证券日报网讯1月7日，中科软（603927）在互动平台回答投资者提问时表示，截至2025年6月30日，公 司及控股子公司对外的参股公司共计14家。参股公司的主营业务包括计算机软硬件开发、云计算、医疗 信息化、金融信息化、保险经纪等领域，与公司业务存在协同性，系公司对未来业务持续发展进行的布 局。 ...

每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 （记者 曾健辉） 每经AI快讯，旗天科技（SZ 300061，收盘价：10.36元）12月29日晚间发布公告称，截至本公告披露 日，审批的公司及子公司担保及反担保额度约为12.91亿元，占公司最近一期经审计的净资产的 233.9%；提供实际担保及反担保余额约5.55亿元，占公司最近一期经审计的净资产的100.58%。 2024年1至12月份，旗天科技的营业收入构成为：数字商品营销占比79.34%，电话销售行业占比 15.13%，数据处理和存储服务占比5.13%，其他业务占比0.23%，保险经纪行业占比0.17%。 截至发稿，旗天科技市值为68亿元。 ...

每经AI快讯，旗天科技（SZ 300061，收盘价：10.51元）12月19日晚间发布公告称，截至本公告披露 日，审批的公司及子公司担保及反担保额度约为12.91亿元，占公司最近一期经审计的净资产的 233.9%；提供实际担保及反担保余额约5.23亿元，占公司最近一期经审计的净资产的94.82%。 （记者 王晓波） 2024年1至12月份，旗天科技的营业收入构成为：数字商品营销占比79.34%，电话销售行业占比 15.13%，数据处理和存储服务占比5.13%，其他业务占比0.23%，保险经纪行业占比0.17%。 截至发稿，旗天科技市值为69亿元。 每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ ...

据交易所数据显示，12月16日，尚乘数科(HKD)开盘上涨2.22%，截至22:30，报1.38美元/股，成交1.41 万美元，总市值4.34亿美元。 财务数据显示，截至2023年10月31日，尚乘数科收入总额867.3万美元，同比减少37.69%；归母净利润 3194.0万美元，同比增长188.11%。 资料显示，尚乘数科公司于2019年9月12日在开曼群岛注册成立并注册为豁免有限责任公司。本公司通 过其子公司,主要参与提供数字金融服务和蛛网生态系统解决方案板块下的保险经纪服务和蛛网生态系 统解决方案服务,以及数字投资活动。该集团还投资于创新技术公司。 本文源自：市场资讯 作者：行情君 ...

Core Viewpoint - The company, Easy Health Group, has initiated its IPO process, planning to list on the Hong Kong Stock Exchange on December 23, 2025, with a target to raise approximately HKD 600 million through the issuance of 26.54 million shares at a maximum price of HKD 22.68 per share [3][27]. Fundraising and Use of Proceeds - Easy Health aims to raise a net amount of HKD 513 million after deducting listing expenses [3][27]. - The funds will be utilized to enhance brand awareness, increase user engagement, strengthen partnerships, improve technological capabilities in AI and big data, support medical research, and expand into new regions and overseas markets [5][29]. Financial Performance - For the first half of 2025, Easy Health reported revenues of HKD 6.56 billion, a significant increase of 84.8% compared to HKD 3.55 billion in the same period last year [11][34]. - The company achieved a gross profit of HKD 2.13 billion, with a gross margin of 32.5%, down from 49.4% in the previous year [11][34]. - The projected revenues for 2022, 2023, and 2024 are HKD 3.94 billion, HKD 4.9 billion, and HKD 9.45 billion, respectively, with corresponding gross profits of HKD 3.25 billion, HKD 3.91 billion, and HKD 3.62 billion [8][32]. Business Model and Services - Easy Health operates as a technology-driven platform focused on providing comprehensive health services and health insurance solutions [30]. - The company has cultivated a highly engaged user base interested in its health solutions, indicating a strong market presence [32]. Shareholder Structure - Major shareholders include Sun Life Insurance Company with a 10.56% stake and IDG China Media Fund with a 12.89% stake, among others [20][24]. - The founder and CEO, Yang Yin, holds a significant portion of shares, controlling over 30% of the voting rights [17][21].

Core Thesis - Brown & Brown, Inc. (BRO) is viewed positively due to its resilient business model, consistent cash generation, and strategic acquisitions, despite recent market softness [1][6]. Company Overview - Brown & Brown, Inc. has a market capitalization of $30 billion and operates in four segments: Retail, National Programs/Specialty Distribution, Wholesale Brokerage, and Services [3]. - The company generates revenue through commissions and fees rather than underwriting risk, leading to stable and cash-rich earnings [3]. Financial Performance - In Q2 2025, BRO reported revenue of $1.3 billion, reflecting a 9.1% year-over-year increase, with 3.6% organic growth [4]. - Adjusted EBITDA margins expanded by 100 basis points to 36.7%, and adjusted EPS increased by 10% to $1.03 [4]. - Cash flow from operations for the first half of 2025 was $537 million, up $164 million year-over-year [4]. M&A Activity - The company completed 15 acquisitions in Q2 2025, totaling $22 million in annual revenue, including the significant $9.83 billion Accession deal [4]. - The Accession deal was financed with $4.4 billion in equity and $4.2 billion in debt, with an additional $750 million set aside for associated runoff businesses [4]. Market Outlook - The company anticipates further rate declines in admitted and catastrophe property lines, while casualty and professional liability rates are expected to remain stable [5]. - The stock price has decreased from $125 to near $93 in 2025, presenting a potential entry point for long-term investors [5]. Investment Sentiment - Despite a ~31.70% depreciation in stock value since April 2025, the bullish thesis remains intact due to BRO's earnings and margin strength [6].

