计算机/软件开发 指南针（300803.SZ） 相关研究报告 《销售费用环比增长，关注 Q4 高端品 销售情况—指南针 2025 三季报点评》 -2025.10.26 《新增客户数同比高增，下半年订单 弹性可期—指南针 2025 中报点评》 -2025.8.28 2026 年 02 月 01 日 《扣非净利润符合预期，业绩和估值 高弹性特征突出—指南针 2025一季报 点评》-2025.4.27 投资评级：买入（维持） 业绩符合预期，证券业务高增体现协同效应 | 日期 | 2026/1/30 | | --- | --- | | 当前股价(元) | 124.00 | | 一年最高最低(元) | 179.01/50.40 | | 总市值(亿元) | 756.14 | | 流通市值(亿元) | 750.62 | | 总股本(亿股) | 6.10 | | 流通股本(亿股) | 6.05 | | 近 3 个月换手率(%) | 272.32 | ——指南针 2025 年报点评 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2025-02 2025-06 2025-10 指南针 沪深30 ...

计算机/软件开发 指南针（300803.SZ） 2026 年 02 月 01 日 投资评级：买入（维持） | 日期 | 2026/1/30 | | --- | --- | | 当前股价(元) | 124.00 | | 一年最高最低(元) | 179.01/50.40 | | 总市值(亿元) | 756.14 | | 流通市值(亿元) | 750.62 | | 总股本(亿股) | 6.10 | | 流通股本(亿股) | 6.05 | | 近 3 个月换手率(%) | 272.32 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2025-02 2025-06 2025-10 指南针 沪深300 相关研究报告 《销售费用环比增长，关注 Q4 高端品 销售情况—指南针 2025 三季报点评》 -2025.10.26 《新增客户数同比高增，下半年订单 弹性可期—指南针 2025 中报点评》 -2025.8.28 《扣非净利润符合预期，业绩和估值 高弹性特征突出—指南针 2025一季报 点评》-2025.4.27 业绩符合预期，证券业务高增体现协同效应 ——指南针 2025 年报点 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Insights - The company achieved a total revenue of 2.146 billion yuan in 2025, representing a year-on-year growth of 40.39%, and a net profit attributable to shareholders of 228 million yuan, with a year-on-year increase of 118.74% [8] - The financial information service business showed steady growth, with revenue reaching 1.509 billion yuan, up 27.50% year-on-year, benefiting from a high market sentiment [8] - The report highlights the rapid development of the company's subsidiary, Maigao Securities, which generated revenue of 757 million yuan, a year-on-year increase of 56%, and a net profit of 165 million yuan, up 133% [8] - The company is expected to see continued revenue growth in the coming years, with projected revenues of 2.769 billion yuan in 2026, 3.277 billion yuan in 2027, and 3.736 billion yuan in 2028, with corresponding growth rates of 29.0%, 18.3%, and 14.0% respectively [8] Financial Forecasts - Revenue and profit forecasts for the company are as follows: - 2025: Revenue of 2.146 billion yuan, net profit of 228 million yuan - 2026: Revenue of 2.769 billion yuan, net profit of 326 million yuan - 2027: Revenue of 3.277 billion yuan, net profit of 373 million yuan - 2028: Revenue of 3.736 billion yuan, net profit of 429 million yuan [9] - The earnings per share (EPS) are projected to be 0.37 yuan in 2025, increasing to 0.53 yuan in 2026, 0.61 yuan in 2027, and 0.70 yuan in 2028 [9] Cost and Expense Analysis - The company has increased its advertising and online promotion expenses significantly, amounting to 653 million yuan in 2025, a year-on-year increase of 66.79% [8] - Sales, management, and R&D expenses for 2025 were 1.111 billion yuan, 650 million yuan, and 164 million yuan respectively, with year-on-year increases of 38.1%, 43.8%, and 1.2% [9]

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！ 【文/羽扇观金工作室】 券商行业并购整合浪潮持续推进之际，湘财股份与大智慧这场"券商+金融科技"的跨界联姻正迎来关键 的业绩验证期。 日前，两家公司近期相继披露的2025年度经营数据，反差却很鲜明：作为存续主体的湘财证券交出了一 份颇为亮眼的成绩单，全年净利润达5.53亿元，同比飙升逾157%，营业收入亦突破19亿元关口；而即 将被吸收合并的大智慧，尽管亏损幅度较上年有所收窄，仍难以摆脱数千万元的亏损泥潭，扣非后净利 润预计亏损最高可达8500万元。 截图来自 大智慧公告 这场始于2025年初的资本运作，承载着双方优势互补、协同共赢的愿景——湘财证券看中大智慧在金融 信息服务领域积累的流量资源与技术底蕴，而大智慧则寄望借助券商牌照重塑盈利能力。 然而，从业务结构到盈利质量，从治理整合到战略协同，这桩交易面临的考验远比表面看起来更为复 杂。目前，该重组方案已进入上交所审核的关键阶段，最终能否顺利落地仍悬而未决。在行业马太效应 日益加剧的背景下，这场并购重组能否真正激发"1+1>2"的化学反应，正考验着湘财股份的整合智慧与 战略定力。 营收 ...

