(相关资料图) 快讯正文 国信证券发布安恒信息研报，向AI安全迈进，新领域有望突破 每经AI快讯，国信证券8月18日发布 研报称，给予安恒信息（688023.SH）优于大市评级。评级理由主要包括：1）公司向AI安全迈进，行 业在2025年有望触底；2）传统业务依然领先，AI安全已初现价值；3）公司在数据要素的积累，有望 在RWA时代迎来新机会；4）公司费用下降明显，正向剪刀差有望逐步显现。风险提示：AI产业发展不 及预期；竞争格局持续恶化；下游IT开支收紧。每经头条（nbdtoutiao）——拿自己钱买基金，基金经 理晒实盘：最高的赚了100多万元！实际收益率被网民吐槽？同行评价：没必要（记者王晓波）免责声 明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。每日经济新闻 下载和讯APP查看快讯，体验更佳>> 标签： 国信证券 安恒信息 新领域 新机会 基金 ...

Group 1 - The core viewpoint of the report is that Anheng Information (688023.SH) is rated as outperforming the market due to its strategic move towards AI security, which is expected to reach a bottom in the industry by 2025 [2] - The company's traditional business remains strong, and the value of AI security is beginning to emerge [2] - Anheng Information has accumulated data elements that are likely to present new opportunities in the RWA era [2] - The company has shown a significant decrease in expenses, indicating a potential positive divergence in financial performance [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][30][40] Core Insights - The company is advancing towards AI security, with expectations for the industry to bottom out in 2025. The company's foundational products have accumulated capabilities in offense and defense, and the subsequent focus on situational awareness platforms has enabled a transition to big data security capabilities. AI further enhances traditional big data capabilities, allowing the company to upgrade its original platform capabilities and reshape security with AI [1][7][28] - Traditional business remains strong, with initial value seen in AI security. The company maintains a top-three market share in foundational products such as database auditing, WAF, and log auditing. The situational awareness platform leads the industry, with a 13.7% market share in data security platforms, ranking first. The company has also achieved significant efficiency improvements in AI security products [2][15][18] - The company has seen a notable decrease in expenses, leading to a gradual emergence of positive operating leverage. In 2024, the company is expected to incur a loss of 198 million yuan, a 45% reduction from the previous year, primarily due to enhanced expense control [3][30][33] Summary by Sections Financial Performance - The company is projected to generate revenues of 2,043 million yuan in 2024, a decrease of 5.9% from 2023, with a net profit forecast of -198 million yuan. The company anticipates a return to profitability in 2025 with a net profit of 42 million yuan [4][40] - The company’s revenue structure includes foundational products, security platforms, and security services, with expected revenue growth rates of approximately 5% to 12% from 2025 to 2027 [39][40] AI and RWA Opportunities - The company has made significant strides in AI security, with AI-related revenues exceeding 79 million yuan in 2024. The partnership with the Zhejiang Big Data Exchange Center since 2020 has positioned the company well for opportunities in the RWA (Real World Asset) era [2][28][29] Market Position - The company continues to hold a leading position in the market, with foundational products maintaining a market share of over 72% and a strong presence in managed security services (MSS) [15][21][28]

Investment Rating - The report maintains an "Outperform" rating for the computer industry, expecting a relative return exceeding the benchmark index by over 10% in the next 12-18 months [5][27]. Core Insights - The Ministry of Industry and Information Technology has issued guidelines to promote the development of the brain-computer interface industry, which is expected to enhance high-quality growth and innovation [10]. - The release of GPT-5 on August 8, 2025, has significantly reduced costs and is anticipated to benefit AI applications in the long term, accelerating the implementation of AI technologies [9][11]. - The World Robot Conference, held from August 8-12, 2025, showcases advancements in robotics and AI, featuring over 200 companies and focusing on embodied intelligence applications across various sectors [12]. Summary by Sections Industry Development - The guidelines aim for breakthroughs in key technologies by 2027, establishing a secure industry system by 2030 with 2-3 globally influential enterprises and a competitive ecosystem [10]. GPT-5 Release - GPT-5 has shown improvements in reliability, efficiency, and cost, with a 45% reduction in hallucination rates compared to GPT-4 and an 80% reduction compared to OpenAI o3, enhancing its practical applications in software development and content production [11]. - The context processing capability of GPT-5 supports 400k tokens, doubling the accuracy of long-text generation compared to previous versions [11]. Recommended Stocks - The report recommends focusing on companies such as Kingdee International, Kingsoft Office, Hand Enterprise, and others, which are expected to benefit from the positive outlook in the computer sector [5][9].

