证券代码：600570 证券简称：恒生电子 公告编号：2026-002 恒生电子股份有限公司 二、审议通过《关于确认董事会审计委员会成员及召集人的议案》，同意 11 票，反对 0 票，弃权 0 票。 为保证第九届董事会审计委员会的正常运作，根据《公司章程》《董事会审 计委员会组织和工作办法》等有关规定，同意补选职工董事蒋建圣先生为公司第 九届董事会审计委员会成员，与汪祥耀先生（召集人）、宋艳女士、周淳女士、 朱超先生共同组成第九届董事会审计委员会，任期自本次董事会审议通过之日起 至第九届董事会任期届满之日止。 三、审议通过《关于确认董事会战略投资委员会与可持续发展委员会成员及 召集人的议案》，同意 11 票，反对 0 票，弃权 0 票。 恒生电子股份有限公司 恒生电子股份有限公司 第九届董事会第八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 恒生电子股份有限公司（以下称"公司"或"恒生电子"）第九届董事会第 八次会议于 2026 年 1 月 15 日以通讯表决的方式召开，董事长彭政纲先生主持了 会议。本次会议 ...

Market Overview - The Shanghai Composite Index fell by 0.33% on January 15, with 11 sectors rising, led by the electronics and basic chemicals sectors, which increased by 1.67% and 1.40% respectively. The sectors with the largest declines were comprehensive and defense industries, down by 3.35% and 2.80% respectively. The computer industry dropped by 2.40% [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 62.864 billion yuan, with six sectors seeing net inflows. The electronics sector led with a net inflow of 12.083 billion yuan, while the non-ferrous metals sector saw a 1.37% increase and a net inflow of 1.936 billion yuan [1] - A total of 25 sectors experienced net outflows, with the computer industry leading at a net outflow of 18.556 billion yuan, followed by the media sector with a net outflow of 10.642 billion yuan. Other sectors with significant outflows included defense, pharmaceuticals, and non-bank financials [1] Computer Industry Performance - The computer industry saw a decline of 2.40%, with a total of 336 stocks in the sector. Out of these, 56 stocks rose, including 2 that hit the daily limit, while 277 stocks fell, with 9 hitting the daily limit. There were 69 stocks with net inflows, with 13 stocks having inflows exceeding 50 million yuan. The top stock for net inflow was Huasheng Tiancheng, with an inflow of 594 million yuan, followed by Guanglian Da and Aerospace Information with inflows of 467 million yuan and 102 million yuan respectively [2] - The outflow list for the computer industry included 54 stocks with outflows exceeding 100 million yuan. The top three stocks for net outflow were Yanshan Technology, Weining Health, and Guiding Compass, with outflows of 1.784 billion yuan, 832 million yuan, and 774 million yuan respectively [3]

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The computer industry is experiencing a positive start to the year, with an index increase of 18.04%, ranking third among SW primary industries, compared to the Shanghai Composite Index's increase of 3.96% and the CSI 300's increase of 2.42% [3] - AI applications are becoming the core driving force behind the current upward trend in the computer sector, with the Wind AI application index rising by 19.25% [3] - The commercialization of AI applications is expected to transition from a usable to a useful stage in 2026, creating investment opportunities in both AI applications and domestic computing power [3] Summary by Sections Industry Performance - The computer industry index has shown significant growth, outperforming major indices, indicating a potential bottom reversal in industry sentiment [3] AI Application Trends - The report highlights a surge in AI application catalysts, with major companies like MiniMax and Zhiyuan AI showing strong market performance post-IPO [3] - Collaborations between companies such as NVIDIA and Eli Lilly are expected to drive advancements in AI-assisted drug discovery, further enhancing the AI application landscape [3] B-end vs C-end AI Applications - B-end AI applications are anticipated to see rapid growth, with a focus on sectors like marketing, industrial software, healthcare, and finance [3] - C-end applications are viewed as long-term value investments, leveraging existing user bases and brand strength to enhance product offerings through AI [3] Domestic Computing Power - The demand for data centers is expected to rise, with a recovery in domestic AIDC bidding starting in Q4 2025, leading to accelerated data center deployments by major internet companies in 2026 [3] - The restoration of H200 supply is projected to improve model training efficiency, further driving the need for domestic computing power chips [3] Investment Recommendations - Key investment opportunities include major players in large models and Maas manufacturers, domestic computing power and data center supply chains, and various AI application sectors [3]

近日，凭借在固定收益业务数智化转型领域的深度实践，大成基金联合恒生电子（600570）共同研发 的"固收全链路数智一体化平台"项目荣获中国人民银行"2024年度金融科技发展奖"三等奖。根据此次官 方公布的获奖名单，全国仅19家公募基金管理公司获奖。 作为中国金融业唯一的部级科技奖项，金融科技发展奖由中国人民银行、中国证监会联合举办，以"高 权威性、高含金量"著称，代表了国内金融科技领域的最前沿水平。此次大成基金获奖，不仅是对该项 目精准破解固收业务痛点的肯定，也是对其持续以"科技赋能业务"理念深耕金融科技的认可，更彰显了 公募基金行业在推进金融行业高质量发展中的积极作为与重要实践价值。 深耕固收业务数智化转型的 推进科技与业务深度融合的 "实干"布局 实干精神是大成基金的企业精神，也深度融入其金融科技的战略规划上。大成基金的金融科技布局，不 追求短期见效的冒进式扩张，也不局限于某一技术维度的单点突破，而是秉持"科技赋能业务"的长期主 义理念，系统推进"平台化整合资源、信息化打通流程、自动化提质增效、智能化创造价值"的数字化转 型路径，实现金融科技与业务发展的协同跃升。 近年来，公司通过搭建技术平台与数据中台， ...

