在当前贸易战带来的市场波动中，投资者如果想要寻求安全避风港，网络安全股或许是一个不错的选 择，BCA Research表示。 由于特朗普政府宣布加征关税，近几周市场剧烈震荡，标普500指数一度从2月创下的历史高点回落近 20%。但随着贸易紧张局势有缓和迹象，标普自4月8日以来反弹13%，目前年内仅下跌约5%。 尽管如此，由于缺乏实质性的进展，许多投资者仍不敢完全相信这次4月中旬的反弹。在最近的一份报 告中，BCA Research向希望对冲波动的投资者提出了一个解决方案：投资网络安全股。 "这是一个以本土市场为主的服务型行业，具有更防御性的特质，市场波动性（Beta值）低于整个科技 行业，"首席策略师Irene Tunkel写道，"它受到关税的影响较小，甚至可能从地缘政治紧张中受益，因为 客户为了防范国际网络攻击和网络犯罪而寻求保护。" Global X Cybersecurity ETF（BUG）：2025年以来上涨6%，管理费0.51%，资产规模10.5亿美元。 Amplify Cybersecurity ETF（HACK）：今年迄今上涨2%，管理费0.6%，资产接近20亿美元。 本文源自：金融界 展望未 ...

Core Insights - Fortinet (FTNT.US) reported a significant year-over-year increase in earnings, exceeding Wall Street expectations, but the stock fell 12.25% in after-hours trading due to investor concerns about future growth prospects and broader market trends affecting the tech industry [1][2] - The company achieved a revenue growth of 13.7% year-over-year, reaching $1.539 billion, aligning with market expectations, while net profit surged by 44.8% to $433.4 million, translating to earnings per share (EPS) of $0.56 [1] - Analysts have mixed views on the stock's potential, with target prices ranging from $83 to $135, despite the impressive 79.57% return over the past year [1] Financial Performance - Fortinet's adjusted earnings for the quarter were $452.3 million, or $0.58 per share, surpassing the average analyst estimate of $0.53 [1] - The company expects next quarter's EPS to be between $0.58 and $0.60, with revenue projected between $1.59 billion and $1.65 billion, slightly below the analyst forecast of $1.63 billion [1][2] - For the full year, the EPS is anticipated to be between $2.43 and $2.49, with revenue expectations set at $6.65 billion to $6.85 billion [2] Strategic Outlook - Fortinet's CEO expressed satisfaction with the quarterly results, highlighting a 570 basis point increase in non-GAAP operating margin to a record high of 34%, along with a 14% year-over-year growth in order volume [2] - The company plans to continue investing in growth strategies, focusing on the rapidly expanding Unified SASE and security operations markets while reinforcing its leadership in the security networking sector [2] - Fortinet aims to set new benchmarks in the cybersecurity field through its expertise in network and security convergence, AI-driven innovations, and seamless product development via the FortiOS operating system [2]

Core Viewpoint - The company has completed the registration change and obtained a new business license, reflecting its updated registered capital and corporate structure [1][2][3] Group 1: Company Information - The company is named Hangzhou Anheng Information Technology Co., Ltd. and is classified as a listed joint-stock company [1] - The legal representative of the company is Zhang Xiaomeng [1] - The registered capital of the company is 102.272396 million RMB [1] Group 2: Corporate Actions - The company held the 10th meeting of the 3rd Board of Directors and the 2nd extraordinary general meeting of shareholders on March 10 and March 26, 2025, respectively, to approve the change in registered capital and the revision of the Articles of Association [1] - The company has completed the necessary registration and filing procedures with the Zhejiang Provincial Market Supervision Administration [1] Group 3: Business Scope - The company's business scope includes network and information security software development, manufacturing and sales of information security equipment, security consulting services, and information system integration services [1] - The company is also involved in internet security services, technical consulting, software development, and various sales activities related to computer hardware and software [1]

