Group 1 - JiaHua Technology (688051) plans to acquire 90% of ShuDun Technology, which is expected to constitute a major asset restructuring for the listed company. The company's stock will resume trading on December 8 [1][5] - The acquisition will be executed through the issuance of shares and cash payments to 49 transaction parties, making ShuDun Technology a subsidiary of JiaHua Technology upon completion [1][5] - JiaHua Technology is a leading enterprise in the domestic IoT big data sector, focusing on the research and application of IoT big data technology, integrating AI, blockchain, cloud computing, and other core technologies [3][7] Group 2 - ShuDun Technology specializes in domestic cryptography technology research and information security solutions, recognized as a key "little giant" enterprise and a potential enterprise in commercial cryptography by the Ministry of Industry and Information Technology [3][7] - The transaction is a strategic move for JiaHua Technology to enhance its IoT big data industry layout, aiming for resource integration and the establishment of a comprehensive IoT big data platform centered on data security [4][8] - Post-transaction, JiaHua Technology expects growth in total assets, net assets, operating income, and net profit, enhancing its ongoing operational capabilities [4][8]

每经编辑｜陈鹏程 胡玲 1 中国证监会：将对优质机构适当松绑 适度打开资本空间与杠杆限制 中国证监会主席吴清12月6日表示，将着力强化分类监管、"扶优限劣"。对优质机构适当"松绑"，进一步优化风控指标，适度打开资本空间和杠杆限制，提 升资本利用效率。（央视新闻） 2 国家网信办就《网络数据安全风险评估办法（征求意见稿）》公开征求意见 12月6日，为规范网络数据安全风险评估活动，保障网络数据安全，促进网络数据依法合理有效利用，国家互联网信息办公室起草了《网络数据安全风险评 估办法（征求意见稿）》，现向社会公开征求意见。征求意见稿提出，处理重要数据的网络数据处理者应当每年度对其网络数据处理活动开展风险评估。重 要数据安全状态发生重大变化可能对数据安全造成不利影响的，应及时对发生变化及其影响的部分开展风险评估。鼓励处理一般数据的网络数据处理者至少 每3年开展一次风险评估。 3 中国驻美大使：两大背景板给中美经贸关系发展带来新的重要机遇 中国驻美国大使谢锋12月4日应邀出席由中国贸促会和美国子午线国际中心共同举办的中美经贸合作论坛并致辞。谢锋表示，看待和发展新时期中美经贸关 系，要把握好两大背景板。谢锋指出，第一块背 ...

标的公司数盾科技专注于国产密码技术研究、密码信息安全产品研发和信息安全整体解决方案服务，是 国内以密码技术为核心的网络和数据安全整体解决方案提供商。目前数盾科技已形成商用密码、信息安 全服务等产品服务体系，是国家级专精特新重点小巨人企业、工信部认定的商用密码硬科技潜力企业、 北京市知识产权试点单位，先后获得国家密码科技进步三等奖、北京市科学技术进步奖一等奖等奖项， 牵头或参与了多项商用密码领域的国家及行业标准规范制订。 本次交易完成后，上市公司与标的公司能够在业务、技术、客户等方面产生良好的协同效应，有助于丰 富公司的产品矩阵和下游应用场景，进一步提升上市公司对客户在数据安全需求方面的响应能力和综合 服务能力，实现优势互补，增强上市公司的市场竞争力。 佳华科技(688051.SH)发布公告，上市公司拟通过发行股份及支付现金的方式向朱云等49名交易对方购 买其持有的数盾科技90%股份，并募集配套资金。截至本预案签署日，本次交易的审计及评估工作尚未 完成，标的资产估值及定价尚未确定。经初步预估，本次交易预计达到《重组管理办法》规定的重大资 产重组标准。 经向上海证券交易所申请，公司股票将于2025年12月8日开市 ...

每经AI快讯，12月5日，佳华科技(688051.SH)公告称，公司正在筹划以发行股份及支付现金的方式购买 数盾信息科技股份有限公司90%股份，并募集配套资金。公司股票将于2025年12月8日开市起复牌。标 的公司专注于国产密码技术研究、密码信息安全产品研发和信息安全整体解决方案服务。本次交易完成 后，上市公司与标的公司能够在业务、技术、客户等方面产生良好的协同效应，进一步提升上市公司对 客户在数据安全需求方面的响应能力和综合服务能力。本次交易预计构成重大资产重组。 ...

