股票研究 /[Table_Date] 2025.11.17 2025-11-18 行业拐点已至，金融是 AI 应用落地的绝 佳"试验田" "AI+金融"系列专题研究（一） 本报告导读： 金融行业数智化转型需求与大模型技术特性高度契合，是 AI 应用落地的绝佳"试验 田"；2025 年 DeepSeek R1 的发布成为金融机构本地化部署 AI 的行业拐点。 投资要点： 证 券 研 究 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 专 题 研 [table_Authors] [Table_Summary] 投资建议：我们认为，金融行业作为典型的数据、信息、决策密集 型产业，其数智化转型需求与大模型技术特性高度契合。2025 年 DeepSeek R1 的发布助推通用模型推理能力跃迁和成本锐减，并实 现模型开源，成为金融机构本地化部署 AI 的行业拐点。目前，AI 应 用已在各类金融机构的核心业务领域以及中后台场景中加速渗透， 未来 AI 有望重构金融业务流程和组织架构，为金融数智化打开新纪 元。建议关注：1）金融信息服务。相关标的：同花顺、九方智投控 股、指南针。2）第三方支付。重点关注：新大陆、新 ...

证券日报网讯 11月17日晚间，天阳科技发布公告称，公司于2025年9月18日召开第三届董事会第三十三 次会议，审议通过了《关于协议受让北京首都在线科技股份有限公司部分股份的议案》。同日，公司分 别与北京首都在线科技股份有限公司（以下简称"首都在线"）控股股东、实际控制人曲宁先生和首都在 线股东南京云之拓创业投资合伙企业（有限合伙）（以下简称"云之拓"）签署了《股份转让协议》，拟 以现金方式协议受让曲宁先生持有的首都在线24，815，140股股份，占首都在线目前总股本的4.93%， 转让价格为17.60元/股，转让总价为人民币436，746，464.00元；受让云之拓持有的首都在线392，430 股股份，占首都在线目前总股本的0.08%，转让价格为17.60元/股，转让总价为人民币6，906，768.00 元。近日，公司收到了中国证券登记结算有限责任公司出具的《证券过户登记确认书》，公司本次协议 受让首都在线股份已完成过户登记手续，股份过户登记时间为2025年11月14日。 （文章来源：证券日报） ...

首都在线公告，控股股东曲宁及股东南京云之拓分别与天阳宏业签署了《股份转让协议》，曲宁及南京 云之拓拟分别通过协议转让的方式，向天阳宏业合计转让其持有的2520.76万股公司无限售条件流通股 股份，占公司目前总股本的5.01%，转让价格为17.6元/股，交易总金额为4.44亿元。其中，曲宁转让 2481.51万股，占公司目前总股本的4.93%，交易金额为4.37亿元。南京云之拓转让39.24万股，占公司目 前总股本的0.08%，交易金额为690.68万元。本次股份协议转让事项的受让方天阳宏业承诺在协议转让 完成后的12个月内不减持本次交易所受让的公司股份。 ...

证券代码：300872 证券简称：天阳科技 公告编号：2025-112 天阳宏业科技股份有限公司 关于协议受让北京首都在线科技股份有限公司 天阳宏业科技股份有限公司（以下简称"公司"）于 2025 年 9 月 18 日召开 第三届董事会第三十三次会议，审议通过了《关于协议受让北京首都在线科技股 份有限公司部分股份的议案》。同日，公司分别与北京首都在线科技股份有限公 司（以下简称"首都在线"）控股股东、实际控制人曲宁先生和首都在线股东南 京云之拓创业投资合伙企业（有限合伙）（以下简称"云之拓"）签署了《股份 转让协议》，拟以现金方式协议受让曲宁先生持有的首都在线 24,815,140 股股份， 占首都在线目前总股本的 4.93%，转让价格为 17.60 元/股，转让总价为人民币 436,746,464.00 元；受让云之拓持有的首都在线 392,430 股股份，占首都在线目 前总股本的 0.08%，转让价格为 17.60 元/股，转让总价为人民币 6,906,768.00 元。 具体内容详见公司于 2025 年 9 月 19 日在巨潮资讯网（www.cninfo.com.cn）披露 的相关公告。 二、股份过户登 ...

