专题：2025陆家嘴论坛召开，央行、金融监管总局、证监会等发布重磅政策 6月18日下午，在2025陆家嘴论坛"全体大会三：推动资本市场持续稳健发展"上，明讯银行有限公司首 席执行官Philip BROWN在谈及资本市场国际合作时表示，中国资本市场吸引了外资参与，虽然市场波 动性很大，但中国市场确实发展得非常快。众多中国客户已相当成熟，拥有优秀的投资策略，广泛涉足 结构性产品、私募投资，并积极运用回购融资。 就中国股市而言，上周一项调查显示，其日交易量占全球15%，是仅次于美国的全球第二大市场。从规 模看，中国股市已相当成熟，关键问题在于交易中"耐心资本"与"非耐心资本"的比例，以及如何构建更 完善的养老基金和激励机制以吸引更多长期资本。欧洲同样通过长期养老储蓄计划来支撑其股市发展。 我们看到大量全球客户投资中国，但这存在不平衡性——中国企业在海外投资相对较少。中国拥有全球 规模前三的债券市场，然而外资参与度很低：日本、美国、英国的政府债券外资占比分别为12%、 24%、32%，而中国仅为2.7%。中国在利用政府债券作为担保品以降低风险方面，有很大空间。 欧洲债券市场历史上曾发行过大量人民币债券，这有助于全球化 ...

根据苹果最新的透明度报告，2024年上半年，全球政府对推送令牌数据的请求数量从2023年初的119次激增至277次。然而，苹果的批准 率却大幅下降，从2023年初的76%降至59%。这表明，面对日益增多的政府数据请求，苹果正在采取更加审慎的态度。 报告显示，部分国家仍然按照惯例获得了元数据的访问权限，而在某些情况下，甚至包括了通过苹果推送通知服务收集到的未加密消息 内容。推送通知服务的机制自2023年起暴露于公众视野，当时美国参议员罗恩·怀登披露，苹果与谷歌曾被迫与执法部门共享推送通知数 据。怀登警告称，即便是像Signal这样的加密应用程序，如果它们的通知没有默认加密，也可能暴露用户的敏感信息。 苹果在报告中澄清，消息内容的暴露程度取决于各个应用程序如何实施通知传递。苹果推送通知服务本身并不解密消息，它只是作为传 递渠道。 6月5日消息，苹果公司今天公布了新一期的隐私宣传片，讲述了关于iPhone的几个隐私保护功能：面容ID解锁，应用程序隐藏，以及密 码App，这也是苹果连续第三年针对中国用户使用习惯制作的隐私保护广告片。 苹果对隐私的执着近乎"偏执"，苹果隐私保护的底层逻辑一直信奉数据最小化与设备端处理。 ...

Group 1 - The strategic cooperation agreement between the Guangxi Zhuang Autonomous Region government and 360 Group focuses on artificial intelligence and digital security industries, aiming to develop a series of strategic collaborations targeting Guangxi and ASEAN [2] - Key areas of the agreement include the establishment of 360 Group's ASEAN headquarters, the creation of an "AI + digital security" industry ecosystem, and the promotion of mature applications like nano AI search and secure cloud services [2] - The partnership will explore "AI + infrastructure" research, enhance regional digital economy through smart port scenarios, and establish a talent cultivation system through research institutes and academies [2][3] Group 2 - 360 Group's founder emphasized Guangxi's role as a frontier for China's cooperation with ASEAN, highlighting the rich application scenarios for artificial intelligence and the broad cooperation potential [3] - The company plans to leverage the cooperation agreement to enhance investments in AI security and industry development in Guangxi, accelerating the construction of the ASEAN headquarters and AI application and security research institutes [3] - 360 Group aims to participate in the establishment of the China-ASEAN AI Innovation Cooperation Center and the China-ASEAN AI Security Demonstration Center, focusing on creating exemplary projects in education, healthcare, and tourism [3]

