证券研究报告 2025年06月11日 行业报告： 行业专题研究 Agent 有望定义万亿劳动力市场 作者： 分析师 缪欣君 SAC执业证书编号：S1110517080003 分析师 刘鉴 SAC执业证书编号：S1110525040001 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 计算机 摘要 技术拐点已至，2025~2026年有望成为Agent商业化启动时刻。2024年，大模型能力跃迁推动Agent规划、记忆、工具、行动四大核心要 素持续突破，以Manus为代表的通用Agent工具代表着技术端或已经到达临界点。2024年下半年，OpenAI、Anthropic、微软、谷歌等 科技巨头纷纷公布相关进展，将自家Agent实力当作牌桌上的重要筹码。24年以来，Agent四大关键要素均取得了进步，有望带来独属于 AI 2.0时代的交互⽅式、产品形态和商业模式，从订阅模式转向按量抽成的模式企业能够更直观的算出ROI，实现Agent更快在B端落地。 综上，我们认为，2025~2026年有望成为Agent商业化启动时刻。 总体看，Agent创造价值空间可等效于 ...

MLOps概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300339 | 润和软件 | -2.96 | 4.11 | -23086.63 | | 300520 | 科大国创 | -2.51 | 5.80 | -5932.31 | | 300229 | 拓尔思 | -2.93 | 3.49 | -4689.35 | | 300496 | 中科创达 | -2.91 | 2.89 | -4629.97 | | 300383 | 光环新网 | -2.64 | 3.93 | -3699.21 | | 300166 | 东方国信 | -2.43 | 2.88 | -3191.85 | | 688322 | 奥比中光 | -1.61 | 2.13 | -2942.88 | | 300366 | 创意信息 | -2.82 | 6.49 | -2777.55 | | 002232 | 启明信息 | -2.65 | 2.95 | -2510.01 | | 605398 | 新炬网络 | -3.57 ...

证券代码：300369 证券简称：绿盟科技 公告编号：2025-019 绿盟科技集团股份有限公司 关于 2021 年员工持股计划股份出售完毕暨终止的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 绿盟科技集团股份有限公司（以下简称公司）《2021 年员工持股计划》（以下 简称"员工持股计划"或"本期持股计划"）所持公司股份已全部出售完毕。根据 中国证监会《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所 上市公司自律监管指引第 2 号——创业板上市公司规范运作》等规定，现将相关 情况公告如下： 一、本期持股计划的基本情况 （一）本期持股计划批准情况 公司于 2021 年 4 月 21 日召开第四届董事会第六次会议和第四届监事会第五 次会议，审议通过《2021 年员工持股计划（草案）》及摘要等相关议案，具体内容 详见公司于 2021 年 4 月 23 日在巨潮资讯网（www.cninfo.com.cn）披露的《2021 年员工持股计划（草案）》等相关文件；公司于 2021 年 6 月 22 日召开 2021 年第 二次临时股东大会，审议通过了上 ...

转自：前瞻产业研究院 行业主要上市公司：绿盟科技(300369)、奇安信(688561)、天融信(002212)、启明星辰(002439)、 三六零(601360)等; 本文核心数据：中国网络安全行业市场规模; 2024年中国网络安全行业市场规模超950亿元 细分市场 网络安全是指对网络系统的硬件、软件及其系统中的数据进行保护，不让其因偶然的或者恶意的原因而 遭受到破坏、更改、泄露，系统连续可靠正常地运行，网络服务不中断。2023年中国网络安全行业市场 规模超850亿元，近五年行业复合增速为18.94%。初步估算，2024年中国网络安全行业市场增长超过 950亿元。 网络安全市场主要可以分为网络安全产品和网络安全服务市场，其中网络安全产品又可以分为硬件产品 和软件产品。根据统计，2023年我国网络安全行业网络软件产品占比超过50%，其中网络安全软件产品 占比较大，占整体网络安全行业规模比重超过30%。 更多本行业研究分析详见前瞻产业研究院《全球及中国网络安全行业发展前景预测与投资战略规划分析 报告》 同时前瞻产业研究院还提供产业新赛道研究、投资可行性研究、产业规划、园区规划、产业招商、产业 图谱、产业大数据、 ...

市场饱和、价格内卷、客户预算吃紧等难题已经冲击网安行业一线。项目变少了，是几家头部网络安全 厂商员工的共同感受。 "网安一哥"奇安信（688561.SH）2024年巨亏超13亿元，映射网络安全行业面临的"红海"困境。 过去约十年的时间，在网络安全合规相关要求密集出台的大背景下，政企主动或被动地重视网络安全建 设，网络安全行业在合规业务的春风中曾经有过"黄金时代"。 如今增长面临见顶，头部网络安全厂商都在寻找新机会攻占下一个十年。 几乎和2023年初人工智能正式大爆发同频，国内头部的网络安全厂商纷纷下注大模型，奇安信发布"Q- GPT"、绿盟科技（300369）（300369.SZ）发布"风云卫"、天融信（002212）（002212.SZ）发布"天 问"，等等。"AI+安全"，成为网安公司们理想中决定未来的答案。 但当AI技术赋能攻防双方时，安全对抗变成了AI对抗AI的"猫鼠游戏"——你用AI，我也用AI，你强我 也强。网络安全厂商们找到了未来的方向，但还需要试炼方法论。 "利润为0也要做这单" "技术流"徐安在网络安全行业从业近20年，见证了行业高速发展的黄金时代。现在，他明显感受到了行 业正在"降温"。 ...

