Investment Rating - The investment rating for the computer industry is maintained as "Recommended" [8] Core Insights - The computer sector's fund holdings in Q4 2025 accounted for approximately 2.34% of total fund holdings, showing a slight decrease from previous quarters, indicating a historical low. The focus remains on leading companies in AI applications and computing power, with expectations for increased holdings as national industrial policies support the AI sector [4][21] - Recent developments in the industry include significant financing rounds and advancements in AI chip technology, highlighting the ongoing growth and innovation within the sector [22][23][25] Summary by Sections 1. Q4 2025 Holdings Analysis - The proportion of computer sector holdings in funds decreased slightly to 2.34%, down from 2.51% in Q3 2024 [11] - The number of computer companies in the top ten holdings decreased to 138 from 171 in the previous quarter, indicating a consolidation in holdings [14] - The top ten companies by fund holdings in Q4 2025 included iFlytek, Kingsoft Office, Hikvision, Inspur Information, and others, with notable changes in rankings compared to Q3 2025 [17] 2. Industry News - StepFun completed a B+ round financing exceeding 5 billion yuan, setting a record for single financing in the domestic large model sector [22] - Microsoft launched the second-generation AI chip Maia 200, which improves inference efficiency by 30% compared to its predecessor [23] - Alibaba's Pingtouge introduced the high-end AI chip "Zhenwu 810E," achieving full self-research in both hardware and software [25] 3. Company News - Inspur Information's chairman and vice president plan to reduce their holdings by a total of 30,000 shares, representing 0.002% of the total share capital [26] - Tianyang Technology's controlling shareholder plans to reduce holdings by up to 14.5 million shares, accounting for 3% of the total share capital [27] - Daily Interaction's controlling shareholder announced a plan to reduce holdings by up to 371,500 shares [29] 4. Market Review - During the week of January 26-30, the CSI 300 index rose by 0.08%, while the computer sector index fell by 4.47%. The top gainers included Wangsu Science and Technology and Youke Technology, while the biggest losers were Chuangzhong Technology and China Greatwall [30][37]

Group 1: Company Announcements - The controlling shareholder of Jihua Group is planning a change in control, and the stock will be suspended from trading starting February 2, 2026 [1][2] - Fusheng Holdings' actual controller, chairman, and general manager have been detained, but the company states that operations remain normal [3] - Gree Electric has increased its share repurchase amount to between 1 billion and 1.5 billion yuan [14] Group 2: Performance Forecasts - Guizhou Airlines expects a net profit of 800 million to 1 billion yuan for 2025, marking a turnaround from losses [5] - Aobi Zhongguang forecasts a net profit of approximately 123 million yuan for 2025, indicating a significant increase from the previous year [6] - Sinopharm Group anticipates a net profit increase of 2767% to 3233% for 2025 [8] - Bojie Co. expects a net profit of 130 million to 160 million yuan for 2025, representing a growth of 484.16% to 618.97% [9] - Taiji Group forecasts a net profit of approximately 110 million yuan for 2025, an increase of about 313% [10] - Zhongji Xuchuang expects a net profit of 9.8 billion to 11.8 billion yuan for 2025, a growth of 89.50% to 128.17% [11] Group 3: Significant Contracts and Investments - Jerry Holdings' subsidiary signed a sales contract for gas turbine generator sets worth approximately 1.265 billion yuan [15] - Wanhu Chemical plans to invest 19.086 billion yuan in its subsidiary Wanhu Olefin Company to enhance operational control [17] - Funi Holdings intends to use up to 1.85 billion yuan of idle funds for cash management [17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported total revenue and net profit of 2.15 billion and 230 million respectively for 2025, representing a year-on-year increase of 40% and 119% [6] - The Q4 revenue and net profit were 740 million and 110 million respectively, showing a year-on-year decrease of 1% and 48%, but a quarter-on-quarter increase of 60% and a return to profitability [6] - The company benefits from a favorable stock market, leading to steady growth in financial information service revenue and strong cash flow performance [6] - The company has revised down its market trading volume assumptions and adjusted its net profit forecasts for 2026 and 2027 to 360 million and 480 million respectively, with a year-on-year growth of 57% and 34% [6] - The company completed the acquisition and capital increase of Pioneer Fund, holding a 90% stake, enhancing its wealth management ecosystem [6] Financial Performance Summary - In 2025, financial information service revenue was 1.51 billion, up 28% year-on-year, with sales cash inflow of 1.81 billion, up 17% year-on-year [7] - Sales expenses for 2025 were 1.11 billion, up 38% year-on-year, with advertising and online promotion expenses increasing by 67% [7] - The net income from the securities business was 610 million, up 91% year-on-year, with commission income and interest income increasing by 110% and 33% respectively [8] - The company's investment income was 220 million, up 49% year-on-year, with an investment yield of 10%, down from 21.5% in 2024 [8] Financial Projections - Revenue projections for 2026, 2027, and 2028 are 2.74 billion, 3.34 billion, and 3.86 billion respectively, with year-on-year growth rates of 27.7%, 21.8%, and 15.7% [10] - Net profit projections for the same years are 359 million, 481 million, and 580 million, with year-on-year growth rates of 57.4%, 34.0%, and 20.8% [10] - The company maintains a high gross margin, projected to be 92.2% in 2026 and 93.6% in 2028 [10]

