证券日报网讯1月6日，启明星辰（002439）在互动平台回答投资者提问时表示，网络安全行业虽然短期 面临传统业务增速受限、产品和服务承压的挑战，但长期来看，网络安全与信息化应用、业务场景融合 将产生高质量创新安全能力，这方面的需求愈发旺盛，公司坚信网络安全产业韧性强、潜力大，长期向 好的基本面不变。公司也在持续深化与中国移动（600941）的战略协同，在"AI+安全"、云安全、5G安 全等新赛道积极布局，并与中国移动一起拓展政府、企业、个人及家庭用户。今年以来，公司与中国移 动着力提升关联交易的项目质量，突出安全产品的价值，提升关联交易的整体毛利率水平，因此也主动 放弃一些低毛利的项目导致关联交易额同比有所下降。新任董事长上任后，公司正全力深化与中国移动 的战略协同，并前瞻性开拓人工智能(AI)安全新赛道，并将积极把握市场机遇、推动迈向高质量发展。 ...

（文章来源：证券日报） 证券日报网讯 1月6日，启明星辰在互动平台回答投资者提问时表示，公司正全力以赴，从短期业绩改 善、中长期战略深化以及增强投资者信心三个维度采取系统性措施。公司全力推动与中国移动的战略协 同，聚焦AI安全、云安全等新赛道以培育新增长点，拓展个人与家庭新客群。同时严格执行降本增 效，加强应收账款管理以改善现金流，优化经营改善基本面。另外，公司也与中国移动积极研究并持续 评估包括分红、回购增持等方案，以便适时推出符合公司发展和全体股东长远利益的回报举措，力求推 动公司价值回归合理区间。 ...

Core Insights - The article discusses the acquisition of Wiz by Google for $32 billion, marking it as one of the largest tech mergers in a decade [1][6] - The CEO of Wiz, Asaf Rappaport, initially missed Google's acquisition interest but later engaged in negotiations that led to a significantly higher offer [2][5] Group 1: Acquisition Details - Google expressed interest in acquiring Wiz in March 2024, but the initial communication went unanswered for months due to Rappaport's busy schedule [1][2] - By May 2024, after realizing the missed opportunity, Rappaport met with Google executives, leading to a $23 billion acquisition offer, which was double Wiz's valuation at the time [4][5] - Rappaport initially rejected the offer, believing in the company's potential for an IPO, but later accepted a revised offer of $32 billion in early 2025 [5][6] Group 2: Company Growth and Strategy - Wiz achieved $350 million in annual recurring revenue within four years and became the fastest-growing startup in tech history [2][5] - The company focused on simplifying cloud security solutions, addressing significant market needs without overcomplicating their offerings [15][17] - The founders' background in elite military units and their previous experience at Microsoft contributed to their strategic approach and success [11][12][13] Group 3: Leadership and Team Dynamics - Rappaport's leadership style emphasizes collaboration and talent development, fostering a strong team culture among the founders [10][11] - The founders have a long-standing relationship, having met in the Israeli military, which has strengthened their ability to work together effectively [11][12] - Rappaport's decision-making process reflects a balance between ambition and caution, as seen in his initial rejection of the acquisition offer [5][10] Group 4: Market Context and Implications - The acquisition highlights the growing demand for cloud security solutions, particularly as businesses increasingly migrate to cloud environments [5][17] - The deal is significant not only for Wiz but also for the broader tech ecosystem, showcasing the potential for Israeli startups to achieve substantial valuations [6][17] - The article suggests that the success of Wiz may inspire other tech entrepreneurs, particularly in China, to focus on building strong teams and innovative solutions [17]

