截至7月31日，宝信软件股东户数12.93万，较上期增加9.61%；人均流通股20430股，较上期减少 10.50%。2025年1月-6月，宝信软件实现营业收入47.15亿元，同比减少30.08%；归母净利润7.13亿元， 同比减少46.46%。 分红方面，宝信软件A股上市后累计派现100.67亿元。近三年，累计派现57.36亿元。 机构持仓方面，截止2025年6月30日，宝信软件十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股6708.65万股，相比上期减少1479.07万股。华泰柏瑞沪深300ETF（510300）位居第六大流 通股东，持股1557.17万股，相比上期增加170.79万股。易方达沪深300ETF（510310）位居第七大流通 股东，持股1099.83万股，相比上期增加111.68万股。 责任编辑：小浪快报 资金流向方面，主力资金净流出2189.21万元，特大单买入1743.20万元，占比3.23%，卖出3697.51万 元，占比6.86%；大单买入1.20亿元，占比22.24%，卖出1.22亿元，占比22.67%。 宝信软件今年以来股价跌18.63%，近5个交易日跌9.93% ...

Core Viewpoint - Baoxin Software's stock has experienced a decline of 11.48% year-to-date, with a recent drop of 2.01% on August 29, 2023, indicating potential concerns regarding its financial performance and market position [1]. Financial Performance - For the first half of 2025, Baoxin Software reported a revenue of 4.715 billion yuan, a year-on-year decrease of 30.08%, and a net profit attributable to shareholders of 713 million yuan, down 46.46% compared to the previous year [2]. - Cumulative cash dividends since the A-share listing amount to 10.067 billion yuan, with 5.736 billion yuan distributed over the last three years [3]. Shareholder and Market Activity - As of July 31, 2025, the number of Baoxin Software's shareholders increased by 9.61% to 129,300, while the average number of circulating shares per person decreased by 10.50% to 20,430 shares [2]. - On August 29, 2023, the stock's trading volume was 489 million yuan, with a turnover rate of 0.90%, and the total market capitalization stood at 72.832 billion yuan [1]. Business Overview - Baoxin Software, established on August 15, 1994, operates primarily in software development and engineering services (64.02% of revenue), service outsourcing (35.31%), system integration (0.48%), and other services (0.20%) [1]. - The company is categorized under the computer-IT services sector and is associated with various concept sectors, including the Shanghai Free Trade Zone, smart vehicles, Tencent Cloud, state-owned enterprise reform, and ERP concepts [1]. Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 67.0865 million shares, a decrease of 14.7907 million shares from the previous period [3]. - The sixth-largest circulating shareholder is Huatai-PB CSI 300 ETF, with 15.5717 million shares, an increase of 1.7079 million shares, while the seventh-largest is E Fund CSI 300 ETF, holding 10.9983 million shares, up by 1.1168 million shares [3].

Market Overview - The Shanghai Composite Index is at 3839.08 points, above the six-month moving average, with a decline of 0.76% [1] - The total trading volume of A-shares is 23899.72 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 16 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Digital Human: 10.98% - *ST Baoshi: 5.13% - Aerospace Electric: 3.50% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Wangcheng Technology: 0.11% - Zhu Laoliu: 0.16% - Yintuwanglian: 0.17% [1] Performance of Selected Stocks - The following stocks have notable performance metrics: - Digital Human: Today's increase of 14.01% with a turnover rate of 25.34% [1] - *ST Baoshi: Increased by 5.05% with a turnover rate of 2.04% [1] - Aerospace Electric: Increased by 3.55% with a turnover rate of 2.36% [1]

（注：如果是通过Quaterly Review进行查询，则需要找到页面下的文件《MSCI Equity Indexes August 2025 Index Review》，再通过该文件第一页末尾的网址链接进行跳转。） 找到图中标黄的文件《MSCI Global Standard Indexes List of Additions/Deletions》，就可以查到MSCI对 不同国家股票的增加/移除清单，下图标黄的部分为宝信B。 来源：市场资讯 （来源：Charlie伴你投资） MSCI指数每个季度都会进行调仓，当有成分股被移除时，可能会被不计成本地抛售导致股价下跌，尤 其是在流动性缺失的B股。这种场景有时候会出现投资机会。 以宝信B股为例，8月7日MSCI公告其将被移出指数，8月27日生效。8月26日，宝信B股跌停，B股的价 格仅有A股价格的28%。 从8月7日至8月21日，宝信B的股价累计下跌27%，而宝信A的股价累计上涨 2.54%，可见宝信B股价严重下挫的主因并非基本面的影响。 在8月26日宝信B跌停这天，我临时决定购汇进行买入，次日午间收盘前，宝信B上涨9.78%，收益率令 人满意。 MSCI官网的信 ...

