明日，多只A股复牌！ 日前，佳华科技公告，公司拟收购数盾科技90%股份，此次交易预计构成重大资产重组，公司股票将于12月8 日开市起复牌。值得关注的是，在二级市场上，佳华科技是一只"牛股"。7月10日至11月6日期间，该公司股价 涨幅超过130%。最近几个交易日，佳华科技的股价维持高位震荡。 12月7日晚间，安妮股份、ST天瑞也公告称，股票将于12月8日复牌。其中，安妮股份公告，晟世天安将成为 公司的控股股东，公司实际控制人将变更为李宁和王磊；ST天瑞公告，公司控股股东、实际控制人刘召贵终 止筹划公司控制权变更事项。 目前，数盾科技已形成商用密码、信息安全服务等产品服务体系，是国家级专精特新重点"小巨人"企业、工信 部认定的商用密码硬科技潜力企业、北京市知识产权试点单位，先后获得国家密码科技进步三等奖、北京市科 学技术进步奖一等奖等奖项，牵头或参与了多项商用密码领域的国家及行业标准规范制订。 据悉，数盾科技的产品覆盖密码模组、密码板卡、密码整机、密码系统和平台、重点行业定制化密码系统和密 码设备以及数据安全产品。在商用密码领域，特别是在高速密码技术、抗量子计算密码、卫星通信加密、低空 通信加密、物联网密码技术 ...

在数字经济纵深发展与网络安全威胁加剧的双重背景下，商用密码作为网络安全的"核心基石"，正迎来 规模与质量双升的黄金发展期。 其次，数盾科技技术创新构筑核心壁垒，精准卡位行业发展趋势。商用密码行业正加速向抗量子计算密 码迁移、与人工智能互补共促、数字化转型与数据基础设施建设融合方向演进，数盾科技的技术布局已 提前卡位。公开资料显示，数盾科技累计拥有63项发明专利与152项软著，其自主研发的后量子密码卡 融合国产与国际主流算法，支持传统密码与抗量子计算密码双体系兼容，有效应对量子计算带来的安全 威胁，与当前预置抗量子计算加密算法的行业趋势高度契合。 同时，数盾科技产品已全面适配飞腾、麒麟等主流国产化平台，在国密算法普及进程中占据先机—— 2024年SM2、SM3、SM4等国密算法在金融、政务等关键行业的部署率已分别达到82.4%、78.9%和 75.6%，(《2025年中国商业级密码市场占有率及行业竞争格局分析报告》)。此外，公司与北京大学等 高校共建联合实验室，技术研发实力持续领跑行业。 最后，数盾科技的商业化能力已得到持续验证，多场景布局打开增长空间。据了解，数盾科技构建了覆 盖硬件、软件、服务的全系列产品体 ...

Core Viewpoint - JiaHua Technology (688051.SH) is planning to acquire a controlling stake in Shudun Technology through a combination of share issuance and cash payment, with the stock set to be suspended from trading starting November 24. The company has reported consecutive years of losses prior to this acquisition plan [1][2]. Company Summary - JiaHua Technology has experienced continuous losses, with its net profit attributable to shareholders remaining negative since Q3 2021. In the first three quarters of this year, the company reported total revenue of approximately 166 million, a year-on-year decrease of 30.72%, and a net profit of -67.24 million, a decline of 114.36% year-on-year [2]. - The company attributes its poor performance to intensified market competition, tight fiscal budgets from major clients, and overall weak demand, leading to a conservative approach in business expansion [2]. - In response to its ongoing losses, JiaHua Technology has announced a focus on "cost reduction, revenue increase, and efficiency improvement" to drive performance enhancement [2]. Industry Summary - Shudun Technology, established in January 2002, specializes in commercial cryptography technology research, product development, and services. Its product range includes cryptographic chips, modules, and systems, and it is recognized as a key "specialized, refined, distinctive, and innovative" enterprise by the state [1]. - The major shareholders of Shudun Technology include its actual controller Zhu Yun, who holds 19.486% of the shares, and other institutional investors such as Qingdao Zhenwei and CICC Jia Tai, which hold 8.3824% and 6.8341% respectively [2].

