内容概况：当前，中国视频交换系统行业正随着5G-A/6G、超高清和沉浸式视频应用的爆发式增长，步 入一个技术驱动、场景深化、市场加速整合的发展新阶段。行业正从单一的音视频连接工具，演进为支 撑社会数字化转型的关键基础设施。2024年，中国视频交换系统行业市场规模约为128.65亿元，同比增 长5.27%。 相关上市企业：兴图新科（688081）、海康威视（002415）、启明星辰（002439）、广哈通信 （300711）、绿盟科技（300369） 视频交换系统（MTP）是一种基于安全隔离与协议解析的软硬件集成系统，该系统通过设备认证、信 令过滤、视频帧检测及单向传输机制，实现跨网络视频调用的安全管控，安全隔离网闸强制阻断跨域协 议，集中监管平台实现设备状态、流量及报警的实时监控，形成"接入-传输-访问-监控"全链路安全闭 环，支撑视频交换系统在公共安全、应急指挥等场景的高可靠性运行，彰显其作为数字化转型基础设施 的核心安全价值。 视频交换系统主要实现的安全功能 二、行业产业链 视频交换系统行业产业链上游主要由视频用户认证服务器（TMS）、视频接入认证服务器（UMS）及 安全隔离网闸（GAP）三部分构成，实现 ...

当前，数字化转型浪潮正深度席卷农村金融领域，农信机构作为服务乡村振兴的金融末端核心力量，承 载着打通金融服务"最后一公里"的重要使命。近年来，我国农信系统改革进程明显加快，农信机构面临 着风险防控与合规建设的双重压力，亟需创新安全技术构建适配自身发展的防护和运营体系。 一、农村金融数字化转型中的安全挑战：多重压力下的现实诉求 （一）风险形态复合隐蔽，传统防御难以为继 随着金融科技与数字金融的深度融合，农信机构的风险场景更趋复杂。一方面，攻击手段持续迭代升 级，供应链、物联网、数据窃取等新型威胁层出不穷；另一方面，各农信机构安全建设水平和安全技术 能力参差不齐。传统基于特征库的防御体系，已难以有效应对"零日漏洞""未知威胁"等新型挑战。 （二）政策合规刚性增强，合规可控需求迫切 金融监管部门围绕网络和数据安全下发一系列标准和政策文件，通过监管动作，持续摸清金融机构资产 和风险底数。农信机构作为金融体系的重要组成部分，需满足《网络安全法》、《数据安全法》、《个 人信息保护法》、《等保2.0》等一系列合规要求。农信机构在满足监管合规和风险可控的需求下，需 要构建可支撑合规上报、风险可控、威胁可视的安全运营体系。 （ ...

内容概况：在当前中国数据经济高速发展的浪潮中，数据脱敏系统作为保障数据安全的基石，正扮演着 不可或缺但增长模式相对稳定的"护航者"角色。2024年，中国数据脱敏系统行业市场规模约为12.73亿 元，同比增长6.35%。技术方面，首先，技术实现了纵深拓展，从主要服务于开发测试环境的静态脱 敏，已全面延伸至保障生产系统实时安全的动态脱敏，确保了数据分析、运维监控等核心业务环节中的 数据安全。其次，技术形态因云而变，伴随企业上云与云原生架构的普及，能够灵活适配云环境的云数 据脱敏解决方案需求显著增长。最后，产品形态加速整合，单一的脱敏工具正快速融入更宏观的数据安 全平台（DSMP）。企业采购偏好已转向能够提供数据分类分级、脱敏、水印溯源等一体化能力的安全 综合解决方案，追求效率与管理的统一。 相关上市企业：安恒信息（688023）、绿盟科技（300369）、深信服（300454）、奇安信（688561） 相关企业：兆易创新科技集团股份有限公司、澜起科技股份有限公司、中科寒武纪科技股份有限公司、 深圳市汇顶科技股份有限公司、江苏长电科技股份有限公司、天水华天科技股份有限公司、浪潮电子信 息产业股份有限公司、武汉达梦数 ...

