盘中解盘：安防股闪崩背后，三张底牌正在翻开！

Core Viewpoint - The security sector is facing significant challenges due to external pressures, leading to a sharp decline in stock prices and investor confidence [1][2]. Group 1: Industry Challenges - The security industry is experiencing a downturn, exacerbated by stringent overseas policies and tariffs, particularly from the U.S. [2] - The U.S. tariffs have resulted in a 40% increase in costs for security products, severely impacting demand [1][2]. - The foreign trade prosperity index for the security sector dropped by 3 points in the first quarter, with a 6 percentage point decrease in the proportion of companies reporting growth in overseas orders [1][2]. Group 2: Market Reactions - There was a net outflow of 600 million yuan from the security sector, ranking it among the worst in the market [1]. - Individual stocks, such as Shenli Co., experienced significant sell-offs, with a 10% discount in block trades indicating large investors exiting [3]. - Shenli Co. faced a 70 million yuan overdue payment issue, contributing to a loss of investor confidence and further selling pressure [3]. Group 3: Company-Specific Issues - Shenli Co. reported a 122% drop in net profit last year, with price reductions in silicon steel squeezing margins [3]. - The company's stock faced a "triple blow" from poor performance, deteriorating shareholding structure, and a loss of trust due to failed control transfer [3]. - The high overseas revenue exposure of companies like Henghui Security (89% of revenue) raises concerns about their vulnerability to market fluctuations [4]. Group 4: Strategic Recommendations - Short-term strategies suggest avoiding bottom-fishing in the sector until a clear bottom is established, especially for companies with poor performance and high overseas exposure [4]. - Long-term strategies emphasize focusing on domestic alternatives and technological advancements, as companies like Hikvision and Dahua invest in distributed AI and encryption technologies [4].