▲展位现场来访者络绎不绝 新智聚安携智能护航城市安全的平台方案精彩亮相，全方位展示在政企民三大领域的实践成果与创新联 动。展位现场来访者络绎不绝，吸引了各界专业人士，交流咨询精彩纷呈。 会上，新智认知业务理正、新智聚安联席总经理刘茂亮讲述以智能破解城市安全治理难题的产业AI闭 环实践，从技术研发、场景落地到价值转化，全面介绍企业在城市安全领域的智能服务能力。 展区系统性展示了覆盖"物联感知-智能分析-协同处置"的全场景数智化安全管理体系。通过部署于管 网、厂站、工商户及家庭用户的海量新一代物联设备，可实现燃气风险的实时监测与精准识别，结合安 全大模型生成城市安全风险智能地图，让风险看得见、知重点、有人管，帮助政府伙伴提升监管效能， 助力燃气企业隐患闭环，满足用户实时智能告警、联动处置。以物联为基础、安全大模型为底座、智能 为手段，全场景数智化体系成功让安全跑在风险前，护航安全韧性宜居城市建设。 9月15日-21日，中国—东盟建筑科技展在桂林国际会展中心盛大举行。展会由住房和城乡建设部科技与 产业化发展中心、广西壮族自治区住房和城乡建设厅和桂林市人民政府共同举办，全景式展示中国与东 盟在建筑领域的创新成果与未来 ...

新智聚安携智能护航城市安全的平台方案精彩亮相，全方位展示在政企民三大领域的实践成果与创新联 动。展位现场来访者络绎不绝，吸引了各界专业人士，交流咨询精彩纷呈。 会上，新智认知业务理正、新智聚安联席总经理刘茂亮接受媒体采访，讲述以智能破解城市安全治理难 题的产业AI闭环实践，从技术研发、场景落地到价值转化，全面介绍企业在城市安全领域的智能服务 能力。 9月15日-21日，中国—东盟建筑科技展在桂林国际会展中心盛大举行。展会由住房和城乡建设部科技与 产业化发展中心、广西壮族自治区住房和城乡建设厅和桂林市人民政府共同举办，全景式展示中国与东 盟在建筑领域的创新成果与未来合作方向。 ▲展位现场来访者络绎不绝 ▲"秒拍识隐患"能力体验火爆 03人人使用智能 智能驱动政企民全域联防 城市安全的核心参与者是人，以"人-岗-事"精准匹配，赋能城市安全各类角色，实现"人人使用智能"， 助力政企民联防联控。基于安全大模型生成的"秒拍识别隐患"智能能力，拍照上传即可AI自动识别安 全隐患，辅助政府现场安全抽查、满足企业和居民户自检。基于安全大模型生成的系列"安全智伴"，可 面向监管人员、企业安检人员、居民户提供相应智能问答、法规标 ...

Core Viewpoint - The security industry is transitioning from a rapid integration model of general large models to a specialized and in-depth development phase, necessitating the creation of dedicated vertical large models tailored for the security field [1][3]. Industry Trends - The exploration of large models in the security sector has shifted significantly from an initial model that combined general large models with security knowledge bases and tools to a more specialized approach [3]. - The unique characteristics of the security field demand higher technical requirements, including the deep transformation and absorption of high-value professional data and the localization of expert experience [3][4]. Methodology - The "fast and slow thinking" methodology is central to 360's approach, categorizing security tasks into "fast thinking" and "slow thinking" tasks to redefine the capabilities of large models [5]. - "Fast thinking" corresponds to intuitive judgments based on vast training data, while "slow thinking" involves complex reasoning tasks that require factual knowledge and external tools [5]. Practical Breakthroughs - 360 has focused on various security tasks, aiming for specialized models that outperform general large models in practical effectiveness [6]. - The first phase involved exploring vertical model structures and training methods tailored to specific security tasks, achieving a 99.42% accuracy rate in endpoint behavior analysis [6]. - The second phase introduced a "multi-expert collaborative (CoE)" large model architecture to address the challenges of multi-model collaboration and application costs [6]. - The third phase involved the development of the RL-LoRA training framework in collaboration with Berkeley BAIR, significantly reducing training costs and improving efficiency [7]. Intelligent Agent Development - 360's intelligent agent practice has evolved through two phases, focusing on the precise implementation of complex expert experiences and enhancing autonomous decision-making capabilities [8]. - The first phase utilized a workflow platform to integrate expert experiences with large model capabilities, achieving results comparable to human experts [8]. - The second phase involved the creation of a "Monte Carlo associative tree intelligent agent," enabling strategic thinking and dynamic problem-solving capabilities [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Views - The company reported a revenue of 7.52 billion yuan for 2024, a year-on-year decline of 1.86%, and a net profit attributable to shareholders of 197 million yuan, down 0.49% year-on-year. The non-recurring net profit was 76 million yuan, a significant drop of 31.32% year-on-year [2][3]. - The company is focusing on AI and cloud services, with a new upgrade aimed at supporting large model enterprises. The introduction of the "Deep Security GPT" and the upgraded cloud services are expected to enhance operational efficiency and market competitiveness [2][7]. Financial Summary - **Revenue Forecast**: The company is projected to achieve revenues of 75.20 billion yuan in 2024, 84.13 billion yuan in 2025, and 93.74 billion yuan in 2026, with growth rates of -1.9%, 11.9%, and 11.4% respectively [3][8]. - **Net Profit Forecast**: The net profit is expected to be 197 million yuan in 2024, 346 million yuan in 2025, and 449 million yuan in 2026, with year-on-year growth rates of -0.5%, 75.6%, and 29.9% respectively [3][8]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.47 yuan in 2024, 0.82 yuan in 2025, and 1.06 yuan in 2026 [3][8]. - **Valuation**: The target price is set at 160 yuan for 2025, based on a price-to-sales ratio of 8x [2][3]. Market Position - The company has a total market capitalization of 50.44 billion yuan and a circulating market value of 33.27 billion yuan. The total share capital is approximately 4.22 billion shares, with a net asset value per share of 19.53 yuan [4][8].