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 ...

恒生电子股份有限公司 恒生电子股份有限公司（以下称"公司"或"恒生电子"）第九届监事会第 六次会议于 2025 年 10 月 29 日以现场结合通讯表决的方式召开，应出席监事 3 名，实际出席监事 3 名。根据《公司法》和公司《章程》有关规定，会议合法有 效。 会议经全体监事讨论和表决，通过以下决议： 一、审议通过《恒生电子股份有限公司 2025 年第三季度报告》，同意 3 票， 反对 0 票，弃权 0 票。 证券代码：600570 证券简称： 恒生电子 公告编号：2025-076 恒生电子股份有限公司 第九届监事会第六次会议决议公告 本公司监事会及全体监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。 监事会认为：公司 2025 年第三季度报告的编制和审议程序符合相关法律法 规及公司《章程》的有关规定。报告的内容与格式符合有关规定。报告真实反映 了公司 2025 年第三季度的财务状况和经营成果，披露的信息真实、准确、完整， 不存在任何虚假记载、误导性陈述或重大遗漏。 特此公告。 恒生电子股份有限公司 2025 年 10 月 31 日 ...

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 恒生电子股份有限公司（以下称"公司"或"恒生电子"）第九届董事会第 六次会议于 2025 年 10 月 29 日以现场结合通讯表决的方式召开。本次会议应出 席董事 11 名，实际出席董事 11 名。董事长彭政纲先生主持了会议。根据《公司 法》和公司《章程》有关规定，会议合法有效。 会议经全体董事讨论和表决，通过以下决议： 证券代码：600570 证券简称： 恒生电子 公告编号：2025-075 恒生电子股份有限公司 第九届董事会第六次会议决议公告 2025 年 10 月 31 日 一、审议通过《2025 年第三季度总裁工作报告》，同意 11 票，反对 0 票， 弃权 0 票。 二、审议通过《恒生电子股份有限公司 2025 年第三季度报告》，同意 11 票，反对 0 票，弃权 0 票。该议案已经经过董事会审计委员会事先审议通过。具 体内容详见上海证券交易所网站 www.sse.com.cn 。 特此公告。 恒生电子股份有限公司 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥1,063,480,320.25, a decrease of 21.33% compared to the same period last year[5] - The total profit for the period was ¥222,984,028.26, down 49.06% year-on-year[5] - The net profit attributable to shareholders was ¥194,636,973.19, reflecting a decline of 53.17% compared to the previous year[5] - The net profit after deducting non-recurring gains and losses was ¥98,727,344.67, a decrease of 25.05% year-on-year[5] - Total operating revenue for the first three quarters of 2025 was CNY 3,489,900,135.84, a decrease of 16.7% compared to CNY 4,187,756,325.06 in the same period of 2024[19] - Net profit for the first three quarters of 2025 reached CNY 503,114,781.39, an increase of 12.6% compared to CNY 447,051,385.85 in the previous year[20] - Basic and diluted earnings per share remained stable at CNY 0.24 for both 2025 and 2024[21] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥14,300,416,799.60, a decrease of 2.91% from the end of the previous year[6] - Total current assets as of September 30, 2025, amount to ¥4,971,877,275.24, a decrease from ¥5,818,918,056.60 as of December 31, 2024[14] - Total assets amount to ¥14,300,416,799.60, down from ¥14,728,811,676.92 in the previous year[15] - The total liabilities decreased to CNY 4,493,090,473.96 in 2025 from CNY 5,321,737,442.65 in 2024, reflecting a reduction of approximately 15.5%[17] - The total equity increased to CNY 9,807,326,325.64 in 2025, up from CNY 9,407,074,234.27 in 2024, indicating a growth of about 4.3%[17] Cash Flow - The cash flow from operating activities for the year-to-date was negative at -¥669,767,830.64[6] - Cash inflow from operating activities for the first three quarters of 2025 was approximately $3.74 billion, a decrease of 7.1% compared to $4.02 billion in the same period of 2024[23] - Net cash outflow from operating activities was approximately -$669.77 million, an improvement from -$990.62 million year-over-year[24] - Cash inflow from investment activities increased to approximately $4.88 billion in 2025, up 26.1% from $3.86 billion in 2024[24] - Cash inflow from financing activities decreased to approximately $419.01 million, down 44.5% from $755.75 million in 2024[24] - The net increase in cash and cash equivalents for the first three quarters of 2025 was approximately -$1.32 billion, compared to -$1.59 billion in 2024[25] - The ending balance of cash and cash equivalents was approximately $956.26 million, an increase from $825.71 million in the previous year[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 213,767[12] - The largest shareholder, Hangzhou Hengsheng Electronic Group Co., Ltd., holds 393,743,087 shares, accounting for 20.78% of total shares[12] Revenue Breakdown - The revenue from wealth technology services decreased by 9.63% to ¥726,099,782.67 year-to-date[10] - The revenue from asset management technology services dropped by 28.23% to ¥725,155,725.82 year-to-date[10] Expenses - Research and development expenses for the first three quarters of 2025 totaled CNY 1,518,421,961.43, a decrease of 10% from CNY 1,685,343,272.80 in 2024[19] - The company reported a decrease in sales expenses to CNY 376,201,513.21 in 2025 from CNY 501,551,920.98 in 2024, a reduction of approximately 25%[19] Other Financial Metrics - The company reported a basic earnings per share of ¥0.10, down 54.55% from the previous year[6] - Other comprehensive income after tax for the first three quarters of 2025 was CNY -6,276,442.97, slightly improved from CNY -6,509,413.10 in the previous year[20] - The company received approximately $28.33 million from minority shareholders in 2025, compared to $25 million in 2024[24] - The company paid approximately $287.33 million in debt repayments, down from $567.77 million in the previous year[24]

