证券代码： 300033 证券简称：同花顺 公告编号：2026-001 浙江核新同花顺网络信息股份有限公司 2025年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间 2025 年 1 月 1 日—2025 年 12 月 31 日 本业绩预告是公司财务部门初步测算的结果，未经审计机构审计。2025 年 度业绩的具体数据将在本公司 2025 年年度报告中详细披露。 （二）业绩预告情况 | 项目 | 本报告期 | | 上年同期 | | --- | --- | --- | --- | | 归属于上市公司股东的 | 盈利：273,490.01 | 万元–328,188.01 万元 | 盈利：182,326.67 万元 | | 净利润 | 比上年同期增长：50%-80% | | | | 扣除非经常性损益后的 | 盈利：264,734.45 | 万元–317,681.33 万元 | 盈利：176,489.63 万元 | | 净利润 | 比上年同期增长：50%-80% | | | 二、与会计师事务所沟通情况 公司已就业绩预 ...

Group 1 - The "Common Voice · Value Discovery" capital market high-quality innovation development exchange conference was held in Hangzhou, attracting over 400 executives and representatives from financial institutions to discuss key topics such as economic outlook, AI empowerment, and corporate globalization [1] - The event aimed to create a new blueprint for high-quality development during the 14th Five-Year Plan, injecting new momentum into the financial ecosystem and national capital market development [1] Group 2 - Huang Yanming, Director of the Research Institute at Dongfang Securities, analyzed the critical impact of technology on macroeconomic and policy cycles, highlighting the resilience and structural opportunities within the Chinese economy for market positioning in 2026 [2] - The iFinD product leader, Zhou Chunlai, presented on the application of AI agents in the capital market, showcasing how multi-agent collaboration can significantly reduce report generation time from days to minutes, thus enhancing decision-making processes [2] Group 3 - Alibaba Cloud's Director of New Financial Solutions, Huo Juntao, demonstrated AI innovations in the financial sector, emphasizing flagship models like Qwen3-Max that empower various financial business scenarios and enhance decision quality [3] - Yuan Jianfeng, General Manager of Ping An Futures, discussed the dual pathways of risk management and value creation through futures tools, noting that companies engaging in hedging experience lower stock price volatility compared to industry averages [3] Group 4 - A roundtable forum discussed the new chapter of Chinese enterprises going global, with experts from various financial institutions emphasizing the shift from cost advantages to green and innovative drivers, particularly in the context of the explosive growth of electric vehicle exports [4] - Consensus among experts indicated that Chinese globalization has entered a new phase characterized by systematic capabilities, high technology, and high value-added outputs, with increasing global influence [4] Group 5 - Highwin Holdings' Chairman, Wu Chao, engaged in discussions on AI and quantitative trading, highlighting the importance of collaboration in these areas [5] - The conference served as a high-end platform for deep dialogue between industry and finance, aiming to inject robust momentum into the high-quality innovative development of the capital market [5]

Core Insights - The "Common Voice · Value Discovery" capital market high-quality innovation development exchange conference and the Tonghuashun 2025 annual awards ceremony were held in Hangzhou, attracting over 400 executives and representatives from financial institutions to discuss key topics such as economic outlook, AI empowerment, and corporate globalization [1][3] Group 1: Event Overview - The event served as a platform for dialogue between capital and industry, with Tonghuashun's Vice General Manager emphasizing the company's commitment to building a high-quality communication platform for the healthy development of the capital market [3] - The annual capital market awards recognized outstanding practices in corporate governance and investor relations, with categories including "Most Popular Secretary" and "Most Popular Listed Company" [5] Group 2: Financial Institutions Awards - Over 600 awards were presented to financial institutions, relying on iFinD's extensive data and expert opinions to ensure objectivity [6] - More than 25% of the awards focused on technology finance and green finance, aligning with national strategic directions [6] Group 3: Economic Insights and AI Empowerment - Experts provided insights into the economic landscape for 2026, highlighting the resilience of the Chinese economy and structural opportunities in technology and manufacturing [8] - AI is reshaping financial decision-making processes, with advancements in AI models significantly reducing report generation time from days to minutes [10] Group 4: Corporate Globalization - A roundtable forum discussed the new phase of corporate globalization, emphasizing the shift from cost advantages to green and innovative drivers, with a focus on regions like Southeast Asia and the Middle East [12][15] - Experts noted that Chinese enterprises are entering a new stage characterized by systematic capabilities and high-value outputs, enhancing their global influence [15] Group 5: AI and Quantitative Trading - Discussions on AI and quantitative trading highlighted the need for companies to innovate across strategic planning, capital operations, and investor relations to adapt to new market dynamics [16] - The conference successfully established a high-end platform for deep dialogue between industry and finance, aiming to inject vitality into the high-quality innovative development of the capital market [16]

