证券研究报告 | 行业周报 gszqdatemark 2025 08 17 年 月 日 计算机 新一轮互金行情谁将分享红利 居民理财"搬家"趋势加速，互联网金融龙头分享红利。1）2024 年 9 月 以来，上证所 A 股账户新增开户数持续增长，2025 年 7 月同比增速达到 70.5%，增速较前面三个月出现显著增长，新一轮资本市场高峰期来临。 2）6 月末，银行理财存续规模达到 31.3 万亿元，同比增长 9.7%，达到赎 回潮前的规模水平。国有行方面，上半年工、农、中、建四大行理财子公 司存续规模增长速度放缓，建信理财还出现了 7.2%的收缩；中邮理财、 交银理财增速较快，上半年增速分别达到 16.5%、8.0%。相较于国有行， 股份行理财子公司趋势更为明显，恒丰理财、渤银理财两家较小规模机构 增速迅猛，分别为 29.0%、22.4%。招银理财上半年规模收缩 1%，但仍 为市场上存续规模最大的理财子公司，达到 2.41 万亿元。 证券类 APP 活跃度已成为引流核心，头部平台有望按照流量占比分享红 利。1）根据证券时报网，2024 年 12 月，在第三方证券类应用 APP 领域， 同花顺、东方财富和大智慧 ...

Market Performance - The A-share market continued its strong performance this week, with all three major indices rising. The Shanghai Composite Index increased by 1.7%, the Shenzhen Component Index rose by 4.55%, and the ChiNext Index surged by 8.58% [1] - Market trading activity significantly increased, with a total trading volume of approximately 2.27 trillion yuan [1] - There was notable divergence in individual stock performance, with 55 stocks rising over 30% during the week, led by Oulutong with an 82.52% increase [1] Industry Analysis - Among the stocks that rose over 30%, the electronics sector had the highest representation with 9 stocks, followed by the machinery equipment sector with 7 stocks [3] - Conversely, 36 stocks experienced declines of over 10%, with Jinlihua Electric, Jihua Group, and *ST Gaohong each falling over 20% [3] Institutional Investment Trends - Institutional fund movements showed a mixed pattern, with institutions appearing on the trading lists of 119 stocks, net buying 56 and net selling 63 [4] - 41 stocks received net purchases exceeding 10 million yuan from institutions, with five stocks, including Zhinan Zhen and Innovation Medical, seeing net purchases over 100 million yuan [4] - Zhinan Zhen had the highest net purchase amount among stocks on the trading list, rising 26% with a turnover rate of 54.55% and a total trading volume of 31.427 billion yuan [4] Brokerage Sector Performance - The brokerage sector performed exceptionally well this week, with several stocks achieving consecutive daily limit increases. Changcheng Securities recorded a "three consecutive limit up," while Tianfeng Securities hit the daily limit [5] - The first batch of semi-annual reports from brokerages showed significant profit growth for small and medium-sized firms. Jianghai Securities reported a revenue of 726 million yuan, up 81.17%, and a net profit of 288 million yuan, a staggering increase of 1311.60% [5] - Self-operated businesses were the main driver of performance growth for small and medium-sized brokerages, with Jianghai Securities' self-operated business revenue reaching 406 million yuan, a 211.77% increase [5] Margin Trading Activity - Margin trading saw a substantial net purchase of 45.7 billion yuan this week, marking the largest weekly net purchase of the year, with the total margin balance exceeding 2 trillion yuan, the highest level since June 2015 [5] - The electronics sector was the most favored by margin traders, receiving over 13.3 billion yuan in net purchases, followed by machinery equipment with over 4 billion yuan [5]

