Fundraising Overview - The company raised a net amount of RMB 731,663,353.39 from the issuance of 20,946,737 shares, with a total issuance cost of RMB 78,137,499.03 [1][2] - All raised funds have been deposited into a special account, and agreements for fund supervision have been established with relevant parties [2] Investment Project Status - As of June 30, 2025, the total investment amount for the projects is RMB 57,444.54 million, with cumulative investment of RMB 22,340.01 million [2] Project Delays and Reasons - The company has decided to adjust the expected completion dates for several projects, including "Industry Data Security and Business Continuity and Big Data Replication Software Upgrade Project" and "Cloud Data Management Solution Construction Project" [4][5] - The delays are attributed to rapid industry technology iterations and evolving customer demands, necessitating a cautious approach to fund usage [4][5] Internal Investment Structure Adjustments - The company plans to adjust the internal investment structure for the marketing network upgrade project, reducing expenditures on site leasing and renovations while increasing personnel-related expenses [5][6] - This adjustment aims to enhance the effectiveness of marketing efforts and prevent fund wastage [5] Impact of Adjustments - The adjustments made will not affect the implementation of the projects or the intended use of funds, ensuring no adverse impact on the company's financial status [5][6] - The company will adhere to relevant regulations to ensure the legal and effective use of raised funds [5][6] Approval Process - The board of directors unanimously approved the project delays and internal investment structure adjustments, confirming compliance with necessary procedures [6][7] - The supervisory board also agreed that the changes do not harm shareholder interests and align with regulatory requirements [6][7] Sponsor's Verification - The sponsor has verified that the adjustments have been approved by the board and supervisory board, confirming alignment with the company's development needs and regulatory compliance [6][7]

Core Viewpoint - Han's Information achieved significant performance in the first half of 2025, with core operating indicators meeting expectations, including revenue and net profit, and operating cash flow turning positive for the first time in a single quarter [2][4]. Group 1: Financial Performance - In the first half of 2025, Han's Information reported a revenue of 1.1 billion yuan from AI business, with a notable increase in gross margin from proprietary products, which now account for 57% of total revenue [2][7]. - The company experienced a nearly 10% increase in sales expenses due to marketing and strategic investments, while management expenses rose significantly due to a 54 million yuan stock incentive provision [2][4]. - The traditional ERP business saw a revenue decline of approximately 5%, while the ITO business remained stable [2]. Group 2: AI Business Growth - The AI business is expected to sustain its growth momentum, driven by strong market demand and a shift in project promotion to a top-down approach led by core management [3][5]. - AI revenue structure indicates that Agent revenue constitutes a significant portion, approximately 80 million yuan, while AI middle platform revenue is around 30 million yuan [7]. - The company is focusing on multi-domain breakthroughs in AI, including marketing, supply chain, finance, and power sectors, with plans to enhance internal operations and market expansion [5][6]. Group 3: Strategic Initiatives - Han's Information is strategically investing in product and technology development in alignment with favorable national and local AI policies, aiming to create benchmark cases and optimize service processes [6]. - The company is building vertical models and combining tools to enhance customer value, responding to increasing market demands for model accuracy and data security [9]. - The enterprise-level PaaS platform (HZERO) has gained recognition from over 400 leading clients, with potential to expand to over 1,000 clients in the future [7].

Core Viewpoint - The article presents a special ranking list for private equity institutions, highlighting their unique investment research needs and preferences, which reflect their professional judgment and market voice [1][24]. Summary by Sections Private Equity Institutions Voting - A total of 177 private equity institutions participated in the voting process, managing over 1 trillion yuan [2]. Ranking of Analysts in Various Categories - The rankings for the 23rd New Fortune Best Analysts include various categories such as macroeconomics, strategy research, fixed income research, and more, showcasing the top institutions in each field [6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21]. Categories and Top Institutions - **Macroeconomics**: Top institutions include Guangfa Securities, Changjiang Securities, and Huachuang Securities [6]. - **Strategy Research**: Guangfa Securities leads, followed by Shenwan Hongyuan Securities [6]. - **Fixed Income Research**: Huatai Securities ranks first, with Tianfeng Securities and Changjiang Securities following [7]. - **Banking**: Top institutions are Guohai Securities, CITIC Securities, and Guangfa Securities [8]. - **Real Estate**: Changjiang Securities ranks first, followed by Guangfa Securities and Shenwan Hongyuan Securities [9]. - **Food and Beverage**: Changjiang Securities leads this category [10]. - **Pharmaceuticals and Biology**: Tianfeng Securities ranks first, with Guosheng Securities and CITIC Securities following [10]. - **Consumer Services**: Tianfeng Securities is the top institution [11]. - **Household Appliances**: The leading institution is Caitong Securities [11]. - **Agriculture**: Changjiang Securities ranks first [12]. - **Electronics**: Huachuang Securities leads this category [13]. - **Communications**: Tianfeng Securities ranks first [14]. - **Machinery**: Guangfa Securities is the top institution [15]. - **New Energy and Power Equipment**: Tianfeng Securities ranks first [16]. - **Defense and Military**: Changjiang Securities leads this category [17]. - **Chemicals**: Shenwan Hongyuan Securities ranks first [18]. - **Utilities**: Changjiang Securities is the top institution [19]. - **Metals and New Materials**: Changjiang Securities ranks first [20]. - **Non-Metallic Building Materials**: Changjiang Securities leads this category [21]. - **Overseas Market Research**: Tianfeng Securities ranks first [21].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 格隆汇8月29日丨兴业证券(601377.SH)发布中报，2025上半年实现营业总收入54.04亿元，同比增长 28.8%；归属母公司股东净利润13.3亿元，同比增长41.24%；基本每股收益为0.15元。 ...

