2025年上半年，公司系统集成及服务业务实现收入0.42亿元，同比下滑28.07%。系统集成业务收入下降 的趋势，与近几年行业发展的基本趋势相一致。近年来，国内金融机构对国产设备采购的比例逐年提 升，并且在采购中以直采为主，压缩了系统集成商的业务空间。公司现有系统集成业务要求保证毛利率 达标的前提下，有限发展。因此，2025年半年度集成业务收入情况与公司一直以来调整主营业务结构的 目标基本适应。 本报记者许林艳 （文章来源：证券日报） 8月28日，高伟达软件股份有限公司（以下简称"高伟达"）发布2025年半年度报告。报告期内，公司营 收实现5.20亿元，同比上涨2.74%；归母净利润实现1382.63万元，同比上涨60.35%。 从收入占比来看，公司现有主营业务主要为金融信息服务业务，即向以银行、保险、证券为主的金融企 业客户提供软件开发及服务和系统集成及服务。 报告期内，公司通过持续加强费用审核，完善绩效考核制度等一系列措施，公司的各项费用管控获得较 好的效果。2025年上半年，随着公司降低银行贷款规模，财务费用也同比下降16.71%，2025年半年度 公司费用总额同比降低14.65%，为公司净利润的提升做 ...

事件：8 月27 日，指南针公布2025 年半年报，略低于预期。1H25 公司实现归母净利润1.4 亿 元/yoy+391%，实现扣非净利润0.7 亿元/yoy+248%，实现营业总收入9.3 亿元/yoy+71.6%。 高交投环境助推公司上半年业绩同比高增，2Q 业绩低于预期。1）2Q 单季度业绩低于预期：上半年资 本市场交投活跃度维持高位，指南针金融信息服务与证券双主业同比稳健增长，但公司金融信息服务业 务销售周期季节性因素较强、高端软件或在一季度完成销售，成为公司二季度业绩承压主因；2Q25 指 南针实现净利润0.03 亿元/yoy+105%/qoq-97.6%，总营收3.9亿元/yoy+56.2%/qoq-27.5%。2）上半年业绩 拆分看：1H25 公司金融信息服务业务、证券业务（不含自营）收入分别为6.8、2.4 亿元，分别同比 +60.3%、+47.7%，贡献收入占比分别为72.6%、25.9%。3）成本端看，报告期内公司持续扩大广告宣传 投入及麦高证券投入力度，费用延续增长态势；1H25 公司销售、管理、研发费用分别为4.9 亿、2.8、 0.9 亿元，分别同比+55.4%、+51.8%、+1 ...

Group 1 - The stock price of Dazhihui as of August 27, 2025, is 16.36 yuan, down 1.04 yuan or 5.98% from the previous trading day's closing price [1] - The opening price on the same day was 17.37 yuan, with a highest point of 17.41 yuan and a lowest point of 16.28 yuan, with a trading volume of 1.535 million hands and a transaction amount of 2.6 billion yuan [1] - Dazhihui's main business includes financial information services and data terminal product development, and it operates in sectors such as software development, Shanghai sector, margin trading, big data, and internet finance [1] Group 2 - For the first half of the year, Dazhihui reported operating revenue of 379 million yuan, a year-on-year increase of 13.19%, and a net loss attributable to shareholders of 3.47 million yuan, significantly narrowing from a loss of 138 million yuan in the same period last year [1] - The reduction in losses is primarily attributed to revenue growth, decreased costs and expenses, and an investment income of 31.64 million yuan from the sale of a subsidiary [1] - On August 27, the net outflow of main funds was 489.74 million yuan, accounting for 1.5% of the circulating market value, with a cumulative net outflow of 859.31 million yuan over the past five days, representing 2.64% of the circulating market value [1]

Core Insights - Institutional attention is increasing in sectors such as electric equipment, basic chemicals, food and beverage, and steel, indicating a potential shift in investment focus [5][6][7] - The gaming industry shows signs of recovery, with significant growth in end-user engagement and new game releases expected to drive advertising demand [27][28][29] - The automotive sector is experiencing a surge in intelligent driving technology, with major players launching new algorithms and models that enhance safety and performance [17][18][19][21] - The communication industry is witnessing advancements with NVIDIA's launch of Spectrum-XGS Ethernet, which aims to optimize data center connectivity and support AI applications [22][24][25] Sector Summaries Electric Equipment - Institutional research indicates a rise in interest, with electric equipment being one of the top sectors under scrutiny [5][6] - Recent reports highlight significant growth in shipments and profitability for companies in this sector, suggesting a positive outlook [31][32] Food and Beverage - The sector is facing challenges with a 5.1% decline in revenue and a 73.7% drop in net profit for the first half of 2025, primarily due to rising costs and increased marketing expenses [44][46] - Despite the downturn, there are efforts to innovate with new products and channels, which may lead to gradual improvement in performance [47] Automotive - Long-term growth is anticipated as the newly established state-owned enterprise group enhances decision-making efficiency and resource allocation [33] - The company reported a 51% increase in electric vehicle sales, indicating strong demand and successful new model launches [32] Communication - The introduction of Spectrum-XGS Ethernet by NVIDIA is expected to revolutionize data center operations, enhancing performance and reducing latency for AI applications [22][24] - The technology is seen as a critical component for future AI infrastructure, potentially leading to significant market opportunities [25] Gaming - The gaming industry is experiencing a resurgence, with new game approvals and a robust pipeline of upcoming titles expected to drive growth [28][29] - Companies are leveraging high engagement in traditional gaming venues to boost advertising revenues, indicating a healthy market environment [27]

