan in inflows [3] - As of October 30, the software ETF's net value has risen by 12.61% over the past three years [3] - The highest monthly return since inception was 39.35%, with the longest consecutive monthly gains being three months and a maximum increase of 69.40% [3] - The average return during the months of increase was 10.06% [3] Group 2: Software Industry Performance - According to the Ministry of Industry and Information Technology, the software and information technology service industry in China showed a positive performance in the first three quarters of 2025, with software business revenue reaching 1111.26 billion yuan, a year-on-year increase of 13.0% [3] - The total profit of the software industry was 143.52 billion yuan, reflecting a year-on-year growth of 8.7% [3] - Software business exports amounted to 45.94 billion USD, marking a year-on-year increase of 6.6% [3] - Software product revenue maintained stable growth, reaching 238.54 billion yuan in the first three quarters, a year-on-year increase of 10.9%, accounting for 21.5% of the total industry revenue [3] - Basic software product revenue was 13.83 billion yuan, up 11.2% year-on-year, while industrial software product revenue was 23.59 billion yuan, reflecting a 9.8% increase [3] Group 3: Future Outlook and Investment Opportunities - Longjiang Securities noted that in the context of intensified Sino-U.S. technology competition, achieving complete autonomy in key areas is essential for China's technological development [4] - The domestic software systems have gradually developed innovative capabilities, transitioning from "usable" to "user-friendly" [4] - As key policy assessment years (such as 2025 and 2027) approach, the domestic chip and operating system industries related to the Xinchuang industry are expected to benefit [4] - As of September 30, 2025, the top ten weighted stocks in the CSI Software Service Index included companies like iFLYTEK, Tonghuashun, and Kingsoft Office, collectively accounting for 62.41% of the index [4] - Investors can also consider the software ETF linked fund (012620) to capitalize on AI software investment opportunities [4]

Group 1: China National Offshore Oil Corporation (CNOOC) - CNOOC reported a net profit of 101.97 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.6% [1][2] - The company's operating income for the third quarter was 104.89 billion yuan, an increase of 5.7% year-on-year, while the net profit attributable to shareholders was 32.44 billion yuan, down 12.2% [1][2] - CNOOC's oil and gas net production reached 578.3 million barrels of oil equivalent in the first three quarters, a year-on-year increase of 6.7% [2] Group 2: BYD - BYD's net profit for the first three quarters of 2025 was 233.33 billion yuan, a decrease of 7.55% year-on-year [4][5] - The company's operating income for the third quarter was 1949.85 billion yuan, down 3.05% year-on-year, with a net profit of 78.23 billion yuan, a decline of 32.60% [4][5] Group 3: Industrial and Commercial Bank of China (ICBC) - ICBC reported a net profit of 269.91 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.33% [6][7] - The bank's operating income for the third quarter was 212.93 billion yuan, up 3.41% year-on-year, with a net profit of 101.80 billion yuan, an increase of 3.29% [6][7] Group 4: China Construction Bank (CCB) - CCB's net profit for the first three quarters of 2025 was 257.36 billion yuan, a year-on-year increase of 0.62% [9][10] - The bank's operating income for the third quarter was 179.43 billion yuan, down 1.98% year-on-year, while the net profit was 95.28 billion yuan, an increase of 4.19% [9][10] Group 5: Agricultural Bank of China (ABC) - ABC reported a net profit of 220.86 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.03% [14][15] - The bank's operating income for the third quarter was 1809.39 billion yuan, up 4.36% year-on-year, with a net profit of 813.49 billion yuan, an increase of 3.66% [14][15] Group 6: Ping An Insurance - Ping An Insurance's net profit for the first three quarters of 2025 was 147.79 billion yuan, a year-on-year increase of 41.01% [16][17] - The company's operating income for the third quarter was 353.27 billion yuan, down 11.48% year-on-year, with a net profit of 42.49 billion yuan, a decline of 55.98% [16][17] Group 7: Luxshare Precision - Luxshare Precision reported a net profit of 115.18 billion yuan for the first three quarters of 2025, a year-on-year increase of 26.92% [18][19] - The company's operating income for the third quarter was 964.11 billion yuan, up 31.03% year-on-year [18][19] Group 8: GF Securities - GF Securities achieved a net profit of 109.34 billion yuan for the first three quarters of 2025, a year-on-year increase of 61.64% [20][21] - The company's operating income for the third quarter was 107.66 billion yuan, up 51.82% year-on-year [20][21] Group 9: China Southern Airlines - China Southern Airlines reported a net profit of 18.70 billion yuan for the first three quarters of 2025, a year-on-year increase of 37.31% [22][23] - The company's operating income for the third quarter was 490.69 billion yuan, up 0.90% year-on-year, while the net profit was 36.76 billion yuan, down 11.31% [22][23] Group 10: China Galaxy Securities - China Galaxy Securities reported a net profit of 109.68 billion yuan for the first three quarters of 2025, a year-on-year increase of 57.51% [35][36] - The company's operating income for the third quarter was 90.04 billion yuan, up 55.94% year-on-year [35][36]

Core Viewpoint - Hengsheng Electronics (600570.SH) reported a decline in revenue for the first three quarters, while net profit showed a slight increase, indicating mixed financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was 3.49 billion yuan, a year-on-year decrease of 16.66% [1] - Net profit attributable to shareholders was 455 million yuan, reflecting a year-on-year increase of 2.16% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 291 million yuan, which represents a year-on-year growth of 8.90% [1]

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：2025-077 恒生电子股份有限公司 关于部分期权注销完成的公告 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。 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 日召开了九届四次董事会会议及九届四次监事会会议，审议并通过了《关 于公司 2022 年股票期权激励计划第三个行权期行权条件成就及注销部分已授予 股票期权的议案》、《关于公司 2023 年股票期权激励计划第二个行权期行权条 件成就及注销部分已授予股票期权的议案》。 公司于 2025 年 9 月 18 日召开了九届五次董事会会议及九届五次监事会会议， 审议并通过了《关于注销 2022 年股票期权计划部分股票期权的议案》《关于注 销 2023 年股票期权计划部分股票期权的议案》。具体情况如下： 一、2022 年股票期权激励计划注销部分股票期权的情况 2022年股票期权激励计划第二个行权期行权期间为2024年10月9日至2025 年 9 月 12 日，截至第二个 ...