Group 1 - A-shares experienced a significant afternoon rally, with Software 50 ETF (159590) rising over 2% and having net inflows on 2 out of the last 5 days [1] - Digital currency concepts surged, influenced by a government notice promoting high-level institutional reforms in free trade zones, including measures for digital trade and risk prevention [3] - The EDA software market in China is dominated by three major suppliers, which accounted for approximately 82% of the market share last year, following the U.S. decision to lift licensing requirements for these companies [4] Group 2 - The Software 50 ETF closely tracks the CSI Software Index, which includes 50 stocks with a focus on application software (67% weight), AI-related fields (over 15%), and information security (10%) [4] - The DeepSeek concept stocks within the CSI Xinchuang Index have a weight of 48.1%, indicating a strong correlation with the "domestic substitution" trend in the market [5] - The computer industry is expected to see steady revenue growth by Q2 2025, with a focus on AI applications and computing power as key growth areas [4]

信息披露义务人：广州展新通讯科技有限公司 住所：广州市天河区华夏路16号1206房 股份变动性质：持股比例被动稀释 北京指南针科技发展股份有限公司 简式权益变动报告书 上市公司名称：北京指南针科技发展股份有限公司 股票上市地点：深圳证券交易所 股票简称：指南针 股票代码：300803 签署日期：二〇二五年七月一日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》、《中华人民共和国 证券法》、《上市公司收购管理办法》、《公开发行证券公司信息披露内容与 格式准则第 15 号—权益变动报告书》及相关的法律、法规编制本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》、《上市公司收购管理办法》的规定， 本报告书已全面披露信息披露义务人在北京指南针科技发展股份有限公司中拥 有权益的股份变动情况。 截至本报告书签署日，除本报告书披露的持股信息外，信息披露义务人没 有通过任何其他方式增加或减少其在北京指南针科技发展股份有限公司拥有的 股份。 四、本次权益变动是根据本报告书所载明的资料进行 ...

控股股东广州展新通讯科技有限公司保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 近日，北京指南针科技发展股份有限公司（以下简称"公司"）收到公司控 股股东广州展新通讯科技有限公司（以下简称"广州展新"）出具的《简式权益 变动报告书》，截止 2025 年 6 月 30 日，广州展新持有公司股份的比例减少至 39.49%。本次权益变动具体情况如下： 一、 权益变动基本情况 因公司多期股权激励计划的限制性股票归属和股票期权行权（包括：2021 年 限制性股票和股票期权激励计划、2022 年股票期权激励计划、2023 年股票期权 激励计划）导致公司总股本增加，公司控股股东广州展新持股比例被动稀释超过 1%，持股比例由 40.90%降至 39.49%，变动情况详见下表： 证券代码：300803 证券简称：指南针 公告编号：2025-077 北京指南针科技发展股份有限公司 关于披露简式权益变动报告书的提示性公告 1、本次权益变动为公司控股股东广州展新持股比例被动稀释所致，未违反 《证券法》《上市公司收购管理办法》《深圳 ...