格隆汇12月16日丨绿盟科技(300369.SZ)在互动平台表示，公司暂未进入AIDC建设业务。 ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院防火墙研究小组发布的《中国防火墙行业市场前瞻与投资战略规 划分析报告》。 行业主要上市公司：深信服(300454.SZ);天融信(002212.SZ);山石网科(688030.SH);迪普科技(300768.SZ); 锐捷网络(301165.SZ);启明星辰(002439.SZ);奇安信(688561.SH);绿盟科技(300369.SZ)等 本文核心数据：中国防火墙行业上市企业营业收入;中国防火墙行业上市企业毛利率;中国防火墙行业上 市企业存货周转率;中国防火墙行业上市企业资产负债率等 防火墙行业代表性上市企业情况 前瞻选取深信服、天融信、山石网科、迪普科技、启明星辰、奇安信、绿盟科技等代表性企业经营效益 分析整个行业经营效益。具体情况如下： 中国防火墙行业经营情况：代表性企业整体经营状况稳定 从我国防火墙行业营业收入水平来看，2020-2024年，防火墙行业上市公司营业收入整体呈现稳定的趋 势。其中，虽然天融信和启明星辰5年间营业收入整体下滑，但是2024年中国防火墙行业代表性上市公 司营收均值近似于2020年水平。 中国防火墙行业盈利能力：代表性企 ...

证券日报网讯12月15日，绿盟科技（300369）在互动平台回答投资者提问时表示，公司基于多年的网络 安全攻防实践经验，紧贴关键信息基础设施安全保护要求，为关键信息基础设施网络安全保驾护航。 ...

Core Insights - The strategic value of network security testing software is increasingly highlighted amid the deepening digital transformation and rising cybersecurity risks, with the market expected to reach approximately 80 billion yuan in 2024 and continue to expand in 2025 [1][5] - The industry structure is shifting from a hardware-dominated model to one driven by software and services, with security software and services gaining a larger market share, while network security testing software is experiencing significant growth compared to the overall industry [1][5] - The competitive landscape is characterized by a mix of comprehensive vendors and specialized firms, with leading companies focusing on "technology + scenarios + compliance" to drive future development [1][5] Industry Overview - Network security testing software is designed to assess the security of network systems, applications, and related infrastructure, utilizing techniques such as simulated hacking and automated vulnerability scanning to identify potential security risks [2][3] - The software plays a crucial role throughout the entire lifecycle of system development, deployment, and maintenance, generating evaluation reports that include risk levels and remediation suggestions [2][3] Policy Framework - China has established a multi-layered policy framework to support the network security testing software industry, with laws such as the Cybersecurity Law and the Data Security Law providing a solid compliance basis and broad market development space [4][5] Industry Chain - The industry chain is well-defined, with upstream components including high-performance servers and core technologies like AI detection algorithms, while midstream focuses on product development and service provision [4][5] - Downstream demand is concentrated in critical sectors such as finance, government, telecommunications, and energy, driven by compliance requirements and data security needs [4][5] Current Market Analysis - The network security market in China is projected to reach approximately 80.36 billion yuan in 2024 and exceed 94 billion yuan in 2025, reflecting a healthy growth trend [5][6] - The market structure is evolving towards a model driven by software and services, with the share of security services increasing from 20.5% in 2019 to an expected 28% in 2024 [5][6] Competitive Landscape - The industry has formed a diverse competitive landscape, with key players like Qihoo 360, Sangfor, and Venustech leading the market, while specialized firms focus on niche areas such as cloud security and web application protection [6][7] - Companies are increasingly integrating AI and security technologies to enhance detection accuracy and expand market coverage [7][8] Future Development Trends - The industry is expected to evolve towards intelligent technology, standardized compliance, and diversified scenarios, with AI and automation becoming integral to the testing process [8][9] - The tightening of compliance frameworks will drive the adaptation of testing standards and tools to meet both domestic and international requirements [9][10] - The demand for tailored testing solutions in emerging fields such as the Internet of Things and cloud-native environments will lead to a shift towards vertical and integrated product offerings [10]

