计算机/软件开发 投资评级：买入（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(元) | 400.82 | | 一年最高最低(元) | 426.88/93.80 | | 总市值(亿元) | 2,154.81 | | 流通市值(亿元) | 1,104.28 | | 总股本(亿股) | 5.38 | | 流通股本(亿股) | 2.76 | | 近 3 个月换手率(%) | 254.25 | 股价走势图 数据来源：聚源 -100% 0% 100% 200% 300% 400% 2024-08 2024-12 2025-04 同花顺 沪深300 相关研究报告 同花顺（300033.SZ） 2025 年 08 月 25 日 《Q4 业绩高增长，AI+金融打开成长 空间—公司信息更新报告》-2025.2.26 业绩高增长，经营性现金流和合同负债表现亮眼 ——公司信息更新报告 受益资本市场高景气，合同负债和经营性现金流高增长 公司业绩增长主要系资本市场回暖，公司将产品与大模型技术深度融合提升用户 体验，公司网站和 APP 用户活跃度上升，广告及互联网推广服务业务收入同比 增长 83 ...

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 ...

8月22日，沪指放量上攻3800点，A股连续第8个交易日成交额突破2万亿元，超越2024年11月行情，刷 新连续2万亿成交额最长纪录。作为行情放大器，兼具金融+科技属性的金融科技再刷新高纪录！截至 发稿，税友股份、恒银科技双双涨停，高伟达、指南针、京北方、中科金财等多股涨超7%。 热门ETF方面，百亿金融科技ETF（159851）午后场内再度拉升近3%，续刷上市新高，实时成交额达19 亿元！资金疯狂加仓，实时净申购已超4亿份！ 摩根大通在一份报告中表示，鉴于杠杆率和估值仍处于适度水平，料中国股市上涨动能将持续，并估计 潜在的资产轮动可能会为股市注入额外的14万亿元人民币流动性，约相当于流通市值的16%。摩根大通 分析师Katherine Lei在报告中写道，资产轮动和过剩流动性的上升是中国股市反弹的主要驱动力。 责任编辑：江钰涵 此外，从科技属性端来看，AI+金融也有望打开金融IT增长空间。平安证券指出，金融IT服务商凭借其 在金融数据、金融业务理解与技术领域的优势，成为AI+金融市场的重要参与者，在AI技术可用性、金 融行业AI应用需求双重提升的背景下，AI给金融IT服务商带来了破局新思路。 多角度把握金融 ...

22日早盘，大金融发力助力指数冲击3800点，金融科技再次急速拉升，中证金融科技主题指数涨超2%续刷历史纪录。截至发稿，指南针盘中涨超10%续创 历史新高，恒银科技涨停，高伟达大涨13%，财富趋势、同花顺、税友股份、拓尔思、大智慧、东方财富等多股均大涨超3%。 热门ETF方面，百亿金融科技ETF（159851）盘中急速拉升，场内价格冲高逾2%续刷上市高点，实时成交额超10亿元，环比放量明显，资金继续进场扫 货，实时净申购超3亿份！ | 分时 多日 1分 ▼ | | | | | | F9 盘前盘后 否加 九转 画线 丁具 ♡ (2 » | | | | | | | 金融科技ETF | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.996 | | | 159851[金融科技ETF] 11:11 价 0.991 涨跌 0.021(2.16%) | | | | 均价 | | 0 99 1 | +0.021 +2.16% | | | 159851 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Views - The company has experienced rapid revenue and profit growth, with total revenue reaching 6.856 billion yuan in the first half of 2025, a year-on-year increase of 38.65%, primarily driven by a rise in securities fees and commissions [1][4]. - The capital market is gradually recovering, with significant increases in trading activity and institutional investor scale, contributing to the company's strong performance [1][2]. - The integration of AI capabilities into various business lines has enhanced the company's product offerings and operational efficiency, supporting its growth strategy [3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a net profit of 5.567 billion yuan, up 37.27% year-on-year, with securities services revenue growing by 54.24% to 5.279 billion yuan [1][4]. - The average daily trading volume in the stock market reached 1.64 trillion yuan, a 65.7% increase from the previous year, reflecting improved market conditions [1][2]. Business Segments - The securities business saw significant growth, with brokerage trading volume reaching 16.03 trillion yuan, and the asset management scale expanding rapidly [2]. - The company has been actively developing its market-making business and has received approval for its securities market-making trading qualifications [2]. AI Integration - The company's proprietary AI model has been fully integrated into its products, enhancing capabilities in various financial scenarios and improving user engagement [3]. - The AI-driven tools have been upgraded to support advanced analysis and research, contributing to better investment decision-making for institutional clients [3]. Profit Forecast and Valuation - The revenue forecasts for 2025-2027 have been adjusted to 14.222 billion yuan, 15.723 billion yuan, and 17.196 billion yuan, respectively, with net profit estimates of 11.758 billion yuan, 13.185 billion yuan, and 14.534 billion yuan [4][8]. - The expected earnings per share (EPS) for the next three years are projected to be 0.74 yuan, 0.83 yuan, and 0.92 yuan, with corresponding price-to-earnings (P/E) ratios of 36.40, 32.46, and 29.45 [4][8].