Market Overview - The Shanghai Composite Index rose by 0.39% on July 1, with 20 out of the 28 sectors experiencing gains, led by the comprehensive and pharmaceutical sectors, which increased by 2.60% and 1.80% respectively [1] - The computer industry was the biggest loser, declining by 1.18%, with a net outflow of 8.395 billion yuan in capital [1] Computer Industry Analysis - The computer sector had 336 stocks, with 78 rising and 256 falling; one stock hit the daily limit up while another hit the limit down [1] - Among the stocks with net inflows, 95 saw capital inflows, with five exceeding 50 million yuan; the top inflow was for Xuanji Information, which received 352 million yuan [1] - The top three stocks with the highest capital outflows included Sifang Precision, with an outflow of 731 million yuan, followed by Hengsheng Electronics and Guiding Compass, with outflows of 659 million yuan and 448 million yuan respectively [2] Capital Flow in Computer Sector Inflow Leaders - Xuanji Information: +20.00%, turnover rate 12.50%, net inflow 351.84 million yuan [1] - Changshan Beiming: +3.18%, turnover rate 7.63%, net inflow 107.51 million yuan [1] - Huibo Yuntong: +0.65%, turnover rate 14.50%, net inflow 85.95 million yuan [1] Outflow Leaders - Sifang Precision: -9.55%, turnover rate 25.04%, net outflow -730.62 million yuan [2] - Hengsheng Electronics: -4.32%, turnover rate 5.35%, net outflow -658.75 million yuan [2] - Guiding Compass: -3.45%, turnover rate 8.33%, net outflow -448.06 million yuan [2] ETF Performance - Food and Beverage ETF (Product Code: 515170): No change in the last five days, PE ratio 19.79, net outflow of 4.03 million yuan [4] - Gaming ETF (Product Code: 159869): Increased by 8.63% in the last five days, PE ratio 43.19, net outflow of 10.88 million yuan [4] - Semiconductor ETF (Product Code: 588170): Increased by 2.87% in the last five days, net inflow of 3.79 million yuan [5] - Cloud Computing ETF (Product Code: 516630): Increased by 4.46% in the last five days, PE ratio 102.69, net outflow of 0.41 million yuan [5]

Group 1 - The software service index of China has decreased by 1.06% as of July 1, 2025, with mixed performance among constituent stocks [1] - Donghua Software led the gains with an increase of 0.42%, while Guiding Compass and other stocks like Hengsheng Electronics and Yonyou Network experienced declines [1] - The software ETF (159852) has undergone adjustments, showing a cumulative increase of 7.85% over the past week, ranking first among comparable funds [1] Group 2 - The software ETF recorded a turnover rate of 3.39% and a transaction volume of 108 million yuan, with an average daily transaction of 250 million yuan over the past week, leading among comparable funds [4] - The latest scale of the software ETF reached 3.195 billion yuan, marking a three-month high and ranking first among comparable funds [4] - The software ETF saw a significant increase in shares, with a growth of 15.8 million shares over the past week, also ranking first among comparable funds [4] Group 3 - The software ETF experienced a net inflow of 17.7697 million yuan, accumulating a total of 82.5867 million yuan over the last five trading days [4] - Leveraged funds are actively participating, with the latest margin buying amounting to 10.0713 million yuan and a margin balance of 107 million yuan [4] - Over the past year, the software ETF's net value has increased by 47.88%, ranking 195th out of 2889 index stock funds, placing it in the top 6.75% [4] Group 4 - According to research from交银国际, AI technology innovation is a key focus for building a strong technological nation, with policy benefits expected to boost technological iteration and local government/enterprise demand [5] - DeepSeek is breaking the limitations of OpenAI's closed-source and high costs through computational innovation, promoting the acceleration of AI application implementation and enhancing market confidence in AI technology development [5] - As regional political influences ease, domestic substitution and AI application support are expected to accelerate revenue and profit growth, potentially leading to further valuation recovery in the software industry [5] Group 5 - As of June 30, 2025, the top ten weighted stocks in the software service index include iFlytek, Kingsoft Office, and others, collectively accounting for 60.56% of the index [5] - The performance of the top ten stocks shows mixed results, with iFlytek slightly down by 0.06% and Hengsheng Electronics down by 4.03% [7] - Investors can also access AI software investment opportunities through the software ETF linked fund (012620) [7]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][9]. Core Insights - The company's securities business has initiated a second growth curve, completing a "one body, two wings" business layout. The acquisition of Mai Gao Securities and Pioneer Fund has expanded its business scope significantly [3][4][9]. - Financial information services remain the core business, with rapid growth in the securities sector. The company has developed a strong synergy between its financial information services and securities business [5][6][16]. - The company has shown impressive financial performance, with total revenue and net profit for 2024 reaching 1.529 billion yuan (up 37% year-on-year) and 104 million yuan (up 44% year-on-year), respectively [4][12]. Summary by Sections Company Overview - The company, founded in 1997, has focused on securities analysis and information services for over two decades. It became the second financial information service provider in China to obtain a brokerage license after acquiring Mai Gao Securities [12][13]. Business Model - The core business includes financial information services, securities (Mai Gao Securities), and advertising services. Financial information services generated 1.184 billion yuan in revenue in 2024, accounting for 77% of total revenue [5][17][22]. - Mai Gao Securities has seen rapid growth in its brokerage and proprietary trading businesses since its consolidation in July 2022, with net commission income reaching 241 million yuan in 2024 (up 163% year-on-year) [6][23]. Financial Performance - The company expects significant growth in net profit, projecting 302 million yuan for 2025, 388 million yuan for 2026, and 467 million yuan for 2027, with corresponding EPS of 0.50, 0.65, and 0.78 yuan [9][11][29]. - The report highlights a stable gross margin of over 85% since 2015, indicating strong profitability [5][11]. Future Prospects - The company plans to raise 2.9 billion yuan through a private placement to enhance the capital strength of Mai Gao Securities, which is expected to further boost its competitive edge in the securities business [7][28]. - The report anticipates that the company's performance will benefit from a continuously active capital market, with an increase in customer numbers and market share driving growth in both financial information services and securities [9][29].