具身智能热潮向国内金融科技平台领域扩散。 1月19日，澎湃科技（www.thepaper.cn）注意到，国内互联网投资交易平台"同花顺"日前在其社交媒体 平台上的官方账号上发布"具身智能X机器人团队扩招"信息。 "同花顺"日前在其社交媒体平台上的官方账号上发布"具身智能X机器人团队扩招"信息。 在这则招聘信息中，同花顺表示其机器人团队聚焦"AIGC-机器人面向具身智能项目实践"，面向应届与 社招同步开放机器人机械工程师、硬件/嵌入式工程师、视觉算法工程师、运动控制/强化学习算法工程 师等岗位，实习薪资区间为10-12K/月，社招不设限制，工作地点在杭州。 其岗位描述提及从"0到1参与机器人研发→落地全流程"，并承诺"拿丰富算力+真机资源"，"把脑洞秒变 现实"。研发内容覆盖机器人机械本体、嵌入式软硬件、自主语义导航、视觉－语言－动作（VLA）能 力、具身智能算法等多个方向，硬件形态包括四足、双足与轮足等多款机器人。 同花顺称，他们做具身智能机器人的目标是让机器人"看得懂世界、稳如老狗、动得快、站得稳、扛得 住"。 针对有网友在评论区提出"炒股平台为什么要做机器人？"的问题，同花顺招聘团队在评论区留言中表 示" ...

Core Insights - The monthly active users (MAU) of securities apps reached a record high of 175 million in December 2025, marking a 1.75% month-over-month increase and a 2.26% year-over-year increase, indicating a strong recovery in user engagement within the year [1][2]. User Engagement Trends - The year 2025 saw a fluctuating trend in MAU for securities apps, starting at approximately 161.84 million in January, peaking in December. The lowest point was in May, after which a recovery began, with notable rebounds in November and December [1][2]. - The monthly active user numbers for the months leading up to December were as follows: - January: 161.84 million - March: 171.73 million - May: 160.31 million (lowest point) - November: 172.30 million - December: 175.31 million [2]. Competitive Landscape - In December, third-party securities apps dominated the market, with Tonghuashun leading at 36.70 million MAU, followed by Dongfang Caifu at 18.22 million and Dazhihui at 12.97 million. Among brokerage apps, Huatai's Zhangle Wealth and Guotai Junan's Junhong surpassed 10 million MAU [2][3]. - The number of brokerage apps with an average monthly active user count exceeding 6 million increased to 14 in 2025, reflecting a growing concentration in the market [4]. AI Integration in Services - The application of AI technology in the securities industry has accelerated, with various brokerages launching intelligent tools across three core areas: intelligent research, trading, and advisory services. This aims to enhance user experience and service efficiency [6]. - Notable advancements include: - Upgrades in intelligent trading systems by Galaxy Securities, which automate price negotiations and order generation [6]. - The launch of AI advisory platforms by multiple brokerages, integrating comprehensive financial data to improve user decision-making [6]. Average Monthly Active Users - The average monthly active users for the top securities apps in 2025 were as follows: - Tonghuashun: 35.50 million - Dongfang Caifu: 17.43 million - Dazhihui: 12.10 million - Zhangle Wealth: 11.44 million - Guotai Junan Junhong: 9.88 million [5].

