我们审计了恒生电子股份有限公司（以下简称恒生电子公司）财务报表，包 括 2025 年 12 月 31 日的合并及母公司资产负债表，2025 年度的合并及母公司利 润表、合并及母公司现金流量表、合并及母公司所有者权益变动表，以及相关财 务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了恒生电子公司2025年12月 31日的合并及母公司财务状况，以及2025 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注 册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。 按照《中国注册会计师独立性准则第 1 号——财务报表审计和审阅业务对独立性 的要求》和中国注册会计师职业道德守则，我们独立于恒生电子公司，并履行了 职业道德方面的其他责任。我们在审计中遵循了对公众利益实体审计的独立性要 求。我们相信，我们获取的审计证据是充分、适当的，为发表审计意见提供了基 础。 | | | | 一、审计报告……………………………………………………… 第 1—6 | 页 | | --- | --- | ...

恒生电子股份有限公司 董事及高级管理人员薪酬管理制度 （2026年3月制定） （四）激励约束并重原则，薪酬发放与考核、激励机制相挂钩。 第四条 工资总额决定机制：公司将根据公司发展战略和薪酬策略、年度生产 经营目标和经营业绩，综合考虑劳动生产率提高和人工成本投入产出率、职工工 资水平市场对标等情况，结合政府职能部门发布的工资指导线，合理确定工资总 额。 第二章 薪酬管理机构 第五条 薪酬与考核委员会负责制定董事、高级管理人员的考核标准并进行考 核，制定、审查董事、高级管理人员的薪酬政策与方案，并就董事、高级管理人 员的薪酬向董事会提出建议。 第一章 总则 第一条 为进一步加强恒生电子股份有限公司（以下简称"公司"）董事、高 级管理人员的薪酬管理，完善激励与约束机制，有效调动董事、高级管理人员的 工作积极性，提高公司经营管理水平，促进公司持续健康发展，根据《中华人民 共和国公司法》（以下简称《公司法》）等有关法律法规、中国证券监督管理委员 会（以下简称"中国证监会"）《上市公司治理准则》等规范性文件和上海证券交 易所业务规则以及《恒生电子股份有限公司章程》（以下简称《公司章程》）的有关 规定，制定本制度。 第二 ...

证券代码：600570 证券简称：恒生电子 公告编号：2026-014 恒生电子股份有限公司 2026 年 3 月 28 日 特此公告。 恒生电子股份有限公司 恒生电子股份有限公司 关于公司申请 2026 年度综合授信额度的公告 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"公司"）于 2026 年 3 月 26 日召开了第 九届董事会第九次会议，审议通过了《关于公司申请 2026 年度综合授信额度的 议案》，同意公司 2026 年向各家银行申请综合授信额度合计不超过 22.5 亿元人 民币，使用范围包括但不限于流动资金贷款、银行承兑汇票、法人透支、国内非 融资性保函、信用证等。本次授信额度的申请在公司董事会权限范围内，不需要 提交股东会审议。 公司以上授信额度不等于公司的实际贷款金额，实际贷款金额应在授信额度 内，并以公司与银行实际发生的贷款金额为准，具体贷款金额将视公司的实际资 金需求来合理确定。公司董事会授权法定代表人或其指定的授权代理人办理上述 授信额度申请事宜，并签署相关法律文件。 ...

恒生电子股份有限公司 证券代码：600570 证券简称： 恒生电子 编号：2026-008 恒生电子股份有限公司 关于召开 2025 年年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： 投资者可于2026年3月30日12:00前将相关问题通过电子邮件的形式 发送至公司投资者关系邮箱：investor@hundsun.com。公司将于业绩说明会上对 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"）拟于 2026 年 3 月 28 日披露公 司 2025 年年度报告，为便于广大投资者更全面深入地了解公司 2025 年度经营成 果和财务状况，公司将于 2026 年 3 月 31 日 15:00-16:00 举行 2025 年度业绩说 明会，就投资者关心的问题进行交流。 一、 业绩说明会类型 本次业绩说明会以网络及电话会议形式召开，公司将针对 2025 年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二 ...

证券代码：600570 证券简称：恒生电子 公告编号：2026-007 恒生电子股份有限公司 恒生电子股份有限公司 关于 2022 年、2023 年员工持股计划未解锁股份的回购注销实施 公告 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。 重要提示内容： | 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 482,965 | 482,965 | 2026 | 年 3 | 月 | 日 25 | 一、本次回购注销已履行的相关审批程序和信息披露情况 （一）公司于 2025 年 9 月 18 日、2025 年 12 月 22 日分别召开第九届董事会 第五次会议、2025 年第二次临时股东会，审议通过了《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》，同意将由公司回购的 2022 年及 2023 年员工持股计划未解锁的 482,965 股公司股份予以注销，公司拟回购注销本 员工持股计划证券账户股票占公司 ...