Market Overview - The Shanghai Composite Index fell by 0.70% on June 27, with 18 out of the 28 sectors experiencing gains, led by the metals and communications sectors, which rose by 2.17% and 1.79% respectively [2] - The banking and public utilities sectors saw the largest declines, with drops of 2.95% and 1.01% respectively [2] - The computer industry also experienced a decline of 0.36% [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 19.41 billion yuan, with 8 sectors seeing net inflows [2] - The communications sector had the highest net inflow of 2.579 billion yuan, followed by the electronics sector with a net inflow of 2.435 billion yuan and a daily increase of 0.92% [2] - The computer industry had the largest net outflow, totaling 6.630 billion yuan, followed by the defense and military industry with a net outflow of 2.891 billion yuan [2] Computer Industry Specifics - Within the computer industry, there are 336 stocks, with 141 rising and 188 falling on the day [3] - A total of 111 stocks in the computer sector saw net inflows, with 5 stocks exceeding 100 million yuan in net inflow; leading was Dawi Technology with 671 million yuan, followed by Jinzhen Shares and Weining Health with 321 million yuan and 256 million yuan respectively [3] - The stocks with the largest net outflows included Zhinan Zhen with 683 million yuan, Zhongke Shuguang with 375 million yuan, and Xinguodu with 372 million yuan [3][5] Top Gainers in Computer Industry - The top gainers in the computer sector included: - Dawi Technology: +6.61%, turnover rate 28.45%, net inflow 671.13 million yuan - Jinzhen Shares: +4.51%, turnover rate 15.87%, net inflow 321.27 million yuan - Weining Health: +9.84%, turnover rate 13.46%, net inflow 255.91 million yuan [4] Top Losers in Computer Industry - The top losers in the computer sector included: - Zhinan Zhen: -3.41%, turnover rate 15.62%, net outflow -682.78 million yuan - Zhongke Shuguang: -1.35%, turnover rate 2.62%, net outflow -375.17 million yuan - Xinguodu: -2.94%, turnover rate 22.68%, net outflow -371.73 million yuan [5]

