截至2025年4月30日 09:58，中证金融科技主题指数(930986)强势上涨1.73%，成分股凌志软件(688588)上 涨12.45%，新致软件(688590)上涨10.12%，翠微股份(603123)上涨10.05%，普元信息(688118)，*ST汇科 (300561)等个股跟涨。金融科技ETF(516860)上涨1.65%，最新价报1.17元。拉长时间看，截至2025年4月 29日，金融科技ETF近1年累计上涨45.26%，涨幅排名可比基金1/3。 流动性方面，金融科技ETF盘中换手3.61%，成交3117.20万元。拉长时间看，截至4月29日，金融科技 ETF近1年日均成交7333.60万元。 2025政府工作报告提出"推进高水平科技自立自强"，信创行业有望得到进一步重视。在行业方面，《安 全可靠测评工作指南（试行）》的发布，推动信创行业向着规范化、标准化、常态化方向发展；政府采 购需求标准的发布及更新，标志着党政信创从中央到省市再到区县下沉落到实处，有望加快我国信创产 业的发展。在资金支持方面，2025年超长期特别国债较去年增加3000亿元，为信创产业发展持续提供有 力资金保障。10万亿化债 ...

宇信科技 20250429 摘要 • 宇信科技 2025 年一季度营收增长 26%，软件业务现金流同比增长，反映 项目确认和回款良好，但集成业务受备货和收入确认周期影响，现金流大 幅流出，整体现金流保持稳定。 • 公司银行 IT 解决方案毛利率增长 3.5%，信创相关 IT 解决方案显著增长。 大型商业银行收入占比约 50%，外资银行增速显著，非银金融机构保持均 衡发展。 • 公司研发投入占收入比重 8.1%，聚焦大模型相关产品应用及海内外产品 研发，同时平衡选择研发投入，确保重点方向资源支持。AI 应用融入贷前、 贷中、贷后流程及风控角度，提升营销效率。 • 一季度新签订单总额约 13 亿元，90%来自银行客户，AI 相关收入预计至 少翻倍增长。Captii 产品采用付年费模式，已在两家城商行落地，营销方 面也有国有大行分行落地。 • 国内银行毛利率下滑受季节性和结构性因素影响，外资银行业务毛利率达 70%以上，主要得益于印尼 L Bank 项目数字银行运营收入确认及软件产 品和运营类业务。 Q&A 宇信科技在 2025 年第一季度的整体经营情况如何？ 2025 年第一季度，宇信科技交出了一份高质量的业绩报 ...

Core Viewpoint - The ChiNext Index rose over 1%, while the Shanghai Composite Index increased by 0.09% and the Shenzhen Component Index rose by 0.63%, indicating a positive market trend with significant gains in specific sectors [1] Group 1: Market Performance - The ChiNext Index experienced a rise of more than 1% [1] - The Shanghai Composite Index saw a slight increase of 0.09% [1] - The Shenzhen Component Index increased by 0.63% [1] Group 2: Sector Highlights - The Huawei industrial chain, AI technology, Xinchuang (domestic innovation), and computing power sectors led the market gains [1] - More than 3,900 stocks in the Shanghai, Shenzhen, and Beijing markets experienced price increases [1]

Fundraising Overview - The company raised a total of RMB 910,118,259.09 from the issuance of 13,211,181 shares at a price of RMB 68.89 per share, with a net amount of RMB 833,191,183.76 after deducting issuance costs [2] - As of December 31, 2024, the company has used a total of RMB 320,525,000 of the raised funds, with RMB 161,195,500 used in previous years and RMB 159,329,400 used in the current year [3] Fund Management - The company has established a fundraising management system in compliance with relevant laws and regulations, ensuring that funds are stored in dedicated accounts and used exclusively for designated projects [4] - A tripartite supervision agreement was signed with the underwriter and banks to ensure proper management of the raised funds [5] Fund Usage and Status - As of December 31, 2024, the company had transferred all funds from a specific bank account to its own funds account for permanent working capital, and the account was subsequently closed [6] - The company has approved the establishment of subsidiaries to implement fundraising projects, including the establishment of Hunan Euler Innovation Center and Shaanxi Qilin Xin'an Information Technology Co., Ltd. as project implementation entities [7][10] Financial Management - The company has not used idle funds for temporary working capital in 2024, and there are no instances of using idle funds beyond authorized limits [18][28] - As of December 31, 2024, the company had unused raised funds amounting to RMB 542,153,800, with RMB 24,439,400 in demand deposits and RMB 517,718,400 in cash management [22] Project Implementation - The company has not experienced any changes in the implementation entities for fundraising projects as of December 31, 2024 [27] - The company has used excess raised funds to permanently supplement working capital, amounting to RMB 10,400,000 [23] Compliance and Audit - The company has received a verification report from Tianzhi International Accounting Firm, confirming that the management and usage of raised funds comply with regulatory requirements [28] - The underwriter has also verified that the fundraising activities align with relevant laws and regulations, ensuring no harm to shareholder interests [29] Strategic Development - The company aims to strengthen its core business in the key information infrastructure sector, focusing on the development of operating systems and related services [65] - In 2025, the company plans to enhance its market presence in critical industries such as energy, finance, and education, leveraging its integrated product offerings in operating systems, cloud computing, and information security [66][67]