Group 1 - Major shareholders of various companies are planning to reduce their holdings through different trading methods, including block trades and centralized bidding [1][2][3][4][5][6] - Specific companies mentioned include Dahongli, Delinhai, and Filihua, with planned reductions ranging from 0.0157% to 3% of total share capital [1][2][3] - Notable reductions include Guochuang Precision and Guoke Military Industry, with reductions of 5,242,404 shares (2.9837%) and 9,186,322 shares (up to 3%) respectively [2][4] Group 2 - Shareholders of Jin Kai Biotechnology and Green Alliance Technology are also planning significant share reductions, with up to 3% of total share capital being sold [3][4] - The planned reductions are set to occur between June and September 2025, indicating a strategic timing for these transactions [2][3][4] - Companies like Yinxing Magnetic and Zhongci Electronics have also completed their share reduction plans, highlighting ongoing market activity [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company achieved a revenue of 2.358 billion yuan in 2024, representing a year-on-year growth of 40.29%. Despite the pressure on the cybersecurity industry due to tightened budgets from downstream clients, the company focused on core customers and high-value markets to achieve growth [2] - The company's net loss narrowed to 365 million yuan in 2024, with a significant improvement in operating quality driven by cost reduction and efficiency enhancement strategies. The gross margin for security products reached 67.87% [3] - The company is targeting AI and security as dual engines for growth, with plans to enhance its technology stack and build ecosystems in the future [4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2.358 billion yuan, a 40.29% increase year-on-year. The net loss was reduced to 365 million yuan, with a net profit margin improvement from -58.1% to -15.5% [2][3] - For Q4 2024, the revenue was 1.084 billion yuan, showing a year-on-year growth of 128.67% [8] - The company forecasts revenues of 2.536 billion yuan, 2.743 billion yuan, and 2.981 billion yuan for 2025, 2026, and 2027 respectively, with expected net profits turning positive in 2025 [9][10] Strategic Focus - The company is implementing a "focus strategy" to optimize resource allocation, concentrating on stable core customers in sectors like telecommunications, finance, and energy while reducing inefficiencies in other markets [2] - The introduction of a restricted stock incentive plan for 2024 indicates management's confidence in long-term performance improvement, with revenue targets set for 2025 and 2026 [2] Innovation and Market Position - The company made significant advancements in AI and security, launching the "Fengyunwei AI Security Capability Platform" and the "AI-Scan" risk assessment product [4] - The strategic goal is to solidify domestic leadership while expanding into international markets, aiming to become a leader in digital cybersecurity [4]

Group 1 - The major shareholder, China Electronics Technology Group (Chengdu) Cybersecurity Equity Investment Fund Partnership (Limited Partnership), plans to reduce its stake in the company by up to 23.9793 million shares, which represents 3% of the total share capital [1]

证券代码：300369 证券简称：绿盟科技 公告编号：2025-018 绿盟科技集团股份有限公司 关于持股 5%以上股东减持股份预披露公告 持股 5%以上股东中电科（成都）网络安全股权投资基金合伙企业（有限合 伙）保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 截至本公告披露日，股东中电科（成都）网络安全股权投资基金合伙企业（有 限合伙）（以下简称"网安基金"）持有绿盟科技集团股份有限公司（以下简称 公司）股份 55,984,059 股，占公司总股本的 7.00%。网安基金计划拟于本公告披 露之日起十五个交易日后的三个月内（即 2025 年 6 月 9 日至 2025 年 9 月 8 日）， 减持公司股份不超过 23,979,255 股（占公司总股本的 3%）。 公司于近日收到持股 5%以上股东网安基金的《股份减持计划告知函》，现将 有关情况公告如下： 一、股东的基本情况 （一）股东名称：中电科（成都）网络安全股权投资基金合伙企业（有限合 伙） （二）股东持有股份的总数量、占公司总股本的比例 截至本公告 ...

Meeting Overview - The shareholder meeting of Green Alliance Technology Group Co., Ltd. was held on May 13, 2025, in Beijing, combining both on-site and online voting [1] - A total of 189 shareholders attended, representing 96,017,800 shares, which is 12.0126% of the total voting shares [1][2] Attendance Details - Among the attendees, 4 shareholders voted on-site, representing 81,910,524 shares (10.2477%), while 185 shareholders voted online, representing 14,107,276 shares (1.7649%) [1][2] - Small and medium shareholders accounted for 186 attendees, representing 14,328,376 shares (1.7926%) [1] Voting Results - The following proposals were approved with significant majority votes: - 2024 Board Work Report: 93,823,092 shares in favor (97.7143%) [3] - 2024 Supervisory Board Work Report: 93,820,992 shares in favor (97.7121%) [3] - 2024 Financial Settlement Report: 93,822,292 shares in favor (97.7134%) [4] - 2024 Annual Report and Summary: 93,822,292 shares in favor (97.7134%) [4] - 2024 Profit Distribution Plan: 93,764,592 shares in favor (97.6533%) [5] - Guarantee for Wholly-owned Subsidiary: 93,742,792 shares in favor (97.6306%) [5] - Purchase of Directors and Supervisors Liability Insurance: 92,257,913 shares in favor (97.5464%) [6] - Appointment of 2025 Audit Firm: 93,821,492 shares in favor (97.7126%) [8] Legal Compliance - The meeting was conducted in accordance with the Company Law and the company's articles of association, with legal opinions confirming the validity of the meeting and voting procedures [8][9]