格隆汇1月22日｜野村发表报告指，金蝶国际发盈喜，预计去年收入介乎69.5亿至70.5亿元，中位数70亿 元，符合市场预期。全年净利润料介乎6000万至1亿元，意味公司五年来首度盈利，符合管理层预期。 该行认为公司在订阅即服务(SaaS)转型的密集投资阶段已完结，将令未来收入增长可持续，人工智能将 成为公司不可缺少的业务，推动未来增长加速及更佳盈利能力。该行维持对金蝶"买入"评级及目标价 18.49港元，为预测市销率8.7倍。 ...

Market Overview - The A-share market experienced a high opening followed by a pullback, with all three major indices turning negative by midday. The ChiNext index had previously risen over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.79 trillion yuan, an increase of 168.9 billion yuan compared to the previous trading day [1] - Over 3,200 stocks in the market saw gains, with sectors such as oil and petrochemicals, defense and military industry, and building materials performing strongly [1] Sector Performance - The oil and petrochemical sector showed significant strength, with companies like Zhongjie Oil and Blue Flame Holdings hitting the daily limit. The International Energy Agency projected a daily increase in global oil demand of 930,000 barrels by 2026, up from a previous estimate of 860,000 barrels [4] - The defense and military sector also saw a rally, particularly in commercial aerospace, with multiple stocks hitting the daily limit. Recent developments in commercial space enterprises have indicated a strong growth trajectory [4] - The coal sector experienced a rapid increase, with Dayou Energy hitting the daily limit. The price of Shanxi Datong Q5500 thermal coal rose to 565-580 yuan per ton, marking a 2.23% increase from early January [1] Stock Highlights - Fenglong Co. achieved a remarkable 17 consecutive trading limit increases, with its stock price reaching 90.48 yuan per share [5] - ST Yanshi experienced a sudden influx of funds, leading to a rapid price increase from a limit down to a limit up within one minute, closing at 2.35 yuan per share [5] International Market Trends - The international precious metals market saw fluctuations, with gold and silver prices dropping due to reduced risk sentiment following easing tensions over Greenland between the US and Europe. Gold prices fell over 1% at one point, while silver dropped over 2% [2] - Goldman Sachs raised its 2026 gold price forecast by $500 to $5,400 per ounce, indicating a bullish long-term outlook despite recent price declines [2] Hong Kong Market - The Hong Kong stock market opened high but retreated, with the Hang Seng Index down 0.15%. Notably, Baidu's stock surged by 4%, reaching a nearly three-year high following the release of its Wenxin model 5.0 [6][8]

Market Overview - The A-share market experienced a morning surge followed by a decline, with all three major indices turning negative by midday. The total trading volume reached 1.79 trillion yuan, an increase of 168.9 billion yuan compared to the previous trading day, with over 3,200 stocks rising across the market [1][2]. Index Performance - The Shanghai Composite Index closed at 4,110.86, down 6.08 points (-0.15%). The Shenzhen Component Index was at 14,230.97, down 24.15 points (-0.17%). The ChiNext Index stood at 1,856.27, down 6.42 points (-0.34%) [2]. Sector Performance - Strong sectors included oil and petrochemicals, national defense and military industry, and building materials, with concepts like large aircraft, natural gas, and aircraft carriers leading the gains. Conversely, sectors such as non-ferrous metals and beauty care experienced pullbacks [4]. Notable Stocks and Concepts - The coal sector saw a rapid increase, with Dayou Energy hitting the daily limit. The price of Shanxi Datong Q5500 thermal coal rose by 12.5 yuan/ton (2.23%) to 565-580 yuan/ton as of January 19 [6]. - In the precious metals market, gold and silver prices fell sharply due to easing geopolitical tensions, with spot gold dropping over 1% and silver over 2%. Goldman Sachs raised its 2026 gold price forecast by $500 to $5,400 per ounce [6][7]. Commercial Aerospace and Oil & Gas - The oil and gas sector saw significant gains, with companies like Intercontinental Oil and Blue Flame Holdings hitting their daily limits. The International Energy Agency projected a daily increase in global oil demand of 930,000 barrels by 2026, up from a previous estimate of 860,000 barrels [9]. - The defense and military sector also rose, particularly in commercial aerospace, with multiple stocks hitting their daily limits. Recent developments in commercial space companies indicate a strong growth trajectory in this sector [9]. Stock Highlights - Fenglong Co. achieved a 17-day consecutive limit-up, trading at 90.48 yuan/share. In contrast, *ST Yanshi experienced a brief surge before closing at 2.35 yuan/share, up 4.91% [11]. - Baidu's stock rose by 4%, reaching a nearly three-year high, following the release of its Wenxin large model 5.0, which supports multi-modal information processing [14].

