Group 1 - The company Tianrongxin (002212) has not yet provided products and services to ByteDance as of September 18 [1] - The company offers network security products and solutions to its clients [1]

Core Viewpoint - The company is actively advancing research and implementation of post-quantum cryptography and privacy computing solutions, targeting key industries such as banking, insurance, and telecommunications [1] Group 1: Post-Quantum Cryptography - The company is continuously progressing in post-quantum cryptography algorithm research, migration, and industry application [1] - The company has obtained relevant patents for key technologies in post-quantum cryptography [1] - Multiple core products support post-quantum cryptography algorithms, facilitating their replacement and migration in critical business scenarios for clients in banking, insurance, telecommunications, and securities [1] Group 2: Privacy Computing - The company has launched the NetPEC privacy computing platform and secured related technical patents [1] - The platform enables collaborative computing, data fusion, and joint modeling among multiple institutions, enhancing the ability to extract and utilize the immense value of data elements [1] - The company addresses two major issues: data silos and data privacy protection, promoting data security integration and shared circulation in finance, insurance, and government sectors [1] Group 3: Cloud Native Security - The company does not currently offer cloud-native security products, but its existing security products support cloud-native environments [1]

Core Viewpoint - The company, Xinan Century, is actively involved in the digital currency sector, focusing on various cryptographic technologies that support both national and international standards, aligning with financial compliance requirements [1] Group 1: Technological Involvement - Xinan Century's key technologies in the digital RMB field include identity verification, data encryption, communication encryption, PKI/CA, key management, blockchain, and privacy computing [1] - The cryptographic technologies employed by the company are compatible with both national and international algorithms, ensuring they meet financial business applications and compliance standards [1] Group 2: Business Development - The company has been early in exploring and researching digital currency business solutions, which has positioned it well as the digital RMB initiative progresses [1] - Xinan Century has provided cryptographic security products and network security products to business center nodes, six primary issuing banks, and several secondary issuing banks [1]

Company Overview - Established in 1998, the company launched China's first domestic financial data encryption machine, changing the reliance on foreign encryption devices in the financial sector [1] - In 2021 and 2024, the company completed the first integrated password service platform and the first commercial password integrated supervision and public service platform in the country, respectively [2] - The company has served over 10,000 industry clients, maintaining the top market share in high-security network integration and over 50% in electronic government network identity authentication [2] Strategic Planning - The company has defined a strategic development approach of "solidifying the foundation and expanding two wings," focusing on maintaining leadership in the password field and enhancing network and data security [2] - The business layout includes five areas: commercial passwords, security services, secure confidentiality, data security, and security applications [3] Financial Performance - From 2020 to 2023, the company's net profit doubled, with a nearly 20% increase in gross margin [7] - Despite macroeconomic fluctuations and intensified market competition in 2024, the company maintained the second-best net profit level in the industry [7] Future Outlook - The company aims to strengthen its core advantages in passwords, enhance its security assurance capabilities, and develop data security solutions [9] - Focus on key innovations in quantum-resistant passwords, artificial intelligence, and privacy computing to build a robust technological moat [9] Market Expansion - The company is actively exploring new markets in healthcare, surveying, manufacturing, and expanding into vehicle networking, satellite internet, and industrial internet sectors [2] - In the satellite internet sector, the company is addressing security needs in communication and identity verification, with ongoing collaborations and successful case studies [10] - The low-altitude economy is recognized as a national strategy, with the company focusing on security needs in information transmission and special application scenarios [11] Investor Relations - The company emphasizes value management and investor returns, maintaining a stable dividend policy and enhancing communication with the capital market [12]

Core Viewpoint - CrowdStrike has launched Threat AI, the industry's first intelligent threat intelligence system aimed at automating complex and time-consuming intelligence workflows, enhancing task completion speed [1] Group 1: Product Launch - Threat AI is a key component of CrowdStrike's newly introduced intelligent security team, capable of executing tasks and performing cross-dimensional reasoning on threat data [1] - The system actively tracks attackers and takes decisive actions at various stages of the kill chain [1] Group 2: Market Reaction - CrowdStrike's stock rose over 3.7% in pre-market trading, reaching $462.31 [1] - Several major banks have raised their target prices for CrowdStrike, with Mizuho increasing its target from $430 to $450, Jefferies from $500 to $515, and D.A. Davidson from $490 to $515 [1]