Investment Rating - The report suggests an "Overweight" rating for the internet finance sector, indicating a positive outlook for the industry based on current trends and market conditions [4]. Core Insights - The report highlights a significant increase in A-share account openings, with a year-on-year growth rate of 70.5% as of July 2025, signaling a new peak in the capital market [2][13]. - The trend of "relocating" household financial management is accelerating, with the total scale of bank wealth management reaching 31.3 trillion yuan, a year-on-year increase of 9.7% [15]. - Major securities apps are becoming the core of user acquisition, with leading platforms like Tonghuashun, Dongfang Caifu, and Dazhihui maintaining a competitive edge in user engagement [3][18]. Summary by Sections Global Monetary Policy and Market Trends - The Federal Reserve is likely to lower interest rates, with a 84% probability of a 25 basis point cut in September, as indicated by recent economic data showing a slowdown in the labor market [1][9]. - Major U.S. stock indices saw significant gains, with the Dow Jones up 1.89%, S&P 500 up 1.52%, and Nasdaq up 1.88% [1][9]. Internet Finance and Wealth Management - The report notes a shift in wealth management strategies, with traditional bank wealth management firms experiencing slower growth, while securities apps are expected to benefit from increased user traffic [2][15]. - Regulatory bodies are actively supporting the capital market, ensuring that there will not be a large-scale expansion of IPOs, which helps maintain market stability [2][21]. Securities Apps and User Engagement - Leading securities apps have seen substantial user growth, with Tonghuashun leading with an average of 32.46 million monthly active users, followed by Dongfang Caifu and Dazhihui [3][18]. - The report outlines various monetization strategies employed by these platforms, including AI investment tools, brokerage commissions, and fund sales [22][28]. Recommendations for Investment - The report recommends focusing on companies in the securities and IT sectors, including Tonghuashun, Dazhihui, and Dongfang Caifu, as well as those involved in digital currency infrastructure and cross-border payments [4][45].

分组1 - Longi Green Energy reported a revenue of 32.81 billion yuan in the first half of 2025, a decrease of 14.83% year-on-year, with a net loss of 2.57 billion yuan, an improvement of 2.66 billion yuan compared to the previous year [1][2] - The company increased its silicon wafer shipments to 52.08 GW, with external sales of 24.72 GW, and battery module shipments of 41.85 GW, but faced losses due to market prices falling below cost levels [1][2] 分组2 - Vanke A reported a revenue of 105.32 billion yuan in the first half of 2025, a decrease of 26.23% year-on-year, with a net loss of 11.95 billion yuan, a decrease of 21.25% compared to the previous year [3][5] - The company completed the delivery of over 45,000 housing units and achieved a sales amount of 69.11 billion yuan, with a collection rate exceeding 100% [5][6] 分组3 - Tonghuashun achieved a revenue of 1.78 billion yuan in the first half of 2025, an increase of 28.07% year-on-year, with a net profit of 502 million yuan, up 38.29% [7][8] - The increase in revenue was attributed to a rise in user activity on its platform and increased demand for financial information services [7][8] 分组4 - Changan Automobile reported a revenue of 72.69 billion yuan in the first half of 2025, a decrease of 5.25% year-on-year, with a net profit of 2.29 billion yuan, down 19.09% [9][10] - The company achieved a sales volume of 1.355 million vehicles, a year-on-year increase of 1.6%, with new energy vehicle sales reaching 452,000 units, up 49.1% [9][10][11] 分组5 - Ping An Bank reported a revenue of 69.39 billion yuan in the first half of 2025, a decrease of 10.0% year-on-year, with a net profit of 24.87 billion yuan, down 3.9% [12][14] - The bank's net interest margin was 1.80%, a decrease of 16 basis points compared to the previous year [12][14] 分组6 - Longi Green Energy's net loss expanded to 4.955 billion yuan in the first half of 2025, with revenue of 40.51 billion yuan, a decrease of 7.51% year-on-year [26][28] - The company cited ongoing supply-demand imbalances in the industry as a significant challenge [26][28] 分组7 - China CNR reported a revenue of 119.76 billion yuan in the first half of 2025, an increase of 32.99% year-on-year, with a net profit of 7.25 billion yuan, up 72.48% [23][24][25] - The revenue increase was primarily driven by growth in railway equipment and new industry income [23][24] 分组8 - Jiangsu Bank reported a revenue of 448.64 billion yuan in the first half of 2025, an increase of 7.78% year-on-year, with a net profit of 202.38 billion yuan, up 8.05% [32][33] - The bank's total assets reached 4.79 trillion yuan, a growth of 21.16% compared to the previous year [32][33]

