2025.06. 06 本文字数：810，阅读时长大约2分钟 6月6日，市场早盘震荡调整，A股三大指数小幅下跌。截至收盘，上证指数报3382.11点，跌 0.06%，深成指报10185.34点，跌0.18%，创业板指报2038.87点，跌0.48%。 盘面上，新消费、创新药、金融科技、机器人、特斯拉概念股回调；海南本地股午前拉升，算力、AI 应用、服务器题材走强。 半日主力资金流向 主力资金早间净流入基础化工、通信、有色金属等板块，净流出汽车、非银金融、纺织服饰等板块。 具体到个股来看，百利电气、华脉科技、金龙羽获净流入9.08亿元、5.44亿元、5.4亿元。 净流出方面，四方精创、三花智控、宇信科技遭抛售4.41亿元、4.23亿元、2.93亿元。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3382.11 | 10185.34 | 1433.08 | | -1.98 -0.06% -18.16 -0.18% - | | -1.55 -0.11% | | 科创50 | 创业板指 | 万得全A | | 992.32 | 2038.87 | 5155.34 | | - ...

金 融 期 货 研 究 | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | maolei@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 【期指期现数据跟踪】 | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | 沪深300 | 3877.56 | ↑0.23 | | 2317.5 | | | | | | IF2506 | 3852 | ↑0.21 | -25.56 | 569.7 | 49359 | ↑1872 | 116859 | ↑448 | | IF2507 | 3813.2 | ↑0.22 | -64.36 | 37.8 | 3309 | ↓332 | 14077 | ↑518 | | IF2509 | 3776 | ↑0.15 | -101.56 | 157.3 | 13900 | ↓810 | 80891 | ↑711 | | IF25 ...

Group 1 - The opening performance of ETFs showed mixed results, with the Sustainable Development ETF (515090) leading gains at 7.97% [1] - The Huabao AI ETF (589520) increased by 1.71%, while the E Fund Rare Earth ETF (159715) rose by 1.65% [1] - The Kweichow Moutai 50 ETF (588940) experienced the largest decline at 1.96%, followed by the Technology ETF (588100) which fell by 1.06% [1][1]

Financial Data and Key Metrics Changes - The company reported a 133% year-over-year increase in consolidated income from operations, a 57% increase in consolidated adjusted EBITDA, and a 290% increase in EPS [4] - Gross profit increased 15% year-over-year, with a gross profit margin reaching a record high of 37.1% [11][12] - Adjusted EBITDA margins reached 15% in the third quarter [7] Business Line Data and Key Metrics Changes - At NRS, recurring revenue increased 23% year-over-year, driven by a 37% revenue increase from merchant services and a 32.3% increase in SaaS fees, despite a 12% decrease in advertising and data revenue [4] - The fintech segment, including Boss Money, generated over $5 million in adjusted EBITDA compared to $244,000 in the year-ago quarter [6] - Traditional communications segment income from operations and adjusted EBITDA both jumped over 30% year-over-year [8] Market Data and Key Metrics Changes - Subscription revenue increased 7% to $21.5 million in the quarter, with a higher constant currency increase of 11% [16] - The remittance platform, Boss Money, saw a 27% increase in transactions and a 25% increase in revenue [5] Company Strategy and Development Direction - The company is focusing on developing new offerings that leverage the NRS platform to help retailers compete with larger chains, particularly in online ordering and delivery [5] - The company is pursuing next-generation growth initiatives and is in the budgeting process for fiscal 2026 [9][19] - The company is exploring acquisitions but emphasizes the importance of paying the right price to extract value [29][33] Management's Comments on Operating Environment and Future Outlook - Management noted that the third quarter was slightly softer than the second quarter due to expected seasonal factors, but they remain pleased with overall performance [10] - The company expects to meet its adjusted EBITDA goal of $126 million for the full year [19] - Management expressed confidence in the long-term profitability of traditional communications as a cash generator [17] Other Important Information - The company set up a bad debt expense provision of $1.4 million related to amounts due from a client [13] - The company repurchased $6 million of employee-owned shares to satisfy tax obligations triggered by vesting [18] Q&A Session Summary Question: Insights on NRS growth and sales strategy - Management indicated that increased efforts in bringing new and existing retailers onto the merchant processing platform contributed to strong numbers this quarter [22] Question: Details on AI agent customer base - Most customers for the AI agent are existing NetSuite phone customers, with plans to expand to new customers in the future [24] Question: Future M&A activity - Management confirmed they are looking at acquisitions but will only pursue those that offer good value [29] Question: Impact of reduced advertising revenue from a partner - Management noted that while a significant partner's contribution has decreased, other advertising revenues have been growing nicely, and they are close to covering the decline [50][51] Question: Future EBITDA margins for NetSuite phone - Management expressed uncertainty but indicated that new initiatives could lead to substantial margin improvements over time [54] Question: Investment in customer acquisition for Boss Money - Management acknowledged the potential for increased investment in customer acquisition to capture market share from legacy players [57]

