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在下游行业火热的情况下，证券IT行业的主要上市公司（选取恒生电子、同花顺、财富趋势、顶点软件、大智慧、金证 股份作为主要参考）业绩表现不一。 6家公司中，恒生电子2025H1的研发费用和研发费用率皆最高；财富趋势的研发费 用最低，金证股份的研发费用率最低。此外、大智慧、顶点软件、恒生电子三家公司的研发费用降幅还超过了10%，与 靠技术吃饭的行业特征背离。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：郑权 2025年上半年，150家券商实现营业收入2510亿元，同比增长23%，实现净利润1123亿元，同比增长40%。42家上市券 商2025年上半年合计实现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿元，同比增长65%。 | | | | 6家证券IT服务商研发费用情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 证券代码 | 证券简称 | 研发费用 2024中报 [单位] 亿元 | 研发费用 2025中报 [单位] 亿元 | 研发费用占营 业收入比例 20 ...

Core Viewpoint - The stock of Qipilang (七匹狼) has experienced a significant surge, reaching a limit-up on September 25, with a closing price of 9.35 yuan per share and a total market capitalization of 6.59 billion yuan, marking two consecutive days of limit-up trading [2] Group 1: Company Performance - Qipilang reported a revenue of 1.375 billion yuan for the first half of 2025, representing a year-on-year decline of 5.93% [3] - The company's net profit attributable to shareholders was 160 million yuan, down 13.93% year-on-year, with securities investment income contributing approximately 126 million yuan, while the clothing business generated only about 30 million yuan [3] Group 2: Investment Activities - Qipilang clarified that it has not directly invested in Moer Thread and Yushu Technology, but its parent company holds stakes in these companies through financial investments, which are not directly related to Qipilang's main business [2] - The parent company, Fujian Qipilang Group, has subsidiaries that participated in investments in Moer Thread and Yushu Technology, indicating a focus on financial investments rather than core business operations [2][3]

作者：七佰 近期，A股行情吸引了不少投资者，手握大笔资金的上市公司频频下场成为证券市场上一道新的风景。 据统计，今年以来至少有8家公司动用10亿元及以上的资金，开展证券投资或购买基金等理财活动。其中，利欧股份最高投资额达到30亿元，方大炭素和七 匹狼最高投资额分别为24亿元和20亿元。 Wind数据显示，截至9月10日收盘，上证指数、深证成指、创业板指分别上涨11.33%、21.00%、36.71%。其中，上证指数更是站上标志性的3800点，如此强 大的赚钱效应吸引了上市公司纷纷将闲置自有资金投入证券市场。 炒股真香！不爱主业爱副业 靠炒股逆天改命的上市公司着实不少。 比如，2025年上半年靠炒股发家的七匹狼就是其中的典型。这家靠夹克起家的男装品牌，在主业疲软的情况下，靠炒股强势翻身。 半年报显示，上半年七匹狼净利润达到1.6亿元，但服装主业只有约3000万元的利润，其余1.3亿元主要靠股票投资赚的钱。 向前推，2024年七匹狼实现营收31.4亿元，同比下滑8.84%；扣非归母净利润仅为0.73亿元，同比暴跌60.86%。但由于2.36亿元的证券投资收益，七匹狼实现 归母净利润2.85亿元，同比增长了5.35 ...

Core Viewpoint - The Hong Kong IPO market has seen increased activity in the "A+H" listing model, becoming a mainstream choice for A-share companies seeking global financing, as exemplified by Liou Co.'s plan to issue H-shares to enhance its global strategy and brand recognition [2][3]. Group 1: Company Strategy and Financial Performance - Liou Co. plans to issue H-shares to support its global development strategy and enhance its capital operation capabilities [2]. - The company's net profit for the first half of the year was 478 million yuan, with over 30% derived from gains on investments in Li Auto stocks, highlighting a dependency on financial investments for performance [2][8]. - In 2024, Liou Co. reported a revenue of 21.171 billion yuan, a year-on-year increase of 3.41%, but faced a net loss of 259 million yuan primarily due to losses from Li Auto stock [8]. Group 2: Market Trends and Regulatory Considerations - The increase in A+H listings is driven by companies' needs for global strategic positioning and diversified financing channels, allowing them to mitigate risks associated with single-market financing [3][6]. - Companies must be aware of the regulatory differences between the two markets and the importance of timing for their listings, as success depends on the company's fundamentals and international investor recognition [3][6]. Group 3: Governance and Management Changes - Liou Co. announced the resignation of two board members, which is part of its efforts to improve corporate governance in light of its upcoming H-share listing [5]. - The company has nominated new independent directors to strengthen its governance structure post-listing [5]. Group 4: Investment Activities - Liou Co. has approved a plan to invest up to 3 billion yuan in securities, using its own funds, which will not impact its operational capabilities [7]. - The company has emphasized that while it is actively engaging in securities investments, the actual returns are uncertain and subject to market conditions [7][10]. Group 5: Financial Dependency and Market Perception - The company's financial performance has been significantly influenced by its investments in Li Auto, with substantial fluctuations in net profit over the past four years due to stock market volatility [8][10]. - Experts warn that if financial investment returns continue to overshadow core business profits, it may lead to concerns about the company's long-term competitiveness and focus on its primary operations [10][11].

