Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 47.08 yuan [1]. Core Insights - The company reported a revenue of 246 million yuan for the first half of 2025, a decrease of 7.97% year-on-year, while achieving a net profit attributable to shareholders of 52.88 million yuan, an increase of 8.40% year-on-year [3][6]. - The company continues to lead in the core trading system for the "Xin Chuang" (信创) sector, with the A5 system being implemented in 11 official projects [6][7]. - The company has successfully developed and launched several advanced trading systems and platforms, enhancing its product offerings in the financial industry [7]. Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 70.03%, an increase of 0.85 percentage points compared to the same period last year [6]. - The company’s operating expenses ratio decreased by 1.54 percentage points to 56.84%, with specific reductions in management and R&D expenses [6]. - The forecast for net profit attributable to shareholders for 2025-2027 is 239 million yuan, 297 million yuan, and 373 million yuan, respectively, with corresponding EPS of 1.16 yuan, 1.45 yuan, and 1.81 yuan [7][11]. Market Position and Growth Potential - The company is positioned to benefit from the increasing demand for "Xin Chuang" and AI capabilities in financial institutions, with expectations for continued growth in its core products [7]. - The company has established a strong foothold in the securities IT sector, with a leading market share in core trading systems [7][11]. - The company’s investment in product development and market expansion, particularly in the Hong Kong market, is expected to further enhance its growth trajectory [7].

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 ...

扣非前利润大幅提升，主要原因是赢时胜股权投资会计确认和计量方法变化。 毛利率69.55%，同比-1.77pct。经营性净现金流-9.01 亿元，YoY+23.40%，有所改善。合同负债22.41 亿 元、存货6.94 亿元，同比均基本持平。 管理效率持续提升，为长期发展筑基。25H1 销售/管理/研发费用率11.88%/12.59%/42.71%，同 比-1.86/-1.00/+1.75pct，三费率合计-1.11pct；25Q2 三费率14.50%/11.44%/38.27%，同 比-1.55/-2.04/+1.82pct，合计-1.77pct。公司前期采取多项措施优化管理结构，管理效率持续提升，为长 期发展巩固根基。 公司受行业需求不振及自身战略调整共同影响，短期成长承压但管理效率持续提升，UF3.0、O45 等核 心产品持续拓展。我们坚持看好公司主业长期发展，同时香港创新业务有望打开新的成长空间，维持强 烈推荐。 静待主业反转，关注香港创新业务发展。核心业务线方面：25H1 财富科技收入YoY-3.13，核心产品 UF3.0 签约多家券商项目并完成多家客户POC 测试，后续随着金融信创推进有望加速规模化 ...

证券研究报告 | 公司点评报告 2025 年 08 月 24 日 恒生电子（600570.SH） 公司受行业需求不振及自身战略调整共同影响，短期成长承压但管理效率持续 提升，UF3.0、O45 等核心产品持续拓展。我们坚持看好公司主业长期发展， 同时香港创新业务有望打开新的成长空间，维持强烈推荐。 ❑ 风险提示：行业竞争加剧风险；技术颠覆风险；海外市场政策风险等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 7281 | 6581 | 6955 | 7592 | 8292 | | 同比增长 | 12% | -10% | 6% | 9% | 9% | | 营业利润(百万元) | 1452 | 1062 | 1323 | 1478 | 1643 | | 同比增长 | 29% | -27% | 25% | 12% | 11% | | 归母净利润(百万元) | 1424 | 1043 | 1296 | 1448 | 1610 | | 同比增长 | ...

Group 1: Financial Health and Performance - The company has a low debt-to-asset ratio and approximately 1 billion CNY in cash and 300 million CNY in gold inventory, ensuring overall liquidity [2] - After bankruptcy restructuring in 2023, the company has completed significant debt disposal, and its retail operations are gradually improving [2] - The performance commitments from Kaike Weishi for 2025, 2026, and 2027 are net profits of no less than 66.6 million CNY, 75.6 million CNY, and 85.6 million CNY respectively, indicating a positive outlook for overall business performance [2] Group 2: Market Position and Client Base - Kaike Weishi serves over 200 banks, primarily in wealth management software and payment processing, ranking first in the banking wealth management solutions market [3] - The company plans to leverage resources from Haidian District and target large state-owned enterprises and major internet companies for future client acquisition [3] Group 3: Product and Service Strategy - Kaike Weishi provides mostly customized products based on specific bank needs, focusing on core services like payment, deposits, and wealth management [3] - The company is addressing the decreasing IT investment from banks by emphasizing stable investments in financial technology and adapting to the digital transformation of financial institutions [3] Group 4: Cost Management and Profitability - Measures to improve gross margins include optimizing business approval processes, controlling expenses, and implementing strict performance assessments for profit centers [3] - The company has established employee incentive programs, including equity incentives for core personnel, covering approximately 80 employees [3]

