恒生电子股份有限公司 恒生电子股份有限公司 公司监事会认为：本次对激励计划激励对象和授予数量的调整，没有新增激 励对象的情况，符合《管理办法》等相关法律、法规和规范性文件的规定以及《激 励计划》的要求，不存在损害公司及全体股东利益的情形；调整后的激励对象符 合相关法律、法规和规范性文件所规定的作为激励对象的条件，主体资格合法、 有效。 监事会同意本次激励计划的激励对象由 624 人调整为 621 人，授予数量由 1515.9 万份调整为 1512.5 万份。除上述调整内容外，本次实施的激励计划其他 内容与公司 2025 年第一次临时股东大会审议通过的激励计划一致。 二、监事会关于向公司 2025 年股票期权激励计划激励对象授予股票期权的 核查意见 经公司监事会核查： 1、授予激励对象名单与本激励计划所确定的激励对象相符。 2、授予激励对象的基本情况属实，不存在虚假、故意隐瞒或致人重大误解 之处。 3、授予激励对象均为在公司任职的参与恒生电子经营管理的董事、高级管 理人员、恒生电子及其控股子公司任职的核心管理、技术、业务人员。 监事会关于 2025 年股票期权激励计划 调整与授予相关事项的核查意见 恒生电子股份 ...

恒生电子股份有限公司 恒生电子股份有限公司 董事会薪酬与考核委员会关于 2025 年股票期权激励计划 调整与授予相关事项的核查意见 恒生电子股份有限公司（以下简称"公司"）董事会薪酬与考核委员会依照 有关法律、法规和《恒生电子股份有限公司章程》（以下简称"《公司章程》"）， 对公司《2025 年股票期权激励计划》（以下简称"本次激励计划"）相关事项进 行审核，发表核查意见如下： 一、董事会薪酬与考核委员会关于对公司 2025 年股票期权激励计划激励对 象名单、授予数量进行调整的核查意见 公司董事会薪酬与考核委员会认为：本次对激励计划激励对象和授予数量的 调整，没有新增激励对象的情况，符合《管理办法》等相关法律、法规和规范性 文件的规定以及《激励计划》的要求，不存在损害公司及全体股东利益的情形； 调整后的激励对象符合相关法律、法规和规范性文件所规定的作为激励对象的条 件，主体资格合法、 有效。 董事会薪酬与考核委员会同意本次激励计划的激励对象由 624 人调整为 621 人，授予数量由 1515.9 万份调整为 1512.5 万份。除上述调整内容外，本次实 施的激励计划其他内容与公司 2025 年第一次临时股东 ...

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：2025-063 恒生电子股份有限公司 第九届董事会第五次会议决议公告 先审议。关联董事范径武先生回避表决。具体内容详见公司发布于上海证券交易 所网站 www.sse.com.cn 的 2025-068 号公告。 五、审议通过《关于注销 2023 年股票期权激励计划部分股票期权的议案》， 同意 10 票，反对 0 票，弃权 0 票。该议案已经经过董事会薪酬与考核委员会事 先审议。关联董事范径武先生回避表决。具体内容详见公司发布于上海证券交易 所网站 www.sse.com.cn 的 2025-069 号公告。 二、审议通过《关于向 2025 年股票期权激励计划激励对象授予股票期权的 议案》，同意 8 票，反对 0 票，弃权 0 票。该议案已经经过董事会薪酬与考核委 员会事先审议。关联董事彭政纲先生、范径武先生、蒋建圣先生回避表决。具体 内容详见公司发布于上海证券交易所网站 www.sse.com.cn 的 2025-066 号公告。 三、审议通过《关于回购公司 2022 年、2023 年员工持股计划未解锁份额对 应股份的议案》，同意 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——"25基点太少，50基点太多"：美联储降息"走钢丝"，"特朗普代言人"投下唯 一反对票 （记者 曾健辉） 每经AI快讯，恒生电子9月18日晚间发布公告称，公司第九届第五次董事会会议于2025年9月18日以通 讯表决的方式召开。会议审议了《关于回购公司2022年、2023年员工持股计划未解锁份额对应股份的议 案》等文件。 ...

当前大模型马太效应日益显著，未来市场中实际应用的通用大模型或将高度集中，并推动算法平权与算 力平权两大趋势，大、中小机构在算法与算力上的差距也必将逐步缩小。 （原标题：恒生聚源总经理吴震操：决胜未来，数据是关键胜负手） 21世纪经济报道 实习生 张长荣 记者 崔文静 北京报道 恒生聚源总经理吴震操判断，在此背景下，机构在投资决策、市场研判等核心业务上的成果差距，将取 决于其在"取数、用数、算数"环节的能力，金融机构的核心竞争力也将随之转向"数据"。 他认为，未来机构应聚焦两大方向：一是获取通用大模型本身不覆盖的稀缺数据；二是深度挖掘与高效 利用自身内部数据。尤其对于规模相近、业务模式易同质化的机构，内部数据的挖掘利用能力将成为竞 争胜负手。 ...

