恒生电子 20250825 摘要 恒生电子 2025 年上半年营收同比下滑，主要受市场竞争加剧和客户采 购周期延长影响，但归母净利润大幅增长 771.57%，主要由于上年同 期基数较低及本期非经常性损益显著增长。经营活动现金流量净额有所 好转，但仍为负值。 公司通过全面提升组织管理，优化资源配置，显著改善了费用控制，营 业总成本同比下降 13.79%，销售和管理费用分别下降 26.03%和 20.71%，研发费用下降 10.77%。人力成本占比显著改善，彰显了规 模化运营中的成本控制优势。 各业务条线营收普遍下滑，其中资管科技服务和风险与平台科技服务降 幅较大。数据服务（聚源）和企金保险核心与金融基础设施服务营收实 现增长。控股子公司中，恒云控股净利润同比增长 13%，但营收下降 15%。 恒生电子推出 2025 年度员工持股计划和期权激励计划，设定扣非净利 润同比增长 10%的业绩考核指标，旨在建立长期激励机制，吸引并留住 优秀人才，并展示了公司对未来发展目标的坚定追求及信心。 Q&A 恒生电子 2025 年上半年业绩表现如何？ 2025 年上半年，恒生电子实现营收 24.26 亿元，同比下滑 14.44% ...

25H1 金融IT 行业需求尚需恢复，中长期增长前景向好25H1 受公募基金费率改革等影响，基金行业收 入承压，金融科技行业短期处于阵痛期。金融机构科技投入面临结构性调整与市场分化，尾部机构面临 生存压力，少数头部金融机构致力于成为一流机构，加大科技投入和项目管理，投入重点转向价值赋 能。我们仍看好金融IT 中长期增长前景：1）资本市场长期向好趋势不变，居民财富管理需求升级驱动 长期资金入市，叠加外资参与度提升，形成多元化资金供给格局；2）金融信创步入"深水区"，信创适 配改造与应用系统升级换代同步推进，实现信创+数智化转型升级，已成为行业趋势；3）大模型加速 迭代，拓展了AI 在金融领域的应用边界。 香港虚拟资产业务及AI 驱动，有望打开恒生全新市场空间香港正积极推动虚拟资产市场的发展，券商 要从事虚拟资产交易服务，须进行相应的系统建设或改造。25H1 子公司恒云科技助力香港中资券商完 成核心交易结算系统升级，且采用License+年费的订阅模式。根据恒生官微，恒云科技作为香港券商核 心交易系统的龙头厂商和首批提供虚拟资产交易系统的供应商，未来有望受益于香港虚拟资产市场的发 展。公司全面拥抱 AI，基于自主 ...

本周观点 美联储主席转鸽后虚拟资产反弹最大，寻找映射标的： 传媒：游戏板块高景气度维持。2025 年 7 月中国游戏市场规模达 291 亿元，环比增长 8.14%，同比增长 4.62%， 新老产品依旧表现亮眼，驱动行业增长。建议关注心动公司、巨人网络、吉比特、神州泰岳。 投资逻辑 美联储主席转鸽后虚拟资产反弹最大，寻找映射标的。1）海外中国资产重估的热情还在延续，美联储主席转鸽 后，全球流动性外溢预估对中概和港股带来更多估值提升；近期包括腾讯系资产在内的中国资产逐步迎来中报高 峰，许多个股中报大超预期且股价表现惊喜，拼多多等热门企业的中报集中在本周释放，交易中报的情绪浓烈。 风险偏好上行的背景下，市场进一步积极寻找低估值&边际变化的细分赛道或者标的。2）我们持续看好区块链、 虚拟资产相关产业趋势，周五晚美联储主席转鸽后虚拟资产的反弹最大，另外北美 circle、bullish 等虚拟资产 资本化趋势明显。产业趋势已起，我们认为大中华地区的机构必然会参与，积极寻找港股相关映射。 风险提示 后续政策不及预期风险；中美关系变化风险；内容上线及表现不及预期风险；宏观经济运行不及预期风险；AI 技 术迭代和应用不及预期 ...

