Group 1 - The Hang Seng Index rose by 0.37% to close at 22,775.92 points on May 8 [1] - Changan Technology (08131.HK) closed at HKD 0.106 per share, up 20.45%, with a trading volume of 420,000 shares and a turnover of HKD 35,000, showing a volatility of 27.27% [1] Group 2 - Over the past month, Changan Technology has seen a cumulative increase of 6.02%, and a year-to-date increase of 37.5%, outperforming the Hang Seng Index's increase of 13.12% [2] - As of November 30, 2024, Changan Technology reported total revenue of HKD 37.9284 million, a year-on-year increase of 56.73%, and a net profit attributable to shareholders of -HKD 6.9534 million, a year-on-year increase of 41.1%, with a gross margin of 30.04% and a debt-to-asset ratio of 97.89% [2] Group 3 - Currently, there are no institutional investment ratings for Changan Technology [3] - The average price-to-earnings (P/E) ratio for the software services industry (TTM) is -4.25, with a median of -2.07. Changan Technology's P/E ratio is -5.56, ranking 118th in the industry [3] - Changan Technology provides comprehensive securities and trading ticket processing solutions for banks and brokers, recognized for its strong technical capabilities. The company has been described as a "world-class" software development company in a year-long research project by MIT [3]

Core Insights - Weimob has upgraded its local business to enhance sustainable growth for merchants through "technology optimization of fulfillment chain + scenario-based operational empowerment" [1] - The essence of instant retail is a data-driven efficiency revolution, with Weimob's upgraded local business featuring five core functions that automate order dispatching and enhance operational efficiency [1][3] - The upgrade represents a shift in Weimob's business model from tool output to scenario-based solutions, redefining efficiency standards in instant retail [1][3] Industry Overview - The instant e-commerce market in China reached a scale of 2 trillion yuan in 2023, with a year-on-year growth of 36%, and is expected to grow at an annual rate of 47.1% by 2026 [3] - Instant retail has emerged as a new competitive space for various platforms, driven by localized and immediate consumer demands [3] Technological Advancements - Weimob's upgraded local business utilizes cloud collaboration technology to break down data barriers across multiple stores, achieving real-time inventory synchronization and dynamic capacity pooling [3] - The system employs LBS heat maps and real-time traffic data to implement a "dual optimal matching" strategy for order allocation, ensuring efficiency in delivery [3] User Experience Enhancement - The upgraded service includes features for user self-service order modifications and differentiated self-pickup options, addressing consumer needs for accuracy in delivery [5] - Merchants have reported significant improvements in operational efficiency and customer satisfaction through the integration of Weimob's services, such as precise order distribution and enhanced delivery times [4][6] Future Outlook - As demand for instant retail continues to grow, focusing on private domain management and strengthening fulfillment capabilities will be crucial for merchants to thrive [7] - Weimob aims to reconstruct the relationship between people, goods, and venues through intelligent systems, positioning technology as a core engine for creating incremental value [7]

证券研究报告：计算机 | 公司点评报告 发布时间：2025-05-08 股票投资评级 买入 |首次覆盖 个股表现 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 -23% 7% 37% 67% 97% 127% 157% 187% 217% 247% 277% 汉得信息 计算机 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 19.73 | | --- | --- | | 总股本/流通股本（亿股）9.85 | / 9.48 | | 总市值/流通市值（亿元）194 | / 187 | | 52 周内最高/最低价 | 25.22 / 5.76 | | 资产负债率(%) | 18.0% | | 市盈率 | 103.84 | | 第一大股东 | 陈迪清 | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:常雨婷 SAC 登记编号:S1340523080001 Email:changyuting@cnpsec.com 汉得信息(300170) 构建自主 AI a ...