国海证券股份有限公司 关于天阳宏业科技股份有限公司协议受让北京宝兰德软件 股份有限公司部分股份事项的核查意见 国海证券股份有限公司（以下简称"国海证券"或"保荐机构"）作为天阳 宏业科技股份有限公司（以下简称"天阳科技"或"公司"）持续督导的保荐机 构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市 规则》（以下简称"《上市规则》"）《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等法律法规的相关规定，对天阳科技拟协议受让北京宝兰德软 件股份有限公司（以下简称"宝兰德"）部分股份事项进行了核查，并出具本核 查意见： 一、交易概述 基于对宝兰德长期投资价值的认可，公司与宝兰德控股股东、实际控制人易 存道先生于2025年11月3日签署《股份转让协议》，公司拟以现金方式协议受让易 存道先生持有的宝兰德5,830,000股股份，占宝兰德总股本的7.50%，转让价格为 26.56元/股，转让总价为人民币154,844,800元。本次交易前，公司未持有宝兰 德股份；本次交易后，公司合计持有宝兰德5,830,000股 ...

Core Viewpoint - Baoland's performance is under pressure, leading to the introduction of Tianyang Technology as a strategic investor to strengthen business collaboration [1][2] Group 1: Transaction Details - Baoland's controlling shareholder, Yi Cundao, plans to transfer 5.83 million shares to Tianyang Technology, representing 7.5% of Baoland's total share capital [1] - The share price for this transaction is set at 26.56 yuan per share, which is a 20% discount compared to the market closing price on the announcement date, totaling approximately 155 million yuan [1] - Post-transaction, Yi Cundao will hold 21.6 million shares, reducing his stake to 27.79%, while Tianyang Technology will become the second-largest shareholder with 7.5% [1] Group 2: Strategic Implications - The share transfer aims to meet Yi Cundao's funding needs and to introduce Tianyang Technology as a strategic investor, enhancing Baoland's downstream industry channels and product competitiveness [2] - Baoland is a leading player in domestic basic software, with a product line covering middleware, PaaS platforms, intelligent operations, and big data, focusing on the localization of middleware [2] - Tianyang Technology's public credit systems and credit card solutions are critical banking applications that run on middleware, suggesting that collaboration could enhance the integration of key banking applications with middleware systems [2] Group 3: Financial Performance - Baoland's performance has been unstable, with a decline in revenue and a return to losses in 2024 after a brief recovery in 2023 [3] - For the first three quarters of 2025, Baoland reported revenue of 138 million yuan, a year-on-year decrease of 31.83%, and a net loss of 92.6 million yuan, down 68.82% [3] - In contrast, Tianyang Technology achieved revenue of 1.516 billion yuan in the same period, an 8.11% increase, but its net profit fell by 32.25% to 57.8 million yuan [3]