Core Viewpoint - Anbotong (688168.SH) reported significant revenue growth in the first half of 2025, but continued to face net losses and negative cash flow from operating activities [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 429 million RMB, representing a year-on-year increase of 123.98% compared to 191 million RMB in the same period last year [2]. - The net profit attributable to shareholders was -109 million RMB, and the net profit after deducting non-recurring gains and losses was -110 million RMB [1][2]. - The net cash flow from operating activities was -206 million RMB, indicating a decline from -181 million RMB in the previous year [2]. Previous Year Comparison - In 2024, the company reported an operating revenue of 737 million RMB, which was a 34.4% increase from the previous year [3]. - The net profit attributable to shareholders in 2024 was -119 million RMB, and the net profit after deducting non-recurring gains and losses was -122 million RMB [3]. - The net cash flow from operating activities in 2024 was 157 million RMB, showing a significant increase of 224% compared to the previous year [2][3]. Initial Public Offering (IPO) Details - Anbotong was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 6, 2019, with an issuance of 12.8 million shares at a price of 56.88 RMB per share [4]. - The total amount raised from the IPO was approximately 727.8 million RMB, with a net amount of about 670.5 million RMB after deducting issuance costs [4]. - The funds raised were intended for projects related to network security system upgrades, security visualization platform development, and the establishment of a security application research center [4].

Group 1 - The company, Tianrongxin (002212.SZ), has stated that it has not yet provided products and services to ByteDance [1] - The company offers network security products and solutions to its clients [1]

Company Overview - Anbotong Technology Co., Ltd. is located in Haidian District, Beijing, and was established on May 25, 2007. The company went public on September 6, 2019. Its main business involves the research, development, sales of core software products for cybersecurity, and related technical services, positioning itself as a provider of cybersecurity system platforms and services [1]. Business Segmentation - The revenue composition of Anbotong is as follows: Security Gateway accounts for 39.47%, Security Artificial Intelligence 35.21%, Security Management 18.05%, Security Services 7.15%, and Others 0.12% [1]. Stock Performance - On September 18, Anbotong's stock price fell by 5.03%, closing at 93.11 CNY per share, with a trading volume of 317 million CNY and a turnover rate of 4.25%. The total market capitalization is 7.156 billion CNY [1]. Fund Holdings - According to data, one fund under GF Fund Management holds a significant position in Anbotong. The GF Reform Mixed Fund (001468) held 68,900 shares in the second quarter, unchanged from the previous period, representing 2.48% of the fund's net asset value, making it the fourth-largest holding. The estimated floating loss today is approximately 339,500 CNY [2]. Fund Performance - The GF Reform Mixed Fund (001468) was established on July 27, 2015, with a current size of 197 million CNY. Year-to-date, it has returned 29.7%, ranking 3028 out of 8172 in its category. Over the past year, it has achieved a return of 46.72%, ranking 3682 out of 7980. Since inception, the fund has returned 11.8% [2]. Fund Management - The fund manager of GF Reform Mixed Fund (001468) is Chen Shaoping, who has a cumulative tenure of 18 years and 297 days. The total asset size of the fund is 197 million CNY, with the best return during his tenure being 76.34% and the worst being -27.18% [3].

