競天公誠律師事務所 JINGTIAN & GONGCHENG 杭州市上城区钱江路 1366 号华润大厦 A 座 3001 邮编: 311500 Room 01, 30/F, Area A, China Resources Tower, No.1366, Qianjiang Road, Hangzhou, China T: (86-571) 8992 6500 :(86-571) 8992 650 北京竞天公诚 关于恒牛申 2025 年第一次临时股东大会的法律意见书 致:恒生电子股份有限公司 北京竞天公诚(杭州)律师事务所(以下简称"本所")接受恒生电子股份 有限公司(以下简称"公司")的委托,指派本所律师列席了公司于 2025年 9 月 9 日下午 14:00 在杭州市滨江区滨兴路 1888 号数智恒生中心会议室召开的公 司 2025 年第一次临时股东大会（以下简称"本次股东大会"）。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》中国证 券监督管理委员会《上市公司股东会规则》《上海证券交易所上市公司自律监管 指引第1号 -- 规范运作》等中国现行法律、法规和相关规范性文件(以下简称 "中国法律 ...

今年以来恒生电子已经1次登上龙虎榜，最近一次登上龙虎榜为6月16日，当日龙虎榜净买入-3224.03万 元；买入总计4.08亿元 ，占总成交额比11.17%；卖出总计4.40亿元 ，占总成交额比12.05%。 资料显示，恒生电子股份有限公司位于浙江省杭州市滨江区滨兴路1888号数智恒生中心，成立日期2000 年12月13日，上市日期2003年12月16日，公司主营业务涉及证券、银行、基金等行业应用软件开发。主 营业务收入构成为：软件业收入99.45%，物业出租收入0.49%，其他(补充)0.06%。 9月9日，恒生电子盘中下跌2.02%，截至13:17，报34.49元/股，成交6.63亿元，换手率1.01%，总市值 652.47亿元。 恒生电子所属申万行业为：计算机-软件开发-垂直应用软件。所属概念板块包括：REITs概念、金融机 具、数字货币、互联金融、金融科技等。 资金流向方面，主力资金净流出7666.07万元，特大单买入3741.96万元，占比5.64%，卖出9342.38万 元，占比14.08%；大单买入1.49亿元，占比22.43%，卖出1.69亿元，占比25.54%。 恒生电子今年以来股价涨23. ...

恒生电子9月8日大宗交易平台出现一笔成交，成交量32.83万股，成交金额1155.71万元，大宗交易成交 价为35.20元。该笔交易的买方营业部为海通证券股份有限公司杭州富春路证券营业部，卖方营业部为 海通证券股份有限公司杭州富春路证券营业部。 证券时报·数据宝统计显示，恒生电子今日收盘价为35.20元，上涨1.91%，日换手率为2.15%，成交额为 14.23亿元，全天主力资金净流入5312.27万元，近5日该股累计下跌8.95%，近5日资金合计净流出9.07亿 元。 两融数据显示，该股最新融资余额为38.11亿元，近5日增加1.69亿元，增幅为4.64%。（数据宝） 9月8日恒生电子大宗交易一览 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 进一步统计，近3个月内该股累计发生16笔大宗交易，合计成交金额为2.22亿元。 （文章来源：证券时报网） | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | ...

第1笔成交价格为35.20元，成交32.83万股，成交金额1,155.71万元，溢价率为0.00%，买方营业部为海 通证券股份有限公司杭州富春路证券营业部，卖方营业部为海通证券股份有限公司杭州富春路证券营业 部。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月8日，恒生电子收涨1.91%，收盘价为35.20元，发生1笔大宗交易，合计成交量32.83万股，成交金额 1155.71万元。 进一步统计，近3个月内该股累计发生16笔大宗交易，合计成交金额为2.22亿元。该股近5个交易日累计 下跌8.95%，主力资金合计净流出10.36亿元。 责任编辑：小浪快报 ...

Group 1 - On September 8, 2023, Hengsheng Electronics executed a block trade of 328,300 shares, with a transaction value of 11.5571 million yuan, accounting for 0.81% of the total trading volume for the day [1] - The transaction price was 35.2 yuan, which was in line with the market closing price of 35.2 yuan [1]