该行予金蝶目标价20.2港元，维持"买入"评级，理由包括在订阅收入增长与AI变现能力提升支持下，营 收增长具韧性；2025财年实现盈亏平衡目标后，盈利能力持续改善。 美银证券发表报告指，金蝶国际发盈喜，以预期范围中位数计算，2025财年营收预计按年增长12%至70 亿元，调整后净利润预计2.15亿元，两项数据均符合市场共识及美银预期。该行认为金蝶2025财年营收 增长稳固，主要受大型企业业务强劲扩张驱动，而下半年营收增速加快(按年升12.5%，对比上半年按年 升11%)，可能反映下游需求逐步改善，部分原因在于2025年第四季来自中小企业新订单增速提升。 ...

2026.01. 22 本文字数：1334，阅读时长大约2分钟 作者 | 一财阿驴 11:31 A股午盘丨创业板指半日跌0.4% 截至午盘，沪指跌0.15%，深成指跌0.17%，创业板指跌0.4%。科创综指跌0.34%。 | 3337 | 399006[创业板指] 3282.48 -0.40% | 1.27% | 现价 | 3282.48 | | --- | --- | --- | --- | --- | | | | | 涨幅 | -0.40% (-13.05) | | 3323 | W Jr W | 0.84% | 金额 | 4384.64亿 | | | | | 成交量 | 153.33亿 | | 3309 | | 0.42% | 开盘 | 3312.75 | | 3296 | | 0.00% | 最高 | 3337.27 | | | | | 最低 | 3280.32 | | 3282 | | 0.42% | 市密率 | 42.1 | | | | | 市净率 | 5.6647 | | 3268 | | 0.84% | 令生 | 2.48% | | | | | 52周高 | 3416.84 | | 3254 ...

转自：证券时报 人民财讯1月22日电，金蝶国际公告，预计2025年度实现营收69.5亿元（人民币，下同）至70.5亿元，同 比2024年度增长11.1%至12.6%，主要得益于深化执行"订阅优先、AI优先"战略，云订阅业务收入持续 快速增长，企业管理AI加速场景化落地，公司市场份额进一步提升；预计实现净利润6000万至1亿元， 主要得益于云订阅业务规模化效应及AI带来的效率提升；预计实现扣非净利润1.9亿元至2.4亿元。2024 年度，金蝶国际亏损1.42亿元。 ...

Market Overview - The Hang Seng Index (HSI) rose by 97 points or 0.4%, closing at 26,585 points after a low opening[1] - The Shanghai Composite Index increased by 3 points or 0.08%, closing at 4,116 points with a total turnover of 1.18 trillion yuan[1] - The total market turnover for Hong Kong was 250.45 billion HKD[1] Currency and Monetary Policy - The People's Bank of China set the RMB/USD midpoint at 7.0014, down by 8 pips from the previous day[1] - A total of 363.5 billion yuan was injected through a 7-day reverse repo operation at a rate of 1.4%[1] Airline Performance - Cathay Pacific reported a passenger volume of 2.74 million in December, a year-on-year increase of 21.8%[3] - The total passenger volume for the year increased by 26.5%[3] Corporate Earnings - Kingdee International expects total revenue for the fiscal year ending December 31, 2025, to be between 6.95 billion and 7.05 billion yuan, reflecting a year-on-year growth of approximately 11.1% to 12.7%[3]