Core Viewpoint - The financial technology ETF (159851) has shown significant growth, with a daily increase of over 6.8% and a total trading volume of 2.107 billion yuan, indicating strong market interest and liquidity [1][3]. Group 1: Market Performance - The financial technology ETF closed with a 5.45% increase, marking five consecutive days of gains and reaching a new high since its launch [1]. - The ETF experienced a net subscription of 165 million units, reflecting heightened investor confidence [1]. - Key constituent stocks such as Zhinan Compass and Dazhihui saw substantial price increases, with Zhinan Compass hitting the daily limit and others like Tonghuashun and Wealth Trend rising over 16% and 11% respectively [1]. Group 2: Catalysts for Growth - Three main factors are driving the surge in financial technology stocks: 1. A circular issued by the Hong Kong Securities and Futures Commission encouraging licensed asset trading platforms [3]. 2. Positive macroeconomic data from July, which supports upward market trends [3]. 3. Increased trading activity in the Shanghai and Shenzhen markets, with daily trading volumes exceeding 2 trillion yuan for three consecutive days [3]. Group 3: Investment Value of Financial Technology ETF - The ETF is considered a "bull market thermometer" due to its high sensitivity to market conditions, with potential profit growth rates for companies like Zhinan Compass and Wealth Trend projected to be 2-3 times that of trading volume growth during bullish cycles [4]. - The ETF passively tracks the CSI Financial Technology Theme Index, providing a diversified investment in key players across internet brokerage, financial IT services, and AI financial applications [4]. - The ongoing digitalization and intelligence trends in the financial sector create sustained demand for financial IT solutions, positioning AI+Finance as a promising area for growth [4]. - The ETF boasts a scale exceeding 8 billion yuan and an average daily trading volume of over 600 million yuan, leading in liquidity among similar ETFs [4].

Core Viewpoint - The A-share market continues to rise, driven by a strong performance in the brokerage and fintech sectors, with significant trading volumes and new highs reached in various indices [1][4][9]. Group 1: Market Performance - On August 15, the Shanghai Composite Index broke through the 3700-point mark, closing up 0.83% at 3696.77, marking the highest close since September 17, 2021 [1]. - The ChiNext Index surged by 2.61%, reaching a new high for the year, with over 4600 stocks rising and trading volume exceeding 2 trillion yuan for three consecutive days [1][4]. - The financial technology ETF (159851) saw a significant increase, closing up 5.45% with a trading volume of 21.07 billion yuan, marking a historical high [5][8]. Group 2: Sector Highlights - The fintech sector is leading the market, with the fintech ETF (159851) experiencing a 5.45% increase and a net subscription of 1.65 billion units [5][8]. - Brokerage stocks also performed well, with Dongfang Caifu (东方财富) rising by 9.85% and trading volume reaching 442.12 billion yuan, the highest in A-shares [9][10]. - The real estate sector showed signs of recovery, with the real estate ETF (159707) increasing by 3.11% following new housing fund policies in cities like Beijing and Suzhou [1][4]. Group 3: Economic Indicators - Recent economic data indicates a continued narrowing of the year-on-year decline in housing prices across various cities, supporting market optimism [1][4]. - The July financial data showed a significant increase in non-bank deposits, reflecting a trend of residents shifting savings into financial products [2][4]. Group 4: Future Outlook - Analysts suggest that the ongoing "slow bull" market trend may attract more incremental capital into the market, particularly benefiting brokerage and fintech sectors [4][10]. - The banking sector, while currently lagging, is expected to undergo a revaluation process, indicating potential for future growth [2][10].

