AI作为科技创新的核心驱动力，中长期投资价值仍值得期待。而作为目前市场上"AI应用"含量最高的 ETF之一，软件ETF(159852)所跟踪的中证软件服务指数，覆盖了30只业务涉及软件开发、软件服务等 领域的上市公司证券作为指数样本，以反映软件服务产业上市公司证券的整体表现。 看好AI产业链投资机遇的投资者，或可关注投资AI产业的"嘉实ETF三剑客"：科创芯片ETF(588200)、 软件ETF(159852)和机器人ETF嘉实(159526)来一键布局相关细分领域。若没有开通股票账户的场外投资 者，还可以通过相关的联接基金，如科创芯片ETF(588200)的联接基金(A/C：017469/017470)、软件 ETF(159852)的联接基金(A/C：012619/012620)等来曲线入市。(魏昭宇) 中证网讯7月31日，大盘开盘即涨跌不一，走势显著分化。截至收盘，沪指回调失守3600点，收跌 1.18%。权重板块普跌，资金再度回流科技股，其中AI应用层面表现相对坚挺，而硬件端午后有所回 落。科创芯片ETF(588200)当日跌0.55%，全天成交额28.40亿元，高居同类产品之首。应用端，软件 ETF( ...

Group 1 - The Hong Kong stock market showed mixed performance on July 31, with significant declines in gold stocks and fluctuations in large tech stocks, while automotive stocks continued to decline [1] - The Hang Seng Technology Index ETF (513180) experienced volatility, with notable gains in stocks like Kingdee International, Kuaishou, and SMIC, while Meituan and BYD led the declines, with Kuaishou rising over 7% [1] - CITIC Securities highlighted a "water buffalo" market characteristic, suggesting an increased allocation to the Hang Seng Technology and Sci-Tech sectors, anticipating a rebound in the Sci-Tech board due to supportive policies and the upcoming World Artificial Intelligence Conference in 2025 [1] Group 2 - As of July 30, the latest valuation (PETTM) of the Hang Seng Technology Index ETF (513180) was 21.71 times, indicating it is in a historically low valuation range, below 78% of the time since its inception on July 27, 2020 [2] - The Hang Seng Technology Index is characterized by high elasticity and growth potential, suggesting significant upward momentum [2] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Technology Index ETF (513180) [2]

野村表示，公司基本面正迈向可持续复苏态势，核心支撑包括：顺利过渡至订阅制收入模式、聚焦高毛 利业务并严格管控研发开支，以及中国内地企业资源管理(ERP)系统市场竞争压力趋缓。 金蝶国际(00268)盘中拉升逾7%，截至发稿，涨7.17%，报17.94港元，成交额4.74亿港元。 消息面上，金蝶国际发布公告，公司将于2025年8月11日举行董事会会议，借以(其中包括)审议并批准 公司及其附属公司截至2025年6月30日止六个月的中期业绩及公告及中期股息分配的建议(如有)。高盛 认为，金蝶国际上半年收入预期按年增长13%至32亿元，主要受到大型企业客户支出改善的推动，相信 人均生产力提升将带动盈利改善。 ...

本文源自：金融界 作者：行情君 截至2024年年报，金蝶国际营业总收入62.56亿元、净利润-1.42亿元。 8月11日，金蝶国际将披露2025财年中报。 7月31日，金蝶国际(00268)盘中上涨5.26%，截至10:26，报17.62元/股，成交2.99亿元。 金蝶国际软件集团有限公司是全球知名的企业管理云SaaS公司，主要提供企业资源管理(ERP)的云服 务，以及AI管理平台等产品和服务。根据IDC研究数据，金蝶在中国企业资源管理云服务市场排名第 一，并持续19年稳居中国成长型企业应用软件市场占有率第一，服务对象覆盖全球超过740万家企业和 政府组织。 ...