Core Insights - Microsoft Azure experienced the largest DDoS attack in cloud history on October 24, with peak traffic reaching 15.72 Tbps and packet peaks near 3.64 billion packets per second [1][4] - The attack was executed using large-scale UDP traffic from over 500,000 IP addresses, targeting a single public address with minimal spoofing, making traceability easier [4] - The Aisuru botnet, which emerged in August 2024, is based on the Mirai architecture and primarily infects IoT devices, showcasing an evolving threat landscape in cloud security [4][5] Company Summary - Microsoft’s DDoS protection services successfully detected and mitigated the attack automatically, preventing any disruption to customer operations, demonstrating robust emergency response capabilities [4] - The attack highlights the increasing scale of threats as attackers evolve with internet advancements, indicating a persistent risk of high-volume attacks in the future [5] Industry Summary - The emergence of the Aisuru botnet signifies a growing challenge in cloud security, as it has the potential to launch attacks exceeding 20 Tbps, indicating a trend of escalating attack capabilities [4] - The incident underscores the need for continuous improvement in cloud security measures to address the evolving nature of DDoS attacks and the sophistication of botnets [5]

Core Viewpoint - The company reported a significant decline in revenue and an increase in net loss for the first three quarters of 2025, indicating challenges in financial performance amidst ongoing market developments [4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.202 billion, a year-on-year decrease of 24.01%, and a net loss attributable to shareholders of 235 million, widening from a loss of 169 million in the same period last year [4]. - In Q3 2025, the company recorded revenue of 376 million, a year-on-year decrease of 46.96%, and a net profit of -171 million, indicating a shift to losses compared to the previous year [4]. Business Segment Performance - The company's intelligent computing cloud business generated revenue of 129 million in the first three quarters of 2025, a year-on-year increase of 7.59%, accounting for 10.73% of total revenue [5]. - The cybersecurity business reported revenue of 1.064 billion, a year-on-year decrease of 26.83%. Q3 revenue was significantly impacted by project delays, although signed and pending orders showed growth [5]. - Revenue growth was observed in the telecommunications and transportation sectors, with increases of 13.14% and 18.73% respectively, while the financial and energy sectors remained stable [5]. Profitability and Cost Control - The company's gross margin has shown a steady increase, with figures of 59.72%, 60.19%, 61.04%, and 63.62% for the years 2022, 2023, 2024, and the first three quarters of 2025 respectively, indicating significant improvement [6]. - Total expenses for marketing, R&D, and management decreased by 11.13% year-on-year in the first three quarters of 2025, with R&D, management, and sales expenses declining by 15.05%, 17.23%, and 6.48% respectively [6]. Strategic Focus Areas - The company is making substantial investments in new fields such as AI + security, intelligent computing cloud, commercial encryption, cloud security, and trusted innovation security, and is transitioning into a harvest phase [7]. - In the AI + security domain, the company is upgrading its Tianwen large model and has launched new products that integrate advanced security features across its core offerings [7][8]. - The intelligent computing cloud product matrix includes hyper-converged, desktop cloud, enterprise cloud, and intelligent computing cloud solutions, while the commercial encryption segment covers 18 mainstream encryption products [8].

Core Insights - The article highlights the journey of Dong Zhiqiang, Vice President of Tencent Security and head of the Cloud Security Lab, emphasizing his transition from a literature major to a key figure in cybersecurity, driven by passion and dedication [1][4]. Group 1: Cybersecurity Achievements - Dong Zhiqiang gained recognition in the cybersecurity field after developing the "Super Patrol" tool, which successfully intercepted the widespread "Panda Burning Incense" virus in 2007, marking his rise to prominence [4]. - He led a team that assisted in dismantling a criminal gang responsible for nearly half of the DDoS black market in China in 2017, significantly curbing the rampant DDoS attacks at that time [4]. - In 2020, he identified the emerging threat of AI-related cybercrime, leading efforts that resulted in the arrest of over 20 individuals involved in high-tech, covert black market activities [4]. Group 2: Cloud Security Strategies - Dong Zhiqiang emphasizes the importance of a multi-faceted approach to cloud security, focusing on three interconnected areas: technical breakthroughs, standard development, and platform governance, to create a robust security framework [5][8]. - Under his leadership, the Cloud Security Lab has developed core security products such as cloud firewalls and data security platforms, which are widely used within Tencent Cloud and by external enterprises [8]. - He actively participates in the formulation of cloud security standards, contributing to over ten standards and white papers, including the "Container Security Standard" and "Cloud Native Security White Paper," which influence both enterprise clients and national critical information infrastructure [8]. Group 3: Commitment to Continuous Improvement - Dong Zhiqiang believes that cybersecurity is an ongoing journey with no endpoint, requiring professionals to stay at the forefront of technology, standards, and operations [9]. - He has shared memorable moments from his career, such as providing free security services to small and medium-sized enterprises during the 2022 Spring Festival, showcasing the human aspect of cybersecurity [11]. - His daily routine reflects a deep commitment to cybersecurity, as he routinely reviews attack interception reports and engages with security technology literature, demonstrating a continuous learning mindset [11].

