Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - Under the "reciprocal tariff" policy, cross-border payments are expected to transition towards regionalization, accelerating the development of the Cross-border Interbank Payment System (CIPS) and highlighting the advantages of digital RMB settlements. The company, Nantian Information, possesses a digital RMB circulation service platform and has geographical advantages, which may lead to significant growth opportunities [4][9]. Financial Projections - The adjusted revenue forecasts for the company from 2024 to 2026 are projected to be RMB 9.87 billion, RMB 11.39 billion, and RMB 12.89 billion respectively. The net profit attributable to the parent company is expected to be RMB 1.56 billion, RMB 2.01 billion, and RMB 2.39 billion for the same period. The earnings per share (EPS) are projected to be RMB 0.40, RMB 0.51, and RMB 0.61 respectively, with corresponding price-to-earnings (PE) ratios of 46.0, 35.7, and 30.0 [6][8]. Market Position and Growth - The company is positioned to benefit from the increasing use of the digital RMB in cross-border payments, which is expected to enhance the independence and security of these transactions. The digital RMB's application in CIPS is anticipated to improve transparency and security in cross-border payments [9][10]. - The report highlights that as of the end of 2024, the RMB ranked as the fourth most used payment currency globally, with a 23% year-on-year increase in cross-border RMB payment amounts, totaling RMB 64.1 trillion [9]. Company Overview - Nantian Information has developed its own digital RMB circulation service platform, which includes various financial services applicable to multiple scenarios such as smart retail and cross-border trade. The company is the only main board IT listed company in Yunnan Province, providing it with a strategic advantage in the South Asian and Southeast Asian markets [9][10].

Investment Rating - The investment rating for the company is "Buy" [4][6]. Core Insights - Under the "reciprocal tariff" policy, cross-border payments are expected to transition towards regionalization, accelerating the development of the Cross-border Interbank Payment System (CIPS) and highlighting the advantages of digital RMB settlements. The company possesses a digital RMB circulation service platform and has geographical advantages, which may lead to significant growth opportunities [4][9]. Financial Projections - Revenue projections for the company from 2024 to 2026 are estimated at RMB 9.87 billion, RMB 11.39 billion, and RMB 12.89 billion respectively, with corresponding net profits of RMB 156 million, RMB 201 million, and RMB 239 million. The earnings per share (EPS) are projected to be RMB 0.40, RMB 0.51, and RMB 0.61 for the same period [6][8]. - The company’s revenue growth rates are expected to be 8.0%, 15.4%, and 13.2% for 2024, 2025, and 2026 respectively [8][12]. Market Position and Competitive Advantage - The company has developed its own digital RMB service platform, which includes various financial services suitable for multiple scenarios such as smart retail and cross-border trade. This positions the company favorably within the context of China's Belt and Road Initiative and the signing of the Regional Comprehensive Economic Partnership (RCEP) [9][10]. - The digital RMB can bypass traditional SWIFT systems, enhancing the independence and security of cross-border payments, while also improving transparency and traceability through blockchain technology [9][10]. Shareholder Information - The major shareholder is Yunnan Provincial Industrial Investment Holding Group Co., Ltd., holding 34.58% of the shares [4]. Valuation Metrics - The price-to-earnings (P/E) ratios for the company are projected to be 46.0, 35.7, and 30.0 for 2024, 2025, and 2026 respectively [6][8]. - The company is expected to maintain a dividend yield of approximately 2.7% from 2024 to 2026 [8]. Industry Context - The report indicates that the CIPS is expanding its coverage significantly, with the amount processed through CIPS expected to reach RMB 175 trillion in 2024, reflecting a 43% year-on-year increase [9]. - The digital RMB's application in CIPS is expected to enhance the overall efficiency and security of cross-border transactions, aligning with the growing trend of regionalization in global trade [9].