- The CSI Cloud Computing 50 Index selects 50 listed companies involved in providing IaaS, PaaS, SaaS services, and hardware for cloud computing as index samples to reflect the overall performance of the cloud computing industry[3][27][28] - The index is based on December 31, 2014, with a base point of 1000 and was officially released on June 12, 2020[27][28] - The sample selection process includes filtering securities based on daily average trading volume, revenue growth rate, and market capitalization over specific periods, ensuring the top 50 securities are included[28] - The index is adjusted semi-annually, with changes implemented on the next trading day after the second Friday of June and December each year[28] - The index has demonstrated superior long-term and short-term performance compared to similar cloud computing indices and broad-based indices like CSI 500, with an annualized return of 13.44% since inception and a Sharpe ratio of 0.36[29][32] - From March 6, 2023, to March 6, 2026, the index achieved a return of 138.94%, significantly outperforming the CSI 500 index's return of 30.83% during the same period[29][32] - The index exhibits high liquidity, with a daily average trading volume of 29 billion shares and a daily average trading value of 1176 billion yuan as of March 6, 2026[32][34] - The index covers large, medium, and small-cap stocks with balanced weight distribution, with the weighted average free float market capitalization of its components being approximately 975 billion yuan[35][36] - The index is heavily weighted in industries such as data centers, application software, and communication system equipment, which collectively account for over 50% of the index's weight[38][39] - The index demonstrates strong profitability, with ROE at 8.83%, sales net profit margin at 7.07%, and revenue growth rate at 25.35% as of Q3 2025, outperforming similar indices[41][43][45] - The index's PE ratio (TTM) is 69.30, and its PB ratio (LF) is 8.14, indicating moderate valuation levels relative to its historical range[47][49][50] - The top 10 constituents of the index include companies from sectors such as communication equipment, electronic components, data centers, and software development, with weights ranging from 3.51% to 8.40%[51][52]

Investment Rating - The report does not explicitly state an investment rating for the cloud computing industry or the specific ETFs mentioned. Core Insights - The AI technology innovation cycle is divided into two halves: the first half focuses on model and method innovation, while the second half emphasizes problem definition and the integration of AI into real-world applications, with a focus on application value [4][7]. - The CSI Cloud Computing 50 Index comprehensively covers the entire cloud computing industry chain, balancing hardware and software, and aims to capture both AI computing infrastructure benefits and software growth opportunities [4][9]. - The report highlights that the cloud is a core component in the second half of the AI technology cycle, where the focus shifts from training to inference, making cloud computing essential for AI applications [7][79]. Summary by Sections Cloud Computing Overview - Cloud computing is defined as the centralized management and dynamic allocation of resources via the internet, likened to utilities like water and electricity [18]. - The global cloud computing market reached a size of 586.4 billion yuan in 2023, with a growth rate of 19.4%, and is expected to exceed one trillion dollars by 2027 [20]. AI's Impact on Cloud Computing - AI is creating new demands in the IaaS and MaaS layers, particularly for large model calls and custom model needs, leading to a shift in cloud service architectures [8][82]. - The business model for cloud computing is anticipated to transition from resource pricing to value pricing, which could enhance gross margins for cloud resources in the long term [8][85]. CSI Cloud Computing 50 Index - The index includes companies providing IaaS, PaaS, and SaaS, selected based on liquidity, growth potential, and market capitalization, ensuring a balanced representation of the cloud computing sector [9][10]. - The index has shown strong performance compared to mainstream indices, indicating its long-term investment value [9]. New Investment Opportunities - The report emphasizes the growth potential in the AI large model solutions market and the MaaS market, both expected to experience rapid growth in the coming years [87][88]. - The integration of GPU, cloud, and AI is seen as a significant growth driver, allowing cloud providers to differentiate their services and enhance their competitive edge [8][94].