Group 1 - The central theme of the news is the acceleration of digital transformation in the financial system, highlighted by the central bank's initiative to develop a new fintech development plan and the issuance of a stablecoin license to Guotai Junan International, which saw its stock surge over 150% [1][3] - Stablecoins are defined as digital assets with stable value, typically pegged to fiat currencies, combining the advantages of cryptocurrencies with the stability of traditional currencies [3] - The issuance of stablecoins by Guotai Junan International allows users to trade cryptocurrencies and stablecoins directly on their platform, marking a significant transformation in cross-border payment systems [3][4] Group 2 - Software leaders play a crucial role in supporting financial innovations, as they provide the necessary technological infrastructure for the issuance, custody, redemption, and trading of stablecoins [4][6] - Key software companies such as Hengsheng Electronics, Jinzheng Co., and Wealth Trend are identified as essential partners for financial institutions in upgrading their core systems to accommodate stablecoin transactions [7] - Security and risk control are paramount in the stablecoin ecosystem, necessitating advanced technology solutions from software companies to ensure safe operations [8][9] Group 3 - The core application of stablecoins is in cross-border payments, requiring payment institutions to integrate new stablecoin settlement networks for more efficient solutions [12][13] - The central bank's focus on fintech development and the regulatory framework for stablecoins in Hong Kong indicates a synchronized evolution in the financial technology landscape [14] - The software leader ETF (159899) includes companies that are expected to benefit from the normalization of stablecoins, emphasizing the importance of foundational technology providers in the digital finance wave [15][16]

Group 1 - Nord Shares' copper foil business for solid-state batteries contributes less than 1% to total revenue, indicating limited impact on overall performance [1] - Xiangtan Electric's subsidiary is collaborating with solid-state battery companies but has not yet generated revenue from this effort [2] - Xingye's phenolic resin for semiconductor photoresist is still in sample testing and has not yet signed supply contracts, thus not affecting company performance [3] Group 2 - Guoxuan High-Tech's solid-state battery technologies are in trial production and testing phases, with no commercial application yet, not significantly impacting overall performance [4] - Tianji's subsidiary has obtained a patent for lithium sulfide and is advancing towards industrialization, though risks remain regarding commercialization [5] - Longpan Technology's subsidiary is developing solid-state battery precursors, currently in testing stages, with no revenue generated yet [6] Group 3 - Sitiwei's major shareholder has reduced holdings by 261.2 million shares, representing 0.65% of total shares [7] - *ST Huamei's controlling shareholder is transferring shares to raise funds, changing the controlling entity to Jilin Provincial State-owned Assets Supervision and Administration Commission [8] - Zhina Compass confirms normal operations with no undisclosed significant matters affecting stock performance [9] Group 4 - Anlu Technology's major shareholder has reduced holdings to 5.94% after selling 3.29 million shares [10] - *ST Yazhen warns of potential stock trading anomalies and may apply for a trading suspension if necessary [11] - Hailian Jinhui is in the process of transferring ownership of a third-party payment business [12] Group 5 - Changchuan Technology expects a net profit increase of 67.54% to 95.46% for the first half of 2025, driven by strong demand in the integrated circuit industry [13]

Group 1 - The internet finance sector rose by 3.70%, ranking fifth among concept sectors, with 175 stocks increasing in value [1][2] - Notable gainers included LianDi Information and TongHui Information, both reaching a 30% limit up, while HuiJin Co., TianLi Technology, and ZhiNanZhen also saw significant increases of 20% [1][2] - The sector experienced a net inflow of 10.345 billion yuan, with 122 stocks receiving net inflows, and 24 stocks exceeding 100 million yuan in net inflow [2][3] Group 2 - The leading stock in terms of net inflow was DongFang CaiFu, with a net inflow of 3.747 billion yuan, followed by ZhiNanZhen and HengSheng Electronics with 673.4 million yuan and 420.0 million yuan respectively [2][3] - The highest net inflow ratios were recorded by AiJian Group, XinLi Financial, and HuiJin Co., with ratios of 40.51%, 25.01%, and 18.35% respectively [3][4] - The internet finance concept saw a total of 175 stocks increase, with notable performers including CaiFu ZhiNan, which rose by 17.84%, and YinZhiJie, which increased by 15.92% [1][4]