2月25日，拉卡拉涨5.43%，截至发稿，报27.97元/股，成交10.70亿元，换手率5.32%，总市值217.23亿 元。 资料显示，拉卡拉支付股份有限公司位于北京市海淀区北清路中关村壹号D1座6层606,香港铜锣湾勿地 臣街1号时代广场2座31楼，成立日期2005年1月6日，上市日期2019年4月25日，公司主营业务涉及为实 体小微企业提供收单服务和为个人用户提供个人支付服务,此外拉卡拉还以积累的丰富第三方支付运营 经验,向客户提供第三方支付增值服务。主营业务收入构成为：支付业务100.00%。 截至发稿，陈建华累计任职时间13年69天，现任基金资产总规模256.06亿元，任职期间最佳基金回报 184.53%， 任职期间最差基金回报-49.65%。 曹旭辰累计任职时间280天，现任基金资产总规模320.21亿元，任职期间最佳基金回报143.4%， 任职期 间最差基金回报-6.29%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.c ...

Investment Rating - The report assigns an "Overweight" rating for the financial technology sector [4]. Core Insights - The domestic large model products and marketing have shown highlights, benefiting related financial technology stocks. The overseas RWA regulation has become clearer, and financial information regulation is tightening. Compliant financial institutions are expected to benefit more [2]. Summary by Sections 1. AI - From February 2 to February 20, 2026, the financial technology index decreased from 3116.08 to 3093.77, with a return of -0.72%. The Hong Kong financial technology index fell by 3.48% during the same period. Financial IT and third-party payment sectors performed well due to increased marketing efforts of major AI models and new regulations on virtual currencies [7][8]. 2. Overseas RWA Regulation - **2.1 Financial IT**: On February 6, the People's Bank of China and eight departments issued a notice to prevent risks related to virtual currencies and clarified the RWA regulatory framework for overseas issuance [12][13]. - **2.2 Financial Information Services**: On February 9, the Shanghai and Shenzhen Stock Exchanges announced optimized refinancing measures, benefiting high-quality R&D enterprises [14]. - **2.3 Third-party Payment**: New scenarios for digital currency have emerged, and the concentration of licenses in the third-party payment sector is accelerating [16]. - **2.4 Consumer Finance**: The head effect is evident, with a focus on promoting domestic demand through consumer finance [18]. 3. Individual Company News and Announcements - **3.1** Lakala is accelerating the development of intelligent payment through MOSS, while Tonghuashun's vertical model has gained high usage rates among brokers [19]. - **3.2** ST Rendo's net assets are expected to turn positive, and Jiufang Zhitu has initiated a stock buyback [21]. 4. Investment Recommendations - Digital RMB is expanding its application scenarios, indicating significant growth potential. AI is driving the upgrade of financial services, presenting new investment opportunities. Recommended core companies include: 1. Financial IT firms benefiting from digital currency upgrades: Changliang Technology, Yuxin Technology, Zhongke Software, and New Zhiyuan Software [24][28]. 2. Financial information service companies focusing on intelligent investment research: Jiufang Zhitu, Tonghuashun, and Dongfang Caifu [24][28]. 3. Payment institutions adapting to digital currency functionalities: Lakala, Yika, and Lianlian Digital [24][28]. 4. Consumer finance companies leveraging intelligent customer service and marketing: Yixin Group and Qifu Technology [24][28].

Group 1 - The diversified financial sector increased by 0.77% on February 4, with Bohai Leasing leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the diversified financial sector showed various performance metrics, with Bohai Leasing closing at 4.61, up 4.54%, and trading volume of 1.08 million shares [1] Group 2 - The diversified financial sector experienced a net outflow of 203 million yuan from institutional investors, while retail investors saw a net inflow of 188 million yuan [2] - The stock performance of individual companies varied, with ST Rendo showing a decline of 5.01% and closing at 9.48 [2] - The trading volume and turnover for key stocks in the sector were significant, with Jiuding Investment recording a turnover of 679 million yuan [2] Group 3 - The net inflow from retail investors was 188 million yuan, while the net inflow from speculative funds was 14.44 million yuan [3] - Key stocks like Shaanxi Guotou A and Jiuding Investment had varying net inflows and outflows from different investor types, indicating mixed investor sentiment [3] - Bohai Leasing had a net inflow of 247.89 million yuan from institutional investors, while experiencing a net outflow from retail investors [3]

