Group 1 - The software concept is experiencing a surge, with the ChiNext Software ETF (159256) rising by 3.86% as of February 9, 2026, and notable stocks like Dongfang Guoxin and Wanxing Technology increasing by 16.73% and 11.63% respectively [1] - In the past 21 trading days, the ChiNext Software ETF has attracted a total of 539 million yuan [1] - ByteDance has launched its latest video model, Seedance 2.0, which is now available on the Jiemeng platform, allowing users to generate videos from text/images and use video/audio as reference materials [1] Group 2 - The ChiNext Software ETF closely tracks the ChiNext Software Index, which as of January 30, 2026, has its top ten weighted stocks including Tonghuashun, Runze Technology, and Kunlun Wanwei, accounting for a total of 48.61% of the index [2] - The top ten stocks in the ChiNext Software Index are as follows: Tonghuashun (3.64% increase, 8.68% weight), Guiding Compass (1.10% increase, 6.38% weight), and Runhe Software (2.31% increase, 4.93% weight) among others [3]

公司金融信息服务业务稳健增长，证券业务快速增长，管理费用和销售费用较高，助力公司主业和麦高 证券发展。公司2025 年调整后营收（ 含投资收益） / 归母净利润23.66/2.28 亿元， 同比 +41.01%/+118.7%，均实现高增，主因2025 年资本市场交投活跃，2025 年日均股基成交额20003 亿元， 同比提升64.07%；证券业务和金融信息服务双轮驱动。1）证券业务方面，麦高证券经纪和自营业务保 持快速发展，2025 手续费及佣金净收入5.05 亿元，同比+110%；利息净收入1.01 亿元，同比+33%，投 资收益2.21 亿元，同比47.3%，包含收购先锋基金形成的6554 万商誉。2）金融信息服务及广告业务营 收15.39 亿元，同比+28%。成本端，营业总成本21.58 亿，同比+32.7%，主要受销售费用、管理费用增 加影响，销售费用11 亿元，同比+38%，管理费用6.5 亿，同比+44%，主因公司加大营销力度和为麦高 证券的持续发展增加投入，公司销售费用增加的同时，付费用户数亦保持较大增长，投产比保持稳定； 麦高证券纳入公司报表范围，领取薪资人数同比+39%，达3783 人。 ...

证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 计算机 牛市先锋，优选炒股软件 开户数+成交额 1 月同环比骤增，炒股软件直接受益。复盘 2024、2025 两轮牛市 可得，新增开户数、市场成交额与上证指数呈现正相关关系：1）2025 全年新增开 户数 2743.69 万户，同比增加 9.8%；2025 年日均成交额 1.2 万亿元，同比增加 63.7%。2）2026 年 1 月新增开户数 4916 万户，同比增加 213.11%，环比增加 89.31%；总成交额 60.9 万亿元，同比增加 180.64%，环比增加 40.77%；日均成 交额 3.0 万亿元，同比增加 152.6%，环比增加 61.9%。3）复盘炒股软件业绩， 与牛市强相关，2025 单 Q4 同花顺归母净利润同比+30.5%~77.1%，环比 +117.2%~194.9%。在开户与交投活跃背景下，2026 年炒股软件业绩有望持续爆 发。 ETF、险资、居民存款搬家构成新增动能，看好指数上攻。1）规模指数 ETF 呈现 净流入态势，2024 年年初小微盘流动性危机和 2024 年 924 行情，指数 ...

增持（维持） 行业走势 -20% -10% 0% 10% 20% 30% 2025-02 2025-06 2025-10 2026-02 计算机 沪深300 证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 计算机 牛市先锋，优选炒股软件 开户数+成交额 1 月同环比骤增，炒股软件直接受益。复盘 2024、2025 两轮牛市 可得，新增开户数、市场成交额与上证指数呈现正相关关系：1）2025 全年新增开 户数 2743.69 万户，同比增加 9.8%；2025 年日均成交额 1.2 万亿元，同比增加 63.7%。2）2026 年 1 月新增开户数 4916 万户，同比增加 213.11%，环比增加 89.31%；总成交额 60.9 万亿元，同比增加 180.64%，环比增加 40.77%；日均成 交额 3.0 万亿元，同比增加 152.6%，环比增加 61.9%。3）复盘炒股软件业绩， 与牛市强相关，2025 单 Q4 同花顺归母净利润同比+30.5%~77.1%，环比 +117.2%~194.9%。在开户与交投活跃背景下，2026 年炒股软件业绩有望持续爆 发。 ETF ...

2月5日，指南针大宗交易成交5.2万股，成交额636.9万元，占当日总成交额的0.29%，成交价122.48元， 较市场收盘价122.48元持平。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-02-05 | 300803 | 指南针 | 122.48 | 5.20 | 636.90 | 机构专用 | 中信证券股份有限 公司上海分公司 | ...

