Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 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, indicating that the performance aligns with expectations [2][4] - The total operating revenue for 2025 is estimated to be approximately 5.786 billion yuan, a decrease of about 12.08% year-on-year, primarily due to a strategic focus on improving revenue quality and optimizing the business structure by concentrating resources on core product lines [2][3] - The company has implemented cost control measures, resulting in a cost reduction of approximately 13.12%, which outpaces the revenue decline. Additionally, investment income from joint ventures has increased, contributing to the overall profit growth [2][3] Financial Performance - The company reported a net cash flow from operating activities of approximately 1.067 billion yuan for 2025, reflecting a year-on-year increase of about 22.91% [2] - The projected financial metrics for 2025-2027 include operating revenues of 5.786 billion yuan, 6.205 billion yuan, and 6.898 billion yuan, respectively, with net profits of 1.229 billion yuan, 1.398 billion yuan, and 1.582 billion yuan [4][5] - The earnings per share (EPS) for 2025 is expected to be 0.65 yuan, with a projected increase to 0.74 yuan in 2026 and 0.84 yuan in 2027 [5] Business Development - The wealth technology service segment is seeing steady development, with the new core product UF3.0 signing contracts with multiple brokerage firms and completing POC testing for several projects [3] - The asset management technology service segment has experienced a decline in core product revenue due to reduced demand for industry-wide standardization, but new investment trading systems have secured contracts with several clients in the securities and insurance sectors [3] - The company has launched an equity incentive plan, granting 15.159 million stock options, which represents 0.80% of the total share capital, demonstrating confidence in future growth [4]

证券代码：600570 证券简称：恒生电子 公告编号：2026-006 恒生电子股份有限公司 恒生电子股份有限公司 关于拟回购注销 2022 年、2023 年员工持股计划部分股份的提 示性公告 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。 恒生电子股份有限公司（以下简称"恒生电子"或"公司"）于 2025 年 9 月 18 日召开第九届董事会第五次会议、2025 年 12 月 22 日召开 2025 年第二次临时 股东会，会议审议通过了《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》。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》《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》 的相关规定，公司将回购注销 2022 年、2023 年员工持股计划未解锁份额对应的公 司股份。现将具体情况公告如下： 一、已履行的相关审批程序和信息披露情况 （一）2022 年员工持股计划的基本情况 1、公司 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Chinese brokerage and asset management industry**, specifically analyzing the performance of traditional brokers and their outlook for 4Q25 and 2026. - The **A-share average daily trading volume (ADTV)** for 4Q25 was **Rmb 2.4 trillion**, reflecting an **18% year-on-year increase** and a **2% quarter-on-quarter decrease**, maintaining high levels from 3Q25 [1][13][17]. Core Insights and Arguments 1. **Broker Performance Outlook**: - Strong performance is expected for the brokerage sector in 4Q25 and throughout 2026, driven by high ADTV and a robust IPO pipeline in Hong Kong [1][4]. - Profit growth forecasts for major brokers in 4Q25 are as follows: - **CICC**: +19% year-on-year - **GFS**: +48% year-on-year - **East Money**: -10% year-on-year - **Hundsun**: +29% year-on-year [1][12]. 2. **Impact of Market Volatility**: - Recent volatility in the tech sector is not expected to negatively impact brokers' performance, as increased trading activity during such periods can enhance commission earnings [6][9]. - Historical data shows that brokers experienced robust earnings growth during previous market pullbacks, indicating resilience [6][9]. 3. **Divergence Among Brokers**: - Performance divergence among brokers is attributed to factors such as leverage capacity, return on equity (ROE) improvement potential, and the proportion of international business [4][21]. - CICC is highlighted for its higher international business contribution, which is expected to enhance its ROE [4][27]. 4. **Fund Fee Reduction Policy**: - The implementation of a new fund fee reduction policy starting January 2026 is anticipated to negatively affect East Money's fund distribution business, compressing profit margins and weakening its competitive edge in actively managed funds [43][46]. - The policy includes significant reductions in subscription and service fees, which could lead to a structural decline in fund distribution income [43][46]. 5. **Hundsun's Performance and Future Outlook**: - Hundsun's preliminary results for 4Q25 showed revenue below expectations, primarily driven by investment income rather than core business growth [5][49]. - Despite short-term challenges, a positive outlook for 2026-27 is maintained, with expected core revenue growth of **18%** in 2026 and **13%** in 2027, supported by improved operational efficiency and accelerated implementation of IT innovations [49][54]. Additional Important Insights - The proportion of ETFs in trading volume increased from **16% in 3Q25 to 20% in 4Q25**, indicating a shift in investor preferences towards lower-cost investment vehicles [19]. - The average revenue and profit growth for traditional brokers and East Money is projected to be **+26%** and **+37%** year-on-year in 1Q26, respectively [1][6]. - The report maintains **Buy ratings** on CICC-H, GFS-A, and Hundsun, while a **Sell rating** is reiterated for East Money due to the anticipated negative impacts from the fee reduction policy and increasing ETF proportions [5][32][48]. Conclusion - The Chinese brokerage sector is poised for continued growth, supported by high trading volumes and a favorable IPO environment, although challenges such as regulatory changes and market volatility remain pertinent. The divergence in performance among brokers will largely depend on their strategic positioning and adaptability to market conditions.

