金十数据6月10日讯，在安徽合肥举办的2025年中国网络文明大会网络法治分论坛上，在中央网信办网 络法治局、网络管理技术局指导下，中国网络空间安全协会会同60余家会员单位发布《推动人工智能安 全可靠可控发展行业倡议》。倡议提出，坚持法治引领，保障全程合规；构建安全底座，完善治理能 力；筑牢技术根基，强化可靠可控；优化算法性能，保障可靠运行；守护数据安全，夯实发展基石；重 视人才培育，提升全民素养；坚守伦理价值，引领技术向善；共享治理经验，推动公平普惠。 （新华 社） 《推动人工智能安全可靠可控发展行业倡议》发布 ...

Core Insights - The 2025 Global Digital Economy Conference emphasizes the importance of a systematic approach to cybersecurity, with the theme "Breaking Through Security: Reshaping the Endogenous Security System" [1] - Qi Xiangdong, a key speaker, highlights that the current cybersecurity industry is at a critical juncture where systematic construction is essential for overcoming existing challenges [1] Group 1: Current Challenges in Cybersecurity - The cybersecurity industry is facing three major dilemmas: ineffective implementation of systematic thinking, integration bottlenecks between large and small systems, and operational obstacles within small systems [2] - Over 90% of large government and enterprise institutions purchase security equipment from more than 10 vendors, leading to a fragmented "big platter" state in cybersecurity [2] - The lack of integration between large and small systems results in disjointed security capabilities and difficulties in unified strategic implementation [2] Group 2: Barriers to Effective Security Systems - Qi identifies three significant barriers to achieving the emergent effect in endogenous security systems: data silos, insufficient investment, and compatibility issues between old and new systems [2] - Data silos continue to hinder the implementation of security systems, despite the increasing importance of data in security over the past decade [2] - The phenomenon of "many manufacturers" and "two skins" contributes to data fragmentation, making it difficult for organizations to recognize external attacks [3] Group 3: Pathways for Systematic Construction - Systematic construction in cybersecurity requires adopting a system integration mindset, applying systematic thinking to the development of security protection frameworks [3] - Qi proposes three pathways for reshaping the security industry: reconfiguring data aggregation models, enhancing security operation models, and fostering ecological cooperation models [3]

Group 1 - CrowdStrike Holdings Inc-A (CRWD.O) maintains a hold rating with a target price of $414, driven by improved operational efficiency and the importance of identity security in the AI era, despite slightly lower revenue expectations for Q1 FY26 [1] - Lululemon Athletica Inc (LULU.O) also holds a neutral rating with a target price of $280, as same-store sales in the Americas weaken and competition in China increases, leading to a valuation downgrade [1] - Nvidia (NVDA.O) is rated outperform, with Q1 FY26 revenue exceeding expectations by 69%, driven by data center growth, and projected revenue of $45 billion for Q2 FY26 [1] Group 2 - Suzano SA ADR (SUZ.N) maintains a hold rating, with expectations of cost reduction and stable profits from a joint venture with Kimberly Clark, despite regulatory risks [2] - Zscaler (ZS.O) is rated buy with a target price of $317, as significant revenue and order growth is noted, alongside a strong position in the SASE market [3] - Bilibili (BILI.O) is rated buy, with Q1 revenue exceeding expectations and a significant improvement in adjusted net profit, driven by strong growth in advertising and gaming [6] Group 3 - Broadcom (AVGO.O) maintains an outperform rating with a target price of $275, as Q2 FY25 results meet expectations and AI revenue exceeds $4.4 billion, with a forecast of 60% growth in AI revenue for FY25 and FY26 [6][7] - Charters Industrial (GTLS.N) holds a rating of hold, with expectations of $300 million in annual synergies from a merger with FOSS, despite potential risks from cost inflation and demand downturns [8] - Hesai Technology (HSAI.O) shows strong Q1 performance with significant revenue and profit growth, and partnerships with top global OEMs [9] Group 4 - Palo Alto Networks (PANW.O) is rated buy with a target price of $203, as the company focuses on platform strategy and anticipates increased customer spending on platform products [10] - Pinduoduo (PDD.O) maintains a buy rating with a target price of $131, despite Q1 results falling short of expectations, as long-term growth strategies remain promising [11] - EHang Intelligent (EH.O) is rated outperform, with expectations of revenue growth despite a decline in Q1 due to reduced sales of EH216 series [12] Group 5 - MOMO Inc (MOMO.O) is rated outperform with a target price of $9, as Q1 results exceed expectations and overseas business shows rapid growth [13] - MOMO Inc also receives a buy rating with a target price of $8, with an increase in revenue and adjusted net profit expectations based on a 7x P/E ratio for 2025 [14]

