01． 业绩连续数年亏损，核心业务持续承压 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月22日，银之杰（300085.SZ）发布2025年度业绩预告，预计全年归母净利润亏损1.1亿元至1.4亿元， 若最终亏损幅度获财报确认，这将是公司自2021年以来连续第五年陷入亏损。 证券之星注意到，公司2025年第四季度单季亏损较前三季度亏损进一步扩大。与此同时，公司已进 入"无控股股东、无实际控制人"状态，战略决策稳定性面临严峻考验。 从金融IT龙头到亏损"钉子户"，银之杰的发展困局既是传统金融科技企业转型阵痛的缩影，也暴露出公 司在治理、战略与股权层面的深层难题。 1月22日晚间，银之杰发布业绩预告称，预计2025年归母净利润亏损1.4亿元至1.1亿元，去年同期亏损 1.29亿元；预计扣非净利润亏损1.58亿元至1.28亿元，去年同期亏损1.31亿元。 此前在2025年前三季度，银之杰实现收入5.47亿元，归母净利润为-5940万元。因此单看第四季度，估 测公司预计在5060万元至8060万元之间，较第三季度591.66万元的亏损，环比扩大超8.55倍。 对于业绩亏损，银之杰在业绩预 ...

看好消费金融行业中智能客服、智能营销、智能风控等场景的快速落地。 1月26日盘中，受AI应用杀跌影响，金融科技大幅下挫。金融IT概念股领跌，格尔软件逼近跌停，电科数字、神州信息、信安世纪、拉卡拉等多股跌超5%。 热门ETF方面，百亿金融科技ETF（159851）场内下探3%，盘中频现溢价，表明买盘资金活跃，近一周已有累计超9亿元加仓。 展望AI金融后市，国泰海通证券表示，AI作为金融科技产业升级的驱动力，正重塑金融服务全流程效率与体验，金融科技投资迎来新机遇，推荐各细分领 域受益的核心公司： 看好金融IT中数币升级带来的银行系统升级需求叠加大模型赋能带来的提质增效； 看好金融信息服务行业智能投研、智能投顾的发展前景，推荐推出垂类模型及相关产品的头部公司； 看好数币带来的场景拓展贡献的增量空间，数币场景拓展和规模提升有望为支付机构提供渠道服务费，推荐适配数币功能终端设备与服务； *机构观点参考资料来源：①中信建投《慢牛背景下，券商板块行情会缺席吗？》；②国泰海通《AI应用加速落地 利好金融科技板块》。 ETF基金费用相关说明：投资者在申购或赎回基金份额时，申购赎回代理机构可按照不超过0.5%的标准收取佣金，场内 ...

周五（1月23日），A股市场放量上涨，金融科技大面积飘红，中证金融科技主题指数反弹逾1%。其 中，星环科技领涨超10%，电科数字、拉卡拉、普元信息、信安世纪、新国都、拓尔思、赢时胜等多股 涨超2%。 热门ETF方面，百亿金融科技ETF（159851）场内收涨1.36%，全天放量成交8.16亿元。值得一提的是， 资金尾盘放量净流入，净申购放大至4.26亿份，按当日场内平均价计算约3.81亿元，统计来看资金单周 净流入超9亿元！ | | | 分财 部日 1分 5分 15分 30分 · | | | F9 盘新盘后 盈加 九成 图坛 工具 @ 2 > | | | | | | 金融科技ETF | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.90 | | | 159851[全融科技ETF] 15:00 价 0.897 器跌 0.012[1.36%] 机价 0.895 威交盘 10 ... | | | | | 0 897 +0.012 +1.36% | | | HEADER 75 ...