Core Viewpoint - The private economy is a vital force in advancing Chinese-style modernization and is an important foundation for high-quality development. This year, various regions and departments have implemented practical measures to support the private economy, enhancing the confidence and vitality of private enterprises [1]. Legal Framework - The "Private Economy Promotion Law" will officially take effect on May 20, marking the first foundational law specifically for the development of the private economy in China. This law aims to address prominent issues faced by the private economy and implement major policies and measures from the central government [2][4]. - The law emphasizes the importance of both public and private economic sectors, clearly defining the legal status of the private economy and establishing the promotion of its sustainable, healthy, and high-quality development as a long-term national policy [4]. Investment and Innovation - The law includes provisions focused on investment financing and technological innovation, which are crucial for private enterprises. It aims to address development bottlenecks for technology-driven private companies by promoting investment and supporting innovation [6][10]. - The law responds to key concerns of private enterprises, including fair competition, investment promotion, and protection of rights, thereby fostering a conducive environment for business growth [8]. Government Support and Services - Since the beginning of the year, various policies have been deployed at both central and local levels to promote high-quality development of the private economy. Initiatives like the "Assist Enterprises Action" in Inner Mongolia focus on improving approval efficiency, addressing financing challenges, and providing technological support [11]. - Innovative service models, such as "credit + remote inspection," have been introduced to enhance administrative efficiency and optimize the business environment, allowing enterprises to complete necessary procedures without physical presence [13]. Challenges and Opportunities - The private economy faces new opportunities as well as challenges, particularly regarding land, talent, and funding constraints. Various departments are taking actions to promote stable and healthy development in the capital market, particularly for small and micro enterprises [15][19]. - The future of the private economy is seen as promising, with local and national efforts aimed at enhancing support for private enterprises, indicating a strong potential for growth and development [19][21].

Group 1 - KDDI and NEC will collaborate in the field of cybersecurity [1]

Group 1: Core Insights - The impact of the trade war on the cybersecurity industry by 2025 is expected to be neutral to positive, driven by national policies, accelerated innovation in the industry, increased global cybersecurity investments, and the adoption of Chinese solutions by Belt and Road countries [1] - In the first quarter, there was an increase in cybersecurity investments from the government, state-owned enterprises, and banks, with new market opportunities arising from the application of large models [1] - The growth in orders in the first quarter is primarily attributed to the recovery of delayed projects from government, state-owned enterprises, and banks, with security demands from large model applications expected to manifest in the second half of the year [1] Group 2: Company Strategy and Financial Outlook - By 2025, the company will prioritize cash flow, aiming for a significant breakthrough in operating cash flow [1] - The change in gross margin for 2024 is mainly due to underperformance in channel development and a high proportion of low-margin security service revenue, with plans to improve gross margin through product focus and channel reform in 2025 [1] - The company will adjust personnel size based on business needs, with a decrease in R&D expense ratio and dynamic adjustments in sales expenses planned for 2025 [1]

