[Key Highlights](index=1&type=section&id=Key%20Highlights) The company forecasts significant net profit growth for H1 2025, despite a decline in operating revenue and total operating costs Key Financial Indicators for H1 2025 Performance Forecast | Indicator | Estimated Amount (100 million CNY) | Year-on-Year Change (100 million CNY) | Year-on-Year Growth Rate | | :--------------------------------- | :-------------- | :-------------- | :----------- | | Net Profit Attributable to Shareholders | 2.51 | increase by approx. 2.21 | approx. 740.95% | | Net Profit Excluding Non-recurring Gains and Losses | 1.83 | increase by approx. 0.48 | approx. 35.30% | | Impact of Non-recurring Gains and Losses on Net Profit | 0.68 | - | - | | Operating Revenue | 24.22 | decrease by approx. 4.14 | approx. -14.59% | | Total Operating Costs | 23.86 | decrease by approx. 3.86 | approx. -13.91% | [Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) This section details the performance forecast for the current period, including the forecast duration, key financial figures, and the unaudited status of the data [Performance Forecast Period](index=1&type=section&id=(I)%20Performance%20Forecast%20Period) This performance forecast covers the period from January 1, 2025, to June 30, 2025 - The performance forecast period is from January 1, 2025, to June 30, 2025[4](index=4&type=chunk) [Performance Forecast Details](index=1&type=section&id=(II)%20Performance%20Forecast%20Details) The company anticipates a significant increase in net profit attributable to shareholders for H1 2025, despite declines in operating revenue and total operating costs H1 2025 Performance Forecast Financial Data | Indicator | Estimated Amount (100 million CNY) | Year-on-Year Change (100 million CNY) | Year-on-Year Growth Rate | | :--------------------------------- | :-------------- | :-------------- | :----------- | | Net Profit Attributable to Shareholders | 2.51 | increase by approx. 2.21 | approx. 740.95% | | Net Profit Excluding Non-recurring Gains and Losses | 1.83 | increase by approx. 0.48 | approx. 35.30% | | Impact of Non-recurring Gains and Losses on Net Profit | 0.68 | - | - | | Operating Revenue | 24.22 | decrease by approx. 4.14 | approx. -14.59% | | Total Operating Costs | 23.86 | decrease by approx. 3.86 | approx. -13.91% | [Unaudited Data Statement](index=2&type=section&id=(III)%20Company's%20Performance%20Forecast%20Data%20Unaudited%20by%20Certified%20Public%20Accountants) The performance forecast data has not been audited by a certified public accountant - This performance forecast data has not been audited by a certified public accountant[5](index=5&type=chunk) [Prior Period Performance](index=2&type=section&id=II.%20Prior%20Period%20Performance) This section reviews the company's key financial indicators and earnings per share for the same period last year [Key Financial Indicators](index=2&type=section&id=(I)%20Key%20Financial%20Indicators) For H1 2024, the company's total profit, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses were all at low levels H1 2024 Key Financial Indicators | Indicator | Amount (CNY) | | :--------------------------------- | :-------------- | | Total Profit | 17,806,804.95 | | Net Profit Attributable to Shareholders | 29,890,250.55 | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses | 135,589,813.95 | [Earnings Per Share](index=2&type=section&id=(II)%20Earnings%20Per%20Share) The company's earnings per share for H1 2024 was 0.02 CNY H1 2024 Earnings Per Share | Indicator | Amount (CNY/share) | | :--- | :----------- | | Earnings Per Share | 0.02 | [Main Reasons for Current Period Performance Changes](index=2&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Changes) This section explains the primary factors contributing to the changes in operating revenue and net profit for the current period [Reasons for Operating Revenue Decline](index=2&type=section&id=(I)%20Factors%20Influencing%20the%20Year-on-Year%20Decline%20in%20Operating%20Revenue%20for%20H1%202025) The decline in operating revenue is primarily due to tighter IT budgets in financial institutions, increased market competition, extended customer procurement cycles, and the company's proactive business structure optimization - Market conditions led to a general tightening of IT budgets in financial institutions, resulting in reduced customer demand[7](index=7&type=chunk) - Increased market competition led to a significant extension of customer procurement cycles[7](index=7&type=chunk) - The company proactively optimized its business structure, strategically scaling back some non-core businesses[7](index=7&type=chunk) [Reasons for Net Profit Growth](index=2&type=section&id=(II)%20Reasons%20for%20the%20Increase%20in%20Net%20Profit%20Attributable%20to%20Shareholders%20for%20H1%202025) Net profit growth is mainly attributed to a low base in the prior period, a significant increase in non-recurring gains and losses (especially due to changes in investment accounting treatment), and increased investment income from associates - A low net profit base in the prior period[7](index=7&type=chunk) - Non-recurring gains and losses for the current period significantly increased by approximately **170 million CNY** year-on-year, primarily due to changes in the accounting treatment of shares in Yingshisheng and StarRocks Technology, which no longer impact the current income statement[7](index=7&type=chunk) - Increased investment income contributed by the company's associates[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) This section highlights key risks, including the reliance on non-recurring gains for net profit growth and the unaudited nature of the forecast data - The significant increase in net profit attributable to shareholders for the current period primarily stems from contributions from non-recurring gains and losses[8](index=8&type=chunk) - The estimated performance data has not been audited by a certified public accountant, and no special report has been issued by the certified public accountant[9](index=9&type=chunk) - After preliminary calculations, the company believes there are no significant uncertainties affecting the accuracy of this performance forecast[9](index=9&type=chunk) [Other Explanatory Matters](index=3&type=section&id=V.%20Other%20Explanatory%20Matters) This section clarifies that the forecast data is preliminary and advises investors to exercise caution - This forecast data is based on preliminary calculations only, and the final financial data will be subject to the company's officially disclosed H1 2025 report[10](index=10&type=chunk) - Investors are reminded to be aware of investment risks[10](index=10&type=chunk)