Group 1: Investment Recommendations - The top ten stocks for May 2025 include companies with significant growth potential, such as 假儅潂 (300502.SZ) with an EPS of 8.60 for 2025E and a PE of 0.51[5] - 腾讯控股 (0700.HK) shows strong business resilience with a projected EPS of 27 for 2025E and a stable PE of 19[11] - 紫金矿业 (601899.SH) is highlighted for its robust growth momentum, with an EPS of 1.54 for 2025E and a PE of 11.51, benefiting from rising gold and copper prices[17] Group 2: Market Trends and Analysis - A-shares experienced a decline of 1.42% in April 2025, with a focus on policy and funding in May[8] - The report suggests that A-shares are likely to experience a volatile recovery in May, emphasizing the importance of structural opportunities[8] - The investment landscape is influenced by policies and capital flows, with a recommendation to focus on sectors benefiting from government support[8] Group 3: Financial Performance Metrics - 假儅潂 (300502.SZ) has an annualized return of 79.36% and a volatility of 76.22%[12] - 腾讯控股 (0700.HK) shows an impressive annualized return of 103.54% with a volatility of 56.54%[12] - The projected revenue for 腾讯控股 is expected to reach 711,566 million yuan in 2025, with a growth rate of 7.8%[15]

编号：2025-003 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | ■现场参观 □其他 | | | 中信证券 韩林轩 高信百诺 李广帅 | | 参与单位及 人员 | 新华基金 张帅 | | | 中邮证券 陈昭旭 | | | 嘉盛兴业 战君屹 | | 时间 | 2025年4月29日 10:00-11:00 | | | 2025年4月29日 13:30-15:00 | | 地点 | 北京市东城区建国门外北大街8号华润大厦21层 会议室 | | | 山东省济南市高新区舜泰北路789号B座20层 会议室 | | 上市公司接 | 副总经理、董事会秘书 乔海兵 | | 待人员 | 证券事务部 张庆超、吴晨 | | | 本次交流简要介绍了公司2025年第一季度业绩经营情况以及2025 | | | 年公司经营发展思路，主要内容如下。 | | | 一、公司2025年第一季度经营业绩情况简要介绍 | | | 公司于4月29日披露了2025年第一季度财务报告。本报告期实现 | | | 营业收入5,87 ...

Core Viewpoint - In 2024, Runhe Software reported a revenue of 3.399 billion yuan, a year-on-year increase of 9.43%, while the net profit attributable to shareholders decreased by 1.64% to 161 million yuan. The company is focusing on deepening its domestic and intelligent strategies in the smart IoT sector, leveraging a digital foundation for industry empowerment [1] Financial Performance - For 2024, the company achieved a revenue of 3.399 billion yuan, up 9.43% year-on-year, and a net profit of 161 million yuan, down 1.64% year-on-year. The non-GAAP net profit was 85.84 million yuan, an increase of 53.02% [1] - In Q1 2025, the company reported a revenue of 832 million yuan, a year-on-year increase of 8.09%, and a net profit of 31.2 million yuan, up 21.73% year-on-year. The non-GAAP net profit was 26.99 million yuan, an increase of 31.24% [1] Strategic Initiatives - The company is advancing its domestic and intelligent strategies in the smart IoT sector, focusing on creating a "end-edge-cloud" domestic autonomous industrial IoT security digital foundation. This includes developing industry-specific operating systems based on open-source technologies [1] - Runhe Software is maintaining its leading position in financial IT through deep collaboration with Alibaba Cloud, covering a wide range of financial institutions and enhancing digital transformation capabilities [2] - The company is also deepening its smart energy ecosystem with various solutions for renewable energy monitoring, remote inspections, and digital twin systems, having over 100 AI algorithm models for different power scenarios [2] Technological Development - The company is building a comprehensive technology and service platform around OpenHarmony, RISC-V, AI, and Star Flash, completing 23 chip adaptations in 2024 and launching multiple AI-integrated terminals [3] - As a core member of the International Star Flash Alliance, Runhe Software is offering various products and development kits aimed at industries such as electricity, education, and coal [3] Revenue and Profit Forecast - The company forecasts total revenues of 4.013 billion yuan, 4.945 billion yuan, and 5.953 billion yuan for 2025 to 2027, with corresponding growth rates of 18.07%, 23.20%, and 20.40%. The net profit attributable to shareholders is expected to be 212 million yuan, 333 million yuan, and 425 million yuan, with growth rates of 31.37%, 57.10%, and 27.90% respectively [3]