Core Viewpoint - The article highlights the performance and future prospects of the company's AI products, particularly the "Nano AI Search," while also discussing the financial results for 2024 and Q1 2025, indicating a mixed outlook for the company's internet business and AI upgrades [3][4]. Financial Performance - In 2024, the company achieved a revenue of 7.948 billion, a year-on-year decrease of 12.33%, and a net profit attributable to shareholders of -1.094 billion, with losses widening [3]. - For Q1 2025, the company reported a revenue of 1.864 billion, an increase of 8.39% year-on-year, but a net profit of -0.273 billion, indicating an expanded loss [3]. AI Product Development - The "Nano AI Search" ranked sixth globally and second domestically in the "AI Product List" published in April 2025, showcasing the company's competitive position in AI products [4]. - The company has launched several AI-native products, including "Nano AI Search" and "360 AI Office," and has improved its self-developed large model "360 Smart Brain" [4]. Internet Business Overview - The internet advertising and service business generated a revenue of 4.166 billion in 2024, down 7.85% year-on-year, while the internet value-added services revenue increased by 25.51% to 1.379 billion [5]. - The average monthly active users (MAU) for the company's PC browser and navigation exceeded 400 million, with a market share of over 85% by the end of 2024 [5]. Security Business Development - The company has intensified its focus on national-level cybersecurity, capturing over 1,300 APT attack activities in 2024 [6]. - The "360 Security Large Model 3.0" was launched and integrated into all security products, with successful testing and application in over 50 leading clients and more than 500 SMEs [6].

Core Viewpoint - The article emphasizes the transformation of digital security from individual privacy protection to a core variable for industrial upgrading and corporate innovation ecosystems, driven by advancements in artificial intelligence and the formation of a data element market [1]. Group 1: Digital Security Landscape - The 12th China International Police Equipment Expo showcased various digital security practices, including quantum key distribution terminals and AI-based deepfake detection systems, highlighting the evolving landscape of the digital security industry [1][3]. - Digital security strategies have escalated to become a national security barrier and a cornerstone for social stability, reflecting the shift from passive defense to proactive immunity systems [1][2]. Group 2: Regulatory Framework - Recent years have seen a surge in policy initiatives and stringent enforcement in China's digital security governance, establishing a legal framework through laws such as the Cybersecurity Law and the Data Security Law [1][2]. - The transition from "passive accountability" to "proactive risk management" is a significant strategic shift, emphasizing preemptive measures against security threats [2]. Group 3: Technological Innovations - Emerging technologies like blockchain, privacy computing, and quantum computing are driving the iterative upgrade of digital security technologies, enhancing data security during processing and ensuring authorized access [4]. - The integration of AI with big data platforms is transforming public safety and resource allocation, enabling a shift from experience-driven to data-driven policing [3][4]. Group 4: Industry Implications - The application of advanced security technologies, such as zero-trust architecture and multi-dimensional regulatory networks, is enhancing the overall protective capabilities of digital security in China [2]. - The rise of large AI models is reshaping the competitive landscape of the security industry by automating threat detection and response processes [3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [6]. Core Views - The company's "Nano AI Search" has shown strong performance, ranking sixth globally and second domestically in the latest AI product rankings, indicating a positive outlook for its internet commercialization business driven by AI upgrades [2][3]. - Despite a decline in revenue for 2024, the company is expected to benefit from AI-driven upgrades in its internet advertising and commercial business, with a projected return to profitability by 2027 [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 7.948 billion yuan, a decrease of 12.33% year-on-year, and a net loss attributable to shareholders of 1.094 billion yuan, worsening from the previous year [1]. - For Q1 2025, revenue was 1.864 billion yuan, an increase of 8.39% year-on-year, but the net loss attributable to shareholders expanded to 273 million yuan [1]. Business Segments - The internet advertising and services segment generated revenue of 4.166 billion yuan in 2024, down 7.85% year-on-year, while the internet value-added services segment saw revenue growth of 25.51% to 1.379 billion yuan [3]. - The security business reported revenue of 1.287 billion yuan, a decline of 27.06%, and the smart hardware business revenue fell by 35.44% to 1.014 billion yuan [3]. AI Product Development - The company has launched several AI-native products, including "Nano AI Search" and "360AI Office," and has enhanced its self-developed general-purpose large model "360 Smart Brain" [2]. - The "360 Security Model 3.0" was introduced and integrated into all security products, demonstrating the company's commitment to advancing its security offerings [4]. Profitability Forecast - The forecast for net profit attributable to shareholders has been revised downwards for 2025 and 2026 to -0.05 billion yuan and 0.71 billion yuan, respectively, with a new projection of 1.51 billion yuan for 2027 [4][5].

