Core Insights - The article emphasizes the critical role of financial support and policy backing in the development of private technology enterprises in China, particularly highlighting the journey of Qi Anxin as a case study of success in this context [1][2][4]. Financial Support and Policy Impact - Financial support policies have been instrumental in alleviating the challenges faced by private technology companies, enabling them to focus on core technology development [2][5]. - Qi Anxin's financing history illustrates the importance of financial backing throughout the lifecycle of technology enterprises, with significant funding rounds totaling 6.5 billion yuan from 2017 to 2019, which fueled their R&D efforts [4][5]. - The introduction of the Science and Technology Innovation Board (STAR Market) in 2019 allowed companies like Qi Anxin to go public without the traditional profitability requirement, thus facilitating access to capital for R&D and strategic initiatives [4][5]. Challenges Faced by Private Technology Enterprises - Private technology companies often encounter financing constraints due to their asset-light nature and the difficulty in valuing intellectual property, which can deter financial institutions from providing support [3][4]. - The lack of established technology pathways and market experience in cutting-edge fields poses additional challenges, requiring companies to innovate while aligning with market demands and national strategies [3][4]. Legislative Support - The implementation of the Private Economy Promotion Law in May 2023 marked a significant milestone, ensuring equal legal status and protections for private enterprises, thereby enhancing their confidence in long-term development [6][8]. - This law reinforces the government's commitment to supporting the private sector, which is crucial for fostering a stable environment for innovation and investment [6][8]. Innovation and Market Positioning - Qi Anxin has actively engaged in AI-driven security solutions, aligning its innovations with national strategic initiatives, which has led to successful applications across over 20 industries [7]. - The broader landscape of private technology enterprises is characterized by a surge in innovation, with significant contributions to various sectors, including advanced manufacturing and biomedicine, reflecting their growing role in the national economy [7][8]. Future Outlook - Observers predict that with continued policy and market support, private technology enterprises will achieve greater visibility and success, contributing to China's innovation narrative [9].

Core Viewpoint - The focus is on the growth of the domestic computing power and AI application sectors, particularly through the performance of the Huabao Big Data ETF (516700), which has shown significant gains in the market [1][8]. Market Performance - The Huabao Big Data ETF (516700) saw an intraday increase of 1.35%, currently up by 0.90%, recovering above the 20-day moving average and aiming for a fifth consecutive daily gain [1][8]. - Notable stocks include Wangsu Science & Technology, which surged by 11.30%, and Dongfang Guoxin, which rose by 8.57% [2][10]. Industry Insights - According to Omdia, the Chinese cloud infrastructure service market is projected to reach $13.4 billion by Q3 2025, reflecting a year-on-year growth of 24% and maintaining over 20% growth for two consecutive quarters [2][12]. - The demand for AI is accelerating the deployment of cloud services and significantly impacting core cloud infrastructure, leading to a shift in cloud resource consumption towards production-level workloads [12]. Policy Developments - The National Development and Reform Commission has issued guidelines to promote the application of AI in the bidding and tendering process, identifying 20 key scenarios for implementation [12]. - The rise in demand for tokens is leading to price increases that are being passed from upstream to CPUs and cloud services, with AWS initiating price hikes, indicating a potential revaluation for cloud computing and related service providers [12]. Sector Focus - The Huabao Big Data ETF (516700) passively tracks the CSI Big Data Industry Index, heavily investing in sectors such as data centers, cloud computing, and big data processing, with significant holdings in leading companies like Inspur, iFlytek, and China Software [4][12]. - By the end of 2025, the index's composition will see computing power concepts accounting for 40.91% and AI application concepts for 37.43% [12]. Future Outlook - The government is emphasizing "technology as a priority," which is expected to drive new productive forces [6]. - The top-level design for a digital China aims to activate digital productivity and accelerate the process of domestic substitution [6]. - The "Xinchuang 2.0" wave is anticipated to accelerate, presenting a broad outlook for technology self-reliance [6].

Core Viewpoint - The meeting emphasized the importance of establishing a cross-border ethical and security governance system for artificial intelligence (AI) in the context of China-ASEAN cooperation, aiming to enhance people's well-being and regional prosperity while ensuring safety [1][3]. Group 1: Meeting Highlights - The meeting was chaired by Chen Gang, the Secretary of the Autonomous Region Party Committee, focusing on the implementation of Xi Jinping's important discussions on AI development and the specific requirements for Guangxi's work [1]. - Key participants included academicians and industry leaders who provided insights on constructing an ethical governance framework for AI, addressing various aspects such as technology, engineering, system management, legal design, and cultural exchange [2]. Group 2: Strategic Focus - Guangxi aims to embrace the AI era by developing a framework that integrates strategy, application, and safety, while promoting cooperation in AI applications among China-ASEAN countries [3]. - The region is positioned as a "bridgehead" for open cooperation with ASEAN, focusing on the needs of the nation, capabilities of Guangxi, and expectations of ASEAN [3]. Group 3: Governance and Collaboration - Chen Gang highlighted the need to embed ethical and safety considerations throughout the AI research and development process, improve legal regulations and industry standards, and promote cultural exchange [4]. - The goal is to create a collaborative governance framework that addresses the concerns of ASEAN countries and positions Guangxi as a key player in China-ASEAN AI cooperation [4].