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-032 兴业证券股份有限公司关于会计政策变更的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 重要内容提示： ●本次会计政策变更是公司根据财政部发布的相关会计处理实施问答而进 行的相应变更，无需提交公司董事会和股东会审议。公司自 2025 年 1 月 1 日起 执行，并采用追溯调整法，对 2024 年半年度财务报告进行追溯调整。本次会计 政策变更追溯调整，不会对公司财务状况、经营成果和现金流量产生重大影响， 不会导致公司已披露的年度财务报告出现盈亏性质改变，也不存在损害公司及股 东利益的情况。 一、本次会计政策变更概述 财政部于 2025 年 7 月 8 日发布标准仓单交易相关会计处理实施问答(以下简 称"问答")，其中关于"企业在期货交易场所通过频繁签订买卖标准仓单的合 同以赚取差价、不提取标准仓单对应的商品实物的，企业按照前述合同约定取得 标准仓单后短期内再将其出售的，不应确认销售收入，而应将收取的对价与所出 售标准仓单的账面价值的差额计入投资收益" ...

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-033 兴业证券股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 9 月 17 日(星期三)下午 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（https://roadshow.sseinfo.c om/） 投资者可于 2025 年 9 月 10 日(星期三)至 9 月 16 日(星期二)16:00 前登录上证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 xyzqdmc@xyzq.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 兴业证券股份有限公司（以下简称"公司"）于 2025 年 8 月 30 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经 营成果、财务状况，公司计划于 2025 年 9 月 17 日下 ...

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-034 兴业证券股份有限公司 第六届董事会第三十四次会议决议公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 兴业证券股份有限公司（以下简称"公司"）第六届董事会第三十四次会议 于 2025 年 8 月 25 日以电子邮件方式发出会议通知，于 2025 年 8 月 29 日以通讯 方式召开。公司现有董事 10 名，全体董事参加会议。会议的召集、召开及表决 程序符合《公司法》及《兴业证券股份有限公司章程》的相关规定。 本次会议审议通过了以下议案： 一、《兴业证券股份有限公司 2025 年半年度报告》及其摘要 表决结果：同意 10 票；反对 0 票；弃权 0 票。 具体内容请见公司同日于上海证券交易所网站披露的《兴业证券 2025 年半 年度报告》及其摘要。 二、关于修订《兴业证券股份有限公司内部审计制度》等两项制度的议案 表决结果：同意 10 票；反对 0 票；弃权 0 票。 为进一步建立健全公司内部审计及内部控制制度，提高内部审计工作效能， 加强内部控制管 ...

股票代码: 601377 兴业证券股份有限公司 2025年 半年度报告 V证券 2025 半年度报告 兴业证券股份有限公司 重要提示 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司发展战略、经营计划等前瞻性陈述，不构成对投资者的实质承诺，投资者及相关人士均应当对此 保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 公司已在本报告中详细描述可能面对的风险，敬请查阅本报告"第三节 管理层讨论与分析 – 五、其他披露事项 -（一） 可能面对的风险"中相关陈述。 十一、其他 □适用 √不适用 002 | 2025 年半年度报告 | | 第一节 释义 | | --- | | 第二节 公司简介和主要财务指标 | | 第三节 管理层讨论与分析 . | | 第四节 公司治理、环境和社会… | | 第五节 重要事项 | | 第六节 股份变动及股东情况 | | 第七节 债券相关情况 . | ...

兴业证券股份有限公司内部审计制度 （经 2025 年 8 月 29 日公司第六届董事会第三十四次会议审议通过)） 第一章 总则 第一条 为规范兴业证券股份有限公司（以下简称"公司""母公司"）内 部审计工作，健全内部审计体系，提升内部审计工作质量，充分发挥内部审计监 督作用，根据《中华人民共和国审计法》《审计署关于内部审计工作的规定》《福 建省内部审计工作规定》《中国内部审计准则》《证券公司内部审计指引》等有 关法律法规、规范性文件以及《兴业证券股份有限公司章程》的有关规定，结合 公司实际，制定本制度。 第二条 本制度所称内部审计，是指内部审计机构和内部审计人员对公司及 所属单位财务收支、经济活动、内部控制、风险管理以及内部管理的领导人员履 行经济责任情况等，实施独立、客观的监督、评价和建议，以促进公司完善治理、 实现目标的活动。 第三条 公司加强内部审计文化建设和宣导，推行独立、客观、公正、廉洁 的内部审计文化，建设忠诚、干净、担当的内部审计队伍，践行合规、诚信、专 业、稳健的证券行业文化。 第四条 本制度适用于公司及所属单位内部审计机构和内部审计人员及其 从事的内部审计活动。其他组织或者人员接受委托、聘用 ...

Core Insights - As of August 28, TMT transaction share stands at 40.8%, with the highest levels for Deepseek and ChatGPT at 46.5% and 50.24% respectively in 2023 [1][4] Group 1: TMT Market Performance - The current TMT transaction share is 40.8%, with the highest recorded for Deepseek at 46.5% and ChatGPT at 50.24% in 2023 [1] - The adjusted metric of transaction share to free float market cap ratio is currently at 1.57, compared to 1.93 for Deepseek and 2.44 for ChatGPT earlier this year [4] Group 2: Electronics and Communication Sector - The transaction share for the electronics and communication sectors is currently at 25.6%, reaching the highest level since the beginning of 2023 [7] - The adjusted transaction share to free float market cap ratio for these sectors is at 1.49, which is not extreme compared to past peaks above 1.7 [7] Group 3: Market Concentration - The concentration of the top 20% stocks by transaction volume in the communication sector is at 70%, while in the electronics sector it is at 68%, indicating a recent increase but not reaching historical extremes [10]