互联网券商信息服务商业绩全部浮出水面。 从2025年四家互联网券商信息服务商业绩来看，可谓冰火两重天，分化明显。 作为头部，东方财富继续以断层优势领跑。2025年，该公司实现营业总收入160.68亿元，同比增长38.46%；归属于上市公司股东净利润120.85亿元，同比 增长25.75%。营收与净利规模均为四家之首，相当于第二名同花顺同期营收的2.7倍、净利的3.8倍，展现出综合性互联网财富管理平台的规模效应。 东方财富是四家中唯一拥有证券全牌照的机构，"券商"属性明显。2025年，该公司证券业务收入达125.35亿元，同比增长47.59%，占总营收比重高达 78.02%。其中，手续费及佣金净收入91亿元，同比增长48.87%；利息净收入34.35亿元，同比增长44.17%。证券经纪与两融业务成为业绩增长的双引擎。 与此同时，基金代销业务贡献稳定现金流，金融电子商务服务收入31.82亿元，同比增长11.99%。该公司以"东方财富网"为核心构建的互联网财富管理生 态圈，已形成"资讯—交易—理财"的完整闭环，规模效应持续放大。 同花顺则以高增长彰显"小而美"的盈利弹性。该公司全年营收60.29亿元，同比增长44% ...

Investment Rating - The report provides a "Buy" rating for the non-bank financial sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [36]. Core Insights - The report emphasizes the importance of strengthening market stability mechanisms and suggests focusing on left-side opportunities within the sector. It highlights that external risk events may fluctuate, but the market's resilience remains strong, with a trend of incremental capital inflow expected to continue [5]. - The introduction of the Financial Law draft is seen as a significant step towards enhancing regulatory frameworks and promoting high-quality development in the financial sector. This law aims to strengthen supervision, prevent risks, and support long-term growth [16][17]. - The insurance sector is advised to be actively monitored, as it continues to increase its equity investment ratio despite market downturns. The report notes that the solvency ratio of life insurance companies remains robust, providing a buffer against potential market pressures [13][5]. Summary by Sections 1. Market Performance - As of March 21, 2026, the Shanghai Composite Index fell by 3.38%, while the Shenzhen Component Index decreased by 2.90%. The CSI 300 Index dropped by 2.19%, and the ChiNext Index rose by 1.26% [10]. 2. Industry Dynamics and Weekly Commentary (a) Insurance - The report indicates that the insurance sector is guided by the two sessions to pursue high-quality development. The solvency ratio of life insurance companies is at 115%, significantly above the regulatory threshold of 50%, allowing for continued investment in equities [13]. - The proportion of insurance funds allocated to stocks and funds has increased to 14.8%, up by 2.1 percentage points from the previous year. The report suggests that the current valuation of the insurance sector presents a good cost-performance ratio [13]. (b) Securities - The Financial Law draft aims to enhance financial regulation and promote high-quality development. It establishes a comprehensive legal framework for financial activities, emphasizing risk prevention and regulatory clarity [16][17]. - The report notes that the Hong Kong Securities and Futures Commission has reported a significant increase in the virtual asset market, with a daily trading volume increase of 89.5% year-on-year, indicating a growing market and regulatory framework [21][23]. 3. Key Company Valuations and Financial Analysis - The report includes detailed valuations for key companies in the sector, with several companies rated as "Buy," including China Ping An, China Life, and Huatai Securities, among others. The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate strong growth potential [6].

同花顺 20260320 摘要 研发是驱动同花顺发展的核心动力。公司的研发投入及占营收比例在同业中均 处于较高水平，并计划在未来保持高强度的研发支出。公司的研发团队规模在 同业中位居首位，2025 年研发人员占总员工比例超过 60%，其中三分之一的 员工专注于 AI 算法与工程开发。团队呈现高学历、年轻化特征，并持续扩大博 士人员规模，设立了博士后工作站，聚焦人工智能底层技术研究，众多研究成 果已转化为软件著作权。这些持续的研发投入和技术积累，使得公司能够不断 升级和创新其 C 端产品功能，提供更高价值的服务，从而支撑产品单价的提升， 并增强用户粘性。 同花顺的广告及互联网推广业务的商业模式、盈利能力及其高增长背后的驱动 因素是什么？ 广告及互联网推广业务是同花顺当前最大的收入来源，2025 年营收占比接近 60%，且弹性极高。该业务主要通过为合作的券商和期货商导流开户并收取费 用来实现盈利，其毛利率水平非常高，近十年基本维持在 95%以上，2025 年 达到 96%。 该业务高增长的驱动因素主要有三点：首先，市场环境方面，自 同花顺业绩具极高 Beta 属性，季度现金流与 A 股日均成交额相关系数 达 97 ...