Core Insights - The company reported a revenue of 1.063 billion yuan for the third quarter, representing a decline of 21.33% [1] - The net profit for the third quarter was 195 million yuan, down 53.17% [1] - For the first three quarters, the total revenue was 3.49 billion yuan, a decrease of 16.66% [1] - The net profit for the first three quarters was 455 million yuan, showing a growth of 2.16% [1] Financial Performance - Third quarter revenue: 1.063 billion yuan, down 21.33% [1] - Third quarter net profit: 195 million yuan, down 53.17% [1] - Year-to-date revenue: 3.49 billion yuan, down 16.66% [1] - Year-to-date net profit: 455 million yuan, up 2.16% [1]

Group 1 - The core viewpoint of the news highlights the performance of the financial technology sector, with the China Securities Financial Technology Theme Index rising by 0.45% and notable increases in individual stocks such as Tax Friend Co., Ltd. rising by 10.00% [3] - The Financial Technology ETF (516860) has shown a 0.59% increase, marking its fourth consecutive rise, with a latest price of 1.53 yuan and a weekly cumulative increase of 3.68% as of October 27, 2025 [3] - The Shanghai Composite Index has surpassed 4000 points, achieving a 19% increase year-to-date, with historical data indicating that the index has only been above this level in 2007, 2008, and 2015 [3] Group 2 - The National Foreign Exchange Administration has introduced nine new policy measures focusing on trade facilitation, including expanding the pilot scope for cross-border trade and optimizing foreign exchange settlement for new trade entities [4] - China Galaxy Securities emphasizes that expanding financial institutional openness is essential for responding to complex international environments and is a necessary choice for constructing a new development pattern [4] Group 3 - The Financial Technology ETF has seen a significant growth in scale, increasing by 92.32 million yuan over the past week, ranking second among comparable funds [5] - The ETF's shares have also grown by 25 million shares in the same period, ranking first among comparable funds [5] - The ETF has experienced continuous net inflows over the past three days, with a peak single-day net inflow of 22.83 million yuan, totaling 53.99 million yuan in net inflows [5] - The China Securities Financial Technology Theme Index includes companies involved in financial technology, with the top ten weighted stocks accounting for 55.55% of the index [5]