也正是在这一意义上，足球比赛选择VAR系统所面对的并非简单的技术比拼，而是一场结构性 差异极为明显的系统竞争：一端，是以索尼"鹰眼"等为代表的凭借先发优势、深度绑定国际赛 事而长期占据主导的非自主可控"鹰眼"体系，其优势来自积累的路径依赖与生态锁定；另一 端，则是以瑞盖科技为代表、十余年深耕底层算法与现场系统，正在将足球数据技术话语权逐 步提升的自主可控"鹰眼"力量。 在体育产业从规模优势转向技术优势的过程中，真正的问题不仅在于"摄像头多少"或"界面是否 精致"， 而是看能否依托关键技术自主，从而参与标准制定、提升管控能力，最终从"跟随者"走 向"创造者""参与者"乃至"引领者"。 正因如此，足球比赛在数字技术体系上的选择，是一项关乎未来方向的重大判断——其本质， 是在数据安全战略与体育数字化转型进程的双重背景下，对数字体育能否完全掌握关键技术与 核心数据的集中检验。这一选择不仅关系未来数年联赛的技术路径，更将深刻影响体育产业的 数字化底座能否实现自主可控。换言之，这是一场必须赢下的"数字主权博弈"。 一、被沿用体系遮蔽的深层代价：非自主可控"鹰眼"对 足球联赛的两项结构性挑战 在商业层面审视，目前既有"鹰眼 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 59.87 CNY based on a 2.65x PS multiple for 2026 [3][6]. Core Insights - The company is experiencing improved profitability primarily due to effective cost control, with a significant reduction in expense ratios [9]. - AI security is identified as the strategic core of the company, with the upcoming launch of the "Heng Nao 3.0" platform, which is expected to enhance product competitiveness [9]. - New business segments, particularly data security and MSS services, are showing rapid growth, with data security contracts increasing by nearly 25% year-on-year [9]. Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 2.126 billion, 2.306 billion, and 2.538 billion CNY, respectively, reflecting a growth rate of 4.1%, 8.5%, and 10.1% [3][5]. - The company is expected to achieve a net profit of 111 million CNY by 2027, with a significant turnaround from a net loss of 360 million CNY in 2023 [5][9]. - Gross margin is projected to decline slightly from 61.8% in 2023 to 58.3% by 2026, while net margin is expected to improve from -16.6% in 2023 to 4.4% in 2027 [5][9].

数据从"原料"到"商品"，需要经过规范流程。"各类主体在平台登记注册后，我们首先根据应用场景， 撮合数据提供方、需求方及数据商，对符合要求的产品颁发数据产品登记凭证。"范子瑄说，在对数据 产品进行合规审查等过程后，为数据产品颁发数据产品挂牌证书，交易后则颁发交易凭证。 作为亚洲第一、世界第二的鲜切花交易市场，斗南花市2024年花卉交易量、交易额分别达141.76亿枝、 115.74亿元，连续25年保持全国第一。海量的交易数据中蕴藏着丰富的供需信息，具备广阔的挖掘空 间。"此次交易的数据产品，是在斗南花卉电子交易中心3年间的花卉交易数据基础上加工处理形成的， 涵盖花卉品类、品种、色系、等级、瑕疵、开放度、长度等信息。"云南斗南花卉产业集团大数据中心 主任邹明川说，"当一束玫瑰的交易数据能被拆解、分析、赋能，它就成了产业升级的'数字肥料'。" 今年3月，昆明联合产权交易有限公司携手中国移动通信集团云南有限公司，联合发布昆明国际数据交 易所数据要素流通服务平台，为数据供需双方搭建交易的桥梁。本次交易正是在这一平台上完成的。 "数据要素流通服务平台相当于'数据超市'，商品就是数据产品，顾客按需选购。"昆明国际数据交易 ...

Core Points - The legislative suggestions from representatives in Shenzhen have been incorporated into new laws, enhancing the legal framework for the private economy and addressing industry needs [1][2][4] - Shenzhen has established a three-tier legislative contact point network to facilitate public opinion expression and support legislation in key and emerging sectors [1][3][8] Group 1: Legislative Developments - Shenzhen's representatives have actively engaged in legislative research, particularly focusing on the challenges faced by the artificial intelligence industry, such as data privacy and barriers to data access [2][6] - The establishment of the "National-level" grassroots legislative contact point in Futian District marks a significant step in enhancing local legislative capabilities [1][5] - The legislative contact points have successfully submitted proposals that have been adopted in various regulations, including those promoting high-quality development in manufacturing [2][3] Group 2: Industry-Specific Insights - The legislative contact points are tailored to the local industrial landscape, with a focus on integrating feedback from high-tech sectors like artificial intelligence and semiconductors [2][3] - There is a concerted effort to align local legislation with international standards, particularly in areas such as foreign investment and intellectual property protection [5][6] Group 3: Community Engagement and Governance - The legislative contact points have been instrumental in gathering community feedback on pressing issues, such as the management of abandoned vehicles, which has led to actionable legislative proposals [7][8] - The integration of legislative work with community governance initiatives aims to enhance the responsiveness of local laws to the needs of residents and businesses [8][9]