一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1090 | -0.3289 | 133.14 | -0.5150 | | 每股净资产（元） | 0 | 2.62 | -100 | 2.87 | | 每股公积金(元) | 1.22 | 1.3 | -6.15 | 1.35 | | 每股未分配利润(元) | 0.25 | 0.15 | 66.67 | 0.43 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 9.9 | 8.88 | 11.49 | 7.79 | | 净利润(亿元) | 0.15 | -0.46 | 132.61 | -0.73 | | 净资产收益率(%) | 4.04 | -11.99 | 133.69 | -16.46 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 5628.9万股，累计占流通股比： 44.18%，较上期变化： -256.50万股。 ...

Core Viewpoint - The acquisition of Yao Cai Securities by Shanghai Yun Jin, a subsidiary of Ant Group, is expected to drive business growth and digital transformation for Yao Cai Securities, enhancing its position as a leading trading platform backed by advanced technology [1][3]. Company Overview - Yao Cai Securities, founded in 1995 and listed on the Hong Kong Stock Exchange in 2010, specializes in securities brokerage, margin financing, commodities and futures brokerage, and spot financial trading [5]. - The company currently holds a 12% market share in Hong Kong's retail brokerage business [8]. Acquisition Details - Shanghai Yun Jin has made a cash offer of HKD 3.28 per share for approximately 50.55% of Yao Cai Securities, totaling HKD 28.14 billion, with a 10% deposit already paid [3][4]. - The offer price represents a premium of about 17.6% over the last closing price of HKD 2.79 and an 18.8% premium over the average closing price of the previous 30 trading days [5]. Financial Impact - The acquisition is expected to inject HKD 28 billion into Yao Cai Securities, significantly improving its capital adequacy and liquidity, thereby enhancing its risk resilience [3][6]. - Yao Cai Securities reported a net asset value of HKD 0.7 per share, indicating a premium of 368.6% over the acquisition price [6]. Market Context - The Hong Kong securities industry is facing challenges, with over 30 brokerage firms closing since January 2024, leading to a fluctuating business environment for Yao Cai Securities [9]. - The company's revenue for the fiscal years 2022 to 2024 showed fluctuations, with total revenues of HKD 12.50 billion, HKD 11.99 billion, and HKD 12.36 billion, reflecting year-on-year changes of -19.96%, -4.04%, and 3.09% respectively [9]. Strategic Advantages - The collaboration between Ant Group's wealth management platform and Yao Cai Securities is expected to leverage the growth of southbound capital, enhancing customer resources, technological capabilities, and market resources [3][8]. - Ant Group aims to utilize advanced technologies such as AI and big data in Yao Cai Securities' operations, potentially creating new revenue streams and improving overall business value [10].

Investment Rating - The investment rating for the computer industry is "Strongly Outperform the Market" and is maintained [1]. Core Viewpoints - The report highlights a significant increase of 43% in CIPS transactions, indicating an acceleration in the internationalization of the Renminbi [1][22]. - The cross-border digital payment industry is experiencing continuous growth, with the market size reaching 7.5 trillion RMB in 2024 [22][24]. - The integration of CIPS and digital RMB is transforming the cross-border payment landscape, with digital RMB trials expanding to 129 countries and regions [22][24]. Summary by Sections Section 1: Cross-Border Payment System - CIPS + Digital RMB - CIPS is a wholesale payment system dedicated to Renminbi cross-border payment and settlement, aimed at enhancing efficiency and security in cross-border transactions [7][9]. - Digital RMB, issued by the People's Bank of China, is a legal digital currency that supports various payment scenarios and is equivalent to physical cash [11]. Section 2: CIPS Growth and Globalization of Renminbi - The cross-border digital payment industry is projected to grow significantly, with CIPS processing 821.69 million transactions worth 175.49 trillion RMB in 2024, marking a year-on-year increase of 42.60% [22][24]. - The demand for cross-border payments is surging due to the rise of e-commerce platforms and the "Belt and Road" initiative, which enhances payment needs in emerging markets [24][26]. Section 3: Investment Opportunities in Technology and Applications - Investment opportunities are identified in the underlying technologies for digital RMB, including blockchain and smart contracts, which are crucial for its implementation [36]. - The report emphasizes the need for hardware upgrades to support digital RMB transactions, with companies like Guangdian Yuntong and Lakala poised to benefit from this demand [36][39]. - The digital RMB's programmability offers innovative solutions for supply chain finance and cross-border trade, with companies like Yuxin Technology and Changliang Technology expected to take on more customized projects [36][39]. Section 4: Target Identification - The report outlines potential investment targets related to digital RMB and CIPS, focusing on companies that are positioned to benefit from the growth of cross-border payment systems and digital currency applications [48].

