——众安在线（6060.HK）2025 年半年报点评 买入（维持） 当前价：18.77 港元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 2025 年 8 月 21 日 公司研究 承保改善推动利润高增，银行板块首次扭亏为盈 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 市场数据 | 总股本(亿股) | 16.85 | | --- | --- | | 总市值(亿元港币)： | 316.24 | | 一年最低/最高(元港币)： | 9.29/22.75 | | 近 3 月换手率： | 497.8% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -3.6 | 48.5 | 5.7 | | 绝对 | -2.9 | 54.1 | 49.4 | 资料来源：Wind 相关研报 投资大幅改善，科技扭亏为盈——2024 年年报点评（2025-03-21） ...

Core Viewpoint - TRON DAO has announced a strategic partnership with MetaMask to integrate TRON's native features into the widely used self-custody crypto wallet developed by Consensys, enhancing user interaction with the TRON ecosystem [1][3]. Group 1: Partnership Details - The integration will allow MetaMask users to interact directly with the TRON ecosystem through the wallet interface, facilitating a seamless cross-chain experience [1]. - TRON has a strong presence in high-growth regions such as Asia, South America, Africa, and Europe, supporting its mission to promote blockchain technology accessibility [1]. Group 2: Shared Goals - The collaboration reflects a mutual commitment between TRON and MetaMask to expand Web3 access and drive user-centric innovation [3]. - Both parties aim to create a more open, interconnected, and inclusive blockchain ecosystem through product development and global community engagement [3]. Group 3: Market Impact - The partnership is expected to enhance TRON's position as a foundational layer in global digital finance, leveraging MetaMask's large user base and industry reputation [3]. - Joint marketing initiatives will be launched to increase global awareness and adoption of decentralized technologies [3]. Group 4: Future Developments - Further details regarding the integration and user experience will be announced in the coming months, highlighting the commitment to interoperability, user empowerment, and accessibility [4].

【导读】第四范式盘中涨超7%，获富国基金增持 8月21日，港股第四范式盘中拉升，涨超7%。消息面上，该股日前获富国基金增持。 第四范式涨超7% 8月21日上午，第四范式盘中拉升，最大涨幅为7.69%，截至午间收盘，涨幅小幅回落至6.23%，报54.55 港元，总市值为283亿港元。 消息面上，根据香港联交所8月20日披露的文件，富国基金于8月19日以每股均价53.5429港元增持第四 范式165万股H股股份，价值约8834.58万港元。 完成增持后，富国基金对第四范式的最新持股数目为2044.94万股股份，持股比例由5.86%升至6.37%。 这已不是年内富国基金首次增持该股。根据香港联交所8月7日披露的文件，富国基金于8月5日以每股均 价55.5062港元增持第四范式380.99万股H股股份，价值约2.11亿港元。完成增持后，富国基金最新持股 数目为1721.34万股股份。 8月11日，富国基金再度增持第四范式14.61万股，每股作价56.1112港元，总金额约为819.78万港元。 据公司简介，第四范式成立于2014年，于2018年9月上市，是一家主要从事销售自行开发的人工智能 （AI）平台及其他即用型产 ...

Core Viewpoint - Fourth Paradigm's stock price increased by over 7% following an announcement of share purchases by Franklin Templeton [2][3] Group 1: Stock Performance - On August 21, Fourth Paradigm's stock reached a maximum increase of 7.69%, closing with a 6.23% rise at HKD 54.55, resulting in a total market capitalization of HKD 28.3 billion [4] - Franklin Templeton increased its holdings in Fourth Paradigm by purchasing 1.65 million H shares at an average price of HKD 53.5429 per share, totaling approximately HKD 88.34 million [7] Group 2: Shareholding Changes - After the recent purchase, Franklin Templeton's total shareholding in Fourth Paradigm rose to 20.44 million shares, increasing its ownership percentage from 5.86% to 6.37% [7] - This is not the first increase in holdings by Franklin Templeton in 2023; they previously acquired shares on August 5 and August 11, totaling approximately HKD 211 million and HKD 8.2 million respectively [7] Group 3: Financial Performance - Fourth Paradigm expects a reduction in adjusted net losses by 68% to 73% year-on-year for the first half of the year, driven by strong demand for its core AI platform [9] - For the fiscal year 2024, Fourth Paradigm reported revenue of HKD 5.261 billion, a year-on-year increase of 25.1%, with a net loss of HKD 269 million, narrowing by 70.4% compared to the previous year [9] Group 4: Future Plans and Investments - Fourth Paradigm plans to raise approximately HKD 1.308 billion through the placement of 25.9 million new H shares, with proceeds aimed at R&D in emerging fields such as embodied intelligence and blockchain [10] - The company has been recognized as the leading player in China's machine learning platform market for seven consecutive years, according to IDC [10]