中邮证券有限责任公司孙业亮,常雨婷近期对汉得信息（300170）进行研究并发布了研究报告《构建自主 AI agent，推动B端落地》，首次覆盖汉得信息给予买入评级。 过去几年，公司完成了从单纯ERP实施服务商向软件产品商转型，梳理了四大业务线，并明确以传统ERP 及ITO服务业务作为基本盘维持稳定、以基于自主产品开展的产业数字化及财务数字化作为新增长动力的 发展策略。2024年公司整体业务稳中有进，营收取得了8.57%的同比增长。其中，传统的泛ERP及IT外包 业务保持稳定，主要的增长动力来自于自主软件产品业务(产业数字化+财务数字化)。 自主软件产品业务全年实现收入17.74亿元，同比增长16.17%。收入占比由2023年同期的51.24%上升至 2024年的54.83%。其中，以工业软件、数字营销、供应链为主的产业数字化表现最为突出。产业数字化 全年实现营业收入10.24亿元，同比增长21.27%。财务数字化业务在2024年也有较好的增速，全年实现营 业收入7.50亿元，同比增长9.87%。自主软件产品业务的快速增长，一方面源于公司近几年坚持走自主产 品策略，保持较大力度进行开拓发展，另一方面则得益于新兴 ...

Market Performance - A-shares showed a strong performance in the morning, with the ChiNext Index leading the market with an intraday increase of over 1.9% [5] - The ST sector was a highlight, with the Wind ST Index rising over 1% and more than 10 ST stocks hitting the daily limit [12][13] - The Hong Kong market also experienced an upward trend, with the Hang Seng Index rising most of the time, and Geely Automobile seeing a significant increase of over 6% [3][19] Sector Performance - The military industry stocks remained active, with Chengfei Integration hitting the daily limit [1] - AI hardware stocks rebounded, with Woer Nuclear Material also hitting the daily limit [1] - The power equipment sector led the gains among industries, with an intraday increase of over 2% [6] - Communication, banking, and media sectors showed strong performance, while beauty care and agriculture sectors faced declines [9][10] Concept Stocks - Hongmeng concept stocks were notably active, with Netcom Software hitting the daily limit [1][7] - Huawei's launch of the Hongmeng computer marked a significant step for domestic operating systems in the PC field, with over 2,700 core patents accumulated [7] Geely Automobile Developments - Geely Automobile announced a non-binding offer to privatize Zeekr, proposing a valuation of $2.566 per share for Zeekr's stock [20][21] - If the privatization proposal is completed, Zeekr will become a wholly-owned subsidiary of Geely, leading to its delisting from the New York Stock Exchange [22]

港股市场上午整体上行，恒生指数多数时间实现上涨。恒生指数成份股中，吉利汽车大涨，盘中涨幅一度超过6%。 A股市场今天上午表现较好，整体震荡上行，其中创业板指数表现强劲，领涨市场。 从板块来看，军工股持续活跃，成飞集成等涨停。AI硬件股展开反弹，沃尔核材涨停。鸿蒙概念股表现活跃，网达软件等涨停。 ST板块为上午市场亮点之一，万得ST板块指数盘中涨幅超过1%，逾10只ST股连续涨停。 A股市场震荡上行 鸿蒙概念股表现活跃 A股市场今天上午整体上行，创业板指数表现较为强劲，盘中涨幅一度超过1.9%。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3355.26 | 10207.71 | 1369.52 | | +12.60 +0.38% +103.58 +1.03% +1.95 +0.14% | | | | 科创50 | 创业板指 | 万得全A | | 1027.29 | 2031.22 | 5108.98 | | -2.90 -0.28% +34.71 +1.74% +36.67 +0.72% | | | | 沪深300 | ...

