Core Viewpoint - Israel's high-tech industry, known for its innovation and startup ecosystem, is facing significant challenges due to ongoing geopolitical conflicts and military actions, leading to economic contraction and workforce shortages [1][4][12] Group 1: Economic Impact - The GDP of Israel shrank by nearly 20% in the fourth quarter of 2023, with an annual growth rate of only 2% for that year, and a projected growth rate of just 1% for 2024 [4] - The high-tech sector, which is capital-intensive and export-oriented, has been severely affected, with declines in tourism, consumer spending, and international investment [4][9] - Approximately 8,300 high-tech workers left Israel between 2023 and 2024, representing about 2.1% of the high-tech workforce [5] Group 2: Workforce Challenges - The high-tech industry saw a 1.2% decrease in employment for the first time in a decade, with R&D positions still dominating the job market at 48.3% [5] - Many tech professionals have been called to military service, exacerbating the labor shortage [4][5] Group 3: Sectoral Resilience - Despite the overall downturn, certain sectors like semiconductors and cybersecurity are showing resilience, with Intel planning a $25 billion investment in Israel [8] - The cybersecurity sector is experiencing increased demand due to heightened security needs during the conflict, with a significant portion of venture capital directed towards it [8][9] - Agricultural technology is also performing well, with growth in orders for water-saving technologies and agricultural information systems [9] Group 4: Government and Structural Adjustments - The Israeli government is attempting to balance military service requirements with the needs of the tech sector, allowing some tech workers to defer service or work remotely [10] - Long-term strategies include promoting dual-use technologies from military to civilian applications and attracting international talent to bolster the tech ecosystem [11][12]

计算机 | 证券研究报告 — 行业周报 2025 年 6 月 30 日 强于大市 多因素催化下，网络安全景 气度有望提升 计算机行业"一周解码" 本周（6.23-6.28）网络安全指数（884133.WI）和数据安全指数（8841651WI） 上涨较多。我们认为主要催化因素包括：跨境支付通正式上线；央行将制定 新阶段金融科技发展规划，并开展数据要素试点；国泰君安获虚拟资产交易 牌，虚拟资产交易有望扩容，催生加密安全技术需求。 支撑评级的要点 (1)科大讯飞：在 2025 全球元宇宙大会上，科大讯飞副总裁于亮介绍了公 司在人工智能领域的最新成果，并表示正探索利用 AI 技术提升元宇宙交 互体验，如通过语音合成等技术让虚拟人更智能。 (2)新北洋：公告拟使用自有资金 5000 万元设立全资子公司新疆北洋海丝 数字科技有限公司，以满足业务发展和提升运营效率。 投资建议 建议关注网络安全、跨境支付等相关企业，包括安恒信息、恒宝股份、 吉大正元、南天信息等。 评级面临的主要风险 技术创新不及预期；政策推行不到位；下游需求景气度不稳定的风险。 相关研究报告 《计算机行业"一周解码"》20250623 《计算机行业"一周解 ...

新修订的《中华人民共和国矿产资源法》7月1日起施行。新矿产资源法明确，加大对战略性矿产资源勘查、开采、贸易、储备等的支持力 度，推动战略性矿产资源增加储量和提高产能，推进战略性矿产资源产业优化升级，提升矿产资源安全保障水平。国家实行探矿权、采矿权有 偿取得制度，矿业权应当通过招拍挂等竞争性方式出让。矿业权出让应当按照国家规定纳入统一的公共资源交易平台体系。 央视网消息：7月1日将进入新的一个月份，一批新规将施行，一起来了解下。 新修订的《中华人民共和国矿产资源法》7月1日起施行：加大对战略性矿产资源勘查开采等支持力度 《劳动能力鉴定管理办法》7月1日起施行。办法提出，通过信息共享能够获取的申请材料，不得要求重复提交，有条件的地方可以通过网 络接收劳动能力鉴定申请。劳动能力鉴定结论送达时限从20日压缩至15日，同时要求加强无障碍环境建设，完善无障碍服务设施设备。 《个体工商户登记管理规定》7月15日起施行：个体工商户可通过变更登记方式转型为企业 《劳动能力鉴定管理办法》7月1日起施行：服务更便民 劳动能力鉴定时限压缩至15日 《个体工商户登记管理规定》7月15日起施行。规定明确，个体工商户可以通过变更登记的方式 ...

