| 8 | | 京东 | 503.96 | | --- | --- | --- | --- | | 9 | | 中芯国际 | 473.13 | | 10 | | 东方财富 | 439.55 | | 11 | Bal Car | 百度 | 283.92 | | 12 | 8E | 快手-W | 277.81 | | 13 | | 理想汽车 | 247.49 | | 14 17 | O | 贝壳 | 229.74 | | 15 | | 腾讯音乐 | 210.91 | | 16 | | 同花顺 | 194.91 | | 17 | | 小鹏汽车 | 173.41 | | 18 | | 中通快递 | 151.32 | | 19 | | 科大讯飞 | 140.18 | | 20 | | 宝信软件 | 104.65 | | 21 | | 一六零 | 94.81 | | 22 | | 蔚来 | 79.71 | | 23 | | 新东方 | 73.29 | | 24 | 白LAA | 哔哩哔哩 | 67.76 | | 25 | | 同程旅行 | 66.78 | | | --- | --- | --- | --- | --- | ...

Core Viewpoint - The financial technology sector is experiencing a strong upward trend, with significant gains in key stocks and ETFs, indicating a positive outlook for the industry in the medium to long term [3][4]. Market Performance - As of April 18, 2025, the China Securities Financial Technology Theme Index (930986) rose by 1.10%, with notable increases in constituent stocks such as Sifang Jingchuang (300468) up 11.68% and Jingbeifang (002987) up 10.02% [3]. - The Financial Technology ETF (516860) increased by 1.06%, with a latest price of 1.15 yuan and a turnover rate of 1.44%, totaling a transaction volume of 12.07 million yuan [3]. Fund Flows and Growth - The Financial Technology ETF saw a significant increase in shares, growing by 67 million shares in the past month, ranking in the top third among comparable funds [4]. - Over the last 22 trading days, the ETF attracted a total of 136 million yuan in inflows, with leveraged funds showing continued interest [4]. Performance Metrics - As of April 17, 2025, the Financial Technology ETF's net value increased by 54.89% over the past year, ranking first among comparable funds [4]. - The ETF has a historical average monthly return of 10.57% and a year-to-date return of 66.67%, with a 96.30% probability of profit over a three-year holding period [4]. Risk and Fee Structure - The Financial Technology ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in its category [5]. - The ETF's tracking error for the year to date is 0.044%, indicating the highest tracking precision among comparable funds [5]. Industry Trends - The AI and robotics sectors are entering a localization phase, with domestic models like DeepSeek and Yushu showing potential for future growth, although large-scale applications are still developing [3]. - The current macroeconomic environment is characterized by a "bottoming economy and proactive policies," with a focus on more aggressive fiscal policies and a generally accommodative monetary stance [3].

| 25 | | 同程旅行 | 64.73 | 1 1 | | --- | --- | --- | --- | --- | | 26 | | 唯品会 | 64.45 | 1 1 | | 27 | | 用友网络 | 63.43 | 1 1 | | 28 | | 金山软件 | 60.57 | 1 t | | 29 | | 好未来 | 59.71 | 1 t | | 30 | | 中国软件 | 55.32 | 2 ↑ | | 31 | | 奇富科技 | 54.4 | 2 t | | 32 | | 金蝶国际 | 53.34 | -1 | | 33 | | 润和软件 | 52.14 | 1 1 | | 34 | KUNLUN | 昆仑万维 | 51.02 | 1 t | | 35 | | 深信服 | 49.81 | 1111 | | 36 | | 恺英网络 | 48.09 | 2 t | | 37 | 94245 | 柏楚电子 | 47.85 | | | 38 | | 拓维信息 | 45.14 | 1 1 | | 39 | | 常山北明 | 44.06 | 1 1 | | 40 | | 三七互娱 | 43.36 | 1 ...