Core Viewpoint - The report from Dongfang Securities highlights that Green Alliance Technology focuses on AI and data security, cultivating new future scenarios through a "3+3+X+Y" strategy, driving differentiated competitiveness with dual engines of AI security and data security [1] Group 1: AI Security Developments - The company has iterated its Fengyunwei AI security capability platform, establishing a multi-agent security application center to address challenges in AI model assessment [1] - The launch of the AI-Scan large model risk assessment product enhances vulnerability detection and threat assessment efficiency, with successful implementations in government and financial sectors [1] Group 2: Emerging Security Scenarios - The company is actively developing new security scenarios, achieving technological breakthroughs in areas such as APT tracking and forensics, cloud offensive and defensive strategies, new drone countermeasures, and vehicle networking test fields [1] - The vehicle networking test field business has completed key technology validation, laying the groundwork for future large-scale applications [1] Group 3: Cloud Security and Privacy Computing - The company is deepening research in cloud-native security and privacy computing, enhancing its product matrix to meet diverse cloud security needs [1] - Continuous breakthroughs in these emerging fields are expected to open new growth opportunities for the company, forming long-term development potential [1] Group 4: Financial Outlook - Considering the current market conditions and comparable companies, a target price of 9.42 yuan is set for 2026, maintaining a "buy" rating with a projected 3x PS ratio [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.42 CNY, based on a projected price-to-sales (PS) ratio of 3 times for 2026 [3][6]. Core Insights - The company is focusing on AI and data security, aiming to enhance its competitive edge through a strategic framework termed "3+3+X+Y" [2][10]. - Revenue forecasts for 2025-2027 are adjusted to 2.402 billion CNY, 2.546 billion CNY, and 2.857 billion CNY respectively, reflecting a growth trajectory despite previous estimates being lower [3][11]. - The company has made significant improvements in cost control, leading to a reduction in expense ratios and an overall enhancement in operational efficiency [10]. Financial Performance Summary - The company reported a revenue of 1.681 billion CNY in 2023, with a projected growth of 40.3% to 2.358 billion CNY in 2024, followed by modest growth rates in subsequent years [5][13]. - The gross margin is expected to stabilize around 53.6% to 54.0% from 2025 to 2027, indicating a strong pricing power and cost management [5][10]. - The net profit margin is projected to improve significantly, moving from -58.1% in 2023 to a positive 8.1% by 2027, showcasing a turnaround in profitability [5][10]. Strategic Focus - The company is actively exploring new security scenarios, including APT tracking, cloud security, and vehicle networking, which are expected to open new revenue streams [10]. - The introduction of innovative products like the AI-Scan model risk assessment tool is aimed at enhancing operational efficiency and effectiveness in threat detection [10].

Group 1 - The MLOps concept has declined by 3.32%, ranking among the top declines in concept sectors, with companies like Transsion Holdings, New Juwang Network, and Oriental Guoxin experiencing significant drops [1][2] - The MLOps sector saw a net outflow of 839 million yuan in main funds today, with 17 stocks experiencing net outflows, and 5 stocks seeing outflows exceeding 30 million yuan [2] - Transsion Holdings led the outflow with a net outflow of 331 million yuan, followed by Runhe Software, Zhongke Chuangda, and Tuolisi with net outflows of 147 million yuan, 143 million yuan, and 47.83 million yuan respectively [2][3] Group 2 - The top gainers in concept sectors included Cultivated Diamonds with a gain of 2.72%, while the Kuaishou concept saw a decline of 3.56% [2] - Other sectors with notable declines included DRG/DIP at -3.21% and Web3.0 at -3.15% [2] - The trading volume for Transsion Holdings was 3.20%, while other companies like Runhe Software and Zhongke Chuangda had turnover rates of 2.81% and 4.70% respectively [2][3]