Group 1: Macro Trends and Innovations - The report discusses the potential transformation of the global monetary and financial systems due to the development of stablecoins and RWA (Real World Assets), suggesting that these innovations may create a parallel decentralized financial system alongside the existing centralized one [2][3] - It is anticipated that the changes brought by stablecoins and RWA could be as significant as the impact of AI on the global economy, indicating a major shift in how currencies and financial systems operate [2][3] Group 2: Steel Industry Insights - Recent data shows a slight decrease in steel demand, with total inventory shifting from a reduction to an increase, indicating a potential weakening in demand as the industry enters a traditional off-season [5][6] - The apparent consumption of five major steel products was 8.7985 million tons, down by 4.33 million tons week-on-week, while total inventory rose to 13.4003 million tons, marking a 1.14% increase [5][6] - The report forecasts that steel demand may stabilize gradually, with construction and manufacturing sectors expected to support demand, despite ongoing challenges in the real estate sector [6] Group 3: Cement and Building Materials - The cement industry is showing signs of stabilization after price adjustments, with competition and profitability continuing to improve [4] - The report notes that the national average cement price has seen a slight decline of 1.2%, with certain regions experiencing price increases due to demand fluctuations [8] - The building materials sector is expected to enter a low base period starting June 2024, which may improve demand metrics as previous high demand levels are compared against lower future figures [9] Group 4: Glass and Fiberglass Market - The domestic float glass market is experiencing a downturn, with average prices dropping to 1250.27 yuan per ton, reflecting a weak demand environment [8] - The fiberglass market is also facing challenges, with limited order growth and competitive pressures affecting pricing and profitability [8] Group 5: Investment Recommendations - The report recommends several steel companies that are expected to benefit from industry consolidation and high-quality development, including Baosteel and Hualing Steel [7] - In the cement sector, leading companies such as Anhui Conch Cement and Huaxin Cement are highlighted as strong investment opportunities due to their market positions [10] - For the glass industry, companies like Fuyao Glass and Xinyi Glass are recommended based on their competitive advantages and market resilience [10]

数字风洞产品"300×300"战略稳步推进， 布局 AI 教学实训把握 AI 机遇 公司跟踪报告 股票研究 /[Table_Date] 2025.06.26 2025-06-30 永信至诚(688244) 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 风险提示：产品迭代不及预期；市场竞争加剧；应收账款占比较高。 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 396 | 356 | 419 | 501 | 609 | | (+/-)% | 19.7% | -10.0% | 17.7% | 19.4% | 21.6% | | 净利润（归母） | 31 | EPS、目标价、评级如有调整，须说明是"上调"还是"下调"以及调整 8 | 64 | 93 | 120 | | (+/-)% 理由。如未调整须说明是"维持"。 | -38.8% | -72.7% | 658.6% | 43.9% | 29.9% | | 每股净收益（元） | 0.21 | 关键假设。该段落主要说 ...

Core Insights - The report emphasizes the long-term positive trend in the military industry due to escalating great power competition and increased defense spending in response to regional tensions [7][17][20] - The report highlights the significant growth in the scale of credit bond ETFs, with a total scale of 1,066 billion yuan as of June 20, 2025, reflecting a substantial increase since March [2][34] - The report identifies potential investment opportunities in low-valued newly issued sci-tech bonds, suggesting that there is still room for exploration in the primary market [4][37] Group 1: Credit Bond ETF Insights - The expansion pace of index constituent bonds is significantly slower than the growth of credit bond ETF scale, with the scale increasing by 777 billion yuan since March [2][34] - The report notes that the duration of Shenzhen credit bond ETFs is 3.05 years, while Shanghai credit bond ETFs have a duration of 4.11 years, indicating a shift in demand towards mid to long-term credit bonds [3][35] - The report suggests that the low valuation transactions in constituent bonds are becoming more prominent, particularly for those with larger outstanding scales and stable valuations [2][34] Group 2: Military Industry Insights - The military sector experienced a decline recently, with the defense industry index dropping by 2.39% in the week of June 15-20, 2025, underperforming the broader market [8][19] - The report highlights the successful launch of the Zhongxing 9C satellite and the showcasing of advanced military equipment at the Paris Air Show, including the J-35A stealth fighter [8][19] - The report indicates that the ongoing international military dynamics underscore the importance of national defense construction, with a focus on advanced technology and informationization in modern warfare [20]