这一波的新大陆现在这个位置我们还是非常看好的对于这两个公司当然可能两个公司不同公司有不同的研究的一些变化和催化首先对于新大陆来讲我们一直在强调公司经营的机会很大大家也能看到前两天公司也发了回顾进展的公告其实是对本身公司主观方面的实质素质非常强的 去年三个月分红今年七个亿的回购而且回购的价格上线都不管不顾的啊就直接往上提那另外呢传统主业呢其实也在边界上往上走啊就每月的流水就在慢慢的往上爬包括最近的一些消费的政策出来那其实公司今年的这个一级报也很好我们预计有百分之二十以上增长啊三个亿左右的绝对性的利润那全年也是十三亿到十四亿呢其实现在也就二十二十倍左右 未来还有很多潜在的催化包括比如说这个世界在动荡新的支付体系包括公司的一些往前往后等等其实是我觉得是非常具有性价比的这个时候第一个关于这个新大陆那对于新国度来说呢它一级报其实我们很客观只是它一级报我们觉得可能稍微要弱一些但是没关系因为一级报再弱当它整个这个市值下来便宜到 大家好欢迎参加国泰海通计算机新大陆新国度的持续推荐及业务更新电话会议目前所有参货者均处于静音状态下面开始播报名字声明声明完毕后主持人可以直接开始发言谢谢本次电话会议 会议仅服务于国泰海通证券正式签约 ...

盘面上，大消费股一度走强，美容、电商、食品等方向领涨，一致魔芋30CM涨停。化工股表现活跃，中毅达4天3 板。电力股持续活跃，建投能源等涨停。下跌方面，高位股集体大跌，连云港等多股跌停。 在市场量能持续萎缩的 背景下，短线风险偏好再度降低，所以导致了高位股承接不力的现象。 0 1 四部门联合发布！ 4月15日，中国人民银行发布消息，为贯彻落实中央金融工作会议精神，支持做好科技金融、绿色金融、普惠金融、 养老金融、数字金融"五篇大文章"。 近日，中国人民银行会同金融监管总局、中国证监会、国家外汇局联合印发《金融"五篇大文章"总体统计制度（试 行）》（以下简称《制度》）。 | | | 市场全天探底回升，上证指数顺利小幅翻红，为连续第六个交易日上涨；深证成指跌0.27%，创业板指跌0.13%，全 市场成交11102亿元。较上个交易日缩量2003亿。 这次的《制度》规定的统计对象全面覆盖很广，涉及到银行业、证券业、保险业金融机构以及金融基础设施机构， 统计范围包括贷款、债券、股权、资管债权、基金、保险、衍生品等多种金融工具和产品，综合统计金融"五篇大文 章"等重点领域的工作情况。 在外部不确定因素影响下， A股步入震 ...

Investment Rating - The report maintains a positive outlook on the cross-border payment industry, highlighting significant growth potential driven by policy support and technological innovation [4][7]. Core Insights - The internationalization of the Renminbi (RMB) is a key strategic move in the US-China rivalry, with a positive feedback loop beginning to form. The report notes that since 2024, there has been a surge in policies aimed at promoting cross-border e-commerce and payment systems, with 11 relevant policy documents issued compared to only two per year from 2021 to 2023 [5][20]. - The report emphasizes the importance of innovative payment systems such as CIPS, mBridge, and Brics Pay in facilitating RMB internationalization and improving payment efficiency compared to traditional systems like SWIFT [5][28]. - The cross-border payment industry is expected to see substantial growth as domestic payment institutions actively seek international expansion, with significant opportunities in both B2B and B2C segments [8][61]. Summary by Sections 1. Promoting RMB Internationalization - The report discusses the critical role of cross-border payments in RMB internationalization, highlighting the recent policy initiatives aimed at encouraging the development of cross-border e-commerce and payment systems [16][17]. - It outlines the strategic importance of RMB internationalization in mitigating the impacts of US dollar hegemony and enhancing China's global economic standing [21][22]. 2. Political and Technological Innovations Driving Payment System Reforms - The report compares existing systems like SWIFT with emerging Chinese systems (CIPS, mBridge, Brics Pay), noting the latter's advantages in transaction speed and cost [29][34]. - It details the operational frameworks of these new systems, emphasizing their potential to enhance the efficiency of cross-border payments [28][32]. 3. Industry Chain Expansion: Trends and Opportunities - The report identifies key players in the payment industry, including clearing institutions, banks, and third-party payment providers, and discusses their internationalization efforts [61][62]. - It highlights the competitive landscape, noting that while UnionPay has a strong global presence, there remains significant room for growth in overseas penetration [67]. 4. Listed Companies Related to the Payment Industry - The report provides insights into specific companies involved in the payment industry, such as Newland, which has obtained a rare European acquiring license, and Sifang Jingchuang, which is uniquely involved in the mBridge project [6][8]. - It also mentions companies like Lianlian and Feitian Chengxin, which are engaged in cross-border payment services and digital RMB initiatives [6][8].

