启明星辰在 2025 年第四季度的市场需求和客户预算情况如何？ 2025 年第四季度，启明星辰的下游需求和用户预算情况并未显著改善。12 月 份是全年确认收入最集中的一个月，但整体投入仍未见明显提升。政府客户更 多关注 IT 基础设施，尤其是服务器，而安全需求作为伴生性需求并未得到特别 关注。尽管某些细分市场如等保测评表现较好，但其市场规模有限，大部分网 络安全厂商仍主要提供咨询、建设和方案服务。在客户领域中，军队军工等特 殊行业的安全投入较为稳定，而其他行业如电力则有零星机会，但整体挑战依 启明星辰积极推进大模型相关工作，围绕数据要素汇集、流通分析以及 结合大模型使用等场景发现机会，但新机遇尚不足以完全支撑传统业务 萎缩。公司通过产品原子化及融入云端服务支持等方式适应新应用场景， 并持续布局信创领域。 2025 年行业整体面临挑战，启明星辰凭借充足的资金储备和无负债状 态保持稳定，积极寻找新的市场机会。尽管财务数据可能是上市以来最 低点，但公司对 2026 年充满信心，并清晰布局未来发展方向。 IT 基础设施安全需求未得到足够重视，网络安全厂商主要提供咨询、建 设和方案服务。军队军工等特殊行业安全投入稳定， ...

本报讯 （记者袁传玺）12月10日，第十五届网络安全漏洞分析与风险评估大会（VARA大会）在天津开 幕。三六零集团（以下简称"360"）创始人周鸿祎，以大会唯一产业界代表身份发表主题演讲，分享了 在人工智能时代应对网络安全新挑战的前沿思考与实践。 具体而言，360智能体工厂打造的漏洞挖掘蜂群智能体，能够实现安全漏洞的自动化分析和发现。在过 去，漏洞处置完全依赖人工操作，流程繁琐且容易出错。分析师需要全程手动处理从危险等级评估、方 案制定到最终报告撰写的整个流程，每个环节都高度依赖个人经验，且需要在不同平台间反复切换，效 率低下。如今，引入漏洞检测处置蜂群智能体后，流程得到大幅简化。运营人员仅需输入漏洞编号，系 统便能自动完成漏洞运营的全链条操作，实现全程无需人工干预的自动化处置。 周鸿祎表示，AI既是新质生产力与安全防御的新载体，也是全新的风险源头。360愿与各界携手，共同 筑牢数字安全底座。 （文章来源：证券日报） 更令人担忧的是"黑客智能体"的出现，将进一步加剧网络攻防的不对称性。过去黑客"一将难求"，现在 可以把黑客的经验和能力训练成智能体，自动完成漏洞挖掘、漏洞利用、网络攻击等一系列任务，还能 批量复 ...

12月10日，第十五届网络安全漏洞分析与风险评估大会（VARA大会）在天津开幕。三六零（601360） 集团创始人周鸿祎，以大会唯一产业界代表身份发表主题演讲，分享了在人工智能时代应对网络安全新 挑战的前沿思考与实践。 在《筑牢AI安全底座，护航经济社会高质量发展》的演讲中，周鸿祎指出，漏洞的存在已彻底改变了 网络安全的游戏规则。攻击者无需强攻，仅需利用一个漏洞，通过一封恶意邮件或一个特殊数据包，就 能绕过防火墙等传统防护，直接入侵系统。当前，我们正进入一切皆可编程、软件定义世界的时代，政 府运转、城市运行、企业经营乃至百姓生活都架构于代码之上，这使得漏洞的破坏性变得前所未有。 "黑客智能体"的出现，将进一步加剧网络攻防的不对称性。过去黑客"一将难求"，现在可以把黑客的经 验和能力训练成智能体，自动完成漏洞挖掘、漏洞利用、网络攻击等一系列任务，还能批量复制，一个 人类黑客能管理几十甚至上百个黑客智能体，成为"超级黑客"。这让网络攻防从"人与人"的对抗变 为"人与机器"的对抗，加剧了攻防的不对称性，甚至改变了网络战的形态。 作为首家以智能体驱动安全的公司，360基于安全大模型、知识库、工作流和专用工具，打造了多 ...

