山石网科通信技术股份有限公司 向不特定对象发行可转换公司债券 www.lhratings.com 联合〔2025〕3294 号 联合资信评估股份有限公司通过对山石网科通信技术股份有限 公司主体及其相关债券的信用状况进行跟踪分析和评估，下调山石 网科通信技术股份有限公司主体长期信用等级为 A，下调"山石转 债"信用等级为 A，评级展望为负面。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年五月二十八日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受山石网科通信技术股份有限公司（以下简称 "该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委 托关系外，联合资信、评级人员与该公司不存在任 ...

Core Viewpoint - In the era of AI, efficient data storage and rapid retrieval are crucial for AI applications, with SSDs becoming key components due to their speed and stability. However, neutron radiation poses a hidden threat to data security and system stability in AI applications [1]. Group 1: Testing Background and Environment - Neutrons, as uncharged subatomic particles, can cause bit flips in SSDs when they penetrate storage units, potentially leading to data errors and model training biases in AI applications [2]. - Yilian is the only domestic SSD manufacturer that has passed neutron irradiation tests, collaborating with the China Spallation Neutron Source to validate the reliability of its PCIe Gen5 ESSD UH812a in high neutron radiation environments [2]. Group 2: Testing Results - In extreme simulated workloads, the Yilian UH812a SSD outperformed competitors, with an actual operating time of 416 seconds, which is 60% longer than domestic competitor B and 400% longer than international competitor A [9]. - The average hourly failure rate of the UH812a SSD is significantly lower than both its previous generation and competitors, indicating higher reliability and data protection capabilities [10][11]. Group 3: Data Protection Technologies - The Yilian UH812a SSD employs multiple data protection technologies, including enhanced LDPC error correction, intelligent error detection and correction (ECC), and uncorrectable error (UNC) protection mode, ensuring data security against neutron radiation threats [12][14]. - The LDPC algorithm provides a higher error correction capability, while the ECC mode monitors and corrects bit flip errors in real-time, and the UNC mode isolates error regions to prevent further data loss [12]. Group 4: Implications for Data Centers - Data centers located in high-altitude areas are at risk of neutron radiation affecting AI applications, leading to data errors and increased operational costs. The Yilian UH812a SSD mitigates these risks, ensuring stable operation of AI applications and reducing total cost of ownership (TCO) for users [15]. - By choosing Yilian's SSDs tested under harsh neutron conditions, companies can achieve more stable system operations, accurate data analysis, and lower maintenance costs, supporting digital transformation and technological innovation [15]. Group 5: Future Outlook - Yilian plans to continue innovating in the AI storage technology sector, optimizing product performance to meet the growing data storage demands of the AI era [16].

Core Viewpoint - The company KAYOU is attempting to relaunch its IPO process on the Hong Kong Stock Exchange after facing regulatory challenges and significant financial losses, while also grappling with compliance issues related to the sale of products to minors [1][3][13]. Financial Performance - KAYOU's revenue in 2024 saw a substantial increase of 277.78% year-on-year, surpassing 10 billion yuan, but the company reported a net loss of 1.242 billion yuan, a shift from a profit of 450 million yuan in the previous year [1][8]. - The fair value loss of KAYOU's Series A preferred shares increased dramatically to 3.867 billion yuan, up from a loss of 201 million yuan the previous year, marking a 1823.88% increase [9][10]. Market Position - KAYOU is recognized as a leading company in the pan-entertainment product sector, holding the top market shares of 13.3% in the pan-entertainment products industry and 21.5% in the pan-entertainment toys industry as of 2024 [3]. - In the collectible card segment, KAYOU commands a dominant market share of 71.1%, earning the nickname "King of Elementary School Cards" [3]. Regulatory Challenges - KAYOU's IPO application was initially submitted in January 2024 but was stalled due to requests from the China Securities Regulatory Commission for additional information regarding its equity structure and data security [1][3]. - The company has faced scrutiny for its marketing practices targeting minors, which have been criticized as exploitative, leading to compliance issues that could hinder its IPO prospects [13][16]. Corporate Governance - KAYOU's founder and CEO, Li Qibin, received a total compensation of 1.8 billion yuan in 2024, raising concerns about potential conflicts of interest and excessive remuneration in a highly concentrated ownership structure [11][12]. - The company has been criticized for its stock incentive plan, which was perceived as disproportionately benefiting the founder and related parties at the expense of minority shareholders [10][12]. Social Responsibility - KAYOU's business model has been labeled as "quasi-gambling," particularly in its marketing strategies aimed at children, which could lead to social issues such as compulsive spending and addiction [14][17]. - The company has been under pressure to implement effective measures to protect minors, especially following regulatory guidelines that prohibit the sale of blind box products to children under eight years old [16][17].

Group 1 - The National Network Identity Authentication Public Service Management Measures will be implemented starting July 15, 2025, aiming to enhance identity verification while protecting personal information [1] - The National Network Identity Authentication App, developed by the Ministry of Public Security, integrates legal documents with the national population database, utilizing advanced security measures to reduce information leakage risks [1] - The market space for the system construction related to the network identity authentication is expected to reach 1.5 billion yuan, with companies experienced in identity authentication likely to benefit from upcoming tenders [1] Group 2 - The digital transformation of enterprises is anticipated to create significant data security challenges, with the data security protection and governance market in China projected to reach 22.87 billion yuan by 2025 [2] - Newland is identified as the sole supplier of trusted digital identity QR code security chips and has a competitive advantage as a module supplier [3] - Shengbang Security has already integrated 198 internet apps during the pilot phase of the National Network Identity Authentication App, indicating potential growth opportunities for the company [3]