- The report introduces a quantitative model framework for market trend analysis, focusing on five asset style stages: external growth, quality growth, quality dividend, value dividend, and bankruptcy value. The model evaluates assets based on their intrinsic attributes and prioritizes them using the sequence of g > ROE > D, analyzing whether there are "good assets" and whether they are "expensive" [5][8][9] - The model incorporates key factors such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (B/P). Each factor is associated with specific market phases, e.g., expected growth is relevant across all phases, while profitability is emphasized during maturity phases [9][12] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.67% since 2009. It has shown consistent excess returns in most years, particularly post-2017, with limited effectiveness in years like 2011, 2012, and 2016 [19][22] - The model's backtesting results for specific years include notable excess returns, such as 51% in 2009, 36% in 2013, and 62% in 2022. However, it also recorded underperformance in years like 2011 (-11%) and 2014 (-4%) [22] - The report details six specific strategies derived from the model, each focusing on different factors: - **Expected Growth Strategy**: Selects industries with the highest analyst-forecasted growth rates. Recent recommendations include sectors like automotive sales, lithium equipment, and tungsten [38][39] - **Actual Growth Strategy**: Focuses on industries with the highest unexpected growth (△g). Current recommendations include photovoltaic equipment, insurance, and coal chemical sectors [40][41] - **Profitability Strategy**: Targets high-ROE industries with low valuations under the PB-ROE framework. Recommended sectors include copper, liquor, and non-dairy beverages [43][44] - **Quality Dividend Strategy**: Utilizes a DP+ROE scoring system to identify industries. Current recommendations include forestry, lithium equipment, and fiberglass [46][47] - **Value Dividend Strategy**: Employs a DP+BP scoring system. Recommended sectors include security, daily chemicals, and buses [49][50] - **Bankruptcy Value Strategy**: Focuses on industries with the lowest PB+SIZE scores. Current recommendations include automotive sales, ceramics, and cotton textiles [53][54]

Core Viewpoint - The diversified financial sector experienced a rise of 1.77% on February 3, with Jiuding Investment leading the gains, while the Shanghai Composite Index closed at 4067.74, up 1.29%, and the Shenzhen Component Index closed at 14127.1, up 2.19% [1]. Group 1: Stock Performance - Jiuding Investment (600053) closed at 24.75, with a significant increase of 10.00%, and a trading volume of 225,000 shares, amounting to a transaction value of 549 million yuan [1]. - Lakala (300773) saw a closing price of 27.60, up 5.30%, with a trading volume of 560,100 shares, resulting in a transaction value of 1.532 billion yuan [1]. - Yuexiu Capital (000987) closed at 10.12, increasing by 3.16%, with a trading volume of 811,000 shares, and a transaction value of 812 million yuan [1]. - Other notable stocks include Yalian Development (002316) at 5.55 (+2.97%), State Grid Yingda (600517) at 6.82 (+2.56%), and Sichuan Shuangma (000935) at 28.00 (+2.30%) [1]. Group 2: Capital Flow - The diversified financial sector saw a net inflow of 66.1834 million yuan from main funds, while retail funds experienced a net inflow of 17.6 million yuan, and speculative funds had a net outflow of 242 million yuan [2]. - Jiuding Investment had a main fund net inflow of 73.1929 million yuan, while it faced a speculative fund net outflow of 41.1579 million yuan [3]. - Lakala experienced a main fund net inflow of 38.4083 million yuan, with a speculative fund net outflow of 29.0962 million yuan [3].

Group 1 - The core viewpoint of the news is that Lakala's stock performance shows a decline in both trading volume and financial metrics, indicating potential challenges for the company [1][2]. Group 2 - On February 2, Lakala's stock price fell by 0.34%, with a trading volume of 1.043 billion yuan. The financing buy-in amount was 83.81 million yuan, while the financing repayment was 111 million yuan, resulting in a net financing outflow of 27.06 million yuan [1]. - As of February 2, the total financing and securities lending balance for Lakala was 1.35 billion yuan, with the financing balance accounting for 6.62% of the circulating market value, which is above the 70th percentile of the past year [1]. - In terms of securities lending, on February 2, Lakala repaid 15,100 shares and sold 11,200 shares, with a selling amount of 293,600 yuan, while the securities lending balance was 2.31 million yuan, below the 20th percentile of the past year [1]. Group 3 - As of September 30, Lakala had 104,400 shareholders, a decrease of 26.11% from the previous period, while the average circulating shares per person increased by 35.37% to 7,038 shares [2]. - For the period from January to September 2025, Lakala reported operating revenue of 4.068 billion yuan, a year-on-year decrease of 7.32%, and a net profit attributable to shareholders of 339 million yuan, down 33.90% year-on-year [2]. - Since its A-share listing, Lakala has distributed a total of 2.615 billion yuan in dividends, with 1.035 billion yuan distributed over the past three years [2]. Group 4 - As of September 30, 2025, among Lakala's top ten circulating shareholders, Huabao Zhongzheng Financial Technology Theme ETF ranked fourth with 9.2318 million shares, an increase of 4.4612 million shares from the previous period [2]. - Hong Kong Central Clearing Limited ranked sixth with 7.4764 million shares, an increase of 1.8367 million shares, while Southern Zhongzheng 1000 ETF ranked seventh with 5.0471 million shares, a decrease of 66,500 shares [2]. - Guangfa Value Advantage Mixed Fund has exited the list of the top ten circulating shareholders [2].

