证券日报网讯 1月6日，启明星辰（002439）在互动平台回答投资者提问时表示，公司始终重视市值管 理工作，已制定并审议通过《市值管理办法》，系统性推进市值管理各项工作。一是持续提升信息披露 质量，公司连续六年获深交所信息披露考评A级；二是持续加强投资者关系管理，通过业绩交流 会、"互动易"、投资者热线等多渠道与投资者保持沟通；三是与中国移动（600941）积极研究并持续评 估包括分红、回购增持等方案，以便适时推出符合公司发展和全体股东长远利益的回报举措。作为中国 移动专责网信安全子公司，公司将深入探索多维度、多手段的市值管理方法，积极响应国资委和中国移 动对央企控股上市公司市值管理的相关要求，努力提升公司价值，提振投资者信心。 ...

证券日报网讯 1月6日，启明星辰在互动平台回答投资者提问时表示，公司现已制定并审议通过了《市 值管理办法》，系统性推进市值管理各项工作。在具体实践中，公司的市值管理聚焦于提升主营业务竞 争力、优化公司治理、持续提升信息披露质量、强化投资者关系以及通过稳健的现金分红政策回报股东 等多个维度。公司相信，扎实的经营业绩和清晰的发展战略是支撑市值的根本。股份回购是市值管理的 工具之一，其决策需要综合考量市场环境、监管规则、公司财务状况、未来资金需求及长期战略规划等 多重因素。公司管理层将持续关注资本市场动态，在合法合规、有利于公司长远发展的前提下，审慎研 究包括回购在内的各类价值提升工具。公司重视每一位投资者的声音，并将通过业绩说明会、互动平台 等多种渠道持续加强与资本市场的沟通，传递公司价值。 （编辑 丛可心） ...

（文章来源：证券日报） 证券日报网讯 1月6日，启明星辰在互动平台回答投资者提问时表示，公司正全力以赴，从短期业绩改 善、中长期战略深化以及增强投资者信心三个维度采取系统性措施。公司全力推动与中国移动的战略协 同，聚焦AI安全、云安全等新赛道以培育新增长点，拓展个人与家庭新客群。同时严格执行降本增 效，加强应收账款管理以改善现金流，优化经营改善基本面。另外，公司也与中国移动积极研究并持续 评估包括分红、回购增持等方案，以便适时推出符合公司发展和全体股东长远利益的回报举措，力求推 动公司价值回归合理区间。 ...

证券日报网讯 1月6日，启明星辰在互动平台回答投资者提问时表示，公司始终重视市值管理工作，已 制定并审议通过《市值管理办法》，系统性推进市值管理各项工作。一是持续提升信息披露质量，公司 连续六年获深交所信息披露考评A级；二是持续加强投资者关系管理，通过业绩交流会、"互动易"、投 资者热线等多渠道与投资者保持沟通；三是与中国移动积极研究并持续评估包括分红、回购增持等方 案，以便适时推出符合公司发展和全体股东长远利益的回报举措。投资者热线电话在公司官网投资者关 系专栏-公司资讯，公司的年度报告、半年度报告中均有披露。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 1月6日，启明星辰在互动平台回答投资者提问时表示，公司目前经营正常，现金流充 裕，资产负债结构健康，按照既定战略开展主营业务，持续深化与中国移动的战略协同，强化科技创 新，持续推进提质增效。在市值管理方面，公司力求高质量信披、加强投资者沟通、积极研究并持续评 估包括分红、回购增持等方案，以便适时推出符合公司发展和全体股东长远利益的回报举措。 ...

