传统ATM市场需求萎缩，直接冲击到相关设备企业的业绩，企业纷纷转型。以金融自助设备领域的上市企业广州御银科技股份有限公司为例，2025年半年 度报告显示，ATM技术、金融服务业占营业收入比重仅为6.58%；而经营租赁占比高达93.42%，传统核心业务的支撑作用大幅减弱。 此外，ATM机的快速减少，也正在推动银行网点生态发生深刻变革。王蓬博指出，对银行而言，这会加速缩减低效网点的配置，转向轻型化、智能化网点 布局，将资源倾斜至财富管理等增值业务。网点功能也会从现金业务主导向综合服务转型。对金融服务可得性，老年群体、偏远地区居民的现金需求易受冲 击，因此也倒逼银行保留应急机具、增设流动服务，强化线上线下服务的互补协同。 对于ATM行业的未来发展，王蓬博提出，一方面，传统ATM机应升级为综合服务终端，叠加政务缴费、数字人民币兑换等功能；另一方面，应聚焦老年社 区、偏远县域等刚需场景。他认为，未来这类机具将褪去核心取现工具属性，成为应急现金保障节点与便民金融服务枢纽，同时承担数字人民币与实物现金 双向兑换的基础设施角色，实现合规与价值的平衡。 ATM机的批量"离场"，是支付生态迭代、成本压力攀升与技术替代效应共同影响 ...

Company Overview - Hengyin Technology Co., Ltd. is located in Tianjin Free Trade Zone and was established on May 12, 2004, with its listing date on September 20, 2017 [1] - The company specializes in providing smart banking solutions centered around financial self-service equipment [1] Business Composition - The revenue composition of Hengyin Technology is as follows: cash-related equipment and services account for 64.30%, non-cash-related equipment and services for 18.01%, equipment parts for 14.24%, and technical services and others for 3.46% [1] Stock Performance - On August 28, Hengyin Technology's stock fell by 5.01%, closing at 11.57 CNY per share, with a trading volume of 134 million CNY and a turnover rate of 2.20%, resulting in a total market capitalization of 6.022 billion CNY [1] Shareholder Activity - Among the top ten circulating shareholders, Dacheng Fund's Dazheng Zhongzheng 360 Internet + Index A (002236) reduced its holdings by 27.84 thousand shares in the second quarter, now holding 139.5 thousand shares, which represents 0.27% of the circulating shares [2] - The estimated floating loss for this fund today is approximately 850,900 CNY [2] Fund Performance - Dazheng Zhongzheng 360 Internet + Index A (002236) was established on February 3, 2016, with a current scale of 698 million CNY [2] - Year-to-date return is 34.52%, ranking 670 out of 4222 in its category; the one-year return is 94.57%, ranking 303 out of 3776; and since inception, the return is 217.27% [2]

Core Viewpoint - The implementation of the Private Economy Promotion Law is expected to significantly enhance the development prospects of the private economy, encouraging private enterprises and entrepreneurs to leverage policy dividends to stimulate private investment and expand domestic demand [1]. Group 1: Insights from Company Visits - The research team visited Hengyin Financial Technology Co., Ltd., where the company expressed that the Private Economy Promotion Law has strengthened their confidence and will focus on technological innovation to support the domestic transformation of financial self-service equipment [2]. - Tianjin Rongcheng Group showcased its diversified business model, evolving from a single focus on steel waste recycling to a multi-faceted approach that integrates traditional manufacturing with intelligent manufacturing and cultural elements [2]. - The research team emphasized the need for traditional industries to upgrade by targeting new productive forces and accelerating the transition from old to new growth drivers [2]. Group 2: Challenges and Recommendations - The research team engaged with companies to understand the challenges faced in innovation and industrial upgrading, gathering suggestions on policy guidance and mechanism innovation to stimulate private investment [3]. - At Shanxi Zhonggang Stainless Steel Pipe Industry Technology Co., Ltd., the team inquired about R&D progress, while at Shanxi Baixin Information Technology Co., Ltd., they encouraged a focus on key areas for independent innovation and increased investment in technological innovation [3]. Group 3: Creating a Supportive Environment - The research team noted a positive trend in private investment, particularly in emerging and future industries, and plans to conduct activities aimed at resolving issues faced by private enterprises and improving the business environment [4]. - The Tianjin Tiankai Higher Education Science and Technology Innovation Park was highlighted for its strong innovation atmosphere and support for startups, with a focus on addressing the pain points of enterprises through comprehensive service systems [4]. Group 4: Strategic Insights from Industry Leaders - Leaders from companies like Reap Bio Co., Ltd. emphasized the importance of confidence in the Chinese economy and the need for bold innovation and cross-industry collaboration to achieve industrial transformation [5]. Group 5: Data-Driven Decision Making - The All-China Federation of Industry and Commerce conducted extensive surveys and discussions with over 126,000 private enterprises to understand the current state and challenges of private investment, encouraging entrepreneurs to adapt to the changing economic landscape [6]. - The research team recognized that the vibrancy of private investment is crucial for high-quality development and innovation, and they aim to incorporate the feedback from private entrepreneurs into their reports for informed decision-making by central authorities [6].

Core Viewpoint - Hengyin Technology (603106) is focusing on increasing R&D investment in the fintech sector, with a commitment to maintaining R&D expenses at over 10% of revenue, aiming for technological advancements and commercial applications in banking [2][3] Group 1: Financial Performance - In Q1 2025, Hengyin Technology reported a main revenue of 94.03 million yuan, a year-on-year increase of 1.27% [3] - The net profit attributable to shareholders reached 5.35 million yuan, showing a significant year-on-year increase of 125.24% [3] - The net profit after deducting non-recurring items was 3.61 million yuan, reflecting a year-on-year increase of 116.18% [3] - The company's gross margin for Q1 2025 was 28.99% [3] - The debt ratio stood at 22.19%, with financial expenses reported at -0.9898 million yuan [3] Group 2: Business Strategy and Operations - Hengyin Technology is a leading provider of smart banking solutions centered around financial self-service equipment, facilitating the transformation of traditional banks into smart banks [2] - The company is actively involved in the renovation of smart bank outlets, focusing on cash and non-cash products, as well as payment security solutions [2] - The company does not engage in businesses related to digital currency [2]