威胁情报行业丨研究报告 核心摘要： 正本清源：明确"威胁情报"的内涵与外延。 随着各类网络安全威胁与日俱增，新型攻击手段层出不穷，各类企业和组织的网络安全策略逐渐由"被动"转为"主动"， 由"治疗"转为"预防"，"威胁情报"这一概念因而引发各方聚焦。但网络安全行业覆盖面广，细分类型众多，涉及包括基础架构安全、数据安全、零信任、渗透测试/ 红蓝对抗等二十余个子领域，且各领域彼此相互拓展，领域间边界不清。基于此种背景，本报告将明确"威胁情报"的内涵与外延，"威胁情报"与其他网络安全领域 的区别与联系，树立"威胁情报"行业价值。 市场透视：从供需两端观察中国威胁情报市场发展现状。 报告将对包括微步在线的威胁情报头部企业展开充分调研，了解各企业技术、产品、市场及综合能力。从 行业全局视角计算总体市场规模并判断未来走势；从供给端归纳行业主要参与者，讨论威胁情报的基础能力、商业模式与产品能力指标，定量展示中国主要威胁情报 厂商市场份额；从需求端展示产品落地情况及实施效果。 发展洞察：探寻威胁情报行业未来趋势。 报告将以发展的视角观察可能对未来产生重大影响的行业焦点，包括情报出海、AI大模型及漏洞情报三大方向。分析威胁 情 ...

当AI技术赋能攻防双方时，安全对抗变成了AI对抗AI的"猫鼠 游戏"——你用AI，我也用AI，你强我也强。网络安全厂商们 找到了未来的方向，但还需要试炼方法论。 作者：冯雨晨 封图：图虫创意 "网络安全厂商们基本是做的B端合规业务，产品同质化严重，大家用C端的思维去做B端，厂商们 靠低价抢占市场。"徐安称。 一家广东头部网络安全厂商的客户经理肖静向经济观察报举例："一个产品行业里给渠道最低报价 2000元，但有同行给终端客户就直接报价800元，哪怕利润为0元也要做这单。" "内卷的结果是，最后谁都没有利润"，从业8年的肖静感叹。 "网安一哥"奇安信（688561.SH）2024年巨亏超13亿元，映射网络安全行业面临的"红海"困境。 市场饱和、价格内卷、客户预算吃紧等难题已经冲击网安行业一线。项目变少了，是几家头部网络 安全厂商员工的共同感受。 过去约十年的时间，在网络安全合规相关要求密集出台的大背景下，政企主动或被动地重视网络安 全建设，网络安全行业在合规业务的春风中曾经有过"黄金时代"。 如今增长面临见顶，头部网络安全厂商都在寻找新机会攻占下一个十年。 几乎和2023年初人工智能正式大爆发同频，国内头部的网 ...

化融合创新、协同互补，提高资源的利用率和效率，并以"产 品+AI"为重点探索方向，把握发展机遇。感谢您的关注！ 2.公司未来在应收账款管理方面有什么措施来降低坏账 的风险？ 答：尊敬的投资者您好，公司高度重视应收账款管理工作， 通过建立专项工作小组等方法加大应收账款的催收力度，并适 时制定严格的回款考核制度，加强对账期较长的应收账款的催 收和清理工作，持续改善应收账款情况，最大限度地降低坏账 风险。谢谢您的关注！ 3.贵司海外营收略有下降，请问在海外市场有什么竞争优 势？ 答：投资者您好，作为网络安全领域领军企业，经过 20 年 的积累与发展，公司及公司产品在行业内拥有较高知名度。公 司业务覆盖网络安全、公共安全、信息安全、运营商网络资源 安全、终端安全、5G 数据安全、工业互联网安全等众多领域， 服务对象涵盖政府、运营商、大型工业企业等，具有丰富的技 术开发和项目实施经验，为拓展海外同类客户提供成熟案例支 撑。未来，公司将紧抓国家网络安全战略和"一带一路"的发 展机遇，深挖客户需求，在巩固原有市场的同时，积极开辟新 的市场领域。感谢关注！ 4.任子行已连续多年亏损了，是不是很快就 ST？ 答：尊敬的投资者您 ...

