丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 2025 年第 31 周计算机行业周报: 坚定看好 AI 应用下半年表现 报告要点 [Table_Summary] 上周计算机板块震荡调整，小幅下跌 0.39%，在长江一级行业中排名第 8 位，两市成交额占比 为 9.27%，AI 相关题材活跃。上周上海市经济信息化委印发《上海市进一步扩大人工智能应用 的若干措施》；深圳市发展改革委对外发布《深圳市低空基础设施高质量建设方案（2024—2026 年）》。本周建议重点关注：1）AI 基础设施；2）出海应用：视频、Coding、解决方案（软硬结 合）等 AI+领域；3）场景化落地：教育/税务/医疗等闭环场景中垂直一体化公司。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Summary2] 上周复盘：计算机板块小幅回调 上周大盘冲高 ...

根据披露的机构调研信息2025年6月1日至2025年7月31日，泉果基金对上市公司慧辰股份进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为163.96亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得29.74%。 截至2025年7月30日，泉果基金近1年回报前6非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A29.742022年10月18日 赵诣 016710泉果旭源三年持有期混合C29.242022年10月18日赵诣 018329泉果思源三年持有期混合 A27.482023年6月2日刚登峰 018330泉果思源三年持有期混合C26.962023年6月2日刚登峰 019624泉果嘉 源三年持有期混合A19.272023年12月5日钱思佳 019625泉果嘉源三年持有期混合C18.802023年12月5日 钱思佳 附调研内容： 一、公司基本情况介绍 公司位于北京,成立于2008年,深耕于商业与公共服务领域,其中商业领域包括并 ...

截至8月1日收盘，烟草概念上涨1.53%，位居概念板块涨幅第8，板块内，32股上涨，凯恩股份涨停， 慧辰股份、香溢融通、启明星辰等涨幅居前，分别上涨8.32%、6.01%、4.45%。跌幅居前的有远望谷、 亚香股份、长荣股份等，分别下跌4.24%、2.35%、2.11%。 今日涨跌幅居前的概念板块 | 600356 | 恒丰纸 | 1.02 | 1.51 | -363.42 | -9.07 | | --- | --- | --- | --- | --- | --- | | | 业 | | | | | | 603687 | 大胜达 | 1.20 | 1.66 | -369.59 | -5.36 | | 600235 | 民丰特 | 1.72 | 2.48 | -371.07 | -6.57 | | | 纸 | | | | | | 000812 | 陕西金 叶 | 0.00 | 2.52 | -403.33 | -4.32 | | 002161 | 远望谷 | -4.24 | 8.44 | -439.94 | -0.91 | | 301220 | 亚香股 | -2.35 | 6.15 | -576.72 | -3 ...

| 证券代码 | 证券简称 | 机构调研次数 | 机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 301511 | 德福科技 | 1 | 238 | 35.93 | 25.24 | 电力设备 | | 688500 | 慧辰股份 | 1 | 125 | 71.18 | 8.18 | 计算机 | | 002311 | 海大集团 | 1 | 123 | 56.42 | 1.93 | 农林牧渔 | | 833394 | 民士达 | 1 | 96 | 41.79 | -2.41 | 轻工制造 | | 688083 | 中望软件 | 1 | 89 | 62.52 | -2.45 | 计算机 | | 603309 | 维力医疗 | 1 | 74 | 13.95 | -0.07 | 医药生物 | | 001317 | 三羊马 | 1 | 74 | 46.08 | -7.84 | 交通运输 | | 688223 | 晶科能源 | 1 | 72 | 5.23 | -7.43 | 电力设备 | | 603040 | 新坐 ...

Summary of Key Points Core Viewpoint - A total of 734 stocks reported their latest shareholder numbers as of July 20, with 337 stocks showing a decline compared to the previous period, indicating a trend of decreasing shareholder engagement in certain companies [1][3]. Group 1: Shareholder Changes - Among the 734 stocks, 38 stocks experienced a decline in shareholder numbers exceeding 10% [3]. - The stock with the largest decline in shareholder numbers was Jin Yi Culture, which saw a decrease of 27.56% to 124,196 shareholders, alongside a cumulative drop of 15.33% in its stock price since the concentration of shares [3][4]. - Chuang Yi Tong followed closely with a 27.39% decrease in shareholder numbers, totaling 14,176, and a cumulative decline of 6.06% in its stock price [3][4]. Group 2: Performance of Concentrated Stocks - Stocks with concentrated holdings outperformed the Shanghai Composite Index, with 46% of these stocks achieving excess returns compared to the index [2]. - The average increase for concentrated stocks since July 1 was 5.04%, surpassing the Shanghai Composite Index's increase of 4.33% during the same period [2]. Group 3: Industry Performance - The industries with the highest concentration of stocks included machinery, basic chemicals, and electronics, with 39, 36, and 27 stocks respectively [3]. - Notable performers among concentrated stocks included Shen Shui Gui Yuan, Kang Hong Pharmaceutical, and Top Cloud Agriculture, with increases of 56.23%, 38.54%, and 37.29% respectively since July 11 [3]. Group 4: Earnings Reports - Among the concentrated stocks, *ST Ling Da reported the highest year-on-year net profit growth of 37.56% [4]. - Four stocks released preliminary earnings reports, with Bai Long Chuang Yuan and Guo Yuan Securities showing net profit growth rates of 42.68% and 40.44% respectively [4]. - A total of 102 stocks provided earnings forecasts, with 29 expecting profit increases and 9 expecting to turn profitable [4]. Group 5: Notable Stocks with Declining Shareholder Numbers - Other stocks with significant declines in shareholder numbers included Yi Hao New Materials (-26.86%), Bang Ji Technology (-25.36%), and Hui Zhong Shares (-24.28%) [4][5]. - The overall trend indicates a potential shift in investor sentiment towards these companies, as evidenced by the significant outflows of capital during the observed period [3][4].