来源：弈赫市场咨询 2025年加密| 北京弈赫国际信息咨询有限公司是一家业务覆盖全球的利基市场信息咨询公司，研究涉及了21个主要行业和1200个利基市场，覆盖了70多个国 家，一直致力于产出专业严谨的行业趋势分析，数据洞察，市场研究和解决方案。百度搜索yiheconsult或者弈赫咨询，访问官网获得免费报告样 本。 复合年增长率 (2025-2030) $XX(申请免费样本获得市场规 模数据) 2025 北京弈赫市场咨询最新发布的关于加密闪存驱动器2025市场深度分析报告已经正式上线，报告涵盖了全球市场与中国市场的详细数据与趋势分析。作为行业 内领先的市场研究机构，弈赫咨询多年来专注于技术行业的研究，积累了丰富的数据和洞察，能够根据客户的需求提供量身定制的报告。感兴趣的读者可以 申请获取免费样本，以进一步了解市场动态。 本报告的目标受众包括技术行业的投资者、制造商、分销商、终端用户及政策制定者。特别是面向那些希望深入了解加密闪存驱动器市场动向的企业和机 构，报告内容为他们提供了丰富的参考资料。投资者能够利用本报告评估市场潜力，并制定相应的投资策略；而制造商则可以通过对竞争对手和市场趋势的 深入分析，优化其产品 ...

中经记者 蒋牧云 李晖 温州 北京报道 国家数据局开展数据基础设施建设先行先试已半年有余，各地推进成果如何？ 《中国经营报》记者近日在2025数据安全发展大会上获悉，作为试点城市的温州市的数场、可信数据空 间、数联网、数据元件、隐私保护计算、区块链等6项国家数据基础设施建设先行先试成果已投入使 用。 在采访中，多位参与试点建设的业内人士告诉记者，基于温州市设立的配套制度，以及技术应用，使得 在具体场景中不同行业、不同部门之间的数据得以打通，并释放数据价值。一定程度解决了数据交易 中"红线不清、场景不明"问题。 从温州实践来看，则是在设施架构上进行了价值探索。具体拆解温州此次投用试点，可将其看做一个三 层架构的综合数据基础设施——顶层为区域、全域的功能节点，是由温州市数据集团统建的管理平台以 及基础支撑平台，负责统一接口管理、身份登记、目录标识等。 中层为趣链科技、安恒信息等多家生态厂商共建的业务节点层面，分为数场流通利用平台、隐私保护计 算公共服务平台、区块链公共服务平台、公共数据授权平台、数据元件加工管理平台。 底层则为数据流通链，各厂商通过连接器接入，并通过连接器发布需求，获取数据产品。 作为中间层的关键 ...

Core Points - The article discusses the implementation of the "National Network Identity Authentication Public Service Management Measures," which will take effect on July 15, 2025, aimed at enhancing digital identity security and supporting the digital economy [1][2][9] Group 1: Public Service Framework - The public service refers to a national platform that provides services such as applying for network numbers and certificates, and verifying identity based on legal identification documents [2][3] - The network number is a non-explicit identity symbol composed of letters and numbers, while the network certificate carries the network number and non-explicit identity information [2][3] Group 2: User Participation and Rights - Individuals with valid legal identification can voluntarily apply for a network number and certificate, with parental consent required for minors [3][4] - Internet platforms must ensure equal service for users who do not use network numbers or certificates but have verified their identity through other means [4] Group 3: Data Protection and Privacy - Internet platforms are prohibited from requiring users to provide explicit identity information if they have verified their identity using network numbers or certificates, except as required by law or with user consent [4][5] - The public service platform is limited to collecting only the information necessary for identity authentication and must inform users about data processing practices [5][6] Group 4: Security and Compliance - The public service platform must implement security measures to protect data and personal information, ensuring that important data is stored domestically [7][8] - Violations of the management measures can lead to penalties under relevant laws, and responsible parties may face legal consequences [8][9]

Group 1 - The company held its 2024 annual performance briefing on May 23, 2025, with key executives present to interact with investors [1] - The company aims to enhance its performance by expanding into new business areas such as IoT, low-altitude economy, and artificial intelligence, while also strengthening its international presence, particularly in the "Belt and Road" markets [1][2] - The company has completed upgrades to its entire line of cryptographic products to be quantum-resistant and has launched several quantum-safe products at a technology trade fair in June 2024 [1] Group 2 - The company primarily serves domestic clients and has minimal exposure to U.S. tariffs, which do not significantly impact its performance [2] - The company focuses on digital sovereignty and security, aiming to establish a leading position in the digital security sector through a comprehensive strategy that includes cryptographic security and digital transformation [2]

Group 1 - The China Securities Big Data Industry Index decreased by 0.62% as of May 22, with mixed performance among constituent stocks, including Shengshi Technology hitting the daily limit, and Dipu Technology dropping by 2.53% [1] - The Data ETF (516000) fell by 0.66%, with the latest price at 0.9 yuan, but has seen a cumulative increase of 28.55% over the past year, ranking first among comparable funds [1] - Alibaba Cloud is accelerating the creation of a global cloud computing network, with plans to open seven new data centers in 2025 across various regions including Malaysia, UAE, Thailand, South Korea, Japan, Mexico, and the Philippines [1] Group 2 - The Data ETF and its linked funds closely track the China Securities Big Data Industry Index, focusing on popular sectors such as data elements, data security, and East Data West Computing, covering notable stocks like iFlytek and Inspur Information [2] - The emergence of the DeepSeek concept has positioned the data industry as one of the most benefited sectors in the market [2]

市场消息：调查发现安全漏洞导致美国承包商Opexus数据泄露。 ...