Group 1 - The cross-border payment (CIPS) concept declined by 0.95%, ranking among the top declines in the concept sector as of April 17 [1][2] - Within the CIPS sector, notable declines were observed in companies such as Dongfang Tong, Qingdao Kingking, and Sifang Jingchuang, while companies like Shiji Information, AsiaInfo Security, and New Zhisoft saw increases of 10.03%, 2.69%, and 2.02% respectively [1][2][4] Group 2 - The CIPS sector experienced a net outflow of 765 million yuan, with 37 stocks seeing net outflows, and 9 stocks exceeding 50 million yuan in net outflows [2][3] - The largest net outflow was from Zhongyou Capital, which saw a net outflow of 210 million yuan, followed by Sifang Jingchuang and Qingdao Kingking with net outflows of 187 million yuan and 149 million yuan respectively [2][3] - On the other hand, the stocks with the highest net inflows included Shiji Information, China Merchants Bank, and Sichuan Changhong, with net inflows of 149 million yuan, 72 million yuan, and 68 million yuan respectively [2][4]

Core Viewpoint - The Chinese banking industry's information technology construction and application are rapidly developing, with a market size projected to reach 213.5 billion yuan in 2024, reflecting an 8.7% year-on-year growth [1][11]. Industry Overview - The banking information technology construction and application involve optimizing and innovating business processes, management structures, and customer services through extensive use of information technology [8]. - The market structure is primarily focused on business, channel, and management solutions, with key investment areas including core business systems, credit management systems, and risk management [11]. Industry Development History - The industry has evolved through five stages: 1. Electronic phase (1970s-1990s) where basic computer technology was introduced for simple accounting [4]. 2. Networking phase (1990s-2000s) where banks began to connect their systems for improved efficiency [4]. 3. Data centralization phase (2000-2010) focusing on unified data management across branches [5]. 4. Mature core system deployment phase (2010-2018) with the adoption of high-performance IT systems [5]. 5. Domestic system localization and digital transformation phase (2019-present) driven by national initiatives [6]. Industry Status - The industry is currently experiencing a shift towards digital and intelligent transformation, with significant growth in market size and investment in emerging solutions like data intelligence and smart marketing [11]. - The transition from centralized to distributed architecture is underway, with an accelerated pace of domestic substitution in IT systems [11]. Industry Trends - Distributed architecture and cloud-native technologies are becoming mainstream, enhancing flexibility and scalability in banking IT systems [18]. - There is a growing demand for intelligent and personalized services, driven by advancements in big data and artificial intelligence [19]. - Data sharing and privacy protection are critical issues, with privacy computing technologies gaining traction to ensure data security while enabling collaborative analysis [20]. Key Companies - Leading companies in the industry include Yuxin Technology, Shenzhou Information, and Hengsheng Electronics, which leverage their technological strengths and market positions to drive innovation [13][14]. - Yuxin Technology reported a revenue of 2.351 billion yuan in the first three quarters of 2024, a decrease of 23.05% year-on-year [14]. - Shenzhou Information achieved a revenue of 6.680 billion yuan in the same period, with a net profit decline of 235.96% [16].

Market Performance - The China Securities Financial Technology Theme Index (930986) rose by 1.03% as of April 11, 2025, with constituent stocks such as Nantian Information (000948) increasing by 10.01% and Top Point Software (603383) by 4.53% [3] - The Financial Technology ETF (516860) also saw an increase of 1.05%, marking its third consecutive rise, with a latest price of 1.16 yuan [3] - Over the past three months, the Financial Technology ETF has accumulated a rise of 5.91% [3] Liquidity and Trading Volume - The Financial Technology ETF had a turnover rate of 7.55% during the trading session, with a transaction volume of 65.32 million yuan [3] - The average daily transaction volume for the ETF over the past week was 96.77 million yuan [3] Fund Flows and Performance - The Financial Technology ETF experienced a net outflow of 12.72 million yuan recently, but over the past 22 trading days, there were net inflows on 12 days, totaling 122 million yuan [5] - The ETF's financing buy amount reached 4.93 million yuan, with a financing balance of 39.12 million yuan [5] - As of April 10, 2025, the Financial Technology ETF's net value increased by 52.99% over the past year, ranking first among comparable funds [5] Fee Structure and Tracking Accuracy - The management fee for the Financial Technology ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [5] - The ETF's tracking error over the past three months was 0.044%, indicating the highest tracking precision among comparable funds [5] Top Holdings - As of March 31, 2025, the top ten weighted stocks in the China Securities Financial Technology Theme Index accounted for 54.32% of the index, with major companies including Tonghuashun (300033) and Dongfang Caifu (300059) [6][8]

2、本次股东大会没有涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 现场会议召开时间：2025 年 4 月 7 日（星期一）下午 15:00 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具 体时间为 2025 年 4 月 7 日上午 9:15 至 9:25、9:30 至 11:30、下午 13:00 至 15:00；通过深圳证券交易所互联网投票系统进行网络投票的具体时 间为 2025 年 4 月 7 日上午 9:15 至 2025 年 4 月 7 日下午 15:00 期间的 任意时间。 2、会议召开方式：本次股东大会采用现场表决与网络投票相结合 的方式 证券代码：000948 证券简称：南天信息 公告编号：2025-014 云南南天电子信息产业股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会没有出现否决议案的情况； 3、现场会议召开地点：昆明市环城东路 455 号本公司三楼会议室 4、会议召集人：本公司第九届董事会 5、 ...