恒生电子（600570）公告，公司预计2025年半年度实现归属于上市公司股东的净利润约为2.51亿元，与 上年同期相比将增加约2.21亿元，增加比例约为740.95%。预计2025年半年度实现归属于上市公司股东 的扣除非经常性损益的净利润约为1.83亿元，与上年同期相比将增加约0.48亿元，增加比例约为 35.30%。预计2025年上半年公司实现营业收入约为24.22亿元，与上年同期相比将下降约4.14亿元，同 比下降约14.59%。预计2025年上半年公司营业总成本约为23.86亿元，与上年同期相比下降约3.86亿 元，同比下降约13.91%。 ...

Group 1 - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 14, 2025 [1] - The leading company by market capitalization is 台棋电 (Taiwan Semiconductor Manufacturing Company) with a valuation of 11,949.75 million [3] - Tencent Holdings ranks second with a market cap of 5,815.18 million, followed by Alibaba at 2,546.4 million [3][4] Group 2 - Xiaomi Group is ranked fourth with a market capitalization of 1,889.61 million, while Pinduoduo follows in fifth place with 1,489.35 million [3][4] - Meituan and NetEase are positioned sixth and seventh, with market caps of 929.41 million and 812.27 million respectively [3][4] - Other notable companies in the top 10 include 东方财富 (East Money) at 523.39 million and 中芯国际 (SMIC) at 476.15 million [4][5] Group 3 - The rankings continue with companies like 京东 (JD.com) at 448.31 million and 快手 (Kuaishou) at 356.11 million [4][5] - Baidu, 理想汽车 (Li Auto), and 贝壳 (Beike) are also included in the top 15, with market caps of 298.84 million, 296.08 million, and 221.89 million respectively [4][5] - The list concludes with 云费智联 (Yunfei Zhili) at 41.76 million, marking the 50th position [6]