Key Points - The Trump T1 phone, priced at $499, has been revealed to be manufactured in China, contradicting its claims of being "Made in America" [4] - ByteDance's Seed team is expanding, aiming to recruit over 300 personnel in robotics, indicating a shift towards practical applications in the field of embodied intelligence [7][8] - Duoyi Network announced layoffs of over 1,000 employees and plans to relocate its headquarters due to dissatisfaction with a court ruling [9] - Li Auto has lowered its Q2 delivery forecast from 123,000-128,000 to approximately 108,000 vehicles, citing the need for organizational upgrades [12][13] - Neta Auto is facing legal issues, with eight affiliated companies being sued by Nanning State-owned Assets, three of which are currently untraceable [14] - Xiaomi's YU7 model has generated significant interest, with over 240,000 orders in just 18 hours, but long delivery times have led to some customers considering cancellations [11] - Gree Electric's marketing director criticized competitors for unsustainable pricing strategies in the air conditioning market [16] - Chinese AI GPU startup Birran Technology has raised 1.5 billion yuan and plans to apply for a Hong Kong IPO [17] - Honda is recalling approximately 380,000 vehicles due to potential fuel leakage risks stemming from manufacturing defects [18] - Meta has aggressively recruited AI researchers from OpenAI, indicating a strategic push in the AI sector [23][24]

Core Points - A recent court ruling in Beijing confirmed the conviction of a credit card fraud gang that stole over 1 million yuan from multiple victims through remote binding of credit cards to electronic wallets [1][4] - The fraud involved phishing techniques to collect victims' credit card information, which was then used to make unauthorized transactions [2][3] Group 1: Fraud Methodology - The fraudsters used phishing messages to lure victims into providing their credit card details on fake websites [2][3] - Once the information was obtained, it was bound to NFC-enabled phones, allowing the criminals to make transactions without the victims' knowledge [3][7] - The gang operated by creating fake merchant accounts to facilitate money laundering of the stolen funds [3][4] Group 2: Legal Proceedings - The Beijing court sentenced several members of the fraud gang to prison terms ranging from 10 years to 3 years for credit card fraud and money laundering [4] - The recent ruling upheld the original sentences, indicating a strong legal stance against such cybercrimes [4] Group 3: Security Implications - The rise of NFC technology has made it easier for fraudsters to exploit vulnerabilities in mobile payment systems [5][8] - Security experts emphasize the importance of safeguarding personal information to prevent such frauds, highlighting that the NFC technology itself is not inherently insecure [8][9] - Recent updates to electronic wallet products have been implemented to prevent binding of non-owner credit cards [8]

Core Viewpoint - The company has decided to postpone the timeline for certain fundraising projects to ensure better alignment with its development requirements, while maintaining the original investment purposes and scales [4][5][9]. Fundraising Overview - The company raised a total of RMB 1,200,350,429.60 through the issuance of 23,226,595 shares at a price of RMB 51.68 per share, with a net amount of RMB 1,110,273,504.59 after deducting issuance costs [1]. - As of May 31, 2025, the total balance of the fundraising in special accounts is RMB 173,373,500, which does not include RMB 749,000,000 used for cash management in financial products [2][3]. Fundraising Project Status - The total investment amount for the fundraising projects is RMB 106,107,350, with cumulative investments of RMB 25,713,170 as of May 31, 2025 [4]. Reasons for Project Postponement - The postponement is due to delays in project implementation, particularly in the "Internal Security Communication System Upgrade Project" and "Communication Network Information Security and Big Data Operation Product Upgrade Project," caused by external environmental factors and changes in client needs [5][6][8]. Measures to Ensure Completion - The company will adhere to relevant regulations and strengthen the management and supervision of fundraising usage to ensure compliance and effective project implementation [9]. Necessity and Feasibility of Projects - The company has reassessed the necessity and feasibility of the postponed projects, concluding that they remain essential and viable despite the delays [10][11][12][13][14]. Impact of Postponement - The postponement will not materially affect the implementation of the projects or the company's normal operations, and it aligns with the long-term development strategy [15]. Review Procedures - The postponement has been approved by the company's board and supervisory committee, confirming compliance with legal and regulatory requirements [15][16].

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《算网传导分化、卫星产业强化、景气周 期优化——2025 年通信行业投资策略》 2024/12/17 证券分析师 李国盛 A0230521080003 ligs@swsresearch.com 刘菁菁 A0230522080003 liujj@swsresearch.com 郝知雨 A0230525060002 haozy@swsresearch.com 研究支持 陈力扬 A0230124040003 chenly@swsresearch.com 联系人 郝知雨 (8621)23297818× haozy@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 通信 ⚫ 聚焦 25 年通信三条主线：算网传导分化，卫星产业强化，景气周期优化。具体而言： 1）算网主线：AI 产业趋势演进至推理主导，算力方案趋于多元化。上游国产芯片、器 件、模块等产业链开始导入；数据中心供需拐点已现，液冷等配套技术加速渗透；端侧 模组伴随应用普及空间打开。2）卫星通信：24H2 开始行业催化密集，全产业链已形 成闭环；后续 ...