北京德恒（昆明）律师事务所 关于云南南天电子信息产业股份有限公司 2025 年第二次临时股东大会的 法律意见 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）：0871-63172192 邮编:650032 根据公司提供的有关资料及公开披露的信息，表明公司董事会已于 2025 年 3 月 18 日召开了会议，作出了关于召开本次股东大会的决议，并于 2025 年 3 月 20 日在《中国证券报》《证券时报》《证券日报》《上海证券报》和巨潮资讯网 站等媒体刊登了召开本次股东大会的通知。 本次股东大会于 2025 年 4 月 7 日 15:00 在昆明市环城东路 455 号公司三楼 会议室召开，会议召开时间与通知公告时间间隔 15 天以上，会议召开的具体时 间、地点和审议事项也与公告内容一致。 本次股东大会由公司董事长徐宏灿先生主持，符合法律、法规及《公司章程》 的规定。 二、关于出席本次股东大会人员的资格 北京德恒（昆明）律师事务所 关于云南南天电子信息产业股份有限公司 2025 ...

Core Viewpoint - The company has completed the repurchase and cancellation of a portion of restricted stock under its 2021 incentive plan, involving 127,162 shares, which accounts for 0.0323% of the total share capital before the repurchase [1][8][14]. Summary by Sections Incentive Plan and Approval Process - The 2021 restricted stock incentive plan was approved by the board on November 15, 2021, and subsequently by the supervisory board [2][3]. - The plan received approval from the Yunnan Provincial State-owned Assets Supervision and Administration Commission on December 17, 2021 [2]. - The company publicly announced the list of incentive objects from December 20 to December 29, 2021, with no objections received [3]. Repurchase and Cancellation Details - The repurchase was initiated due to the failure of certain incentive objects to meet performance criteria, resulting in the cancellation of 127,162 shares [10][12]. - The total amount for this repurchase was approximately 969,708.34 yuan [10][13]. - The repurchase price was set at 7.50 yuan per share, adjusted based on specific conditions [12][13]. Impact on Share Capital - Following the repurchase, the total number of shares decreased from 393,744,987 to 393,617,825 [14]. - The structure of share capital post-repurchase indicates a slight reduction in restricted shares, while the overall distribution of shares remains compliant with listing requirements [14][15]. Financial and Operational Implications - The repurchase and cancellation of shares are not expected to significantly impact the company's financial status or operational results [15][16]. - The management team remains committed to fulfilling their responsibilities and creating value for shareholders [16].

证券代码：000948 证券简称：南天信息 公告编号：2025-013 云南南天电子信息产业股份有限公司 关于2021年限制性股票激励计划部分限制性 股票回购注销完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、云南南天电子信息产业股份有限公司（以下简称"公司"或"南 天信息"）于 2025 年 2 月 7 日召开的 2025 年第一次临时股东大会已审 议通过《关于回购注销 2021 年限制性股票激励计划部分限制性股票的 议案》，同意公司回购注销涉及 10 名激励对象已获授但尚未解除限售 的限制性股票合计 127,162 股，占公司回购前总股本的 0.0323%，用于 本次回购的资金总额为 969,708.34 元。 2、截至本公告披露日，公司已在中国证券登记结算有限责任公司 深圳分公司完成上述限制性股票的回购注销手续。 3、本次部分限制性股票回购注销事宜完成后，公司总股本由 393,744,987 股变更为 393,617,825 股。 一、本次限制性股票激励计划已履行的程序情况 （一）2021 年 11 月 15 日，公司召开第八 ...

Core Viewpoint - Nantian Information has successfully developed a big data-based intelligent pricing system in collaboration with a Fortune 500 energy company, enhancing the operational efficiency of charging services [1] Group 1: Technology Integration - The intelligent pricing system integrates multiple technologies including big data, data analysis, and rule engines [1] - It collects both internal and external data from the enterprise to construct a pricing strategy library and a warning library for different charging stations [1] Group 2: Business Applications - The system enables intelligent pricing, intelligent warnings, and operational analysis, contributing to improved management of charging station operations [1]