公司在稳定币领域进行大量研究，认为未来十年内仍是重要方向。密码 技术在监管、审计、隐私保护等方面有应用场景，正寻找基础客户并开 发技术。 并购深圳微品质远，看重其数据中台能力和与运营商、制造业的业务关 系，有助于拓展 AI 客户，摆脱单一安全标签，实现产业结合。威品致远 2024 年收入约 5 亿元，利润近 4,000 万元。 格尔软件 20250724 摘要 格尔软件预计今年落地订单约 6-7 亿元，同比增长，对全年业绩持中性 偏乐观态度。政务端和党政端表现较好，金融端银行优于证券，但军工 领域同比下降拖累业绩。 公司战略调整，弱化密码单一标签，向数据、AI 和物联网方向扩展。具 体包括数据中台、AI 应用安全、物联网场景突破，并研究密码产品轻量 化。 密码行业确定性强，涉及国家安全，市场潜力巨大。新兴应用对密码产 品提出新挑战，如轻量化和界面友好。公司正与芯片公司合作，将密码 技术嵌入 CPU。 下一代 PKI 产品包含抗量子技术，提前布局以应对量子计算风险。公司 推动国家标准立项，预计 2025 年报批，并参与国家密码局抗量子密码 算法征集。 金融行业对抗量子技术需求旺盛，愿意采用新技术。关键信息领域如 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 57.83 CNY over the next six months [5]. Core Insights - The recent release of the "Key Information Infrastructure Commercial Password Usage Management Regulations" is expected to significantly promote the password industry, clarifying regulatory responsibilities, establishing reporting timelines, and ensuring funding for security assessments [2][3]. - The company has a comprehensive range of password products from chips to complete systems, positioning it to benefit from the anticipated growth in industry demand driven by new regulations [3]. - The company is actively developing quantum-resistant password products and engaging in stablecoin-related businesses, which are seen as critical areas for future growth [4][10]. Summary by Sections Regulatory Impact - The new regulations clarify the roles of various regulatory bodies, which is expected to accelerate the development and penetration of the password industry [2]. - A specific reporting deadline for operators to report on the use and security assessments of commercial passwords is established, promoting regular evaluations and driving product sales [2]. - Financial support for security assessments is mandated, which is crucial for enhancing demand for related products [2]. Company Positioning - The company has launched several pioneering products in the password security space, including the first domestic security level three password card and machine, as well as the "SansecHSM" [3]. - The successful mass production of the self-developed password security chip XS100 and the certification of various IoT-specific chips indicate the company's strong product pipeline [3]. Future Growth Areas - The company has developed a full suite of quantum-resistant password products and is involved in pilot applications across various sectors, including finance and telecommunications [4][9]. - The company is also focusing on stablecoin applications, recognizing the importance of password technology in supporting digital currencies for cross-border payments [9][10]. - Revenue projections for the company indicate significant growth, with expected revenues of 6.65 billion CNY in 2025, increasing to 9.05 billion CNY by 2027 [10].

Market Overview - On June 12, A-shares opened lower but closed higher, with the Shanghai Composite Index rising by 0.07% to 3404.66 points, the Shenzhen Component Index up by 0.05%, and the ChiNext Index increasing by 0.5% [1][2] - The total trading volume for A-shares reached 793.75 billion yuan for the half-day session [1] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation of 119.3 billion yuan at a fixed rate of 1.40%, with a net withdrawal of 7.2 billion yuan for the day [2] Industry Developments - Shenzhen aims to become a global leader in artificial intelligence, implementing the "AI+" initiative and accelerating major AI infrastructure projects [3] - The Ministry of Industry and Information Technology emphasized the importance of timely payments in the automotive sector, particularly for new energy vehicles, to foster a collaborative ecosystem [3] Sector Performance - The computing power industry chain showed strength, with CPO-related stocks leading gains; Tianfu Communication and Lian Te Technology both surged over 10% [3] - Quantum technology stocks also performed well, with companies like Geer Software and Dongxin Peace hitting the daily limit [3] Quantum Technology Insights - Quantum computing is recognized for its strategic value and potential benefits, particularly in fields like pharmaceuticals and materials science [4] - Various countries are actively implementing supportive policies for the quantum computing sector [5] Company Highlights - **Sanwei Xinan**: Focuses on R&D in quantum-resistant cryptography and has developed next-generation cryptographic chips and privacy computing platforms [6][7] - **Dongxin Peace**: Expected to maintain stable growth in its smart card business and digital identity security, with a positive outlook on its fundamentals [7] - **Geer Software**: Anticipated to benefit from the accelerating demand for AI security solutions, positioning itself for growth [7] - **Jida Zhengyuan**: Integrates cryptography with AI and security chip design, aiming for rapid commercialization of its solutions [8]