Group 1 - The core viewpoint indicates that the current market trend is driven by both liquidity and improved economic expectations, with ongoing upward momentum observed in the market [2] - The CSI 300 ETF has seen significant growth in scale, with an increase of 8.814 billion yuan this month, and a one-year average daily trading volume of 1.117 billion yuan [2] - Leveraged funds have been actively investing in the CSI 300 ETF, with net purchases recorded for three consecutive days, peaking at a net buy of 8.7262 million yuan [2] Group 2 - The CSI 300 ETF has achieved a one-year net value increase of 26.12%, with the highest monthly return since inception reaching 25.64% [2] - The top ten weighted stocks in the CSI 300 index account for 22.76% of the index, with notable companies including Kweichow Moutai, CATL, and Ping An Insurance [3] - The current market is characterized by a "rotation and supplementary rise" feature, with a focus on sectors that have previously lagged behind [3]

Group 1 - The Central Committee of the Communist Party of China emphasized the need for stable and flexible economic policies, focusing on active fiscal policies and moderate monetary policies to support technology innovation, consumption, small and micro enterprises, and stabilize foreign trade [2][4] - The government plans to allocate approximately 90 billion yuan for childcare subsidies, with local governments required to open applications by August 31 [2] Group 2 - The Federal Reserve maintained the federal funds rate target range at 4.25% to 4.5%, indicating that it is too early to predict a rate cut in September due to uncertainties surrounding tariffs and inflation [3] - The U.S. economy showed strong performance with a second-quarter GDP growth of 3%, significantly exceeding market expectations [13] Group 3 - The A-share market showed mixed results, with the Shanghai Composite Index rising by 0.17% while the Shenzhen Component and ChiNext Index fell by 0.77% and 1.62% respectively [6] - Hong Kong's Hang Seng Index dropped by 1.36%, with significant declines in the new energy vehicle sector [6] Group 4 - Foxconn announced a strategic alliance with TECO Electric & Machinery through a share swap to enter the trillion-yuan AI data center market [7] - New Oriental's revenue for the fourth fiscal quarter reached $1.243 billion, a year-on-year increase of 9.4%, but net profit decreased by 73.7% [7] Group 5 - Major announcements from listed companies included CATL reporting a 33.02% increase in net profit for the first half of the year and a proposed dividend of 10.07 yuan per share [9] - XGIMI projected a staggering 2062% increase in net profit for the first half of the year [9] Group 6 - The Ministry of Civil Affairs reported a 20.5% decline in marriage registrations for 2024, with a marriage rate of 4.3‰ [4] - The divorce rate was reported at 2.5‰, with 3.513 million divorce registrations [4] Group 7 - The National Health Commission called for enhanced risk assessment and preventive measures against the Chikungunya virus [5] - Shanghai's housing authority plans to initiate a comprehensive urban renewal project by 2026 [5]