Market Overview - The A-share market saw most major indices rise last week, with the CSI 500 experiencing the largest increase of 4.21%, while the SSE 50 had the largest decline of 0.82% [2] - As of January 13, the margin trading balance in the Shanghai and Shenzhen markets reached 2,673.881 billion yuan, an increase of 102.270 billion yuan from the previous week [2] - The average daily number of investors participating in margin trading increased by 24.25% to 660,158 [2] Industry Insights - The machinery equipment industry is projected to sell 235,300 excavators in 2025, representing a year-on-year growth of 17% [5][6] - In December 2025, sales of various types of excavators reached 23,095 units, up 19.2% year-on-year, while sales of loaders reached 12,236 units, up 30% [5] - The average working hours for major construction machinery products in December 2025 was 76.5 hours [5] Company Announcements - Ruina Intelligent plans to invest 169.9 million yuan to establish a research and production base for efficient heat pumps [5] - Jiaotong Iron and Steel has received the 2025 China Railway Society Science and Technology Progress Award [5] Performance Review - From January 7 to January 13, the SSE 300 index fell by 0.62%, while the Shenwan Machinery Equipment industry rose by 3.30%, outperforming the SSE 300 index by 3.92 percentage points [6] - As of January 13, the price-to-earnings ratio (PE) for the Shenwan Machinery Equipment industry was 50.03 times, with a valuation premium of 245.85% compared to the SSE 300 [6] Future Outlook - The machinery equipment industry is expected to continue its recovery in 2026, supported by the implementation of major water conservancy projects and policies favoring large-scale equipment updates [6] - Domestic leading machinery manufacturers are accelerating their expansion into overseas markets, leveraging strong competitiveness in technology maturity and product cost-effectiveness [6]

Group 1 - The AI application sector is experiencing a mixed performance, with notable gains in companies like Shiji Information and Guanglianda, while the Software Index ETF has seen a monthly increase of over 20% and an average daily turnover rate exceeding 7.5% [1][2] - The Software Index ETF (560360) has attracted significant capital inflow, totaling over 140 million yuan in net inflow over the past three days, indicating strong market interest [2] - Long-term projections suggest that by 2026, AI applications are expected to achieve breakthroughs in both consumer and business sectors, with a notable increase in the adoption of large models and intelligent agents among Chinese industrial enterprises [3] Group 2 - The Software Index ETF tracks the CSI Software Index, which includes high-quality companies across various segments such as basic software, industrial software, information security, cloud computing, big data, and AI applications, with top five weighted stocks including iFLYTEK and Kingsoft [3] - Recent developments in AI applications include the launch of AI central platforms and intelligent agents by companies like Runhe Software and Yonyou Network, reflecting the growing trend in the AI sector [2]

Group 1: Stock Performance - As of January 15, the stock price of Hengsheng Electronics dropped by 2.05%, trading at 34.41 yuan per share with a total transaction volume of 28.30 billion yuan and a turnover rate of 4.28% [1] - Year-to-date, Hengsheng Electronics' stock price has increased by 14.13%, with a rise of 11.43% over the last five trading days, 18.70% over the last twenty days, and 8.11% over the last sixty days [2] Group 2: Financial Performance - For the period from January to September 2025, Hengsheng Electronics reported a revenue of 3.49 billion yuan, a year-on-year decrease of 16.66%, while the net profit attributable to shareholders was 455 million yuan, reflecting a year-on-year increase of 2.16% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders of Hengsheng Electronics reached 213,800, an increase of 6.09% from the previous period, with an average of 8,863 circulating shares per person, a decrease of 5.59% [2] - The company has distributed a total of 2.44 billion yuan in dividends since its A-share listing, with 682 million yuan distributed over the past three years [3] Group 4: Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 92.13 million shares, a decrease of 40.78 million shares from the previous period [3] - The fifth-largest circulating shareholder is Huatai-PB CSI 300 ETF, holding 25.73 million shares, down by 1.22 million shares from the previous period [3]

Group 1 - The software sector is experiencing a potential upward trend, with the China Software Service Index down by 0.16% as of January 15, 2026, while stocks like Shiji Information surged by 10.02% [1] - National policies emphasize the importance of software as a core component of new information technology and digital economy development, with plans to enhance software supply capabilities [1] - Local initiatives, such as Chongqing's "Starry Sky" action plan, focus on AI applications to support software companies in developing industrial models and AI agents, aiming to improve manufacturing efficiency [1] Group 2 - According to Shenwan Hongyuan Securities, the software sector is poised for a growth phase, driven by the commercialization of AI applications, which is expected to significantly boost industry revenue [2] - Historical data suggests that when new technology revenue exceeds 10%, company valuations will rise rapidly, indicating a similar trend for AI in the software industry [2] - As of December 31, 2025, the top ten stocks in the China Software Service Index account for 60.89% of the index, highlighting the concentration of value within a few key players [2] Group 3 - Investors can also consider software ETF linked funds to capitalize on AI software investment opportunities [3]