Policy Background and Core Logic - The State Council released the "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action" on August 26, 2025, aiming to promote AI empowerment across six dimensions: technology, industry, consumption, livelihood, governance, and global cooperation [1] - The policy outlines three stages: achieving deep integration in six fields by 2027 (with smart terminal penetration exceeding 70%), establishing smart economy as a growth driver by 2030 (with penetration exceeding 90%), and entering a new stage of intelligent society by 2035 [1] - This policy is expected to reshape China's AI industry chain and create trillion-level investment opportunities [1] Computing Infrastructure: The "Water, Electricity, and Coal" of the AI Era - The policy emphasizes "strengthening intelligent computing power coordination," focusing on breakthroughs in liquid cooling technology, optical modules, and AI chips [3] - Inspur Information holds a 47% global market share in AI servers, with a revenue increase of 165% year-on-year in Q1 2025, benefiting from accelerated construction of intelligent computing centers [4] - The company has received over 20 billion yuan in national computing network orders, with a 40% year-on-year increase in net profit in Q2 2025 [4] Industry Applications: Accelerated Penetration in Vertical Scenarios - The policy encourages deep integration of AI with manufacturing, government, and healthcare, accelerating commercialization in vertical scenarios [5] - Weining Health's AI-assisted diagnostic system covers 3,000 hospitals with a diagnostic accuracy rate of 93.6%, and its medical AI revenue doubled in Q2 2025 [5] - The company has won over 20 provincial government projects, enhancing processing efficiency by 70% through its NLP capabilities [5] Consumer-Level AI: Revolution in Smart Terminals - Wanxing Technology's AI model has improved video creation efficiency by five times, with a revenue increase of 180% in H1 2025 [6] - The company is a core chip supplier for Alibaba's AI glasses, with a market share exceeding 60% in smart wearable chips [6] - AI subscription services are becoming a new growth driver, with net profit increasing by 120% year-on-year in Q2 2025 [6] Data Elements and Security: The Foundation of the AI Ecosystem - The policy highlights the need for "data element circulation and security governance," making data labeling and privacy computing essential [6] - Companies like Haitan Ruisheng and Qi Anxin are positioned to benefit from this trend [6] Intelligent Agents and Ecosystem: The Core of Next-Generation Interaction - The policy promotes "human-machine collaborative organizational structures," making intelligent agent platforms standard for enterprises [6] - Companies such as Tuowei Information are expected to play a significant role in this area [6] Global Cooperation and Open Source Ecosystem - The policy emphasizes "AI for all," with open-source communities and global standard-setting being crucial [6] - Companies like Cambrian are involved in this global cooperation effort [6] Investment Strategy - Short-term focus on computing hardware (e.g., Zhongji Xuchuang, Inspur Information) and government intelligent agents (e.g., Tuowei) [7] - Long-term attention to companies with high technical barriers and deep scenario implementation (e.g., Zhongke Shuguang, Weining Health) [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a significant decline in revenue and net profit for H1 2025, with revenue at 4.715 billion yuan, down 30.07% year-on-year, and net profit at 713 million yuan, down 46.46% year-on-year [2][5] - Despite the pressure on the fundamentals, there is a notable recovery in inventory and contract liabilities, with a year-on-year growth of 28% in Q2, indicating potential recovery in downstream demand [2][10] - The company is focusing on IDC construction and the promotion of AI and robotics strategies, which are expected to drive future growth [10] Summary by Sections Financial Performance - For H1 2025, the company achieved revenue of 4.715 billion yuan, a decrease of 30.07% year-on-year, and a net profit of 713 million yuan, down 46.46% year-on-year [2][5] - In Q2 alone, revenue was 2.177 billion yuan, down 35.05% year-on-year, and net profit was 268 million yuan, down 63.86% year-on-year [2][5] - The gross margin for Q2 was 35.2%, showing a slight recovery from the previous quarter [10] Business Segments - The software development segment generated 3.018 billion yuan in H1 2025, down 40.67% year-on-year, while the service outsourcing segment, including IDC and operations, saw a revenue increase of 4.22% [10] - The average price of rebar in Q2 2025 was 3,153 yuan per ton, reflecting a decline of 13% year-on-year [10] Cash Flow and Future Outlook - Operating cash flow for H1 2025 was 1.646 billion yuan, an increase of 3.41% year-on-year, indicating improved collection of receivables [10] - The company is expected to achieve net profits of 1.91 billion yuan, 2.30 billion yuan, and 2.80 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 38.8x, 32.2x, and 26.5x [10]