计算机/软件开发 指南针（300803.SZ） 2026 年 02 月 01 日 投资评级：买入（维持） | 日期 | 2026/1/30 | | --- | --- | | 当前股价(元) | 124.00 | | 一年最高最低(元) | 179.01/50.40 | | 总市值(亿元) | 756.14 | | 流通市值(亿元) | 750.62 | | 总股本(亿股) | 6.10 | | 流通股本(亿股) | 6.05 | | 近 3 个月换手率(%) | 272.32 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2025-02 2025-06 2025-10 指南针 沪深300 相关研究报告 《销售费用环比增长，关注 Q4 高端品 销售情况—指南针 2025 三季报点评》 -2025.10.26 《新增客户数同比高增，下半年订单 弹性可期—指南针 2025 中报点评》 -2025.8.28 《扣非净利润符合预期，业绩和估值 高弹性特征突出—指南针 2025一季报 点评》-2025.4.27 业绩符合预期，证券业务高增体现协同效应 ——指南针 2025 年报点 ...

证券研究报告·公司点评报告·非银金融 指南针（300803） 2025 年年报点评：市场活跃+业务协同效应 释放，业绩稳健增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,529 | 2,146 | 2,898 | 4,083 | 5,602 | | 同比（%） | 37.37% | 40.39% | 35.02% | 40.89% | 37.22% | | 归母净利润（百万元） | 104 | 228 | 264 | 347 | 452 | | 同比（%） | 43.50% | 118.74% | 15.95% | 31.32% | 30.32% | | EPS-最新摊薄（元/股） | 0.17 | 0.37 | 0.43 | 0.57 | 0.74 | | P/E（现价&最新摊薄） | 723.81 | 330.91 | 285.39 | 217.32 | 166.76 | [Table_Tag] [ ...

公司持续扩大品牌推广及客户拓展力度，广告宣传及网络推广费用同比较大幅度增长，新增注册及付费 用户数量同比亦有较大幅度增长。2025年，公司金融信息服务收入同比+27.5%至15 亿元，公司销售商 品、提供劳务收到的现金18 亿元，同比+17%，我们预计公司于2025 年第一季度及第四季度集中营销高 端版本私享家版软件，第二季度至第三季度集中营销中端系列产品。 券商端：经纪及自营业务仍在快速发展。2025 年全年，①麦高证券经纪业务手续费净收入同比+110% 至4.87 亿元，客户规模稳定增长，公司代理买卖证券款较2024 年年末+53%至101 亿元。②麦高证券的 利息净收入同比+33%至1.01 亿元。③麦高证券投资收益同比+12%至1.60 亿元，主要系证券自营业务形 成的投资收益；指南针投资收益同比+54%至2.29 亿元，其中先锋基金公允价值重估计入6554 万元； 2025 年12 月末，指南针交易性金融资产较2025 年初的9.30 亿元增加至22 亿元。 ④麦高证券的证券承销及财务顾问业务有序展业，并取得一定收入；投研业务已按计划规范推进；资管 业务已完成验收并适度展业，相关工作进展顺利。 事件 ...