大智慧属于软件开发行业，公司总部位于上海，业务涵盖金融信息服务、大数据技术应用等领域。公司 总市值327.22亿元，流通市值与总市值相同。 从资金流向来看，大智慧8月21日主力资金净流出2.65亿元，占流通市值的0.81%。近五个交易日累计净 流出3.78亿元，占流通市值的1.15%。 截至2025年8月21日15时，大智慧股价报16.45元，较前一交易日下跌2.26%。当日开盘价为16.83元，最 高触及17.22元，最低下探16.21元，成交量为191.95万手，成交金额达31.97亿元，换手率为9.65%。 风险提示：股市有风险，投资需谨慎。 ...

8月21日，海联金汇盘中上涨6.52%，截至11:00，报10.95元/股，成交14.23亿元，换手率11.43%，总市 值128.55亿元。 资料显示，海联金汇科技股份有限公司位于山东省青岛市即墨区青威路1626号，公司主要分为智能制造 和信息科技两大业务板块，提供汽车总成件、电机、新材料等制造服务以及金融信息服务、5G消息、 SAAS云等科技服务。公司拥有1个院士专家工作站,3个省级企业技术中心,7个市级研发平台和10家国家 高新技术企业，已在深圳证券交易所成功上市。 截至3月31日，海联金汇股东户数6.95万，人均流通股1.69万股。 2025年1月-3月，海联金汇实现营业收入16.65亿元，同比减少18.00%；归属净利润5064.14万元，同比减 少8.07%。 ...

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for the sector [5]. Core Insights - The report highlights a significant increase in new A-share account openings, with a year-on-year growth of 70.5% by July 2025, signaling a peak period for the capital market [9][10]. - The total scale of bank wealth management products reached 31.3 trillion yuan by the end of June, reflecting a year-on-year growth of 9.7%, indicating a recovery to pre-redemption levels [10]. - Leading internet financial platforms are expected to benefit from increased user engagement and regulatory support, with major apps like Tonghuashun, Dongfang Caifu, and Dazhihui maintaining high monthly active users [2][19]. Summary by Sections 1. Internet Finance Trends - The trend of residents moving their financial assets is accelerating, with internet finance leaders poised to share in the benefits [9]. - By mid-2025, the wealth management scale of state-owned and joint-stock banks reached 24.19 trillion yuan, accounting for over 80% of the market [10]. 2. Securities App Activity - The activity level of securities apps has become a core driver for attracting users, with Tonghuashun leading with an average of 32.46 million monthly active users in 2024 [2][16]. - Regulatory bodies are actively supporting the market, ensuring that there will not be a large-scale expansion of IPOs, which helps maintain market stability [19]. 3. Business Models of Leading Platforms - Major internet finance platforms are expanding their monetization strategies based on traffic and licensing barriers, with specific models outlined for each platform: - Tonghuashun focuses on AI investment robots and ETF guidance [20]. - Dongfang Caifu generates revenue through brokerage commissions and fund sales, with significant transaction volumes reported [23]. - Dazhihui is enhancing its service offerings with terminal information and quantitative systems [36]. - JiuFang ZhiTou is innovating with a stock learning machine that integrates hardware and AI [40]. 4. Investment Recommendations - The report suggests focusing on securities and IT companies such as Tonghuashun, Dazhihui, and Dongfang Caifu, as well as digital currency infrastructure and cross-border payment firms [4][41].

| 上榜热股 | 实时涨跌幅 | | 买/卖家数 机构净买额 | | --- | --- | --- | --- | | 指南针 300803.5Z | +20.00% | 1/0 | +3.99亿 | | 壹石通 | | | | | 688733.55 | +17.54% | 1/0 | +3.02亿 | | 3日 | | | | | 双一科技 | +15.39% | 3/4 | +2.35 Z | | 300690.5Z | | | | 指南针 龙虎榜显示，1家机构净买入3.99亿。 龙虎榜知名游资 一、大金融 指南针 个股龙虎榜 国内经营经验丰富的金融信息服务提供商之一，子公司网信证券名称将变更为麦高证券 龙虎榜机构热股 今天机构龙虎榜上榜35只个股，净买入16只，净卖出19只。当日机构买入最多的个股前三位是：指南针 （3.99亿）、壹石通（3.02亿）、双一科技（2.35亿）。 近期成交额连续第三个交易日突破2万亿。 此外，截至8月14日，沪深京三市融资融券余额合计20552.08亿元，较前一交易日增加89.57亿元；融资 余额合计20410.57亿元。 长城证券指出，8月后国内外大事将继续迎来密集交 ...