Core Viewpoint - Hengsheng Electronics has shown a mixed performance in stock price and financial results, with a notable increase in net profit despite a decline in revenue [1][2]. Financial Performance - As of June 30, 2025, Hengsheng Electronics reported operating revenue of 2.426 billion yuan, a year-on-year decrease of 14.44% [2]. - The net profit attributable to shareholders reached 261 million yuan, marking a significant year-on-year increase of 771.57% [2]. Stock Performance - The stock price of Hengsheng Electronics increased by 26.35% year-to-date, but it has experienced a decline of 8.85% over the last five trading days [1]. - The stock was last listed on the "Dragon and Tiger List" on June 16, with a net buy of -32.24 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 201,500, up by 7.02% from the previous period [2]. - The average circulating shares per person decreased by 6.56% to 9,388 shares [2]. Dividend Distribution - Hengsheng Electronics has cumulatively distributed 2.444 billion yuan in dividends since its A-share listing, with 682 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 133 million shares, a decrease of 15.02 million shares from the previous period [3]. - Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF have increased their holdings, while Huaxia CSI 300 ETF is a new entrant among the top ten circulating shareholders [3].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the software industry, particularly focusing on IT services and software as a service (SaaS) [1][2][3]. Core Insights and Arguments - **Accenture's Dominance**: Accenture is identified as the largest IT services company globally, with significant operations in the U.S. and a broad range of services including management, industry, and technology consulting [3]. - **Software Profitability**: The profitability in the software industry is influenced by the level of standardization; standardized software typically has higher margins compared to customized solutions due to lower associated costs [4]. - **Regional Strengths**: The U.S. leads in infrastructure and application software, particularly in design software like Office Suite and CAD tools, while China excels in service-oriented software solutions, particularly in healthcare and banking systems [5][6][7]. - **Chinese Software Companies**: Companies like Kingdee, Glodon, and Hengsheng have become regional leaders by mastering standards in their respective niches, such as accounting and construction software [8][9]. - **Emerging Trends**: Cloud computing and big data are expected to create significant opportunities in the next 3 to 5 years, necessitating frequent analysis of specific application scenarios [13]. Additional Important Content - **Impact of AI on Search Engines**: AI search is gradually replacing traditional search engines, leading to a decline in traffic for conventional platforms, with some experiencing drops of up to 47% [29]. - **E-commerce Assistants**: While e-commerce assistant features are being developed in foreign markets, they are not yet widespread in China due to limitations in accessing internal e-commerce data [30]. - **Advertising Industry Changes**: The shift towards AI search is prompting companies to adapt their advertising strategies, focusing on AI search bidding services and reallocating budgets to maintain audience engagement [31]. This summary encapsulates the essential points from the conference call, highlighting the software industry's dynamics, regional strengths, and emerging trends, along with the impact of AI on search and advertising.

Core Insights - The introduction of T0 algorithm services by brokerage firms is democratizing access to advanced trading tools, previously exclusive to financial institutions, allowing individual investors to engage in day trading strategies [1][3][7] - T0 algorithms utilize AI and quantitative trading techniques to help investors capture intraday price fluctuations while maintaining their end-of-day net positions [2][5] - The performance of T0 algorithm services varies among users, with some reporting stable returns while others face challenges due to market conditions and transaction costs [5][6] Group 1: T0 Algorithm Services Overview - T0 algorithm services are automated trading tools based on AI quantitative models, designed to help investors lower holding costs and enhance returns through intraday trading [2][3] - Over 20 brokerage firms, including Guangfa Securities and China Merchants Securities, have launched T0 algorithm services, with more firms preparing to offer similar services [3][7] - The T0 algorithm service differs fundamentally from high-frequency trading, as it operates on a lower trading frequency and is less impactful on market dynamics [2][3] Group 2: User Experience and Performance - Users of T0 algorithm services report a mixed experience, with some achieving more stable returns compared to manual trading, while others express dissatisfaction due to high transaction fees [5][6] - Factors influencing the effectiveness of T0 algorithms include market conditions, stock performance, and the investor's trading strategy [6][7] - T0 algorithm services are particularly suited for investors with medium to long-term holdings and those with some trading experience [6] Group 3: Impact on Brokerage Firms - T0 algorithm services are expected to become a significant revenue stream for brokerages by increasing trading volumes and client engagement [7][8] - The asset threshold for accessing T0 algorithm services varies among brokerages, ranging from 200,000 to 1,000,000 yuan, with commission rates differing as well [7] - The proliferation of T0 algorithm services is likely to reshape the wealth management landscape, pushing brokerages towards more personalized and intelligent advisory services [8]

Group 1 - The core viewpoint of the article revolves around the application of AI in the financial sector, specifically discussing the methodologies for its implementation as shared by Bai Shuo, the Chief Scientist of Hengsheng Electronics [1] Group 2 - The interview highlights the importance of integrating AI technologies into financial services to enhance efficiency and decision-making processes [1] - Bai Shuo emphasizes the need for a structured approach to AI adoption in finance, focusing on practical applications and real-world outcomes [1] - The discussion also touches on the potential benefits of AI in risk management and customer service within the financial industry [1]

Core Insights - The interview with Bai Shuo, Chief Scientist and Director of the Hang Seng Research Institute, discusses the methodology for implementing AI in the financial sector [1] Group 1 - The conversation highlights the integration of AI technologies in financial services, emphasizing practical applications and methodologies [1] - Bai Shuo outlines the potential benefits of AI in enhancing operational efficiency and decision-making processes within financial institutions [1] - The discussion also touches on the challenges faced by the industry in adopting AI solutions, including data privacy and regulatory compliance [1]