Core Insights - The establishment of three expert networks in quantum technology, cybersecurity, and aerospace and drones is aimed at enhancing Vietnam's strategic technological innovation [1] - These networks are expected to help Vietnam engage more deeply in the global value chain and evolve into a regional hub for research, production, and innovation [1] - The Vietnamese government is committed to supporting these networks to ensure their effective operation and contribution to national development [1] Group 1 - The three newly formed expert networks are seen as "core engines" for driving strategic technological innovation [1] - The National Innovation Center (NIC) has established 10 innovation expert networks across 22 countries and regions, with over 2,000 members, including chief engineers and designers from advanced industries [1] - With the addition of semiconductor and artificial intelligence expert networks in 2024, NIC will have a total of five strategic technology innovation expert networks [1]

（编辑 李家琪） 证券日报网讯 8月27日晚间，天融信发布公告称，公司股票连续两个交易日内（2025年8月26日、2025 年8月27日）收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动情况。经核实，公司前期披露 的信息不存在需要更正、补充之处；公司近期经营情况及内外部经营环境未发生重大变化；公司及第一 大股东不存在应披露而未披露的重大事项。 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.133 billion yuan and a net profit growth of 48.78% year-on-year, indicating strong operational performance and improved key metrics [1] - The company is actively pursuing AI-driven security solutions, aligning with government initiatives to integrate digital technology with manufacturing and market advantages, and has launched a new safety protection track for large model applications [2][3] - The company has increased its R&D investment to 37.67% of revenue, up by 3.64 percentage points from the previous year, which supports rapid innovation and product iteration [4] Financial Performance - In the first half of 2025, the company achieved an operating income of 1.133 billion yuan and a net profit growth of 48.78% compared to the same period last year [1] - The company's gross profit margin and accounts receivable metrics have shown continuous improvement, with positive operating cash flow in the second quarter [1] Strategic Initiatives - The company is implementing the "AI+" action plan, optimizing its security large model and intelligent systems, and has developed a collaborative model for security operations, threat detection, and data security [2][3] - The company has launched a systematic large model security product matrix and has successfully executed several benchmark projects, positioning itself to capitalize on new opportunities in the security industry [3] R&D and Innovation - The company emphasizes rapid innovation driven by R&D investments, with a focus on weekly product iterations to meet market demands [4] - The launch of the DeepSeek R1 model has spurred interest in AI applications, leading to heightened attention on security issues from regulators and users [4] Market Outlook - The global market for AI-driven cybersecurity solutions is projected to reach 16.13 billion USD in 2024 and 43.16 billion USD by 2031, with a compound annual growth rate (CAGR) of 15.3% from 2025 to 2031 [5][6] - The company aims to be a leading force in national cybersecurity strategy, focusing on technological innovation and building a robust security framework to support the development of a digital China [6]

Global Insights - The global fintech market attracted $44.7 billion in investment during H1 2025, marking the lowest six-month period since H1 2020, with a significant decline from $54.2 billion in H2 2024 [21][8] - Q2 2025 saw particularly low investment levels, with only $18.7 billion across 972 deals, the lowest deal volume since Q3 2017 [21][8] - The decline in investment is attributed to geopolitical tensions and changing trade policies, leading to a more cautious approach from investors [7][21] Regional Insights - The Americas accounted for over half of the global fintech investment in H1 2025, totaling $26.7 billion, driven by significant deals such as the $2.6 billion acquisition of Next Insurance and a $2 billion raise by Binance [22][9] - EMEA followed with $13.7 billion, including the largest deal of the year, a $3.2 billion acquisition of Preqin by BlackRock [22][9] - The ASPAC region lagged with only $4.3 billion, highlighted by the $571.3 million acquisition of WealthNavi [22][9] Sector Insights - Digital assets and currencies led the investment with $8.4 billion, positioning the sector for a potential three-year high, while AI-focused fintech attracted $7.2 billion [10][23] - The payments sector experienced a significant drop, with only $4.6 billion in investment compared to $30.8 billion in 2024, indicating a lack of large megadeals [26][10] - Insurtech saw a surge in investment, totaling $4.8 billion, surpassing the entire investment for 2024 [66][68] Future Trends - Investors are expected to remain cautious in H2 2025, focusing on sectors like digital assets, AI, and embedded finance as potential hotspots [2][34] - The regulatory landscape, particularly around stablecoins and digital assets, is anticipated to evolve, potentially driving further investment [35][34] - Continued interest in AI solutions for cost reduction and efficiency improvements is expected to shape investment strategies moving forward [27][34]

| 2025-08-27 | 山石网科 | 688030 | 18.83 414.26 | 22 | 广发证券股份有限 | 东吴证券股份有限 I may police project brown Julia while and the places | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | 公司总部 | 卖出营业部 公司苏州工业园区 | 8月27日，山石网科大宗交易成交22万股，成交额414.26万元，占当日总成交额的2.49%，成交价18.83元，较市场收盘价21.57元折价12.7%。 ...