Core Insights - 360 Digital Security Group and Yuanwang Information signed a strategic cooperation agreement focusing on key livelihood and government sectors, aiming to create a "technology + scenario + service" collaborative ecosystem to enhance digital economic development in multiple provinces and cities [1][3] Group 1: Strategic Collaboration - The partnership will leverage technology synergy, deep scenario cultivation, and AI empowerment to provide robust security solutions for digital economy growth [1][4] - 360 Digital Security Group has a strong foundation in digital security and AI, having pioneered a free antivirus model and addressed international cybersecurity challenges [3][4] Group 2: Operational Synergies - Previous collaborations in regions like Chongqing and Sichuan have established trust and successfully tackled industry pain points related to heterogeneous terminal protection and high-frequency business security [3] - Yuanwang Information will utilize its advantages in channel networks and enterprise customer resources to enhance 360's technological capabilities in security and AI [4] Group 3: Future Directions - The strategic agreement marks an upgrade to "comprehensive ecological co-creation," integrating 360's AI agents and security intelligence with Yuanwang's localized service networks and industry experience [4] - The goal is to develop replicable and scalable benchmark solutions that meet industry needs, ensuring comprehensive and robust security for the sustainable development of the regional digital economy [4]

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the **cybersecurity industry** and the implications of the **revised Cybersecurity Law** in China, which will take effect on **January 1, 2026**. The law aims to enhance penalties for violations due to increasing data security concerns and international tensions [2][10]. Core Insights and Arguments - The revised law emphasizes the integration of **AI** in cybersecurity, marking it as a crucial support for industry development. This indicates a tighter coupling between AI and cybersecurity moving forward [2][10]. - **Anheng Information** has established a comprehensive product line in the **AI security** sector, achieving significant commercial success in Q3 2024, with projected revenues exceeding **60 million yuan** in AI-related products and services [1][4]. - The law addresses two main challenges posed by **generative AI**: the risk of data leakage and the need for a privacy computing environment for collaborative data training [6][5]. - AI-driven robots face potential threats if their control systems are compromised, highlighting the need for robust security measures to ensure safe operation [7][5]. Company-Specific Developments - Anheng Information has launched various AI security products, including solutions for data governance and privacy computing, which are crucial for protecting data in the era of large models [3][8]. - The company has a first-mover advantage in the AI security field, with a strong focus on innovation and customer-centric development, which differentiates it from competitors [3][13]. - Anheng's AI products are designed to enhance customer experience and address talent shortages in cybersecurity through subscription-based models, which provide ongoing service and support [12][17]. Market Opportunities and Challenges - The revised Cybersecurity Law is expected to drive demand for cybersecurity solutions, particularly among companies involved in public services and large-scale information management [10][11]. - Anheng Information anticipates continued growth in AI-related orders, expanding into sectors such as manufacturing, advanced design, and disaster response [16][11]. - The evolving landscape of AI security will require companies to adapt to new talent demands and deepen their vertical capabilities, intensifying competition in the industry [15][13]. Additional Important Insights - The law's implementation is likely to lead to a surge in cybersecurity procurement as companies rush to comply with new regulations, although immediate changes in purchasing behavior may not be evident until later [11][10]. - Anheng Information's innovative approaches, such as the **data security digital employee**, have significantly improved efficiency in penetration testing services, showcasing the practical benefits of AI in cybersecurity [14][13]. - The company is also exploring opportunities in quantum communication and computing, although these efforts are still in the early stages [23]. Future Outlook - The cybersecurity industry is expected to recover from previous downturns, with improvements anticipated from 2025 to 2026, presenting investment opportunities in both the industry and Anheng Information [24].