Core Insights - The core viewpoint of the articles highlights the significant challenges faced by the cybersecurity industry, particularly the financial struggles of leading companies like Qihoo 360, which reported a loss exceeding 1.3 billion yuan in 2024, reflecting a saturated market and intense competition [1][4]. Group 1: Industry Challenges - The cybersecurity industry is experiencing a "red ocean" dilemma characterized by market saturation, price competition, and tightening customer budgets, leading to a decrease in project availability [1][3]. - Major cybersecurity firms are reporting substantial losses, with Qihoo 360's loss of over 1.3 billion yuan and other firms like Green Alliance Technology and Starry Stone Network also facing losses ranging from 100 million to 400 million yuan [4]. - The shift in client behavior is evident as enterprises are increasingly developing their own cybersecurity solutions, reducing reliance on external vendors [3][8]. Group 2: AI Integration and Future Opportunities - Leading cybersecurity firms are investing in AI technologies, launching products like Qihoo 360's "Q-GPT" and Green Alliance Technology's "Fengyunwei," indicating a strategic pivot towards AI-enhanced security solutions [2][7]. - The emergence of generative AI is reshaping the threat landscape, with attackers leveraging AI to enhance the efficiency of phishing attacks and other cyber threats, thus necessitating a rethinking of defense strategies [5][6]. - Three potential growth markets for cybersecurity firms in the AI era include compliance-driven service upgrades, vertical industry-specific demands, and cloud-native security solutions, with the latter expected to grow at a compound annual growth rate exceeding 30% [6][5]. Group 3: Challenges of AI in Cybersecurity - The integration of AI into cybersecurity presents a dual challenge, as both attackers and defenders utilize AI, leading to a "cat-and-mouse" dynamic where the effectiveness of AI security products against zero-day attacks remains insufficient [7][8]. - Current AI security products have a low interception rate for zero-day attacks, and issues such as high false positive rates due to model "hallucinations" pose additional challenges for cybersecurity firms [7][8]. - The industry's ability to balance technological innovation with risk management will be crucial for firms to gain a competitive edge in the evolving cybersecurity landscape [7].

Core Viewpoint - Qi Anxin Group is enhancing its independent innovation in the field of cybersecurity, providing solutions for government and enterprises, and contributing to the advancement of China's cybersecurity technology [1]. Group 1: Company Overview - Qi Anxin is a private enterprise focused on cybersecurity, symbolized by a large "data tiger talisman" made of LEGO, representing the fusion of traditional Chinese security wisdom and contemporary security concepts [1]. - The company emphasizes "data-driven security" as its core technological philosophy [1]. Group 2: Product Innovations - The "Tianqing" terminal security management client is a significant innovation, offering an "integrated" security solution that combines various security and management functions into one client, improving management efficiency for large enterprises [5][6]. - The Tianqing system has helped China Unicom manage over 400,000 terminal devices, significantly enhancing security management efficiency and reducing security investment costs by over 70% [6]. Group 3: Technological Advancements - The Tianqing system has maintained an average of one major technological update per year since its launch, ensuring high-level security [7]. - The system employs "zero trust network access" technology to dynamically assess the risk of network connections, enhancing terminal security [8]. Group 4: AI Integration - Qi Anxin is integrating AI into its cybersecurity products, exemplified by the QAX-GPT security robot system, which enhances threat assessment and automated penetration testing [9]. - The AISOC product, described as a "safety operation co-pilot," incorporates AI into the entire security operation process, significantly improving operational efficiency [10]. Group 5: Talent Development - Qi Anxin is actively involved in talent cultivation through partnerships with universities, having jointly trained over 80 master's and doctoral students in cybersecurity [12]. - The company has established training bases in various cities to cultivate cybersecurity and data security talents, having trained over 15,000 professionals to date [13].

Group 1 - The major shareholder, China Electronics Technology Group (Chengdu) Cybersecurity Equity Investment Fund Partnership (Limited Partnership), plans to reduce its stake in the company by up to 23.9793 million shares, which represents 3% of the total share capital [1]

Core Viewpoint - The company has decided to cancel a total of 23,244,776 stock options from its equity incentive plans, which includes options from the 2021 and 2022 plans, affecting a total of 1,396 individuals [1][2]. Summary by Relevant Sections Stock Option Cancellation - The company approved the cancellation of 19,904,426 stock options from the "Fighter" 2022 stock option incentive plan, involving 1,118 recipients [1]. - Additionally, 361,420 stock options from the first batch of reserved grants in the "Fighter" 2022 plan were canceled, affecting 37 recipients [1]. - The second batch of reserved grants in the "Fighter" 2022 plan saw the cancellation of 1,818,861 stock options, impacting 241 recipients [1]. - The cancellation also includes stock options from the "Fighter" first phase (2023 supplement) incentive plan [1]. Compliance and Regulations - The cancellation of stock options is in accordance with the relevant laws and regulations, including the Securities Law of the People's Republic of China and the management measures for equity incentives of listed companies [2].