Investment Rating - The report rates the industry as "Outperforming the Market" [4] Core Insights - The domestic information technology application innovation (信创) industry is rapidly developing, driven by both policy and market forces, with a market size of 20,961.9 billion yuan in 2023, reflecting a year-on-year growth of 25.6% [1][22] - The 信创 industry encompasses IT infrastructure, basic software, application software, and information security, forming a complete industrial chain and ecosystem [1][16] - The strategic layout of the 信创 industry is characterized by a "2+8+N" model, focusing on key sectors such as government, finance, telecommunications, energy, and education [1][28] - The growth drivers for the 信创 industry include economic factors, technological advancements, and security concerns, particularly in response to external pressures on high-tech sectors [1][25] Summary by Sections 1. Policy and Market Dynamics - The 信创 industry is supported by a comprehensive policy framework that includes top-level design, special support, and standard regulations [22] - The market for traditional cybersecurity in China has grown steadily from 47.8 billion yuan in 2019 to 69.4 billion yuan in 2023, with a CAGR of 9.77% [2][38] - The 信创 security market is projected to grow from approximately 5 billion yuan in 2023 to 16.6 billion yuan by 2027, with a CAGR of 35% [2][66] 2. 信创 Security Overview - 信创 security is a comprehensive security assurance system aimed at ensuring stability and safety against threats such as viruses and data breaches through domestic software and hardware products [2][61] - The distribution of 信创 security products is primarily in endpoint security, boundary security, and security management, with boundary security products accounting for the largest share at 29.9% [3][78] 3. Key Companies in the Industry - Notable companies in the 信创 security sector include Qi An Xin, Inspur, and Sangfor, which are actively developing and adapting their products to meet the needs of the 信创 environment [3][69] - The report highlights the importance of collaboration between security vendors and 信创 enterprises to enhance the security capabilities of the 信创 ecosystem [86] 4. Future Outlook - The 信创 security market is expected to see significant growth, driven by the need for enhanced security measures and the integration of AI technologies [88] - The industry is moving towards a more integrated and systematic approach to security solutions, adapting to various application scenarios and enhancing product performance [84][83]

Core Insights - The Chinese video exchange system industry is entering a new phase of development driven by technology, with a market size projected to reach approximately 12.865 billion yuan in 2024, reflecting a year-on-year growth of 5.27% [1][8]. Industry Overview - Video exchange systems (MTP) are integrated hardware and software systems that ensure secure video transmission across networks through device authentication, signal filtering, and one-way transmission mechanisms, supporting high reliability in public safety and emergency command scenarios [4][1]. Industry Chain - The upstream of the video exchange system industry consists of video user authentication servers (TMS), video access authentication servers (UMS), and security isolation gateways (GAP) [4]. - The midstream includes system integration and equipment manufacturing, while the downstream applications span video surveillance, intelligent transportation, emergency command, public safety, remote conferencing, data sharing, and smart services [4]. Market Size - The market for video exchange systems in China is expected to grow significantly, driven by the explosion of 5G-A/6G, ultra-high-definition, and immersive video applications, evolving from a simple audio-video connection tool to a key infrastructure for digital transformation [1][8]. Key Companies' Performance - The industry is characterized by a competitive landscape where major players like Huawei lead with end-to-end solutions and 5G/AI integration, while specialized companies like Qiming Star focus on video IoT security [9][10]. - Guangha Communication has reported a revenue of 332 million yuan in the first three quarters of 2025, marking a year-on-year increase of 41.90% [10]. - Xingtong New Science and Technology has achieved a revenue of 91 million yuan in the same period, reflecting a growth of 31.99% [11]. Industry Development Trends 1. The transition to IP-based technology and cloud-network integration is reducing system wiring complexity and costs, with standards like NDI and SMPTE ST 2110 becoming mainstream [13]. 2. AI integration is transforming video exchange systems from mere transmission channels to intelligent hubs capable of real-time analysis and insights [14]. 3. The national strategy for information technology innovation is driving the restructuring of the industry towards self-sufficiency and ecological reconstruction, leading to a more diversified competitive landscape [15][16].