2、行情预期支撑： 中信建投指出，市场逐步向慢牛行情演进，而证券板块的行情亦不会缺席这一进程。该机构强调，股票 市场活跃度是证券行业估值与业绩的同频指标，其景气度决定了板块估值的下限，而互联网券商因对交 易量敏感、业绩弹性大，成为重点推荐方向。* 3、AI赋能金融IT： 周五（1月23日），A股市场放量上涨，金融科技大面积飘红，中证金融科技主题指数反弹逾1%。其 中，星环科技领涨超10%，电科数字、拉卡拉、普元信息、信安世纪、新国都、拓尔思、赢时胜等多股 涨超2%。 热门ETF方面，百亿金融科技ETF（159851）场内收涨1.36%，全天放量成交8.16亿元。值得一提的是， 资金尾盘放量净流入，净申购放大至4.26亿份，按当日场内平均价计算约3.81亿元，统计来看资金单周 净流入超9亿元！ | | | 分财 部日 1分 5分 15分 30分 · | | | F9 盘新盘后 盈加 九成 图坛 工具 @ 2 > | | | | | | 金融科技ETF | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

21日早盘，金融科技盘中大面积飘红，资金继续重回净流入。其中，同花顺、科蓝软件、普元信息领涨 超2%，东信和平、格林深瞳、中科金财等多股跟涨超1%。热门ETF方面，百亿金融科技ETF （159851）场内价格一度冲高逾1%，资金实时净申购1.1亿份，此前两日已累计吸金超2.6亿元。 | 分时 多日 1分 5分 * | | | | | | F9 盘角盘目 露加 九转 面线 工具 ® 2 > | | | | | | | 金融科技ETF | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.89 | | | | 159851[全融科技ETF] 10:52 价 0.887 图表 0.004(0.45%) 均价 0.8. | | | | E | | 0.887 +0.004 +0.45% | | | CARDER AND THE FOR | | | | | | | | | | | | | | SZSE CNY 10:52:11 交易中 查看(2全国 | | | ...

Group 1 - Financial technology sector shows significant gains with major stocks like Tonghuashun, Kelong Software, and Puyuan Information rising over 2% [1] - The financial technology ETF (159851) experienced a peak price increase of over 1% and saw a net subscription of 110 million shares, accumulating over 260 million yuan in the past two days [1] - Tonghuashun forecasts a net profit of 2.735 billion to 3.282 billion yuan for 2025, representing a year-on-year growth of 50% to 80%, driven by AI investments and market recovery [1] Group 2 - CITIC Securities indicates that recent market adjustments are not a trend reversal but a healthy correction of overheated conditions, suggesting a gradual shift towards a slow bull market [3] - The stock market's activity level is a key indicator for the valuation and performance of the securities industry, with unexpected financial policies being crucial for valuation expansion [3] - Financial technology ETF (159851) is recommended for its strong liquidity and coverage of various themes including internet brokers and AI applications, with an average daily transaction of 800 million yuan over the past six months [3]

Group 1 - Financial technology stocks have declined, with Yinzhijie dropping over 4%, Donghua Software down over 3%, and Tonghuashun and Guangdian Yuntong both falling over 2% [1] - Several financial technology-related ETFs have also seen declines of over 2% [1] Group 2 - Specific financial technology ETFs reported the following price changes: - ETF Huaitian Gao (159103) at 1.005, down 0.031 (-2.99%) - ETF Xingye (563570) at 1.103, down 0.032 (-2.82%) - ETF Fuguo (515720) at 1.032, down 0.030 (-2.82%) - ETF Huaxia (516100) at 1.551, down 0.038 (-2.39%) - ETF (159851) at 0.943, down 0.024 (-2.48%) - ETF Penghua (563670) at 1.015, down 0.019 (-1.84%) - ETF Boshi (516860) at 1.605, down 0.028 (-1.71%) - ETF Yifangda (159299) at 1.042, down 0.016 (-1.51%) [2] Group 3 - Institutions have indicated that with policy support, a stable macro environment, and ongoing capital market reforms, the fundamentals of the financial industry are improving, which will gradually increase the revenue of financial IT companies [2] - The acceleration of revolutionary stablecoins and the expected release of significant financial policies may present investment opportunities in the financial IT sector [2]