Group 1 - Hong Kong's tech innovation sector is rapidly developing, with a growing number of startups and increasing support from various sectors [1][2] - The company Simo Technology has become a unicorn within 18 months, benefiting from Hong Kong's rich talent pool and supportive ecosystem [1][2] - Approximately 2,200 tech companies are currently operating in Hong Kong Science Park, employing around 15,000 research personnel [2] Group 2 - Simo Technology serves nearly 300 large global manufacturing enterprises, contributing to Hong Kong's new industrialization [2] - The integration of Hong Kong's research capabilities with Shenzhen's manufacturing strengths creates an efficient innovation cycle [4][5] - The Hong Kong government aims to enhance the tech ecosystem and attract global talent, with over 460,000 applications received for talent programs by March 2023 [5][6] Group 3 - The digital port in Hong Kong has nurtured numerous unicorn companies and serves as a hub for digital technology and AI acceleration [2][3] - The collaboration between Hong Kong and the Greater Bay Area is crucial for the success of startups, providing a robust supply chain and market demand [4][5] - The focus on innovation and technology is seen as a new economic engine for Hong Kong, with key industries including AI, robotics, and life sciences [6]

截至2025年4月18日，金融科技ETF近1年夏普比率为1.35。 回撤方面，截至2025年4月24日，金融科技ETF今年以来相对基准回撤0.44%。 截至2025年4月25日 11:30，中证金融科技主题指数(930986)上涨0.80%，成分股恒宝股份(002104)上涨10.00%，指南针(300803)上涨5.97%，银信科技(300231) 上涨5.83%，恒银科技(603106)上涨3.09%，东华软件(002065)上涨2.95%。金融科技ETF(516860)上涨0.69%，最新价报1.17元。流动性方面，金融科技ETF盘 中换手4.31%，成交3617.07万元。拉长时间看，截至4月24日，金融科技ETF近1年日均成交7294.82万元。 近日，央行等四部门方案提出提升人民币跨境支付系统（CIPS）功能和全球网络覆盖，推动更多银行加入CIPS。另外，国务院部署实施自由贸易试验区提 升战略，推进高水平对外开放。政策导向有望支撑跨境支付行业打开新的增长空间。 国泰海通证券认为，数字化转型以及前沿科技助力跨境支付体系升级。CIPS与数字人民币的协同推进以及自由贸易试验区加速试点数字贸易，明确了未来 ...

Core Insights - Nanyang Commercial Bank ("NCB") and Fosun International Limited ("Fosun") signed a strategic cooperation agreement, marking a deepening of their partnership and commitment to support Fosun's future development strategy [1][3] Group 1: Strategic Cooperation - The signing of the strategic cooperation agreement signifies a long-term, stable, and deep financial partnership between NCB and Fosun, entering a new phase of collaboration [3] - NCB will leverage its experience in cross-border operations to provide professional banking services, combining with Fosun's global and industrial advantages for mutual benefit and development [3] Group 2: Historical Context - NCB and Fosun have been collaborating since 2010, establishing a solid foundation for their partnership over the past fifteen years [3] - The cooperation has allowed both entities to build a strong relationship, paving the way for deeper ties in the future [3] Group 3: Future Directions - NCB aims to continue working alongside high-quality enterprises like Fosun, utilizing its strengths in cross-border operations and integrating financial technology and AI to enhance product and service offerings [3] - The goal is to provide comprehensive and high-quality financial services to support Fosun's strategic development and achieve mutual benefits [3]

