银河智联混合A（519644）基金经理为郑巍山。 截至发稿，郑巍山累计任职时间6年111天，现任基金资产总规模174.69亿元，任职期间最佳基金回报 223.42%， 任职期间最差基金回报-12.43%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 8月27日，高伟达跌5.07%，截至发稿，报20.22元/股，成交15.47亿元，换手率16.34%，总市值89.73亿 元。 资料显示，高伟达软件股份有限公司位于北京市朝阳区霄云路28号院2号楼国樽赢地中心A座E层，成立 日期2003年4月11日，上市日期2015年5月28日，公司主营业务涉及向以银行、保险、证券等为主的金融 企业客户提供IT解决方案、IT运维服务以及系统集成服务。主营业务收入构成为：软件开发及服务 89.09%，系统集成及服务10.91%。 从高伟达十大流通股东角度 数据显示，银河基金旗下1只基金位居高伟达十大流通股东。银河智联混合A（519644）一季度新进十 大流通股东，持有股数 ...

8月27日，新致软件盘中上涨2.07%，截至10:06，报25.13元/股，成交1.23亿元，换手率1.87%，总市值 66.07亿元。 资金流向方面，主力资金净流入535.71万元，特大单买入597.40万元，占比4.87%，卖出1167.84万元， 占比9.52%；大单买入3364.30万元，占比27.43%，卖出2258.16万元，占比18.41%。 新致软件今年以来股价涨56.77%，近5个交易日涨3.29%，近20日涨18.54%，近60日涨17.54%。 截至7月20日，新致软件股东户数1.26万，较上期增加0.05%；人均流通股20899股，较上期减少0.05%。 2025年1月-3月，新致软件实现营业收入4.34亿元，同比增长0.21%；归母净利润1572.79万元，同比增长 4.04%。 分红方面，新致软件A股上市后累计派现9888.16万元。近三年，累计派现2971.31万元。 机构持仓方面，截止2025年3月31日，新致软件十大流通股东中，易方达供给改革混合（002910）位居 第八大流通股东，持股341.70万股，为新进股东。 责任编辑：小浪快报 今年以来新致软件已经3次登上龙虎榜，最 ...

新致软件今年以来股价涨53.21%，近5个交易日跌4.81%，近20日涨12.15%，近60日涨18.53%。 今年以来新致软件已经3次登上龙虎榜，最近一次登上龙虎榜为3月6日，当日龙虎榜净买入5774.28万 元；买入总计1.74亿元 ，占总成交额比21.59%；卖出总计1.16亿元 ，占总成交额比14.43%。 资料显示，上海新致软件股份有限公司位于中国(上海)自由贸易试验区峨山路91弄98号(软件园1号楼)第 四层至第六层，成立日期1994年6月4日，上市日期2020年12月7日，公司主营业务涉及公司向保险公 司、银行等金融机构和其他行业终端客户提供IT解决方案、IT运维服务,以及向一级软件承包商提供软 件项目分包服务。主营业务收入构成为：IT解决方案84.23%，创新业务6.73%，IT产品销售及增值服务 5.37%，软件开发分包3.57%，其他(补充)0.10%。 新致软件所属申万行业为：计算机-软件开发-垂直应用软件。所属概念板块包括：AIAgent（智能 体）、华为鲲鹏、国产软件、数据确权、智谱AI概念等。 8月26日，新致软件盘中下跌2.07%，截至14:13，报24.56元/股，成交2.61 ...

Group 1 - As of August 21, 2025, Yuxin Technology's stock price closed at 27.79 yuan, up 0.36% from the previous trading day, with a trading volume of 1.563 billion yuan [1] - The stock price fluctuated between 27.53 yuan and 28.81 yuan on that day, with a volatility of 4.62% [1] - The company primarily operates in financial technology and software services, providing IT solutions to banks and other financial institutions [1] Group 2 - As of August 8, 2025, the total number of shareholders with credit accounts in Yuxin Technology was 83,649 [1] - On August 21, 2025, the net outflow of main funds was 72.0587 million yuan, with a cumulative net outflow of 244 million yuan over the past five days [1]

