格隆汇8月25日丨恒生电子(600570.SH)公布，因个人资金需求，自本公告披露之日起15个交易日后的3 个月内（窗口期不减持），公司董事蒋建圣先生拟通过集中竞价方式减持所持公司股份不超过400万 股，占公司总股本的0.21%，占其持有公司股份总数的11.06%；拟通过大宗交易方式减持所持公司股份 不超过400万股，占公司总股本的0.21%，占其持有公司股份总数的11.06%。综上，公司董事蒋建圣先 生拟通过以上方式合计减持所持公司股份不超过800万股，占公司总股本的0.42%，占其持有公司股份 总数的22.12%。 ...

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：2025-057 恒生电子股份有限公司 董事减持股份计划公告 本公司董事会、全体董事及相关股东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： 董事持股的基本情况 截至本公告披露日，恒生电子股份有限公司（以下简称"恒生电子"或"公 司"）董事蒋建圣先生持有公司股票 36,166,686 股，占公司总股本比例为 1.91%。 减持计划的主要内容 因个人资金需求，自本公告披露之日起 15 个交易日后的 3 个月内（窗口期 不减持），公司董事蒋建圣先生拟通过集中竞价方式减持所持公司股份不超过 400 万股，占公司总股本的 0.21%，占其持有公司股份总数的 11.06%；拟通过大 宗交易方式减持所持公司股份不超过 400 万股，占公司总股本的 0.21%，占其持 有公司股份总数的 11.06%。 综上，公司董事蒋建圣先生拟通过以上方式合计减持所持公司股份不超过 800 万股，占公司总股本的 0.42%，占其持有公司股份总数的 22.12%。在减持计 划实施期间，公司 ...

每经AI快讯，8月25日，恒生电子（600570）(600570.SH)公告称，公司董事蒋建圣因个人资金需求，计 划自公告披露之日起15个交易日后的3个月内，通过集中竞价和大宗交易方式合计减持不超过800万股公 司股份，占公司总股本的0.42%，占其持有公司股份总数的22.12%。 ...

25H1 金融IT 行业需求尚需恢复，中长期增长前景向好25H1 受公募基金费率改革等影响，基金行业收 入承压，金融科技行业短期处于阵痛期。金融机构科技投入面临结构性调整与市场分化，尾部机构面临 生存压力，少数头部金融机构致力于成为一流机构，加大科技投入和项目管理，投入重点转向价值赋 能。我们仍看好金融IT 中长期增长前景：1）资本市场长期向好趋势不变，居民财富管理需求升级驱动 长期资金入市，叠加外资参与度提升，形成多元化资金供给格局；2）金融信创步入"深水区"，信创适 配改造与应用系统升级换代同步推进，实现信创+数智化转型升级，已成为行业趋势；3）大模型加速 迭代，拓展了AI 在金融领域的应用边界。 香港虚拟资产业务及AI 驱动，有望打开恒生全新市场空间香港正积极推动虚拟资产市场的发展，券商 要从事虚拟资产交易服务，须进行相应的系统建设或改造。25H1 子公司恒云科技助力香港中资券商完 成核心交易结算系统升级，且采用License+年费的订阅模式。根据恒生官微，恒云科技作为香港券商核 心交易系统的龙头厂商和首批提供虚拟资产交易系统的供应商，未来有望受益于香港虚拟资产市场的发 展。公司全面拥抱 AI，基于自主 ...

扣非前利润大幅提升，主要原因是赢时胜股权投资会计确认和计量方法变化。 毛利率69.55%，同比-1.77pct。经营性净现金流-9.01 亿元，YoY+23.40%，有所改善。合同负债22.41 亿 元、存货6.94 亿元，同比均基本持平。 管理效率持续提升，为长期发展筑基。25H1 销售/管理/研发费用率11.88%/12.59%/42.71%，同 比-1.86/-1.00/+1.75pct，三费率合计-1.11pct；25Q2 三费率14.50%/11.44%/38.27%，同 比-1.55/-2.04/+1.82pct，合计-1.77pct。公司前期采取多项措施优化管理结构，管理效率持续提升，为长 期发展巩固根基。 公司受行业需求不振及自身战略调整共同影响，短期成长承压但管理效率持续提升，UF3.0、O45 等核 心产品持续拓展。我们坚持看好公司主业长期发展，同时香港创新业务有望打开新的成长空间，维持强 烈推荐。 静待主业反转，关注香港创新业务发展。核心业务线方面：25H1 财富科技收入YoY-3.13，核心产品 UF3.0 签约多家券商项目并完成多家客户POC 测试，后续随着金融信创推进有望加速规模化 ...

| 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 301120 | 新特电 | 0.0100 | 532.87 | 49775.01 | 19265.03 | 16.10 | | | 气 | | | | | | | 301258 | 富士莱 | 0.4744 | 4307.66 | 12430.96 | 22390.97 | 3.36 | | 300046 | 台基股 份 | 0.1680 | 3972.84 | 3789.41 | 17878.78 | 4.18 | | 839790 | 联迪信 | 0.1280 | 1012.23 | 3149.79 | 8497.56 | -8.10 | | | 息 | | | | | | | 300079 | 数码视 讯 | 0.0117 | 1670.03 | 2747.64 | 26484.56 | 24.66 | | 603086 | 先达股 份 | ...