Group 1 - Jinguang Electric won a bid for a State Grid procurement project with a total amount of 21.7976 million yuan, accounting for approximately 2.93% of the company's expected revenue for 2024 [1] - Shen Gong Co. plans to reduce its shareholding by up to 2%, equating to 340.61 million shares [2] - Guomai Culture received a government subsidy of 3.78 million yuan, representing 24.90% of its audited net profit for 2024 [2] Group 2 - Guomai Culture focuses on the development and provision of digital content operation platforms [3] - Shentong Technology's two directors plan to collectively reduce their shareholding by no more than 0.0473% [4] - Ruihua Tai intends to reduce its shareholding by up to 1%, amounting to 1.8 million shares [5] Group 3 - Guoji Automobile's wholly-owned subsidiary won a total contract project worth 809 million yuan [7] - Changcheng Technology's stock is expected to remain suspended due to potential changes in control [9] - Huabei Pharmaceutical's subsidiary received approval for a chemical raw material drug listing application [11] Group 4 - Fuyao Glass has changed its legal representative to Cao Hui [13] - Huaxi Biological plans to reduce its shareholding by up to 2%, totaling 9.6336 million shares [14] - Hopu Co. signed a procurement contract for a storage system worth 500 million yuan [15] Group 5 - ST Songfa's subsidiary plans to invest 458 million yuan in a mooring dock project [18] - Zhonghong Medical's subsidiary is expected to be selected for several centralized procurement projects [19] - Huakai Yibai's vice chairman plans to increase his shareholding by no less than 30 million yuan [20] Group 6 - Haichuang Pharmaceutical completed the first participant enrollment for a clinical trial of a drug for metabolic-associated fatty liver disease [21] - Dongfang Biological's subsidiary obtained medical device product registration certificates for multiple products [22] - Lepu Medical's rechargeable implantable deep brain stimulation system received NMPA registration approval [23] Group 7 - Changyuan Power's power generation in October decreased by 32.25% year-on-year [24] - Jinshi Yaya's diclofenac sodium sustained-release tablets passed the consistency evaluation for generic drugs [26] - Yutong Bus sold 3,040 buses in October, a decrease of 5.62% year-on-year [27] Group 8 - Far East Co. signed contracts worth 1.062 billion yuan in October [28] - Tianya Pharmaceutical's subsidiary passed the consistency evaluation for a drug [29] - Yuheng Pharmaceutical plans to resolve a debt dispute through a share transfer agreement [30] Group 9 - Hailanxin's subsidiary won a bid for a marine observation network project worth 1.097 billion yuan [31] - Huasheng Lithium plans to reduce its shareholding by up to 0.37% [33] - Maike Biological obtained product registration certificates for five new in vitro diagnostic products [34] Group 10 - Huayuan New Materials signed a strategic cooperation agreement with Taiblue New Energy [37] - Greebo's actual controller and some directors plan to collectively increase their shareholding by no less than 11.5 million yuan [39] - Yian Technology received a government subsidy of 1.1643 million yuan [41] Group 11 - Kangtai Biological's quadrivalent influenza virus vaccine has commenced Phase I clinical trials [43] - Spring Airlines received a commitment letter for a stock repurchase loan of up to 450 million yuan [45] - Foton Motor sold 8,006 new energy vehicles in October, a year-on-year increase of 98.83% [46] Group 12 - Greebo plans to transfer 100% equity of its subsidiary for 280 million yuan [48] - Siwei Liekong's director is under investigation [49] - Dingyang Technology launched a new generation of multi-channel microwave signal generator products [50] Group 13 - Jiangling Motors reported a year-on-year increase of 8.06% in vehicle sales for October [51] - Shengyi Technology plans to reduce its shareholding by up to 1.03% [52] - Dongshan Precision completed the acquisition of 100% equity of France's GMD Group for approximately 814 million yuan [53] Group 14 - Tianyang Technology plans to acquire 7.5% of Baoland's shares for 155 million yuan [54] - Alter plans to establish a joint venture company with a total investment of 672 million yuan [54] - Changchun High-tech's clinical trial application for a drug was approved [55] Group 15 - Beibu Gulf Port's cargo throughput in October increased by 22.73% year-on-year [56] - ST Zhangjiajie was ruled by the court to undergo reorganization [57] - Teda Co.'s subsidiary was selected as a supplier for an energy project in Indonesia [58]