Company Overview - Shanghai Xinzhi Software Co., Ltd. was established as a joint-stock company based on the original Shanghai Xinzhi Software Co., Ltd. and was listed on the Shanghai Stock Exchange in December 2020 [1] - The company operates in the software and information technology services industry, with a total issued share capital of 26,521,724.44 shares as of December 31, 2024 [1] Financial Reporting Basis - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance and reflect the company's financial position as of December 31, 2024 [1][2] - The reporting period is from January 1 to December 31 each year, with a business cycle of 12 months [1] Accounting Policies - The company adopts specific accounting policies and estimates based on its operational characteristics, including revenue recognition and asset valuation [1][2] - The financial statements are prepared on a going concern basis, ensuring that the company can continue its operations for the foreseeable future [1] Consolidation and Control - The scope of consolidation is determined based on control, which includes the company and all subsidiaries [2] - The company treats the entire corporate group as a single accounting entity, preparing consolidated financial statements that reflect the overall financial status and performance [2] Business Combinations - For business combinations under common control, the assets and liabilities are measured at their book values on the date of combination [3] - Non-common control business combinations are accounted for at fair value, with goodwill recognized for any excess of the purchase price over the fair value of identifiable net assets acquired [3][4] Financial Instruments - Financial assets are classified at initial recognition as either measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss [8][9] - The company assesses expected credit losses for financial instruments based on historical data, current conditions, and forecasts of future economic conditions [15][16] Inventory and Assets - Inventory is classified into raw materials, work-in-progress, finished goods, and is measured at the lower of cost and net realizable value [19] - Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell [21] Long-term Equity Investments - Long-term equity investments are accounted for using the cost method for subsidiaries and the equity method for associates and joint ventures [22][24] - The initial investment cost for long-term equity investments is adjusted for any differences between the cost and the fair value of identifiable net assets acquired [23][24]

Core Viewpoint - Wuhan Guangting Information Technology Co., Ltd. plans to acquire 100% equity of Chengdu Kaimate Technology Co., Ltd. for a total consideration of 360 million yuan, using 180 million yuan from over-raised funds and the remainder from self-raised funds [1][5] Group 1: Acquisition Details - The acquisition will make Kaimate Technology a wholly-owned subsidiary of Guangting Information, included in the consolidated financial statements [1][5] - Kaimate Technology focuses on software and IT services in sectors such as automotive supply chain, fintech, and healthcare, primarily serving Japanese clients [3][6] - The transaction requires Kaimate Technology to convert from a joint-stock company to a limited liability company and to separate its 65% stake in Dimension Information Technology (Suzhou) Co., Ltd. [3][4] Group 2: Financial Performance - Kaimate Technology is projected to achieve revenue of 131 million yuan and a net profit of 33.18 million yuan for the fiscal year 2024 [4] - The valuation of Kaimate Technology shows an increase of 25.68 million yuan, with a valuation rate of 242.46% based on the assessment [4][5] - The performance commitment for Kaimate Technology includes net profit targets of no less than 38 million yuan, 45 million yuan, and 52 million yuan for the years 2025 to 2027 [5] Group 3: Strategic Implications - The acquisition is expected to enhance Guangting Information's profit scale and facilitate deeper integration of resources with Kaimate Technology, particularly in serving Japanese and other overseas clients [6] - Guangting Information aims to leverage its AI technology and Kaimate Technology's software development experience to expand its capabilities in various industries [6] - The company has faced declining net profits since its listing, but recent performance shows signs of recovery, with a revenue increase of 10.52% year-on-year in Q1 2025 [7]

