Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. Core Views - The company is experiencing a bottoming out of its performance, with growth driven by AI and domestic innovation [2]. - The report highlights a short-term pressure on core business but anticipates a recovery in demand as market conditions improve [7]. - Cost reduction and efficiency improvements are expected to enhance profitability, while ongoing R&D investments are aimed at long-term competitiveness [7]. - The integration of AI technology is set to reshape the financial technology ecosystem, with significant growth potential in domestic innovation applications [7]. Financial Performance Summary - Total revenue for 2024 is projected at 65.81 billion, a decrease of 9.6% year-on-year, with a recovery expected in subsequent years [3][7]. - Net profit attributable to shareholders is forecasted at 10.43 billion for 2024, down 26.8% year-on-year, with a rebound anticipated in 2025 [3][7]. - Earnings per share (EPS) is expected to rise from 0.55 in 2024 to 0.85 by 2027 [3][7]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 47 in 2024 to 31 in 2027, indicating a potential increase in valuation [3][7]. Business Segment Performance - Wealth technology services reported revenue of 1.43 billion, down 17.5% year-on-year [7]. - Asset management technology services generated 1.57 billion, a decline of 8.38% [7]. - Operations and institutional technology services saw revenue of 1.29 billion, down 10.24% [7]. - Innovative business revenue was 515 million, down 7.34% [7]. - Data services revenue reached 354 million, a decrease of 8.13% [7]. Future Projections - Revenue is expected to grow to 71.2 billion in 2025, 76.3 billion in 2026, and 81.5 billion in 2027 [7]. - Net profit is projected to increase to 12.5 billion in 2025, 14.3 billion in 2026, and 16.0 billion in 2027 [7]. - The target price for the company is set at 33 yuan, based on a 50 times P/E ratio for 2025 [7].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. Core Views - The company is experiencing a bottoming out of its performance, with growth driven by AI and domestic innovation [2]. - The report highlights a short-term pressure on core business but anticipates a recovery in demand as market conditions improve [7]. - Cost reduction and efficiency improvements are expected to enhance profitability, while ongoing R&D investments are aimed at maintaining long-term competitive advantages [7]. - The integration of AI technology is set to reshape the financial technology ecosystem, with significant growth potential in domestic innovation applications [7]. Financial Performance Summary - Total revenue for 2024 is projected at 65.81 billion yuan, a decrease of 9.6% year-on-year, with a net profit of 10.43 billion yuan, down 26.8% year-on-year [3][7]. - Revenue is expected to recover in the following years, with estimates of 71.22 billion yuan in 2025, 76.27 billion yuan in 2026, and 81.51 billion yuan in 2027 [7]. - The company’s earnings per share (EPS) is forecasted to increase from 0.55 yuan in 2024 to 0.85 yuan in 2027 [3][7]. Business Segment Performance - Wealth technology services reported revenue of 1.43 billion yuan, down 17.5% year-on-year [7]. - Asset management technology services generated 1.57 billion yuan, a decline of 8.38% year-on-year [7]. - Operations and institutional technology services saw revenue of 1.29 billion yuan, down 10.24% year-on-year [7]. - Innovative business revenue was 515 million yuan, decreasing by 7.34% year-on-year [7]. - Data services revenue reached 354 million yuan, down 8.13% year-on-year [7]. Valuation Metrics - The company is projected to have a price-to-earnings (P/E) ratio of 47 in 2024, decreasing to 31 by 2027 [3]. - The price-to-book (P/B) ratio is expected to decline from 5.6 in 2024 to 4.0 in 2027 [3]. - The target price is set at 33 yuan, based on a 50 times P/E for 2025 [7].

Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Views - The company reported lower-than-expected revenue and profit for 2024, with total revenue of 6.581 billion yuan, down 9.6% year-on-year, and net profit of 1.043 billion yuan, down 26.8% year-on-year [6][12]. - The decline in performance is attributed to delayed demand recovery in the IT services sector due to market volatility and budget execution issues among financial institutions [6][12]. - The company is undergoing product upgrades, particularly in its AI product line, which has seen successful implementations in various financial services [6][12]. Financial Data and Profit Forecast - Total revenue forecast for 2023 is 7.281 billion yuan, with a projected decline to 6.581 billion yuan in 2024, followed by a slight recovery to 6.957 billion yuan in 2025 [2][15]. - Net profit is expected to decrease from 1.424 billion yuan in 2023 to 1.043 billion yuan in 2024, with a gradual increase to 1.142 billion yuan in 2025 [2][15]. - The company's gross margin is projected to be 72.0% in 2024, slightly down from 74.8% in 2023 [2][15]. Market Data - As of April 25, 2025, the company's closing price is 25.85 yuan, with a market capitalization of 48.902 billion yuan [3]. - The price-to-earnings (P/E) ratio is projected to be 43 for 2025 [6][12]. Business Segment Performance - The asset management technology service segment generated 1.568 billion yuan in 2024, down 8.38% year-on-year, while the wealth technology service segment saw a 17.5% decline to 1.430 billion yuan [7]. - The operational and institutional technology services segment also experienced a decline, with revenue of 1.289 billion yuan, down 10.24% year-on-year [7]. AI Product Development - The company continues to innovate in its AI product line, launching new platforms such as LightGPT and WarrenQ, which have been implemented in multiple client projects [6][12].

