特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 金融数据：看淡、看全、看明白 2024 年 12 月召开的中央经济工作会议提出"使社会融资规模、货币供应量增长同经济增长、价格总水平预 期目标相匹配"。2025 年国内生产总值和居民消费价格的预期目标分别为"增长 5%左右"和"涨幅 2%左 右"。 2025年11月末社融同比增长8.5%、M2 同比增长 8%，既高于前文中的 5%和2%，也略高于两者之和 （注：即 7%），还高于 2025年前三季度名义 GDP 增速，这说明金融有力有效地支持了实体经济发展。 此外，2025年11月末社融和M2的增速分别较去年同期提高了 0.7 个和 0.9 个百分点，这充分体现出今年货 币政策的适度宽松取向。 在过去的若干年中，每年中央经济工作会议皆有与"使社会融资规模、 ...

Group 1 - The stock of Beijing Guiding Compass Technology Development Co., Ltd. dropped by 5.01%, trading at 118.36 CNY per share, with a total transaction volume of 2.675 billion CNY and a turnover rate of 3.71%, resulting in a total market capitalization of 71.988 billion CNY [1] - The company, established on April 28, 2001, and listed on November 18, 2019, primarily provides financial data analysis and securities investment consulting services through a securities tool software terminal and internet platform, with 97.98% of its revenue coming from financial information services [1] Group 2 - Jin Ying Fund has a significant holding in Guiding Compass, with its Jin Ying Cycle Optimal Mixed A Fund (004211) reducing its position by 3,100 shares, holding a total of 12,800 shares, which constitutes 7.92% of the fund's net value, making it the second-largest holding [2] - The Jin Ying Cycle Optimal Mixed A Fund has a total scale of 18.6991 million CNY, with a year-to-date return of 5.42%, ranking 6,773 out of 8,147 in its category, and a one-year loss of 7.14%, ranking 7,943 out of 8,056 [2] Group 3 - The fund manager of Jin Ying Cycle Optimal Mixed A Fund is Lin Longjun, who has been in the position for 7 years and 182 days, managing assets totaling 5.668 billion CNY, with the best fund return during his tenure being 74.66% and the worst being -13.84% [3]

Group 1 - The core viewpoint of the news is that Beijing Guiding Compass Technology Development Co., Ltd. has seen a significant stock price increase of 5.26%, reaching 159.40 CNY per share, with a total market capitalization of 96.95 billion CNY [1] - The company was established on April 28, 2001, and went public on November 18, 2019, focusing on providing timely and professional financial data analysis and securities investment consulting services through its software terminal and internet platform [1] - The main revenue composition of the company includes 97.98% from financial information services, 1.99% from advertising, and 0.02% from leasing [1] Group 2 - From the perspective of fund holdings, the Puyin Ansheng Growth Power Mixed A Fund (519170) has a significant position in Guiding Compass, holding 204,200 shares, which accounts for 5.25% of the fund's net value, making it the third-largest holding [2] - The fund has generated an estimated floating profit of approximately 1.6254 million CNY today [2] - The Puyin Ansheng Growth Power Mixed A Fund was established on March 12, 2015, with a current scale of 646 million CNY and has achieved a year-to-date return of 15.42% [2]

Group 1 - The core point of the news is that Beijing Guiding Compass Technology Development Co., Ltd. experienced a stock price increase of 5.85%, reaching 157.15 CNY per share, with a trading volume of 6.567 billion CNY and a turnover rate of 7.26%, resulting in a total market capitalization of 95.571 billion CNY [1] - The company, established on April 28, 2001, and listed on November 18, 2019, primarily provides financial data analysis and securities investment consulting services through a securities tool software terminal and internet platform, with 97.98% of its revenue coming from financial information services [1] - The company is located at TBD Cloud Center, No. 42, Qibei Road, Changping District, Beijing [1] Group 2 - From the perspective of fund holdings, one fund under Zhongtai Securities Asset Management has a significant position in Guiding Compass, with Zhongtai CSI 500 Index Enhanced A (008112) holding 5,945 shares, accounting for 0.81% of the fund's net value, ranking as the seventh-largest holding [2] - The fund has a total scale of 18.9286 million CNY and has achieved a year-to-date return of 22.21%, ranking 2,295 out of 4,222 in its category, with a one-year return of 52.68%, ranking 1,947 out of 3,804 [2] Group 3 - The fund manager of Zhongtai CSI 500 Index Enhanced A (008112) is Zou Wei, who has been in the position for 5 years and 282 days, managing assets totaling 1.368 billion CNY, with the best fund return during his tenure being 64.75% and the worst being -6.7% [3]

Group 1 - The stock of Beijing Guiding Compass Technology Development Co., Ltd. dropped by 5.85% on August 27, closing at 149.31 CNY per share, with a trading volume of 2.577 billion CNY and a turnover rate of 2.86%, resulting in a total market capitalization of 90.803 billion CNY [1] - The company, established on April 28, 2001, and listed on November 18, 2019, primarily provides financial data analysis and securities investment consulting services through its software terminal and internet platform [1] - The revenue composition of the company includes 77.43% from financial information services, 20.76% from securities services, 1.79% from advertising services, and 0.02% from other sources [1] Group 2 - The Guotai Fund's Guotai CSI All-Share Software ETF (515230) held 571,300 shares of Guiding Compass as of the second quarter, accounting for 3.16% of the fund's net value, making it the eighth largest holding [2] - The estimated floating loss for the fund today is approximately 5.2956 million CNY [2] - The Guotai CSI All-Share Software ETF was established on February 3, 2021, with a current size of 1.457 billion CNY, and has achieved a year-to-date return of 31.54%, ranking 933 out of 4222 in its category [2] Group 3 - The fund manager of Guotai CSI All-Share Software ETF is Miao Mengyu, who has been in the position for 3 years and 335 days [3] - The total asset size of the fund is 4.704 billion CNY, with the best return during the manager's tenure being 64.46% and the worst return being -32.66% [3]