证券研究报告·公司点评报告·软件开发 永信至诚（688244） 2024 年年报和 2025 年一季报点评：25Q1 业 绩符合市场预期，聚焦新兴安全场景 买入（维持） 投资要点 2025 年 05 月 06 日 证券分析师 王紫敬 执业证书：S0600521080005 021-60199781 wangzj@dwzq.com.cn 股价走势 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 395.87 | 356.33 | 484.23 | 587.05 | 710.09 | | 同比（%） | 19.72 | (9.99) | 35.90 | 21.23 | 20.96 | | 归母净利润（百万元） | 31.11 | 8.48 | 65.14 | 98.78 | 120.25 | | 同比（%） | (38.78) | (72.73) | 667.95 | 51.65 | 21.73 | | EPS-最新摊薄（元/股） ...

4月29日，永信至诚(688244)发布2024年年度报告，公司实现营业收入3.56亿元；实现归母净利润848.22 万元。报告期内，公司持续加大对前沿技术领域研发投入强度，不断丰富"数字风洞"产品体系和网络靶 场系列产品应用场景，研发投入9266.42万元，同比增长10.19%；研发投入占营业收入比例为26.01%， 较去年同期增加4.77个百分点。今年一季度，公司实现营业收入3008.50万元，同比继续保持增长态势。 报告期内，公司在数字风洞测试评估、人工智能等领域持续取得业务突破，主营业务行业领先地位稳 固，"硬科技"属性不断增强。 记者注意到，公司"数字风洞"产品体系进一步获得市场认可，持续筑牢主营业务壁垒，2024年"数字风 洞"创新赛道实现营业收入1.75亿元。在今年一季度，公司着力构建了AI"原生安全"能力体系，重磅发 布"元方"系列产品与方案，助力政企用户数智化转型。另外，公司制定并实施"提质增效重回报"行动方 案，积极探索通过分红转股、股份回购等多种方式开展市值管理工作，提升公司投资价值。 "提质增效重回报"提升公司投资价值 公司连续三年实施现金分红以及资本公积金转增股本，2024年度，公司 ...

永信至诚 20250428 摘要 • 永信至诚 2024 年营收增长 10.19%，研发投入强度达 26.01%，同比增 加 4.77 个百分点。2025 年一季度营收 3,009 万元，保持增长态势，显 示公司在数字安全领域的持续投入和增长潜力。 • 公司构建 AI 原生安全能力体系，推出春秋 AI 大模型安全测评数字风动平 台，内置超 500 万条测评用例和 2 万余个 AI 越狱载荷，已接入 20 余个大 模型 API，获行业创新奖项，应对大模型安全风险。 • 永信至诚发布基础版、专业版、大师版元方原生安全大模型一体机，提供 私有化部署到垂直场景应用的智能体建设方案，满足关键行业用户对高性 价比、高可控性、高可靠性的需求。 • 数字风洞产品体系获市场认可，应用于数字政府和安全测试评估等场景， 累计助力上千家客户完成数字安全测试评估，2024 年数字风洞实现营业 收入超过 1.75 亿元，同比增长超过 50%。 • 公司高质量交付 150 多场网络靶场场景，参编 10 余项靶场标准，核心技 术获国家科学进步奖二等奖。支撑超 120 场网络安全赛事演练，覆盖全国 十九万人次，提升行业防御水平。 Q&A 永信 ...

Group 1 - The core viewpoint of the articles highlights the increasing demand for secure AI large model integrated machines in response to the risks associated with deploying AI models, emphasizing the need for robust security measures in their development and operation [1][2][3] - The China Academy of Information and Communications Technology (CAICT) has initiated a security capability assessment for large model integrated machines, focusing on various security dimensions such as infrastructure, system, model, and application security [1] - The launch of the "Yuanfang" native security large model integrated machine by Yongxin Zhicheng aims to address security issues by embedding security features into the architecture, data processing, algorithm training, and workflow management from the outset [2][3] Group 2 - Yongxin Zhicheng's "Yuanfang" product line includes solutions tailored for both general AI needs and specific industries like finance and manufacturing, utilizing continuous pre-training and fine-tuning techniques [3] - The deployment options for the "Yuanfang" series include single-machine setups and elastic deployment on private clouds, compatible with domestic ecosystems and various domestic inference cards [3] - Yongxin Zhicheng emphasizes the high cost-effectiveness, controllability, and security of its AI privatization solutions, aiming to assist enterprises in their intelligent transformation journey [3]