本文源自：市场资讯 作者：行情君 财务数据显示，截至2025年06月30日，海天-A收入总额74.15万美元，同比减少59.56%；归母净利 润-91.61万美元，同比减少853.0%。 资料显示，海天全球公司是一家信息技术("IT")咨询和解决方案服务提供商,致力于为中国各行各业的企 业提供服务。 他们有两条业务线 - 1)中小型企业("中小企业")服务,包括反假冒税务控制系统("ACTCS") 税务设备,ACTCS服务和IT服务,以及2)服务大型企业,包括硬件销售和软件销售。 他们希望在不久的将来 积极开发他们的系统集成服务和在线服务平台。 他们的愿景是成为中国整体IT和其他商业咨询服务的 一站式咨询目的地。 据交易所数据显示，12月17日，海天-A(HKIT)盘中上涨21.28%，截至23:24，报2.28美元/股，成交33.28 万美元，总市值3.28亿美元。 ...

资料显示，海天全球公司是一家信息技术("IT")咨询和解决方案服务提供商,致力于为中国各行各业的企 业提供服务。 他们有两条业务线 - 1)中小型企业("中小企业")服务,包括反假冒税务控制系统("ACTCS") 税务设备,ACTCS服务和IT服务,以及2)服务大型企业,包括硬件销售和软件销售。 他们希望在不久的将来 积极开发他们的系统集成服务和在线服务平台。 他们的愿景是成为中国整体IT和其他商业咨询服务的 一站式咨询目的地。 据交易所数据显示，12月17日，海天-A(HKIT)开盘上涨5.85%，截至22:30，报1.99美元/股，成交7.31万 美元，总市值2.87亿美元。 财务数据显示，截至2025年06月30日，海天-A收入总额74.15万美元，同比减少59.56%；归母净利 润-91.61万美元，同比减少853.0%。 本文源自：市场资讯 作者：行情君 ...

格隆汇12月17日丨汇财金融投资(08018.HK)公告，于2025年12月17日，公司与安坦克订立框架IT服务协 议，据此，安坦克集团同意向集团提供IT服务，期限为自2025年12月17日至2027年12月31日。截至2025 年、2026年及2027年12月31日止三个年度各年，框架IT服务协议项下拟进行交易的年度上限分别为160 万港元、1900万港元及2000万港元。 ...

本文源自：市场资讯 作者：行情君 据交易所数据显示，12月15日，海天-A(HKIT)开盘上涨9.83%，截至22:30，报1.62美元/股，成交23.45 万美元，总市值2.33亿美元。 财务数据显示，截至2025年06月30日，海天-A收入总额74.15万美元，同比减少59.56%；归母净利 润-91.61万美元，同比减少853.0%。 资料显示，海天全球公司是一家信息技术("IT")咨询和解决方案服务提供商,致力于为中国各行各业的企 业提供服务。 他们有两条业务线 - 1)中小型企业("中小企业")服务,包括反假冒税务控制系统("ACTCS") 税务设备,ACTCS服务和IT服务,以及2)服务大型企业,包括硬件销售和软件销售。 他们希望在不久的将来 积极开发他们的系统集成服务和在线服务平台。 他们的愿景是成为中国整体IT和其他商业咨询服务的 一站式咨询目的地。 ...

策略配置 2025 年 12 月 9 日 财报透视系列（一） 上市公司内外需景气度变化与投资机会展望 证券分析师 2/ 22 策 略 报 告 策 略 深 度 报 告 证 券 研 究 报 告 魏伟 投资咨询资格编号 S1060513060001 BOT313 WEIWEI170@pingan.com.cn 陈骁 投资咨询资格编号 S1060516070001 BWH863 CHENXIAO397@pingan.com.cn 蒋炯楠 投资咨询资格编号 S1060524120002 JIANGJIONGNAN597@pingan.com.cn 平安观点： 宏观背景：2025 年以来，我国外需韧性内需波动，需求前景仍存不确定性。 外需受到海外关税政策扰动，但在企业抢出口、拓展非美市场等因素下，出口 增长保持较强韧性；10 月以来关税政策反复、中美磋商达成新共识，但仍需密 切跟踪其变化。内需则在国内政策支持下逐步修复；但 Q3 以来投资、消费增 速再度回落，未来内需修复及增量政策仍需关注。在此背景下，A 股哪些行业 内外需正在同步向上？景气修复更具确定性？我们拆解财报数据进行了分析。 财报映射：2025H1，A 股核心 ...