Group 1 - Institutional trading today featured 36 stocks, with 17 seeing net buying and 19 experiencing net selling [1] - The top three stocks with the highest institutional buying were: Liao Group (2.22 billion), Maiwei Bio (1.09 billion), and Yingweike (932.9 million) [1] - Liao Group's closing price on September 2 was 5.85 yuan, categorized as a low-priced stock [3] Group 2 - Liao Group's board approved a plan to use up to 3 billion yuan of its own funds for securities investment [3] - A leading robotics company reportedly had a meeting with Tesla, which provided optimistic production guidance for next year, indicating a potential weekly production of 10,000 units by Q3 [3] - The National Standardization Administration and the Ministry of Industry and Information Technology released a plan for establishing a high-quality standard system for industrial mother machines by 2026 [3]

Core Viewpoint - The document outlines the management and operational regulations for securities investment and financial derivatives trading by Ningbo Keli Sensor Technology Co., Ltd, emphasizing compliance with laws and regulations to enhance capital efficiency and protect investor interests [1][2]. Group 1: General Principles - The company aims to conduct securities investment and financial derivatives trading in a compliant manner, focusing on maximizing returns while controlling investment risks [1]. - Securities investment includes various activities such as new stock subscriptions, stock repurchases, and investments in bonds and derivatives [2]. - Financial derivatives trading encompasses activities involving swaps, forwards, and non-standard options, with underlying assets that can include securities, indices, and commodities [2]. Group 2: Approval Procedures and Decision Authority - The company must adhere to strict approval procedures for securities investment, with specific thresholds based on the percentage of the latest audited net assets [3]. - The decision-making authority for securities investments is defined, with the board of directors and shareholders having specific roles in approving significant investments [3]. - Financial derivatives trading requires a feasibility analysis report to be submitted to the board for approval, especially when certain financial thresholds are met [3]. Group 3: Management and Implementation - The company must establish its own securities and funds accounts for trading, prohibiting the use of third-party accounts [2][6]. - The board of directors authorizes the chairman or designated personnel to manage and implement investment strategies, ensuring proper fund management [6]. - All personnel involved in trading must understand the associated risks and adhere to operational and risk management protocols [7]. Group 4: Risk Control and Supervision - The company enforces a separation of duties among trading, financial, and audit personnel to ensure effective risk management [17]. - Internal audit departments are responsible for monitoring compliance with investment decisions and management practices [20]. - Independent directors and audit committees have the authority to oversee trading activities and can recommend external audits if necessary [20]. Group 5: Information Disclosure - The company must comply with information disclosure regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [21]. - The board secretary is responsible for external disclosures related to trading activities, with strict confidentiality protocols in place for all personnel [22][24]. - The board must continuously monitor the progress and safety of investments, taking immediate action in case of significant losses [9]. Group 6: Miscellaneous Provisions - Any matters not covered by the regulations will be governed by national laws and the company's articles of association [25]. - The document specifies that terms such as "above" and "below" include the stated numbers, while terms like "less than" do not [26]. - The regulations are established and interpreted by the company's board of directors and take effect upon approval [27].

