证券研究报告 | 2025年05月09日 | 晨会纪要 | | --- | | 数据日期:2025-05-08 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3351.99 | 10197.65 | 3852.89 | 11359.70 | 2825.99 | 1026.43 | | 涨跌幅度（%） | 0.27 | 0.92 | 0.55 | 0.81 | 1.48 | -0.36 | | 成交金额（亿元） | 5016.11 | 7917.66 | 2469.87 | 2808.35 | 3757.92 | 217.02 | 宏观快评:美国 5 月 FOMC 会议点评-政策观望窗口期延长，短期重心仍在 通胀 【常规内容】 宏观与策略 宏观周报:高技术制造业宏观周报-国信周频高技术制造业扩散指数略有 下降 固定收益周报:政府债务周度观察-土地收储项目披露超 3500 亿 行业与公司 非银行业快评:《推动公募基金高质量发展行动方案》点评-重权益 ...

截至2025年5月9日 13:11，中证金融科技主题指数(930986)下跌1.90%。成分股方面涨跌互现，科蓝软件(300663)领涨14.41%，润和软件(300339)上涨5.15%， 飞天诚信(300386)上涨2.51%；东华软件(002065)领跌5.98%，信雅达(600571)下跌5.44%，拉卡拉(300773)下跌5.09%。金融科技ETF(516860)下跌1.88%，最 新报价1.2元。流动性方面，金融科技ETF盘中换手3.64%，成交3174.02万元。拉长时间看，截至5月8日，金融科技ETF近1周日均成交9153.21万元。 截至5月8日，金融科技ETF近1年净值上涨62.17%，排名可比基金第一，指数股票型基金排名21/2785，居于前0.75%。从收益能力看，截至2025年5月8日， 金融科技ETF自成立以来，最高单月回报为55.92%，最长连涨月数为3个月，最长连涨涨幅为113.16%，上涨月份平均收益率为10.57%，年盈利百分比为 66.67%，历史持有3年盈利概率为96.60%。截至2025年5月8日，金融科技ETF成立以来超越基准年化收益为0.53%。 国信证券指出， ...

Core Insights - The financial technology sector is experiencing a new wave of development opportunities driven by strong policy support, including a recent announcement from the central bank to increase the re-lending quota for technological innovation and transformation by 300 billion yuan, bringing the total to 800 billion yuan [1][2] - Financial technology stocks showed mixed performance, with some stocks like Kela Software and Runhe Software seeing significant gains, while others like Donghua Software and Newland experienced declines [1][2] - The financial technology ETF (516860) has seen a cumulative increase of over 62% in the past year, indicating strong market interest [1] Financial Performance - Financial IT companies are witnessing a surge in order volumes, with notable performances from companies like Tonghuashun, which reported a net profit of 120 million yuan, up 16% year-on-year, and Dongfang Caifu, with a net profit of 2.72 billion yuan, up 39% [2] - The net profit of Guiding Compass skyrocketed by 726% year-on-year, primarily due to the explosion of AI advisory services [2] - The financial technology sector is entering a performance realization phase, supported by the integration of AI technology to optimize cost structures and enhance service efficiency [2] Market Trends - The internationalization of the RMB and the expansion of digital RMB trials are creating significant growth opportunities for financial technology, with cross-border RMB settlement amounts reaching 16 trillion yuan in 2024, a year-on-year increase of over 15% [2] - The financial technology index's dynamic PE is currently at 28 times, below the median of the past five years, indicating a favorable valuation compared to other sectors like AI chips, which have a PE of 45 times [5] - Leading companies such as Hengsheng Electronics and Dongfang Caifu have PEs below 30 times, highlighting their attractive value proposition in terms of performance certainty and growth potential [5] Investment Strategy - The financial technology ETF (516860) is positioned as a core tool for investors looking to capitalize on the high growth and AI technology barriers within the financial technology sector [6] - Investors are advised to focus on earnings realization during the earnings season, technological breakthroughs, and capital flows, with a strategy of buying on dips to capture the long-term benefits of "AI + finance" [6]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 9, 2025, highlighting significant players in the industry [1]. Group 1: Market Capitalization Rankings - The top three companies by market capitalization are Alibaba Group with 3003.74 billion, Xiaomi Group with 1693.44 billion, and Pinduoduo with 1560.19 billion [3][4]. - Other notable companies in the top 10 include Meituan at 1104.71 billion, JD.com at 495.86 billion, and Baidu at 301.32 billion [4][5]. - The rankings reflect a diverse range of companies, including those in e-commerce, food delivery, and automotive sectors, indicating a broad technological landscape [5][6]. Group 2: Emerging Players - Companies like Li Auto and Kuaishou are also featured in the rankings, with market capitalizations of 291.48 billion and 286.48 billion respectively, showcasing the growth of electric vehicles and social media platforms [4][5]. - The presence of companies such as Xpeng Motors and NIO, with market caps of 186.55 billion and 89.68 billion respectively, highlights the increasing importance of the electric vehicle sector in the technology landscape [5][6]. Group 3: Overall Trends - The data indicates a strong performance of technology companies in China, with significant market capitalizations reflecting investor confidence and growth potential in the sector [1][3]. - The rankings are calculated based on the latest exchange rates, emphasizing the importance of currency fluctuations in assessing market value [6].

