Value at the Bottom: Benefiting from Trading Volume, Securities IT Industry Recovers, Xinchuang Accelerates and Enhances 27-28 Growth Certainty [Tianfeng Computer Miao Xinjun Team]

English summary

1) Securities IT demand has officially recovered, and industry orders and performance are expected to repair simultaneously. In a bull market, brokers' operations improve, and the wait-and-see sentiment on IT spending from earlier M&A integration gradually eases. Vendors such as Dingdian and Hengsheng have seen varying degrees of order repair. # Industry order growth generally reaches double digits, with some players reaching 30%. As earlier orders gradually enter delivery and recognition stages, securities IT companies' revenue and profit are expected to be gradually released. 2) Xinchuang enters the peak period for core system switching, and profit release will show a long slope and thick snow. The main increment from 2026-2027 comes from top brokers, and then gradually spreads to mid-to-small customers. # A dense wave of transformation is expected from H2 2026 to 2027. In the long run, as benchmark projects are completed, earlier product R&D and customization investment continue to be amortized, and delivered customers will also contribute profit through new modules, exchange upgrades, and peripheral systems. Mid-to-small customers are more inclined to standardized and market-oriented procurement, and project pricing and delivery efficiency are expected to improve further.…