Group 1 - The company reported a revenue of 142 million yuan in Q1 2025, representing a year-on-year growth of 3.16%, and a net profit attributable to shareholders of 21 million yuan, up 31.57% year-on-year [1] - The gross margin for Q1 2025 reached 69.03%, showing a slight increase of 0.11 percentage points year-on-year, indicating a stabilization and recovery in profitability [1] - The company has successfully reduced its sales, management, and R&D expense ratios by 2.07, 2.28, and 3.60 percentage points respectively, demonstrating significant improvement in operational efficiency [1] Group 2 - The A5 system has been running stably since its launch, with a significant increase in market trading volume, confirming its high reliability and availability [1] - The company was selected as the first candidate for the trading system innovation project for Everbright Securities, with a quoted amount of 3.85 million yuan (including tax) [1] - The company is expected to gain more market share as leading and mid-tier brokerages begin to adopt the new generation core trading systems [2] Group 3 - The company is projected to achieve revenues of 791 million, 947 million, and 1.137 billion yuan from 2025 to 2027, with net profits of 242 million, 306 million, and 380 million yuan respectively [2] - Corresponding price-to-earnings ratios are expected to be 34x, 27x, and 22x for the years 2025, 2026, and 2027 [2] - The company maintains a leading position in the domestic financial innovation sector, with significant advantages in CRM and successful promotion of the new A5 trading system [2]

Group 1 - The company is a leading player in the collaborative management software sector, focusing on OA development for over 20 years, with a strong market presence and a healthy cash flow [1] - The company has established over 200 branches nationwide and has expanded to overseas markets, serving more than 80,000 clients across 87 different industries [1] - According to IDC, the company holds a 25.7% market share in the local deployment segment of China's enterprise team collaboration software market as of the first half of 2023 [1] Group 2 - The collaborative management software industry in China is fragmented, with product-driven leading firms having a relative advantage [2] - The implementation of the "Xinchuang" policy is expected to boost domestic OA software replacement demand, with projections indicating that the market for Xinchuang OA could reach 31.9 billion yuan by 2027, growing at a CAGR of 20.61% from 2023 to 2027 [2] - AI integration into OA software is anticipated to enhance productivity, with Gartner forecasting that the percentage of enterprise software featuring AI agents will increase from less than 1% in 2024 to 33% by 2028 [2] Group 3 - The company has transformed its products and channels, leveraging a modular approach to meet diverse business needs and has launched 14 specialized products to tap into high-frequency customer demands [3] - The company is expanding its Xinchuang ecosystem and has developed over 50 ready-to-use intelligent agents around its AI product, Xiaoe.AI, which enhances the natural language office experience [3] - The company has successfully adapted to the trends of Xinchuang and AI, increasing R&D investments to seize market opportunities [3] Group 4 - Revenue projections for the company from 2025 to 2027 are 2.607 billion, 2.896 billion, and 3.207 billion yuan, with year-on-year growth rates of 10.38%, 11.09%, and 10.72% respectively [4] - The expected net profit attributable to the parent company for the same period is 283 million, 354 million, and 431 million yuan, with growth rates of 39.69%, 24.87%, and 21.74% respectively [4] - The company is rated as a "buy" based on its leadership in the collaborative management software sector and its potential to benefit from the Xinchuang and AI market trends [4]

经观新科技 经济观察网讯 4月25-27日，为期三天的第85届中国（天津）教育装备展示会（简称教装展）正式落下 帷幕。本届展会吸引了1200余家企业参展，全面展示教育装备产业最新成果、创新应用和发展趋势，其 中，包括华为、联想等世界500强企业，希沃、鸿合、科大讯飞、海康威视等一批在教育装备领域具有 国际领先优势的著名高科技企业，以及宇树科技、学科网、华文众合、安道教育等行业知名企业。 作为本届展会的独家冠名企业，联想正式发布面向AI教育时代的"人工智能通识课解决方案"。该方案以 课程体系、教学平台与算力支撑三位一体的架构，覆盖从小学到高中的各学段AI教育需求，为教育行 业提供了一套可复制、可落地的全流程解决方案，助力国家加快培养面向人工智能时代的新型人才。 联想构建的 "阶梯式成长路径"，遵循"感知与体验—理解与应用—项目创作与前沿探索" 的进阶逻辑， 形成一套覆盖启蒙、基础、实践三个层级的完整人工智能教学体系。在教学资源层面，联想为各阶段配 置了匹配的算力支持，构建起一套因材施教、灵活可拓展的智能体教学硬件体系。教学平台方面，联想 以自研的 AI Force 智能体开发平台为底座，实现本地部署的智能体开发 ...