Core Insights - CrowdStrike Holdings experienced a significant stock price increase of 5.23% on October 8, reaching its highest point since July 2025, indicating growing market confidence in the company [1] - The sold-out status of the Falcon Europe conference, attracting over 2,000 participants from 63 countries, highlights the urgent demand for cybersecurity solutions in the AI era [1] - The company’s Falcon platform is crucial for protecting over 900 organizations globally, showcasing its leadership in the cloud security sector [1] Industry Outlook - The cybersecurity industry is expected to continue growing, driven by increasing global cyber threats and heightened investments in information security by various countries [1] - As AI technology further permeates the market, CrowdStrike is well-positioned to maintain its leading status in the cybersecurity field, making it a company of interest for investors [2]

Core Viewpoint - The company is actively involved in enhancing cloud security capabilities, particularly in collaboration with mobile cloud services, to improve the efficiency and intelligence of cloud service scenarios [2] Group 1: Company Initiatives - The company is deeply engaged in the security capability construction of mobile cloud services [2] - It has fully undertaken the research and development of mobile cloud security and product capability supply [2] - The collaboration aims to build a mobile cloud native security technology system based on the CNASA adaptive native security foundation, covering infrastructure, platform, data, and applications [2] Group 2: Technology and Infrastructure - The initiative enhances the intelligent level of cloud security services across various cloud service scenarios [2] - The company's cloud security resource pool has been deeply adapted to mobile cloud ECSO, EIS, and ECS, addressing the needs of small, medium, and large enterprises [2]

Core Insights - The company Tianrongxin is actively investing in new technologies and directions such as AI + security, intelligent computing cloud, trusted innovation security, data security, cloud security, industrial internet security, vehicle networking security, and IoT security [1] - The company has developed a comprehensive "cloud, management, edge, terminal" full-stack security product system and intelligent computing cloud solutions, which have been scaled across multiple industries [1] - Future plans include strengthening existing products while focusing on the deep integration of network security and intelligent computing cloud products with emerging scenarios like artificial intelligence, low-altitude economy, satellite internet, and trusted data space [1] Company Strategy - The company aims to continuously expand its business boundaries by providing comprehensive network security and intelligent computing cloud products and solutions [1] - Emphasis will be placed on leveraging advantages in existing products to drive growth in new technology areas [1]

Group 1 - The "Guangdong Communication Cup" cybersecurity skills competition concluded successfully in Shenzhen, focusing on data security and digital application technology [1][3] - The event was co-hosted by multiple government bodies and organizations, emphasizing the importance of cybersecurity in various sectors [3] - The competition featured a theme of "AI forging the network, safeguarding security," addressing current trends in cybersecurity, including AI, data security, and IoT security [3] Group 2 - A total of 185 participants competed in the individual category, while 192 individuals formed 64 teams for the team competition, showcasing a wide range of industry representation [3] - Awards were given to outstanding individuals and teams, with notable achievements from Zhongshan Unicom and Foshan Mobile, highlighting the competitive nature of the event [4] - The event also saw the establishment of new initiatives, such as the "Internet Fraud Prevention Professional Committee" and a "Network and Data Security Joint Laboratory," enhancing cybersecurity efforts in Guangdong [4]