证券研究报告 计算机 | IT 服务Ⅱ 港股|公司点评报告 hyzqdatemark 2025 年 08 月 24 日 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 联系人 市场表现： | 基本数据 | 2025 | 年 | 08 | 月 21 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 11.47 | | | 一年内最高/最低（港 | | | | 12.22/4.01 | | | 元） | | | | | | | 总市值（百万港元） | | | | 16,411.44 | | | 流通市值（百万港元） | | | | 16,411.44 | | | 资产负债率（%） | | | | 76.29 | | | 资料来源：聚源数据 | | | | | | 伟仕佳杰(00856.HK) 投资评级： 买入（维持） ——东南亚区域高速增长，利润率回升，1H25 公司业绩超预期 投资要点 ...

Core Insights - The core viewpoint of the news is that Zhongyi Technology has seen an increase in shareholder accounts and stock price performance, indicating potential investor interest and market confidence in the company [1][2]. Group 1: Shareholder Data - As of June 30, 2025, Zhongyi Technology had 18,881 shareholders, an increase of 653 accounts or 3.59% from March 31, 2025 [1][2]. - The average number of shares held per shareholder decreased from 6,602 shares to 6,373 shares, while the average market value of shares held per shareholder was 279,000 yuan [1][2]. - Compared to the IT services industry average, Zhongyi Technology's shareholder count is below the industry average of 61,700 accounts, but its average market value per shareholder is higher than the industry average of 167,300 yuan [1][2]. Group 2: Stock Performance - From March 31, 2025, to June 30, 2025, Zhongyi Technology's stock price increased by 12.42%, coinciding with the increase in shareholder accounts [1][2]. - During this period, the company experienced a net outflow of 296 million yuan from major funds and a net outflow of 56.11 million yuan from speculative funds, while retail investors contributed a net inflow of 352 million yuan [2]. - The stock was listed on the "Dragon and Tiger List" once during this period, with one instance of institutional special seat participation [2].

证券之星消息，近日浙大网新披露，截至2025年6月30日公司股东户数为18.67万户，较3月31日减少3.39 万户，减幅为15.38%。户均持股数量由上期的4657.0股增加至5503.0股，户均持股市值为5.24万元。 在IT服务行业个股中，浙大网新股东户数高于行业平均水平，截至6月30日，IT服务行业平均股东户数 为6.17万户。户均持股市值方面，IT服务行业A股上市公司户均持股市值为16.73万元，浙大网新低于行 业平均水平。 | | | | 统计截止日｜区间股价涨跌幅｜股东户数｜ 增减 增减比例｜户均持股市值（元）｜户均持股数（股) | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025-06-30 | -15.89% | 186728 -33936 | | -15.38% | 5.24万 | 5502.8 | | 2025-03-31 | 57.80% | 220664 94360 | | 74.71% | 5.28万 | 4656.52 | | 2024-12-31 | 24.01% | 126304 34594 | | 37.72% ...

Core Insights - The company reported a revenue of 378 million yuan and a net profit attributable to shareholders of 22.08 million yuan for the first half of 2025 [1] Group 1: Business Overview - The company is a full-stack, full-cycle IT infrastructure service and product provider, focusing on the IT infrastructure layer [1] - In the "IOE centralized architecture" operation and maintenance market, the company aims to leverage its advanced experience and leading advantages in the financial sector to promote service innovation and value transfer across other industries [1] - In the "Xinchuang product architecture" operation and maintenance market, the company plans to expand its market share by utilizing its first-mover advantage in Xinchuang technology and comprehensive support capabilities during clients' transition to Xinchuang products [1] Group 2: Customer Acquisition and Technology Integration - During the reporting period, the company added over 150 new clients [1] - The company's database operation and maintenance platform has integrated AI technology to create a new intelligent operation and maintenance engine, achieving intelligent applications in various scenarios such as alarm analysis and SQL optimization [1] - The platform has expanded its management capabilities to cover the open-source database ecosystem and has obtained compatibility certifications with GaussDB, GoldenDB, Gbase, Tidb databases, openEuler operating system, and Haiguang CPU [1] Group 3: Talent Development - The company accelerated its talent layout in the Xinchuang field, further expanding its workforce [2] - Through a "training-certification-practice" closed-loop mechanism, the company obtained over 200 professional certification certificates from mainstream manufacturers in the Xinchuang field during the reporting period [2] - This initiative aims to enhance the company's technical strength in Xinchuang transformation and provide strong support for building a "technological differentiation" advantage [2]