新华社音视频部制作 【纠错】 【责任编辑:王萌萌】 眼下正处2025年国家网络安全宣传周，由中国联通主办、中国联通云南省分公司承办的网络安全产业链 协同分论坛日前在昆明举办。论坛以"凝聚产业合力、共创融通发展新生态"为主题，旨在推动产业链协 同创新和生态共建，促进网络安全产业高质量发展。 作者：孙敏、钱磊 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In September, the market entered a high-level consolidation phase after continuous upward movement. Due to increased hedging demand of some funds at high levels, there was a certain divergence between long and short forces, leading to significant fluctuations in stock index. However, from a long - term perspective, China's capital market is just at the beginning of the strategic allocation period. The CSI 500 and CSI 1000 indices, which are mostly composed of technology - growth stocks, are more offensive with larger fluctuations but may bring higher returns. The SSE 50 and CSI 300 indices, which are mostly composed of dividend blue - chip stocks, are more defensive with smaller fluctuations but relatively weaker price elasticity [2] Summary by Directory 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts for the current month, next month, next quarter, and the quarter after next were 4553.20, 4541.80, 4518.20, and 4492.80 respectively, with increases of 36.20, 34.80, 31.60, and 30.20. The trading volumes were 72782.00, 20655.00, 57612.00, and 11450.00 respectively, and the positions were 61553.00, 33842.00, 133521.00, and 44996.00 respectively. The position changes were - 17674.00, 7608.00, 6720.00, and 666.00 respectively [1] - **IH Contracts**: The previous day's closing prices of IH contracts for the current month, next month, next quarter, and the quarter after next were 2956.20, 2955.60, 2955.80, and 2958.40 respectively, with increases of 5.80, 6.20, 5.00, and 3.80. The trading volumes were 29648.00, 8442.00, 23042.00, and 3627.00 respectively, and the positions were 28332.00, 12791.00, 52206.00, and 11442.00 respectively. The position changes were - 4903.00, 3127.00, 5476.00, and 321.00 respectively [1] - **IC Contracts**: The previous day's closing prices of IC contracts for the current month, next month, next quarter, and the quarter after next were 7252.40, 7197.00, 7081.00, and 6916.00 respectively, with increases of 90.40, 93.40, 86.80, and 79.80. The trading volumes were 67086.00, 24005.00, 56441.00, and 16292.00 respectively, and the positions were 56442.00, 40143.00, 111083.00, and 44403.00 respectively. The position changes were - 20158.00, 6496.00, 1443.00, and 1399.00 respectively [1] - **IM Contracts**: The previous day's closing prices of IM contracts for the current month, next month, next quarter, and the quarter after next were 7547.00, 7480.20, 7331.60, and 7126.20 respectively, with increases of 93.00, 96.00, 99.40, and 99.40. The trading volumes were 122397.00, 36291.00, 101376.00, and 25839.00 respectively, and the positions were 89169.00, 57923.00, 158963.00, and 73293.00 respectively. The position changes were - 23457.00, 11171.00, 9900.00, and 1807.00 respectively [1] - **Inter - month Spreads**: The current values of IF next month - IF current month, IH next month - IH current month, IC next month - IC current month, and IM next month - IM current month were - 11.40, - 0.60, - 55.40, and - 66.80 respectively, compared with previous values of - 9.40, 0.80, - 57.80, and - 70.00 [1] 2. Stock Index Spot Market - **Major Indexes**: The previous day's closing prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 were 4551.02, 2952.78, 7260.04, and 7554.81 respectively, with increases of 0.61, 0.17, 0.96, and 0.95. The trading volumes (in billions of lots) were 235.72, 56.67, 258.26, and 301.71 respectively, and the total trading amounts (in billions of yuan) were 6084.54, 1550.34, 4455.49, and 4932.96 respectively [1] - **Industry Indexes**: Among different industries, the energy, industrial, optional consumption, and information technology industries had increases of 1.06%, 2.13%, 1.72%, and 0.76% respectively. The raw materials, main consumption, real - estate finance industries had decreases of - 0.13%, - 0.58%, and - 0.10% respectively [1] 3. Futures - Spot Basis - **IF Contracts and Underlying Index**: The previous day's basis values of IF current month - CSI 300, IF next month - CSI 300, IF next quarter - CSI 300, and IF quarter after next - CSI 300 were 2.18, - 9.22, - 32.82, and - 58.22 respectively [1] - **IH Contracts and Underlying Index**: The previous day's basis values of IH current month - SSE 50, IH next month - SSE 50, IH next quarter - SSE 50, and IH quarter after next - SSE 50 were 3.42, 2.82, 3.02, and 5.62 respectively [1] - **IC Contracts and Underlying Index**: The previous day's basis values of IC current month - CSI 500, IC next month - CSI 500, IC next quarter - CSI 500, and IC quarter after next - CSI 500 were - 7.64, - 63.04, - 179.04, and - 344.04 respectively [1] - **IM Contracts and Underlying Index**: The previous day's basis values of IM current month - CSI 1000, IM next month - CSI 1000, IM next quarter - CSI 1000, and IM quarter after next - CSI 1000 were - 7.81, - 74.61, - 223.21, and - 428.61 respectively [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's closing prices of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - Sized Board Index, and ChiNext Index were 3876.34, 13215.46, 8042.44, and 3147.35 respectively, with increases of 0.37%, 1.16%, 0.99%, and 1.95% respectively [1] - **Overseas Indexes**: The previous day's closing prices of the Hang Seng Index, Nikkei 225, S&P Index, and DAX Index were 26908.39, 44790.38, 6600.35, and 23359.18 respectively, with increases of 1.78%, - 0.25%, - 0.10%, and 0.13% respectively [1] 5. Macroeconomic Information - **US Federal Reserve**: The Fed cut interest rates by 25 basis points as expected, lowering the federal funds rate to 4.00% - 4.25%. After the FOMC statement, the market expected a more than 90% probability of another rate cut in October [2] - **China's Policies**: China will select about 50 pilot cities for new consumption formats, models, and scenarios, introduce a series of policy documents, promote the application of AI in service consumption, and use structural monetary policy tools to increase capital supply in the consumption field. During the consumption month, there will be over 25,000 cultural and tourism consumption activities and over 330 million yuan in consumption subsidies [2] - **China - ASEAN Relations**: Vice - President Han Zheng put forward four suggestions at the 22nd China - ASEAN Expo to strengthen cooperation between China and ASEAN [2] 6. Industry Information - **Cybersecurity**: The deputy director of the National Cyberspace Administration of China called on leading enterprises to take on the responsibility of tackling "neck - stuck" technologies in key areas such as chips [2] - **Pig Industry**: A symposium on pig production capacity regulation was held to control the sow production capacity and regulate the pig supply for next year [2] - **Intelligent Connected Vehicles**: The Ministry of Industry and Information Technology solicited public opinions on mandatory national standards for combined driving assistance of intelligent connected vehicles [2] - **Energy Storage**: The Ministry of Industry and Information Technology released a ten - year development roadmap for new energy storage technologies, aiming for an installed capacity of over 180 million kilowatts by 2027, over 240 million kilowatts by 2030, and over 300 million kilowatts by 2035 [2]