隐私计算研究框架：隐私计算发展迅猛，长期空间大

Market Overview - The privacy computing industry is growing rapidly, driven by both policy and demand, with the Chinese market expected to exceed 10 billion yuan by 2025 [1] - Privacy computing enables secure data analysis while protecting data privacy, breaking data silos and facilitating trusted data circulation and value extraction [1][7] - The industry is supported by a robust legal framework, including the Cybersecurity Law, Data Security Law, and Personal Information Protection Law, which have accelerated its development [12][13] Technology and Trends - Privacy computing is entering a rapid growth phase and is considered a strategic technology direction for the future [2] - Open-source initiatives are driving rapid iteration in privacy computing, lowering barriers to entry and enhancing platform security and trustworthiness [78][79] - Three main technical paths for privacy computing include Multi-Party Secure Computation (MPC), Federated Learning (FL), and Confidential Computing, each with distinct advantages and use cases [32][40][41] Application Scenarios - Privacy computing is widely applied in finance, healthcare, government, smart vehicles, marketing, and industrial sectors, enabling secure data sharing and value extraction [51][54][61][64][67][69] - In finance, privacy computing enhances risk control and customer acquisition by securely integrating external big data and protecting customer privacy [54] - In healthcare, it supports clinical research, drug development, and public health by enabling secure sharing of electronic medical data [57][58] Investment Opportunities - The industry is still in its early stages, with high technical requirements for data and cryptographic security, making companies with strong technical capabilities and industry client resources key investment targets [3][89] - Recommended investment targets include Anbotong, Geer Software, and Hillstone Networks, with potential beneficiaries such as Sanwei Xinan and Xinan Century [89][90] Market Potential - By 2025, the Chinese privacy computing market is projected to surpass 10 billion yuan, driven by two business models: basic product services and data operations [18] - Gartner predicts that by 2025, 60% of large organizations will adopt privacy-enhancing computing technologies, with global spending on data protection and compliance technologies exceeding 15 billion USD by 2024 [76]