近期，公募基金行业高管变更频繁，又一家千亿公募发生董事长更迭。 对于此次黄孔威离任公司董事长，华宝基金表示，上述变更事项，已经华宝基金管理有限公司股东会第 33 次会议审议通 过，并按规定向中国证券监督管理委员会上海监管局备案，公司对黄孔威先生担任董事长期间为公司发展做出的贡献表 示衷心感谢。 宝信软件原董事长夏雪松接任 此次接任黄孔威担任华宝基金董事长的，是同样来自"宝武系"的夏雪松。 公开履历显示，夏雪松，1970年生人，中南财经大学税收专业本科，中欧国际工商学院EMBA，曾任上海宝信软件股份 有限公司副总经理兼财务总监、党委书记、总经理；2016年出任上海宝信软件股份有限公司董事长、党委书记。2025年6 月27日，上海宝信软件股份有限公司董事会收到夏雪松因工作变动辞去董事长、董事及战略委员会主任职务的书面报 告，该辞职即日生效，辞职后其不在公司担任任何职务。随后，夏雪松出任华宝基金党委书记。 8月23日，华宝基金公告，黄孔威因为"任职年龄原因"离任公司董事长，公司党委书记、宝信软件原董事长夏雪松接任。 黄孔威离任华宝基金董事长 公开信息显示，黄孔威自2022年7月2日开始正式担任华宝基金董事长，截至2 ...

Group 1 - The Shanghai Intelligent Transportation Index (H50035) increased by 1.97%, closing at 2032.52 points with a trading volume of 24.764 billion yuan [1] - The index has risen by 11.80% over the past month, 14.94% over the past three months, and 18.87% year-to-date [1] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures during the urbanization process, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten weighted companies in the Shanghai Intelligent Transportation Index include SAIC Motor (10.86%), Hongfa Technology (8.6%), Aerospace Electronics (8.53%), and others [1] - The index is composed entirely of companies listed on the Shanghai Stock Exchange, with a 100% representation [1] - The sample industries of the index show that consumer discretionary accounts for 29.67%, information technology for 29.62%, industrials for 29.11%, and communication services for 11.60% [2] Group 3 - The index sample is 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] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

资料显示，上海宝信软件股份有限公司位于中国(上海)自由贸易试验区郭守敬路515号，成立日期1994年8月15日，上市日期1994年3月11日，公司主营业务涉及计算机、自动化、网络通讯系 宝信软件所属申万行业为：计算机-IT服务Ⅱ-IT服务Ⅲ。所属概念板块包括：沪自贸区、央企改革、ERP概念、智能汽车、MSCI中国等。 资金流向方面，主力资金净流入5008.65万元，特大单买入7295.09万元，占比15.27%，卖出2692.34万元，占比5.63%；大单买入1.08亿元，占比22.64%，卖出1.04亿元，占比21.79%。 宝信软件今年以来股价跌10.78%，近5个交易日涨4.41%，近20日跌1.27%，近60日涨1.55%。 机构持仓方面，截止2025年6月30日，宝信软件十大流通股东中，香港中央结算有限公司位居第二大流通股东，持股6708.65万股，相比上期减少1479.07万股。华泰柏瑞沪深300ETF（5103 责任编辑：小浪快报 截至7月31日，宝信软件股东户数12.93万，较上期增加9.61%；人均流通股20430股，较上期减少10.50%。2025年1月-6月，宝信软件实现营业收入47.1 ...

人民财讯8月21日电，近日，由宝信软件（600845）牵头负责、易碳数科参与建设的太钢全流程在线碳 管理平台正式通过T V南德公司认证。 ...