Group 1: Company Overview - LABUBU, a product line under Pop Mart, has gained significant popularity overseas, contributing to the company's expansion into a billion-dollar market [3][5] - Pop Mart International Group achieved a revenue of 13.04 billion yuan in 2024, marking a year-on-year growth of 106.9%, and ranked first among Beijing's top 100 private cultural enterprises [5] - The company has established over 130 physical stores globally, including locations in iconic areas such as the Louvre in Paris, Shibuya in Tokyo, and Oxford Street in London [5][7] Group 2: Industry Environment - Chaoyang District, where LABUBU is based, is fostering a vibrant private economy through innovative policies and support for private enterprises [3][12] - The district has implemented measures to optimize the business environment, including a "one industry, one certificate" policy and a "one-stop" service for domestic companies looking to expand overseas [12][14] - The number of private enterprises in Chaoyang has reached 300,000, accounting for about 90% of the district's business entities, making the private economy a crucial driver of high-quality development in the area [15]

Core Insights - ISC.AI 2025 Internet Security Conference is set to launch on April 30, 2025, focusing on the intersection of AI and security as global model technology scales to a trillion parameters, highlighting the exponential growth of security vulnerabilities in AI systems [1] - The conference aims to create a collaborative innovation network among government, industry, academia, and research to enhance the value of large model industries and digital security [1] Group 1: Conference Structure - The conference will feature five major segments, covering the entire value chain from cutting-edge technology to industry implementation, and from academic research to ecosystem building [2] - An opening ceremony will invite global experts to discuss security governance and the development direction of large model applications and digital security [2] - Dual summits on AI and security will explore the latest technologies and industry applications, providing immersive experiences for attendees [2] Group 2: Innovation and Education - An innovation competition, the Unicorn Sandbox Contest, will focus on AI applications, digital security, and nurturing new talent in the digital age [3] - A practical training camp will offer courses aimed at enhancing industry knowledge and practical skills for students and professionals [3] Group 3: Exhibition and Engagement - An ecological exhibition area will include an AI Future Experience Hall and a Digital Security Ecological Exhibition, showcasing the latest innovations and solutions from numerous companies [4] - The conference will recruit global topics from April 30 to June 20, inviting contributions from enterprises, universities, and tech enthusiasts in the AI and digital security fields [5] Group 4: Topic Directions - AI topic directions include large model security technologies, multi-modal applications, and AI talent cultivation [6] - Digital security topics will cover applications of security models, automated security operations, and innovations in security for small and medium enterprises [7] Group 5: Participation Opportunities - The conference encourages global innovators to submit groundbreaking and practical topics, with selected participants receiving speaking opportunities and exposure through ISC's media channels [8]

Core Insights - The company achieved an operating revenue of 356 million yuan and a net profit attributable to shareholders of 8.48 million yuan in the 2024 annual report, with a focus on increasing R&D investment in cutting-edge technology fields [1] - The "Digital Wind Tunnel" product system has gained market recognition, generating 175 million yuan in revenue in 2024, while the company continues to enhance its "hard technology" attributes [1][4] - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan, exploring various methods for market value management, including dividend distribution and share buybacks [1][5] Financial Performance - The company reported a 10.19% year-on-year increase in R&D investment, totaling 92.66 million yuan, which represents 26.01% of operating revenue, an increase of 4.77 percentage points from the previous year [1] - In Q1 of this year, the company achieved an operating revenue of 30.08 million yuan, continuing its growth trend [1] Product Development and Innovation - The company has developed the "Yuanfang" series of products and solutions, focusing on AI "native security" capabilities, which have been tailored for various industries, including government and manufacturing [2][3] - The "Digital Wind Tunnel" testing and evaluation capabilities have seen over 50% year-on-year revenue growth, with applications across multiple scenarios, including digital government and data security assessments [4] Market Strategy and Customer Engagement - The company has established a customer base of over 50 high-value strategic clients for its "Digital Wind Tunnel" product system and plans to expand its market outreach [4] - The company has supported over 120 security events and has accumulated experience in enhancing the overall defense level across various industries [4] Shareholder Returns and Value Management - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares, with a cash dividend ratio of 59.84%, and will also increase capital stock by 4.8 shares for every 10 shares held [5] - The company completed a share buyback plan, repurchasing 718,900 shares, which is 0.70% of the total share capital, with a total expenditure exceeding 33 million yuan [5] Future Outlook - The company aims to leverage its advantages in the digital security testing and evaluation sector to promote the application of the "Digital Wind Tunnel" product system in broader business areas [6] - The company will also focus on capitalizing on the private deployment market for large models, accelerating the market promotion of the "Yuanfang" series products and solutions [6]