Core Insights - The 2025 China International Financial Expo successfully concluded in Shanghai, showcasing Dameng Data's achievements as a leading domestic database management system provider in the financial sector [1] - Dameng Data emphasized its commitment to innovation and customer-centric solutions, presenting a comprehensive range of data products and successful case studies in the financial industry [3][5] Group 1: Company Performance - Dameng Data has served over 260 financial institutions, implementing more than 1,000 financial core and Class A systems, demonstrating extensive coverage across various financial sectors [3] - The company has established over 300 core financial systems, creating benchmark cases that highlight its dedication to the financial innovation and transformation sector [3] Group 2: Technological Advancements - As a core software enterprise under China Electronics, Dameng Data has over 40 years of experience in the database field, focusing on original innovation and customer needs [5] - The company offers a full-stack data product and solution portfolio, including China's first data-sharing cluster and various innovative databases, ensuring flexibility for different business scenarios [5] Group 3: Ecosystem Collaboration - The DAMENG PAI integrated machine was showcased at the expo, providing a "plug-and-play" solution that addresses challenges in domestic migration and adaptation, making it a popular choice for digital transformation in finance [7] - Dameng Data collaborates with top ISV partners to launch practical domestic migration solutions, gaining widespread attention and recognition from financial experts [7] Group 4: Future Vision - Dameng Data outlines its vision for financial innovation, emphasizing a self-developed database as a solid foundation and an open ecosystem for collaboration, focusing on customer needs [9] - The company aims to empower the financial industry through a full lifecycle service approach, driving the dual-track integration of digitalization and domestic innovation [9]

Core Insights - The 2025 China International Financial Expo opened in Shanghai, showcasing Dameng's core capabilities and innovations in financial digital transformation under the theme "Building Independently, Safeguarding Core" [1] Group 1: Domestic Strengths - Dameng's exhibition attracted numerous domestic and international financial experts, who praised the advantages of Dameng's data products and their coverage in the financial sector [3] Group 2: Innovative Products - The DAMENG PAI database integrated machine was unveiled, featuring a soft-hard collaborative architecture that addresses the challenges of adaptation, migration, and transplantation in the financial industry's domestic transition, providing an excellent out-of-the-box experience [4] Group 3: Leading Case Studies - Dameng showcased core cases from banking, securities, and insurance sectors, demonstrating its leading position in the financial database field. Notable examples include: - Collaboration with Meizhou Commercial Bank for core system upgrades, marking the first successful case of a domestic data-sharing storage cluster in banking [5] - Support for CITIC Securities' OTC system upgrade, achieving an average daily call capacity exceeding one million [5] - Comprehensive replacement of the business system to CMDS system for China Life Insurance [5] Group 4: Migration Solutions - Dameng proposed a flexible migration strategy addressing safety and stability concerns in data migration, utilizing high-performance sub-second data synchronization technology to resolve data consistency issues during domestic transitions [7] Group 5: Collaborative Ecosystem - Dameng partnered with leading companies like Jinshida and Zhongke Ruankai to create an immersive experience zone for "Financial Digitalization Joint Solutions," showcasing deep collaboration capabilities with ecosystem partners [8] Group 6: Achievements in Finance - Dameng has supported over 260 financial users, launching nearly 3,000 financial systems across various sectors, including banking, insurance, and securities, thus expanding the landscape of financial innovation [8][10]