Group 1 - The IT service sector experienced a significant increase of 3.08% on August 22, with Yuntian Lifei leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up by 1.45%, while the Shenzhen Component Index closed at 12166.06, up by 2.07% [1] - Notable performers in the IT service sector included Yuntian Lifei, which surged by 20.00% to a closing price of 79.09, and Pinggao Co., which rose by 19.99% to 39.43 [1] Group 2 - The IT service sector saw a net inflow of 3.292 billion yuan from institutional funds, while retail investors experienced a net outflow of 1.683 billion yuan [2] - The top gainers in the IT service sector included Zhejiang University Network New, which increased by 10.04% to 11.95, and Tax Friend Co., which rose by 10.01% to 60.01 [1][2] - Conversely, some companies in the sector faced declines, such as Guoyuan Technology, which fell by 2.58% to 27.58, and Zhisheng Information, which decreased by 2.48% to 30.72 [2]

Market Overview - The A-share market indices continued to rise in the afternoon, with the Shanghai Composite Index closing at 3825.76 points, up 1.45%, with a trading volume of 1,095.09 billion yuan [1] - The Shenzhen Component Index closed at 12166.06 points, up 2.07%, with a trading volume of 1,451.62 billion yuan [1] - The ChiNext Index closed at 2682.55 points, up 3.36%, with a trading volume of 690.57 billion yuan [1] Sector Performance - Leading sectors in terms of growth included semiconductors, education, and securities, with notable increases in their respective indices [1] - The education sector saw a rise of 4.43%, with a total trading volume of 414.65 million hands and a net inflow of 239.62 billion yuan [2] - The securities sector increased by 2.87%, with a trading volume of 763.14 million hands and a net inflow of 176.45 billion yuan [2] - Conversely, sectors that experienced declines included gas, kitchen and bathroom appliances, and agricultural product processing, with gas down by 0.87% [2]

Core Viewpoint - The article provides an analysis of the margin trading market in China, highlighting the current balance, trading volume, and sector-specific insights, indicating potential investment opportunities and trends in the market [3][6]. Margin Trading Market Overview - As of the last trading day, the total margin trading balance in the two markets reached 21,468 billion, showing a slight decrease of 0.04% compared to the previous period [3]. - The financing purchase amount was 2,611.5 billion, reflecting a decline of 1.22% from the prior period [3]. Sector Insights - The top 20 sectors by margin trading balance are as follows: - Securities: 129.88 billion - Semiconductors: 126.00 billion - Software Development: 70.69 billion - Banking: 67.71 billion - Communication Equipment: 63.31 billion - IT Services: 57.70 billion - Automotive Parts: 55.27 billion - Military Equipment: 52.58 billion - Complete Vehicles: 52.56 billion - Batteries: 52.01 billion - Chemical Pharmaceuticals: 48.79 billion - Electric Power: 46.58 billion - Consumer Electronics: 44.78 billion - General Equipment: 40.95 billion - Photovoltaic Equipment: 38.56 billion - Computer Equipment: 38.08 billion - Optical Electronics: 36.09 billion - Building Decoration: 35.70 billion - Chemical Products: 34.55 billion - Components: 34.34 billion [7]. Individual Stock Insights - The top five stocks by financing purchase amount on the last trading day were: - ZTE Corporation: 3.05 billion, with a financing purchase ratio of 13.86% and a price increase of 6.56% - Dongfang Fortune: 2.40 billion, with a financing purchase ratio of 17.53% and a price decrease of 1.03% - Inspur Information: 2.27 billion, with a financing purchase ratio of 14.66% and a price decrease of 0.74% - Northern Rare Earth: 1.94 billion, with a financing purchase ratio of 13.24% and a price decrease of 1.83% - Cambricon Technologies: 1.65 billion, with a financing purchase ratio of 13.87% and a price increase of 2.27% [9].

