证券研究报告 | 行业点评 gszqdatemark 2025 08 24 年 月 日 计算机 互金再迎全球政策加持 美联储降息概率提升，全球流动性有望迎来拐点。1）当地时间 22 日，鲍威尔指 出，美国劳动力市场与经济增长已出现显著放缓，7 月就业数据不及预期，劳动力 供需呈现"双降"局面。目前美联储面临两难，一方面通胀有抬头迹象，另一方面 劳动力市场面临下行的风险，分析认为，鲍威尔称两者的"风险平衡正在发生变 化"，是在暗示美联储关注的重心从"控制通胀"转向"保就业"。也就是说在通胀 存在上行风险的情况下，美联储仍"可能需要"降息，鲍威尔在谨慎地为 9 月降 息铺路。鲍威尔发表讲话后，芝商所"美联储观察工具"预计，市场对美联储 9 月 降息 25 个基点的概率从本周早些时候的 75%升至 84%。2）截至收盘，道指涨幅 为 1.89%；标普 500 指数涨 1.52%；纳指涨 1.88%。大型科技股集体上涨，英伟 达收涨 1.72%，Meta 涨幅超 2%，特斯拉股价涨超 6%。3）8 月 22 日，央行发 布公告称，为保持银行体系流动性充裕，将于 8 月 25 日以固定数量、利率招标、 多重价位中标方式 ...

文｜高见pro 如果有一家机构的历程能精准映射中国一级市场的十年激荡，无疑是源码资本。 从2014年曹毅离开红杉自立门户，2021年募资70亿元跻身超一线机构，到布局硬科技赛道、分设源码一粟、源码律动，再到从160余人缩减至50人左右， 源码每一个战略节点，都暗合着市场的周期脉动。 颇具意味的是，源码资本的英文名Source Code Capital，其缩写SCC与红杉中国旧称Sequoia Capital China不谋而合。尽管曹毅多次强调这只是巧合，但在 许多人看来，这更像一种心照不宣的隐喻与野望。 如今，红杉中国已更名"HongShan"，源码也不再是当年的SCC。 开创者的野望 30岁的"最像沈南鹏的80后投资人"曹毅决定迈出人生关键一步，创立源码资本。2014年的很多时刻，他感觉到了天时、人和、地利。 这一年"注册制改革"被列为资本市场改革之首，流动性宽松与互联网创业浪潮并存，为一级市场提供了爆发式增长的土壤。 在红杉中国工作的五年里，曹毅沉淀了深刻的行业认知。他继承了沈南鹏"100个抽屉"思维，并凭借敏锐眼光，成功主导了红杉中国30%的TMT项目，成 为红杉中国最年轻副总裁。 如果说曹毅在红杉学 ...

东方财富 25H 点评：市场活跃+份额提升带来亮眼业绩 证券Ⅱ 东方财富（300059.SZ） 证券研究报告/公司点评报告 2025 年 08 月 21 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | | 2025E | 2026E | 2027E | | 分析师：蒋峤 | | 营业收入（百万元） | | 11,081 | 11,604 | | 14,279 | 15,798 | 17,655 | | 执业证书编号：S0740517090005 | | 增长率 yoy% | | -11.25% | 4.72% | | 23.05% | 10.64% | 11.75% | | Email：jiangqiao@zts.com.cn | | 归母净利润（百万元） | | 8,193 | 9,610 | | 12,055 | 13,848 | 15,896 | | | | 增长率 yoy% | | ...

截至2025年8月20日收盘，中科软股价报20.74元，较前一交易日上涨0.73%。当日成交量为169240手， 成交金额达3.48亿元。 资金流向方面，8月20日中科软主力资金净流出1519.84万元，近五个交易日累计净流出2447.89万元。 公司最新公告显示，中科软将于2025年8月28日13：00-14：00举行2025年半年度业绩说明会。此次会议 将为投资者提供了解公司经营状况的机会。 风险提示：市场有风险，投资需谨慎。 中科软是一家专注于软件开发的企业，业务涵盖大数据、互联网金融等领域。公司总部位于北京，是国 内知名的软件解决方案提供商。 ...