Financial Data and Key Metrics Changes - The company reported Q3 revenues of $536 million, up 20% year-over-year [7] - GAAP net income for the quarter was $182 million, an increase of 44%, with GAAP earnings per share at $7.4, up 47% from the prior year [24] - Non-GAAP net income was $211 million, up 35%, with non-GAAP earnings per share at $8.57, up 37% from the prior year [24] - Free cash flow reached a record $276 million, a 34% increase from the prior year [25] Business Line Data and Key Metrics Changes - In the Scores segment, revenues were $324 million, up 34% year-over-year, driven by B2B scores growth [8][18] - B2B revenues increased by 42%, primarily due to higher unit prices and increased mortgage originations [19] - B2C revenues grew by 6%, mainly from indirect channel partners [19] - Software segment revenues were $212 million, up 3% from the prior year, with growth driven by platform SaaS [12][20] Market Data and Key Metrics Changes - The Americas region accounted for 87% of total company revenues, while EMEA generated 8% and Asia Pacific delivered 5% [20] - The company expects a sequential decline in fourth-quarter revenues due to lower point-in-time revenues [20] Company Strategy and Development Direction - The company is increasing its fiscal year 2025 guidance, indicating confidence in its strategy and execution [7][28] - Innovations such as FICO Score 10T and FICO Score 10T BNPL are aimed at enhancing credit scoring and expanding financial inclusion [10][31] - The company continues to focus on a land and expand strategy in its software business, with a strong pipeline of new functionalities [12][69] Management's Comments on Operating Environment and Future Outlook - The management noted that elevated interest rates and affordability challenges are impacting the mortgage market, keeping loan originations below historical norms [28] - The company remains engaged with industry participants regarding the FHFA's decisions and emphasizes the importance of FICO scores in the mortgage ecosystem [30][35] Other Important Information - The company repurchased 284,000 shares in Q3, marking the largest single-quarter buyback in its history [8][27] - Total debt at quarter-end was $2.78 billion, with a weighted average interest rate of 5.25% [26] Q&A Session Summary Question: Adoption of FICO Score 10T - The management indicated that the pipeline for FICO Score 10T is strong, with customers testing and using it, requiring modest retooling [39] Question: Insurance Core Product Renewal - The renewal of the insurance core product was described as a one-off license deal [40] Question: Migration to VantageScore - Management stated they are not aware of any lenders moving to VantageScore since the FHFA announcement, citing significant challenges in switching scores [45] Question: Pricing Strategy for Mortgage Scores - No decisions have been made regarding pricing strategy, but management acknowledged a value gap between what is charged and the value provided [48] Question: Engagement with Regulators - The company maintains close relationships with FHFA and GSEs, emphasizing the importance of safety and soundness in the mortgage market [53] Question: Software Business Feedback - The company continues to see interest in its software platform, with expectations for bookings to trend positively [59] Question: Opportunities in Securitization Market - Management is exploring ways to provide real-time FICO scores to the securitization market to enhance value [81] Question: Capital Allocation and Buybacks - The company plans to continue share buybacks as part of its optimal capital structure strategy [91]

Financial Data and Key Metrics Changes - The company reported Q3 revenues of $536 million, up 20% year-over-year [5] - GAAP net income for the quarter was $182 million, an increase of 44%, with GAAP earnings of $7.4 per share, up 47% from the prior year [6][23] - Non-GAAP net income was $211 million, up 35%, with non-GAAP earnings of $8.57 per share, up 37% from the prior year [6][23] - Free cash flow reached a record $276 million, a 34% increase from the prior year [24] Business Line Data and Key Metrics Changes - In the Scores segment, revenues were $324 million, up 34% year-over-year, driven by B2B scores growth [6][17] - B2B revenues increased by 42%, primarily due to higher unit prices and increased mortgage originations [17] - B2C revenues grew by 6%, mainly from indirect channel partners [18] - Software segment revenues were $212 million, up 3% from the prior year, with growth driven by platform SaaS [11][19] Market Data and Key Metrics Changes - The Americas region accounted for 87% of total company revenues, while EMEA generated 8% and Asia Pacific delivered 5% [19] - Mortgage origination revenues were up 53% year-over-year, accounting for 53% of B2B revenue and 44% of total scores revenue [18] - Auto originations revenues increased by 23%, while credit card and personal loan revenues were up 3% [18] Company Strategy and Development Direction - The company is increasing its fiscal year 2025 guidance, reflecting strong performance and confidence in its business model [5][28] - Innovations such as FICO Score 10T and FICO Score 10BNPL are aimed at enhancing credit visibility and expanding financial inclusion [8][9] - The company continues to focus on a land and expand strategy in its software segment, with a strong emphasis on customer usage growth [11][21] Management's Comments on Operating Environment and Future Outlook - Management noted that elevated interest rates and affordability challenges are impacting the mortgage market, keeping loan originations below historical norms [27] - The company remains committed to innovation and disciplined execution despite a fluid macro environment [28] - Management expressed confidence in the adoption of FICO Score 10T, highlighting its predictive capabilities and industry standard status [31][32] Other Important Information - The company repurchased 284,000 shares in Q3, marking the largest single quarter buyback in its history [6][26] - Total debt at quarter end was $2.78 billion, with a weighted average interest rate of 5.25% [25] Q&A Session Summary Question: Adoption of FICO Score 10T and customer pipeline - Management indicated a strong pipeline for FICO Score 10T, with customers currently testing and using it, requiring modest retooling [39] Question: Impact of FHFA announcement on lenders moving to VantageScore - Management stated they are not aware of any lenders moving to VantageScore since the announcement, citing significant challenges in transitioning [44] Question: Pricing strategy for mortgage scores - Management noted that no decisions have been made regarding pricing changes, emphasizing a careful approach to closing the value gap [46] Question: Engagement with regulators - Management confirmed ongoing communication with FHFA and GSEs, emphasizing the importance of safety and soundness in the mortgage market [51] Question: Opportunities for FICO scores in new markets - Management highlighted the potential for expanding FICO scores into the securitization market, providing real-time score updates [81] Question: Capital allocation and buyback strategy - Management expressed a commitment to maintaining an optimal capital structure, indicating a willingness to continue share buybacks at an accelerated pace [90][92]