Core Viewpoint - The company's 2024 performance meets expectations, with a turnaround in profitability and significant growth in energy and health sectors, indicating a positive long-term development outlook under the trend of deep integration of AI and industry [1] Investment Highlights - The investment recommendation is to maintain an "overweight" rating, with a target price adjustment to 9.66 yuan (-2.00). EPS estimates for 2025-2027 are projected at 0.12 (-0.13), 0.18 (-0.14), and 0.23 yuan, with a comparable company average PE of 60.83X for 2025. Given the company's forward-looking layout in AI and cloud computing, it is expected to achieve performance growth exceeding expectations, justifying a valuation premium with a 2025 target PE of 80 times, leading to the target price adjustment to 9.66 yuan [2] - In 2024, the company achieved operating revenue of 2.82 billion yuan, a year-on-year decline of 9.73%. However, the energy and health sectors showed remarkable growth, increasing by 22.86% and 17.90% respectively. The company reported a net profit attributable to shareholders of 83 million yuan, marking a return to profitability, primarily due to a 10.73% year-on-year decrease in total expenses during the quality improvement strategy [2] - In Q1 2025, the company reported total operating revenue of 336 million yuan, a year-on-year decrease of 20.45%. The focus on revenue quality improvement led to a gross margin increase of 10.15 percentage points, with a net profit attributable to shareholders of -68 million yuan, a year-on-year increase of 23.43%. The company secured over 300 million yuan in bids across four key industries in 2024, providing incremental support for future stable growth [2] AI and Cloud Computing Integration - The company leverages its strong network and data security technology capabilities to release innovative products such as the Tianwen large model system and various cloud computing solutions, enhancing clients' network security defenses. The cloud computing sector has seen the launch of products like the Intelligent Computing Cloud platform and integrated computing machines, establishing a comprehensive product and service solution system that covers all business scenarios and serves over 100,000 government and enterprise clients and more than 20,000 channel partners [3] - The urgency for AI and industry integration is highlighted by the national industrial and information technology conference at the end of 2024, which announced the implementation of the "AI + Manufacturing" initiative by the Ministry of Industry and Information Technology in 2025. The government work report further emphasizes the support for the widespread application of large models. The company is aligning with technological innovations and industry application processes, having completed significant initial investments in new directions such as AI + security and intelligent computing cloud, and is now entering the market promotion and output release phase [3]

本报记者 郭冀川 重塑安全行业竞争版图 在数据要素市场加速成型、人工智能技术实现跨越式突破的当下，网络安全已突破个体隐私保护的范畴，成为打开产业升 级路径、重构企业创新生态的核心变量。 在5月14日召开的第十二届中国国际警用装备博览会（下称"博览会"）上，多家科技企业集中展示了数字安全领域的实践 案例，勾勒出数字安全产业的新图景，如企业演示的量子密钥分发终端，可将金融数据传输的抗破解能力提升至理论极限；基 于数字孪生技术的风险预警系统，正实时监测着百万级物联网设备的异常行为；在反诈体验区，AI换脸检测系统通过微表情识 别技术，已实现对深度伪造内容的高识别。 当数字经济跃升为驱动经济增长的核心引擎，数字安全战略已从技术领域跃升至国家安全屏障与社会稳定基石的高度。北 京万里红科技有限公司（下称"万里红"）总裁张小亮对《证券日报》记者说："我们正在见证从被动防御到主动免疫的范式转 变，就像给城市装上数字免疫系统。" 从"被动追责"转向"主动风险管控" 近年来，我国数字安全治理呈现政策密集出台、执行刚性强化的显著特征，以《中华人民共和国网络安全法》《中华人民 共和国数据安全法》《中华人民共和国个人信息保护法》为立法基 ...