Core Insights - Lenovo's China region achieved record revenue for the first half of the fiscal year 2025/2026 (April to September 2025) [1] Group 1: Financial Performance - Lenovo's enterprise business group saw both revenue and net profit grow significantly in double digits [1] - Infrastructure revenue increased by 42% year-on-year [1] - The PC market share for the small and medium-sized enterprise business group reached 30.9%, marking a historical high for the same period [1] Group 2: Consumer Business - The consumer business group achieved a PC sales market share of 36.6%, setting a new historical record [1] - Consumer tablets and smartphones experienced year-on-year growth of 121% and 28%, respectively, driven by the "one body, multiple ends" strategy [1] Group 3: Infrastructure and Services - The infrastructure business group continued to maintain rapid growth, with servers performing well in the E/SMB market and experiencing high growth in the CSP market [1] - The solution service business group is leading the market, with IT services ranked first in China, widening the gap with the second place [1] - The urban super-intelligent body has been implemented in ten cities [1] - The Baijing intelligent body 2.0 mobile version was released, with comprehensive upgrades to L3 in AI operations, AI office, and AI marketing scenarios [1] - The "Xiang Bang Bang" intelligent body expanded its new customer base by 4.4 million in six months [1]

Core Viewpoint - The report from Industrial Securities highlights significant volatility in global risk assets due to concerns over tightening overseas liquidity and discussions surrounding an "AI bubble" [1] Group 1: Market Conditions - Global risk assets have experienced substantial fluctuations this week, influenced by a lack of economic data, frequent hawkish statements from the Federal Reserve, and rising liquidity pressures in the money market due to government shutdown and fiscal constraints [1] - The strong dollar has suppressed global stock markets and commodity prices, with technology-heavy indices like Nikkei 225, Korean stock index, and Nasdaq leading the decline [1] Group 2: Future Outlook - The probability of overseas liquidity tightening evolving into systemic risk is low, as solutions from the Federal Reserve and bipartisan negotiations to reopen the government are progressing, which may gradually alleviate external disturbances on risk appetite [2] - If the U.S. government shutdown ends as expected in mid-November and more economic data is released, market expectations for Federal Reserve rate cuts will be recalibrated, potentially creating a window for global recovery [3] Group 3: AI Industry Analysis - The current discussions around the "AI bubble" have caused some disturbances in the domestic AI industry chain, but Industrial Securities believes that AI's empowerment of traditional industries is still in its early stages, making it incomparable to the internet bubble of 1999-2000 [4] - The development logic of the AI industry is clear, with major global tech companies continuously defining their AI strategies, and the fundamentals of leading companies in the U.S. stock market remain strong due to ongoing R&D investments and capital expenditures [4] Group 4: Investment Strategies - The "14th Five-Year Plan" emphasizes AI as a key driver for national competition and technological innovation, indicating that the AI industry chain will be a focus area with favorable prospects next year [5] - The year-end market is seen as an important window for positioning in sectors expected to perform well in the coming year, with a focus on cyclical sectors such as steel, chemicals, construction materials, and new consumption [6][7] - High-growth sectors expected to see net profit growth of over 30% next year include AI hardware, new energy, and military industries, while sectors with expected growth of 10%-30% include pharmaceuticals and AI downstream applications [7][8]