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, specifically focusing on Real World Assets (RWA) [4] Core Insights - RWA represents a transformative innovation in financial technology by converting real-world assets into digital assets on the blockchain, potentially leading to exponential growth in the sector [2][6] - The global RWA asset market reached $24.5 billion as of June 2025, with projections to exceed $16 trillion by 2030, indicating a significant opportunity for investment [6][18] - The report emphasizes the importance of regulatory frameworks being established globally to support the growth of RWA, with regions like Hong Kong and the EU leading the way [26][30] Summary by Sections RWA: Connecting Real World Assets to Blockchain - RWA involves the tokenization of tangible and intangible assets through blockchain technology, enhancing liquidity and reducing transaction costs [11][12] - The RWA market is rapidly expanding, with a diverse range of assets including real estate, bonds, and commodities being tokenized [15][16] RWA Issuance Process and Regulatory Framework - The RWA issuance process consists of five key steps: asset selection, legal and compliance framework establishment, technology implementation, token issuance, and ongoing management [21][23] - Various countries are developing regulatory frameworks for RWA, with Hong Kong adopting a sandbox approach to foster innovation while ensuring compliance [26][30] Expansion of Asset Classes and RWA Market - RWA assets can be categorized into cash flow, equity, and non-cash flow assets, with credit and bonds currently leading the market [35][36] - The report highlights the significant growth potential in the RWA sector, particularly in tokenized real estate and securities, which are becoming increasingly popular [46][53] RWA Industry Ecosystem - The RWA ecosystem is forming a collaborative industry chain involving asset providers, technology firms, platforms, compliance custodians, and investors [4][6] - Key players in the blockchain and fintech sectors are recommended for investment, including companies like 恒生电子 and 新国都 [2][6]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Viewpoints - The report continues to favor investment opportunities in stablecoins and Real World Assets (RWA), emphasizing the potential for the development of RMB stablecoins to enhance the global influence of the RMB [6][12] - The implementation of the Hong Kong Stablecoin Regulation on August 1, 2025, will require licenses for issuing stablecoins, which is seen as a key entry point for traditional banks and fintech companies [7][13] - The market for stablecoins is rapidly expanding from cryptocurrency trading to broader payment applications, with significant growth in market size and trading activity anticipated [8][14] Summary by Sections Weekly Perspective - The report highlights the ongoing positive outlook for stablecoins and RWA investment opportunities, suggesting a combined development model for domestic and offshore RMB stablecoins [6][12] - The report notes that the Hong Kong Stablecoin Regulation will officially take effect on August 1, 2025, requiring licenses for stablecoin issuance, which will impact market dynamics [7][13] Company Dynamics - Companies such as iFlytek are forecasting a revenue increase of 15%-20% for the first half of 2025, while other firms like Rui Ming Technology expect a net profit increase of 53.64% to 77.90% [17] - Strategic collaborations are being formed, such as the partnership between Zhongke Xingtou and Zhongke Shuguang to advance technology in the space sector [22] Industry Dynamics - The report mentions that the AI unicorn Zhipu AI is preparing for simultaneous listings in Hong Kong and A-shares, indicating strong market interest [27] - Amazon is considering a significant investment in AI startup Anthropic, which reflects ongoing trends in the AI sector [30]

Investment Rating - The report maintains a "Recommend" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [3][27]. Core Insights - The report emphasizes the ongoing focus on stablecoins and Real World Assets (RWA), particularly in light of recent discussions by the Shanghai State-owned Assets Supervision and Administration Commission regarding cryptocurrency and stablecoin development [6][9]. - RDA (Real Data Assets) is highlighted as a key innovation in the RWA space, aiming to enhance the marketization and valuation of data elements, thus driving efficiency in the integration of real assets and capital [10][12]. Industry Overview - The industry comprises 284 listed companies with a total market capitalization of 3,586.9 billion and a circulating market value of 3,156.1 billion [3]. - The computer sector has shown strong performance, with absolute returns of 78.1% over 12 months and relative performance of 62.3% compared to the benchmark [5]. Market Developments - The report notes significant developments in the stablecoin sector, particularly the push for a pilot program for RMB stablecoins in the Shanghai Free Trade Zone [9][10]. - RDA is positioned as a transformative force in the data asset market, with its framework designed to facilitate the valuation and trading of data assets, thereby unlocking new financing channels for enterprises [12][13]. Investment Recommendations - The report suggests focusing on companies involved in stablecoin issuance, cryptocurrency exchanges, IT service providers, and cross-border payment firms, with specific mentions of companies like 恒生电子, 顶点软件, and 朗新集团 [15][16]. - It also highlights the potential of RDA to accelerate the marketization and valuation of data elements, recommending investments in infrastructure firms and data service providers [16].

证 券 研 究 报 告 计算机行业周报（20250707-20250711） Grok 4 发布：xAI 引领 Agent 加速落地 行业研究 计算机 2025 年 07 月 13 日 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 8.2% | 4.0% | 51.4% | | 相对表现 | 6.1% | 5.5% | 37.8% | 推荐（维持） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周志浩 邮箱：zhouzhihao1@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 338 | 0.04 | | 总市值(亿元) | 45,343.43 | 4.40 | | 流通市值(亿元) | 39,023.53 | 4.82 | 相对指数表现 -9% 21% 52% 82% 24/07 24/09 24/12 25/02 25/04 25/07 2024-07-15~2025-07-11 ...