Group 1: AI Impact on Enterprises - The emergence of AI technology is driving a new wave of digital transformation in enterprises, enhancing products, services, processes, and business models, thus becoming a major driver of revenue growth [1] - Gartner predicts that by 2029, 60% of enterprises in China will integrate AI into their main products and services [1] - Nanjing Technology plans to integrate large models like Zhiyu and Tongyi Qianwen in 2024 for internal data processing and customer service, significantly improving work efficiency [1] Group 2: AI in Cybersecurity - Nanjing Technology is integrating AI large models into its Security Operations Center (SOC) to intelligently filter massive security logs, achieving higher efficiency and lower false positive rates compared to traditional rule-based methods [2] - The application of AI is expanding from single domains to the entire industry chain, with the Ministry of Industry and Information Technology predicting that AI-driven scenario-based security needs will become a core growth point in China's cybersecurity market [2] - The rise of generative AI is making cyberattacks more sophisticated, necessitating the rapid adoption of AI-enabled SASE solutions for proactive defense and intelligent decision-making [2] Group 3: Future of SASE Architecture - The AI era is reshaping the network application environment, increasing demands for performance and low latency, while also introducing diverse and dynamic security threats [3] - SASE, as a next-generation boundary security architecture, is well-suited for AI applications due to its distributed POP nodes, zero-trust architecture, and unified policy control [3] - Nanjing Technology aims to explore and innovate in AI-native network security architecture to meet the growing security demands of enterprises [3]

Core Viewpoint - Despite macroeconomic uncertainties causing market volatility, investors should focus on high-quality stocks that can deliver substantial long-term returns, as identified by top analysts based on solid fundamentals and growth potential [1] Group 1: Nvidia - Nvidia reported results for Q1 FY2026 that significantly exceeded market expectations, maintaining confidence in AI infrastructure demand despite chip export restrictions [2] - Analyst Harlan Sur from JPMorgan reiterated a "Buy" rating with a target price of $170, noting that while H20 chip export restrictions impacted some sales, overall revenue remained robust [2] - The anticipated 16% quarter-over-quarter growth in data center revenue for the July quarter is driven by increased customer investment in AI and accelerated computing projects [2] - Nvidia's strong demand for the Blackwell platform is expected to lead to supply shortages in upcoming quarters, supported by partnerships with large data centers in regions like the UAE, Saudi Arabia, and Taiwan [2] Group 2: Zscaler - Zscaler's Q3 performance surpassed expectations, driven by increased demand for its zero-trust exchange platform and AI security solutions [4] - Analyst Brian Essex raised the target price from $275 to $292 while maintaining a "Buy" rating, highlighting Zscaler's strong quarterly performance amid macro pressures faced by peers [4] - The company has raised its annual revenue, profit, and billing guidance, with annual recurring revenue (ARR) nearing $1 billion, driven by emerging products like "full-domain zero trust" and "intelligent operations" [4] - Zscaler's customer growth momentum remains strong, with a 23% year-over-year increase in customers with ARR exceeding $1 million [4] Group 3: Salesforce - Salesforce reported Q1 FY2026 revenue and earnings that exceeded expectations and raised its full-year guidance, while announcing an $8 billion acquisition of data management firm Informatica [5] - Analyst Derrick Wood from TD Cowen reiterated a "Buy" rating with a target price of $375, noting strong signals of demand from the expansion of the sales team [5] - The company is experiencing rapid growth in AI applications, with data cloud and AI-related ARR increasing over 120% year-over-year, and 30% of new orders coming from existing customers [5] - Salesforce is reinvesting cost savings from AI into growth areas, with a notable increase in the sales pipeline growing at a double-digit rate [6]

Group 1 - Qi Xiangdong, chairman of Qi Anxin, highlighted the severe internal competition in the cybersecurity industry, stating that software development can take years and cost billions, yet the costs remain invisible during bidding processes, leading to destructive price wars [1][2] - Qi called for government intervention to improve the business environment for the software industry and promote healthy development [1] Group 2 - Wang Ziru expressed gratitude towards Dong Mingzhu and Lei Jun for their encouragement and support at different times, which helped him maintain his ideals [3] Group 3 - Xizi Elevator announced the passing of its chairman and general manager, Liu Wenchao, who died at the age of 54 [4] Group 4 - Amazon announced layoffs in its book department, affecting fewer than 100 employees, as part of efforts to improve efficiency and streamline operations [5] Group 5 - Indonesia is evaluating the feasibility of purchasing Chinese-made J-10 fighter jets to enhance its air force's modernization while considering cost-effectiveness [6] - The performance of the J-10 in the India-Pakistan conflict is a significant factor in Indonesia's consideration [6] Group 6 - XPeng Motors launched the "Chasing Light Panorama" AR-HUD system, developed in collaboration with Huawei, featuring an 87-inch display and supporting multiple driving scenarios [7] - The system aims to enhance driving safety and user experience through advanced imaging technology [7] Group 7 - Elon Musk announced that Tesla's next-generation AI chip, Dojo 2, will be launched later this year, indicating progress in AI training technology [8] Group 8 - Trump Media & Technology Group submitted an application for a Bitcoin ETF, aiming to list it on the New York Stock Exchange, which will directly hold Bitcoin and reflect its price performance [9] - The ETF's approval process is expected to conclude by early next year [9] Group 9 - Semiconductor Manufacturing International Corporation (SMIC) announced plans to sell a 14.832% stake in its Ningbo subsidiary to Hunan Guoke Microelectronics [10] Group 10 - The National Health Commission of China announced plans to promote painless childbirth services across medical institutions, aiming for comprehensive availability by 2027 [12][13]