Strategy Research - The macroeconomic landscape shows a divergence in performance, with strong demand for technology hardware driven by AI infrastructure investment, while chemical prices remain robust due to supply constraints [2][3] - High-end liquor prices are stabilizing, indicating some recovery in consumer spending, although the sustainability of this trend remains uncertain [3][4] Food and Beverage Research - The company Sobo Protein is expected to maintain rapid profit growth in Q4 2025, with projected net profit for 2025 ranging from 178 to 191 million yuan, reflecting a year-on-year increase of 46.89% to 57.62% [8][36] - The company is focusing on high-end manufacturing and energy optimization, which is expected to enhance profitability [37] Automotive Research - The Robotaxi market in China is projected to reach a value of 50 billion yuan, with hardware cost reductions and software iterations driving demand [11][29] - The commercial viability of Robotaxi is approaching a critical point, with both L2 and L4 participants accelerating market penetration [11][29] Consumer Sector - The price of high-end liquor, such as Moutai, has increased by 3.9% for original and 3.0% for bulk, likely due to pre-holiday gifting demand [4][16] - The real estate market remains weak, with significant declines in transaction volumes across major cities, although policies to stabilize the market are being implemented [4][16] Technology and Manufacturing - The price of DRAM storage has shown signs of stabilization, with a slight decrease in DDR4 prices and a slight increase in DDR5 prices, while overall prices remain high [5][17] - Chemical prices continue to be strong, with PX prices increasing by 5.2% [5][17] Logistics and Transportation - Passenger transport demand remains stable ahead of the holiday season, with a slight increase in logistics demand reflected in highway and rail freight volumes [18] - Shipping rates have shown mixed trends, with domestic port throughput increasing, indicating a potential recovery in export activity [18] Industry Tracking: Machinery - The company Hangzhou Steam Turbine has signed its first commercial contract for a self-developed gas turbine, marking a significant step towards industrial application [19][20] - The company is also advancing its "B to A" strategy to enhance financing channels for high-investment R&D projects [21] Industry Research: Pharmaceuticals - The total market value of publicly held pharmaceutical stocks decreased from 397.7 billion to 316.1 billion yuan, indicating a decline in investor confidence [23][24] - The chemical preparation sector remains the largest segment within pharmaceutical holdings, accounting for 37.5% of total holdings [23] Industry Research: Information Technology - The median profit growth for computer companies is significantly higher than revenue growth, indicating a trend of improving profitability despite stagnant sales [25][26] - A notable number of companies are experiencing significant profit declines, highlighting a polarized performance within the sector [26][28]

Investment Rating - The report maintains a rating of "Buy" for the company with a target price of 144.90 CNY, compared to the current price of 121.61 CNY [6][13]. Core Insights - The company has experienced significant revenue growth driven by active trading in the capital market, with a notable increase in marketing efforts and the consolidation of Maigao Securities contributing to higher expenses. The acquisition of Pioneer Fund is expected to enhance wealth management capabilities, providing new growth momentum for the future [2][13]. - The company's adjusted revenue for 2025 (including investment income) is projected to be 2.366 billion CNY, representing a year-on-year increase of 41.01%, while the net profit attributable to the parent company is expected to reach 228 million CNY, up 118.7% year-on-year [13]. Financial Summary - Total revenue is forecasted to grow from 1.529 billion CNY in 2024 to 4.527 billion CNY by 2028, with annual growth rates of 37.4%, 40.4%, 32.2%, 30.2%, and 22.6% respectively [4]. - Net profit attributable to the parent company is expected to increase from 104 million CNY in 2024 to 1.38 billion CNY in 2028, with growth rates of 43.5%, 118.7%, 146.0%, 74.9%, and 40.8% respectively [4]. - Earnings per share (EPS) is projected to rise from 0.17 CNY in 2024 to 2.26 CNY in 2028 [4]. Business Performance - The company's securities business is experiencing rapid growth, with net commission income from brokerage and proprietary trading expected to reach 505 million CNY in 2025, a 110% increase year-on-year. Interest income is projected to be 101 million CNY, up 33% year-on-year, and investment income is expected to be 221 million CNY, reflecting a 47.3% increase [13]. - The financial information services and advertising business is also expected to grow, with revenue projected at 1.539 billion CNY in 2025, a 28% increase year-on-year [13]. Market Position - The company is positioned to benefit from a robust demand for wealth management services amid active capital market conditions. The number of active users on its securities app is expected to reach 175 million by December 2025, marking a 2.26% year-on-year increase [13]. - The report emphasizes the dual-driven strategy of financial information services and securities business, aiming to create a comprehensive wealth management service platform [13].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 144.90 CNY, compared to the current price of 121.61 CNY [6]. Core Insights - The company has experienced significant revenue growth driven by active trading in the capital market, with a notable increase in marketing efforts and the consolidation of Maigao Securities. The financial information services and securities businesses are expected to drive future growth, particularly with the acquisition of Pioneer Fund enhancing wealth management capabilities [2][13]. Financial Summary - Total revenue is projected to grow from 1,529 million CNY in 2024 to 4,527 million CNY by 2028, reflecting a compound annual growth rate (CAGR) of 22.6% [4]. - Net profit attributable to shareholders is expected to increase from 104 million CNY in 2024 to 1,380 million CNY in 2028, with a CAGR of 40.8% [4]. - Earnings per share (EPS) is forecasted to rise from 0.17 CNY in 2024 to 2.26 CNY in 2028 [4]. - The return on equity (ROE) is anticipated to improve from 4.6% in 2024 to 20.1% in 2028 [4]. Business Performance - The company’s securities business, particularly Maigao Securities, has shown rapid growth, with net commission income increasing by 110% year-on-year to 505 million CNY in 2025. Interest income also rose by 33% to 101 million CNY, while investment income reached 221 million CNY, up 47.3% [13]. - The financial information services and advertising business generated 1,539 million CNY in revenue, marking a 28% year-on-year increase [13]. - The total operating costs are projected to rise to 21,580 million CNY in 2025, primarily due to increased sales and management expenses [13]. Market Dynamics - The active trading environment in the capital market is expected to continue, with the average daily trading volume of stock funds reaching 20,003 billion CNY in 2025, a 64.07% increase year-on-year [13]. - The company aims to strengthen its comprehensive wealth management service platform, responding to the growing demand for wealth management among residents [13].