Core Points - The newly revised Anti-Unfair Competition Law will take effect on October 15, 2025, focusing on addressing "involution" competition and the abuse of dominant positions by large enterprises [1][2] - The law establishes a fair competition review system to ensure equal access to production factors and fair market participation for all operators [1] - Large enterprises are prohibited from using their advantages to impose unreasonable payment terms on small and medium-sized enterprises (SMEs) and are subject to penalties for violations [2] Group 1: Legislative Changes - The revised law includes provisions that prevent platform operators from forcing or indirectly forcing other operators to sell products below cost, disrupting market competition [2] - It also prohibits the use of data, algorithms, and platform rules to hinder the normal operation of other operators' products or services [2] - The law raises the level of administrative penalties to be enforced by provincial-level government supervision departments [1] Group 2: Enforcement and Compliance - Violations of the law can result in fines ranging from 1 million to 5 million yuan, depending on the severity of the offense [2] - The State Administration for Market Regulation has published a list of companies engaged in severe "involution" competition, highlighting the enforcement of the new regulations [2] - The law aims to curb practices that lead to a "low-price, low-quality" cycle in industries, encouraging a shift towards service upgrades [3]

"如果网络安全方面的术语能简明易懂，那就更好了！"6月28日，武汉市"小黄鹤观察团"和东西湖区"临空童语观察团"共赴国家网安基 地，开启一场数字世界的探秘之旅，并与市妇联执委面对面探讨儿童友好网络空间建设。 孩子们了解网络安全相关知识 走进网安基地，小观察员们就被充满科技感与创新活力的未来空间所吸引。作为中国网络安全领域的头部企业之一，奇安信集团向小 朋友展示了网络安全技术的多元应用场景。在黄鹤实验室，孩子们沉浸式感受了前沿领先的科研成果。 在奇安信集团，孩子们正在了解网络安全风险 "原来网络安全就在我们身边！"来自单洞新村小学的徐梓寒第一次来到"网谷"，"通过今天的活动我才知道，把所有密码都设置成一样 是特别危险的行为，这样很容易导致个人信息泄露。"徐梓寒在讲解中恍然大悟，意识到自己过去上网时不知不觉"踩过坑"。 "太专业的术语我可能听不懂，但有趣的动画科普和互动体验就特别适合我们。"12岁的宋可妍同学对华中科技大学网安基地黄鹤网络 靶场赞不绝口。在那里，一段由《黑猫警长》改编而成的网络安全主题动画片让孩子们看得目不转睛。她表示，这种寓教于乐的科普方式 让网络安全知识变得既有趣又好懂，期待能够推广。 a 1 ...

Core Viewpoint - Hillstone Networks Co., Ltd. has issued convertible bonds totaling RMB 267.43 million, with a focus on enhancing its financial position and supporting growth initiatives in the cybersecurity sector [2][3][11]. Group 1: Bond Issuance Overview - The company issued 2,674,300 convertible bonds with a face value of RMB 100 each, raising a total of RMB 26,743,000 [3][11]. - The bonds have a six-year term, from March 22, 2022, to March 21, 2028, with a tiered interest rate starting at 0.4% in the first year and increasing to 2.8% by the sixth year [3][4]. - The bonds are listed on the Shanghai Stock Exchange under the name "山石转债" (Hillstone Convertible Bonds) [3][11]. Group 2: Financial Performance - For the fiscal year 2024, the company reported revenue of approximately RMB 996.59 million, a 10.06% increase from RMB 901.04 million in 2023 [19]. - The net loss attributable to shareholders narrowed to approximately RMB 137.21 million from RMB 239.81 million in the previous year, indicating improved financial health [19]. - The company’s total assets decreased by 14.50% to RMB 922.50 million, while net assets attributable to shareholders decreased by 7.20% to RMB 1,985.45 million [19]. Group 3: Use of Proceeds - The proceeds from the bond issuance will be allocated to various projects, including the construction of a security operation center and research and development initiatives [15][20]. - As of December 31, 2024, the company had utilized RMB 163.22 million of the raised funds, with a remaining balance of RMB 105.16 million [20]. - The company plans to adjust the allocation of funds based on project needs and timelines, ensuring effective use of the raised capital [15][20]. Group 4: Credit Rating - The company has maintained a credit rating of A+ from the rating agency, with a stable outlook as of the latest reports [16][17]. - However, the outlook was adjusted to negative in 2024, reflecting potential challenges in maintaining financial stability [17].