Core Insights - The report from Industrial Securities indicates that in Q3 2025, active public funds are aligning with the AI industry trend, showing a significant shift towards "increasing hardware and decreasing software" [1][10] Group 1: TMT Sector Allocation - The allocation ratio of active public funds to the TMT sector has increased significantly by 11.3 percentage points to 39.9% in Q3 2025, nearing historical highs last seen at the end of 2020 [2] - The TMT sector has grown to encompass over 1,000 companies, with a free float market capitalization exceeding 25%, allowing for a larger capacity for fund allocation [2] - The adjusted indicator of "active public fund allocation ratio/free float market capitalization ratio" for TMT in Q3 2025 is 1.52, which is not extreme compared to historical highs [3][6] Group 2: AI Subsector Analysis - In Q3 2025, active public funds have notably increased their positions in upstream network communication hardware (mainly North American computing chains) and chip storage (mainly domestic computing chains), while reducing positions in midstream algorithm technology and software [10][12] - The allocation in upstream network communication hardware is at 19.4%, with a significant increase in configurations for components like optical modules and PCBs [11] - The midstream software sector has seen a reduction in most areas, with application software and office software showing historically low allocation ratios [12][13] Group 3: Downstream AI Applications - The downstream AI sector has seen an increase in allocations towards consumer electronics such as AI phones and wearable devices, while humanoid robots have been reduced [13] - Most downstream AI applications have experienced a decrease in allocations, with gaming and a few other sectors showing some increases, but overall configurations remain at historically low levels [13]

Core Insights - The article discusses the significant increase in AI-related spending, particularly in data center systems and enterprise software, driven by the GenAI trend and inflationary pressures [1][2][5][7]. IT Spending Forecasts - Gartner predicts that global IT spending will exceed $6 trillion by 2026, with a notable increase in spending on data center systems, enterprise software, IT services, devices, and communications services [2][5]. - The projected IT spending for 2025 is $5.54 trillion, reflecting a 10% growth from 2024, and aligns closely with earlier forecasts for 2026 [5][11]. Data Center Systems - Data center systems spending is expected to reach $489.45 billion in 2025, growing by 46.8%, and $582.45 billion in 2026, with a growth rate of 19% [2][7]. - The spending for data center systems in 2024 is projected to be $333.4 billion, which is double the pre-pandemic levels, indicating a 40.3% increase from 2023 [7][9]. Enterprise Software and IT Services - Enterprise software spending is forecasted to grow from $1.24 trillion in 2025 to $1.43 trillion in 2026, with growth rates of 11.9% and 15.2% respectively [2][4]. - IT services spending is expected to increase from $1.72 trillion in 2025 to $1.87 trillion in 2026, with growth rates of 6.5% and 8.7% [2][4]. Inflation Impact - The article highlights that inflation has a significant cumulative effect on spending, with adjustments showing that the apparent increase in spending may be less than it seems when accounting for inflation [9][11]. - Even after adjusting for inflation, the increase in data center systems spending from 2019 to 2026 is projected to be 2.55 times, indicating robust growth despite inflationary pressures [9][11].

Core Viewpoint - China Soft International (中软国际) has shown positive stock performance following significant share purchases by its major shareholder, indicating potential recovery in its core IT outsourcing business after a prolonged decline [1] Group 1: Shareholder Activity - Major shareholder Dr. Chen Yuhong has increased his stake in China Soft International by purchasing an additional 1.5 million shares for approximately 9.06 million HKD, bringing his total holdings to 319 million shares, which represents about 11.68% of the company's issued shares [1] Group 2: Business Recovery - Nomura has indicated that the worst period for China Soft International may be over, as the company's core IT outsourcing business has shown signs of recovery with a year-on-year growth of 7% expected in the first half of 2025, following nearly three years of decline [1] - The recovery is attributed to Huawei's business restructuring, which is anticipated to increase demand for China Soft International's IT services due to Huawei's active AI plans and expansion in cloud, software, and automotive applications [1]