央视网消息：据国家网信办消息，为规范金融信息服务数据处理活动，提升金融信息服务的数据安全水平，依据《中华人民共和国网络安全法》、《中华人 民共和国数据安全法》、《中华人民共和国个人信息保护法》、《网络数据安全管理条例》、《金融信息服务管理规定》等法律法规规章和政策规定，国家 互联网信息办公室会同有关部门组织起草了《金融信息服务数据分类分级指南（征求意见稿）》，现向社会公开征求意见。公众可以通过以下途径和方式提 出反馈意见： （征求意见稿） 1 目的依据 为规范金融信息服务数据处理活动，提升金融信息服务数据安全水平，依据《中华人民共和国网络安全法》、《中华人民共和国数据安全法》、《中华人民 共和国个人信息保护法》、《网络数据安全管理条例》、《金融信息服务管理规定》等法律法规规章和政策规定，参照国家标准GB/T 43697—2024《数据 安全技术 数据分类分级规则》制定本文件。 2 适用范围 1.通过电子邮件方式发送至：shujuju@cac.gov.cn。 2.通过信函方式将意见寄至：北京市海淀区阜成路15号国家互联网信息办公室网络数据管理局，邮编100048，并在信封上注明"金融信息服务数据分类分级 指南征 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-01-22 宏观策略 [Table_MacroStrategy] 宏观点评 20260119：四季度承压，一季度开门红——全年和 12 月经济数 据点评 经济增长顺利完成 5%目标，价格降幅收窄。刚公布的全年经济数据有三 个亮点：一是经济增长完成全年目标。四季度 GDP 增速 4.5%，全年 5%， 顺利完成年初政府工作报告确定的目标。二是从供需两端看，主要靠出口 和服务拉动经济。从供给端看，主要是服务业拉动全年经济。二产 GDP 增速 4.5%，三产 5.4%。从需求端看，主要是出口和服务消费，三驾马车 里，出口增长 6.1%、固定资产投资下降 3.8%、居民消费支出增长 4.4%， 消费里社零增长 3.7%、服务零售增长 5.5%。三是 Q4 价格明显恢复，但 仍偏弱。四季度实际 GDP 增速 4.5%，名义 GDP 增速 3.8%，GDP 平减 指数-0.7%，相比上季度-1.1%明显收窄降幅，但仍然偏弱。 风险提示： 房地产市场走弱；出口下行；以旧换新政策后续不及预期的风险。 晨会编辑 张良卫 执业证书：S0600516070001 021- ...

1月20日晚，同花顺（300033.SZ）发布2025年业绩预告。 公告显示，2025年，同花顺归母净利润为27.35亿元至32.82亿元，比上年同期增长50%至80%。扣除非 经常性损益后的净利润为26.47亿元至31.77亿元，比上年同期增长50%至80%。 二级市场上，截至1月21日午间休盘，同花顺股价涨至365.07元/股，涨幅2.01%。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东的 | 盈利: 273,490.01 万元 - 328, 188. 01 万元 | 盈利:182,326.67 万元 | | 净利润 | 比上年同期增长:50%-80% | | | 扣除非经常性损益后的 | 盈利:264,734.45 万元-317,681.33 万元 | 盈利:176,489.63 万元 | | 净利润 | 比上年同期增长:50%-80% | | 来源：同花顺 南都·湾财社记者注意到，2019年和2020年，同花顺归母净利润增速曾分别高达41.6%和92.5%。2021- 2024年，同花顺归母净利润同比增速分别为10.86%、-11.51%、 ...

