Core Viewpoint - The company reported significant growth in revenue and net profit for Q1 2025, driven by improved market conditions and strategic acquisitions [1][2][5]. Financial Performance - In Q1 2025, the company achieved total revenue of 542 million yuan, representing a year-over-year increase of 84.68% but a quarter-over-quarter decrease of 28% [1]. - The net profit attributable to shareholders reached 139 million yuan, marking a year-over-year increase of 725.93% and a quarter-over-quarter decrease of 35% [1][2]. - The non-recurring net profit was 72 million yuan, reflecting a year-over-year increase of 347% [1][2]. Strategic Acquisitions - The company completed the acquisition of 22.5% and 33.3% stakes in Pioneer Fund, increasing its ownership to 95.01%, thus becoming the controlling shareholder [2]. - The acquisition led to the recognition of 65.54 million yuan in non-recurring investment income due to goodwill from the consolidation of Pioneer Fund [2]. Business Segments - The financial information services segment saw significant improvement due to a recovery in trading activity, with cash received from sales and services amounting to 508 million yuan, a 93.09% increase year-over-year [2]. - In the securities business, the brokerage income, net interest income, and net investment income for McGow Securities were 97 million yuan, 21 million yuan, and 100 million yuan respectively, with year-over-year increases of 143%, 67%, and 228% [3]. Cost Structure - The company increased its investment in research and development, leading to a rise in costs. Sales, management, and R&D expenses were 259 million yuan, 122 million yuan, and 51 million yuan respectively, with year-over-year increases of 80%, 49%, and 49% [4]. - The expense ratios for sales, management, and R&D were 47.8%, 22.4%, and 9.4%, showing slight decreases year-over-year [4]. Future Outlook - The company maintains a "buy" rating, projecting revenues of 1.415 billion yuan, 1.547 billion yuan, and 1.751 billion yuan for 2025-2027, with corresponding year-over-year growth rates of 16.78%, 9.38%, and 13.14% [5]. - Expected net profits for the same period are 273 million yuan, 282 million yuan, and 304 million yuan, with growth rates of 161.73%, 3.27%, and 7.99% [5].

丨证券研究报告丨 联合研究丨公司点评丨同花顺（300033.SZ） [Table_Title] 同花顺 2025 一季报点评：业绩延续改善趋势， AI 赋能增强产品力 报告要点 [Table_Summary] 2025 年一季度，同花顺业绩延续改善趋势，收入端受益于权益市场热度提升，广告及互联网推 广服务业务销售收款快速增长。成本端销售费用率显著提升，弱化盈利能力。同花顺作为头部 互联网金融平台，平台流量优势稳固。短期内看好公司的业绩弹性，中长期来看，公司前瞻性 布局人工智能赛道，AI 大模型及智能投顾应用顺利落地，有望助同花顺打开新的成长空间。 分析师及联系人 [Table_Author] 吴一凡 宗建树 戴永飞 SAC：S0490519080007 SAC：S0490520030004 SAC：S0490524070001 SFC：BUV596 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 同花顺（300033.SZ） cjzqdt11111 [Table_Title 同花顺 20252]一季报点评：业绩延续改善趋势， AI 赋能增强 ...

"就盼着能有个神器，能帮我理清信息，看穿股市！" 想股民所想！36 氪联合拥有17年深厚大数据技术沉淀的红麦聚信全新升级的"企业全情报"小程序，帮助股民快速获取市场上有价值的信息： 汇聚专业观点 洞察全网股票舆情 文 ｜ 36氪 太难了，中国的2.2亿股民实在是太难了！每天被海量的真假信息追着跑，在好几个APP、论坛、网站之间来回切换，又是看专家观点，又是啃专业研报， 手指快划断了，眼睛也熬费了，关键信息还是说漏就漏，想从这堆信息里理出头绪？简直比登天还难！ 不是我不明白，实在是市场变化快！昨天的热点还没研究明白，今天又冒出一堆新消息，明天会咋样更是难以预测！稍微不留神，第二天开盘就是几个跌停 板砸下来，辛苦攒的钱一下子就打水漂了。 更值得一提的是，36 氪"企业全情报"小程序打破高门槛，让股民们轻松享受到专业级别的舆情数据服务。一直以来，这一类B端舆情服务都是大公司的战略 部门或者是头部咨询机构的专属，一套系统购买下来动不动就是几十万起步，如果是定制版还会涉及到私有化部署、多源数据整合之类的复杂操作，根本不 是普通投资者能够接触到的。 "企业全情报"把原本高不可攀的B端服务，变成散户也能用得起、看得懂的实用 ...

据同花顺（300033）iFinD数据，截至目前，沪深京三市成交额达5000亿元，较上日此时放量551亿元， 其中沪市成交额1997亿元，深市成交额2912亿元，北证50成交额93亿元。 ...