证券研究报告·公司点评报告·证券Ⅱ 东方财富（300059） 2025 年半年报点评：市场持续活跃，推动经 纪及两融业务高增 买入（维持） wuxs@dwzq.com.cn 股价走势 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,081 | 11,604 | 15,653 | 18,075 | 21,124 | | 同比（%） | -11.25% | 4.72% | 34.89% | 15.47% | 16.87% | | 归母净利润（百万元） | 8,193 | 9,610 | 12,665 | 15,093 | 17,826 | | 同比（%） | -3.71% | 17.29% | 31.79% | 19.17% | 18.11% | | EPS-最新摊薄（元/股） | 0.52 | 0.61 | 0.80 | 0.95 | 1.13 | | P/E（现价&最新摊薄） | 51.62 | 44.01 | 33.3 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in both total revenue and net profit, indicating robust operational health and market positioning [1][4]. Financial Performance - In H1 2025, total revenue increased by 39% year-on-year to 6.9 billion yuan, while net profit attributable to shareholders rose by 37% to 5.6 billion yuan [1]. - For Q2 2025, total revenue reached 3.4 billion yuan, reflecting a 35% year-on-year increase, and net profit attributable to shareholders was 2.9 billion yuan, up 36% year-on-year [1]. Securities Business - The securities business benefited from an active market, with average daily A-share trading volume in H1 2025 increasing by 61% year-on-year to 1.39 trillion yuan [2]. - Net commission income in H1 2025 rose by 61% to 3.8 billion yuan, with a market share of 4.24%, up 0.15 percentage points year-on-year [2]. - Interest income also saw a 39% increase to 1.4 billion yuan, while securities investment income decreased by 15% to 1.4 billion yuan due to lower fixed-income business returns [2]. Fund Distribution Business - The fund distribution business showed positive trends, with financial e-commerce service revenue slightly increasing by 0.3% to 1.4 billion yuan in H1 2025 [2]. - As of June 2025, the company held 383.8 billion yuan in equity funds and 675.3 billion yuan in non-monetary funds, representing year-on-year increases of 12% and 22%, respectively [2]. Cost Management - Total operating costs in H1 2025 rose by 2.3% to 2.1 billion yuan, with operating costs increasing by 2.8% to 260 million yuan [3]. - Sales expenses decreased by 7% to 140 million yuan, while R&D expenses fell by 10% to 500 million yuan [3]. - Management expenses increased by 5.8% to 1.2 billion yuan, with a management expense ratio of 18%, down 5.5 percentage points year-on-year [3]. Future Outlook - The company is expected to maintain its leading position in the retail brokerage sector, with projected net profits for 2025-2027 revised upwards to 12.7 billion, 15.1 billion, and 17.8 billion yuan, respectively [4]. - The company is leveraging AI to enhance financial services, aiming to optimize customer experience and operational efficiency [3].

金融科技ETF（159851）的配置价值几何？重点关注四方面： 1、"牛市温度计"，弹性大。牛市预期下市场风险偏好走高，金融科技板块对市场行情冷暖非常敏感， 被誉为"牛市旗手2.0"。中信建投测算，指南针、财富趋势等金融科技公司在行情上行周期中，净利润 增速可达成交额增速的2-3倍，估值弹性领先传统券商。 2、"打包"核心玩家，省心。金融科技ETF被动跟踪中证金融科技主题指数，一键打包互联网券商（东 方财富、同花顺、指南针等）、金融IT服务商（恒生电子、财富趋势等）、还有跨境支付、AI金融应 用、涉及华为鸿蒙金融场景的公司，覆盖了金融科技大赛道里的几个关键方向。 3、受益于"AI+金融"发展。金融行业数字化、智能化是长期趋势。无论是个人交易APP，还是银行券商 内部系统升级换代，金融IT的需求持续存在，AI+金融也是AI落地的较好场景。 今日（8月15日）牛市旗手2.0——金融科技领跑全市场ETF！规模、流动性同类断层第一的金融科技 ETF（159851）场内价格飙涨超6.8%，收涨5.45%，斩获日线5连阳，再度刷新上市以来的高点！全天成 交额21.07亿元，环比激增98%，交投情绪高涨！值得关注的是，该E ...