在此次高质量数据集建设先行先试工作单位中，涉及金融服务的有证通股份有限公司申报的《资本市场 融资企业高质量数据集建设》，以及恒生电子（600570）股份有限公司申报的《面向金融行业大模型的 多模态高质量数据集建设》，这两项申报不仅代表了资本市场对数据资源的深度探索，更揭示了数据要 素驱动金融业态变革的重要价值。 高质量数据集通过整合企业研发投入、专利数据、供应链关系等多维度信息，构建动态化企业画像，能 够降低信息不对称问题，投资者和金融机构能够精准识别企业技术领先性与商业化潜力，进而提升对很 多轻资产、高成长性企业的风险评估能力。 高质量数据集是人工智能时代的"战略资源"，尤其在金融、能源、交通等关键领域，数据集建设与治理 是保障产业链供应链韧性的重要基石。国家数据局在今年4月份发布的《全国数据资源调查报告(2024 年)》显示，2024年我国高质量数据集数量同比增长27.4%，有力支撑人工智能训练和应用。 中关村物联网产业联盟副秘书长袁帅对记者分析，数据质量是人工智能从"可用"向"好用"跨越的关键瓶 颈，高质量数据集建设先行先试工作通过"场景驱动+示范先行"策略，推动跨部门、跨行业数据协同， 通过政策引导与 ...

Market Overview - The Shanghai Composite Index rose by 0.04% on September 16, with 21 out of the 28 sectors experiencing gains, led by the comprehensive and machinery equipment sectors, which increased by 3.62% and 2.06% respectively [1] - The computer industry ranked third in terms of daily gains, also rising by 2.06% [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 37.426 billion yuan, with 11 sectors seeing net inflows [1] - The machinery equipment sector had the highest net inflow of 5.508 billion yuan, followed closely by the computer sector with a net inflow of 4.945 billion yuan [1] Computer Industry Performance - The computer industry saw a total of 335 stocks, with 295 stocks rising and 39 stocks declining; 3 stocks hit the daily limit up while 1 stock hit the limit down [2] - Among the stocks with net inflows, 143 stocks experienced positive fund flow, with 12 stocks having net inflows exceeding 100 million yuan [2] - The top three stocks by net inflow were Huasheng Tiancheng (19.95 billion yuan), Zhongke Shuguang (1.636 billion yuan), and Yinzhi Jie (429 million yuan) [2] Computer Industry Outflow - The computer industry also had stocks with significant net outflows, with 6 stocks experiencing outflows exceeding 100 million yuan [3] - The stocks with the highest net outflows included Yongyou Network (-228 million yuan), Zhongke Jincai (-171 million yuan), and Hengsheng Electronics (-136 million yuan) [3]

Core Insights - The software service index has shown a slight increase, with notable gains in specific stocks such as Kingsoft Office and Tuowei Information, indicating a positive trend in the software sector [1][3]. Market Performance - The software ETF experienced a turnover of 4.37% with a transaction volume of 196 million yuan, and it has the highest average daily transaction volume of 583 million yuan over the past month among comparable funds [3]. - The software ETF has seen a significant growth of 1.543 billion yuan in scale over the past three months, leading in new scale among comparable funds [3]. - The ETF's net value has increased by 21.34% over the past three years, with the highest single-month return reaching 39.35% since its inception [3]. Industry Trends - The value in the computer and software development industry is currently concentrated among upstream core technology suppliers, which enjoy high bargaining power and profit margins due to technological barriers [4]. - As technology advances and production scales up, hardware costs are expected to decline, shifting industry value towards software and services, with intelligent algorithms and continuous services becoming key growth areas [4]. - Future business models are anticipated to evolve from hardware-centric to an integrated model of "hardware + software + ecosystem services," maximizing value and profit through software platforms and ecosystems [4]. Key Stocks - The top ten weighted stocks in the software service index account for 62.05% of the index, with notable companies including iFlytek, Kingsoft Office, and Tonghuashun [4][6]. - The performance of key stocks includes iFlytek at 0.79%, Kingsoft Office at 1.47%, and Tuowei Information at 1.27%, indicating a mixed performance among the top players [6].