Core Viewpoint - The digital security and software sectors are experiencing significant growth, with the financial technology ETF Huaxia (516100) rising by 1.38% as of 11:01 AM, indicating a positive market sentiment towards fintech stocks [1] Group 1: Market Performance - The financial technology ETF Huaxia (516100) reported a latest price of 1.4 yuan, with key holdings such as Puyuan Information and Geer Software reaching their daily price limits [1] - Other stocks in the sector, including Xin'an Century and Runhe Software, also saw notable increases, with Xin'an Century rising by 7.58% [1] Group 2: Industry Outlook - Brokerages are optimistic about the long-term prospects of the fintech sector, anticipating a transition from "crypto accessories" to "global financial infrastructure" under a clearer regulatory framework [1] - Investment opportunities are primarily focused on compliant issuance platforms, cross-border payment service providers, and technologies and services related to the RWA ecosystem [1] Group 3: ETF Details - The management fee for the financial technology ETF Huaxia is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [1] - The ETF closely tracks the CSI Financial Technology Theme Index, which includes sectors such as software development, internet finance, and digital currency [1] - As of January 30, 2026, the top ten weighted stocks in the CSI Financial Technology Theme Index account for 51.68% of the index, with significant players including Tonghuashun, Dongfang Wealth, and Hengsheng Electronics [1][2]

Core Viewpoint - The rise of domestic computing power chains is significantly impacting the cloud computing sector, with the cloud computing ETF (159890) experiencing notable gains and increased investor interest [1]. Group 1: Market Performance - The cloud computing ETF (159890) opened with a rise of over 1% and is currently up by 0.74%, indicating strong performance among its constituent stocks [1]. - Notable stocks include Tuowei Information, which hit the daily limit, and Yuntian Lifeng, which surged by 13%, while several others like Wangsu Science and Technology and Runhe Software rose by over 6% [1]. - The fund has seen a net inflow of over 66 million yuan in a single day, with a cumulative net subscription of approximately 58.9 million yuan over the past five days, breaking previous records [1]. Group 2: Industry Developments - DeepSeek is set to release its V4 "Sea Lion Lite" version, which supports 1 million tokens and features native multimodal processing capabilities, prioritizing domestic chip suppliers for optimization [3]. - This shift marks a significant transition for the domestic computing power industry from being merely "usable" to achieving "scale commercialization," reinforcing the logic of domestic computing power [3]. Group 3: Demand Insights - According to a report from CITIC Securities, the token usage of domestic large models has surged, with the top three models being domestic, reflecting an exponential growth in AI inference demand [4]. - The report indicates that the domestic computing power sector, benefiting from cost advantages and an improving ecosystem, is poised to dominate the infrastructure layer [4]. - China International Bank also noted significant changes in the large model industry around the Spring Festival, suggesting a new wave of growth potential for the computing power supply chain [4]. Group 4: ETF Composition - The cloud computing ETF (159890) tracks the CSI Cloud Computing and Big Data Theme Index, with holdings that balance AI computing power (41%) and AI applications (32%) [5]. - The top ten holdings include leading software and hardware companies such as iFlytek, Kingsoft Office, and Inspur Information, which are expected to benefit from the AI infrastructure wave [5][6]. - The current trend led by DeepSeek in reshaping the domestic computing power ecosystem is likely to drive the industry from "passive adaptation" to "active definition," presenting collaborative development opportunities in computing power and AI applications [6].