Core Insights - The 2025 China International Service Trade Fair (CIFTIS) will be held from September 10 to 14 in Beijing, focusing on service trade development trends and featuring various exhibition segments [1] - The Beijing Commercial Cryptography Industry Association will lead a commercial cryptography technology exhibition at CIFTIS, showcasing the capabilities and technologies of leading commercial cryptography enterprises in the Beijing-Tianjin-Hebei region [1] - CFCA, in collaboration with the Beijing Commercial Cryptography Industry Association and 18 other commercial cryptography companies, will promote its "CFCA Financial Trusted Digital Identity Application" at the fair [1][2] Industry Overview - The emergence of a "physical-information-society" digital environment highlights the importance of trusted digital identities for secure interactions in the digital realm [2] - Digital finance demands secure and verifiable digital identities to prevent identity theft and privacy breaches [2] CFCA's Digital Identity Solutions - CFCA has developed a comprehensive digital identity lifecycle management solution, which includes five core platforms: Anxin Yan, Anxin Zheng, Anxin Qian, Anxin Su, and Anxin Lian [2][10] - Anxin Yan provides multi-dimensional identity verification services using authoritative data sources and advanced technologies like facial recognition and OCR [4] - Anxin Zheng offers third-party certified identity credentials, enabling users to perform electronic signatures securely [5] - Anxin Qian is a lightweight SaaS platform for electronic contract signing, facilitating various types of agreements [6] - Anxin Su serves as a comprehensive judicial service platform for evidence preservation and management [8] - Anxin Lian provides commercial cryptography products to ensure data security across online operations [9] CFCA's Position and Future Plans - CFCA, established in 1998 under the guidance of the People's Bank of China, aims to become a leader in trusted digital identity services [10] - The organization plans to leverage its technological expertise and ecological advantages to support the development of the digital economy and enhance financial security [10]

Core Viewpoint - The report outlines the ongoing supervision of Sanwei Xinan Technology Co., Ltd. by Guotai Haitong Securities Co., Ltd. as the sponsor, highlighting the company's financial performance, risks, and competitive advantages in the commercial password industry [1][2]. Continuous Supervision Work - Guotai Haitong Securities is responsible for the continuous supervision of Sanwei Xinan post-listing, with no significant issues reported [2]. Major Risk Factors - **Technological Upgrade Risk**: The company faces risks related to the rapid evolution of cryptographic technologies, including quantum computing, which could impact its competitive edge if it fails to keep pace with industry developments [3]. - **Core Technology Leakage Risk**: Despite confidentiality agreements with key personnel, there remains a risk of core technology leakage due to potential mismanagement or collaboration with suppliers and clients [4]. - **Intensified Market Competition Risk**: The commercial password industry in China has over 1,200 companies, leading to increased competition as the market grows due to government support [5]. - **Market Space Squeeze Risk**: Some downstream partners may expand into the upstream password board card market, potentially reducing the company's market share [6]. - **Seasonal Business Fluctuation Risk**: The company's revenue and profit are unevenly distributed throughout the year, with a significant portion occurring in the second half, particularly in Q4 [7]. Major Financial Indicators - In the first half of 2025, the company's revenue was CNY 195 million, a year-on-year increase of 15.19%, attributed to the consolidation of Jiangnan Tianan and growth in the energy and transportation sectors [9]. - The total profit and net profit attributable to shareholders saw significant declines, with decreases of 555.34% and 314.35% respectively, primarily due to increased R&D investments and project delays [10]. - R&D expenses accounted for 40.34% of revenue, up from 31.27% the previous year, reflecting the company's commitment to innovation [11]. Core Competitiveness - **Leading Technology and Personnel Advantage**: The company has developed several industry-leading products and holds numerous patents, with a strong R&D team comprising 43.15% of its workforce [12]. - **Comprehensive Product System**: The company has established a complete product system for commercial password technology, including self-developed chips and various product lines [13]. - **Quality Customer Base**: The company has built a strong reputation across multiple sectors, including government and finance, ensuring robust market presence [14]. - **First-Mover Advantage in New Fields**: The company is a pioneer in applying password technology in emerging fields like cloud computing and blockchain, actively participating in standard-setting [15][16]. R&D Expenditure and Progress - R&D expenses increased by 48.61% year-on-year, driven by talent acquisition and the acquisition of Jiangnan Tianan [18]. - The company applied for 60 intellectual property rights in the first half of 2025, including 16 invention patents, demonstrating its ongoing commitment to innovation [18]. Use of Raised Funds - As of June 30, 2025, the company has complied with regulations regarding the use of raised funds, with no violations reported [19][20].