天眼查工商信息显示，近日，蚂蚁灵波科技（杭州）有限公司成立，法定代表人为朱兴，注册资本500万人民币，经营范围包括智能机器人的研发、人工 智能基础软件开发、人工智能应用软件开发、智能机器人销售等。股权全景穿透图显示，该公司由蚂蚁集团旗下上海蚂蚁灵波科技有限公司全资持股。 据媒体报道，今年3月，蚂蚁灵波科技在浦东举行揭牌仪式。蚂蚁灵波科技CEO介绍，灵波科技是蚂蚁集团旗下的具身智能子公司，致力于聚焦服务领 域，打造行业领先的机器人产品，让机器人走进生活，成为每个人的好帮手。 | | | 部在用的商业等向丁目 国家中小企业发展子基金旗下机构 | 查公司 查老板 查关系 查风险 蚂蚁灵波科技 (杭州)有限公司 | | ಹ 天殿一下 | 品 应用 ~ | | 商务合作 企业级产品 · ★ 开通会员, ▲ 超级 ... | - | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 星本信息 4 | | 法律诉讼 | 经营风险 | | 经营信息 | 公司发展 | 知识产权 | | 历史信息 2 (2 | | 工商信息 ● | | | | | | ...

BOSS Wallet 8月21日讯，区块链世界再次迎来高光时刻。近日，Solana主网在极限测试环境中达成了每 秒处理超过10万笔交易（TPS）的惊人成绩，如同一颗算力深水炸弹，瞬间引爆了整个行业的技术想 象。尽管这一结果诞生于高度理想化的测试环境，却无疑向市场释放出一个强烈信号：公链的性能天花 板，远未触顶。BOSS Wallet报道显示，这场备受瞩目的实验由知名极客开发者@cavemanloverboy操刀 完成。他采用noop（空操作）测试程序发起海量微小交易，每笔仅含签名验证、不含状态更改，大小压 缩至200字节，相当于普通交易的五分之一。这实际上是一场对Solana网络层与共识层的"极限压力测 试"，剥离了智能合约、资产转移等现实复杂性，纯粹检验其原始数据吞吐能力。 图片来源： BOSS Wallet 测试的成功并非偶然。其背后核心支撑，是一款名为Frankendancer的新型验证器客户端。该客户端可理 解为Jump Crypto团队重磅项目Firedancer的"先行混合版"——它整合了Firedancer已开发完成的高性能模 块，并将其嫁接到现有Solana验证器系统中。借助来自高频交易领域 ...

Market Overview - The A-share market opened high on August 21, with the Shanghai Composite Index reaching a new annual high, while the ChiNext Index rebounded after a dip. The total trading volume in the Shanghai and Shenzhen markets was 1.59 trillion yuan, an increase of 59.1 billion yuan compared to the previous trading day [1][2]. Index Performance - The performance of major indices was as follows: - Shanghai Composite Index: 3779.52 (+0.35%) - Shenzhen Component Index: 11980.08 (+0.45%) - ChiNext Index: 2613.08 (+0.21%) - CSI 300: 4301.71 (+0.71%) - CSI 500: 6739.87 (+0.18%) - CSI 1000: 7280.47 (-0.34%) - Total A-shares: 5986.11 (+0.26%) - The number of stocks that rose was 2522, while 2686 stocks fell [2]. Cryptocurrency Sector - The digital currency concept stocks surged, with the Wind Digital Currency Index rising by 3.61%. Notable stocks included: - New Morning Technology: +19.98% - Highgreat: +10.55% - Yuyin Co.: +10.05% - Sifang Chuangxin: +10.02% - Cuiwei Co.: +10.02% - Jingbeifang: +9.98% [3][4]. Hong Kong Market - Hong Kong cryptocurrency concept stocks also performed strongly, with Okex Chain rising over 9%. Other notable stocks included Guotai Junan International and New Fire Technology Holdings [5]. Cryptocurrency Market Trends - As of August 21, most cryptocurrencies saw an increase, with Bitcoin rising by 0.6% and Ethereum, SOL, and Dogecoin increasing by over 4%. In the past 24 hours, over 90,000 traders were liquidated, totaling $345 million, with more than 63% being short positions [5][6]. Upcoming Events - The Bitcoin Asia Summit will be held in Hong Kong on August 28-29, featuring Eric Trump as a keynote speaker. Bitcoin has increased by over 25% this year, with a recent pullback of approximately 6.5% from its peak of $124,000. The recent correction is viewed as a normal profit-taking behavior by investors [7]. Institutional Investment - The year has seen over $50 billion in net inflows into Bitcoin spot ETFs, with significant participation from institutional investors, including Harvard University's endowment fund [7].