Group 1 - Company iFLYTEK is a leading player in the domestic AI sector, possessing its own Spark cognitive model with capabilities in code generation, intelligent development, research Q&A, and automated testing, and maintains a long-term deep cooperation with Huawei Cloud [1] - The model can efficiently collaborate with Huawei Cloud's CodeArts to provide AI-assisted development services across various industries including finance, government, education, industry, and healthcare [1] - The demand for enterprise-level AI coding is surging, leading to accelerated deployment in low-code development platforms, intelligent programming assistants, and industry digital solutions, with a robust income structure and growth potential [1] Group 2 - China Software is the absolute leader in the domestic software and Xinchuang industry, focusing on operating systems, databases, middleware, industry solutions, and major digital engineering services, with deep ecological binding with Huawei in various fields [2] - The comprehensive promotion of CodeArts will significantly enhance the company's software development efficiency, system iteration speed, and project delivery quality, effectively reducing R&D costs [2] - The company’s business deeply covers high-barrier industries such as finance, energy, transportation, government, and national defense, benefiting from dual dividends of policy support and industry demand [2] Group 3 - Yonyou Network is a leading vendor in the domestic enterprise cloud services and ERP sector, establishing long-term strategic cooperation with Huawei Cloud in hybrid cloud deployment, industrial internet, and digital transformation [3] - The self-developed enterprise-level AI model is fully integrated into Yonyou's BIP intelligent business platform, enhancing application development efficiency and driving high-quality growth in cloud service subscription revenue [3] - The company’s client base includes large and medium-sized enterprises, specialized and innovative companies, and growing SMEs, with increasing penetration in various industries [3] Group 4 - Oriental Guxin specializes in big data platforms, cloud computing services, industrial internet, and industry digital solutions, maintaining stable cooperation with Huawei in several areas [4] - The company provides integrated services in intelligent development, system integration, and data middle platform construction, with high business barriers and strong customer stickiness [4] - The AI coding tools' widespread adoption will significantly improve efficiency in large digital project delivery and core system iteration [4] Group 5 - Runhe Software is a core ecological co-builder of Huawei's open-source Harmony and Euler operating systems, participating deeply in ecological construction and adaptation development [5] - The company collaborates closely with Huawei Cloud in AI development tools, low-code platforms, and industry solutions, significantly enhancing application development and project delivery efficiency [5] - The widespread adoption of AI coding tools will effectively shorten project cycles, reduce R&D costs, and improve product stability [5] Group 6 - Digital China is a leading cloud management service and digital solution provider, deeply involved in Huawei's cloud ecosystem, offering a range of services including application development and digital transformation [6] - The company benefits from the growing demand for cloud management services and system integration as AI coding tools become prevalent in the enterprise sector [6] - Its comprehensive competitiveness continues to strengthen in various fields including digital government, intelligent manufacturing, and financial technology [6] Group 7 - Huasheng Tiancheng is a certified excellent ISV partner of Huawei, focusing on cloud computing, big data, and AI solutions, with deep collaboration in various areas [7] - The company’s products can seamlessly integrate with Huawei Cloud's CodeArts, expanding AI development service scenarios [7] - The widespread adoption of AI coding tools will significantly enhance delivery efficiency and product quality across key industries [7] Group 8 - Changshan Beiming, through its subsidiary Beiming Software, is a key ISV partner of Huawei, focusing on smart city, industrial internet, and financial technology [8] - The company collaborates deeply with Huawei Cloud in application development and data governance, with CodeArts enhancing software development efficiency [8] - The adoption of AI development tools will effectively reduce R&D costs and enhance product competitiveness [8] Group 9 - Tuo Wei Information is a strategic partner of Huawei across multiple core ecosystems, focusing on AI infrastructure and digital solutions [9] - The company provides AI development and digital services across various sectors, significantly