登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600570 证券简称：恒生电子 编号：2025-016 恒生电子股份有限公司关于公司2022股票期权激励计划与2023年股票期权激励计划2025年第一季度自主 行权结果的公告 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： ● 2022年股票期权激励计划行权股票数量：恒生电子股份有限公司（以下简称"公司"或"恒生电子"） 2022年股票期权激励计划（以下简称"2022年激励计划"）第二个行权期可行权数量为394.2347万份，实 际可行权期为2024年10月9日至2025年9月12日，行权方式为自主行权。2025年第一季度，公司无激励对 象参与行权，公司2022年激励计划第二个行权期激励对象行权且完成股份过户登记的行权股票数量合计 为0股。 ● 2023年股票期权激励计划行权股票数量：公司2023年股票期权激励计划（以下简称"2023年激励计 划"）第一个行权期可行权数量为571.1400万份，实际可行权期为2024年10月9日至2025年9月11日 ...

在需求疲软的情况下，业绩说明会中，有投资者提及，观察到行业渴望拥抱AI，但市场缺乏亮眼产 品，并追问恒生电子是否在今年取得相关领域的突破。 "我们坚信，随着大模型技术能力的持续突破与提升，AI技术在行业中的应用场景将逐步实现由点及面 的突破。公司将更加积极地拥抱AI，深入推动AI技术的落地应用，聚焦投研、投顾、投行、运营、客 服等场景，抓住一体机、Agent等商业机会，形成新的业务增长点。"恒生电子总裁范径武介绍，当前， To B软件在AI应用领域的探索主要集中在局部应用层面。恒生电子的年报也提及，全面拥抱AI，公司 基于自主研发的光子AI中间件平台，已在多家客户落地竣工。 分产品情况来看，恒生电子的多项业务虽然保持着较高的毛利率，但毛利率较上年同期有所下滑。对 此，恒生电子董事长刘曙峰在回答《证券日报》记者提问时介绍，去年资本市场相对低迷以及产品个性 化需求增多，因此毛利率有所下降。随着公司新产品成熟度的提高，预计未来毛利率会有所回升。 "公司在战略上更加注重高质量的发展，公司也一直在建立不确定性环境下的动态调整能力，公司将根 据业务状况，进行动态的人力资源调整。"恒生电子董事会秘书邓寰乐告诉投资者，公司一 ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 恒生电子（600570）公司年报点评 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 04[Table_StockInfo 月 01日收盘价（元）] | 27.61 | | --- | --- | | 52 周股价波动（元） | 15.23-37.30 | | 总股本/流通 A 股（百万股） | 1892/1892 | | 总市值/流通市值（百万元） | 52232/52232 | | 相关研究 | | | [Table_ReportInfo] 《Q3 业绩仍承压，市场回暖经营拐点或将到 | | | 来》2024.11.08 | | | 《营收持稳利润承压，股权激励彰显信心》 | | 2024.09.10 市场表现 [Table_QuoteInfo] -32.62% -15.62% 1.38% 18.38% 35.38% 52.38% 2024/4 2024/7 2024/10 2025/1 恒生电子 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | ...

证券代码：600570 证券简称：恒生电子 编号：2025-016 恒生电子股份有限公司 关于公司 2022 股票期权激励计划与 2023 年股票期权激励计划 2025 年第一季度自主行权结果的公告 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： 恒生电子股份有限公司 一、股权激励计划已履行的决策程序及相关信息披露 （一）2022 年激励计划 1、2022 年 8 月 24 日，公司召开第八届董事会第四次会议,审议通过了《关于 <恒生电子股份有限公司 2022 年股票期权激励计划（草案）>及其摘要的议案》、 《关于<恒生电子股份有限公司 2022 年股票期权激励计划管理办法>的议案》、 《关于提请股东大会授权董事会办理 2022 年股票期权激励计划相关事宜的议案》 等相关议案。公司独立董事对公司股权激励计划相关事项发表了独立意见。 1 2022 年股票期权激励计划行权股票数量：恒生电子股份有限公司（以下简 称"公司"或"恒生电子"）2022 年股票期权激励计划（以下简称"2022 年激励计划"）第二个行权期可行 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's performance is under pressure due to industry downturns, but there is anticipation for demand recovery [1][20]. - The company is focusing on core product lines while actively developing new products to maintain its leading position in financial technology [22][24]. Financial Performance Summary - In 2024, the company achieved revenue of 6.581 billion yuan, a year-on-year decrease of 9.62%, and a net profit attributable to shareholders of 1.043 billion yuan, down 26.75% year-on-year [12][19]. - The decline in revenue is attributed to reduced technology investments from financial institutions due to market fluctuations and business transformations [19][20]. - The company has reduced its workforce by 17.2% to 10,927 employees by the end of 2024, which is expected to improve productivity in the coming years [21][12]. Earnings Forecast and Investment Recommendations - The earnings per share (EPS) for 2025 is projected to be 0.73 yuan, with a reasonable value estimated at 29.16 yuan per share based on a 40x price-to-earnings (P/E) ratio [26][33]. - Revenue is expected to grow to 6.873 billion yuan in 2025, with a compound annual growth rate (CAGR) of 4.4% from 2024 to 2027 [28][32]. Business Segment Analysis - The company is focusing on its core product lines, including wealth technology services, asset management technology services, and risk management platforms, with expected revenue growth in these areas from 2025 to 2027 [27][28]. - The wealth technology service revenue is projected to recover gradually, with expected growth rates of 2%, 5%, and 7% for 2025, 2026, and 2027, respectively [26][28].