Group 1: Strategy Overview - The report emphasizes that the Chinese economy is undergoing a transformation, leading to a "transformation bull market" in the stock market, with expectations for new highs in the future [1][15][16] - Key investment themes include a focus on financials, growth sectors, and certain cyclical industries, as the market adjusts and gains confidence [1][2][3] Group 2: Key Investment Recommendations - The August stock selection includes: 1. Banking: China Merchants Bank 2. Non-bank: CICC and New China Life Insurance 3. Overseas Technology: Tencent Holdings and Kuaishou-W 4. Electronics: Cambricon Technologies, Chipone Technology, and Suzhou Tianmai 5. Computing: Dingjie Smart and Anheng Information 6. Machinery: Hengli Hydraulic and Mingzhi Electric 7. Military: AVIC Shenfei 8. Coal: Shaanxi Coal and Chemical Industry 9. Light Industry: Sun Paper 10. Agriculture: Muyuan Foods 11. Transportation: SF Express 12. Pharmaceuticals: MicroPort Medical 13. Real Estate: China Resources Mixc Lifestyle 14. Utilities: Huadian International Power [1][4][12] Group 3: Banking Sector Insights - The banking sector is expected to face revenue pressure but maintain positive net profit growth, with a gradual recovery in net interest margins anticipated [22][23] - China Merchants Bank is projected to benefit from economic recovery, with an upward revision of net profit growth forecasts for 2025-2027 [25][26][27] Group 4: Non-Banking Sector Insights - The impact of the new tax on bond interest income is expected to be limited for the non-banking sector, with continued optimism for growth in this area [30][32] - CICC is forecasted to see significant profit growth driven by active trading and investment recovery, with an increase in EPS estimates for 2025-2027 [33][34] Group 5: Technology Sector Insights - Major tech companies are increasing capital expenditures significantly, particularly in AI, indicating a robust growth trajectory for the sector [43][45] - Tencent is expected to leverage AI to enhance its core business, with revenue and profit projections being adjusted upwards for 2025-2027 [45][46][47]

Core Insights - The conference emphasized the integration of data and AI in enhancing the security industry, highlighting the importance of these elements for high-quality industrial development [1][3][12] Group 1: AI and Security - The company presented its DAS strategy, asserting that security is foundational for industrial development in the digital economy, with AI and data integration reshaping the security industry's technology and service boundaries [3][6] - The "Heng Brain" model, developed by the company, has evolved from version 1.0 to 3.0, showcasing capabilities in data governance, vulnerability analysis, and threat tracing, thus creating a comprehensive intelligent protection system [5][6] - AI technology has demonstrated significant effectiveness, achieving a 300% increase in operational efficiency and over 90% data noise reduction in API security monitoring, with a case study showing a reduction in risk alerts from 3,675 to 1,110 [5] Group 2: Data Utilization - The transition from "cherry freedom" to "data freedom" is seen as essential for the digital economy, with the company focusing on platforms that ensure data security while maximizing its circulation value [7][9] - The company has improved processing efficiency by 30 times in data classification and grading, addressing industry pain points related to static results and high manual review thresholds [7] - The company has participated in various pilot projects for trusted data spaces across multiple cities, utilizing privacy computing and blockchain technologies to ensure secure data circulation in sectors like healthcare and finance [9] Group 3: Service Innovation - The company is innovating its service model by establishing a cloud-based MSS service system that emphasizes proactive defense and dynamic operations, aiming for a threat response time of under 5 minutes [10] - The integration of AI into security services has led to a 70% increase in process efficiency for penetration testing and a 90% reduction in the complexity of security operation processes [10] - The company has played a crucial role in securing major events through technological innovation, reinforcing its commitment to building a secure digital world [10]

