市场交投活跃度居高不下，公司广告业务率先爆发，25Q2 归母净利率大幅提升，预收款、现金流等收 入前瞻性指标继续展现"牛市"特征，AI 及互联网理财有望进一步打开公司上升空间，维持强烈推荐。 事件：公司2025H1 实现营收17.79 亿元，YoY+28.07%；归母净利润5.02亿元，YoY+38.29%；扣非归母 净利润4.84 亿元，YoY+40.64%。25Q2 单季实现营收10.31 亿元，YoY+33.82%；归母净利润3.81 亿元， YoY+47.27%；扣非归母净利润3.72 亿元，YoY+51.50%。 市场交投活跃度居高不下，广告业务率先爆发。据我们测算，25H1 沪深京全A 日均成交额13901 亿 元，同比+61.47%；日均成交量1118 亿股，同比+39.40%。25Q2 单季日均成交额12624 亿元，同比 +52.12%；日均成交量1047 亿股，同比+34.66%。由于资本市场活跃，公司网站及APP 的用户活跃度明 显回升，用户粘性和停留时长持续改善，以金融机构为主的客户宣传投入力度显著增强，上半年公司广 告及互联网推广服务收入达6.41 亿元，YoY+83.20%。 净利 ...

证券研究报告 | 公司点评报告 2025 年 08 月 24 日 同花顺（300033.SZ） 业绩加速释放，关键指标"牛市"特征持续 TMT 及中小盘/计算机 市场交投活跃度居高不下，公司广告业务率先爆发，25Q2 归母净利率大幅提升， 预收款、现金流等收入前瞻性指标继续展现"牛市"特征，AI 及互联网理财有 望进一步打开公司上升空间，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) | 3564 | 4187 | 6409 | 8238 | 9846 | | 同比增长 | 0% | 17% | 53% | 29% | 20% | | 营业利润(百万元) | 1512 | 1967 | 3475 | 4413 | 5453 | | 同比增长 | -18% | 30% | 77% | 27% | 24% | | 归母净利润(百万元) | 1402 | 1823 | 3 ...

Core Insights - The article provides a comparison of the annualized yield rates for various financial products, highlighting the differences in returns among Tencent's WeChat Pay, Alipay's Yu'e Bao, and Tencent's Licai Tong [1] Group 1: Annualized Yield Rates - Tencent's Licai Tong offers a maximum 7-day annualized yield of 1.5540% and a minimum of 1.0070% [1] - WeChat Pay's 7-day annualized yield ranges from a maximum of 1.2290% to a minimum of 1.0600% [1] - Alipay's Yu'e Bao shows a maximum 7-day annualized yield of 1.3600% and a minimum of 1.0300% [1]

Core Insights - Yu'ebao has maintained positive returns over its 12 years of operation, accumulating user earnings of 500.4 billion yuan by the end of May 2025 [1][7] - A survey of 2,000 long-term users indicates that over 80% continue to use Yu'ebao frequently, with more than 60% of these users favoring conservative investment strategies [2][12] - The introduction of the "Saving" feature has attracted over 5 million users, allowing them to allocate funds to higher-yield money market funds while preventing impulsive spending [4][9] User Behavior and Preferences - Over 80% of Yu'ebao's active users are from the post-80s and post-90s generations, indicating a strong user base among younger demographics [2][11] - The majority of long-term users have shifted their investment mindset from merely saving to a more diversified and stable asset allocation, with a significant portion of their assets in Yu'ebao and bond funds [12][14] - Data shows that 937 million young users are simultaneously investing in Yu'ebao, bond funds, and gold ETFs, with the post-90s generation being the primary contributors [14] Product Features and Market Position - Yu'ebao was launched in June 2013, revolutionizing the money market fund landscape by offering low entry points, flexible withdrawals, and daily interest settlements [6] - The platform's "Saving" service has been well-received, with users expressing that it helps them manage their finances better by requiring funds to be transferred back for spending [4][9] - Despite potential future declines in money market fund yields due to overall market interest rate trends, Yu'ebao remains a valuable option compared to traditional bank deposits due to its higher flexibility and compounding interest benefits [15]