Core Viewpoint - The A-share market experienced a brief surge followed by a decline, with the financial technology sector remaining strong, particularly highlighted by the performance of the Huatai-PineBridge Financial Technology ETF [1] Group 1: Market Performance - The A-share market saw the Shanghai Composite Index rise over 1% before turning negative, while the financial technology ETF Huatai-PineBridge (159103) surged over 3% and peaked at a 7.1% increase during early trading [1] - The trading volume in the A-share market has been robust, with total trading exceeding 30 trillion yuan for four consecutive days, indicating heightened market activity [8] Group 2: Investor Sentiment - Individual investor activity has increased significantly, with net inflows of 155.7 billion yuan, marking a 64.1 billion yuan increase from the previous period, the second-highest net inflow in nearly a year [8] - Retail investors are increasingly participating in the market through direct stock purchases and indirectly via funds and ETFs, with a shift from net outflows to net inflows in retail ETF investments [8] Group 3: Financial Technology Sector Outlook - The financial technology sector is expected to benefit from both short-term market activity and mid-term policy support, with internet brokerages likely to see significant performance improvements due to increased trading volumes [2][8] - The financial IT companies with strong positions in securities IT systems, cross-border payments, and AI financial applications are anticipated to be the core beneficiaries of the evolving market landscape [2][8] Group 4: Policy and Growth Projections - The Chinese financial technology policy framework from 2021 to 2025 aims to promote innovation and enhance risk control across various sectors, with market size projected to grow to 651.5 billion yuan by 2028 [8] - The financial technology sector is poised for growth driven by AI applications, with historical performance indicating that it has outperformed other sectors during significant AI market trends [8][11]

Group 1 - The central bank emphasizes the importance of financial institutions focusing on the "five major articles" to enhance financial technology applications and improve digital service channels, aiming for high-quality financial development and empowering the real economy [1] - Dongwu Securities reports that the industry is experiencing a recovery, with the financial IT industry chain expected to reach a total scale of 9.2 trillion yuan in 2024, marking a 0.5% year-on-year increase after two years of negative growth [1] - The upstream hardware and computing power investments are increasing, with the server industry growing approximately 59% year-on-year to 129.6 billion yuan, which is crucial for the industry's recovery [1] Group 2 - The midstream system integration services are also recovering, with core system renovation projects restarting, leading to a projected 12.3% year-on-year growth in 2024 [1] - Demand from downstream financial institutions remains stable, with banks, insurance, and securities contributing over 95% of the total demand in the industry chain [1] - As of January 14, 2026, the CSI Financial Technology Theme Index (930986) has risen by 6.66%, with significant increases in component stocks such as Lakala (20.02%) and Xinghuan Technology (16.06%) [1] Group 3 - The CSI Financial Technology Theme Index closely tracks the Financial Technology ETF Index, which reflects the overall performance of listed companies in the financial technology sector [2] - As of December 31, 2025, the top ten weighted stocks in the CSI Financial Technology Theme Index include Dongfang Wealth, Tonghuashun, and others, accounting for 51.09% of the total index weight [2]

Group 1 - The core viewpoint of the news highlights a significant surge in the financial technology sector, with internet brokerages and financial IT companies experiencing substantial gains, particularly with stocks like Lakala and Taxfriend reaching their limits [1] - The financial technology ETF (159851) saw a remarkable increase of over 5%, with trading volume exceeding 500 million yuan, marking a new high for the period [1] - A-shares trading volume exceeded 3.6 trillion yuan at the beginning of the year, setting a historical record, indicating a potential performance release for internet brokerages in 2025 and the first half of 2026 [1] Group 2 - The financial IT sector is undergoing a transformation driven by policy, technology, and business needs, with a focus on domestic alternatives and compliance [2] - By 2025, approximately 75%, 85%, and 90% of financial institutions are expected to have completed cloud deployment for core business systems, office systems, and peripheral business systems, respectively [2] - AI is rapidly penetrating core business areas, facilitating a shift from rule-based to intelligent decision-making, with brokerages enhancing their trading systems for microsecond latency control [2] Group 3 - Emerging business scenarios such as wealth management and inclusive finance are driving IT investments from rigid expenditures to structural growth [2] - The financial technology ETF (159851) has shown strong liquidity, with an average daily trading volume of 800 million yuan over the past six months, leading among similar ETFs [2]