Core Viewpoint - The article emphasizes the transformative role of AI in the security industry, particularly through the introduction of intelligent agents that enhance efficiency and reduce reliance on human resources in security operations [2][4][8]. Group 1: AI and Security - AI can serve as both a weapon and a shield in addressing security challenges, with large models being crucial for vertical applications in the security sector [2][3]. - The concept of "Security as a Service" was introduced by 360 in 2023, aiming to productize security services and address the inefficiencies of traditional security methods [7][10]. - The evolution from large models to intelligent agents is seen as essential, as these agents can autonomously understand tasks, plan, and deliver results, significantly improving operational efficiency [8][9]. Group 2: Intelligent Agents - 360 Security Cloud has launched three types of intelligent agents: Security Agent, Management Agent, and Employee Agent, which enhance various aspects of security operations [13][14]. - The Security Agent can autonomously handle threat detection, response, and reporting, achieving a threefold increase in threat discovery speed compared to manual processes [15][16]. - The Management Agent focuses on internal data security and compliance, while the Employee Agent streamlines business processes across various functions [16]. Group 3: Data and Standardization - 360 Security Cloud possesses over 2 exabytes of security data, which supports the intelligent agents and enhances their accuracy in threat detection [10][20]. - The company is implementing standardization across its services to facilitate easier integration for partners, allowing them to quickly adopt and benefit from 360's capabilities [19][21]. - The shared data and expertise from 360 Security Cloud enable partners to enhance their security operations and reduce costs significantly [20][22]. Group 4: Market Impact - The adoption of AI-driven security solutions is expected to democratize access to advanced security capabilities, allowing more businesses to benefit from robust security measures [22]. - The company aims to expand its national-level security capabilities to various industries, promoting a safer digital transformation for enterprises [22].

Group 1: Core Insights - The development of intelligent agents is becoming a significant focus in the AI field, characterized by their ability to perceive environments and take actions to achieve specific goals, thus driving industrial transformation [1] - The global AI industry is expanding rapidly, with over 35,000 AI companies worldwide and more than 5,100 in China, accounting for approximately 15% of the global market [2] - China's AI industry is projected to exceed 700 billion yuan in 2024, maintaining a growth rate of over 20% for several consecutive years [2] Group 2: Technological Advancements - The emergence of large models in AI is providing strong momentum for the digital transformation of the real economy, with Beijing housing over 40% of the nation's top AI talent and more than 2,400 AI companies [3] - The number of generative AI products has seen significant growth, with 80.9% of users utilizing these products for answering questions as of June [2] - The transition from large models to intelligent agents is seen as inevitable, as intelligent agents can understand goals, plan tasks, and utilize tools effectively [3] Group 3: Security Challenges - The rise of intelligent agent hackers is increasing the asymmetry in cyber defense, presenting both risks and opportunities in the intersection of AI and cybersecurity [4] - The complexity of governance in AI security is growing, with challenges in technology standards, legal regulations, and ethical norms [5] - The emergence of "intelligent agent hackers" poses a new phase in cyber warfare, where a single hacker can control multiple intelligent agents to launch automated attacks [5] Group 4: Future Directions - The integration of AI technology with digital security is crucial for accelerating digital economic development, emphasizing the need for safety, reliability, and fairness in AI advancements [6] - There is a call for a fundamental transformation in security capabilities, shifting from passive defenses to proactive immune systems that leverage AI for threat detection and response [7] - Companies like 360 are focusing on developing security intelligent agents to enhance digital security, aiming to replicate the capabilities of human security experts [7]