Summary of Key Points from Conference Call Records Industry Overview - The AI wave is creating significant investment opportunities, particularly in hardware and software sectors, with growth rates being critical indicators [1][2] - The AI assistant market is expected to see a tenfold increase in users over the next year, similar to the mobile gaming industry's growth in 2013 [1][2] - The impact of AI will extend from consumer (C-end) users to business (B-end) enterprises, with companies that have data accumulation advantages, such as Zhidingmai, People's Daily, and Zhihu, being particularly valuable [1][4] Core Insights and Arguments - 2026 is projected to be a pivotal year for AI assistant daily active users (DAU), with significant investment opportunities arising in both consumer and business sectors [1][5] - The AI hardware market has experienced a transition from indiscriminate growth to a focus on applications, with expectations for substantial growth in SaaS applications [2] - The storage sector is expected to benefit from an AI-driven super cycle, with QV9 contract prices anticipated to rise by over 30% and small-capacity NOR Flash prices potentially increasing by more than 50% [3][14] Company-Specific Insights - Key companies to watch include: - **Internet Companies**: Alibaba and Focus Technology, with the latter having a PE ratio of about 30 times [6] - **AI Chip Companies**: Cambricon, Haiguang, Xingyuan, Shengke, and Huafeng Technology, with Haiguang's GPU valuation not fully reflecting its potential [10] - **Storage Companies**: Zhangmulong, Baiwei Storage, and Zhaoyi Innovation, with a focus on niche storage and module sectors [14] - **PCB Companies**: Hupan, Jingqi Microelectronics, and Feilihua, with significant capital expenditure and production capacity expansion plans [12][13] Regulatory and Market Dynamics - Recent regulatory scrutiny on the H200 chip may limit its entry into the domestic market, with potential requirements for local AI GPU chip procurement [8] - The performance of leading GP companies is expected to improve significantly in Q1 2026, with a focus on tracking international leaders [9] Emerging Trends and Investment Opportunities - The communication industry is seeing growth in optical interconnect demand, driven by high investments in data center construction and next-generation computing chips [17][18] - The optical module market is projected to grow significantly in 2026, with a rapid increase in the 1.1T market and high demand for various optical products [19] - End-side AI is entering a "big tool era," creating investment opportunities in hardware device manufacturers and edge computing solutions [22] Strategic Recommendations - Focus on companies with strong industrial foundations and core R&D capabilities, particularly those with strategic partnerships with major players like Alibaba and ByteDance [23] - Data elements are crucial for AI development, with investment opportunities in data service providers and infrastructure companies [24] - Recommended stocks include Meiri Interactive, Huitian Ruisheng, and Xinghuan Technology, which are well-positioned to benefit from AI advancements [25]

Market Overview - On January 14, the A-share market experienced mixed performance, with the Shanghai Composite Index closing at 4126.09 points, down 0.31%, while the Shenzhen Component Index rose 0.56% to 14248.60 points, and the ChiNext Index increased by 0.82% to 3349.14 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 39,868 billion [1] - The Japanese Nikkei 225 Index rose by 1.48% to 54341.23 points, and the Korean Composite Index increased by 0.65% to 4723.1 points [1] Commodity and Bond Market - Domestic commodity futures saw most contracts rise, with notable increases in silver (over 8%), tin (8%), and fuel (over 6%) [1] - In the bond market, most futures closed higher, with the 10-year main contract up 0.08% and the 5-year main contract up 0.04% [1] ETF and Fund Performance - On January 14, technology-focused ETFs continued to perform well, with software ETFs and big data ETFs rising over 6%, while several financial technology and cloud computing ETFs increased by over 5% [2] - The China Convertible Bond Index rose by 0.16% to 515.87 points, with significant gains in specific convertible bonds such as Jia Mei (up 17.69%) and Hao Han (up 14.99%) [2] Institutional Insights - Fidelity's fund manager highlighted that the core investment opportunities for 2026 will focus on technology innovation, particularly in self-controlled innovative industries, emphasizing the "super track" of artificial intelligence and three strong sectors: aerospace, low-altitude economy, and innovative consumer [3] - UBS anticipates that factors such as improved corporate earnings growth and attractive valuations will support further upward movement in the Chinese stock market, maintaining an overweight rating on the Chinese market [3] - Galaxy Securities suggests that the rise of generative search (GEO) could reshape business models, recommending attention to Hong Kong tech giants and AI application-related companies [3] Investment Strategy Outlook - According to GF Fund's advisory team, the current market risk appetite is high, and they recommend focusing on spring market opportunities, particularly in overseas and resource-related sectors, as well as technology growth segments [4]