Investment Rating - The report maintains a "Buy" rating for the computer industry [4] Core Insights - The "14th Five-Year Plan" emphasizes the core strategic position of artificial intelligence (AI) in national development, with the term "artificial intelligence" appearing 30 times, compared to only 6 times in the previous plan [6][8] - The next five years will see AI Agents as the driving force for economic transformation, with a focus on high-value AI Agent growth leading to significant value creation [6][10] - The demand for intelligent computing power is expected to rise significantly, with projections indicating that by 2028, intelligent computing power will account for over 95% of total computing power in China [6][12] - The report highlights the emergence of "Token inflation" due to the rapid growth in AI model usage, with a projected annual Token consumption increase from 0.0005 PetaTokens in 2025 to 152,667 PetaTokens by 2030, reflecting a CAGR of 3418% [6][24] - Investment opportunities are identified in AI-native application companies, edge AI technologies, domestic computing power chain replacements, and collaborative infrastructure for computing and electricity [6][38] Summary by Sections Section 1: The "14th Five-Year Plan" as a Key Period for Intelligent Economy - The plan introduces the concept of "intelligent native," suggesting AI may become a new production factor [11] - The intelligent economy will drive the reconstruction of AI factor value [13] Section 2: Outlook for the "14th Five-Year Plan" - The intelligent economy is set to initiate a rapid explosion in Token usage, with AI Agents transitioning from cost centers to profit centers [17][38] - The report anticipates a significant increase in the number of active AI Agents, from approximately 28.6 million in 2025 to 2.216 billion by 2030, with a compound annual growth rate (CAGR) of 139% [24] Section 3: Comprehensive Upgrade of AI Factors During the "14th Five-Year Plan" - The report emphasizes the importance of high-quality data sets as a core barrier for building irreplaceable AI Agents [16] - The demand for high-quality, proprietary data sets is expected to surge, with a focus on transforming data resources into valuable assets [16] Section 4: Investment Recommendations - The report suggests focusing on AI-native application companies capable of generating scalable revenue, as well as companies that integrate AI Agents with vertical industry know-how [6][38] - Specific companies to watch include Horizon Robotics, JingTai Holdings, Meitu, and others [6]