恒生电子股份有限公司 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（以下称"公司"或"恒生电子"）原定于 2025 年 4 月 29 日披露公司《2025 年第一季度报告》。由于定期报告编制及复核工作仍在 开展中，为确保公司定期报告的质量和信息披露的真实性、准确性及完整性，经 向上海证券交易所申请，公司将《2025 年第一季度报告》披露时间调整至 2025 年 4 月 30 日。 公司所有信息均以公司指定的信息披露媒体《中国证券报》《上海证券报》 《证券时报》《证券日报》及上海证券交易所网站（www.sse.com.cn）刊登的公 告为准，敬请广大投资者注意。 特此公告。 恒生电子股份有限公司 2025 年 4 月 26 日 证券代码：600570 证券简称： 恒生电子 公告编号：2025-028 恒生电子股份有限公司 关于延期披露 2025 年第一季度报告的公告 ...

@ JIN10.COM 金十数据 | 一个交易工具 | 25 | | 唯品会 | 66.57 | | | --- | --- | --- | --- | --- | | 26 | માં છે. | 好未来 | 66.49 | | | 27 | | 金山软件 | 64.83 | | | 28 | | 用友网络 | 63.43 | | | 29 | | 同程旅行 | 61.83 | | | 30 | | 奇富科技 | 55.03 | 1 ↑ | | 31 | | 金蝶国际 | 54.3 | -1 1 | | 32 | | 柏楚电子 M | 53.93 | | | 33 | Horoun | 润和软件 | 53.74 | | | 34 | | 中国软件 | 51.28 | | | 35 | KUNLUN | 昆仑万维 | 51.2 | 11 | | 36 | | 深信服 | 50.87 | -1 1 | | 37 | 2) | 三七互娱 | 48.37 | 1 1 | | 38 | | 拓维信息 | 48.03 | -1 | | 39 | | 恺英网络 | 47.5 | | | 40 | | 万国数据 | 45. ...

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/ 杨本鸿/ 陈鑫/张旭光/杨海盟/桂杨 数据来源:Wind,兴业证券经济与金融研究院整理 图 2、计算机行业的标准配置比例 4. 98 4. 58% 5% 3. 86% . 57% 4 4. 11% 3. 57% 4. 18% 4. 04% 3. 36% 56% 3. 54% 23% 4% 3. 3.52% 3, 2. 919 2. 86! 3.09 2. 68% 2- 71 67% 3% 2. 19% 2. 29% 2. 60% 2. 50% 2. 08% 1_38% 1. 65% 2% 1.4 1. 44% 1. 36% 1. 29% 1% 14% 13. 36% 11. 52% 12% 11. 30% 10% 8. 97% 8. 84% 7. 88% 7.72% 8% 7. 50% 6. 3 6. 75% 6. 119 6. 51% 696 4. 67% 5. 00% 4. 80% 4. 35% 4. 8RW 01% 4 496 4. 29% 4. 44% 3.64% A 149 3.78% 3.19% 3. 24% 2. 72% 2. 6 ...

Core Viewpoint - The financial technology sector is experiencing significant growth, driven by favorable policies and increasing investments, as evidenced by the performance of the China Securities Financial Technology Theme Index and related ETFs [3][4]. Group 1: Market Performance - As of April 23, 2025, the China Securities Financial Technology Theme Index rose by 2.17%, with notable increases in constituent stocks such as New Morning Technology (up 19.99%) and Lakala (up 14.79%) [3]. - The Financial Technology ETF (516860) also saw a rise of 2.19%, marking its fourth consecutive increase, with a latest price of 1.21 yuan [3]. - The ETF recorded a turnover rate of 3.18% and a transaction volume of 26.91 million yuan during the trading session [3]. Group 2: Policy and Industry Outlook - The National Development and Reform Commission and the National Bureau of Statistics have issued key work points for the development of the digital economy and society by 2025, which are expected to accelerate the digital transformation and intelligent upgrade of industries in China [3]. - Longjiang Securities suggests focusing on companies with data resources or capabilities in data product development, particularly those that have gained advantages in sectors like healthcare, finance, and education [3]. Group 3: ETF Performance Metrics - The Financial Technology ETF has shown a net value increase of 63.28% over the past year, ranking first among comparable funds [4]. - Since its inception, the ETF has achieved a maximum monthly return of 55.92% and an average monthly return of 10.57%, with a historical three-year profit probability of 96.38% [4]. - The ETF's management fee is 0.50%, and the custody fee is 0.10%, making it one of the lowest in its category [4]. Group 4: Tracking Accuracy and Major Holdings - The Financial Technology ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.043% year-to-date [5]. - As of March 31, 2025, the top ten weighted stocks in the index accounted for 54.32% of the total, with stocks like Tonghuashun and Dongfang Caifu being the most significant contributors [5].