主要观点 2025 年，奇安信集团安服团队共接到应急服务需求 575 起。政府部门、制造业、金 融机构的业务专网是 2025 年攻击者攻击的主要目标。 网络安全基础设施建设的不完善，网络安全运营能力的缺失，是当前国内绝大多数 政企机构的通病。一方面，永恒之蓝、弱口令等基础漏洞仍然普遍存在，高危端口 大量暴露；另一方面，仅有 14.2%的政企机构能够通过安全巡检提前发现问题，避 免损失，而绝大多数政企机构只能在重大损失发生之后，或被第三方机构通报之后 才能发现安全问题。 安全意识问题依旧是制约政企机构安全生产的根本性问题。近三成左右的应急事件 与弱口令有关；内部人员违规操作引发的应急响应事件占 2025 年 95015 服务平台 接报事件总量的五分之一；而因员工安全意识不足导致的各类风险更是层出不穷， 包括遭受黑客钓鱼攻击、私自下载携带恶意软件的应用程序、滥用 U 盘引发系统瘫 痪，以及随意开放端口感染勒索病毒等。值得注意的是，钓鱼邮件的利用占比呈现 显著增长态势，从 2024 年的 4.7%快速攀升至 2025 年的 13.6%，增幅接近两倍。这 一趋势进一步凸显了大中型政企机构亟需加强内部员工网络安全防范意 ...

Core Insights - The firewall market in China is steadily growing, with the market size expected to increase from $1.17 billion in 2016 to $3.02 billion by 2025, and projected to reach $3.156 billion in 2026 [2][7][20] - The growth is driven by policy support, increasing market demand, and technological advancements, particularly with the deployment of 5G, private networks, and industrial internet [2][15] - The rise of edge computing is increasing the demand for lightweight firewalls, and customized firewall products for scenarios like IoT and smart cities are expected to emerge [2][15] Firewall Industry Definition and Classification - A firewall is an access control product that creates barriers between internal networks and insecure external networks, preventing unauthorized access and attacks [3][16] - Firewalls can be categorized based on technology into traditional firewalls, Unified Threat Management (UTM) firewalls, Next-Generation Firewalls (NGFW), and AI firewalls [5][18] - They can also be classified by form into software firewalls, hardware firewalls, and chip-level firewalls [5][18] Current Development Status - The firewall industry is characterized as a critical component of IT infrastructure, acting as a gatekeeper for network security [7][20] - The market is experiencing steady growth due to supportive policies and increasing technological advancements [7][20] Industry Value Chain - The upstream of the firewall industry includes basic hardware (chips, hard drives, network cards, etc.) and basic software (BIOS, operating systems, encryption) [9][22] - The midstream consists of firewall products, while the downstream applications span various sectors including government, finance, telecommunications, energy, education, healthcare, transportation, and aerospace [9][22] Key Companies - Notable listed companies in the firewall sector include Sangfor Technologies (300454.SZ), Tianrongxin (002212.SZ), Hillstone Networks (688030.SH), Deepin Technology (300768.SZ), Ruijie Networks (301165.SZ), Venustech (002439.SZ), Qihoo 360 (688561.SH), and NSFOCUS (300369.SZ) [2][15]

Core Viewpoint - The company anticipates a revenue of approximately 4.391 billion yuan for the year 2025, with a projected net loss narrowing compared to the previous year, indicating a potential improvement in financial performance despite ongoing market challenges [1][3]. Group 1: Performance Forecast - The company expects to achieve an operating revenue of around 4.391 billion yuan for the year 2025 [1]. - The projected net profit attributable to the parent company is estimated to be between -1.3588076 billion yuan and -1.1344174 billion yuan, representing a reduction in loss of 20.5643 million yuan to 244.9545 million yuan, or a year-on-year improvement of 1.49% to 17.76% [1]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between -1.5953308 billion yuan and -1.3318817 billion yuan, with a reduction in loss of 16.5099 million yuan to 279.9590 million yuan, reflecting a year-on-year improvement of 1.02% to 17.37% [1]. Group 2: Previous Year Performance - In the previous year, the company reported an operating revenue of 4.349 billion yuan [2]. - The total profit for the previous year was -1.4348133 billion yuan, with a net profit attributable to the parent company of -1.3793719 billion yuan, and a net profit after deducting non-recurring gains and losses of -1.6118407 billion yuan [2]. - The basic earnings per share for the previous year was -2.02 yuan [2]. Group 3: Reasons for Performance Changes - The network security market is still in the recovery phase, with intense competition, but new policies and technologies are creating opportunities [3]. - The company anticipates a sales collection of approximately 5.14 billion yuan for 2025, representing a year-on-year growth of about 8.03% [3]. - The net cash flow from operating activities is expected to be around -61 million yuan, showing an improvement of approximately 281 million yuan, marking the best cash flow level since the company went public [3]. - The company is focusing on major clients and core products, successfully implementing new products like AISOC and large model guardians, and has reduced operating expenses by about 16% [3]. Group 4: Asset Evaluation - The company has conducted a preliminary assessment of its assets and has made provisions for asset impairment based on prudence, which has impacted the current period's profit [4].