1. Report Industry Investment Ratings - **Dechang Motor Holdings (00179.HK)**: "Buy" rating [8] - **H&H International Holdings (01112.HK)**: "Buy" rating [11] - **Hesai (HSAI.O)**: "Buy" rating [12] - **Hundsun Technologies (600570.SH)**: "Buy" rating [13] - **Jiemei Technology (002859.SZ)**: "Buy" rating [14] 2. Core Views of the Reports Macro Reports - **PMI Report**: The current economy is in a state of "weak reality" with large downward pressure due to insufficient domestic demand and weak confidence. The 2026 GDP target is expected to be 4.5 - 5%, indicating proactive policies. Short - term attention should be paid to policy, data, and external factors, and the economic momentum and credit expansion in Q2 are also crucial [2] - **RMB Exchange Rate Report**: The central bank's exchange - rate regulation is in the liquidity management stage with sufficient policy tools. The probability of direct intervention is low. The RMB exchange - rate increase is mainly due to corporate centralized foreign exchange settlement, and the medium - term exchange rate depends on fundamentals and the US dollar index. The 2026 USD/CNY exchange - rate central value is likely to be between 6.8 - 7.1 [3] Financial Engineering Report - **March Allocation Suggestion**: The economic six - cycle model has retreated to stage 6 of monetary expansion, but the recent decline may be a short - term disturbance. PPI has been rising since July last year, which is beneficial for the cycle sector. The cycle sector's景气指数 has entered the expansion range, and seven industries, mainly pro - cyclical, have shown RS>90 signals and should be focused on [4] Company - Specific Reports - **Dechang Motor Holdings**: The company has a global layout with dual -主业 of automotive and industrial products. It is前瞻ively positioned in the robot and AIDC liquid - cooling markets. It is expected to benefit from the growth of the automotive motor market and the development of new businesses. The归母净利润 from 2026 - 2028 is estimated to grow year - on - year [8] - **H&H International Holdings**: The company's performance has reached an inflection point and is continuously improving. ANC, BNC, and PNC businesses have shown growth. The company is on the path of recovery, and its performance and valuation are expected to resonate [11] - **Hesai**: The company's lidar delivery volume in 2025 exceeded 1.6 million units. It leads in multiple application scenarios such as ADAS, lawn mower robots, and mapping. The shipment volume, revenue, and profit from 2025 - 2027 are expected to increase [12] - **Hundsun Technologies**: The company's 2025 annual report performance met expectations. With a focus on core business and continuous cost control, it is expected to accumulate growth momentum. The revenue and profit from 2025 - 2027 are estimated [13] - **Jiemei Technology**: The company plans to acquire 100% of the equity of Changsha Aifusi, which is expected to achieve synergies with its semiconductor business. The demand for passive components is rising, and the company's product price increase is imminent. The revenue and profit from 2025 - 2027 are expected to grow [14] 3. Summary by Related Catalogs Industry Performance - **Top Five Industries**: The top five industries in terms of performance include Petroleum & Petrochemicals (1 - month: 19.0%, 3 - month: 41.3%, 1 - year: 59.8%), Comprehensive (1 - month: 12.6%, 3 - month: 31.7%, 1 - year: 85.6%), Coal (1 - month: 9.9%, 3 - month: 15.5%, 1 - year: 33.4%), Steel (1 - month: 6.2%, 3 - month: 16.0%, 1 - year: 33.2%), and Utilities (1 - month: 5.3%, 3 - month: 6.9%, 1 - year: 18.4%) [1] - **Bottom Five Industries**: The bottom five industries are Media (- 11.1% in 1 - month, 4.5% in 3 - month, 21.6% in 1 - year), Commerce & Retail (- 9.2% in 1 - month, - 3.6% in 3 - month, 4.4% in 1 - year), Food & Beverage (- 8.2% in 1 - month, - 6.4% in 3 - month, - 8.6% in 1 - year), Non - Banking Finance (- 7.1% in 1 - month, - 0.7% in 3 - month, 7.3% in 1 - year), and Real Estate (- 7.1% in 1 - month, - 3.5% in 3 - month, 0.9% in 1 - year) [1] Company - Specific Analysis Dechang Motor Holdings (00179.HK) - **Business Layout**: It has a "4 - continent, 20 - country" global layout, focusing on automotive and industrial products, mainly micro - motors. It is also involved in the robot and AIDC liquid - cooling markets [6] - **Market Opportunities**: The automotive motor market is growing due to technological updates. The company has a high market share in micro - motors, strong competitiveness in chassis motors and thermal management motors. The AIDC liquid - cooling and humanoid robot markets also have great potential [7][8] - **Financial Forecast**: The estimated归母净利润 for 2026 - 2028 is 2.8/3.0/3.3 billion US dollars, with year - on - year growth of 8%/6%/9% [8] H&H International Holdings (01112.HK) - **Business Performance**: In 2025, the company's revenue had low - double - digit growth. ANC, BNC, and PNC businesses all showed growth, and the adjusted profit indicators also improved [10][11] - **Financial Forecast**: The expected net profit for 2025 - 2027 is 4.2/5.8/7.1 billion yuan, with year - on - year growth of 886.3%/38.2%/22.3% [11] Hesai (HSAI.O) - **Business Performance**: In 2025, the lidar delivery volume exceeded 1.6 million units, with 1.4 million ADAS lidar units and over 200,000 units in the robot category. The ATX product's first - year delivery exceeded 1 million units [11] - **Financial Forecast**: The estimated lidar shipment volume from 2025 - 2027 is about 1.62/2.5/3.41 million units, revenue is about 3.09/4.51/5.92 billion yuan, GAAP归母净利润 is about 0.4/0.62/0.99 billion yuan, and non - GAAP归母净利润 is about 0.53/0.8/1.23 billion yuan [12] Hundsun Technologies (600570.SH) - **Business Performance**: In 2025, the estimated归属上市公司股东的净利润 was 1.229 billion yuan, a year - on - year increase of 17.83%, and the estimated扣非后归母净利润 was 1.005 billion yuan, a year - on - year increase of 20.45% [12] - **Financial Forecast**: The expected revenue from 2025 - 2027 is 5.786/6.205/6.898 billion yuan, and the归母净利润 is 1.229/1.398/1.582 billion yuan [13] Jiemei Technology (002859.SZ) - **Business Layout**: The company plans to acquire 100% of Changsha Aifusi, which is expected to achieve synergies with its semiconductor business. The demand for passive components is rising, and product price increases are expected [13][14] - **Financial Forecast**: The expected total revenue from 2025 - 2027 is 2.151/2.645/3.207 billion yuan, with year - on - year growth of 18.4%/23.0%/21.3%, and the expected归母净利润 is 0.254/0.362/0.526 billion yuan, with year - on - year growth of 25.7%/42.6%/45.1% [14]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Insights - The company is expected to achieve a net profit attributable to shareholders of approximately 1.229 billion yuan in 2025, representing a year-on-year increase of 17.83%. The net profit after deducting non-recurring items is projected to be 1.005 billion yuan, up 20.45% year-on-year [2][4] - The total operating revenue for 2025 is estimated to be around 5.786 billion yuan, a decrease of approximately 12.08% year-on-year, primarily due to a strategic focus on improving revenue quality and optimizing the business structure [2][3] - The company has implemented cost control measures, resulting in a cost reduction of about 13.12%, which outpaced the revenue decline. This has led to an increase in net cash flow from operating activities, projected to be around 1.067 billion yuan, up 22.91% year-on-year [2][3] Business Development - The core business segments are developing steadily, with the wealth technology service sector seeing successful project signings and system implementations with major brokerage firms [3] - The asset management technology service segment experienced a decline in core product revenue due to reduced industry demand, but new investment trading systems have secured multiple clients in various financial sectors [3] - The innovative business segment is gaining traction, with new client signings and successful upgrades of core trading systems for clients in Hong Kong, indicating a positive outlook for future growth [3] Financial Projections - The projected operating revenues for 2025, 2026, and 2027 are 5.786 billion yuan, 6.205 billion yuan, and 6.898 billion yuan, respectively. The net profits for the same years are expected to be 1.229 billion yuan, 1.398 billion yuan, and 1.582 billion yuan [4][5]