Financial Data and Key Metrics Changes - The company reported significant earnings and cash flow growth year over year, with an adjusted leverage ratio now below 3x, allowing for aggressive share repurchases [7][8][10] - Revenue guidance was reduced by $50 million, while EBIT margin guidance was tightened, and EPS guidance was increased by $0.10, primarily due to prior management's decisions leading to customer losses [9][10] Business Line Data and Key Metrics Changes - The shipping segment saw a 2.5% year-over-year decline in overall revenue, but core shipping revenue grew by 6% when excluding a non-core customer relationship [28][29] - The SaaS shipping business experienced a 17% year-over-year growth for the quarter, indicating strong performance in that area [29] Market Data and Key Metrics Changes - The company is focused on regaining lost customers in the Presort business, with management expressing optimism about reversing losses in the near future [30][85] - The company is recognized as a low-cost provider in the industry, which positions it well for aggressive sales strategies to gain market share [87] Company Strategy and Development Direction - The company initiated a strategic review focused on internal improvements, identifying numerous opportunities for value creation [8][16] - Management emphasized the importance of operational efficiency and effective decision-making to enhance competitiveness in the logistics space [17][20] Management's Comments on Operating Environment and Future Outlook - Management expressed frustration over past customer losses, attributing them to unforced errors and emphasizing the need for improved execution [10][85] - The company is optimistic about future growth, with plans to enhance research coverage and attract more investors [81] Other Important Information - The share repurchase authorization was increased from $150 million to $400 million, reflecting confidence in the company's financial flexibility [8][70] - Management changes were made to enhance operational efficiency and drive value creation, with a focus on maintaining stability moving forward [40][46] Q&A Session Summary Question: Will the company continue share buybacks in 2025? - Management indicated that while they cannot comment on future purchases, the historical rate of share buybacks reflects their view of the company's value [13] Question: How is the strategic review progressing with the new CFO? - Management believes the new CFO will accelerate the strategic review process, which is currently in its first internal review phase [15][16] Question: What is the outlook for the SaaS shipping business? - The SaaS shipping business is expected to continue performing well, with a 17% year-over-year growth reported [29] Question: Are there plans for acquisitions in the Presort business? - Management is actively scanning for acquisition opportunities, viewing them as attractive due to low multiples and potential for increased profitability [32] Question: Is there any structural weakness in the Presort business? - Management confirmed that the majority of the revenue reduction is tied to competitive losses, not structural weaknesses, and expressed confidence in the business's strength [85]

Group 1 - The company announced an adjustment to the grant price of its restricted stock incentive plan from 11.00 yuan per share to 10.81 yuan per share [2] - This adjustment was made following the completion of the company's annual equity distribution plan for 2024 [2] - The decision was approved during the second meeting of the fifth board of directors held on July 30, 2025 [2]