当然 我们 圈子这 周一 就 开始连续 5天都提示强调的互金方向 ， 今天 也 是大获全胜 ， 同花顺涨幅 1 6 %+，指南针20%，大智慧10%， 银之杰 7 %+，财富趋势1 1 %+，连 券茅 东方财富都 接近 10 % ， 关于 金融科技 / 互金领涨的逻辑，除了 广为人知 的牛市旗手和弹性 先锋外， 7月 份 我们 还 重点强调了 其 跟稳定币 、 AI金融、券商并购等都有强关联， 当然 今天 这里也有踏空资金的FOMO 效应下的跟风 作用 ，但是只要 市场 预期好，有更多接力资金 就会向牛市更深处挺进！比如我们这周就强调科技硬件的机器人和消费电子会有较好流动性承 接力，互金和半导体光刻机更是享受情绪溢价。 其他 液冷 服务器（英维克、申菱环境、飞龙股份、冰轮环境等）、 PCB 、 机器人 轻量化、电子布（菲利华、东材科技）等 核心票大都奔 新高去、必须妥妥牛市呀！这个时候只要等成交量能维持 1.8-2万亿以上就不用太担心回调，更怕大家卖飞，牛市秘籍还是主流方向+核心标 的=捂股丰登！ 关注我们公众号的朋友们，对于这上证冲破 924新高，并时隔113个交易日重回2万亿的强势表现应该并不惊讶，我们也 ...

证券研究报告|行业定期报告 2025 年 08 月 15 日 GPT-5 正式发布，关注互联网中报表现 互联网行业上市公司重要公告： ❑ 大智慧： 8 月 4 日，大智慧发布公告，湘财股份持有公司无限售条件流通股 192,136,807 股（占总股本 9.66%）。本次解质押股份 3,227,268 股，解 质押后，湘财股份累计质押 79,809,830 股，占其持股量 41.54%、公司总 股本 4.01%。 行业新闻： 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 160 | 3.1 | | 总市值（十亿元） | 1877.4 | 2.0 | | 流通市值（十亿元） | 1709.0 | 2.0 | 行业指数 % 1m 6m 12m 绝对表现 5.1 10.6 54.0 相对表现 2.4 5.2 31.2 资料来源：公司数据、招商证券 -20 0 20 40 60 80 Aug/24 Dec/24 Mar/25 Jul/25 (%) 传媒 沪深300 互联网行业周报 TMT 及中小盘/传媒 中报季临近，我们持续坚定推荐业绩表现稳中向好、AI ...

券商ETF基金(515010)跟踪证券公司指数，指数前十大成份股权重达60.73%，一键配置券商龙头，直接 受益A股行情回暖。数据显示，券商ETF基金（515010）当前管理费托管费合计费率0.2%，为当前场内 费率档次最低投资标的。 金融科技ETF华夏（516100）紧密跟踪中证金融科技主题指数，涵盖软件开发、互联网金融及数字货币 产业链，兼具金融属性与科技属性，被誉为"新牛市旗手"，有望受益行情回暖及AI双重利好催化。 8月15日，三大指数集体走高，沪指再度冲击3700点，炒股软件、PEEK 材料概念领涨，市场轮动风格 明显，市场做多情绪持续升温。截至14:03，金融科技ETF华夏（516100）涨7.39%，涨幅居全市场ETF 首位，净值1.542元，创成立以来新高，其持仓股指南针20CM涨停，恒宝股份、大智慧10CM涨停，同 花顺、财富趋势、东方财富、银之杰均涨超10%，赢时胜、京北方等股纷纷异动走强，券商ETF基金 （515010）涨5.36%，其持仓股长城证券、中银证券、天风证券等股批量涨停，东方财富涨超11%，锦 龙股份、国盛金控等股纷纷走高。 正可谓牛市行情，券商、炒股软件概念都不会缺席。华泰 ...

互联网金融板块震荡走强，同花顺涨超5%，汇金股份、指南针、三川智慧、大智慧跟涨。 ...

Core Viewpoint - The glyphosate sector is experiencing unexpected price increases during the traditional off-season, driven by strong foreign trade orders and limited supply [1] Industry Summary - As of August 20, the glyphosate sector saw an overall increase of 0.91%, with notable performances from Jiangshan Co. and *ST Hanyue, which hit the daily limit, and Xin'an Chemical and Xingfa Group, which rose by 7.26% and 5.98% respectively [1] - Analyst Yang Lin from Southwest Securities noted that July is typically a demand off-season for glyphosate in China, yet prices have shown resilience, indicating a second wave of price increases [1] - The current supply situation is tight due to a high volume of pre-sold orders and maintenance plans from some manufacturers, leading to reduced supply capacity [1] - The overall supply capability in the industry remains constrained, with expectations for continued tightness in the short term, suggesting a bullish outlook for glyphosate prices [1] Company Summary - Companies to watch in the glyphosate sector include Yangnong Chemical, Jiangshan Co., Xingfa Group, Xin'an Chemical, and Guangxin Co., as they are expected to benefit from the rising prices [1]