improving code production efficiency [9] - The demand for AI coding in the enterprise sector continues to rise, leading to sustained business growth [9] Group 10 - Hand Information is a core partner of Huawei Cloud, focusing on enterprise digital transformation and ERP implementation services [10] - The company’s AI coding tools significantly enhance application development and system optimization efficiency [10] - The widespread promotion of CodeArts will open up long-term growth opportunities in enterprise digitalization and AI development services [10] Group 11 - Softcom Power is a leading software and digital technology service provider, deeply cooperating with Huawei Cloud to create intelligent solutions [11] - The company benefits from the widespread adoption of AI development tools, enhancing project delivery efficiency and order acquisition capabilities [11] - Its client base includes high-quality projects in finance, internet, and intelligent manufacturing [11] Group 12 - Donghua Software is a comprehensive industry solution provider, maintaining long-term cooperation with Huawei in various fields [12] - The company’s collaboration with Huawei Cloud enhances software development efficiency and project delivery quality [12] - The adoption of AI coding tools will further strengthen the company’s competitive position in the digital economy [12] Group 13 - Qiming Star is a leading enterprise in the network security sector, collaborating with Huawei in various security areas [13] - The company’s products are increasingly penetrating high-security demand industries, benefiting from the AI and security development model [13] - The demand for automated security operations and compliance code development is rapidly growing [13] Group 14 - SuperMap Software is a leading GIS platform provider, collaborating with Huawei in various fields [14] - The company’s GIS platform software is fully compatible with Huawei Cloud, enhancing industry application development efficiency [14] - The adoption of AI coding tools will accelerate the integration of GIS and AI applications [14] Group 15 - Baoxin Software is a dual leader in industrial software and IDC computing services, deeply cooperating with Huawei in various areas [15] - The company’s AI coding tools significantly enhance the efficiency and stability of industrial software development [15] - The company benefits from the growing demand for industrial AI and digital transformation [15] Group 16 - Unisplendour is a leading player in the ICT infrastructure sector, maintaining a competitive ecological partnership with Huawei [16] - The company provides integrated solutions in computing hardware, cloud platforms, and industry digital solutions [16] - The demand for AI and cloud computing is expected to drive sustained growth in the company’s performance [16] Group 17 - Shiji Information is a leader in hotel information and tourism digitalization, collaborating with Huawei in various areas [17] - The company’s AI technology enhances the efficiency of industry application development and system iteration [17] - The demand for intelligent systems in the tourism sector is expected to continue growing [17] Group 18 - Weining Health is a leader in the medical information sector, collaborating with Huawei to promote digital and intelligent upgrades [18] - The company’s products are widely used in various healthcare settings, benefiting from the growing demand for medical digitalization [18] - The adoption of AI coding tools will enhance the efficiency of medical software development [18] Group 19 - Hengsheng Electronics is a leader in financial IT, deeply cooperating with Huawei in various financial technology areas [19] - The company’s collaboration with Huawei enhances the efficiency of financial core system development [19] - The adoption of AI development tools is expected to strengthen the company’s position in the financial IT sector [19]

Investment Rating - The report assigns an "Overweight" rating for the financial technology sector [4]. Core Insights - The domestic large model products and marketing have shown highlights, benefiting related financial technology stocks. The overseas RWA regulation has become clearer, and financial information regulation is tightening. Compliant financial institutions are expected to benefit more [2]. Summary by Sections 1. AI - From February 2 to February 20, 2026, the financial technology index decreased from 3116.08 to 3093.77, with a return of -0.72%. The Hong Kong financial technology index fell by 3.48% during the same period. Financial IT and third-party payment sectors performed well due to increased marketing efforts of major AI models and new regulations on virtual currencies [7][8]. 