Core Insights - Tianyang Technology (300872) has signed a share transfer agreement to acquire 5.83 million shares of Baoland Software, representing 7.5% of Baoland's total equity, at a price of 26.56 yuan per share, totaling approximately 155 million yuan [1] - Baoland, established in 2008, is a leader in domestic basic software, focusing on the localization of middleware and has a product line that includes middleware, container platforms, intelligent operations, and big data [1] - The collaboration aims to enhance the integration of banking key application systems with basic middleware systems, promoting information innovation and the autonomy of domestic software [1] Company Strategy - Tianyang Technology recently invested 444 million yuan to acquire 5.02% of Capital Online, aiming to enhance AI capabilities and achieve resource sharing between the two companies [2] - The acquisition of Baoland is expected to significantly enhance Tianyang's influence in the domestic basic software ecosystem and accelerate the penetration of its technology products in the financial innovation market [2] - In the long term, by integrating application software and basic platforms into standardized solutions, Tianyang Technology aims to provide cost-effective digital transformation services for small and medium-sized banks, potentially creating a second growth curve [2]

Core Viewpoint - Tianyang Technology (300872) has signed a share transfer agreement with the controlling shareholder of Baolande (688058), acquiring 5.83 million shares, representing 7.50% of Baolande's total equity, for a total price of 155 million yuan at 26.56 yuan per share, positioning Tianyang as Baolande's second-largest shareholder [1][2] Group 1: Company Overview - Tianyang Technology's business segments include consulting, financial technology, digital finance, and financial IT services, focusing on key areas and processes within banking [1] - Baolande specializes in the research and sales of infrastructure software, intelligent operation software, and AI big data software, along with providing professional technical services [1] Group 2: Financial Performance - In Q3, Tianyang Technology reported revenue of 520 million yuan, a year-on-year increase of 9.64%, and a net profit of 6.73 million yuan, reflecting a significant year-on-year growth of 214.24% [1] Group 3: Strategic Rationale - The acquisition is driven by Tianyang's confidence in Baolande's future development and long-term investment value, aiming to enhance technological and research collaboration, share market and customer resources, and leverage brand synergy to improve overall strength [1] - Baolande is recognized as a leader in domestic foundational software, with a product line covering middleware, PaaS platforms, intelligent operations, and big data, particularly focusing on promoting the localization of middleware [1] - The collaboration is expected to enhance the integration of Tianyang's key banking applications with Baolande's middleware systems, thereby improving competitive advantages and promoting innovation in information technology and domestic software autonomy [1][2] Group 4: Financial Impact - Tianyang Technology has stated that the funds for the share acquisition will come from its own resources, ensuring no significant adverse impact on its financial and operational status, maintaining its independence, and protecting the interests of all shareholders [2]

Core Viewpoint - The announcement details the proposed transfer of 5,830,000 shares of Beijing Baolande Software Co., Ltd. by its controlling shareholder, Yi Cundao, to Tianyang Hongye Technology Co., Ltd., representing 7.50% of the company's total share capital [2][3]. Summary by Sections 1. Basic Situation of the Share Transfer - Yi Cundao intends to transfer 5,830,000 shares at a price of 26.56 CNY per share, totaling approximately 154.84 million CNY [3][6]. - After the transfer, Yi Cundao will hold 21,602,681 shares, representing 27.79% of the total share capital, while Tianyang Technology will hold 5,830,000 shares [2][3]. 2. Background and Purpose of the Transfer - The transfer aims to meet Yi Cundao's funding needs and introduce a strategic investor who recognizes the company's long-term value, enhancing market competitiveness and resource sharing [4][5]. - The collaboration is expected to strengthen the integration of banking applications with middleware systems, promoting innovation in information technology and domestic software independence [5]. 3. Approval and Procedures - The transfer is subject to compliance review by the Shanghai Stock Exchange and must be registered with the China Securities Depository and Clearing Corporation [4][20]. 4. Payment and Transaction Arrangement - The total transfer price will be paid in four installments, with the first payment of 10% due upon the announcement, followed by subsequent payments tied to specific milestones [10][11]. 5. Lock-up Commitment - Tianyang Technology commits not to reduce its holdings for 12 months following the completion of the share transfer [18][19].