非银金融 2026 年 03 月 22 日 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 非银金融 沪深300 相关研究报告 《渠道两强格局逐渐确立，降费改革 重塑行业格局—2025H2 基金销售渠 道数据点评》-2026.3.15 《近期调整带来左侧机会，关注业绩 和风格切换催化 — 行 业 周 报 》 -2026.3.15 《创业板 IPO 有望迎改革，个险和银 保开年高增—行业周报》-2026.3.8 低估值有望带来抗跌特征，关注业绩和风格切换催化 ——行业周报 | 高超（分析师） | 卢崑（分析师） | 张恩琦（联系人） | | --- | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | zhangenqi@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | 证书编号：S0790125080012 | |  周观点：低估值有望带来抗跌特征，关注业绩和风格切换催化 | | | 投资评级：看好（维持） 行业走势图 本周受地 ...

APP 2030 514 liuxinqi@gtht.com @gtht.com C 2030 514 05 市场大幅调整风险；监管收紧，业务暂停风险。 2 01 02 03 04 / CONTENTS 3 / 01 02 03 C 2030 514 04 4 / 1.1 证券投资分 析、 指依法经中国证监会核准或者注册，从事证券投资咨询业务的独立第三 方机构（下称投资咨询机构）。 5 图1：券商业务更加多元，证券投资咨询机构提供投资顾问服务 企业与机构客户的需求 个人投资者投资股票过程中的需求 企业融资 资产管理 投资银行业务 资产管理业务 券商 股票交易 信用交易 证券投资咨询 获取资讯、金融数据、 金融工具需求 经纪业务 经纪业务 研究报告 投资顾问 金融信息服务公司 九方智投 同花顺 指南针 东方财富 …… 《证券基金投资咨询业务管理办法 （征求意见稿）》中发布证券研究报 告仅取得证券投资咨询业务资格的券 商或券商子公司可以发布 证券投资 咨询 研究所业务 1.2 2024 99.63 5.29 C C | | 表1：证券投资咨询机构展业有两种方向 | 表2：C端客户需求能够被证券投资咨询机构满足 | ...

liuxinqi@gtht.com @gtht.com C 2030 514 APP 2030 514 05 市场大幅调整风险；监管收紧，业务暂停风险。 2 01 02 03 04 / CONTENTS 3 / 01 02 03 C 2030 514 04 4 / 1.1 证券投资分 析、 指依法经中国证监会核准或者注册，从事证券投资咨询业务的独立第三 方机构（下称投资咨询机构）。 2024 99.63 5.29 C C | | 表1：证券投资咨询机构展业有两种方向 | 表2：C端客户需求能够被证券投资咨询机构满足 | | | --- | --- | --- | --- | | 展业的两种具体形式 | 具体定义 | 客户需求 | 投资咨询机构服务 | | 证券投资顾问业务 | 证券投资咨询机构接受客户委托，按照约定，向客户 提供涉及证券及证券相关产品的投资建议服务，辅助 | 专业、及时与广泛的金融市场有关信息 | 实时行情推送与分析 | | | 客户作出投资决策，并直接或者间接获取经济利益的 经营活动。投资建议服务内容包括投资的品种选择、 | 数据分析 | 可视化工具，指标提供 | | | 投资组合以及理财规 ...