Group 1 - The core viewpoint of the news highlights a significant surge in the financial technology sector, driven by both large financial and technology companies, with the China Securities Financial Technology Theme Index rising over 4.5% to reach a new high since its launch [1][3] - The financial technology ETF (159851) has seen a remarkable performance, with a daily increase of 4.85%, achieving a new listing high and recording a total transaction volume of 2.172 billion yuan [1][3] - The financial technology sector has shown strong elasticity, benefiting from improved liquidity and active market trading, with the ETF's index year-to-date increase reaching 35.48%, outperforming other major indices [3][4] Group 2 - The market is experiencing a bullish trend, with the Shanghai Composite Index reaching a nearly 10-year high and significant increases in trading volume, indicating a robust market environment [3][5] - The influx of new capital into the market is projected to reach approximately 500 billion yuan by 2025, driven by changes in investment habits and the optimization of capital allocation structures [5][6] - Policy support is evident, with the recent political bureau meeting emphasizing the need to enhance the attractiveness and inclusiveness of the domestic capital market, which is expected to benefit the internet finance sector [6][5] Group 3 - The financial technology ETF (159851) has a current scale exceeding 8.6 billion yuan, with an average daily trading volume of over 600 million yuan, leading in liquidity among similar ETFs [6][5] - The ETF covers a wide range of themes, including internet brokerage, financial IT, cross-border payments, and AI applications, making it a comprehensive investment vehicle in the financial technology space [6][5]

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for the sector [5]. Core Insights - The report highlights a significant increase in new A-share account openings, with a year-on-year growth of 70.5% by July 2025, signaling a peak period for the capital market [9][10]. - The total scale of bank wealth management products reached 31.3 trillion yuan by the end of June, reflecting a year-on-year growth of 9.7%, indicating a recovery to pre-redemption levels [10]. - Leading internet financial platforms are expected to benefit from increased user engagement and regulatory support, with major apps like Tonghuashun, Dongfang Caifu, and Dazhihui maintaining high monthly active users [2][19]. Summary by Sections 1. Internet Finance Trends - The trend of residents moving their financial assets is accelerating, with internet finance leaders poised to share in the benefits [9]. - By mid-2025, the wealth management scale of state-owned and joint-stock banks reached 24.19 trillion yuan, accounting for over 80% of the market [10]. 2. Securities App Activity - The activity level of securities apps has become a core driver for attracting users, with Tonghuashun leading with an average of 32.46 million monthly active users in 2024 [2][16]. - Regulatory bodies are actively supporting the market, ensuring that there will not be a large-scale expansion of IPOs, which helps maintain market stability [19]. 3. Business Models of Leading Platforms - Major internet finance platforms are expanding their monetization strategies based on traffic and licensing barriers, with specific models outlined for each platform: - Tonghuashun focuses on AI investment robots and ETF guidance [20]. - Dongfang Caifu generates revenue through brokerage commissions and fund sales, with significant transaction volumes reported [23]. - Dazhihui is enhancing its service offerings with terminal information and quantitative systems [36]. - JiuFang ZhiTou is innovating with a stock learning machine that integrates hardware and AI [40]. 4. Investment Recommendations - The report suggests focusing on securities and IT companies such as Tonghuashun, Dazhihui, and Dongfang Caifu, as well as digital currency infrastructure and cross-border payment firms [4][41].

Group 1 - The article emphasizes the importance of understanding investment channels for those interested in participating in the US stock market [1] - One common method to invest in US stocks is through American financial brokers, which provide direct access to the market [1] - Different US brokers have varying fee structures, trading tools, and service offerings, allowing investors to choose based on their trading habits and financial situation [1] Group 2 - Domestic financial institutions and securities companies also offer channels for investors to access the US stock market, leveraging their relationships with international financial markets [1] - The account opening process with domestic institutions is generally more convenient, with professional customer service to assist investors [1] - Domestic institutions provide trading software and platform interfaces that align with local investor habits, reducing operational barriers [1] Group 3 - Internet financial platforms have emerged as new avenues for US stock investment, utilizing advanced technologies like big data and artificial intelligence [2] - These platforms offer personalized account management and market analysis features, such as smart stock selection and risk assessment [2] - Investing in US stock funds is another reliable method, allowing investors to benefit from professional management and diversified risk without directly trading individual stocks [2]