Core Viewpoint - The company announced a securities investment quota of 1.3 billion yuan for the year 2025, aiming to enhance capital efficiency and profitability while maintaining a cautious investment approach [2] Investment Strategy - The company's securities investments will include relatively low-risk government and local bonds, as well as quantitative products with neutral and arbitrage strategies, rather than high-risk stocks or subjective long positions [2] - The company adheres to a prudent investment principle, continuously improving internal control systems and optimizing investment strategies to strictly control the scale of investments and reduce risks [2] Risk Management - The company emphasizes strict control over the scale of securities investments as the primary measure to lower investment risks and reduce performance volatility [2] - Recent adjustments have been made to lower positions in response to potential market fluctuations, maintaining a relatively stable investment quota over the years [2] Investment Philosophy - The company adopts a conservative investment strategy to minimize risks and performance fluctuations, focusing on long-term investments related to its existing or planned business areas [2] - Continuous learning and communication among investment personnel are encouraged to enhance investment capabilities and ensure effective selection of investment targets [2] Overall Assessment - The company's securities investment scale is deemed reasonable, with overall investment risks being controllable and a relatively stable return level [2] - The company aims to improve investment levels and the stability of returns while ensuring risk control, striving to provide better returns for shareholders [2]

Dividend Policy and Shareholder Returns - The company plans to distribute a cash dividend of 4.5 CNY per 10 shares for 2024, representing 99.74% of the net profit for that year [1][2] - The rationale for the high dividend includes regulatory guidance on cash dividends, strong cash reserves, low debt levels, and positive feedback from institutional investors [2][3] - The dividend strategy aims to enhance the stability, sustainability, and predictability of cash dividends, making the stock more attractive to investors [2][3] Market Performance and Sales Outlook - Cement sales in July and August were affected by seasonal factors, with demand remaining stable year-on-year but declining compared to June [3][4] - The company aims to achieve a sales target of over 16.3 million tons of cement and a net profit of over 530 million CNY for 2025 [4] - The first half of 2025 saw a 10.90% increase in "cement + clinker" sales, totaling 8.11 million tons [4] Production Policies and Market Conditions - The staggered production policy for 2025 includes 95 days of shutdown in Guangdong, 160 days in Guangxi, and 170 days in Fujian, effectively reducing supply and supporting prices [5][6] - Recent weather conditions have delayed price increases in the Pearl River Delta, but prices are expected to stabilize as the sales season begins in September [6] Investment Strategy and Securities - The company has approved a securities investment budget of 1.3 billion CNY for 2025, focusing on low-risk investments such as government bonds and quantitative products [7][8] - The investment strategy emphasizes risk control and stability, with a commitment to maintaining a reasonable investment scale and avoiding significant fluctuations in performance [8]

Core Viewpoint - The document outlines the risk investment management system of Hengbao Co., Ltd., emphasizing the need for regulatory compliance, risk control, and protection of investor interests while detailing the procedures and principles governing risk investments [1][2]. Group 1: General Principles - The risk investment is defined as investments in securities, real estate, trust products, and other recognized investment behaviors, aimed at enhancing capital efficiency and generating returns [1]. - The company must adhere to national laws and regulations, prevent investment risks, and ensure that investments do not disrupt normal business operations [2]. - The funding for risk investments must come from the company's own funds, including capital, retained earnings, and operational liquidity, and cannot involve raised funds for securities trading [2][3]. Group 2: Decision-Making Authority - Risk investment decisions must follow legal approval processes as per stock listing rules and company regulations [3]. - The securities department is responsible for drafting investment proposals, which must include investment objectives, amounts, methods, and potential impacts on the company [3][4]. - The board of directors must ensure that internal control systems are in place and that investment risks are manageable [4]. Group 3: Management Control Procedures - The chairman of the board is the primary responsible person for risk investment management, overseeing agreements and contracts [5]. - The finance department manages the funds for risk investments, while the internal audit department conducts audits and reports on investment projects [5][6]. - The audit committee reviews investment risks and compliance with internal controls, reporting on projects that do not meet expected benefits [6][7]. Group 4: Securities Investment Guidelines - Securities investments must be conducted according to approved plans, ensuring risk prevention and secure fund operations [6]. - New stock subscriptions require designated personnel to manage the process and report outcomes to the chairman [6][7]. - Investments should focus on blue-chip stocks and avoid those with significant risks or governance issues [7]. Group 5: Information Disclosure - The company must fulfill its obligation to disclose risk investment activities in accordance with regulatory requirements [8]. - Regular reports should include details on the investment portfolio, including types, amounts, and performance [8][9]. - Financial departments are responsible for daily accounting of securities investments and ensuring compliance with accounting standards [9]. Group 6: Accountability and Compliance - The company will hold individuals accountable for unauthorized risk investment activities or violations of regulations [10]. - Accountability measures will be enforced for those who provide false information or fail to report significant losses [10]. - The company will adhere to relevant laws and regulations for any matters not covered in the investment management system [12].