证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-03 宏观策略 [Table_MacroStrategy] 宏观点评 20260202：大宗商品风暴如何应对——每周宏观经济和资产配 置研判-20260202 国内权益方面，结构上我们建议进行均衡型的 ETF 配置。 金融产品深度报告 20260202：恒生科技 ETF， 2026 年 1 月复盘及 2026 年 2 月展望 事件驱动盘点： 宏观层面：1 月外部利率定价仍占优，但地缘与政策不 确定性压低数据能见度、抬升风险溢价，美元以及美债波动反复传导至港 股科技估值与风险偏好，使行情更易走出修复与回撤交替。 政策层面： 1 月政策主线是内地宽松预期与对港离岸流动性支持共同托底恒生科技 估值、压低风险溢价，但外部利率与跨境资金波动仍是关键掣肘。 行业 层面：1 月行业主线是 AI 算力约束边际缓和与平台合规确定性提升共同 改善风险偏好、强化中期增长叙事，但供给与监管约束未完全解除使利好 兑现与短期弹性仍受限。 指数后市展望： 关键事件前瞻：2026 年 2 月，恒生科技指数的走势可能仍将由宏观数据、政策定价与业绩验证三条 主线共同牵引。其中，海 ...

Core Viewpoint - The report from Pacific Securities highlights the significant growth of the company, with a notable increase in revenue and net profit driven by its financial information services and effective customer acquisition strategies [1] Financial Performance - The company achieved total operating revenue of 935 million yuan in the first half of the year, representing a year-on-year increase of 71.55% [1] - The net profit attributable to shareholders reached 143 million yuan, marking a substantial year-on-year growth of 391.17% [1] Business Model and Strategy - The company has successfully established a dual monetization model of "software fees + brokerage commissions," enhancing the lifetime value of individual users [1] - The large software user base provides a continuous, precise, and sticky flow of customers for the brokerage, contributing to its performance [1] Growth Drivers - The rapid development of the brokerage, Mai Gao Securities, has become a key engine for the company's performance growth [1] - The integration of Pioneer Fund is still in its early stages, with limited short-term contributions to overall performance, but it opens up long-term monetization opportunities [1] Market Conditions - The financial information services business benefits from increased market trading activity, leading to high-speed growth in performance [1] - The rapid development momentum of Mai Gao Securities remains strong, and the integration speed of Pioneer Fund is expected to accelerate, indicating promising long-term collaborative development potential [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in new customer acquisition, with a strong expectation for order elasticity in high-end products in the second half of the year. The total revenue and net profit for H1 2025 were 935 million and 143 million yuan, respectively, representing a year-on-year increase of 71.6% and a turnaround from losses. The Q2 figures were 393 million and 4 million yuan, with a quarter-on-quarter decrease of 28% and 97%, but a year-on-year increase of 56% and a return to profitability, aligning with expectations. The financial information services revenue and securities services (excluding investments) grew by 60% and 120% year-on-year, respectively, indicating a strong synergy and growth potential [5][6][7]. Financial Performance Summary - For H1 2025, the company reported total revenue of 935 million yuan, with a net profit of 143 million yuan, marking a significant recovery from previous losses. The Q2 results showed a revenue of 393 million yuan and a net profit of 4 million yuan, reflecting a year-on-year growth of 56% [5][6]. - The financial information services revenue reached 680 million yuan in H1 2025, up 60% year-on-year, while sales cash flow was 720 million yuan, an increase of 47% [6]. - The company has adjusted its net profit forecasts for 2025-2027 to 420 million, 640 million, and 980 million yuan, respectively, indicating a year-on-year growth of 306%, 51%, and 53% [5][6]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 218.0, 144.0, and 94.1 times, respectively [8][11]. - The gross margin is expected to improve from 87.3% in 2023 to 93.7% by 2027, while the net margin is projected to increase from 6.5% to 23.8% over the same period [8][11]. - The return on equity (ROE) is forecasted to rise from 4.1% in 2023 to 25.8% in 2027, reflecting improved profitability [8][11].