Company Overview - UCloud Technology Co., Ltd. is located at 619 Longchang Road, Yangpu District, Shanghai, established on March 16, 2012, and listed on January 20, 2020 [2] - The company operates as a neutral third-party cloud computing service provider, offering a secure and reliable cloud computing service platform [2] - Revenue composition includes: Public Cloud 50.63%, Hybrid Cloud 35.41%, Cloud Communication 8.26%, Private Cloud 2.75%, Solutions and Others 1.90%, Edge Cloud 1.05% [2] Financial Performance - For the first half of 2025, UCloud achieved operating revenue of 791 million yuan, a year-on-year increase of 8.37%, while the net profit attributable to shareholders was -79.65 million yuan, a year-on-year increase of 26.56% [2] - Since its A-share listing, UCloud has distributed a total of 21.13 million yuan in dividends, with no dividends paid in the last three years [3] Stock Performance - As of August 22, UCloud's stock price increased by 2.00% to 27.50 yuan per share, with a total market capitalization of 12.55 billion yuan [1] - Year-to-date, UCloud's stock price has risen by 96.71%, with a 4.44% increase over the last five trading days, 4.25% over the last 20 days, and 35.53% over the last 60 days [1] - The company has appeared on the trading leaderboard eight times this year, with the most recent appearance on February 14, where it recorded a net buy of 17.92 million yuan [1] Shareholder Information - As of June 30, 2025, UCloud had 40,200 shareholders, a decrease of 2.53% from the previous period, with an average of 10,083 circulating shares per shareholder, an increase of 3.42% [2] - The top ten circulating shareholders include notable funds, with the Bosera CSI Star Market Artificial Intelligence ETF being the sixth largest shareholder, increasing its holdings by 1.34 million shares [3]

Market Overview - On August 21, the IT services sector declined by 0.49% compared to the previous trading day, with Haitan Ruisheng leading the decline [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] IT Services Sector Performance - Notable gainers in the IT services sector included: - Luqiao Information: Closed at 75.04, up 15.70% with a trading volume of 71,800 shares and a transaction value of 555 million [1] - Feilixin: Closed at 6.48, up 5.88% with a trading volume of 2,393,000 shares and a transaction value of 1.534 billion [1] - Tianyi Ma: Closed at 53.15, up 5.23% with a trading volume of 66,700 shares and a transaction value of 352 million [1] - Haitan Ruisheng was the biggest loser, closing at 125.20, down 7.98% with a trading volume of 41,400 shares [2] Capital Flow Analysis - The IT services sector experienced a net outflow of 3.645 billion from institutional investors, while retail investors saw a net inflow of 3.254 billion [2] - The capital flow for specific stocks showed: - China Software: Net inflow of 189 million from institutional investors [3] - Yihualu: Net inflow of 122 million from institutional investors [3] - Taiji Co.: Net inflow of 87.689 million from institutional investors [3]

Market Performance - On August 20, the Shanghai Composite Index rose by 1.04%, the Shenzhen Component Index increased by 0.89%, and the ChiNext Index gained 0.23%[3] - The total trading volume in both markets exceeded 2.4 trillion yuan, continuing to decrease compared to previous periods[1] Sector Analysis - Strong sectors included chemical fiber, liquor, semiconductors, and automotive, while sectors like power equipment and pharmaceuticals experienced adjustments[1] - Investors are advised to reduce exposure to overperforming tech and pharmaceutical stocks while increasing positions in consumer goods[2] Capital Flow - On August 20, net inflows into the Shanghai Stock Exchange were 24.937 billion yuan, and 21.031 billion yuan into the Shenzhen Stock Exchange[4] Economic Indicators - The August Loan Prime Rate (LPR) remained unchanged at 3.5% for 5-year loans and 3% for 1-year loans, indicating stable borrowing costs[5] Fund Dynamics - The total scale of ETFs reached 4.8 trillion yuan as of August 18, reflecting a significant increase in asset allocation through ETFs[11] - Over 130 public funds reported returns exceeding 100% in the past year, with some funds achieving returns over 200%[12][13]