Core Viewpoint - Brown & Brown, Inc. reported strong third-quarter earnings, beating estimates and showing significant year-over-year growth, despite a recent decline in share price [1][2]. Financial Performance - Adjusted earnings for Q3 2025 were $1.05 per share, exceeding the Zacks Consensus Estimate by 16.6% and reflecting a 15.4% increase year-over-year [2]. - Total revenues reached $1.6 billion, surpassing estimates by 6.6% and showing a 35.4% year-over-year improvement [3]. - Commission and fees grew 34.2% year-over-year to $1.5 billion, significantly above the estimated growth of 21.9% [3]. - Organic revenues increased by 3.5% to $1.2 billion, while investment and other income surged 80.6% year-over-year to $56 million [4]. Expense and Margin Analysis - Total expenses rose by 49% to $1.3 billion, driven by increased employee compensation, operating expenses, and interest [5]. - Adjusted EBITDAC was $587 million, up 41.8% year-over-year, with an EBITDAC margin expansion of 170 basis points to 36.6% [4]. Financial Position - Cash and cash equivalents at the end of Q3 were $1.2 billion, a 76.2% increase from the end of 2024 [6]. - Long-term debt stood at $7.6 billion, more than double the level at the end of 2024 [6]. - Net cash from operating activities for the first nine months of 2025 was $1 billion, reflecting a 23.7% year-over-year increase [6]. Capital Deployment - The board declared a 10% increase in the quarterly dividend to 16.5 cents per share, marking the 32nd consecutive annual dividend increase [7]. - An additional share repurchase authorization of up to $1.25 billion was approved, bringing the total authorization to approximately $1.5 billion [7]. Market Sentiment and Outlook - Recent estimates for the stock have trended downward, indicating a potential shift in market sentiment [8][11]. - Brown & Brown holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [11].

Core Viewpoint - Southbound funds have significantly reduced their holdings in Jingji Financial International (01468.HK), indicating a bearish sentiment towards the company in recent trading days [1][2]. Summary by Sections Southbound Fund Holdings - On November 3, southbound funds reduced their holdings by 560,000 shares of Jingji Financial International [1]. - Over the past five trading days, there has been a total net reduction of 3,692,000 shares [1]. - In the last 20 trading days, the cumulative net reduction reached 19,668,000 shares [1]. - Currently, southbound funds hold 968 million shares, which accounts for 55.71% of the company's total issued ordinary shares [1]. Trading Data - The total number of shares held as of November 3 is 968 million, with a decrease of 560,000 shares, reflecting a change of -0.06% [2]. - On October 31, the reduction was 1,642,000 shares, representing a -0.17% change [2]. - Other notable reductions include 330,000 shares on October 30 and October 28, both showing a -0.03% change, and 830,000 shares on October 27, with a -0.09% change [2]. Company Overview - Jingji Financial International is primarily engaged in insurance business as an investment holding company [2]. - The company operates through seven divisions, including insurance brokerage, insurance technology, network and investment, fur sales, securities, lending, and asset management [2].

Core Viewpoint - Southbound funds have reduced their holdings in Jingji Financial International (01468.HK) by 330,000 shares on October 30, with a total net reduction of 1,998,650 shares over the past 20 trading days, indicating a consistent trend of selling pressure from southbound investors [1][2]. Group 1: Shareholding Changes - On October 30, the total shareholding of Jingji Financial International stood at 970 million shares, reflecting a decrease of 330,000 shares, or 0.03% [2]. - Over the last five trading days, southbound funds have reduced their holdings for five consecutive days, totaling a net reduction of 1.8 million shares [1]. - In the last 20 trading days, there has been a total net reduction of 1,998,650 shares, indicating a sustained selling trend [1]. Group 2: Company Overview - Jingji Financial International is primarily engaged in insurance business as an investment holding company, operating through seven divisions [2]. - The divisions include insurance brokerage, insurance technology, network and investment, fur sales, securities, lending, and asset management services [2].

Core Insights - The Capital Airport Economic Zone has seen significant foreign investment growth, with approximately $5.97 billion (around ¥41.76 billion) in actual foreign capital utilized this year, contributing to the high-quality development of Beijing's financial sector [2] - The zone is a key area for the construction of the capital's industrial financial center, focusing on attracting high-quality financial enterprises and forming a modern financial industry system characterized by industrial and aviation finance [2] - HSBC Insurance Brokerage, a notable player in the zone, has completed three rounds of capital increase since 2025, totaling $1.07 billion (approximately ¥7.47 billion), raising its registered capital to ¥25.17 billion, which supports its future business expansion [2] Financial Sector Developments - Huaxia Fund, a leading financial enterprise in the zone, has also contributed to foreign investment growth by completing a share transfer to Qatar Holding for $490 million (approximately ¥34.29 billion), enhancing the zone's foreign capital utilization metrics [3] - The zone benefits from a combination of favorable policies and efficient enterprise services, being a national-level economic demonstration area and a core region for expanding service industry openness in Beijing [3] - The financial enterprises in the zone generated a total public budget revenue of ¥21.11 billion from January to September, marking a year-on-year increase of 33.7%, while the district-level public budget revenue reached ¥4.76 billion, up 36.21% year-on-year [3][4] Future Outlook - The Capital Airport Economic Zone aims to provide robust support for enterprise development through practical service measures and an improved business environment, promoting higher quality development in the financial industry [4]