前十大流通股东累计持有： 16522.36万股，累计占流通股比： 63.01%，较上期变化： 89.34万 股。 | 名称 持有数量(万股) | | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 北京市国有资产经营有限责任公司 | 7085.58 | 27.02 | 不变 | | 首都信息发展（300469）股份有限公司 | 7083.59 | 27.01 | 不变 | | 徐敏 | 597.48 | 2.28 | 1.00 | | 上海西上海（605151）投资发展有限公司 | 533.07 | 2.03 | 不变 | | 上海西上海资产经营有限公司 | 481.53 | 1.84 | 不变 | | 香港中央结算有限公司 | 216.09 | 0.82 | 新进 | | 詹榜华 | 180.19 | 0.69 | 不变 | | 杨华均 | 124.81 | 0.48 | 1.47 | | 黄娜 | 110.71 | 0.42 | 不变 | | 华宝中证金融科技主题ETF | 109.31 | 0.42 | -17.80 | | 较上个报告期退出前十大股 ...

Overview of Operating Performance - The total operating revenue for the company in 2024 was 4.693 billion, a year-on-year decrease of 24.56% [1] - The net profit attributable to shareholders was -202 million, a year-on-year decrease of 154.81% [1] - The net profit after deducting non-recurring items was -246 million, a year-on-year decrease of 193.09% [1] - In Q4, the total operating revenue was 1.215 billion, a year-on-year decrease of 44.09% [1] - The net profit attributable to shareholders in Q4 was -86.98 million, a year-on-year decrease of 126.5% [1] Profitability Analysis - The gross profit margin was 23.25%, a decrease of 2.15 percentage points year-on-year [2] - The net profit margin was -3.9%, a decrease of 167.09 percentage points year-on-year [2] - Earnings per share were -0.21, a year-on-year decrease of 154.62% [2] - The net asset value per share was 3.85, a year-on-year decrease of 6.65% [2] - Operating cash flow per share was 0.81, a year-on-year increase of 339.4% [2] Cost and Expense Analysis - The ratio of operating expenses (selling, administrative, and financial expenses) to revenue was 12.39%, an increase of 30.1% year-on-year [3] - Selling expenses decreased by 15.01% year-on-year due to a reduction in personnel and lower employee compensation [3] - Financial expenses decreased by 93.73% year-on-year due to increased investment income and reduced loan interest and bill settlement fees [3] Asset and Liability Analysis - Cash and cash equivalents were 1.619 billion, a year-on-year increase of 1.87% [4] - Accounts receivable were 425 million, a year-on-year decrease of 53.13% due to decreased revenue and increased credit impairment losses [4] - Interest-bearing liabilities were 786 million, a year-on-year decrease of 41.09% [4] - Inventory was 171 million, a year-on-year decrease of 45.35% due to the contraction of the IT equipment distribution business [4] Cash Flow Analysis - The net cash flow from operating activities was 324 million, a year-on-year increase of 339.95% due to reduced cash payments for goods and services [5] - The net cash flow from investing activities was -124 million, a year-on-year decrease of 124.07% due to increased cash payments for investments [5] - The net cash flow from financing activities was -172 million, a year-on-year decrease of 701.92% due to reduced cash received from borrowings [5] Business Structure Analysis - Revenue from hardware business was 2.07 billion, accounting for 44.11% of total revenue, with a gross profit margin of 4.46% [6] - Revenue from customized and system integration services was 1.305 billion, accounting for 27.80% of total revenue, with a gross profit margin of 26.86% [6] - Revenue from software business was 1.23 billion, accounting for 26.20% of total revenue, with a gross profit margin of 48.64% [6] - Revenue from technology park leasing was 80.25 million, accounting for 1.71% of total revenue, with a gross profit margin of 62.02% [6] Development Review and Outlook - The financial technology industry faced a complex external environment in 2024, with reduced IT investment from financial institutions and extended project cycles [7] - The company responded to challenges through strategic focus, product innovation, and contraction of non-core businesses [7] - The company adjusted its revenue structure to focus on the financial technology core business and maintained investment in core technologies [7] - The company actively developed proprietary technology and launched integrated solutions to support various investment businesses, signing contracts with multiple brokerage clients [7]