在近日举行的2026年网络安全等级保护技术学术交流活动上，全国政协委员、全国工商联副主席、奇安信集团董事长齐向东在主题演讲中指出，需提高 三个认识、建设四个平台、划定五条红线，推动"十五五"网络安全升级改造。其中，"五条红线"是拉高全社会网络安全水位的前提和保障，唯有严守合规、 投入、信创、日清、"零事故"红线，才能让安全认知落地为防护实效，为"十五五"网络安全升级改造筑牢制度根基。 其四是日清红线。新的漏洞、新的攻击突破口每天都会出现，如果做不到当天的告警当天清零，小隐患就会酿成大事故。齐向东强调，仅靠人工难以实 现告警清零，需将AI深度融入安全运营，全面覆盖告警、漏洞、补丁管理，避免漏判误判；同时打通处置全流程闭环，沉淀实战经验，实现同类事件自动 响应，让隐患消除在萌芽状态。 其一是合规红线。合规红线是网络安全的"生命线"，2026年1月1日新修《网络安全法》正式实施，嵌入AI治理框架并压实主体责任，等保2.0（国家网 络安全等级保护制度的最新标准）作为核心实施标准，为防护建设提供明确指引。政企机构必须实现安全建设"三同步"，做到应保尽保，方能筑牢发展根 基。 其二是投入红线。针对"重建设、轻安全"的普遍 ...

每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 （记者 王晓波） 每经AI快讯，奇安信1月30日晚间发布业绩预告，预计2025年年度归属于母公司所有者的净利润为 约-13.59亿元到约-11.34亿元，与上年同期相比将减亏2056.43万元~2.45亿元，同比减亏1.49%~17.76%。 业绩变动主要原因是，2025年，网络安全市场下游需求尚处于复苏过程中，市场竞争依然较为激烈。与 此同时，国内"十五五"规划正全面推进，新修订的《中华人民共和国网络安全法》及配套法规政策落地 实施，释放政策红利。AI大模型及智能体技术加速渗透千行百业，给整个网络安全行业带来了新的市 场机遇。 ...

Revenue Projections - The company expects to achieve approximately CNY 4.391 billion in revenue for the year 2025, representing a year-on-year increase from CNY 4.349 billion in 2024[4][6]. - The company anticipates a total sales collection of approximately CNY 5.14 billion for 2025, reflecting a year-on-year growth of about 8.03%[8]. Profit and Loss Forecast - The net profit attributable to the parent company is projected to be between CNY -1.358 billion and CNY -1.134 billion, indicating a reduction in losses by CNY 20.56 million to CNY 244.95 million, a year-on-year improvement of 1.49% to 17.76%[4]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between CNY -1.595 billion and CNY -1.332 billion, with a reduction in losses of CNY 16.51 million to CNY 279.96 million, a year-on-year improvement of 1.02% to 17.37%[4]. Cash Flow and Expenses - The net cash flow from operating activities is expected to be around CNY -61 million, showing an improvement of approximately CNY 281 million, marking the best cash flow level since the company went public[8]. - The company has reduced its three major expenses (selling, research and management) by approximately 16% year-on-year[8]. Business Strategy and Operations - The company has focused on large customers and core products, successfully securing multiple large orders worth tens of millions[8]. - New products such as AISOC and the Large Model Guardian have been successfully scaled in application among customers[8]. Financial Reporting and Audit - The performance forecast has not been audited by a registered accountant and is based on preliminary calculations by the company's financial department[10]. - The company has made provisions for asset impairment based on cautious principles, which will impact the current profit[9].

Group 1 - The company expects to achieve an annual revenue of approximately 4.391 billion yuan in 2025 [1] - The projected net profit attributable to the parent company's owners for 2025 is estimated to be between -1.3588076 billion yuan and -1.1344174 billion yuan, indicating a reduction in losses compared to the previous year [1] - The expected reduction in losses ranges from 20.5643 million yuan to 244.9545 million yuan, representing a year-on-year decrease in losses of 1.49% to 17.76% [1]