（1244.HK/9H2B3）领衔的港股市场正掀起新一轮投资热潮。截至 2025 年 8 月 21 日，恒生科技指数年 内累计上涨 23%，以（1244.HK/R7T5P）、（1244.HK/L4M9Q）为代表的智能驾驶概念股单月涨幅超 40%。在这个充满机遇与挑战的时点，投资者需重新审视股票、债券、黄金三大类资产的配置策略。 其他活跃标的包括： （1244.HK/V3T8R）（1244.HK/E9R5X）（1244.HK/A2W7S） （1244.HK/U4J6K）（1244.HK/O5D3M）（1244.HK/Y8H3N） （1244.HK/C7B4F）（1244.HK/I3M9Q）（1244.HK/T6V2P） （1244.HK/S8K4J）（1244.HK/G5R7D）（1244.HK/J2H8L） 以（1244.HK/X5Z8V）为首的新能源材料板块持续受益于全球碳中和进程，该企业研发的石墨烯电池 技术已进入量产阶段。在消费电子领域，（1244.HK/K3J7N）凭借全息投影设备的突破性进展，股价三 个月内实现翻倍。值得注意的是，（1244.HK/Q9P4D）、（1244.HK/F6G8H）等医疗 ...

Core Insights - The real estate industry is shifting from "scale expansion" to "quality competition" by 2025, with sales software becoming a core engine for companies to navigate through cycles [1] - Traditional sales tools are inadequate for precise marketing, risk management, and efficiency improvements due to deepening policy regulations and market differentiation [1] Group 1: Youfang Cloud - Advantages include full-process solutions driven by big data, enhancing project conversion rates through customer profiling, and shortening transaction cycles with dynamic sales control and 3D modeling [1] - Potential for deeper integration of technology and blockchain, improving customer acquisition rates and transaction transparency [1] Group 2: Mingyuan Cloud Customer - Advantages include a comprehensive value chain management system, with AI-generated marketing content and a 120% increase in effective leads [3] - Potential to enhance the entire process with AI capabilities, improving advertising conversion rates by 40% [3] - Security features include certifications ensuring data integrity and business continuity [3] Group 3: Kingdee WoJia Cloud - Advantages include direct connection of sales and ERP data, reducing project cost accounting time by 50% [5] - Potential for carbon asset management systems to integrate with national carbon trading markets [5] - Security measures include bank-level encryption and certified green assessment modules [5] Group 4: Siyuan Real Estate通 - Advantages include a "全民经纪人" model that increases agent income by 30% and reduces customer acquisition costs by 25% [6] - Potential for a "乡镇版" system supporting dialect input, with a 65% usage rate among the elderly [6] Group 5: Fangduo Merchant通 - Advantages include an 8-second customer confirmation process and a 41% conversion rate for VR viewings and online contracts [6] - Potential for enhancing visitor profiles in tourism real estate, increasing return visits by 27% [6] Group 6: Xiaoguan Technology - Advantages include a lightweight SaaS version with initial costs at 40% of traditional models, aiding regional firms in achieving a 15% growth [9] - Potential for a "乡镇版" system to improve satisfaction by 20% [10] Group 7: Vanke Wanying Technology - Advantages include a 40% reduction in drawing review time through BIM integration and a 25% increase in efficiency from AI customer flow analysis [11] - Potential for a "租售一体化" platform supporting regulatory data connections [12] Future Outlook - The integration of AI prediction and blockchain technology is leading the industry towards intelligent evolution, enhancing marketing content generation and transaction transparency [13]

Group 1 - The latest stock price of Hangzhou Garden is 18.38 yuan, an increase of 0.16 yuan from the previous trading day's closing price, representing a rise of 0.88% [1] - The opening price was 18.00 yuan, with a highest price of 18.46 yuan and a lowest price of 17.48 yuan, while the trading volume was 118,125 hands and the trading amount reached 212 million yuan [1] - Hangzhou Garden is involved in several concept sectors including engineering consulting services, Zhejiang sector, micro-disc stocks, new urbanization, and blockchain [1] Group 2 - The company's main business includes landscape design, construction, and maintenance, covering areas such as municipal parks, ecological restoration, and cultural tourism projects [1] - Shenzhen Longgang District Data Co., Ltd. and the Hong Kong Web 3.0 Standardization Association have reached a cooperation agreement to establish a cross-border data compliance recognition mechanism, with Hangzhou Garden listed as one of the related concept stocks [1] - On the same day, the net outflow of main funds for Hangzhou Garden was 1.5643 million yuan, accounting for 0.08% of the circulating market value, while the net inflow over the past five days was 34.7309 million yuan, accounting for 1.78% of the circulating market value [1]