Core Viewpoint - The article emphasizes the rising importance of stablecoins in the global financial system, particularly in the context of the U.S. pushing for regulatory frameworks that link stablecoins to the U.S. dollar, thereby enhancing the dollar's dominance in the cryptocurrency space [4][6][8]. Group 1: U.S. Stablecoin Legislation - The U.S. is moving towards institutionalizing stablecoins, allowing them to be pegged to the dollar and U.S. Treasury bonds, which effectively ties cryptocurrencies like Bitcoin and Ethereum to the dollar system [6][8]. - This legislation aims to secure the dollar's position as the global currency by capturing the settlement share of cryptocurrencies, thus prolonging the dollar's dominance [9][10]. - The introduction of stablecoins is seen as a way to create a legal indirect channel for printing more dollars without directly impacting the Federal Reserve's responsibilities [12]. Group 2: China's Response and Digital Currency Initiatives - In response to the U.S. actions, China is also exploring the issuance of stablecoins backed by offshore RMB, which could enhance the internationalization of the RMB [16][17]. - Recent discussions at the Lujiazui Financial Forum indicated plans to establish an international operational center for offshore RMB, potentially using stablecoins in trade and foreign aid [18][19]. - The approval of stablecoin regulations in Hong Kong and the interest from major companies like JD, Alibaba, and Tencent in obtaining stablecoin licenses highlight the growing trend of virtual currencies in China [20]. Group 3: Implications for Wealth Distribution - Historical payment transformations have led to significant wealth redistribution, with the current shift towards virtual currencies expected to follow suit [21]. - The article suggests that those who hold digital assets or related securities will benefit from this monetary transformation, emphasizing the importance of macro and micro analysis in investment decisions [24]. - The potential for substantial returns is illustrated by the recent performance of Guotai Junan's stock, which saw a nearly 200% increase, underscoring the importance of timely investment in related assets [24]. Group 4: Future Outlook - The article posits that the future of virtual currencies could mirror the transformative impact of AI on daily life, suggesting a fundamental change in how value is perceived and exchanged [22]. - It encourages a focus on assets related to stablecoins, particularly those linked to offshore RMB, as the next big opportunity in the evolving financial landscape [24][25].

Tian Tu Capital Co., Ltd. 深圳市天圖投資管理股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1973） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 本公司董事（「董 事」）會（「董事會」）欣 然 宣 佈，於8月18日，天 圖 資 產 管 理 有 限 公 司（「天圖資產管理」）與Hashkey Capital Limited（「Hashkey Capital」）訂立戰略合作備 忘 錄（「戰略合作備忘錄」），用 於 拓 展 業 務 合 作 機 遇，即 可 能 聯 合 設 立 虛 擬 資 產 領 域 的 投 資 基 金，並 於 日 後 進 一 步 探 索 其 他 形 式 的 聯 合 協 作。任 何 有 關 協 作 將 遵守天圖資產管理或本集團任何其他成員公司可能受到規限的適用法律法規。 訂立戰略合作備忘錄的理 ...

Core Viewpoint - Xinhua Medical (600587) holds a significant stake in Huajian Medical, which has recently engaged in a strategic partnership with HashKey Exchange to purchase Ethereum, potentially impacting Xinhua Medical's profitability through increased investment income from Huajian Medical's net profit [1] Group 1 - Xinhua Medical indirectly holds 443.7 million shares of Huajian Medical, representing a 27.29% stake [1] - Huajian Medical has established a strategic cooperation with HashKey Exchange, purchasing approximately HKD 149 million worth of Ethereum through its OTC services [1] - As of August 11, Huajian Medical's market capitalization reached HKD 15 billion, valuing Xinhua Medical's stake at HKD 4.1 billion [1] Group 2 - Xinhua Medical states that Huajian Medical is an important associate company, and its net profit will influence Xinhua Medical's investment income through equity method accounting [1]