2、多只龙头宽基ETF披露2024年年报，中央汇金的持仓动向随之曝光。以持有ETF总市值计算， 截至2024年末，中央汇金投资有限责任公司持有ETF总 市值为6616.97亿元，中央汇金资产管理有限责任公司持有ETF总市值为3821.84亿元，两家公司合计持有ETF总市值突破万亿元。 3、银行消费贷利率或将迎来重要变化。 部分股份行、国有大行地方分行人士透露，接到总行通知称，消费贷利率4月起上调，3%以下产品或被叫停。 今 年消费贷市场竞争激烈，个别银行产品利率低至2.4%，近期多家银行密集跟进政策举措，"松绑"相应消费贷产品。 // 热点聚焦 // 1、 交通银行、中国银行、建设银行和邮储银行齐齐发布公告称，董事会通过了向特定对象发行A股股票的议案，并对外发布关于财政部战略投资该行的 公告。财政部将以现金方式认购中国银行、建设银行全部新发行股份，并包揽交通银行、邮储银行超过九成的新发行股份，合计出资规模达5000亿元。 四家银行此番集中公告意味着财政部发行特别国债补充大行资本落地在即。交行特别指出，本次发行完成后，财政部持股比例超过30%，将成为该行控股 股东。而在本次发行完成前，交行无控股股东、实际控制人 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The overall performance of the company has declined due to market fluctuations affecting financial institutions' technology investments, leading to a decrease in revenue and net profit [1] - Despite the downturn, the company continues to focus on cost reduction and efficiency improvements while enhancing R&D for core products [1] - The capital market is expected to recover, but the technology investments from financial institutions have not shown a clear positive growth trend yet [1] Revenue and Profit Summary - The company reported total revenue of 6.581 billion yuan in 2024, a year-on-year decrease of 9.62% [1] - The net profit attributable to shareholders was 1.043 billion yuan, down 26.75% year-on-year [1] - The company's net assets increased by 8% to 8.67 billion yuan compared to the end of 2023 [1] Business Segment Performance - Wealth technology service revenue decreased by 17% to 1.4 billion yuan, with a gross margin of 76% [1] - Asset management technology service revenue fell by 8% to 1.6 billion yuan, with a gross margin of 77% [1] - Operating and institutional technology service revenue declined by 10% to 1.3 billion yuan, with a gross margin of 81.5% [1] - Other business segments, including risk and platform technology services, data services, and innovation services, also experienced revenue declines [1] Cost Management and R&D Investment - Operating costs increased by 1% to 1.8 billion yuan, with no significant changes [1] - Sales expenses decreased by 8% to 543 million yuan, while management expenses fell by 5% to 905 million yuan [1] - R&D expenses decreased by 8% to 2.458 billion yuan, representing 37% of total revenue [1] Technological Innovation and Product Upgrades - The company has upgraded its overseas investment trading system GAMS3.0, enhancing integration with IT systems and improving digital capabilities [1] - The application of large models has accelerated customer demand analysis by three times and reduced local deployment resource consumption by 50% [1] - New systems and trading modes have been successfully implemented, significantly improving transaction performance [1] Future Earnings Forecast - The company has adjusted its earnings forecast, expecting net profits of 1.2 billion yuan in 2025, 1.4 billion yuan in 2026, and 1.7 billion yuan in 2027 [1] - The corresponding P/E ratios are projected to be 46, 40, and 33 times respectively [1]