Group 1 - The core viewpoint of the article is that the legal opinion issued by Shanghai Junlan Law Firm confirms the compliance of Hangzhou Anheng Information Technology Co., Ltd.'s fourth extraordinary general meeting of shareholders in 2025 with relevant laws and regulations [1][4] - The board of directors convened a meeting on June 30, 2025, to approve various proposals, including the addition of independent directors and the cancellation of the supervisory board [1][2] - The extraordinary general meeting is scheduled for July 16, 2025, at 15:30, with prior announcements made in major financial publications and on the Shanghai Stock Exchange website [2][3] Group 2 - The total share capital of the company is 102,065,545 shares, with 101,572,438 shares having voting rights after deducting repurchased shares [4] - A total of 150 shareholders attended the meeting, representing 33,682,775 shares, which accounts for 33.1613% of the total shares with voting rights [4] - The meeting reviewed and voted on various proposals, confirming that no changes or temporary proposals were introduced during the session [4] Group 3 - The voting process was conducted in accordance with legal requirements, with a representative from the company and a lawyer overseeing the counting of votes [4] - The legal opinion concludes that all procedures related to the meeting, including the qualifications of attendees and the voting process, are valid and comply with the Company Law and relevant regulations [4]

证券代码：688023 证券简称：安恒信息 公告编号：2025-053 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《杭州安恒信息技 术股份有限公司章程》以及法律、法规和相关规范性文件等规定，杭州安恒信息 技术股份有限公司（以下简称"公司"）于 2025 年 7 月 16 日召开公司 2025 年 第一次职工代表大会，经与会职工代表审议，同意选举苗春雨先生为公司第三届 董事会职工代表董事（简历详见附件），任期自本次职工代表大会审议通过之日 起至公司第三届董事会任期届满之日止。 特此公告。 杭州安恒信息技术股份有限公司董事会 2025 年 7 月 17 日 附件：职工代表董事简历 苗春雨先生，1978 年生，中国国籍，无境外永久居留权，控制科学与工程 专业博士，高级工程师。 2001 年至 2018 年，任浙江师范大学讲师、副教授，2018 年至今，任公司高 级副总裁。 杭州安恒信息技术股份有限公司 关于选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 截至本公告披露日，苗春雨先生持有公司股 ...

（二） 股东大会召开的地点：杭州市滨江区西兴街道联慧街 188 号安恒大厦 3 楼会议室 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 7 月 16 日 证券代码：688023 证券简称：安恒信息 公告编号：2025-052 杭州安恒信息技术股份有限公司 2025年第四次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 二、 议案审议情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 150 | | --- | --- | | 普通股股东人数 | 150 | | 2、出席会议的股东所持有的表决权数量 | 33,682,775 | | 普通股股东所持有表决权数量 | 33,682,775 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 33.1613 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（ ...

根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"）等法 律、法规、规章、规范性文件及《杭州安恒信息技术股份有限公司章程》（以下 简称"《公司章程》"）的规定，上海君澜律师事务所（以下简称"本所"）接 受杭州安恒信息技术股份有限公司（以下简称"公司"）的委托，指派本所律师 出席公司2025年第四次临时股东大会（以下简称"本次股东大会"），并就本次 股东大会的召集、召开程序及表决程序、表决结果等事项出具本法律意见书。 本法律意见书仅供本次股东大会之目的使用。本所律师同意将本法律意见书 随公司本次股东大会其他信息披露资料一并公告。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，对本 次股东大会所涉及的有关事项和相关文件进行了必要的核查和验证，现出具法律 意见如下： 一、 本次股东大会的召集、召开程序 上海君澜律师事务所 关于杭州安恒信息技术股份有限公司 2025 年第四次临时股东大会的法律意见书 致：杭州安恒信息技术股份有限公司 1.2 本次股东大会采取现场和网络相结合的方式召开。 1.1 本次股东大会由公司董事会召 ...