Core Insights - The monthly active users (MAU) of securities apps reached 175 million in December 2025, marking a 1.75% month-on-month increase and a 2.26% year-on-year increase, achieving a new monthly high for the year [4][3] - Throughout 2025, the MAU of securities apps experienced a recovery after a dip in the middle of the year, with a significant rebound in November leading to a peak at year-end [4][2] - The competition for traffic between third-party platforms and brokerage self-operated apps intensified, with brokerages accelerating the integration of AI technology in advisory and trading scenarios to enhance service models and user experience [4][12] Monthly Active Users Overview - In December 2025, the MAU for securities apps was 175.32 million, with notable monthly changes: November had 172.30 million (up 2.06% month-on-month) and October had 168.82 million (down 3.38% month-on-month) [5][4] - The MAU trend for 2025 showed a starting point of 161.84 million in January, peaking in December after a recovery phase post-May [4][5] Leading Apps and Market Dynamics - The top three securities apps by MAU in December were Tonghuashun (36.70 million), Dongfang Caifu (18.22 million), and Dazhihui (12.97 million) [6][5] - Among brokerage self-operated apps, Huatai's Zhangle Wealth reached over 12 million MAU, followed by Guotai Haitong Junhong with 10.40 million [6][5] - The number of brokerage apps with an average monthly active user count exceeding 6 million increased to 14 in 2025, indicating a growing concentration in the market [8][7] AI Technology Integration - The application of AI technology in the securities industry has accelerated, with multiple brokerages launching intelligent tools across key areas such as intelligent research, trading, and advisory services [12][11] - Notable advancements include the upgrade of trading robots by Galaxy Securities and the introduction of AI advisory platforms by various brokerages, enhancing service efficiency and user experience [13][12] - Despite the current limitations of AI tools in guaranteeing stable investment returns, their functionality is expanding, addressing various investment challenges and improving investors' capabilities in data analysis and strategy formulation [12][13]

Core Viewpoint - The report from Kaiyuan Securities expresses optimism about the brokerage sector, highlighting the sustained growth of brokerage performance and the pressure on the funding side, indicating a significant lag in the brokerage sector [1] Group 1: Regulatory Developments - On January 16, the China Securities Regulatory Commission (CSRC) solicited opinions on the draft of the "Supervision and Management Measures for Derivative Transactions (Trial) (Draft for Comments)" [2] - The policy aims to strengthen the standardized management of the derivatives market, clarifying the CSRC's regulatory scope and emphasizing enhanced monitoring and cross-market regulation [3] - The policy supports the steady development of the derivatives market, encouraging risk management activities and limiting excessive speculation [3] Group 2: Impact on Brokerage Firms - The enhanced transparency in derivatives regulation is expected to benefit the long-term development of brokerage firms' derivatives business, providing a more stable operational framework for brokers and investors [4] - The derivatives business is highly concentrated, with top-tier brokers holding significant advantages; as of November 2023, the market share of the top five firms in swap and OTC options was 66% and 59%, respectively [4] - Top-tier brokers, such as CITIC Securities and Guotai Junan, can directly engage in stock hedging transactions, while secondary brokers are limited in their trading capabilities [4] Group 3: Market Stability and Investment Recommendations - Derivative tools are seen as beneficial for stabilizing market fluctuations, with the potential for relaxed scale restrictions favoring leading brokers [5] - The CSRC's commitment to a robust monitoring system for derivatives trading is expected to facilitate high-quality development in the derivatives business, contributing to market stability [5] - Investment recommendations include top brokers with strong international business and undervalued stocks, such as Huatai Securities and Guotai Junan, as well as firms with significant wealth management advantages like GF Securities [5]

Investment Rating - The report assigns an "Increase" rating for the financial technology sector, indicating a positive outlook compared to the benchmark index [5][34]. Core Insights - The acceleration of AI applications is driving growth in the financial technology sector, with significant increases in stock prices observed during the reporting period [2][8]. - The financial technology index rose by 7.4% from January 4 to January 16, 2026, outperforming the Shanghai and Shenzhen 300 index, which increased by 2.2% [8][12]. - Key segments within the financial technology sector, such as financial IT and financial information services, have shown remarkable performance due to the positive impact of AI applications [9][12]. Summary by Relevant Sections AI Applications and Financial Technology Growth - The financial technology sector has seen a surge in stock prices, with notable increases in financial IT and financial information services, attributed to the recent advancements in AI applications [9][12]. - The financial IT segment experienced a growth of 10.59%, while financial information services grew by 13.06% during the reporting period [12]. Financial IT Upgrades and Market Stability - Collaborations between financial institutions and technology companies are enhancing operational efficiency and service delivery, such as the partnership between UnionPay and Industrial and Commercial Bank of China to utilize digital RMB for elder care services [13][14]. - The introduction of AI-driven operational frameworks is transforming financial operations, exemplified by the collaboration between Huawei and Bank of Communications [14]. Regulatory Developments in Financial Information Services - Recent regulatory changes, including the adjustment of margin requirements for financing transactions, aim to mitigate leverage risks in the market [15]. - The tightening of regulations in the financial information services sector is expected to enhance market stability and investor confidence [15][17]. Third-Party Payment and Compliance Enhancements - The People's Bank of China has introduced new anti-money laundering regulations that will significantly impact compliance processes within financial institutions [17]. - Adjustments in transaction fees by payment platforms aim to improve user experience while adhering to regulatory requirements [18]. Consumer Finance Sector Developments - A notable case of regulatory action was taken against a bank for imprudent loan practices, marking a significant enforcement action in the consumer finance sector [19]. Individual Company News and Announcements - Key developments include the completion of a cross-border acquisition by Jiufang Zhitu and the implementation of share reduction plans by executives at Dongfang Caifu [20][22]. - Innovations in AI assessment benchmarks and data management platforms have been introduced by companies like Qifu Technology and Changliang Technology, enhancing their competitive positioning in the market [20][21]. Investment Recommendations - The report highlights several companies poised to benefit from the ongoing digital RMB initiatives and AI advancements, including Changliang Technology, Yuxin Technology, and Jiufang Zhitu [26]. - The potential for growth in the consumer finance sector is also noted, with recommendations for companies focusing on intelligent customer service and marketing solutions [26].