Investment Rating - The report maintains a positive outlook on overseas Chinese assets, particularly in the context of the ongoing earnings season and the revaluation of these assets [3][11]. Core Views - The enthusiasm for the revaluation of overseas Chinese assets continues, with the Hong Kong stock market showing a sustained profit effect, driving up risk appetite for these assets. Many companies have reported earnings that exceeded expectations, and this trend is expected to continue in the coming weeks. The overflow of dollar liquidity and rising expectations for interest rate cuts are clearly beneficial for overseas Chinese assets [3][17]. - The report expresses a continued positive outlook on blockchain and virtual asset-related sectors, noting a clear upward trend in these areas. Despite a recent cooling in sentiment in the Greater China region, the underlying industry trends remain strong, particularly for BTC/ETH and asset trading platforms [3][17]. Industry Situation Tracking 1. Education - The Chinese education index rose by 0.76% during the period from August 11 to August 15, underperforming compared to major indices. Notable performers included Dongfang Zhenxuan, which rose by 39.61%, and NetEase Youdao, which increased by 14.46% [12][23]. 2. Luxury Goods - The S&P Global Luxury Goods Index increased by 1.92%, while the MSCI Europe Luxury Goods and Apparel Index rose by 0.32%. Key luxury stocks such as Samsonite and Prada saw increases of 6.43% and 2.62%, respectively [23][27]. 3. Coffee and Tea Beverages - The Hang Seng Non-Essential Consumer Index showed a cumulative increase of 1.08%. Key stocks in this sector included Dashi Holdings (+4.92%) and Luckin Coffee (+1.08%) [28][30]. 4. E-commerce and Internet - The Hang Seng Internet Technology Index rose by 1.52%, with notable stock performances from Vipshop (+10.56%) and Tencent Holdings (+5.53%) [32][36]. 5. Streaming Platforms - The Hang Seng Media Index increased by 1.6%, with Tencent Music and NetEase Cloud Music showing significant gains of 15.32% and 4.95%, respectively [38][40]. 6. Virtual Assets and Internet Brokers - As of August 15, the global cryptocurrency market capitalization reached $404.37 billion, with Bitcoin and Ethereum prices at $117,340 and $4,431, reflecting increases of 0.6% and 10.4%, respectively [43][46].

Group 1 - The article emphasizes the importance of implementing policies to promote the healthy and high-quality development of the private economy in China, including removing barriers to fair market competition and addressing financing issues for private enterprises [2] - In July, China's industrial added value increased by 5.7% year-on-year, while retail sales rose by 3.7%. However, fixed asset investment only grew by 1.6%, with real estate development investment declining by 12% [2] - Recent data from 70 cities indicates a decline in housing prices, with only six cities experiencing a month-on-month increase in new home prices, while the inventory of unsold homes has decreased for five consecutive months [2] Group 2 - The central bank's second-quarter monetary policy report highlights the need for a moderately loose monetary policy to support economic recovery, particularly in technology innovation and small enterprises [3] - India is seeking easier access to Chinese rare earths, which may be discussed during upcoming talks between Chinese and Indian leaders [3] - The Chinese government plans to advance the development of national marine economy demonstration zones and explore policies to support marine economic development [3] Group 3 - The A-share market experienced a significant rally, with over 4,600 stocks rising, led by the brokerage sector and industries such as solar energy and robotics [4] - The Hong Kong stock market saw a decline, with the Hang Seng Index dropping by 0.98%, while mainland Chinese brokerage stocks performed well [4] Group 4 - The China Securities Regulatory Commission (CSRC) reported accounting issues in some listed companies, indicating the need for enhanced financial reporting oversight [5] - The Shanghai Stock Exchange took regulatory actions against 154 instances of abnormal trading behavior, focusing on stocks with significant price fluctuations [5] - The Shenzhen Stock Exchange also implemented self-regulatory measures for 159 abnormal trading cases, highlighting ongoing scrutiny of market activities [5] Group 5 - The introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" is expected to lead to various reforms in the public fund sector [8] - The commercial banks' non-performing loan balance decreased to 3.4 trillion yuan, with a non-performing loan ratio of 1.49% [8] - The number of public fund products managed by brokerages is being reduced, with many firms opting to transition to public fund companies [9] Group 6 - The real estate market in Hainan is undergoing policy adjustments to support the revitalization of existing properties and promote home purchases for families with multiple children [9] - Guangzhou's state-owned enterprise has initiated a price guarantee program for its main residential projects, promising to compensate buyers for price differences until the end of 2025 [9] Group 7 - The global physical gold ETF inflows reached $3.2 billion in July, marking a record high for total assets under management [18] - The international crude oil market is experiencing downward pressure due to a loosening supply-demand balance, with WTI crude oil prices falling [18][19]