Core Viewpoint - The article discusses the recent trends in the active user numbers of securities apps, highlighting a decrease in February 2026 due to the impact of the Spring Festival holiday, while also noting a year-on-year increase in user engagement [1][2]. User Activity Trends - In February 2026, the number of active users for securities apps reached 170 million, a decrease of 7.52% month-on-month but an increase of 2.62% year-on-year [1][2]. - The average daily active users in February were approximately 12.17 million, higher than January's 8.38 million, indicating improved user engagement despite fewer trading days [1]. Competitive Landscape - Major third-party securities apps like Tonghuashun, Dongfang Caifu, and Dazhihui lead the market with active user numbers of 35.74 million, 17.61 million, and 12.77 million respectively [6][7]. - Among self-operated broker apps, Huatai Securities' Zhangle Caifutong and Guotai Haitong's Junhong app led with 11.86 million and 10.23 million active users respectively, both experiencing a decline due to the holiday [6][7]. Innovations and Upgrades - The article notes that securities firms are rapidly iterating their apps, focusing on AI integration, ETF section optimization, and 24/7 fund transfer services to enhance user experience and meet wealth management needs [2][11]. - Guotai Haitong announced the integration of its Tongcai app into the Junhong app, aiming to create a comprehensive digital wealth management platform [3][15]. Market Dynamics - The A-share market showed resilience in February, with the Shanghai Composite Index rising by 1.09% and the Shenzhen Component by 2.04%, supporting the activity levels of securities apps [8]. - New account openings in February reached 2.523 million, a year-on-year decrease of 11% but significantly higher than the average monthly levels in 2025 [9]. AI and Differentiation Strategies - The article emphasizes that leading brokerages are leveraging AI to enhance user interaction, efficiency, and personalized services, with a focus on creating differentiated offerings in a competitive landscape [10][14][16]. - The integration of AI capabilities is seen as a key driver for improving user engagement and operational efficiency, with firms like Huatai Securities leading the charge in AI-native app development [11][15].

Investment Rating - The report maintains a "Hold" rating for the industry [6] Core Insights - The computer industry index experienced a slight decline of 0.92% during the week of March 9 to March 13, 2026, underperforming major indices [2][11] - OpenClaw continues to attract market attention, with local governments and major internet companies implementing measures to promote its development [4][21] - Significant announcements include strong revenue growth from companies like Tonghuashun and Cambricon, with revenues of 6.029 billion and 6.497 billion yuan respectively, reflecting year-on-year increases of 44% and 453% [3][19] Summary by Sections Index Performance - The computer industry index fell by 0.92%, while the Shanghai Composite Index decreased by 0.70%, the Shenzhen Component Index increased by 0.76%, and the ChiNext Index rose by 2.51% [11] - Sub-sector performance showed mixed results, with computer equipment up by 1.24%, IT services down by 1.77%, and software development down by 1.50% [13] Major Events - OpenClaw's recent updates and government support initiatives are aimed at enhancing its deployment and development [4][21] - Notable product launches include Tencent's WorkBuddy, which competes directly with OpenClaw, emphasizing ease of use and integration with WeChat [4][21] - The report highlights advancements in AI technology, including the release of new models and updates from various companies [16][19] Key Announcements - Tonghuashun reported a revenue of 6.029 billion yuan for 2025, a 44% increase year-on-year, with a net profit of 3.205 billion yuan, up 75.79% [3][19] - Cambricon's revenue reached 6.497 billion yuan, marking a staggering 453.21% growth [3][19] - Lingzhi Software announced the termination of a share issuance and asset purchase plan [3][19]