Core Viewpoint - The acquisition of 100% equity in Chengdu Kaimate Technology Co., Ltd. by Wuhan Guangting Information Technology Co., Ltd. for a total consideration of 360 million yuan is aimed at enhancing the company's service capabilities and expanding its overseas business, particularly in the Japanese market [1][6][8]. Group 1: Acquisition Details - Guangting Information plans to use 180 million yuan of raised funds to partially finance the acquisition, with the remainder sourced from its own or self-raised funds [1]. - After the transaction, Kaimate Technology will become a wholly-owned subsidiary of Guangting Information and will be included in the consolidated financial statements [2]. - The transaction is based on a valuation that reflects a significant increase in Kaimate Technology's value, with an assessed increase of 25.685 million yuan and a valuation increase rate of 242.46% [3][6]. Group 2: Kaimate Technology Overview - Kaimate Technology is a comprehensive software and information technology service provider focusing on industries such as automotive supply chain, fintech, and healthcare [4]. - The company primarily serves Japanese clients, offering software development, testing, and IT solutions [4]. Group 3: Financial Performance - Kaimate Technology is projected to achieve revenues of 131 million yuan and a net profit of 33.1821 million yuan for the fiscal year 2024 [5]. - The acquisition includes performance commitments, with net profit targets set at no less than 38 million yuan, 45 million yuan, and 52 million yuan for the years 2025 to 2027 [6]. Group 4: Strategic Implications - The acquisition is expected to facilitate deeper integration of customer resources between Guangting Information and Kaimate Technology, enhancing service offerings and expanding market reach [8]. - Guangting Information aims to leverage its AI technology and Kaimate Technology's cross-industry software development experience to enhance its capabilities in various applications [8]. Group 5: Guangting Information's Financial Trends - Guangting Information has experienced fluctuating financial performance since its IPO, with revenues showing a slight decline in recent years, but a recovery in Q1 2025 with a revenue increase of 10.52% year-on-year [9]. - The company reported a net profit of 24.0325 million yuan in Q1 2025, indicating a return to profitability driven by growth in smart connected vehicle testing services and improved operational efficiency [9].

浩丰科技相关负责人介绍称，在持续深化AI技术与行业场景的融合过程中，浩丰科技积极利用先进的 AI基础设施和硬件，结合优质的软件及服务，全面推动AI技术在金融、安全、商业等关键领域的深度 落地应用。 为挖掘新的业务增长点，浩丰科技不断加大在AI领域的技术研发投入，积极与高校、科研机构建立紧 密合作关系，共同开展前沿技术研究，以此增强自身在AI领域的技术实力和创新能力。重点布局多模 态融合、智能体、生成式AI等关键技术，并积极探索AI+软硬件一体化的业务应用模式。 本报讯 （记者贺王娟）记者从北京浩丰创源科技股份有限公司（以下简称"浩丰科技"）方面获悉，近 日公司正式对外发布《未来三年战略规划纲要（2025-2027）》，将通过AI技术创新构建智能决策中 枢，助力客户实现数智化转型，发展AI+软硬件一体化业务，打造全链智能、安全、协同的新生态。 "智能金融、智能安全、智能商业"构成浩丰科技的三大核心业务矩阵。上述公司负责人表示，基于此， 公司将重点利用多模态AI技术，实现对图像、文本、语音等多种数据类型的综合处理与分析，为不同 行业的客户提供更全面、更智能的IT解决方案。深入研究智能体（AIAgent）技术，打造 ...

Core Viewpoint - Shanghai Xinzhi Software Co., Ltd. reported significant changes in financial metrics for the 2024 annual report, with a notable 88.21% decline in net profit and a 43.81% increase in sales expenses, indicating potential investment risks and opportunities for stakeholders [1][3]. Financial Performance - The company achieved operating revenue of 1,995,198,312.45 yuan, an 18.57% increase year-on-year, driven by the rapid development of the domestic digital economy and increased investment in AIGC applications [2]. - Net profit attributable to shareholders was 8,092,740.19 yuan, down 88.21% year-on-year, primarily due to increased sales and R&D expenses related to AI development and costs associated with employee stock options [3]. - The net profit excluding non-recurring items was -4,114,434.67 yuan, reflecting a 109.51% decline, indicating challenges in core business profitability [4]. - Basic earnings per share were 0.03 yuan, down 89.66%, while the diluted earnings per share were -0.02 yuan, down 111.11%, mirroring the trends in net profit [5]. Expense Analysis - Sales expenses rose to 124,963,545.24 yuan, a 43.81% increase, attributed to the company's shift towards AI products and increased marketing efforts [6]. - Management expenses increased by 32.11% to 119,745,572.90 yuan, driven by talent expansion and new stock incentive costs [7]. - Financial expenses grew by 11.26% to 49,463,188.55 yuan, mainly due to increased loan interest expenses [8]. R&D and Innovation - R&D expenses reached 152,291,331.77 yuan, a 12.57% increase, reflecting the company's commitment to technological innovation in AIGC solutions [9]. - Total R&D investment was 176,501,191.67 yuan, accounting for 8.85% of operating revenue, with a workforce of 821 R&D personnel [10]. Cash Flow and Investment Activities - Operating cash flow net amount was 38,542,609.87 yuan, down 55.15%, due to delayed project payments amid increased AI-related demand [11]. - Investment cash flow net amount was -399,060,484.71 yuan, primarily due to significant expenditures on property purchases and renovations [12]. - Financing cash flow net amount increased to 306,815,284.83 yuan, up 863.16%, largely from increased mortgage loans [13]. Management Compensation - The chairman received a pre-tax compensation of 1.2573 million yuan, while the general manager received 984,400 yuan, reflecting the company's incentive structure aimed at enhancing operational efficiency [15].

