Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [37]. Core Viewpoints - The report highlights the positive outlook for financial IT and cross-border payment companies due to the recent policy developments in stablecoins, RDA, and CIPS, which are expected to enhance efficiency, reduce costs, and improve transparency in cross-border payments and settlements [1][4][21]. - The stablecoin market is diversifying, with various participants including fintech companies and traditional banks, which is likely to enhance the credibility and application scenarios of stablecoins [13][14]. Summary by Sections Industry Investment Rating - The industry is rated as "Outperform the Market," with expectations of better performance compared to the benchmark index [37]. Company Dynamics - Jiuyuan Yinhai expects to achieve revenue of 414-454 million yuan in the first half of 2025, a year-on-year increase of 5%-15%, with net profit expected to grow significantly by 130%-180% [3]. - Inspur Information plans to repurchase its A-shares with a total fund of no less than 200 million yuan and no more than 300 million yuan, with an expected repurchase price not exceeding 75.59 yuan per share [3]. Investment Recommendations - The report suggests focusing on companies such as Runhe Software, Nantian Information, Borui Data, Huichen Shares, Digital Government, and Jiuyuan Yinhai, which are expected to benefit from the developments in stablecoins and related technologies [4][21]. Policy Developments - Recent policies in regions like Hong Kong and Shanghai are aimed at promoting the development of stablecoins and their applications, including the issuance of tokenized government bonds and enhancing the management mechanisms for cross-border payment systems [15][18][21]. - The introduction of the RDA paradigm by the Shanghai Data Exchange emphasizes the importance of data in verifying the authenticity and enhancing the value of real-world assets [20][21]. Market Trends - The stablecoin market is expanding into real-world applications, particularly in cross-border payments, B2B payments, and asset tokenization, which are expected to grow rapidly [14][21]. - The report notes that the development of stablecoins will increase the demand for system upgrades and related services from financial IT companies [21].

[Core Performance Forecast (2025H1)](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company announced a pre-loss for the first half of 2025, with net profit attributable to shareholders expected to range from -90 million to -60 million RMB, and net profit after deducting non-recurring gains and losses from -98 million to -68 million RMB, with these figures being preliminary and unaudited 2025 Semi-Annual Performance Forecast | Project | Estimated Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -90 million to -60 million RMB | | Net Profit After Deducting Non-Recurring Gains and Losses | -98 million to -68 million RMB | - These preliminary performance forecast figures are unaudited by a certified public accountant[3](index=3&type=chunk) [Prior Period Performance Review (2024H1)](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) In the first half of 2024, the company was already in a loss position, with net profit attributable to parent company shareholders at -50.4248 million RMB, indicating an expanded expected loss for H1 2025 compared to the prior year 2024 Semi-Annual Performance Data | Project | Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -50.4248 million RMB | | Net Profit After Deducting Non-Recurring Gains and Losses | -59.7027 million RMB | | Earnings Per Share | -0.22 RMB/share | [Analysis of Performance Pre-Loss Reasons](index=1&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E4%BA%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The company attributes the pre-loss and expanded deficit to inherent business seasonality, with revenue recognition concentrated in the second half while costs are rigid in the first half, alongside increased market competition and tighter client budgets leading to a year-over-year decline in operating revenue - The company's business exhibits significant seasonality, with clients (primarily government, military, and financial sectors) typically budgeting in the first half and project implementation and settlement concentrated in the second half, while fixed costs like personnel salaries are evenly distributed, often leading to losses in the first half[6](index=6&type=chunk) - Compared to the prior period, increased market competition, tighter client budgets, or procurement delays have reduced the company's operating revenue, leading to an expanded net profit loss[6](index=6&type=chunk) [Risk Warning and Other Explanations](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) Management emphasizes that these preliminary performance forecast figures are based on the finance department's initial calculations and are unaudited, thus final financial data may differ, with definitive information subject to the company's official 2025 semi-annual report disclosure - This performance forecast represents preliminary calculations by the company's finance department and has not been audited by a certified public accountant, thus its accuracy is uncertain[7](index=7&type=chunk) - The final accurate financial data will be based on the company's officially disclosed 2025 semi-annual report, cautioning investors to be aware of investment risks[8](index=8&type=chunk)