天眼查商业履历信息显示，上海大智慧股份有限公司，成立于2000年，位于上海市，是一家以从事软件 和信息技术服务业为主的企业。企业注册资本200386.56万人民币，实缴资本200386.56万人民币。公司 法定代表人为张志宏。 通过天眼查大数据分析，上海大智慧股份有限公司共对外投资了20家企业，参与招投标项目37次，知识 产权方面有商标信息243条，专利信息12条，此外企业还拥有行政许可5个。 大智慧最新一期业绩显示，截至2025一季报，公司营业总收入1.65亿元、同比增长3.46%，归属净利润 237.82万元，同比增长103.46%，扣非净利润3019.38万元，同比增长50.93%，流动比率3.186、速动比率 3.186、资产负债率24.70%。 金融界消息 截至2025年8月13日收盘，大智慧（601519）报收于14.9元，上涨4.27%，换手率9.85%，成 交量195.92万手，成交金额28.52亿元。 来源：金融界 资金流向方面，今日主力资金净流入1.54亿元，占比成交额5.4%。其中，超大单净流入1.60亿元、占成 交额5.62%，大单净流出641.65万元、占成交额0.23%，中单净流出 ...

多角度把握金融科技机会，建议重点关注金融科技ETF（159851）及其联接基金（A类013477、C类 013478），标的指数全面覆盖了互联网券商、金融IT、跨境支付、AI应用、华为鸿蒙等热门主题。截至 8月8日，金融科技ETF（159851）最新规模超80亿元，今年以来日均成交额超6亿元，规模、流动性在 跟踪同一标的指数的3只ETF中断层第一！ 浙商证券指出，金融IT板块兼具科技和金融属性。在资金入市和成交额增加的情况下，个人投资者软件 使用的增加以及机构业绩改善后的IT预算增加，能够带动金融IT基本面的改善。同时，流动性增加和风 险偏好的提升，也能为这一板块带来明显的估值提升。 浙商证券表示，技术渗透、业务需求和政策红利是金融IT板块上涨的放大催化因素。特别是在2015年牛 市中，金融科技的表现尤为突出。金融IT受多重因素推动，包括互联网金融的兴起、金融机构投入的提 升以及资本市场改革红利的出现，这些因素共同推动了金融IT的快速增长。 浙商证券认为，目前随着时代的进步，金融IT仍在继续前行。现已从移动互联网时代进入AI时代，金融 IT的进一步上涨有可能受到大语言模型推动AI产业革命的影响，其次是新业务拓 ...

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The financial IT sector shows significant elasticity during the initial stages of a bull market, with notable price increases and valuation expansions [3] - The combination of technology and finance attributes leads to a "Davis Double Play" effect during bull markets, particularly highlighted in 2015 [4] - Current advancements in AI and new business developments are expected to drive further growth in the financial IT sector [5] Summary by Sections 2014-2015: Liquidity Explosion, Financial Technology Leads - The bull market from 2014 to 2015 was driven by ample liquidity and the rise of mobile internet, leading to significant gains in financial technology stocks [15][19] - Financial technology stocks experienced substantial price increases, with some stocks seeing gains close to 450% compared to mid-2014 levels [4] - The financial IT sector benefited from increased investor participation and software usage during the bull market [33] 2016-2018: Structural Bull Market, Varied Performance in Financial Technology - The period from 2016 to 2018 was characterized by a structural bull market influenced by supply-side reforms and foreign capital inflows [43] - Financial technology stocks underperformed compared to the broader market during this period, primarily due to high valuations and changing market preferences [46][52] - The financial IT sector faced challenges as the market shifted focus towards blue-chip and consumer stocks, leading to a decline in growth stocks [56] 2019-2021: Core Assets Drive Structural Bull Market - The financial technology sector saw a resurgence from 2019 to 2021, driven by global liquidity and domestic industrial upgrades [70] - The introduction of the Sci-Tech Innovation Board in 2019 significantly boosted the financial technology sector, with strong performance noted in various market phases [76][81] - Financial technology stocks outperformed the market during key periods, reflecting the sector's recovery and growth potential [82]