Group 1: Company Performance Forecasts - Putailai expects a net profit of 2.3 billion to 2.4 billion yuan for 2025, representing a year-on-year increase of 93.18% to 101.58% due to significant growth in wet-process diaphragm and coating processing businesses [1] - Tonghuashun anticipates a net profit of 2.735 billion to 3.282 billion yuan for 2025, reflecting a year-on-year growth of 50% to 80% driven by increased investment in AI and a recovery in the domestic capital market [1] - Hikvision projects a net profit of 14.188 billion yuan for 2025, with a year-on-year increase of 18.46%, supported by a comprehensive operational strategy adjustment and digital transformation [2] - Guosheng Technology forecasts a net loss of 325 million to 650 million yuan for 2025, attributed to persistent low prices in the photovoltaic industry leading to reduced revenue [3] Group 2: Mergers and Acquisitions - Yifan Transmission plans to acquire 87.07% of Beijing Helish Electric Technology Co., which is expected to constitute a major asset restructuring, enhancing the company's overall strength and core competitiveness [4] - Kailong High-Tech is planning to purchase control of Shenzhen Jinwangda Electromechanical Co., with the transaction likely to constitute a major asset restructuring [7] Group 3: Stock and Financial Updates - Liou Co. has completed its stock suspension review and will resume trading on January 21, 2026, with ongoing AI-related business applications still not forming a significant profit model [5][6] - Multiple companies, including Tongfu Microelectronics and Dongwei Technology, are forecasting significant net profit increases for 2025, with growth rates ranging from 28.06% to 303% [8]

Core Viewpoint - The financial industry is undergoing a profound self-examination, recognizing that investment models detached from the real economy and driven by emotions or short-term speculation cannot support long-term stability [1] Group 1: Company Philosophy and Approach - The company emphasizes rational investment and believes that the essence of finance lies in the rational allocation of resources rather than merely chasing price fluctuations [1][4] - The company maintains a clear positioning, focusing on long-term impacts rather than maximizing short-term profits, which aligns with its commitment to sustainable development [1][4] Group 2: Compliance and Risk Management - The company prioritizes legal compliance as a prerequisite for all business operations, reinforcing the importance of a clear and stable regulatory framework to avoid disorderly expansion and risk accumulation [2] - Risk management is viewed as an integral part of financial services, with the company employing systematic research and process management to continuously identify and control market, operational, and compliance risks [2] Group 3: Investment Philosophy - The company adopts a research-driven and long-term perspective in its investment philosophy, recognizing that short-term price fluctuations are influenced by various factors and that long-term asset value is determined by macroeconomic structures and fundamental business conditions [2][3] - The company remains restrained in the face of market trends and emotional fluctuations, making investment decisions based on in-depth research and rational judgment [3] Group 4: Client Services and Relationships - The company is committed to professional and standardized service delivery, developing differentiated service models to meet the needs of various client groups while emphasizing risk matching and information transparency [3] - For institutional clients, the company focuses on establishing long-term cooperative relationships through professional research support and standardized service processes [3] - For high-net-worth clients, the company emphasizes holistic asset allocation and risk control to assist them in achieving long-term stable management in complex market environments [3] Group 5: Industry Context and Future Outlook - The company recognizes that the Chinese capital market is transitioning from "rapid development" to "high-quality development," which demands higher levels of professionalism and rationality from financial institutions [4] - The company plans to continue exploring sustainable and rational investment paths while enhancing its research, risk management, and service capabilities [4][5]

Group 1 - The "Qihang 2025 Financial Annual Conference" was held in Beijing, focusing on the theme of "New Starting Point, New Momentum, New Journey," with over 100 guests and more than 500 financial institutions and listed companies participating [2] - Zhang Bin, Chairman of Financial界 Group and CEO of Wumart Group, highlighted that China's GDP is expected to grow around 5% in 2025, surpassing 140 trillion yuan, maintaining a leading position among major economies [2] - The capital market is experiencing significant growth, with the total market value of A-shares exceeding 100 trillion yuan for the first time and the Shanghai Composite Index reaching 4,000 points after 10 years, indicating improved market confidence and expectations [2] - Technological advancements are driving structural transformation, with new productive forces emerging, particularly in artificial intelligence and biomedicine, showcasing China's innovative capabilities [2] - The government is committed to reform, with policies aimed at reshaping supply and managing local debt risks, ensuring that systemic risks are effectively contained [2] Group 2 - The year 2026 is seen as a critical year for China's economy, marking a transition from low inflation and establishing a "new equilibrium," with fiscal and monetary policies working in tandem to boost domestic demand and consumption [3] - The capital market is expected to play an increasingly important role in national economic development, with recommendations to enhance its inclusiveness and adaptability [3] - The real estate sector is entering a stabilization phase, while new productive forces such as artificial intelligence and high-end manufacturing are anticipated to drive future growth [3] Group 3 - Zhang Bin referenced economist Zhou Jintao's speech about economic cycles, emphasizing the importance of seizing opportunities in the upcoming recovery phase [4] - Financial界 aims to leverage AI to provide comprehensive, accurate, and timely financial information services, enhancing its influence and credibility in the industry [4] - The platform generates over 50,000 financial information pieces daily, reaching more than 20 million targeted financial audiences, with a total reading volume of 6 billion on platforms like Toutiao [4]