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - In the second half of 2025, the top 100 fund distribution institutions showed a significant acceleration in the retention scale of public funds, with the total equity fund retention scale reaching 6.0 trillion yuan, an increase of 16.7% compared to the previous half-year and 23.6% year-on-year [12][18] - The overall channel structure remains stable, with a rebound in the proportion of third-party institutions in the equity retention structure and a continued increase in the proportion of securities firms in the non-monetary retention structure [12][18] - Third-party institutions are actively pushing for equity funds, while banks are leading in passive growth, and securities firms are showing significant acceleration in the retention of bond-type and other funds [12][25] Summary by Sections Fund Retention Scale Expansion - By the end of 2025, the top 100 distribution institutions had a total equity fund retention scale of 6.0 trillion yuan, with a quarter-on-quarter increase of 16.7% and a year-on-year increase of 23.6% [18] - The non-monetary fund retention scale reached 11.7 trillion yuan, with a quarter-on-quarter increase of 14.7% and a year-on-year increase of 22.7% [18] Channel Structure and Performance - By the end of 2025, the proportions of equity fund retention by banks, securities firms, and independent third-party institutions were 40.2%, 27.2%, and 29.8%, respectively [18] - The proportions of non-monetary fund retention were 41.7%, 22.2%, and 34.1% for the same institutions [18] Growth Performance of Institutions - Notable growth was observed among certain third-party and bank equity retention, with institutions like Wind Fund, Jiyu Fund, and JD Kentrey Fund showing increases of 87.7%, 57.6%, and 53.6%, respectively [22] - Banks such as WeBank and HSBC also experienced rapid growth, with increases of 77.8% and 43.0%, respectively [22] Product Line Analysis - By the end of 2025, the retention scales for active equity, passive index, bond-type, and other funds increased by 12.3%, 23.9%, and 12.6%, respectively [25] - Active equity saw a rebound, with third-party institutions significantly contributing, while banks and securities firms showed varied performance [25] Market Concentration - The concentration of fund distribution is steadily increasing, with CR5, CR10, and CR20 for equity funds at 44.7%, 58.9%, and 75.5%, respectively [27] - The market share of Dongcai and Tonghuashun remains stable, with Dongcai's market share for equity and non-monetary funds at 7.68% and 7.04%, respectively [27]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - In 2025, the company's performance significantly improved, driven mainly by high growth in advertising revenue. The total revenue reached 6.03 billion yuan, a year-on-year increase of 44.0%, while the net profit attributable to shareholders was 3.21 billion yuan, up 75.8% year-on-year [5][12] - The company is positioned as a leading internet financial platform, with a solid advantage in platform traffic. The market's enthusiasm has greatly increased since 2026, and the company's performance is expected to rise further. The long-term outlook is positive due to the company's proactive layout in the AI sector, enhancing the integration of AI with financial services to create an intelligent internet wealth management platform [2][12] Summary by Sections Financial Performance - In 2025, the company achieved operating revenue of 6.03 billion yuan and a net profit of 3.21 billion yuan, with a weighted ROE of 38.5%, an increase of 13.7 percentage points year-on-year. The Q4 net profit was 2.00 billion yuan, up 70.5% year-on-year [5][12] - Revenue contributions from various segments in 2025 included value-added telecommunications (1.95 billion yuan, +20.7%), advertising (3.46 billion yuan, +71.0%), software (0.40 billion yuan, +12.1%), and fund distribution (0.22 billion yuan, +14.2%) [12] Market Position and Growth Drivers - The platform's traffic slightly increased, with the monthly active users reaching 36.70 million by the end of 2025, a year-on-year increase of 1.19%. The market share was 20.9%, a decrease of 0.22 percentage points year-on-year. The advertising revenue growth rate was significantly higher than the market average, with the daily average transaction volume in the market increasing by 62.7% year-on-year to 17.3 trillion yuan [12] - The company’s cash flow from sales and services increased by 37.1% year-on-year to 6.70 billion yuan, indicating stable growth in C-end value-added services [12] Cost Management and Profitability - The company managed to reduce R&D expenses by 4.0% year-on-year, leading to improved profitability. The management, sales, and R&D expenses were 0.25 billion yuan, 0.76 billion yuan, and 1.15 billion yuan respectively, with corresponding expense ratios decreasing [12] - The net profit margin for 2025 was 53.2%, an increase of 9.6 percentage points year-on-year, reflecting effective cost control [12] AI Integration and Future Outlook - The company is advancing the integration of AI with financial information services, enhancing the intelligence of its investment assistant and improving operational efficiency for professional institutions [12] - The company aims to build an intelligent internet wealth management platform by integrating various financial products and utilizing user behavior analysis to provide tailored asset allocation advice [12] - Projections for net profit attributable to shareholders for 2026 and 2027 are 4.05 billion yuan and 4.52 billion yuan, representing year-on-year growth of 26.4% and 11.6% respectively, with corresponding PE ratios of 42.0 and 37.7 times [12]