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]

Group 1 - The China Securities Digital Economy Theme Index (931582) decreased by 1.16% as of July 1, 2025, with mixed performance among constituent stocks [1] - Longxin Technology (688047) led the gains with an increase of 8.09%, while Cambricon Technologies (688256) experienced the largest decline [1] - The Digital Economy ETF (560800) was quoted at 0.76 yuan, with a turnover rate of 1.41% and a transaction volume of 10.5772 million yuan [1] Group 2 - The Ministry of Industry and Information Technology issued the "Computing Power Interconnection Action Plan," aiming to establish a comprehensive standard system for computing power interconnection by 2026 and achieve nationwide public computing power standardization by 2028 [2] - The 2025 Global Digital Economy Conference will be held on July 2 in Beijing, featuring 46 thematic forums on emerging fields such as artificial intelligence and digital security [2] - The Digital Economy ETF closely tracks the China Securities Digital Economy Theme Index, which reflects the overall performance of listed companies in high digitalization application areas [2] Group 3 - As of June 30, 2025, the top ten weighted stocks in the China Securities Digital Economy Theme Index accounted for 51.3% of the index [3] - The top ten stocks include Dongfang Caifu (300059), SMIC (688981), and Northern Huachuang (002371), among others [3][4]

每经记者｜吴永久 每经编辑｜闫峰峰 6月的股市在今日收官。周一，A股三大指数集体收涨，沪指涨0.59%，收报3444.43点。沪深两市成交额达到14869亿元，较上周五缩量542亿元。盘面上， 军工、网络游戏板块涨幅居前。 在每日经济新闻App举办的掘金大赛中，第64期比赛于今日结束。其中冠军收益率59.73%，亚军收益率59.44%，季军收益率56.43%。本期比赛共1075名选 手取得正收益，创出比赛以来的纪录，他们都将获得现金奖励。 从6月的月度积分王来看，选手"你们快看"以15分位居第一名，选手"女篮"以14分位居第二名，第三名选手"大司马"的月度积分为13分。根据比赛规则，当 月度总积分相同时，以当月最后一期比赛的收益率进行排名，前100名选手都将获得现金奖励。 如果您的税前获奖金额超出100元，则需要报税，需获奖用户提供真实姓名、身份证号和手机号等信息以便报税。本期比赛奖励将于7月2日发放，恭喜大家 获奖。奖励查询方式：在每日经济新闻APP的主页上，点击右上角的"个人中心"（右上角头像），在"我的钱包"就可查询奖励，支付宝提现。 好消息来了，第65期比赛从7月1日开始报名，大赛为模拟炒股，模拟资金 ...

证券研究报告 | 行业周报 2025 年 06 月 30 日 非银行金融 十年期国债收益率在 1.65%附近波动，受公募新规等影响，保险板块有所 波动调整。2025 年一季度保险公司资金运用规模稳健增长，债券和股票占 比提升至近年来最高水平；权益投资入市步伐加快，股票重点加仓交运板块， 行业举牌热潮延续且集中在银行和公用事业板块。保险负债端总体表现平稳， 需要密切关注权益市场走势。 风险提示：中美摩擦加剧风险；中美利差持续倒挂风险；地缘政治加剧风 险；宏观经济下行风险；地产风险处理不及预期风险；股市系统性下跌 风险；监管趋严风险。 强于大市（维持评级） 关注稳定币牌照效应，市场风偏或有望提升-非银周观点 从近期市场交易定价看，基金 6 月 30 日的中报披露效应或显现，公募考核 新规基准回补效应持续引发市场关注，市场量能有所放大，两端哑铃缩圈策 略有所收敛，银行、保险板块高位波动，券商、多元金融板块波动走强，券 商量能放大显著。我们判断，步入 7 月份，国内外大事将迎来密集交织期， 或决定市场进一步走强的关键因素。短期来看，包括国泰君安国际获得稳定 币相关牌照，引发市场广泛关注。市场成交量近期有所回升，或对证 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights that the stablecoin theme has catalyzed a significant increase in the brokerage sector, with a notable 7.62% rise in the brokerage sector this week. The trading volume has shown a substantial increase, with daily average stock fund transaction amounting to 1.80 trillion, up 23.1% month-on-month. The brokerage sector is expected to maintain high prosperity in the mid-year reports, supported by low valuations and institutional underweighting [5][6] - The report emphasizes three main stock selection themes: retail brokers with strong earnings elasticity, Hong Kong Exchanges benefiting from IPO expansion and increased activity, and financial technology targets [5] Summary by Sections Non-Bank Financial Sector - The report indicates that the non-bank financial sector is experiencing a positive trend, with a focus on the brokerage segment due to improved trading activity and favorable macroeconomic conditions [5][6] - The insurance sector has shown improvement in premium growth, with life insurance premiums reaching 24,473 billion, up 3.72% year-on-year, and property insurance premiums at 6,129 billion, up 3.98% [6] Recommended and Beneficiary Stocks - Recommended stock combinations include Jiangsu Jinzheng, Hong Kong Exchanges, China Pacific Insurance, and others such as Dongfang Securities and China Life Insurance [7][8] - Beneficiary stocks highlighted in the report include Guosen Securities, CICC, and others [8]

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].

（原标题：主力资金丨尾盘资金异动，2只金融科技股出逃超2亿元） 通信、银行、电子、医药生物等行业获得主力加仓。 今日（6月27日），A股市场冲高回落，算力硬件股再度走强，有色板块集体拉升，"马"字辈个股午后大涨，玉马科技、云中马等涨停，CPO、多 元金融等板块涨幅居前，银行、油气、跨境支付、白酒等板块跌幅居前。 资金流出个股中，有85股净流出超1亿元。指南针的主力资金净流出额最多，达7.71亿元。 东方财富的主力资金净流出额位居第二位，净流出7.02亿元。 3股尾盘净流出规模超亿元 尾盘市场主力资金净流出22.52亿元。行业方面来看，医药生物行业尾盘获净流入额最多，达1.96亿元；计算机、非银金融、国防军工等行业净流 出规模居前。 从资金流向看，沪深两市主力资金净流出154.13亿元。行业方面，申万31个行业中，有10个行业获得主力资金净流入，通信、银行、电子、医药 生物等行业获得主力资金加仓，其中通信行业净流入规模居前，为27.58亿元。计算机、国防军工、基础化工等7个行业的主力资金净流出规模较 大，均超10亿元。 CPO概念获资金追捧 63只个股获得主力资金净流入超1亿元。恒宝股份净流入额居首，金额为8. ...

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]