Group 1 - A-shares financing balance has reached a new high of 27,012.4 billion yuan, with a net buy of 1,006.51 billion yuan this week [2][20] - The electronics and computer sectors saw net purchases exceeding 10 billion yuan, with amounts of 16.445 billion yuan and 11.438 billion yuan respectively [2][20] - The power equipment sector is expected to benefit from increased fixed asset investments by the State Grid Corporation, projected to reach 400 billion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan [4][21] Group 2 - Notable stocks with significant net purchases include China Ping An (3.343 billion yuan), TBEA (2.279 billion yuan), and Zhongji Xuchuang (1.979 billion yuan) [4][24] - The storage chip sector is experiencing a "super bull market," with DDR5 memory prices rising over 300% since September 2025, and DDR4 prices increasing over 150% [23] - Investors are optimistic about the power sector, with 9% of surveyed investors expressing confidence in this area, driven by the anticipated investments in the power grid [15][33]

Core Insights - The brokerage apps have become an important window for observing the comprehensive strength and service innovation trends of various brokerages, with active users reaching 175 million in December 2025, marking a 1.75% month-on-month increase and a 2.26% year-on-year increase, setting a new monthly record for 2025 [1] Group 1: User Engagement and Competition - Two brokerage apps, Huatai Securities' "Zhangle Wealth" and Guotai Junan's "Guotai Junan Junhong," lead the monthly active user rankings with 12.12 million and 10.40 million users respectively, showing month-on-month growth of 2.59% and 2.12% [2] - Other major brokerage apps also demonstrated high user engagement, with Ping An Securities' app reaching 8.88 million active users (up 2.06%), and several others exceeding 7 million [2] - The brokerage app with the highest month-on-month growth was "Zhangshan Securities," which saw a 2.99% increase, reaching 7.30 million active users [2] Group 2: Year-on-Year Growth - The brokerage app with the most significant year-on-year growth was "Xingye Securities Youlibao," which achieved a 20.66% increase, reaching 1.87 million active users in December [3] - Other apps like "Changjiang e-Number" and "Zhangle Wealth" also experienced steady growth, with year-on-year increases exceeding 5% [3] Group 3: Wealth Management Transformation - In December 2025, the Shanghai Composite Index rose by 2.06%, prompting brokerages to enhance their apps by refining advisory services and adding smart trading tools and insurance sections to meet diverse investment needs [4] - Optimizing advisory services has become a key focus for brokerage app upgrades, with companies like Guosen Securities launching new advisory service sections and products tailored to different customer segments [4] - The introduction of insurance sections in brokerage apps has emerged as a highlight, with Ping An Securities and other firms offering various insurance products and educational content to users [4] Group 4: Industry Trends and Future Directions - Analysts indicate that in the context of declining commission rates, the transformation towards wealth management is essential for brokerages to overcome development bottlenecks, evolving from mere securities brokerage to comprehensive wealth management institutions [5] - The inclusion of insurance products can enhance the stability and risk resistance of customer asset portfolios, allowing brokerages to provide more precise and comprehensive services throughout the customer lifecycle [6]