构建数字金融新基建 金融与科技的深度融合正成为推动实体经济高质量发展的新引擎。第二十七届中国北京国际科技产业博 览会（以下简称"科博会"）将于2025年5月初开幕，作为首都金融科技创新的"排头兵"，邮储银行 （601658）北京分行将以"金融科技助力科技金融发展"为主题参展，携鸿蒙生态体验、MR元宇宙、数 字人交互、智慧云打印等一系列创新成果重磅亮相，展现以创新技术赋能金融服务升级的卓越成效。 早在2025年1月，邮储银行北京分行便发布了全国首家鸿蒙生态银行，新平台基于自主可控的鸿蒙操作 系统开发，实现叫号机、手环、互动屏、ITM多设备互联的闭环服务场景，其中ITM接入总行现有系 统，实现查询、转账、签约等8支交易对客。 全生命周期服务体系 科技创新作为驱动国家发展的核心动力，正重塑全球经济与产业格局，在这一时代浪潮中，金融行业也 面临着深刻变革。近年来，邮储银行聚焦科技型企业全方位金融需求，构建科技型企业创新能力评价体 系，进一步丰富"看未来"审查分析方法，着力服务技术实力强、成长潜力大的"高成长型"科技型企业。 在总行战略方针的引领下，邮储银行北京分行也将在本届科博会全方位呈现一系列优秀产品成果。以易 企 ...

Core Viewpoint - The Chinese banking industry's information technology construction and application are rapidly developing, with a market size projected to reach 213.5 billion yuan in 2024, reflecting an 8.7% year-on-year growth [1][11]. Industry Overview - The banking information technology construction and application involve optimizing and innovating business processes, management structures, and customer services through extensive use of information technology [8]. - The market structure is primarily focused on business, channel, and management solutions, with key investment areas including core business systems, credit management systems, and risk management [11]. Industry Development History - The industry has evolved through five stages: 1. Electronic phase (1970s-1990s) where basic computer technology was introduced for simple accounting [4]. 2. Networking phase (1990s-2000s) where banks began to connect their systems for improved efficiency [4]. 3. Data centralization phase (2000-2010) focusing on unified data management across branches [5]. 4. Mature core system deployment phase (2010-2018) with the adoption of high-performance IT systems [5]. 5. Domestic system localization and digital transformation phase (2019-present) driven by national initiatives [6]. Industry Status - The industry is currently experiencing a shift towards digital and intelligent transformation, with significant growth in market size and investment in emerging solutions like data intelligence and smart marketing [11]. - The transition from centralized to distributed architecture is underway, with an accelerated pace of domestic substitution in IT systems [11]. Industry Trends - Distributed architecture and cloud-native technologies are becoming mainstream, enhancing flexibility and scalability in banking IT systems [18]. - There is a growing demand for intelligent and personalized services, driven by advancements in big data and artificial intelligence [19]. - Data sharing and privacy protection are critical issues, with privacy computing technologies gaining traction to ensure data security while enabling collaborative analysis [20]. Key Companies - Leading companies in the industry include Yuxin Technology, Shenzhou Information, and Hengsheng Electronics, which leverage their technological strengths and market positions to drive innovation [13][14]. - Yuxin Technology reported a revenue of 2.351 billion yuan in the first three quarters of 2024, a decrease of 23.05% year-on-year [14]. - Shenzhou Information achieved a revenue of 6.680 billion yuan in the same period, with a net profit decline of 235.96% [16].