Core Viewpoint - Kingdee International (00268) has seen a nearly 4% increase in stock price, attributed to its positive revenue and profit forecasts for the fiscal year ending December 31, 2025, driven by its "subscription-first, AI-first" strategy [1] Group 1: Revenue Forecast - The company expects total revenue for the reporting period to be approximately RMB 69.5 billion to RMB 70.5 billion, representing a growth of about 11.1% to 12.7% compared to the same period in 2024, where revenue was approximately RMB 62.56 billion [1] - The growth is primarily due to the rapid increase in cloud subscription business revenue and the accelerated implementation of enterprise management AI, leading to an enhanced market share [1] Group 2: Profit Forecast - Kingdee anticipates a profit attributable to equity holders of the company in the range of approximately RMB 60 million to RMB 100 million, a significant turnaround from a loss of approximately RMB 142 million in 2024 [1] - The expected profit increase is mainly driven by the scaling effects of the cloud subscription business and efficiency improvements brought by AI [1] Group 3: Adjusted Profit - After excluding stock-based compensation, goodwill impairment, changes in fair value of investments, amortization of acquired intangible assets, and related income taxes, the adjusted profit attributable to equity holders is projected to be between RMB 190 million and RMB 240 million, compared to a loss of approximately RMB 10 million in 2024 [1] Group 4: Cash Flow - The net cash inflow from operating activities is expected to be approximately RMB 10.9 billion to RMB 11.1 billion, reflecting a growth of about 16.8% to 18.9% compared to the net inflow of approximately RMB 9.34 billion in 2024 [2]

2026.01.22 盘面上，半导体、AI算力产业链再度走强，存储器、汽车芯片方向领涨；AI手机、免税店、网络安全 题材活跃。贵金属板块大幅回调。 09:22 港股开盘丨恒生指数高开0.62% 恒生指数高开0.62%，恒生科技指数涨0.85%。百度集团、金蝶国际涨逾3%，华虹半导体、蔚来涨逾 2%。 | HSTECH | 恒生科技 | And | 48.70 | 0.85% | | --- | --- | --- | --- | --- | | મંડા | 恒生指数 | NIN | | | 本文字数：496，阅读时长大约1分钟 作者 |一财阿驴 09:25 A股开盘丨三大指数集体高开 沪指涨0.22%，深成指涨0.41%，创业板指涨0.52%。科创综指涨1.03%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | M | 4126.07 | 9.13 | 0.22% | | 399001 | 深证成指 | 3 | 14313.63 | 58.51 | 0.41% | | 399 ...

科网股集体走强，百度集团、金蝶国际涨超3%，蔚来涨超2%，阿里巴巴、中芯国际、商汤、阿里健康 等涨超1%，京东集团涨近1%。 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | | 百度集团-SW | 159.500 | 5.800 | 3.77% | | 金蝶国际 | 14.600 | 0.440 | 3.11% | | 蔚来-SW | 37.100 | 0.880 | 2.43% | | 华虹半导体 | 108.000 | 2.200 | 2.08% | | 阿里巴巴-W | 166.000 | 2.800 | 1.72% | | 中芯国际 | 78.500 | 1.250 | 1.62% | | 快手-W | 80.050 | 1.250 | 1.59% | | 阿里健康 | 6.900 | 0.090 | 1.32% | | 商汤-W | 2.510 | 0.030 | 1.21% | | 京东集团-SW | 113.900 | 1.100 | 0.98% | | 小米集团-W | 35.740 | 0.320 | 0.90% | 1月22日，香港恒生 ...