你还记得第一笔理财是什么吗？很多80后90后的"理财入门"是从余额宝开始的。 2013年6月，余额宝横空出世，大多数人对背后"货币基金"还懵懵懂懂。那时银行活期利率还是0.35%，理财产品5万起购。而余 额宝以1元起投、随存随取、每天有收益的互联网体验，迅速成为很多人的"理财第一课"。 如今，12年过去，余额宝仍在数亿人的手机里稳稳产生收益，也见证了一代人从"攒钱"到"配置"的成长。余额宝官方数据显 示，12年来累计为用户赚了5004亿元收益。 今年以来，余额宝新服务"攒着"走热，转入即为收益更高的货币基金，且能帮助"管住手"、不用于消费。截至5月底，已有超 500万用户将钱转入"攒着"。有网友评论"可以防止冲动乱花钱，要用钱得先转出来"，也有网友晒图希望"攒着"能帮助自己强制 攒钱。 攒着，已经成为一些年轻人的生活态度。而伴随存款利率走低，更多的"老余额宝人"，正从攒钱、存钱进阶到多元配置，将钱 分散放在货币基金、债券基金、黄金ETF等理财产品，把余额宝视作理财配置的"底仓"。 【导读】余额宝陪伴一代人走过12年，不算惊艳，但很踏实 过去12年，余额宝每天为国人赚1亿零花钱 今年是余额宝上线第十二年。官方数 ...

Core Insights - The article provides a comparison of the annualized yields of various financial products offered by major platforms, highlighting the differences in returns for consumers [1] Group 1: Annualized Yield Comparison - Tencent's LiCaiTong has a 7-day annualized yield ranging from 1.5960% to 1.0290% [1] - WeChat's Wallet has a 7-day annualized yield ranging from 1.3230% to 1.1400% [1] - Alipay's Yu'e Bao shows a 7-day annualized yield ranging from 1.4370% to 1.1160% [1]

Industry Overview - The internet wealth management industry is defined and categorized into five main types of products, including integrated financial products, partnerships with well-known internet companies, P2P platform products, direct sales from fund companies, and bank-issued cash management tools [3][4]. - The development of Yu'ebao, a prominent internet financial product, is highlighted, including its characteristics, advantages, and service features [3][4]. Yu'ebao Analysis - Yu'ebao has experienced significant milestones, such as its official launch, regulatory challenges, surpassing a scale of 100 billion, and generating profits of 1.79 billion for users [4]. - The yield of Yu'ebao has seen a decline, dropping below 5% [4]. 2025 Industry Environment - The macroeconomic environment for 2025 is analyzed, including GDP growth, industrial development, consumer price index, and retail sales [4][5]. - The social environment, including urbanization and changes in consumer habits, is expected to impact the internet wealth management sector [4][5]. Current Industry Status - The overall status of the internet wealth management industry in 2025 is assessed, including market size and supply conditions [5]. - Risks associated with money market funds and internet financial products are identified, along with common misconceptions in selecting these products [5]. Competitive Landscape - The competitive dynamics among the four major banks in China are analyzed, focusing on their development status and market positioning [6][7]. - The analysis includes the adjustments made by banks regarding baby products, such as changes in payment limits and the implications for investors [6][7]. Key Product Analysis - A detailed examination of various baby products offered by banks and internet platforms is provided, including their operational status and future development plans [7][8]. - The competition between bank baby products and internet baby products is analyzed, focusing on scale, subscription thresholds, and yield comparisons [8]. Investment Trends - The investment trends in the internet wealth management industry from 2017 to 2025 are discussed, including the impact of internet financial information on the market [10][11]. - Regulatory trends and recommendations for healthy industry development are outlined, emphasizing compliance with laws and focusing on medium to long-term returns [10][11].