一季度业绩略低于预期，成本管控良好。1）1Q 利润增速略低于预期： 1Q25 公司净利润1.2 亿元/yoy+15.9%，我们认为子公司责令改正期间暂停客户新增一定程度影响C 端软 件销售，叠加部分业务尚未确收（合同负债yoy+67%、经营活动现金流yoy+720%），是拖累公司单季 利润略低于预期主要原因。2）成本管控看：1Q25 公司研发费用为2.9 亿/yoy-3.7%，研发费用率 38.9%/yoy-9.94pct；管理费用0.63 亿/yoy-2.3%，管理费用率为8.4%/yoy-2.01pct；销售费用为1.7 亿/yoy+47.4%，销售费用率22.2%/yoy+3.98pct，销售费率提升主因公司持续扩大推广力度。 事件：4 月25 日，同花顺公布2025 年一季报。1Q25 公司实现净利润1.2亿元/yoy+15.9%，实现营业总收 入7.5 亿元/yoy+20.9%。 大模型技术与金融信息服务业务深度融合，引领金融AI 行业发展。公司持续加大对机器学习、自然语 言处理、智能语音等关键技术攻关，加速人工智能大模型与现有产品和服务体系融合，提升产品竞争 力；1Q25 同花顺推出问财2.0，对 ...

Khalid Sadat LSEG 风险情报业务首席研究分析师 AI正在改变风险管理格局，使机构能够分析海量数据集、精准察觉新兴威胁，并能够主动采取应对措施。 这一模式的转变，使得AI成为应对当今复杂风险环境的有力工具。 这正是需要AI填补空缺的地方：借助机器学习（ML）或自然语言处理（NLP）以及高级分析技术，AI赋能 的解决方案可以实时分析大型数据集，为您提供触手可及的宝贵洞察。 但我们也要牢记，金融犯罪分子非常善于利用不断发展的技术和先进的AI工具（如深度伪造技术）来实施 欺诈、操纵数字身份并发动高度复杂的攻击。 AI工具可以帮助识别异常和模式、提供具有前瞻性的见解，还可实现重复性任务的自动化操作。这些功能 释放了人力资源，使其能够专注于战略决策。然而， 我们需要注意一点：AI 的部署必须确保安全。 这意味 着，AI需要人类进行监督和管控。 将AI添加到您的工具箱 将 AI 纳入您的工具箱，您可以更积极主动地管理风险，在与金融犯罪分子的较量中获得优势。借助自动化 数据分析，AI 能够挖掘出人类分析师可能会忽略的模式和异常情况。这不仅有助于加快决策进程，还能降 低人为失误的风险。 主要优势包括： 实时威胁 ...

Group 1: Aier Eye Hospital - In 2024, Aier Eye Hospital achieved an outpatient volume of 16.94 million, a year-on-year increase of 12.14% [1] - The company reported a total revenue of 20.98 billion yuan, reflecting a growth of 3.02% compared to the previous year [2] - The net profit attributable to shareholders was 3.56 billion yuan, up by 5.87% year-on-year [2] - The company introduced several advanced medical technologies and products, including the INTENSITY™ intraocular lens and new dry eye treatment technology [1][3] Group 2: Tonghuashun - Tonghuashun reported a revenue of 4.19 billion yuan in 2024, marking a 17.47% increase from the previous year [5] - The net profit attributable to shareholders reached 1.82 billion yuan, a significant growth of 30% year-on-year [4][5] - The increase in revenue and profit was primarily driven by a recovery in the securities market and rising demand for financial information services [4] Group 3: Yiwei Lithium Energy - Yiwei Lithium Energy achieved a revenue of 1.28 billion yuan in Q1 2025, with a net profit of 110.11 million yuan, reflecting a 16.60% increase in net profit [7] - The company reported a significant increase in the shipment of energy storage batteries, with a year-on-year growth of 80.54% [8] - The company is expanding into emerging markets such as eVTOL and drones, with ongoing projects and production facilities being established [9] Group 4: Huadong Medicine - Huadong Medicine reported a revenue of 10.74 billion yuan in Q1 2025, a 3.12% increase year-on-year [10] - The net profit attributable to shareholders was 914.71 million yuan, up by 6.06% compared to the same period last year [11] - The company achieved its highest historical level of net profit excluding non-recurring gains and losses, reaching 897.34 million yuan [10] Group 5: Muyuan Foods - Muyuan Foods reported a revenue of 36.06 billion yuan in Q1 2025, a year-on-year increase of 37.26% [17] - The company turned a profit with a net profit of 44.91 billion yuan, compared to a loss of 23.79 billion yuan in the same period last year [18] - The significant growth was attributed to increased pig prices and sales [17] Group 6: China Aluminum - China Aluminum reported a revenue of 55.78 billion yuan in Q1 2025, with a net profit of 3.54 billion yuan, reflecting a year-on-year increase of 58.78% [21] - The company successfully managed market price fluctuations, resulting in increased product sales and profits [21] Group 7: Hengrui Medicine - Hengrui Medicine achieved a revenue of 72.06 billion yuan in Q1 2025, a 20.14% increase year-on-year [22] - The net profit attributable to shareholders was 18.74 billion yuan, up by 36.9% compared to the previous year [22] - The increase in profit was significantly influenced by a licensing payment received during the reporting period [22] Group 8: Bull Group - Bull Group reported a revenue of 16.83 billion yuan in 2024, reflecting a 7.24% increase year-on-year [13] - The net profit attributable to shareholders was 4.27 billion yuan, a growth of 10.39% compared to the previous year [13] - The company experienced growth in its electrical connection and smart lighting businesses, as well as rapid development in its new energy sector [14]

| | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | (%) | | | 营业收入(元) | 748.187.189.04 | 618,822,422.15 | | 20.90% | | 归属于上市公司股东的净利 | 120,393,590.22 | 103.866.228.77 | | 15.91% | | 润(元) | | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 112.534.527.21 | 98.960.278.13 | | 13.72% | | (元) | | | | | | 经营活动产生的现金流量净 | 313.291.816.68 | -50.498.687.45 | | 720.40% | | 额(元) | | | | | | 基本每股收益(元/股) | 0.22 | 0.19 | | 15.79% | | 稀释每股收益(元/股) | 0.22 | 0.19 | | 15.79% | | 加权平均净资产收益率 | 1.50% | 1.41% | | 0.09% | | | ...

Core Viewpoint - Bloomberg's Multi-Asset Risk System (MARS) has expanded its regulatory compliance capabilities to help clients meet global derivatives risk regulatory requirements, particularly in light of SEC Rule 18f-4 implemented in 2022 [1][2]. Summary by Sections Regulatory Compliance - SEC Rule 18f-4 requires funds to establish a derivatives risk management plan with strict leverage risk limits and a defined Value at Risk (VaR) calculation method [1]. - MARS has been supporting SEC Rule 18f-4 since its introduction in 2021 and has expanded to include support for similar regulations such as AIFMD, UCITS, and OSC's NI 81-102 [1]. Risk Management Features - MARS allows clients to calculate VaR through relative and absolute VaR testing, helping assess leverage risk [2]. - The system includes a ready-to-use VaR model backtesting feature that can be configured for different time frames [2]. - MARS provides a comprehensive market risk workflow that identifies market variables affecting the valuation of financial instruments [2]. Stress Testing Capabilities - The solution supports various types of stress testing, including historical stress tests, asset class-level stress tests, self-designed stress tests, and correlation-based predictive stress tests [2]. - The combination of VaR testing and stress testing under SEC Rule 18f-4 provides fund managers with a complete derivatives risk management framework [2]. Client Testimonials - WisdomTree's product development and ESG head, Ben Wallach, emphasized the preparedness of the company due to the adoption of MARS in 2022, highlighting its comprehensive risk management tools [3]. - Dharrini Bala Gadiyaram, Global Head of Risk Products at Bloomberg, stated the commitment to continuously optimize solutions to adapt to the evolving regulatory environment [3]. Access and Integration - MARS offers risk analysis capabilities for both cash products and derivative securities, accessible via Bloomberg Terminal or API [3].

美国证券交易委员会（SEC）规则18f-4自2022年起首次实施，要求基金设立衍生品风险管理计 划。该规则对基金的杠杆风险设定了严格限制，并通过一套规定的风险价值（VaR）计算方法进行 衡量。MARS市场风险（MARS Market Risk）于2021年首次引入对SEC规则18f-4的支持，此后 不断扩展对类似风险法规的支持，包括欧洲监管的《另类投资基金经理指令》（AIFMD）、可转 让证券集合投资计划（UCITS）及加拿大安大略省证券委员会（OSC）监管的NI 81-102规定，以 助力客户满足合规要求。 MARS市场风险可根据SEC规则18f-4的指引，通过相对和绝对VaR测试计算VaR，帮助客户评估杠 杆风险。此外，客户还可以使用开箱即用的VaR模型回测功能，可按需配置时间范围。 彭博 MARS提供完整的市场风险工作流程，能够识别影响任何金融工具估值的市场变量所蕴含的风 险。 该解决方案支持多种压力测试类型，包括历史压力测试、资产类别层级压力测试、自设压力 测试和基于相关性的预测性压力测试。在SEC规则18f-4的框架下，VaR测试与压力测试相结合， 为基金经理提供符合该规则要求的完整衍生品风险管理体 ...