Macro News - The State Council, led by Premier Li Qiang, discussed the implementation of large-scale equipment updates and the old-for-new policy for consumer goods, emphasizing the need for effective subsidy use and coordination to boost domestic demand [5] - The State Council also addressed the potential of sports consumption and the development of the sports industry, focusing on increasing supply, enhancing service levels, and fostering growth points in the sector [5] Industry News - Goldman Sachs reported that hedge funds have net bought Chinese stocks at the fastest pace in seven weeks, indicating a strong interest in the Chinese market [8] - The National Development and Reform Commission released a draft on internet platform pricing behavior, requiring platforms to adhere to transparent pricing rules and publicize subsidy activities [8] - Several express delivery companies in Guangdong and Zhejiang have raised prices for e-commerce clients, with price adjustments ranging from 0.3 to 0.7 yuan per item [8] - The China Photovoltaic Industry Association called for enhanced industry self-discipline to maintain fair competition and avoid harmful practices [10] - The Ministry of Industry and Information Technology published interim measures for the total control of rare earth mining and smelting, requiring companies to maintain records of product flows [10] - The insurance asset management industry showed a preference for stocks as the top investment asset for the second half of 2025, followed by bonds and securities investment funds [10] - The electronic sector's A-share market capitalization reached 11.54 trillion yuan, marking a historical high, with major companies like Industrial Fulian leading the market [11] - The Ministry of Industry and Information Technology emphasized the need for orderly development of computing power facilities to enhance resource supply quality [11] Company News - Changjiang Electric Power announced plans for its controlling shareholder to increase holdings by 4 to 8 billion yuan [14] - Vanke A reported a net loss of 11.947 billion yuan for the first half of the year [14] - TCL Zhonghuan disclosed a net loss of 4.242 billion yuan for the first half of the year [16] - Jiangsu Guotai announced plans to use up to 12 billion yuan of idle funds for entrusted wealth management [18] - Jiu Gui Jiu reported a 92.6% decline in net profit for the first half of the year [18]

证券研究报告 | 公司点评报告 2025 年 08 月 24 日 恒生电子（600570.SH） 公司受行业需求不振及自身战略调整共同影响，短期成长承压但管理效率持续 提升，UF3.0、O45 等核心产品持续拓展。我们坚持看好公司主业长期发展， 同时香港创新业务有望打开新的成长空间，维持强烈推荐。 ❑ 风险提示：行业竞争加剧风险；技术颠覆风险；海外市场政策风险等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 7281 | 6581 | 6955 | 7592 | 8292 | | 同比增长 | 12% | -10% | 6% | 9% | 9% | | 营业利润(百万元) | 1452 | 1062 | 1323 | 1478 | 1643 | | 同比增长 | 29% | -27% | 25% | 12% | 11% | | 归母净利润(百万元) | 1424 | 1043 | 1296 | 1448 | 1610 | | 同比增长 | ...

业绩简评 2025 年 8 月 23 日，公司披露 2025 年度中期业绩：公司 2025 年 上半年实现营收 24.3 亿元，同比下滑 14.4%，毛利润同比下滑 16.6%，主要系金融机构 IT 整体预算收紧导致客户需求减少、市 场竞争加剧、以及公司战略收缩部分非核心业务。公司 2025 年上 半年实现扣非后归母净利润 1.9 亿元，同比增长 41.9%。现金流 方面，公司销售商品、提供劳务收到的现金同比下滑 5.5%，表现 好于营收降幅；整体经营活动现金净流出较上年同期缩窄 23.4%， 主要系支付给职工的现金较上年同期减少。 2025 年第二季度，公司营业收入为 14.0 亿元，同比下滑 15.0%， 毛利润同比下滑 15.0%；扣非后归母净利润为 1.8 亿元，同比增 长 59.8%。 经营分析 分业务而言，上半年表现最好的业务为企金、保险核心与基础设施 IT 产品线，表观营收同比增长 4.9%，毛利率较上年同期增长 17.4pct，因而毛利润同比增长 77.8%。上半年资管科技、风险与 平台科技服务业绩压力相对较大，毛利润分别同比下滑 34.8%、 下滑 49.1%。 净利润方面，公司 2025 ...

Core Viewpoint - Hengsheng Electronics (600570) reported a decline in total revenue for the first half of 2025, while net profit saw a significant increase, indicating a mixed financial performance [1]. Financial Performance - Total revenue for the first half of 2025 was 2.426 billion yuan, a decrease of 14.44% year-on-year [1]. - Net profit attributable to shareholders reached 261 million yuan, an increase of 771.57% year-on-year [1]. - The gross profit margin was 69.55%, down 2.48% year-on-year, while the net profit margin was 12.18%, up 1275.4% year-on-year [1]. - The company reported a significant increase in earnings per share (EPS) to 0.14 yuan, a rise of 600% year-on-year [1]. Cash Flow and Receivables - The company's accounts receivable accounted for 109.07% of the latest annual net profit, indicating a high level of receivables relative to profit [1][22]. - Operating cash flow per share was -0.48 yuan, an increase of 23.3% year-on-year, suggesting improved cash flow management despite negative cash flow [1]. Expense Management - Total sales, management, and financial expenses amounted to 594 million yuan, representing 24.47% of revenue, a decrease of 9.79% year-on-year [1]. - Significant reductions were noted in sales expenses (-26.03%), management expenses (-20.71%), and research and development expenses (-10.77%) due to lower personnel costs [11][12][13][15]. Investment and Debt - The company reduced its interest-bearing liabilities by 34.77% to 508 million yuan, indicating improved debt management [1]. - Cash and cash equivalents decreased by 6.85% to 1.037 billion yuan, attributed to cash outflows exceeding cash inflows from sales [3]. Market Position and Future Outlook - The company has a historical average return on invested capital (ROIC) of 18.01%, indicating a generally favorable investment return profile [19]. - Analysts expect the company's performance in 2025 to reach 1.199 billion yuan, with an average EPS forecast of 0.63 yuan [22].