Group 1 - The integration of artificial intelligence (AI) technology, particularly large models, is accelerating global digitalization while also increasing network threats, necessitating the fusion of AI and digital security for effective digital economy development [1] - Large models exhibit strong general capabilities but face challenges in specialized applications due to insufficient professional knowledge and limited adaptability, requiring collaboration between AI providers and industry leaders to create high-quality professional datasets [1][2] - There is a call for innovative models like "industry large model as a service" to lower application barriers, enabling small and medium enterprises to access customized AI capabilities affordably [1] Group 2 - A fundamental transformation of digital security systems is needed, shifting from passive to proactive immune models driven by AI, utilizing large models for threat hunting, anomaly detection, and automated responses [2] - The theme of the conference emphasizes the strategic value of integrating AI with cybersecurity, highlighting the necessity for collaborative efforts across sectors to address global challenges [2] - The evolution from large models to intelligent agents is essential for enhancing productivity, as intelligent agents can understand goals, plan tasks, and utilize tools effectively [3] Group 3 - The emergence of "intelligent agent hackers" poses a new challenge in cybersecurity, where a single hacker can control multiple agents to launch automated attacks, increasing the risk of cyber warfare [3] - 360 Group is developing security intelligent agents based on large security models to enhance cybersecurity capabilities, aiming to replicate the skills of human security experts [3][4] - The company emphasizes the dual focus on "security + AI" to protect the digital era while defining the future through AI advancements [4]

Core Viewpoint - The rapid development of artificial intelligence (AI) technology poses both risks and opportunities for cybersecurity, with the emergence of "super hackers" being a significant concern. The solution lies in effectively utilizing intelligent agents to enhance security measures and response capabilities [1][2][3]. Group 1: AI and Cybersecurity Challenges - Intelligent agents are AI entities capable of perceiving their environment, making autonomous decisions, and executing actions, which can significantly impact cybersecurity [2]. - The rise of AI has led to an increase in complex and covert cyberattack methods, highlighting the need for improved cybersecurity measures and response capabilities [2][3]. - The current global digital technology landscape is uneven, with some regions lacking robust digital infrastructure, making them more vulnerable to cyberattacks [2]. Group 2: Evolution of Intelligent Agents - Intelligent agents are evolving through various levels, with L1 being basic chat assistants and L5 potentially being self-evolving superintelligent agents [6][7][8]. - The transition from traditional AI models to intelligent agents is crucial for addressing the limitations of current AI applications, particularly in operational tasks [4][6]. - Intelligent agents can enhance operational efficiency by acting as digital counterparts to human experts, thereby addressing talent shortages in cybersecurity [4][5]. Group 3: Future Directions and Collaboration - There is a pressing need for international collaboration on AI ethics, data sharing, and cybersecurity standards to effectively combat new security threats [3][4]. - The future of human-AI interaction is expected to shift towards collaboration with intelligent agents, which will take on routine tasks, allowing humans to focus on higher-level management and oversight [6][7]. - The management of intelligent agents will require new strategies to handle their coordination and ensure effective task execution [10][11].

Core Viewpoint - 360 Group has unveiled its new strategy "AllinAgent" at the Internet Security Conference, emphasizing the need for AI capabilities to produce tangible results rather than just suggestions or answers [1] Group 1: AI Development and Strategy - The company is focusing on developing intelligent agents across all departments to automate tasks, allowing employees to balance work and personal life without layoffs [1] - 360's upgraded Nano AI has transformed into a "multi-agent swarm," capable of generating high-quality videos and reports, and addressing user queries in various domains [1][3] - The development of intelligent agents is categorized into four levels, with the newly introduced L4 level aiming for collaborative efforts among multiple agents to enhance service capabilities [3] Group 2: Cybersecurity and Market Challenges - 360 is also targeting the B2B market by providing AI-driven cybersecurity services, recognizing the increasing threat posed by AI-enabled attacks [4] - The emergence of intelligent agents in hacking has created an asymmetry in cybersecurity, necessitating the integration of AI in defense strategies [4][5] - The newly launched security intelligent agent can identify threats three times more effectively than human efforts, with a tenfold increase in detection speed and a 20% improvement in accuracy [5] Group 3: Business Dynamics and Future Outlook - The company anticipates continuous rapid changes in its business model, asserting that the evolution of intelligent agents is ongoing and that execution and adaptability are key competitive advantages [5]