Important Market News - US stock market closed early on Thursday with all three major indices rising; S&P 500 increased by 0.83%, Nasdaq by 1.02%, and Dow Jones by 0.77%, marking the seventh historical closing high for S&P 500 this year and the fourth for Nasdaq [1] - Technology stocks saw widespread gains, with Nvidia rising 1.3% to a historical high and New思科技 increasing by 4.9%; Bitcoin-related stocks also surged, with Circle up over 6% [1] - International oil prices slightly declined, with WTI crude oil down 0.40% to $67.18 per barrel and Brent crude down 0.32% to $68.89 per barrel; COMEX gold futures fell 0.71% to $3336.00 per ounce, while silver futures rose 0.85% to $37.04 per ounce [1] - European stock indices closed higher, with Germany's DAX up 0.61% to 23934.13 points and France's CAC40 up 0.21% to 7754.55 points [1] Industry Insights - On July 3, the National Medical Products Administration of China announced measures to optimize lifecycle regulation to support high-end medical device innovation, including special approval procedures for medical robots and high-end imaging equipment [2] - Brain-computer interface technology is expected to revolutionize human-machine interaction, initially focusing on medical rehabilitation, with potential expansion into education, entertainment, and industrial applications [2] - The solid-state battery industry is accelerating its industrialization process, with solid-state batteries being recognized as the next-generation battery technology, particularly in cost-sensitive fields like humanoid robots and low-altitude applications [3] - China ranks second globally in solid-state battery patent applications, with over 46,000 applications as of May 16, 2025, indicating a rapid catch-up with Japan [3] - The National Cryptography Administration and other agencies released regulations for the management of commercial passwords, effective from August 1, 2025, which will impact key information infrastructure sectors such as energy, finance, and communication [4][5] - The commercial password market in China is projected to grow at a compound annual growth rate of 25%, reaching 140 billion yuan by 2025, driven by the new regulations [5] Company Updates - 中钢洛耐 announced that its shareholder plans to reduce its stake by up to 562,500 shares, representing 0.5% of the total share capital [6] - 曲江文旅 reported that a court will auction 12 million shares held by its controlling shareholder on an online platform [6] - 威唐工业 disclosed plans for its controlling shareholder to reduce their stake by up to 170,000 shares, accounting for 0.9727% of the total share capital [7] - 合盛硅业 intends to participate in an ETF exchange transaction, planning to exchange up to 1,182,210 shares, or 1% of the total share capital [7] - 财富趋势 announced a plan for its actual controller to reduce their stake by up to 768,340 shares, representing 3% of the total share capital [8]

Group 1: Brain-Computer Interface (BCI) - The National Medical Products Administration has announced measures to optimize the lifecycle regulation supporting the innovation of high-end medical devices, particularly focusing on BCI technology [1] - The BCI industry is expected to experience significant growth, with a projected compound annual growth rate of 25.22%, reaching a market size of $7.63 billion by 2029 [1] Group 2: Autonomous Charging Robots - BMW's autonomous charging robot has completed concept validation and is set to be deployed based on future market conditions, utilizing AI for efficient charging operations [2] - The technology enhances charging efficiency and convenience, with competitors like Telda and Zhida Technology also developing similar products [2] Group 3: Commercial Cryptography - New regulations on the use of commercial cryptography for critical information infrastructure will take effect on August 1, 2025, impacting sectors like energy, finance, and transportation [3] - The commercial cryptography market is expected to grow at a compound annual growth rate of 25%, reaching 140 billion yuan by 2025 [3] Group 4: POE Price Increase - Major chemical companies have announced price increases for POE (polyolefin elastomer), with prices rising over 1,000 yuan per ton due to geopolitical uncertainties [4] - POE is increasingly used in solar energy applications, accounting for 40% of its usage in China, indicating a growing market potential [4] Group 5: Metaverse Development - The Ministry of Industry and Information Technology and other departments are promoting the recommendation of typical metaverse cases, indicating a shift towards commercialization [5] - The metaverse market is projected to become a trillion-dollar industry, driven by technological advancements and policy support [5] Group 6: Solid-State Batteries - The Fourth Solid-State Battery Conference is being held, highlighting the industry's focus on high energy density and safety [6] - The solid-state battery sector is accelerating its industrialization process, with applications expected to expand in various fields [6] Group 7: PCB Market Growth - The AI server and switch market for M8 PCBs is projected to reach 50-60 billion yuan by 2026, driven by increasing demand for AI infrastructure [7] - The PCB industry is experiencing growth due to the recovery of electronic demand and innovations in AI and high-speed communication [7] Group 8: Domestic Chip Development - Strategic investments are being made in domestic AI chip companies, indicating a focus on building new AI infrastructure [8] - The demand for AI models is driving the need for enhanced computing capabilities, with domestic companies aiming to compete with international products [8]