资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 30 日收盘价） 2026 年 01 月 31 日 指南针（300803.SZ）2025 年报点评 业绩同比高增，证券业务协同效应渐显 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,146 | 2,769 | 3,277 | 3,736 | | 增长率（%） | 40.4 | 29.0 | 18.3 | 14.0 | | 归属母公司股东净利润（百万元） | 228 | 326 | 373 | 429 | | 增长率（%） | 118.7 | 43.1 | 14.2 | 15.3 | | 每股收益（元） | 0.37 | 0.53 | 0.61 | 0.70 | | PE | 332 | 232 | 203 | 176 | | PB | 27.1 | 24.3 | 21.7 | 19.3 | | 推荐 | 维持评级 | ...

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Insights - The company achieved a total revenue of 2.146 billion yuan in 2025, representing a year-on-year growth of 40.39%, and a net profit attributable to shareholders of 228 million yuan, with a year-on-year increase of 118.74% [8] - The financial information service business showed steady growth, with revenue reaching 1.509 billion yuan, up 27.50% year-on-year, benefiting from a high market sentiment [8] - The report highlights the rapid development of the company's subsidiary, Maigao Securities, which generated revenue of 757 million yuan, a year-on-year increase of 56%, and a net profit of 165 million yuan, up 133% [8] - The company is expected to see continued revenue growth in the coming years, with projected revenues of 2.769 billion yuan in 2026, 3.277 billion yuan in 2027, and 3.736 billion yuan in 2028, with corresponding growth rates of 29.0%, 18.3%, and 14.0% respectively [8] Financial Forecasts - Revenue and profit forecasts for the company are as follows: - 2025: Revenue of 2.146 billion yuan, net profit of 228 million yuan - 2026: Revenue of 2.769 billion yuan, net profit of 326 million yuan - 2027: Revenue of 3.277 billion yuan, net profit of 373 million yuan - 2028: Revenue of 3.736 billion yuan, net profit of 429 million yuan [9] - The earnings per share (EPS) are projected to be 0.37 yuan in 2025, increasing to 0.53 yuan in 2026, 0.61 yuan in 2027, and 0.70 yuan in 2028 [9] Cost and Expense Analysis - The company has increased its advertising and online promotion expenses significantly, amounting to 653 million yuan in 2025, a year-on-year increase of 66.79% [8] - Sales, management, and R&D expenses for 2025 were 1.111 billion yuan, 650 million yuan, and 164 million yuan respectively, with year-on-year increases of 38.1%, 43.8%, and 1.2% [9]

中访网数据 北京指南针科技发展股份有限公司于近日发布2025年度财务决算报告。报告期内，公司实 现营业收入15.39亿元，同比增长27.08%；归属于母公司所有者的净利润达2.28亿元，同比大幅增长 118.74%，盈利能力显著提升。业绩增长主要得益于旗下麦高证券业务的快速发展及先锋基金的并表贡 献。具体来看，麦高证券的经纪业务表现突出，带动手续费及佣金净收入同比增长109.70%至5.05亿 元，同时其自营业务规模扩大，交易性金融资产较期初增长135.63%。报告期内，公司完成对先锋基金 的收购并将其纳入合并报表，产生商誉3.02亿元，并确认了约0.66亿元的投资收益。公司整体资产负债 率升至81.91%，主要系证券经纪业务相关的客户存款（代理买卖证券款）大幅增加所致，该指标符合 证券行业特点。经营活动现金流保持强劲净流入30.53亿元。公司表示，已对商誉进行减值测试，未发 现减值风险。 ...

Core Viewpoint - The company has approved a profit distribution plan for the fiscal year 2025, proposing a cash dividend of 0.8 yuan per 10 shares, totaling approximately 48.78 million yuan, which represents 21.40% of the net profit attributable to shareholders for that year [1] Group 1 - The company has a total share capital of 610 million shares [1] - The proposed cash dividend will be distributed to all shareholders, amounting to approximately 48.78 million yuan [1] - The profit distribution plan will be submitted for approval at the company's 2025 annual general meeting [1] Group 2 - The estimated net profit attributable to shareholders for the fiscal year 2025 is approximately 228 million yuan [1] - The company will not issue bonus shares or increase share capital from capital reserves for the fiscal year 2025 [1] - The company has approximately 1.242 billion yuan in undistributed profits as of the end of 2025 [1] Group 3 - The profit distribution plan considers both shareholder returns and the company's operational development needs [1] - The plan complies with relevant laws, regulations, and the company's articles of association [1] - Any changes in the total share capital before the implementation of the plan will lead to an adjustment in the total distribution amount while maintaining the distribution ratio [1]