Group 1 - The company held its first meeting of the ninth supervisory board on April 22, 2025, where the election of Ms. Tu Haiyan as the chairperson of the supervisory board was unanimously approved [2][4]. - The first meeting of the ninth board of directors was also held on April 22, 2025, where Mr. Peng Zhengang was elected as the chairman, and Mr. Fan Jingwu was elected as the vice chairman, both with unanimous support [5][6]. - The board also elected members and chairs for various committees, including the audit committee, compensation and assessment committee, strategic investment committee, nomination committee, and sustainable development committee [6][7]. Group 2 - The company announced a share repurchase plan with a total amount not less than RMB 20 million and not exceeding RMB 40 million, with a maximum repurchase price of RMB 44.38 per share [24][25]. - The repurchase will be conducted through centralized bidding transactions within six months from the approval date of the plan [26][27]. - The purpose of the repurchase is to enhance shareholder value and maintain the company's stock price in line with its intrinsic value, with the repurchased shares to be canceled and the registered capital reduced accordingly [31][32]. Group 3 - The company held its 2024 annual general meeting on April 22, 2025, where several key resolutions were passed, including the approval of the 2024 annual report and the financial settlement report [19][20]. - The registered capital was reduced from RMB 1,894,144,775 to RMB 1,891,767,475 following the approval of the share repurchase plan [49]. - The company has notified creditors of the capital reduction and provided a 45-day period for them to claim their debts [51].

Core Viewpoint - The G60 Strategic Emerging Industries Index in A-shares has shown mixed performance, with a recent decline of 0.54% and a monthly drop of 4.70%, while it has increased by 0.02% over the past three months [1] Group 1: Index Performance - The G60 Index closed at 914.89 points with a trading volume of 15.257 billion [1] - The index reflects the overall performance of up to 50 largest strategic emerging industry companies listed in the Shanghai market from the Yangtze River Delta G60 cities [1] Group 2: Index Composition - The top ten weighted companies in the G60 Index include: Jianghuai Automobile (9.43%), Huayou Cobalt (7.14%), Hengsheng Electronics (6.17%), Zhongkong Technology (4.79%), Hengtong Optic-Electric (4.73%), Silan Microelectronics (4.55%), China Jushi (4.51%), Naxin Micro (3.21%), Zejing Pharmaceutical (3.14%), and Jingfang Technology (2.84%) [1] - The index is fully composed of companies listed on the Shanghai Stock Exchange [1] Group 3: Industry Breakdown - The industry composition of the index shows that Industrial sector accounts for 35.49%, Information Technology for 31.15%, Materials for 14.14%, Healthcare for 9.74%, and Communication Services for 9.49% [2] Group 4: Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] Group 5: Tracking Funds - Public funds tracking the G60 Index include the Shenwan Hongyuan G60 Strategic Emerging Industries ETF [3]

证券代码：600570 证券简称：恒生电子 编号：2025-026 恒生电子股份有限公司 恒生电子股份有限公司 关于减少注册资本通知债权人的公告 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。 一、通知债权人的原由 （1）恒生电子股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召开 了 2024 年年度股东大会，审议通过了《关于减少公司注册资本并修订<公司章程> 的议案》。公司总股本从 1,894,144,775 股变更为 1,891,767,475 股，公司注册资本 由人民币 1,894,144,775 元变更为人民币 1,891,767,475 元。 （2）公司于 2025 年 4 月 22 日召开了 2024 年年度股东大会，逐项审议通过 了《关于以集中竞价交易方式回购股份方案的议案》。根据本次回购方案，公司 将自公司股东大会审议通过回购股份方案之日起 6 个月内，以集中竞价交易方式 回购公司股份，回购股份资金总额为不低于人民币 2000 万元且不超过人民币 4000 万元（含）。回购价格为不超过人民币 ...