2. Overseas RWA Regulation - **2.1 Financial IT**: On February 6, the People's Bank of China and eight departments issued a notice to prevent risks related to virtual currencies and clarified the RWA regulatory framework for overseas issuance [12][13]. - **2.2 Financial Information Services**: On February 9, the Shanghai and Shenzhen Stock Exchanges announced optimized refinancing measures, benefiting high-quality R&D enterprises [14]. - **2.3 Third-party Payment**: New scenarios for digital currency have emerged, and the concentration of licenses in the third-party payment sector is accelerating [16]. - **2.4 Consumer Finance**: The head effect is evident, with a focus on promoting domestic demand through consumer finance [18]. 3. Individual Company News and Announcements - **3.1** Lakala is accelerating the development of intelligent payment through MOSS, while Tonghuashun's vertical model has gained high usage rates among brokers [19]. - **3.2** ST Rendo's net assets are expected to turn positive, and Jiufang Zhitu has initiated a stock buyback [21]. 4. Investment Recommendations - Digital RMB is expanding its application scenarios, indicating significant growth potential. AI is driving the upgrade of financial services, presenting new investment opportunities. Recommended core companies include: 1. Financial IT firms benefiting from digital currency upgrades: Changliang Technology, Yuxin Technology, Zhongke Software, and New Zhiyuan Software [24][28]. 2. Financial information service companies focusing on intelligent investment research: Jiufang Zhitu, Tonghuashun, and Dongfang Caifu [24][28]. 3. Payment institutions adapting to digital currency functionalities: Lakala, Yika, and Lianlian Digital [24][28]. 4. Consumer finance companies leveraging intelligent customer service and marketing: Yixin Group and Qifu Technology [24][28].

Core Insights - The company, Hengsheng Electronics Co., Ltd., won a procurement project from Everbright Wealth Management with a bid amount of 2.1 million yuan [1][2]. Financial Performance - In 2024, the company's operating revenue was 6.581 billion yuan, with a revenue growth rate of -9.62% [3]. - The net profit attributable to the parent company for 2024 was 1.043 billion yuan, reflecting a net profit growth rate of -26.75% [3]. - For the first half of 2025, the operating revenue was 2.426 billion yuan, showing a revenue growth rate of -14.44% [3]. - The net profit attributable to the parent company for the first half of 2025 was 261 million yuan, with a significant net profit growth rate of 771.57% [3]. Industry and Product Overview - The company operates in the information technology industry, with primary product types including CTI voice software, ERP software, investment banking services, industry-specific software, and operational platform systems [3]. - In the 2024 annual report, the revenue composition was as follows: software revenue accounted for 99.49%, technology park development sales for 0.45%, and other businesses for 0.06% [3].

Group 1 - The core point of the article highlights that on February 6, Hengsheng Electronics executed a block trade of 297,400 shares, amounting to 8.1645 million yuan, which represented 1.18% of the total trading volume for that day [1] - The transaction price was 27.45 yuan, reflecting a discount of 7.79% compared to the market closing price of 29.77 yuan [1] - The buying and selling brokerage involved in the transaction was Guotai Junan Securities Co., Ltd., Hangzhou Fuchun branch [2]

Group 1: Core Insights - The city of Heze, known as the "Peony Capital of China," is experiencing a vibrant atmosphere as it prepares for the upcoming Spring Festival, showcasing its unique industries such as peony cultivation and Hanfu culture [1] - Heze Agricultural Commercial Bank has introduced flexible credit products, including an 800,000 yuan "Peony and Chinese Herbal Medicine Loan," to support local farmers in preparing for the peak sales season of peony pots and cut flowers [1] - The People's Bank of China Heze Branch has been actively promoting financial services to support local enterprises, having visited over 400 peony industry entities and established credit files for more than 200, with a total of over 50 million yuan in credit funds disbursed [2] Group 2: Industry Developments - The Hanfu industry in Heze is witnessing a surge in online sales, with a 60% year-on-year increase in sales during the New Year shopping festival, driven by live-streaming sales efforts [2] - Financial institutions in Heze, including Hengfeng Bank, have launched specialized loan products for the Hanfu industry, with loan approval times reduced to within two working days, resulting in a total credit amount of 3.647 billion yuan for the industry, a 43.28% year-on-year increase [3] - As of the end of 2025, the balance of inclusive small and micro loans in Heze reached 94.47 billion yuan, growing by 20.28%, which is significantly higher than the overall loan growth rate [4]