Financial Data and Key Metrics Changes - Baozun Group achieved an 8% year-over-year revenue growth in Q4 2024, with total net revenues reaching RMB 3 billion [20] - E-commerce revenue grew by 6% to RMB 2.5 billion, while brand management revenue increased by 17% to RMB 535 million [20] - Adjusted income from operations totaled RMB 103 million, a 37% improvement year-over-year, with adjusted operating profit from the e-commerce segment improving by 16% [23] - Non-GAAP net income attributable to shareholders for the quarter was RMB 46 million, up from RMB 29 million in the same period last year [24] Business Line Data and Key Metrics Changes - E-commerce services revenue increased by 9% year-over-year to RMB 1.9 billion, driven by a 16% increase in online store operations revenue and a 15% increase in digital marketing and IT solutions [21] - VC product sales revenue decreased by 4% year-over-year to RMB 572 million, primarily due to weak performance in the appliance category [21] - BBM product sales totaled RMB 535 million for the quarter, reflecting a 17% year-over-year growth, mainly driven by strong performance from the Gap brand [21] Market Data and Key Metrics Changes - The e-commerce division resumed annual top-line growth after two years of contraction, achieving a 6% increase [27] - Douyin maintained triple-digit growth during the quarter, contributing 6% of e-commerce revenue [30] - The company expanded its brand portfolio to over 490 brands, up from approximately 450 a year ago [28] Company Strategy and Development Direction - The company is focused on enhancing creative content capabilities and leveraging technology to help brand partners capitalize on platform interconnectivity and data intelligence [14] - A strategic transformation is underway, with a focus on profitability, sustainable growth, and technology as a cornerstone of success [18] - The company plans to open approximately 50 new stores in 2025, prioritizing high-traffic locations to maximize sales potential [38] Management's Comments on Operating Environment and Future Outlook - Management observed positive consumer sentiment and expects higher momentum in consumption sentiment in the future, supported by government subsidies [46] - The company maintains a high expectation for GMV growth, revenue, and operational profits in 2025, despite varying strategies among brand partners [59] - Management emphasized the importance of AI technology in driving efficiency and enhancing both top-line and bottom-line growth [68] Other Important Information - The company successfully completed its share repurchase program, repurchasing approximately 5.3 million ADS for $14.7 million, representing about 9% of total shares outstanding at the beginning of the program [24][25] - The company has strengthened its senior management team to drive the next phase of growth [17] Q&A Session Summary Question: Has management observed any improvement in consumer consumption sentiment over the past two months? - Management noted decent growth in revenue during recent promotional activities and observed rapid growth in categories like home appliances and smartphones, expecting higher momentum in consumption sentiment [45][46] Question: Can management update on Gap China's same store sales growth and performance of other brands under BBN? - Same store sales for Gap showed low single-digit growth in Q4 2024, with Hunter experiencing over 100% same store growth [50][51] Question: What are the key initiatives and top priorities for the company? - Management's focus includes optimizing team structure, enhancing financial management, and driving same store growth through omni-channel initiatives and AI technology [47][48] Question: How should we expect the potential influence of changing competitive landscape in e-commerce? - Management highlighted that GMV growth on Douyin is higher than on other platforms, and they plan to expand services and drive existing partners onto Douyin [56][57] Question: What is Baozun's strategy regarding JD.com and AI tools? - The company plans to help brand partners move their business onto JD.com, especially in fashion apparel, and is leveraging AI to drive efficiency and enhance top-line growth [63][66]