Group 1 - China Software (600536) is a leading enterprise in electronic government and cybersecurity, aligning with the national "Digital China" strategy, focusing on the core scenarios of e-ID in government services [1][25] - The company has developed a foundational platform for electronic identity authentication, enabling seamless data communication between e-ID and various government systems such as social security and taxation [1][25] - It has participated in the formulation of national electronic government informatization standards and is adapting to upcoming national security standards for e-ID, providing technical support for standardized access [1][25] Group 2 - Newland (000997) has over 20 years of experience in identity recognition technology and is a benchmark enterprise in e-ID hardware and core technology development [2][26] - The company has developed a secure QR code system for online and offline verification of e-IDs, significantly improving efficiency in high-frequency scenarios like hotel check-ins [2][26] - Newland is integrating multi-modal recognition technologies and blockchain anti-counterfeiting technology to expand the application of e-IDs in various sectors [2][26] Group 3 - Aerospace Information (600271) is a key player in the e-ID field, having participated in the development of critical identity documents and systems [3][27] - The company is leveraging its market channels to integrate e-IDs with tax, social security, and military sectors, simplifying processes significantly [3][27] - It is incorporating AI and big data technologies into e-ID applications for dynamic risk assessment and anomaly detection [3][27] Group 4 - Qiming Star (002439) focuses on the full-process security protection of e-IDs and has developed a comprehensive security system to prevent identity theft and information breaches [4][29] - The company has adapted its security products to comply with upcoming national standards and provides customized security solutions for sensitive sectors like finance and government [4][29] - Qiming Star is expanding its solutions into industrial internet and vehicle networking, addressing identity authentication challenges in IoT devices [4][29] Group 5 - Hengbao Co., Ltd. (002104) has been deeply involved in the e-ID sector for years, focusing on data security and identity authentication solutions [5][30] - The company is integrating blockchain technology with digital identity to create a trustworthy storage and traceability system for e-IDs [5][30] - Hengbao is also exploring applications of digital currency in conjunction with e-IDs, enhancing service models that combine identity and payment [5][30] Group 6 - Nanwei Software (603636) is a leading provider of smart policing and government information solutions, with a focus on e-licenses including e-IDs [6][31] - The company has developed a system that enables interoperability between e-IDs and other government licenses, facilitating quick verification processes [6][31] - It is actively upgrading its e-ID verification terminals to support features for the elderly, enhancing accessibility [6][31] Group 7 - Digital Certification (300579) is a core support enterprise in the e-ID security certification field, providing essential cryptographic products for the CTID platform [7][33] - The company has participated in the formulation of national identity authentication standards, ensuring compliance with data protection laws [7][33] - Digital Certification is expanding its services to include cross-border digital identity authentication, aligning with international trade facilitation needs [7][33] Group 8 - Shen Si Electronics (300479) is a leader in the offline identity authentication terminal market, focusing on multi-modal biometric recognition technologies [8][34] - The company has developed a terminal that supports multiple verification modes, significantly improving service efficiency in high-frequency scenarios [8][34] - Shen Si Electronics is actively participating in the construction of a "10-minute government service circle," enhancing its market penetration [8][34]

Group 1 - Meta announced the acquisition of AI agent company Manus to accelerate AI innovation, with specific transaction terms undisclosed [1][2] - AI agent stocks saw a strong performance, with Kute Intelligent reaching a 20% limit up in early trading [1][2] - A total of 17 AI agent concept stocks have been investigated by institutions more than 10 times this year, including Zhongkong Technology, Guangdian Yuntong, Shunwang Technology, Yuxin Technology, and Bangyan Technology [3] Group 2 - According to predictions from more than five institutions, 26 AI agent concept stocks are expected to have a net profit growth rate exceeding 20% in 2026 and 2027 [3][4] - Five stocks are forecasted to have an average net profit growth rate exceeding 100%, including Kunlun Wanwei, Yonyou Network, Guotou Intelligent, Qiming Star, and Anheng Information [3][4] - The table lists various AI agent concept stocks along with their market capitalization, earnings per share, and predicted net profit growth rates, highlighting significant growth potential in the sector [4]

证券日报网讯 12月25日，启明星辰发布公告称，公司2025年12月25日召开第五次临时股东大会，审议 通过《关于修订及相关议事规则的议案》等多项议案。 （文章来源：证券日报） ...