Group 1 - The China Securities Information Technology Application Innovation Industry Index (931247) has seen a strong increase of 1.70% as of September 16, 2025, with notable gains from constituent stocks such as Zhongke Shuguang (603019) up 8.49%, Foxit Software (688095) up 6.41%, and Haiguang Information (688041) up 6.31% [3] - The Xinchuang ETF (562570) has risen by 1.51%, with a latest price of 1.48 yuan, and has accumulated a weekly increase of 4.07% as of September 15, 2025, ranking in the top third among comparable funds [3] - The Xinchuang ETF has shown significant liquidity with an intraday turnover of 4.76% and a transaction volume of 25.2587 million yuan, while the average daily transaction volume over the past month reached 80.0323 million yuan, ranking first among comparable funds [3] Group 2 - The Xinchuang ETF closely tracks the China Securities Information Technology Application Innovation Industry Index, which selects up to 50 listed companies involved in various segments such as basic hardware, software, application software, information security, and external devices [4] - As of August 29, 2025, the top ten weighted stocks in the index include Zhongke Shuguang (603019), Haiguang Information (688041), and others, collectively accounting for 50.4% of the index [4] - The top ten stocks by weight include Hengsheng Electronics (600570) at 6.07%, Zhongke Shuguang (603019) at 5.58%, and Haiguang Information (688041) at 5.09%, among others [6]

Summary of Hundsun (600570.SS) Post-Result Group Call Company Overview - **Company**: Hundsun Technology Co., Ltd. (600570.SS) - **Industry**: B2B Software, specifically focused on financial technology solutions Key Takeaways 1. **Improvement in Client IT Budgets**: Management noted an improvement in client IT budget execution rates since September 2024 for previous-year budgets and July 2025 for current-year budgets, although a time lag exists before this translates into recognized revenue [1][9] 2. **Acceleration of Xinchuang Projects**: Expected acceleration in contract signings and live deployments of next-generation core systems (UF3.0 and O45) over the next 1-2 years, driven by improved capital markets and regulatory pushes [1][9] 3. **Gross Margin Improvement**: Anticipated improvement in gross margin due to the maturity of new products and enhanced project implementation capabilities [1][9] 4. **Hong Kong Subsidiary Success**: Hundsun Ayers has successfully delivered a virtual asset trading system for Guotai Junan International, positioning itself to serve other Chinese financial institutions in Hong Kong's regulated virtual asset market [1][11] 5. **Shareholder Return Policy**: The company aims to maintain a total shareholder return ratio of approximately 30% [1][17] Financial Performance Highlights 1. **Revenue Decline**: Revenue decreased by 14.4% YoY in 1H25, attributed to macroeconomic headwinds, competitive pressures, and strategic realignment [5][6] 2. **Cost Discipline**: Total operating costs fell by 13.8% YoY, with significant reductions in selling expenses (-26% YoY) and G&A expenses (-21% YoY) [5][6] 3. **Net Profit Surge**: Attributable net profit increased by 772% YoY, largely due to a low base effect from 1H24, with net profit excluding non-recurring items up by 42% YoY [6][9] Business Line Performance 1. **Retail IT Revenue**: Declined modestly by 3.1% YoY, benefiting from a stock market rebound post-September 2024 [9][10] 2. **Asset Management IT Revenue**: Contracted sharply by 32.4% YoY due to revenue pressures from industry-wide fee reductions and a transition to the O45 platform [10] 3. **Operational and Institutional IT Revenue**: Down 7.2% YoY, but supported by policy tailwinds [12] 4. **Data Services Growth**: Gildata subsidiary recorded 2.1% YoY revenue growth, benefiting from AI adoption [12] Next-Generation Product Progress 1. **UF 3.0**: Live at multiple brokers with over 10 clients signed and more in negotiation [12] 2. **O45**: 120 clients signed contracts, with 70 in the trust and banking sectors already live [12] 3. **Hundsun Ayers**: Covers approximately 250 of the 500 brokers in Hong Kong, generating significant revenue with a subscription-based model [12] Strategic Focus and Market Dynamics 1. **Shift in Strategy**: Management is focusing on quality of revenue rather than top-line scale, emphasizing net profit and cash flow [9][17] 2. **Competitive Landscape**: The company expects a stable competitive environment, with potential market consolidation benefiting established players like Hundsun [9][17] 3. **Impact of Brokerage M&A**: Short-term consolidation may reduce client firms but create opportunities for system integration projects [17] Valuation and Risks - **Price Target**: Buy rating with a 12-month price target of Rmb 38.99, representing a 13.1% upside from the current price [15] - **Downside Risks**: Include potential shortfalls in capital market recovery, client IT spending, and gross profit margin declines [15][17]