Core Insights - The report focuses on the global and Chinese DDoS protection and mitigation industry, analyzing the impact of evolving U.S. tariff policies and the urgency for Chinese companies to internationalize due to domestic market saturation and global opportunities [3][4]. Group 1: Policy Impact - U.S. tariff policy adjustments are expected to significantly affect global supply chains, creating both challenges and opportunities for DDoS protection and mitigation companies [3]. - The urgency for Chinese DDoS protection and mitigation enterprises to expand internationally is highlighted, as they face saturated domestic markets alongside global growth opportunities [3][4]. Group 2: Industry Assessment - The report outlines three potential scenarios (optimistic, conservative, and pessimistic) for the future growth of the global DDoS protection and mitigation industry, with projections extending to 2031 [4][8]. - Direct impacts of tariff policies on Chinese DDoS protection and mitigation companies include increased costs and market entry pressures, as well as challenges related to supply chain restructuring [4][8]. Group 3: Market Share Analysis - The report provides insights into the market share and revenue rankings of major global DDoS protection and mitigation companies from 2022 to 2025, with 2025 figures being current forecasts [4][8]. - It includes a detailed analysis of the distribution of major DDoS protection and mitigation companies globally, including their headquarters and product types [4][8]. Group 4: Corporate Strategies - Companies are advised to shift from export dependency to a global capacity layout, emphasizing regional production networks and technology localization strategies [4][8]. - The report suggests enhancing supply chain resilience, diversifying markets, and innovating products to build technological barriers as key strategies for companies [4][8]. Group 5: Future Outlook - Long-term trends indicate a reshaping of the global DDoS protection and mitigation industry landscape, with strategic recommendations for companies to adapt to these changes [4][8]. - The report forecasts significant growth potential in emerging markets, with detailed revenue projections for various regions from 2020 to 2031 [4][8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.21 CNY per share [6]. Core Insights - The company reported a revenue of 2.82 billion CNY for 2024, a decrease of 9.73% year-on-year, but achieved a net profit of 83 million CNY, marking a turnaround from losses [1]. - The cloud computing segment is emerging as a second growth curve, with revenue from this business increasing by 10.09% year-on-year to 256 million CNY, while the network security business saw a decline of 11.49% to 2.55 billion CNY [1]. - The company has implemented cost control and quality improvement measures, resulting in a gross margin increase of 0.85 percentage points to 61.04% in 2024 [2]. - The company is focusing on AI integration in its products, enhancing its capabilities in AI security and cloud security, and has signed a memorandum of understanding with Huawei to further its development in this area [3]. Revenue and Profit Forecast - The forecast for net profit has been adjusted downwards for 2025 and 2026 to 179 million CNY and 248 million CNY, respectively, reflecting a reduction of 50.0% and 39.5% [4]. - The projected revenue for 2025 is 3.11 billion CNY, with a growth rate of 10.23%, followed by 3.49 billion CNY in 2026 and 3.92 billion CNY in 2027 [5]. Financial Metrics - The company’s gross margin is expected to remain stable around 59.6% to 61.0% over the next few years, with a projected return on equity (ROE) increasing from 0.9% in 2024 to 3.1% in 2027 [11]. - The price-to-earnings (P/E) ratio is projected to decrease from 102 in 2024 to 28 in 2027, indicating an improving valuation as profitability increases [12].

Core Viewpoint - The network security and data security industry is expected to experience explosive growth driven by the demand for "small data" security in the era of artificial intelligence [1][2][3]. Group 1: Importance of "Small Data" Security - "Small data" has become the core competitive advantage for enterprises, and its security is crucial as its theft or alteration can lead to significant losses [1][2]. - The misconception that network security is only a concern for large enterprises is challenged, as small and medium-sized enterprises also face substantial risks when integrating their core business data with AI models [2][3]. Group 2: Market Growth Potential - The demand for data security is anticipated to surge as the risks associated with data breaches become more apparent, leading to increased investment in network data security across various industries [3]. - The data security market has not seen ideal growth in recent years due to the low value density of traditional "big data," but this is expected to change with the rise of "small data" [2][3]. Group 3: AI and Security Challenges - The rapid application of AI models presents both opportunities and challenges, with many servers operating without adequate security measures, potentially leading to widespread vulnerabilities [4][5]. - The reliance on AI for decision-making increases the risk of exploitation by malicious actors, necessitating robust security measures to protect against both external and internal threats [4][5]. Group 4: Strategies for Enhancing Security - The concept of a "red domain" for security has been proposed, which involves creating dedicated secure spaces for data, computing power, and applications related to AI models [4][5]. - Companies are encouraged to adopt AI-driven security measures to monitor and counteract attacks on AI models, ensuring a closed-loop security operation [6]. Group 5: Future Directions for the Industry - The company aims to focus on technological innovation, global expansion, and collaborative efforts to enhance network security and contribute to national strategies [6].

Core Viewpoint - The company, Qi Anxin Technology Group Co., Ltd., has released its quarterly financial report, ensuring the accuracy and completeness of the information provided, and confirming that there are no false records or significant omissions [1][2]. Financial Data Summary - The financial statements for the first quarter of 2025 are unaudited, with key financial data and indicators presented in RMB [3][7]. - The company has defined certain income from tax refund policies related to software products as regular income, indicating a stable and ongoing revenue stream [4]. Shareholder Information - There are no changes in the top ten shareholders or any significant movements in share lending activities during the reporting period [6]. Other Important Information - The company has not reported any additional significant operational information that investors should be aware of during the reporting period [6].