中证报中证网讯（王珞）8月26日晚，央企网安龙头启明星辰（002439）披露了2025年半年报，公司上 半年营收11.33亿元，归属于上市公司股东的净利润同比减亏，综合毛利率较上年同期提升3.4个百分 点。 上半年，公司持续加强关键核心技术自主可控，形成全面且多样化的国产化安全产品布局。公司持续完 善"技术-产品-服务"全栈式信创安全解决方案，提升了场景化安全能力，重构了原生化技术体系，持续 推进信创技术创新。同时，公司将AI大模型与安全运营业务深度融合，构建多智能体协同的自主化安 全运营工作流体系，实现了安全能力的多维融合与智能进化，安全运营能力从"人驱动工具"升级为"智 能体驱动业务"。 报告期内，公司依托云智算关键信息基础设施，打造新型网信安全基础设施和能力服务体系，深度融合 运营商级网信原生安全。公司关键信息基础设施原生化的网信安全能力不断迭代升级，为政府、农商、 交通、医疗、教育、金融、公检法等多个行业的云基础设施提供坚实的安全保障。启明星辰集团旗下多 个品牌均成为国内高端企业级客户的首选，启明星辰已经成为工业和信息化部人工智能标准化技术委员 会首批工作组成员单位。作为央企控股的行业龙头企业，启明星 ...

Group 1 - The current cybersecurity landscape has significantly changed compared to ten years ago, with most enterprises having completed digital transformation and requiring a reassessment of cybersecurity importance [1][3] - Many companies still hold outdated views, believing that purchasing cybersecurity software guarantees safety, while real threats like phishing attacks demonstrate the inadequacy of this approach [3][4] - Companies face eight major challenges in security operations, including phishing attacks, vulnerability management, and credential misuse, necessitating a return to the essence of security operations and improvement of foundational capabilities [3][4] Group 2 - The cybersecurity industry is experiencing internal competition driven by low pricing strategies, as many digitalized enterprises fail to recognize the evolving nature of cybersecurity [4] - This low-price competition leads to a negative cycle where customers face unresolved cybersecurity issues after initial engagement, highlighting the need for proactive measures [4] - The company aims to differentiate itself by helping enterprises prevent cybersecurity incidents before they occur, advocating for a positive industry development rather than reactive measures post-incident [4]

Core Viewpoint - The company, Hillstone Networks, reported a revenue of 417 million yuan for the first half of 2025, marking a year-on-year growth of 9.46% despite a slow macroeconomic recovery and intensified industry competition [1][2]. Group 1: Financial Performance - The company achieved a historical high in revenue for the first half of 2025, with 417 million yuan, reflecting a 9.46% increase year-on-year [2]. - The net profit attributable to the parent company was a loss of 76.56 million yuan, but this represented a narrowing of 4.31% compared to the previous year [2]. - The gross margin remained high at 69.26%, although it slightly decreased from the previous year, while the net profit margin increased by 2.44 percentage points year-on-year, indicating improved cost control and operational efficiency [2]. Group 2: Strategic Initiatives - The company has launched a "Dual A Strategy" focusing on self-developed ASIC security chips and AI technology, aimed at enhancing the performance and intelligence of network security products [4][5]. - The ASIC strategy aims to free up CPU computing power and improve the efficiency of security infrastructure, while the AI strategy focuses on automating complex security operations [4]. - The company has entered the mass production phase of its ASIC security chips and is actively preparing for opportunities in various sectors, including finance, energy, education, government, and telecommunications [4]. Group 3: Future Outlook - The company plans to integrate ASIC chip technology and AI capabilities into all products, aiming to redefine its domestic security product matrix and deliver comprehensive solutions characterized by "chip-defined security and AI-driven intelligence" [5].

Group 1 - The State Council has issued an opinion on the implementation of the "Artificial Intelligence +" initiative, aiming for deep integration of AI with six key sectors by 2027, with over 70% application penetration of new intelligent terminals and agents [1] - By 2030, AI is expected to fully empower high-quality development in China, with application penetration exceeding 90%, making the intelligent economy a significant growth driver [1] - By 2035, China aims to enter a new stage of intelligent economy and society development, supporting the realization of socialist modernization [1] Group 2 - Tianrongxin (002212) reported a revenue of 826 million yuan, with a year-on-year growth of 8.72% in Q2, and a net profit increase of 68.56%, with Q2 net profit growing by 103.17% [1] - The company has integrated AI into its products, enhancing its enterprise-level AI security capabilities and maintaining a leading market share [2] - Tianrongxin's large model security gateway received the first enhanced-level certification for large model security protection products from the Ministry of Public Security's Third Research Institute [2] Group 3 - Zhongtai Securities noted that the opinion on "Artificial Intelligence +" signals a true policy and industry resonance, indicating a potential boom for AI [2] - Northeast Securities highlighted the significant potential of AI in empowering traditional cybersecurity products and improving operational efficiency, suggesting a new track for AI-driven security [2] - Other cybersecurity companies such as 360 (601360), Qi Anxin (688561), and others are expected to benefit from the developments in AI security products [2]

Core Viewpoint - Okta reported strong Q2 FY2026 earnings, exceeding analyst expectations in both revenue and adjusted earnings per share, leading to a significant stock price increase [1] Financial Performance - Revenue for Q2 FY2026 was $728 million, a 13% year-over-year increase, surpassing analyst expectations of $711.8 million [1] - Subscription revenue grew by 12% to $711 million [1] - Adjusted earnings per share were $0.91, exceeding the expected $0.84 [1] - Remaining performance obligations or subscription backlog increased by 18% to $4.15 billion [1] Future Guidance - For Q3 FY2026, Okta expects revenue between $728 million and $730 million, with adjusted earnings per share between $0.74 and $0.75, compared to analyst expectations of $721.3 million and $0.75 [1] - The company raised its FY2026 revenue guidance to a range of $2.88 billion to $2.89 billion, with adjusted earnings per share projected between $3.33 and $3.38, against analyst expectations of $2.86 billion and $3.27 [1]