券商们也在研报中纷纷表示看好该行业的发展。其中，国信证券、开源证券、长江证券等多家机构从计 算机行业视角出发，强调香港稳定币新规将加速数字货币、数字资产相关产业链发展。这些机构建议关 注技术研发、交易所平台等环节的投资机会，认为政策红利将带来显著的产业机遇。 国盛证券、华创证券则将稳定币与RWA结合分析，认为二者联动将推动金融科技变革，助力实体经济 资产链上化；银河证券研究报告称，香港《稳定币条例》出台，标志全球首个法币稳定币监管架构体系 的落地，一方面稳定币为RWA提供了低成本、高效的计价与结算工具，另一方面增强RWA流动性并催 化更多RWA产品创新与应用场景；中信证券在美股加密货币、银行业等多篇研报中指出，全球稳定币 监管提速可能重构跨境支付格局。 近期，香港《稳定币条例》正式生效，不仅引爆了资本市场，券商们也纷纷展现出前所未有的研究热情 ——三天内，22家券商集中发布30篇研报，超过20场电话会议相继召开，8场路演活动蓄势待发。这些 研究报告主要覆盖计算机、区块链、金融科技、跨境支付等多个维度，券商们普遍认为香港新规将推动 稳定币从交易媒介升级为关键金融基础设施，加速数字金融产业链发展。 "香港《稳定币 ...

Core Viewpoint - The National Foreign Exchange Administration emphasizes the integration of technology in foreign exchange management to facilitate trade and investment, supporting the development of the real economy [3][8]. Group 1: Technology Empowerment in Foreign Exchange Management - The administration is utilizing blockchain technology to create a cross-border financial service platform, which has assisted over 100,000 enterprises in obtaining more than $410 billion in financing as of May 2025 [3]. - Digital technologies are being employed to optimize business processes between the administration and banks, enhancing regulatory oversight while reducing the burden on banks [3]. - The use of digital means is aimed at simplifying procedures and ensuring the effective implementation of foreign exchange facilitation reforms [3]. Group 2: Financial and Technological Synergy - The relationship between finance and technology is characterized by mutual promotion and integration, with finance serving the real economy and supporting technological innovation [5]. - The financial industry is increasingly viewed as an IT and digital industry, with financial products and services becoming predominantly electronic or digital [6]. - Modern financial development relies heavily on advanced technologies such as mobile internet, big data, cloud computing, blockchain, and artificial intelligence, which enhance the efficiency and accessibility of financial services [7]. Group 3: Regulatory Considerations and Future Outlook - Financial technology does not alter the essence of the financial industry or the nature of financial risks, necessitating that regulatory requirements adapt to technological advancements [8]. - The administration plans to enhance high-quality development and high-level openness, focusing on facilitating cross-border trade and investment for technology enterprises, while improving efficiency through technological empowerment [8].

Core Insights - Harbin Bank and Chengdu New Hope Financial Information Co., Ltd. signed a strategic cooperation agreement to enhance digital growth, intelligent risk control, and digital customer operations, accelerating the integration of traditional finance and modern technology [2][3] - The newly launched digital product "Qian Dao Jia" includes consumer loans and business loans, utilizing big data and artificial intelligence for real-time risk control and automated approval, transforming the credit decision-making process from experience-driven to data-driven [2][3] - "Qian Dao Jia" offers personalized product recommendations and dynamic credit adjustments based on customer profiles, shifting financial services from standardized offerings to customized experiences [2][3] Digital Transformation Initiatives - Harbin Bank has initiated the "Digital Ha Xing" project, implementing ten foundational projects to reconstruct its management and financial service system, focusing on innovation, collaboration, and agility [3] - The "Qian Dao Jia" consumer loan product integrates into residents' daily life scenarios, allowing loan applications via WeChat mini-program, with approval and disbursement completed in as little as one minute, offering loans up to 800,000 yuan [3] - The business loan product targets the financing needs of small and micro enterprises, providing up to 1 million yuan in unsecured loans, aligning with government measures to support small business financing [3] Future Directions - New Hope Group's CEO emphasized the commitment to delivering and innovating the "Qian Dao Jia" project, aiming for enhanced business efficiency, service innovation, and user experience [4] - Harbin Bank plans to leverage the "Qian Dao Jia" brand to advance digital capabilities and service ecosystem upgrades, focusing on collaborations with established brands and core enterprises in sectors like ice and snow economy and green economy [4] - The bank aims to strengthen its digital risk control system by integrating various governmental data sources to lower loan application barriers for small micro clients, enhancing loan accessibility for high-tech talents and new citizens [5]

虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 以下文章来源于妙投APP ，作者董必政 妙投APP . 出品 | 妙投APP 作者 | 董必政 头图 | 信也官网 在金融科技行业看似平静的水面下，信也科技以2024年全年净利润23.88亿元、日赚超650万元的业 绩，悄然演绎着一场"暴利"神话。 这家成立于2007年的老牌互金平台，在经历P2P暴雷潮、监管收紧等行业动荡后，通过业务转型和 全球化布局，不仅实现了盈利的持续增长，更以18.28%的净利率远超制造业平均水平，成为资本市 场的"宠儿"。 然而，其高利润背后隐藏着怎样的商业逻辑？这种"暴利"模式是否可持续？ # 01 一、暴利数据的冰山一角 信也科技，来头不小，前身是P2P行业龙头企业拍拍贷。 2019年拍拍贷对外宣布正式升级为"信也科技集团"，并决定停止新增P2P业务。紧接着，在2020年9 月，拍拍贷彻底退出了存量网贷业务，就此彻底完成了从P2P网贷平台向助贷平台的转型。 所谓助贷平台，可以理解为贷款中介。 信也科技一手对接银行、金融消费公司等资金方，一手对接C端消费者、个体工商户等，但赚的服 务费可不止几个点。 在 ...

Core Viewpoint - The technology sector is experiencing significant growth, with various ETFs related to AI, financial technology, big data, and electronics leading the market gains, while the A-share market shows strong trading volume and upward trends [1][3]. Group 1: ETF Performance - The first AI ETF on the ChiNext, Huabao (159363), saw a price increase of 3.32%, continuing its upward trend [1][2]. - The financial technology ETF (159851) surged by 2.72%, with a trading volume of 6.54 billion, marking a significant increase of over 50% compared to the previous day [1][2]. - The newly popular information technology application innovation ETF (562030) achieved a record trading volume of 2.38 billion, with a turnover rate exceeding 100% [1][3][5]. Group 2: Market Trends - The A-share market is witnessing a "transformation bull" pattern, with brokers optimistic about the second half of 2025 [2][3]. - The computing power industry chain is experiencing a resurgence, with several stocks reaching new highs, indicating strong market sentiment [1][10]. - The domestic AI computing power scale is projected to reach 1,037.3 EFLOPS by 2025, reflecting a year-on-year growth of 43% [12]. Group 3: Investment Focus - The information technology application innovation sector is gaining traction due to government policies promoting self-sufficiency in technology, particularly in software and hardware [8][9]. - The convergence of stablecoin concepts and financial technology is driving significant interest in related stocks, with Yuxin Technology rising by over 14% [1][3]. - The defense and military industry is also highlighted as a key area for investment, with expectations of recovery and growth in the coming months [15][16].

费率方面，金融科技ETF华夏管理费率为0.50%，托管费率为0.10%，费率在可比基金中最低。 金融科技ETF华夏(516100)紧密跟踪中证金融科技主题指数，聚焦金融与科技深度融合的优质企业，全 面覆盖多个高景气板块，包括互联网券商、金融IT、移动支付、人工智能产业链以及信创领域，兼具金 融属性与科技创新能力，其前十大成分股涵盖行业龙头，包括同花顺、东方财富、恒生电子、润和软 件、东华软件、指南针、新大陆、银之杰、赢时胜和广电运通，权重合计达52.03%，具有显著的代表 性，一键布局，分享金融科技行业的长期成长红利。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 300033 | 同花顺 | 1.76% | 9.46% | | 300059 | 东方财富 | 0.96% | 8.94% | | 600570 | 恒生电子 | 3.07% | 7.48% | | 300339 | 润和软件 | 2.62% | 7.28% | | 000997 | 新大陆 | 1.44% | 4.34% | | 002065 | 东华软件 | 2.07% | 4. ...