Investment Rating - Industry Rating: Recommended [4] Core Insights - The expectation for stablecoin policy is likely to strengthen, with the Shanghai State-owned Assets Supervision and Administration Commission holding a special study meeting on the development trends and response strategies for cryptocurrencies and stablecoins [11][18] - The Hong Kong Stablecoin Regulation has been officially released and is expected to be implemented on August 1, 2025, establishing a licensing system for fiat-backed stablecoin issuers and enhancing the regulatory framework for virtual asset activities [2][19] - The tokenization ecosystem is extending, with application scenarios continuously enriching, as real asset tokenization is accelerating from regional pilots to global collaboration [3][12] Summary by Sections Stablecoin Policy Expectations - The Shanghai State-owned Assets Supervision and Administration Commission's meeting indicates a potential strengthening of domestic stablecoin policies following the implementation of overseas and Hong Kong regulations [11][18] - The Hong Kong Stablecoin Regulation aims to maintain financial stability while promoting financial innovation, with a licensing system for stablecoin issuers [2][19] Tokenization Ecosystem - The tokenization of real assets is gaining momentum, with companies like Ant Group collaborating with Circle Internet Group to adopt stablecoins on their blockchain platform [3][12] - The recent launch of GFToken by Guangfa Securities (Hong Kong) marks a significant step in deploying multi-currency interest rate mechanisms on-chain [3][12] Investment Recommendations - Beneficiary stocks include: - RWA: Xiexin Energy Technology, Langxin Group, Hongbo Co., Hainan Huatie, Youfang Technology, Yingfeng Environment, etc. - Stablecoins: Sifang Jingchuang, Yuxin Technology, Lakala, New Guodu, Jingbeifang, Tianyang Technology, Hengbao Co., Xiongdi Technology, Yuyin Co., Chutianlong, Dazhihui, Yonyou Network, Xinan Century, etc. - Hong Kong stocks: Zhong'an Online, Lianyi Technology, Lianlian Digital, China Everbright Holdings, Yika, etc. - Licensed: China Post Capital, Nanhua Futures, Hongye Futures, Ruida Futures, Guotai Junan International, Yaocai Securities Finance, etc. [6][34] Market Performance - The computer industry saw a weekly increase of 3.22%, outperforming the CSI 300 index, which rose by 0.82% [35][36] - Among 321 stocks in the computer sector, 256 stocks rose, indicating a strong market performance [42] Core Recommended Stocks - The top-performing recommended stock was Yuxin Technology, with a weekly increase of 7.59%, while Langxin Group experienced a decline of 3.42% [48] Valuation Overview - The SW computer industry PE (TTM) has risen from a low of 37.60 times in 2018 to 84.59 times, exceeding the historical average of 58.17 times from 2010 to 2025 [51]

Group 1 - The digital currency concept index rose by 2.31%, ranking 10th among concept sectors, with 78 stocks increasing in value [1][2] - Notable gainers included Gu Ao Technology with a 20% limit up, and Jin Zheng Co., Ji Da Zheng Yuan, and Heng Bao Co. also hitting the limit up [1] - The sector saw a net inflow of 3.174 billion yuan, with 50 stocks receiving net inflows, and 15 stocks exceeding 100 million yuan in net inflow [2] Group 2 - The top net inflow stocks included Heng Bao Co. with 470 million yuan, followed by Jin Zheng Co. and Yu Xin Technology with 453 million yuan and 435 million yuan respectively [2][3] - Gu Ao Technology, Ji Da Zheng Yuan, and Ge Er Software had the highest net inflow ratios at 33.76%, 21.20%, and 16.52% respectively [3] - The digital currency sector's performance was supported by significant trading volumes, with Heng Bao Co. and Jin Zheng Co. showing high turnover rates of 45.74% and 16.10% respectively [3][4]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 11, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - TSMC leads the list with a market capitalization of approximately $11,916.56 million [3]. - Tencent Holdings ranks second with a market capitalization of about $5,885.24 million [3]. - Alibaba is in third place with a market capitalization of around $2,544.49 million [3]. - Pinduoduo follows in fourth place with a market capitalization of $1,490.20 million [3]. - Meituan and NetEase are also notable, with market capitalizations of $947.31 million and $807.83 million, respectively [3][4]. Group 2: Additional Notable Companies - Semiconductor Manufacturing International Corporation (SMIC) has a market capitalization of $472.08 million, ranking eighth [4]. - JD.com and Tencent Music are positioned ninth and tenth, with market capitalizations of $450.04 million and $309.78 million, respectively [4]. - Baidu and Li Auto are also significant players, with market capitalizations of $304.03 million and $291.16 million [4]. Group 3: Emerging and Smaller Companies - Companies like Xpeng Motors and ZTO Express have market capitalizations of $166.15 million and $154.59 million, respectively [4]. - Other companies in the list include iFlytek with $149.34 million and Baosight Software with $95.10 million [4][5]. - The list also features companies like Kingdee International and Wancloud Data, with market capitalizations of $70.72 million and $67.09 million, respectively [5].