文/梧桐数据中心 截至2025年5月5日，A股5411家上市公司中共有5399家公司披露了2025年一季报，有12家未披露。按照同花顺提供的最新数据，这5399家上市公司 2025年一季度实现扣非归母净利润合计1.42万亿元，同比上涨3.33%，中位数为1598.88万元，平均数为26231.37元。 从扣非归母净利润金额来看，这5399家上市公司中，有3877家在2025年一季度实现盈利，其中工商银行（601398）以838.68亿元的扣非归母净利润 占据榜首；1522家上市公司2025年一季度扣非归母净利润为负，其中万科A（000002）扣非净利润垫底，亏损60.39亿元。 从同比增长率来看，这5399家上市公司中，有2489家2025年一季度扣非归母净利润同比下降，占比46.10%，其中同比下降超过30%的有1571家，同 比下降超过50%的有1140家，超图软件（300036）2025年一季度扣非归母净利润-5021.85万元，2024年同期为3.44万元，同比下降146029.55%；另有 2910家2025年一季度扣非归母净利润同比增长，占比53.90%，其中同比增长超过30%的有1692家，同比 ...

Core HCM 稳健增长，关注 AI+人力商业化前景 ——北森控股（9669.HK）FY25 业绩前瞻 2025 年 5 月 7 日 公司研究 | 指标 | FY2023 | FY2024 | FY2025E | FY2026E | FY2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 751 | 855 | 943 | 1,043 | 1,150 | | 营业收入增长率 | 10.5% | 13.8% | 10.3% | 10.7% | 10.2% | | 经调整归母净利润（百万元） | -301 | -105 | -60 | 20 | 104 | | SPS（元） | 1.0 | 1.2 | 1.3 | 1.4 | 1.6 | | PS | 5.5 | 4.8 | 4.4 | 3.9 | 3.6 | 资料来源：公司公告，光大证券研究所预测 注：股价时间为 2025-5-6，汇率为 1 港币=0.9290 人民币。注：北森控股财 年时间为上年 4 月 1 日至该年 3 月 31 日，FY2025 为 2024-4-1 至 2025-3- ...

Group 1 - The core theme of the upcoming event is "Digital Intelligence Elevation and Brand Resonance," focusing on the new trends and paths for brand development driven by technology [1][4] - The event will feature discussions among economists, brand experts, and executives from nearly 200 listed companies, highlighting the importance of AI and digital transformation in brand strategy [1][4][6] Group 2 - The "China Listed Companies Brand Value List" for this year showcases new characteristics and trends, with "Digital Intelligence Elevation" emerging as a potential keyword [4] - AI is reshaping the core logic of brand building, enabling brands to gain precise insights into consumer needs and enhance competitiveness through data-driven and intelligent tools [4][5] - Companies like Yili Group are leveraging digital transformation across their entire supply chain, resulting in significant operational efficiency and brand value growth [5] Group 3 - The event will include brainstorming sessions on various topics, such as the impact of IP shaping on brand influence and new observations in marketing during the era of traffic [6] - The discussions aim to explore new trends in brand resonance, share case studies, and convey new values within the context of digital intelligence [6]

回顾 4 月市场走势，由于中美贸易摩擦升温，中美双方互加报复性关税形成对 峙僵局，7 日恒指单日跌幅超 13%，创 97 年亚洲金融危机以来最大单日跌幅。 双方互加报复性关税之后，关税水平都在 100%以上，中美正常经贸往来几无 可能，后续的谈判斡旋都有望改善当前差无可差的贸易局面。因此市场在经历 过恐慌性暴跌后快速反弹企稳，最终截至 4 月末，恒生综指/恒生指数/恒生科 技指数月度涨跌幅分别为-3.70%/-4.33%/-5.70%。 港股市场宏观环境解读 [Table_main] 衍生品市场类模板 报告日期：2025 年 5 月 策_main] 衍生品市场类模板 略 报 告 2025 年 5 月港股市场月度展望及配置策略 ──港股策略月报 市 场 策 报告导读 略 研 究 — 港 股 策 略 月 报 整体来看，港股市场基本面和资金面短期皆有隐忧，政策面仍在加码，而情绪 面则偏观望。但鉴于当下港股市场周月线级别趋势已进入右侧区间，对于后续 走势我们不建议过度悲观。因此，我们对于中短期市场走势继续保持谨慎乐观 的态度。板块配置方面，我们看好行业相对景气且受益于政策利好的汽车、消 费、电子、科技等；业绩和股价走 ...