Core Viewpoint - The announcement by the Wuhan Municipal Cyberspace Administration recognizes AsiaInfo Security as a key network security support unit, highlighting its strong product technology and extensive service experience [1][3] Group 1: Selection Process - The selection process involved self-application, preliminary review, expert evaluation, and approval, with AsiaInfo Security standing out among numerous candidates [3] Group 2: Company Capabilities - AsiaInfo Security has actively participated in security assurance and public awareness activities, aiming to enhance the city's capabilities in network security technology detection and emergency response [3] - The company maintains a leading position in technology and has developed a comprehensive and personalized security service system, covering critical areas such as vulnerability detection, security assessment, threat analysis, and attack tracing [3] Group 3: Future Commitments - The recognition as a "Wuhan Network Security Support Unit" imposes new responsibilities on AsiaInfo Security, which will collaborate with relevant authorities to establish a robust emergency response organization and mechanism for public internet security incidents [3] - The company plans to continue improving its products, enhancing technological innovation, and conducting standardized emergency services to better respond to significant network security events [3]

"通过提示注入的攻击方式，攻击者就能够在公司内部智能体中获取权限外的完整信息；通过攻击漏洞 端口，攻击者就能够获取相关内部大模型的完整权限，获取敏感信息……这些都是开源大模型私有化部 署过程中可能出现的安全事故。"6月5日至6月6日，2025北京网络安全大会在北京召开，奇安信科技集 团股份有限公司(以下简称"奇安信")展位上的工作人员为《证券日报》记者演示了一系列针对大模型的 攻击方式。 该工作人员告诉记者，近两年来，新的攻击场景持续迭代，但用户对于大模型安全的防御认知尚未及时 提升，导致开源模型私有化场景中暴露出诸多未被有效覆盖的防护盲区。 伴随国产开源大模型私有化部署的规模化应用落地，如何构建内生安全防御体系已成为业内共同关注的 话题。 "据不完全统计，某些重要领域的应用软件开源比例非常高，动辄达到90%。"中国国家互联网信息办公 室总工程师孙蔚敏在此次大会上表示，由于成本等原因，部分应用软件在上线前并不具备足够的条件去 做充分的安全检测。 孙蔚敏认为，在过去，人们对于安全的理念都是围栏式的，在重要系统外进行软硬件的防护；现在则要 把内生安全提升，否则纵使围栏严丝合缝，也很难突出安全重围。 迈向系统化防御 ...

Group 1: GenAI Current Status and Trends - By 2027, 80% of Chinese enterprises will adopt multi-model generative AI strategies to diversify model functions, meet local deployment requirements, and achieve cost-effectiveness [16] - By 2028, investment in AI-ready data (especially unstructured data) by Chinese enterprises will reach 20 times that of 2024 [16] - By 2029, 60% of Chinese enterprises will integrate AI into their main products and services, making these AI capabilities a major driver of revenue growth [16] Group 2: GenAI Opportunities - Companies can enhance products, services, processes, and business models using AI to improve product capabilities and customer experience while reducing costs [22] - The emergence of open-source large models like Llama, Mistral, and GLM is significantly lowering inference costs [18] - AI applications can expand product applicability and create new business opportunities [24] Group 3: Implementation and Tools - Internal tools such as programming assistants (Cursor, Claude Sonnet 4) and operational ticket assistants are being utilized to streamline processes [26] - The implementation of retrieval-augmented generation (RAG) combines retrieval technology with large language models (LLMs) to enhance product capabilities [38] Group 4: AI and Security - The need for SASE (Secure Access Service Edge) is emphasized due to the distributed nature of AI applications, requiring high performance and low latency [50] - AI-native architecture is necessary to optimize network security for AI traffic, ensuring fine-grained access control and data security [51]

Group 1: AI Opportunities and Applications - The emergence of AI is reshaping the industrial chain, creating new opportunities across various sectors, including computing power, chips, and intelligent applications [2][3] - By 2029, it is predicted that 60% of Chinese enterprises will integrate AI into their main products and services, driving revenue growth [2] - South Ling Technology has implemented AI applications, such as DeepSeek, to enhance operational efficiency and product capabilities [3] Group 2: Client Segmentation and Market Strategy - In 2024, the top five client industries for South Ling Technology included manufacturing (23.45%), information transmission, software services, wholesale and retail, and finance [5][6] - The company is focusing on digital transformation needs in manufacturing by providing integrated SD-WAN and SASE services [5][6] - South Ling Technology is expanding into state-owned enterprises through a partnership ecosystem, with over 70 signed channel partners as of Q1 2025 [7] Group 3: Financial Performance and Challenges - In Q1 2025, the company's revenue was 131.33 million yuan, a decrease of 23.38% year-on-year, while net profit increased by 174.70% [8][9] - The decline in revenue was attributed to low gross margins in digital engineering projects, despite significant growth in this area [9] - The company plans to enhance its R&D innovation system and improve operational quality and sustainable profitability through strategic initiatives [9]