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Insights - The equity market is expected to perform well, with a projected net profit growth of 50% year-on-year for 2025, and a 16% growth in 2026 from a high base [1][30] - The average daily trading volume of stock funds is anticipated to reach 19.814 trillion yuan in 2025, representing a 67% year-on-year increase [1][9] - The report highlights a significant recovery in IPO and refinancing activities, with IPO fundraising expected to grow by 96% in 2025 [1][14] - The bond issuance scale is expected to increase steadily, with a 13% year-on-year growth in 2025 [1][19] - The report emphasizes the low valuation of brokerage stocks and the potential for valuation recovery, particularly for large brokerages [1][24] Summary by Sections 1. Equity Market Performance - The average daily trading volume of stock funds is projected at 19.814 trillion yuan, a 67% increase year-on-year [1][9] - The number of new accounts opened in the Shanghai market is expected to average 2.5 million per month, an 8% increase from 2024 [1][9] - The financing balance is projected to reach 2.5242 trillion yuan, a 36% increase year-on-year [1][12] - The IPO market is expected to see 116 IPOs raising 131.8 billion yuan, a 96% increase year-on-year [1][14] - The refinancing market is expected to recover significantly, with a total of 950.9 billion yuan raised, a 326% increase [1][18] 2. Profit Forecast for 2025 - The report forecasts a 50% year-on-year increase in net profit for listed brokerages in 2025, with a 16% increase in Q4 [1][30] - The total revenue for the industry is expected to grow by 21% year-on-year [1][30] 3. 2026 Outlook - The report anticipates a 16% year-on-year increase in net profit for the industry in 2026, based on high baseline assumptions [1][37] - The growth in brokerage income from various segments is expected, including a 25% increase in brokerage business revenue [1][37] 4. Valuation and Recommendations - The report notes that the current valuation of brokerages is relatively low, with the CITIC Securities II index at 1.43x PB, indicating potential for valuation recovery [1][24] - Key recommendations include major brokerages such as CITIC Securities, Huatai Securities, and Guotai Junan [1][24]

1月30日晚间，指南针（300803）(300803.SZ)披露2025年年报，为A股披露的第二份年报，也是创业板上市公司披露的首份年报。 2025年，指南针实现营业总收入21.46亿元，同比增长40.39%;实现归母净利润2.28亿元，同比增长118.74%;实现扣非净利润1.72亿元，同比增长78.4%;基本每 股收益为0.38元/股，同比增幅达111.11%。 不过，业绩高增长背后，指南针三费激增、研发增速乏力、经营现金流下滑等问题同步显现，叠加新收购标的整合压力，业绩成色仍存考验。 年报显示，指南针2025年销售费用、管理费用、财务费用、研发费用分别达11.11亿元、6.50亿元、2825.32万元、1.64亿元，分别同比增长38.09%、 43.76%、45.10%、1.17%;同期经营活动产生的现金流量净额为30.53亿元，同比下降31.82%。 此外，指南针2025年3月完成对先锋基金管理有限公司(下称"先锋基金")的控股收购，但先锋基金2025年净利润为-2704.81万元，仍处于亏损状态。 截至1月30日收盘，指南针股价报124元/股，跌2.76%，总市值跌至756亿元左右。 证券服务业务成 ...