Core Viewpoint - The financial technology sector is experiencing significant activity, particularly in stablecoin-related stocks, with notable gains in various companies and ETFs, indicating a positive market sentiment and investment potential in this area [1][3]. Group 1: Market Activity - Stablecoin concept stocks are active, with companies like Guoao Technology hitting a 20% limit up, and others like New Wisdom Software and Geer Software rising over 5% [1]. - The financial technology ETF (159851) is showing strong performance, with a price increase of over 2% and a trading volume surpassing 300 million yuan, indicating increased investor interest [1][2]. - Over the past five days, the financial technology ETF has attracted over 370 million yuan in capital inflow, highlighting its liquidity and market appeal [1][3]. Group 2: Investment Opportunities - According to招商证券, technology innovation remains a key growth theme, with a focus on financial technology as a promising investment direction [3]. - The stablecoin and Real World Assets (RWA) are identified as clear development directions within financial technology, with international advancements in tokenization of securities [3]. - The financial technology ETF (159851) has a current scale exceeding 6.6 billion yuan, with an average daily trading volume of over 500 million yuan in the past six months, showcasing its liquidity advantages [3].

Core Insights - The article highlights the recognition of Geer Software's self-developed Post-Quantum Cryptography (PQC) security solution at the 11th China (Shanghai) International Technology Import and Export Fair, marking a significant advancement in China's cryptography technology and reflecting the deep changes in global digital governance [1][2] - The rapid development of quantum computing poses a substantial threat to traditional cryptographic algorithms, with predictions that within ten years, public key cryptography will face serious challenges, leading to potential risks in critical information security [1][3] Group 1: Quantum Threat and Industry Response - Quantum computing is rapidly changing the foundational logic of cryptography, rendering traditional public key systems like RSA and ECC vulnerable to quantum attacks [3][4] - Over 80% of global digital identity systems currently rely on traditional public key algorithms, which are at risk due to advancements in quantum computing [3] - Geer Software emphasizes the importance of PQC technology as a defense against quantum threats, aiming to upgrade traditional public key infrastructure (PKI) to a next-generation PKI (NGPKI) that can withstand quantum attacks [4][6] Group 2: Commercialization and Standardization Challenges - PQC technology is still in the research and standardization phase, with significant hurdles to large-scale commercialization, including the need for progress in standardization and supportive policies [6][7] - The National Institute of Standards and Technology (NIST) is set to release the first three global anti-quantum encryption standards in August 2024, which is crucial for the widespread application of PQC technology [6] Group 3: Talent Development and Collaboration - Geer Software prioritizes talent as a key driver for growth, collaborating with universities to foster practical skills in cryptography and contribute to the development of national standards for PQC algorithms [7][8] - The company is actively engaged in pilot projects across various sectors, including finance and government, to validate and implement PQC solutions [8] Group 4: International Expansion and Strategic Significance - Geer Software's international project showcases its first large-scale export of cryptographic technology, emphasizing a comprehensive approach rather than merely exporting components [9][10] - The company aims to leverage continuous investment and ecosystem integration to navigate the challenges posed by the evolving landscape of quantum computing and cryptography [9][10]

Core Insights - The company, Geer Software, has made significant progress in its ESG ratings, achieving a leap from BBB to A level according to Huazheng ESG ratings, and further improving to AA level with a score of 8.41 in 2025, placing it in the top 3.89% of the software industry [1] - Geer Software emphasizes that ESG is an ongoing process, focusing on data security governance, industry collaboration, and innovation-driven development to implement its ESG strategy [1] Group 1: Data Security Governance - In the current data-centric era, data security is crucial for enterprises and a key aspect of ESG governance, with Geer Software integrating ESG principles into the entire data lifecycle management [2] - The company invests heavily in R&D for data encryption, access control, and data leak prevention, establishing a comprehensive data security protection system [2] - Geer Software has developed a unified security management system for various business operations, ensuring end-to-end security control for cloud-based remote access [2] Group 2: Industry Collaboration - Geer Software advocates for a collaborative approach in the cybersecurity industry, aiming to build a new network security ecosystem centered around cryptography technology [4] - The company has successfully partnered with Huawei to promote innovation in network security technology and has collaborated with Guotai Junan to accelerate the application of domestic cryptography [4] - By integrating resources within the industry, Geer Software contributes to the development of domestic technologies and supports national information security strategies [4][5] Group 3: Innovation and Development - The company recognizes the explosive growth in cybersecurity demand due to accelerated digital transformation and integrates ESG principles into product and service innovation [6] - Geer Software has achieved CMMI Level 5 certification, indicating a new level of excellence in R&D management, with a focus on developing innovative security products [7] - In 2024, the company invested approximately 97.89 million yuan in R&D, representing 18.49% of its revenue, and employed 201 R&D personnel, highlighting its commitment to innovation [7] Group 4: Future Outlook - Geer Software plans to continue advancing its ESG initiatives, enhancing governance systems, strengthening innovation capabilities, and expanding ecological cooperation to set a benchmark for sustainable development in the cybersecurity industry [8]