Group 1 - The National authorities are formulating policies to support the development of the marine industry, encouraging participation from state-owned enterprises and private capital [1] - The Shanghai virtual power plant has achieved a record demand response load exceeding 1 million kilowatts for the first time [5] - Several photovoltaic companies have been notified to participate in a discussion meeting organized by relevant departments [3] Group 2 - The Shanghai Stock Exchange is monitoring stocks with significant abnormal fluctuations, including companies like Shangwei New Materials and Dongxin Co., taking regulatory measures [2] - The company Shangwei New Materials announced that its customer TPI Composites, Inc. has filed for bankruptcy protection, which may impact its performance [7] - Shengyi Technology plans to invest approximately 1.9 billion yuan in a smart manufacturing project for high-layer circuit boards [8] Group 3 - Shengyi Electronics reported a revenue of 3.769 billion yuan for the first half of 2025, a year-on-year increase of 91%, with a net profit of 531 million yuan, up 452% [10] - Chip applications from Jingchen Co. are being utilized in robotic arm products by Yushu Technology [9] - The company Sensing Bio has received medical device registration for its nucleic acid testing kits for specific viruses [14] Group 4 - The IPO application of Suzhou Lianxun Instrument Co., Ltd. has been accepted by the Shanghai Stock Exchange, aiming to raise 1.954 billion yuan [15] - Beijing Weiguang Qihang Technology Co., Ltd. has completed an angel round financing of several million yuan for its carbon fiber composite rocket development [16]

Core Viewpoint - The securities sector is experiencing a strong performance, driven by increased market activity and improved brokerage earnings, with over 20 brokerages forecasting profit growth [1] Group 1: Market Performance - The Shanghai Composite Index continues its strong momentum, with the Securities ETF (512880) surging by 5% and achieving a trading volume of nearly 4 billion yuan [1] - The current market activity is directly correlated with brokerage performance, as evidenced by the positive earnings forecasts from multiple brokerages [1] Group 2: Brokerage Sector Outlook - CITIC Securities highlights significant investment opportunities in the brokerage sector for the second half of the year, supported by favorable half-year earnings forecasts, capital market reforms, and expectations of increased liquidity [1] - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" is expected to attract more incremental capital into the underrepresented non-bank sector, benefiting brokerages [1] Group 3: Catalysts for Growth - The securities sector is poised for growth due to developments in stablecoins and mergers and acquisitions, with leading brokerages actively pursuing upgrades in Hong Kong licenses [1] - The frequency of mergers and acquisitions in the securities industry since 2024 is anticipated to accelerate resource integration among companies with similar shareholders, enhancing profitability [1] Group 4: Strategic Insights - GF Securities emphasizes the importance of structural capital flows, presenting a four-fold logic for a bullish outlook on brokerages, including the potential for new capital inflows to stimulate growth across various brokerage services [2] - The adjustment in proprietary trading structures and the increasing attractiveness of equity markets are expected to enhance brokerage performance [2] - Continuous improvement in asset quality and a decrease in impairment scales reflect a positive trend for brokerage valuations [2]