Summary of Conference Call on Computer Sector Industry Overview - The conference call focused on the computer sector, highlighting recent market adjustments and their impacts on various companies within the industry [2][4]. Key Points and Arguments - **Market Adjustment Impact**: The computer index dropped by 12.55% on Monday, with a near 1% recovery on Tuesday. Many computer stocks experienced a 20% adjustment, with around 180-190 companies seeing declines over 15% [2][3]. - **Overseas Revenue**: In 2023, overseas revenue for the computer sector was only 12%, with the U.S. market contributing 2%. This limited exposure means that overall performance is less affected by international market fluctuations [4]. - **Stable IT Spending**: Downstream IT spending remains stable, and the risk from tariff increases is limited due to the low overseas revenue share [4]. - **Investment Opportunities**: Companies with solid fundamentals and good Q1 performance are highlighted as potential investment opportunities, such as: - **New大陆**: Expected Q1 profit growth over 20% and has initiated stock buybacks [5]. - **通行宝**: Anticipated annual growth of 70%-100% [5]. - **新国都**: Currently undervalued with a projected profit of approximately 7 billion yuan and a market cap of 90 billion yuan [7]. - **科远智慧**: Expected to achieve 3.2-3.5 billion yuan in revenue this year, with a market cap of 48 billion yuan and a P/E ratio of 14, indicating it is undervalued [8]. - **鸿泉物联**: Potential for significant profit growth if domestic policies are fully implemented by 2027 [9]. - **云赛智联**: Projected growth of over 20% this year, with involvement in Shanghai's smart computing initiatives [10]. - **Market Sentiment**: Market sentiment has a diminishing marginal effect on the computer sector. As confidence returns, the sector is expected to rebound more robustly [6]. - **AI Sector Performance**: Companies in the AI application field, such as 赛意信息, 合合信息, and 虹软科技, have strong fundamentals despite market volatility. Their revenue is not heavily reliant on the U.S. market, mitigating risks from international fluctuations [11]. - **信创 Industry Development**: The 信创 industry is accelerating due to international environmental changes, with companies like 华大九天 and 海天瑞声 poised to benefit. Mergers and acquisitions in the tech sector are expected to strengthen foundational capabilities [12]. Additional Important Insights - The overall sentiment in the computer sector suggests that while recent adjustments have been significant, the underlying fundamentals of many companies remain strong, presenting potential investment opportunities in a recovering market [2][6][12].

Summary of Conference Call Notes Companies Involved - New大陆 (Newland) - 新国都 (Newland Payment) Key Points and Arguments Financial Performance - Newland is expected to benefit from consumer policies and industry optimization, with a projected profit growth of over 20% in Q1, leading to an annual net profit of 1.3 to 1.4 billion yuan, with a current valuation of approximately 20 times earnings [2][3] - Newland Payment's Q1 performance may be slightly weaker, but an annual profit of at least 700 million yuan is anticipated, with a current valuation of only 17 times earnings, indicating high cost-effectiveness [2][3] - Newland's Q1 profit is projected to reach around 300 million yuan, while Newland Payment's actual profit last year was close to 700 million yuan, with expectations for a better performance in the second half of the year [3][5] Industry Dynamics - The payment industry is experiencing optimization, benefiting leading companies like Newland and Newland Payment, which are seeing improved bargaining power and significantly higher net fee rates [2][6] - The gross profit margins of leading acquiring institutions have increased, indicating a notable improvement in industry profitability quality [7] Payment Volume Projections - Newland's payment volume for 2024 is expected to be between 2.2 to 2.3 trillion yuan, while Newland Payment's is projected at 1.47 trillion yuan, with expectations for better performance in the second half of the year [2][8] International Expansion - Both companies are actively expanding into overseas payment device markets, focusing on high-end markets in Latin America, the Middle East, and Europe, with Newland's Latin American market growing at approximately 15% [2][10] - Newland Payment's overseas device revenue grew by 64% year-on-year, indicating strong international demand [10] Cross-Border Payment Growth - Cross-border payments and local acquiring services are becoming significant growth areas, with higher fee rates overseas compared to domestic markets, enhancing profitability [12][13] - Newland has established localized teams overseas and plans to significantly increase transaction volumes, while Newland Payment aims to expand its transaction scale tenfold this year [14] AI Applications - Both companies are leveraging AI for internal and merchant empowerment, with Newland focusing on customized marketing solutions and Newland Payment investing in an overseas AIGC subsidiary [15] Regulatory Impact - The 网中网号 policy is expected to create a substantial market for Newland, particularly in the QR code verification space, with potential revenue increases of 20-30% market share translating to 20-30 billion yuan in revenue growth [16] Valuation Insights - Newland's 2025 net profit is projected between 1.3 to 1.4 billion yuan, with a market cap of approximately 30 billion yuan, resulting in a valuation of 21 to 23 times earnings, while Newland Payment's valuation remains at 17 times earnings [5][16] Other Important Insights - The payment industry is seeing a consolidation of resources towards leading companies, enhancing their ability to expand merchant resources and pricing power [6] - The overall improvement in industry profitability quality is evidenced by rising net fee rates and gross profit margins across leading firms [7]