格尔软件股份有限公司 证券代码：603232 证券简称：格尔软件 公告编号：2025-029 特此公告。 关于董事会、监事会延期换届的提示性公告 格尔软件股份有限公司董事会 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。 格尔软件股份有限公司（以下简称"公司"）第八届董事会、监事会于 2025 年 7 月 3 日任期届满。鉴于公司新一届董事会候选人提名、监事会改革事项等工 作正在进行中且尚未完成，为保证公司董事会、监事会相关工作的连续性及稳定 性，公司董事会、监事会换届选举工作将适当延期，公司董事会及其专门委员会、 监事会、高级管理人员的任期亦将相应顺延。 在新一届董事会、监事会换届选举工作完成之前，公司第八届董事会及其专 门委员会全体成员、监事会全体成员、公司高级管理人员将依照法律法规和《公 司章程》的相关规定继续履行相应的职责和义务。 公司将积极推进相关工作，尽快完成董事会、监事会换届选举工作，并及时 履行相应的信息披露义务。 2025 年 7 月 3 日 ...

格尔软件股份有限公司 关于实施回购股份注销暨股份变动的公告 证券代码：603232 证券简称：格尔软件 公告编号：2025-028 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： 格尔软件股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日、2025 年 5 月 16 日分别召开第八届董事会第二十七次会议、2024 年年度股东大会，审 议通过了《关于变更部分回购股份用途并注销的议案》，公司拟将回购专用证券 账户中已回购但尚未使用的 700 股股份用途由"用于实施股权激励"变更为"用 于注销并相应减少公司注册资本"，并对该 700 股股份实施注销。本次注销完成 后，公司总股本将由 236,050,695 股变更为 236,049,995 股。 股份注销日期：2025 年 7 月 2 日 一、回购股份情况概述 2023 年 10 月 27 日，公司召开了第八届董事会第十四次会议，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》，同意公司使用自有资金通过 集中竞价交易方式进行股份回购，回购股份将 ...

Core Viewpoint - The company has announced a change in the purpose of repurchased shares, shifting from "used for equity incentives" to "cancellation and corresponding reduction of registered capital" [1] Group 1 - The company will hold board and shareholder meetings on April 24, 2025, and May 16, 2025, respectively, to approve the proposal [1] - The company plans to cancel 700 shares that were repurchased but not yet utilized [1] - After the cancellation, the total share capital will remain at 236 million shares [1] Group 2 - The cancellation date for the shares is set for July 2, 2025 [1]

Group 1 - The core index of the CSI Quantum Communication Theme Index is reported at 3937.50 points, showing a low opening and a high closing trend [1] - The CSI Quantum Communication Theme Index has increased by 9.97% in the past month, 1.88% in the past three months, and 9.50% year-to-date [2] - The index includes representative listed companies related to quantum communication across various sectors such as components, equipment production, construction operation, and application [2] Group 2 - The top ten weighted companies in the CSI Quantum Communication Theme Index include Dongxin Peace (4.55%), Chutian Long (4.14%), and Aerospace Electronics (3.37%) [2] - The market distribution of the index shows that the Shenzhen Stock Exchange accounts for 60.57%, while the Shanghai Stock Exchange accounts for 39.43% [2] - The industry composition of the index indicates that Information Technology comprises 40.12%, Communication Services 32.50%, and Industry 18.55% [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3] - Companies that are delisted or undergo mergers, acquisitions, or splits will be handled according to the calculation and maintenance guidelines [3]

Core Insights - The electronic ID concept sector saw a rise of 2.89%, ranking second among concept sectors, with 28 stocks increasing in value, including significant gainers like Xin'an Century and Kechuang Information, which hit the 20% limit up [1][2] Group 1: Sector Performance - The electronic ID concept sector had a net inflow of 7.95 billion yuan from main funds, with 20 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow [2] - The top net inflow stock was Chutianlong, with a net inflow of 7.26 billion yuan, followed by Kechuang Information and Dongfang Guoxin with net inflows of 2.05 billion yuan and 2.03 billion yuan respectively [2][3] Group 2: Stock Performance - Stocks with the highest net inflow ratios included Jida Zhengyuan (55.27%), Chutianlong (25.06%), and Kechuang Information (20.10%) [3][4] - Notable gainers in the electronic ID sector included Jida Zhengyuan (10.01%), Dongfang Guoxin (10.35%), and Xin'an Century (20.02%) [3][4] Group 3: Decliners - The stocks with the largest declines included Xinguodu (down 4.63%), Dongxin He Ping (down 2.48%), and Newland (down 1.93%) [5]