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].

Summary of Key Points Core Viewpoint - The announcement details the results of the first category of restricted stock grants under the 2025 incentive plan by Beijing Huichen Zidao Information Co., Ltd, highlighting the number of shares granted, the participants, and the implications for the company's capital structure and financial status [1][2][3]. Group 1: Grant Details - The first category of restricted stock was registered on July 9, 2025, with a total of 1.8808 million shares granted [1]. - A total of 64 individuals received the restricted stock, with 4.52 thousand shares voluntarily forfeited by 8 participants [2]. - The distribution of the granted shares shows that 90.43% of the shares were allocated to core technical personnel and key staff [2]. Group 2: Terms and Conditions - The effective period for the restricted stock is up to 36 months from the date of registration, with a lock-up period of 12 and 24 months for different portions of the stock [3]. - The release of restrictions is scheduled in two phases: 50% after 12 months and the remaining 50% after 24 months [3]. Group 3: Financial Implications - The total funds raised from the stock grants amounted to approximately RMB 31.65 million, which will be used to supplement the company's working capital [4][6]. - The stock grant will result in an increase in the company's total share capital from 74,274,510 shares to 75,196,710 shares, maintaining compliance with listing requirements [5]. - The estimated total expense for the stock grants over the years 2025 to 2027 is approximately RMB 26.97 million, with annual amortization of costs detailed [6][7].

证券代码：688500 证券简称：慧辰股份 公告编号：2025-045 北京慧辰资道资讯股份有限公司 关于 2025 年限制性股票激励计划第一类限制性股票 授予结果公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 根据中国证监会《上市公司股权激励管理办法》、上海证券交易所、中国证 券登记结算有限责任公司上海分公司（以下简称"中证登上海分公司"）有关规 定，北京慧辰资道资讯股份有限公司（以下简称"公司"）已收到中证登上海分 公司出具的《证券变更登记证明》。根据《证券变更登记证明》，公司于 2025 年 7 月 9 日完成了 2025 年限制性股票激励计划第一类限制性股票授予登记工作， 有关具体情况公告如下： 一、第一类限制性股票授予情况 （一）第一类限制性股票授予情况 公司根据 2024 年年度股东大会授权，于 2025 年 5 月 16 日召开的第四届董 事会第二十一次会议、第四届监事会第十五次会议，审议通过了《关于向 2025 年限制性股票激励计划激励对象授予限制性股票的议案》，本次激励计划第一类 限 ...

经公司与上海证券交易所和中国证券登记结算有限责任公司上海分公司确 认，本次授予14名激励对象的958,600股第一类限制性股票将由无限售条件流通 股变更为有限售条件流通股，股份来源为公司从二级市场回购的本公司 A 股普 通股股票。公司股本结构变更情况如下： -1- | 证券类别 | 变更前数量 | 变更数量 | 变更后数量 | | --- | --- | --- | --- | | 限售流通股 | 0 | 958,600 | 958,600 | | 无限售流通股 | 74,274,510 | -958,600 | 73,315,910 | | 合计 | 74,274,510 | 0 | 74,274,510 | 证券代码：688500 证券简称：慧辰股份 公告编号：2025-044 北京慧辰资道资讯股份有限公司 关于股份性质变更暨 2025 年限制性股票激励计划权 益授予的进展公告 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、准确性和完整性依法承担法律责任。 北京慧辰资道资讯股份有限公司（以下简称"公司"）2025年限制性股票激 励计划（以下简称"本次 ...

Investment Rating - The report assigns a rating of "Outperform" with a target price of 54.74 CNY for the company [1][5][15]. Core Insights - The company is positioned as a leader in data intelligence, implementing two main strategies: "Data Element ×" and "Artificial Intelligence +" to leverage high industry growth and return to a rapid growth trajectory [1][5][22]. - The data analysis industry is expected to maintain a compound annual growth rate (CAGR) of over 15% until 2029, driven by government policies and market demand [9][10]. - The company has made significant investments in AI, developing an AI application platform and integrating AI with data analysis to create new growth opportunities [29][41]. Financial Summary - Revenue projections for 2025-2027 are 581 million, 747 million, and 941 million CNY, representing year-on-year growth rates of 30.8%, 28.7%, and 25.9% respectively [3][11]. - The net profit attributable to the parent company is expected to be 54 million, 81 million, and 117 million CNY for the same period, with growth rates of 201.0%, 50.9%, and 44.0% respectively [3][11]. - The company is currently experiencing a temporary decline in performance due to macroeconomic factors but has shown signs of recovery in early 2025 [23][26]. Business Overview - The company has over 15 years of experience in data analysis and is gradually expanding into AI-driven data intelligence solutions [17][18]. - It provides comprehensive data analysis services, including customized industry analysis and application solutions for leading enterprises and government agencies [17][21]. - The company aims to enhance its market position by focusing on AI and data integration, developing various AI platforms and solutions to meet diverse client needs [22][26]. AI Development - The company has launched the "Hui AI Intelligent Application Platform," which integrates various AI models to support enterprise applications [29][30]. - It has developed a digital employee solution that combines hardware and software to facilitate AI deployment in various business scenarios [41][50]. - Strategic partnerships have been established to create a unified computing power management service platform, enhancing operational efficiency and service offerings [51].