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [8]. Core Insights - The Hong Kong Legislative Council has officially passed the "Stablecoin Ordinance," establishing a comprehensive regulatory framework for stablecoins, expected to take effect within 2025 [7][43][61]. - The computer sector experienced a slight rebound, increasing by 1.79%, ranking 6th among primary industries in the Yangtze River region, with a trading volume share of 8.85% [2][5][12]. - The report highlights investment opportunities in companies with issuance qualifications, those with technological accumulation in blockchain, and firms holding relevant licenses [7][61]. Summary by Sections Market Performance - The computer sector saw a minor rebound last week, with the Shanghai Composite Index closing at 3347.49 points, a slight decrease of 0.03% [5][12]. - The sector's trading volume accounted for 8.85% of the total market, indicating active participation in stablecoin-related concepts [2][5]. Key Developments - China Construction Bank announced a procurement project for domestic servers, with a total value exceeding 4.4 billion yuan, indicating a strong push for domestic innovation in the financial sector [19][21]. - The DeepSeek R1 model underwent a minor upgrade, significantly enhancing its reasoning capabilities, with accuracy in tests rising from 70% to 87.5% [26][29]. - The National Data Bureau held a press conference on the "Data Element X" initiative, showcasing the growing enthusiasm for data utilization and its potential economic impact [35][38]. Investment Recommendations - The report emphasizes the importance of stablecoins and suggests focusing on companies that are eligible to issue stablecoins, those with blockchain technology expertise, and firms with relevant licenses [7][61]. - It also recommends monitoring the developments in the domestic server procurement by financial institutions, which may accelerate the adoption of domestic technology solutions [25][34].

Core Viewpoint - ST金一 is transitioning from traditional gold and jewelry retail to software and information technology services, with the acquisition of 开科唯识 being a pivotal step in this transformation [1][2]. Group 1: Company Strategy and Transformation - The company has previously focused on gold and jewelry retail, owning brands like "金一" and "越王珠宝," but is now actively seeking transformation [1]. - Following restructuring, the company has improved operational profits and cash flow by divesting inefficient assets and addressing debt burdens [1]. - The acquisition of 开科唯识, completed in April 2025, marks the official shift to the software information sector [1]. Group 2: 开科唯识 Overview - 开科唯识 specializes in software development and services for the financial industry, covering areas such as wealth management, payment clearing, and intelligent digital customer service [2]. - The company has gained recognition from nearly 300 financial institutions, including major banks and various financial service providers [2]. - 开科唯识 has achieved an 83% coverage rate among 18 large state-owned and joint-stock banks, and a 70% coverage rate among city commercial banks [2]. Group 3: Technological Advancements and Market Position - 开科唯识 is leveraging AI and large model applications to facilitate the intelligent transformation of financial institutions, creating industry-specific intelligent financial solutions [2]. - The company has completed over 70 domestic software and hardware ecosystem adaptations, ranking first in the emerging bank wealth management solutions market for three consecutive years [3]. - The proprietary technology developed by 开科唯识 is designed to handle large-scale transaction data with high efficiency and reliability, supporting the broader application of domestic financial hardware and software [3]. Group 4: Future Outlook - ST金一 plans to make proactive adjustments in organizational structure, business lines, and management methods to clarify future development paths [3]. - 开科唯识 is expected to be a core driver of growth for ST金一, capitalizing on the accelerating digital transformation in the financial industry [3].

Investment Rating - The report does not explicitly provide an investment rating for the financial technology sector in 2024 Core Insights - The financial technology sector in A-shares faced operational pressure in 2024, with total revenue of 1186.37 billion yuan, a year-on-year decrease of 2.73%, and a net profit of 147.62 billion yuan, down 13.85% [3][10] - Despite the overall decline, certain companies achieved double-digit revenue growth, indicating potential resilience within the sector [3][10] - The sector's R&D expenditure remained stable at 11.41% of total revenue, reflecting ongoing investment in innovation despite revenue pressures [3][12] Summary by Sections Industry Overview - The financial technology sector is experiencing a bifurcation, with significant support from policies aimed at enhancing digital finance and technological independence [4][21] - Emerging fields such as cloud computing, AI, and data utilization are expected to drive recovery in industry growth [4][30] Financial Performance - In 2024, 35 listed companies in the financial technology sector reported a total revenue of 1186.37 billion yuan, with a net profit of 147.62 billion yuan [3][10] - The banking IT segment showed a revenue decline of 3.41% year-on-year, with net profit dropping by 49.29% [3][10] R&D Investment - Total R&D investment in the financial technology sector reached 135.38 billion yuan in 2024, a decrease of 2.54% year-on-year, with a stable R&D expense ratio of 11.41% [12][13] - Companies in the securities IT and financial information services sectors exhibited significantly higher R&D expense ratios compared to the industry average [12][13] Market Dynamics - The report highlights a shift in IT investment focus towards emerging technologies, with traditional IT construction expenditures expected to decline [5][30] - The demand for IT services from small and medium-sized financial institutions is anticipated to increase, providing new growth opportunities [5][37]