序号股东名称持股比例1青岛中泰启策企业管理有限公司100% 天眼查显示，近日，玺盛互联网（青岛）有限公司成立，法定代表人为辛悦强，注册资本2000万人民 币，由青岛中泰启策企业管理有限公司全资持股。 企业名称玺盛互联网（青岛）有限公司法定代表人辛悦强注册资本2000万人民币国标行业金融业>其他 金融业>其他未列明金融业地址中国（山东）自由贸易试验区青岛片区前湾保税港区鹏湾路45号东办公 楼一楼102室2025-2509（A）（一址多照）企业类型有限责任公司(自然人投资或控股的法人独资)营业 期限2025-8-8至无固定期限登记机关青岛市前湾保税港区市场监管局 来源：金融界 经营范围含网络技术服务；以自有资金从事投资活动；融资咨询服务；财务咨询；票据信息咨询服务； 社会经济咨询服务；动产质押物管理服务；非融资担保服务；破产清算服务；供应链管理服务；信息技 术咨询服务；数据处理和存储支持服务；物联网技术研发；物联网应用服务；5G通信技术服务；政府 采购代理服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；法律咨询（不含依 法须律师事务所执业许可的业务）；接受金融机构委托从事信息技术和流程外包服务（ ...

8月1日，据财经网科技，微信提现手续费悄悄下调了。近日已有网友发帖称，微信手续费下限已经调整 成了0.01元。 对此，腾讯客服表示，7月25日进行了全量更新，单笔服务费小于0.01元的，最低按照0.01元来进行收 取。此前，"微信零钱"中的简介显示，单个身份证终身享有1000元免费零钱提现额度。超出额度后按提 现金额的0.1%收取服务费，单笔最低0.1元/笔。 按着此前标准，每笔最少收0.1元，也就意味着，用户在微信提现累积超过1000元后，即便每次只提现 0.01元，手续费仍然是0.1元，提现100元，手续费也是0.1元。 据悉，2016年3月，微信开始向用户收取提现手续费。每位用户有累计1000元免费提现额度，超出1000 元部分按银行费率0.1%收取手续费，每笔最少收0.1元。转账、面对面收付款、微信红包、AA收款等其 他功能免收手续费。 关于收手续费的原因，微信官方的回复是"平衡银行侧交易成本"。其表示，银行向微信支付多种功能收取 手续费，包括支付、转账等从银行卡扣款的动作，提现超额收手续费是为了补贴快捷支付产生的巨额成 本。 另一使用广泛的平台支付宝，也是在 2016年10月12日起 对转账到银行卡 ...

Core Viewpoint - Wang Jianlin is selling assets again, this time in the internet finance sector with the sale of Kuaiqian Financial [1] Group 1: Transaction Details - On July 22, China Ruyi announced that its wholly-owned subsidiary Shanghai Ruyi Xingchen Enterprise Management Co., Ltd. signed a share transfer agreement to acquire 30% of Kuaiqian Financial for 240 million yuan, payable in three installments, valuing Kuaiqian Financial at approximately 800 million yuan [1] - After the transaction, China Ruyi will become the largest single shareholder of Kuaiqian Financial, but Kuaiqian will not become a subsidiary of China Ruyi [1] Group 2: Background of Kuaiqian Financial - Kuaiqian Financial is primarily owned by Shanghai Wanda Network Financial Services Co., Ltd., which is part of Dalian Wanda Group [2] - Wang Jianlin is the actual controller of Kuaiqian Financial, holding approximately 27% of the shares [3] Group 3: Historical Context - In late 2014, Wanda acquired a controlling stake in Kuaiqian for 315 million USD (approximately 225.7 million yuan), marking Wanda's first acquisition in the internet finance sector [6] - Kuaiqian ranked fourth in transaction volume in 2014, behind UnionPay Business, Alipay, and WeChat Pay, with a transaction volume exceeding 2 trillion yuan [6] - Wanda achieved full ownership of Kuaiqian in 2017, but since 2018, there have been multiple reports of Wanda planning to sell Kuaiqian's payment license, with various potential buyers but no successful transactions [8] Group 4: Value and Risks of Kuaiqian - The core value of Kuaiqian lies not only in its full license qualifications but also in the scarcity of payment licenses and the current policy window [10] - The acquisition allows China Ruyi to obtain national payment qualifications at a low cost and position itself in digital finance and cross-border payment sectors [11] - However, Kuaiqian has faced over 10 million yuan in fines in the past three years, indicating weaknesses in its risk control system, which China Ruyi will need to address [11] - Kuaiqian's revenue is heavily reliant on offline transaction scenarios, which are currently shrinking, raising concerns about future profit growth [11] Group 5: China Ruyi's Background - This is not the first time China Ruyi has acquired assets from Wanda; it has previously acquired 100% of Wanda Investment and indirectly became the actual controller of Wanda Film [13] - China Ruyi, formerly known as Masgar Group, has transitioned from producing television dramas to films and has gained public attention through successful projects [13]