Group 1 - The overall performance of the computer industry is under pressure in 2024, but a significant recovery is expected in Q1 2025, with revenue growth of 15.1% to 281.87 billion yuan and a net profit increase of 790.5% to 2.33 billion yuan [1][2] - In 2024, the computer sector's total revenue reached 1,249.94 billion yuan, a year-on-year increase of 5.0%, while the net profit decreased by 41.1% to 18.2 billion yuan due to macroeconomic impacts and increased competition [1] - The dynamic price-to-earnings ratio for the computer sector reached 81.5x in Q1 2025, indicating a rise in valuation levels [2] Group 2 - The proportion of public funds allocated to the computer sector increased to 3.1% in Q1 2025, which is below the historical average of 4%-5% [2] - Major public fund holdings in the computer sector include companies such as Kingsoft Office, Hikvision, and iFlytek [2] - The ongoing US-China tariff disputes are prompting Chinese companies to reduce reliance on exports to the US and explore cross-border payment opportunities [3] Group 3 - The introduction of advanced Agent applications is expanding the boundaries of technology use, with companies like ByteDance and Alibaba leading in the development of new models and tools [4] - The integration of various tools and platforms is enhancing the capabilities of Agent applications, which are expected to support task-oriented applications [4]

Core Insights - The Guangdong province's smart transportation industry is entering a high-quality development phase driven by policy support, technological innovation, and market application [1][14] - The market size of Guangdong's smart transportation industry is projected to reach 19.284 billion yuan in 2024, representing a year-on-year growth of 6.00% [1][14] - The "Guangdong Province Transportation High-Quality Development Three-Year Action Plan (2025-2027)" aims to establish a modern comprehensive transportation network by 2027, enhancing smart transportation development [1][12] Industry Overview - Guangdong's smart transportation leverages IoT, big data, and AI to create a collaborative and efficient transportation system, transitioning from experience-driven to data-driven governance [1][8] - The industry can be categorized into four main areas: smart highways, smart city transportation, smart ports and shipping, and smart hubs [1][8] Industry Development History - The development of Guangdong's smart transportation has gone through four stages: initial exploration (1980s-2000), large-scale construction (2001-2010), digital transformation (2011-2018), and smart upgrade (2019-present) [4][5][6] - Key milestones include the introduction of the SCATS traffic signal control system in 1992, the establishment of the first ETC lane in 2001, and the launch of the first city-level "Internet + Smart Parking System" in 2014 [4][5][6] Industry Chain - The upstream of the smart transportation industry includes hardware devices, basic software, and communication infrastructure, while the midstream focuses on system integration and solutions [9] - Downstream applications span across highways, railways, waterways, and aviation sectors [9] Market Size - The smart transportation market in Guangdong is expanding annually, covering various subfields such as intelligent transportation systems, vehicle networking, and autonomous driving [1][14] - The Pearl River Delta region is the primary market for smart transportation, with significant potential in other areas like eastern, western, and northern Guangdong [1][14] Key Companies' Performance - Major players in the Guangdong smart transportation industry include government departments, smart transportation equipment suppliers, research institutions, and construction companies [16] - Companies like China Merchants Heavy Industry, Qianfang Technology, and others hold significant market shares, driving market growth through innovation and collaboration [16] Industry Development Trends - The integration of new technologies such as big data, IoT, and AI is expected to enhance the smart transportation ecosystem [21] - Guangdong plans to invest approximately 900 billion yuan in transportation infrastructure over the next three years, focusing on highways, railways, ports, and airports [23] - The government emphasizes sustainable development and the establishment of a modern comprehensive transportation network, with policies aimed at promoting green transportation systems [24]