Market Overview - The diversified financial sector experienced a decline of 1.85% on January 30, with Lakala leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers included *ST Nengmao, which rose by 4.99% to a closing price of 7.58, and Xiangyi Rongtong, which increased by 1.79% to 69.6 [1] - Conversely, Lakala saw a significant decline of 4.22%, closing at 26.30, with a trading volume of 489,600 shares and a turnover of 1.291 billion [2] Capital Flow - The diversified financial sector saw a net outflow of 745 million from institutional investors, while retail investors contributed a net inflow of 502 million [2] - The table of capital flow indicates that major stocks like *ST Nengmao and Xiangyi Rongtong had varying levels of net inflow and outflow from different investor types [3] Individual Stock Analysis - Lakala had a significant trading volume of 489,600 shares, with a turnover of 1.291 billion, reflecting its high activity despite the decline [2] - Other stocks like Zhongliang Capital and Nanhua Futures also faced declines of 2.66% and 2.64%, respectively, indicating a broader trend of negative performance in the sector [2]

Group 1: Financial Technology - In 2026, global liquidity is expected to remain reasonably ample, with the domestic monetary policy maintaining a moderately loose tone[14] - The digital RMB 2.0 will officially implement on January 1, 2026, transitioning from M0 to M1 currency attributes[18] - The CIPS network expansion will be a key focus starting February 1, 2026, as new rules for the RMB cross-border payment system come into effect[20] Group 2: AI Applications - The AI application landscape is shifting towards commercial monetization, with a focus on achieving breakeven after initial explosive growth[24] - C-end applications are dominated by major tech giants, making it difficult for smaller firms to survive in the market[40] - B-end applications are seeing some achieving unit economics (UE) breakeven, particularly in sectors with high product-market fit (PMF) like robotaxi[45] Group 3: AI Computing Power - Global demand for AI computing power is on the rise, with domestic internet companies being the largest consumers of intelligent computing servers[3] - Domestic chip manufacturers are making significant breakthroughs, with companies like Huawei and Cambricon showing strong growth potential[3] - The shift towards scale-up supernode architectures is expected to accelerate, enhancing overall system performance[3] Group 4: AI Energy - The AIDC power supply paradigm is evolving towards 800V HVDC systems, driven by the need for higher power density and efficiency[4] - Nuclear fusion is being explored as a long-term energy solution, with significant advancements expected within the next five years[7]

Market Overview - The diversified financial sector experienced a decline of 0.43% on January 26, with Lakala leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable gainers in the diversified financial sector included: - Yuexiu Capital (Code: 000987) with a closing price of 11.69, up 5.03% and a trading volume of 3.1 million shares, totaling 3.655 billion yuan [1] - ST Rendo (Code: 002647) closed at 9.92, up 4.97% with a trading volume of 231,600 shares, totaling 227 million yuan [1] - Nanhua Futures (Code: 603093) closed at 19.24, up 3.27% with a trading volume of 182,300 shares, totaling 347 million yuan [1] - Conversely, Lakala (Code: 300773) saw a significant decline, closing at 27.99, down 4.14% with a trading volume of 689,900 shares [2] - Other notable decliners included: - ST Panda (Code: 600599) down 3.74% to 8.23 [2] - Zhejiang Oriental (Code: 600120) down 2.17% to 6.76 [2] Capital Flow - The diversified financial sector saw a net outflow of 536 million yuan from institutional investors, while retail investors contributed a net inflow of 382 million yuan [2] - The capital flow for key stocks included: - Yuexiu Capital with a net inflow of 10.4 million yuan from institutional investors [3] - Bohai Leasing (Code: 000415) with a net inflow of 46.19 million yuan from institutional investors [3] - ST Rendo with a net inflow of 20.91 million yuan from institutional investors [3]

证券代码：300773 证券简称：拉卡拉 公告编号：2026-003 拉卡拉支付股份有限公司 一、使用闲置自有资金进行委托理财的基本情况 1、投资目的 为提高公司资金使用效率，在不影响公司正常经营情况下，合理利用部分闲置 自有资金进行委托理财，增加资金收益，为公司及股东获取更多的投资回报。 2、投资的资金额度和来源 公司使用不超过人民币10亿元（含）的闲置自有资金进行委托理财，投资期限 内任一时点用于委托理财的交易金额（含前述投资的收益进行再投资的相关金额） 不超过上述投资额度。资金来源合法合规， 不涉及募集资金或银行信贷资金。 3、投资品种 关于使用闲置自有资金进行委托理财的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 拉卡拉支付股份有限公司（以下简称"公司"）于2026年1月26日召开的第四 届董事会第十三次会议审议通过了《关于使用闲置自有资金进行委托理财的议案》， 董事会同意公司使用闲置的自有资金不超过人民币10亿元（含）进行委托理财，期 限内任一时点的交易金额（含前述投资收益进行再投资的相关金额）不超过上述投 资额度，使用期限为自公司董事会审议 ...