Core Viewpoint - Hang Seng Electronics, viewed as a "shadow brokerage stock," reported disappointing financial results for 2024, with revenue of 6.581 billion yuan, a year-on-year decrease of 9.62%, and a net profit of 1.043 billion yuan, down 26.75% compared to the previous year [1][2]. Group 1: Financial Performance - The company's performance in 2024 sharply contrasts with its 2023 results, which saw revenue growth of 11.98% and net profit growth of 30.50% [2]. - The decline in performance is attributed to reduced IT budgets from financial institutions, which are facing market volatility and business transformation challenges [3][4]. - Despite the overall positive performance of many financial institutions in 2024, Hang Seng Electronics' revenue was negatively impacted by budget cuts in IT spending [4][6]. Group 2: Market Environment - The total assets of the securities industry reached 15.11 trillion yuan, a year-on-year increase of 9.1%, while the total assets of banking institutions were 444.57 trillion yuan, up 6.5% [4]. - The A-share market experienced a rally in September 2024, contributing to a more favorable macroeconomic environment compared to 2023 [4]. - The overall market conditions and trading activity improved, yet Hang Seng Electronics still faced challenges due to financial institutions cutting IT budgets [4][8]. Group 3: Business Strategy and Future Growth - In response to declining revenue, Hang Seng Electronics is focusing on cost reduction and enhancing research and development efforts [9]. - The company reduced its workforce from 13,189 in 2023 to 10,927 in 2024, although the average net profit per employee decreased from 1.0797 million yuan to 954,500 yuan [9][10]. - New product development, such as AI quantitative trading and grid trading methods, is underway, but the impact on revenue growth remains uncertain [10][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The overall performance of the company has declined due to market fluctuations affecting financial institutions' technology investments, leading to a decrease in revenue and net profit [1] - Despite the downturn, the company is focusing on cost reduction and efficiency improvements while continuing to invest in core product development [1] - The capital market is expected to recover, but the technology investments from financial institutions have not shown a clear positive growth trend yet [1] Financial Performance Summary - In 2024, the company reported total revenue of 6.581 billion yuan, a year-on-year decrease of 9.62%, and a net profit attributable to shareholders of 1.043 billion yuan, down 26.75% year-on-year [1] - The company's net assets increased by 8% to 8.667 billion yuan compared to the end of 2023 [1] Business Segment Analysis - Wealth technology service revenue decreased by 17% to 1.4 billion yuan, with a gross margin decline of 1 percentage point to 76% [1] - Asset management technology service revenue fell by 8% to 1.6 billion yuan, with a gross margin decrease of 6 percentage points to 77% [1] - Operating and institutional technology service revenue decreased by 10% to 1.3 billion yuan, with a gross margin increase of 0.1 percentage points to 81.5% [1] - Other business segments, including risk and platform technology services, data services, and innovation services, also experienced revenue declines ranging from 1% to 8% [1] Cost and Expense Management - Operating costs increased by 1% to 1.8 billion yuan, with no significant changes [1] - Sales expenses decreased by 8% to 543 million yuan, while management expenses fell by 5% to 905 million yuan [1] - Research and development expenses decreased by 8% to 2.458 billion yuan, with a research expense ratio of 37% [1] Technological Innovation and Product Upgrades - The company has upgraded its overseas investment trading system GAMS3.0, enhancing integration with IT systems and improving digital capabilities [1] - The application of large models has accelerated customer demand analysis speed by three times and reduced local deployment resource consumption by 50% [1] - New systems and trading modes have been successfully implemented, significantly improving transaction performance and efficiency [1] Earnings Forecast and Valuation - The company has adjusted its earnings forecast, expecting net profits of 1.2 billion yuan in 2025, 1.4 billion yuan in 2026, and 1.7 billion yuan in 2027, with corresponding P/E ratios of 46, 40, and 33 times [1]

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：2025-007 恒生电子股份有限公司 第八届监事会第二十次会议决议公告 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。 恒生电子股份有限公司（以下称"公司"）第八届监事会第二十次会议于 2025 年 3 月 27 日于公司会议室举行。本次会议以现场结合通讯表决的方式召 开，应参与表决监事 3 名，实际参与表决监事 3 名，监事长蒋建圣先生主持了 本次会议。根据《公司法》和公司《章程》有关规定，会议合法有效。 经与会监事认真讨论和表决，审议通过如下决议： 一、审议通过《关于监事会换届选举的议案》，同意 3 票，弃权 0 票，反对 0 票，并同意递交公司股东大会审议。详见公司于上海证券交易所网站 www.sse.com.cn 发布的 2025-014 号公告。 特此公告。 七、审议通过《公司 2024 年度利润分配预案》，同意 3 票，弃权 0 票，反 恒生电子股份有限公司 对 0 票，并同意递交公司股东大会审议。 监事会认为：公司 2024 年度利润分配 ...