Group 1 - The technology sector experienced a collective surge on April 9, with financial technology stocks showing significant gains, including Zhongyi Technology hitting a 20% limit up, and Anshuo Information rising over 10% [1] - The Huaxia Financial Technology ETF (516100) increased by 4.89%, while the brokerage ETF (515010) rose by 2.12%, with major holdings like Wu Securities gaining over 6% [1] - PwC China and Weijing Technology signed a strategic cooperation agreement to provide end-to-end digital transformation and risk management solutions for financial institutions, enhancing the core technology autonomy and high-quality development of China's financial industry [1] Group 2 - The Huaxia Financial Technology ETF (516100) closely tracks the CSI Financial Technology Theme Index, focusing on high-quality companies that integrate finance and technology, covering sectors such as internet brokerage, financial IT, mobile payments, and AI [2] - The top ten constituent stocks of the ETF include industry leaders like Tonghuashun, Dongfang Caifu, and Hengsheng Electronics, with a combined weight of 53.94%, indicating significant representation in the financial technology sector [2] - The brokerage ETF (515010) is currently the lowest fee investment option in its category, making it an attractive choice for investors looking to gain exposure to the brokerage sector [2]

- Model Name: 250-Day High Distance Model; Model Construction Idea: This model tracks the distance of the latest closing price from the highest closing price in the past 250 trading days to identify market trends and hot spots[11]; Model Construction Process: The formula used is $ 250 \text{ Day High Distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and ts_max(Close, 250) is the maximum closing price in the past 250 trading days[11]; Model Evaluation: This model effectively captures market momentum and trend-following strategies[11] - Factor Name: Stable New High Stocks; Factor Construction Idea: This factor selects stocks that have recently hit new highs and exhibit stable price paths, considering analyst attention, relative strength, and trend continuation[24][26]; Factor Construction Process: The selection criteria include: - Analyst Attention: At least 5 buy or hold ratings in the past 3 months - Relative Strength: Top 20% in market performance over the past 250 days - Price Stability: Evaluated using the sum of absolute daily returns over the past 120 days and the smoothness of the price path - New High Continuity: Average 250-day high distance over the past 120 days - Trend Continuation: Average 250-day high distance over the past 5 days[24][26]; Factor Evaluation: This factor captures stocks with strong and stable momentum, potentially leading to higher returns[24][26] Model Backtest Results - 250-Day High Distance Model, Shanghai Composite Index: 4.23%[12] - 250-Day High Distance Model, Shenzhen Component Index: 9.82%[12] - 250-Day High Distance Model, CSI 300 Index: 9.27%[12] - 250-Day High Distance Model, CSI 500 Index: 7.66%[12] - 250-Day High Distance Model, CSI 1000 Index: 6.18%[12] - 250-Day High Distance Model, CSI 2000 Index: 7.34%[12] - 250-Day High Distance Model, ChiNext Index: 19.01%[12] - 250-Day High Distance Model, STAR 50 Index: 9.65%[12] Factor Backtest Results - Stable New High Stocks, Number of Stocks: 40[27] - Stable New High Stocks, Sector with Most Stocks: Cyclical (11 stocks), Financial (10 stocks)[27] - Stable New High Stocks, Top Sectors: Transportation in Cyclical, Banking in Financial[27]