证券研究报告 | 2025年05月08日 新大陆（000997.SZ） 优于大市 移动支付出海打开增长空间，Agent 产品提高生态变现能力 新大陆：全球领先的数字支付供应商。公司成立于 1994 年，主营数字支付 领域的软硬件产品，硬件端包括数字支付终端、智能感知识别终端等，软件 端包括收单服务、商户 SaaS 服务等。公司积极布局海外市场，目前为全球 POS 机头部供货商，24 年电子支付、信息识读产品为主要收入来源。当前公 司积极探索 AI 应用，面向下游商户场景孵化智能体平台。 推荐逻辑一：移动支付核心供应商，出海打开增长空间。1）数字支付普及， POS 机市场迅速提高：随着智能手机普及、互联网的发展，移动支付迅速在 全球范围内普及。中国移动支付解决方案的成熟度相对较高，支付出海将成 为支付机构新的业绩增长点。2）公司：为全球头部 POS 机供货商，积极开 拓海外市场，持续布局全球各地区本地化建设。24 年公司泛智能终端产品海 外合计销量首次突破 400 万台，海外业务收入占终端销售收入占比近 84%。 推荐逻辑二：AI Agent 赋能 SaaS 服务，生态成为智能体推广核心竞争力。 1）全球 AI ...

截至2025年5月8日 13:30，中证金融科技主题指数(930986)强势上涨1.00%，成分股东华软件(002065)上涨9.96%，新大陆(000997)上涨7.09%，*ST汇科 (300561)上涨6.13%，博彦科技(002649)，创识科技(300941)等个股跟涨。金融科技ETF(516860)上涨0.41%，最新价报1.22元。流动性方面，金融科技ETF盘 中换手5.02%，成交4436.03万元。拉长时间看，截至5月7日，金融科技ETF近1周日均成交1.08亿元。 规模方面，金融科技ETF最新规模达8.80亿元，创近1月新高。 资金流入方面，金融科技ETF最新资金净流入3579.78万元。拉长时间看，近7个交易日内有5日资金净流入，合计"吸金"4387.35万元，日均净流入达626.76万 元。 数据显示，杠杆资金持续布局中。金融科技ETF前一交易日融资净买额达636.51万元，最新融资余额达4361.39万元。 截至5月7日，金融科技ETF近1年净值上涨55.66%，排名可比基金第一，指数股票型基金排名29/2782，居于前1.04%。从收益能力看，截至2025年5月7日， 金融科技ET ...

作者：周绘 出品：全球财说 2025年4月，A股各大指数普遍下跌，上证指数收于3279.03点，全月跌1.70%；深证成指收于9899.82点，全月跌5.75%；创业板指收于1948.03点，全月跌 7.40%。 5月6日，迎节后开门红，市场全天高开高走，上证指数涨1.13%，深成指涨1.84%，创业板指涨1.97%。沪深两市全天成交额1.34万亿元，较上个交易日放量 1668亿元。盘面上，市场热点良性轮动，个股涨多跌少，全市场近5000只个股上涨。 经济数据方面，4月制造业PMI为49.0%，比上月下降1.5个百分点；非制造业PMI和综合PMI分别为50.4%和50.2%，继续保持在扩张区间。受外部环境急剧变 化等因素影响，4月份制造业PMI有所回落，但高技术制造业等相关行业继续保持扩张，以内销为主的制造业企业生产经营总体稳定。 政策方面，围绕扩大内需提出多项政策措施。 4月7日，国务院印发《加快建设农业强国规划（2024－2035年）》，提出主要目标：到2027年，农业强国建设取得明显进展；乡村全面振兴取得实质性进 展，农业农村现代化迈上新台阶；稳产保供能力巩固提升，粮食综合生产能力达到1.4万亿斤，重要 ...

| 8 | | 京东 | 494.99 | | | --- | --- | --- | --- | --- | | 9 | | 中芯国际 | 483.8 | | | 10 | | 东方财富 | 466.32 | | | II | Bal Car | 百度 | 313.62 | | | 12 | 88 | 快手-W | 298.34 | | | 13 | | 理想汽车 | 274.89 | | | 14 | C | 贝壳 | 248.09 | | | 15 | | 腾讯音乐 | 223.2 | | | 16 | | 同花顺 | 202.21 | | | 17 | | 小鹏汽车 | 187.88 | | | 18 | | 中通快递 | 154.14 | | | 19 | | 宝信软件 | 108.2 | 1 t | | 20 | | 三六零 | 103.39 | 1 t | | 21 | | 蔚来 | 88.77 | 1 | | 22 | | 新东方 | 79.08 | 1 t | | 23 | CHILA | 陈哺喉庙 | 76.41 | 1 1 | | 24 | | 唯品会 | 74.76 | 1 4 | | ...