在等保合规领域的这些年，我见证了金融、政务、医疗等强监管行业对于信息安全要求的不断升级，也亲身参与了数十个项目的落地与整改。不 同于一般企业，这些行业不仅面临更高的合规门槛，还承载着社会运行的基础性服务，一旦发生安全事件，影响往往是系统性的。因此，等保合 规不仅是技术问题，更是管理、认知和成本权衡的复杂工程。 行业现状分析 等保2.0政策落地至今已近五年，强监管行业对等保合规的理解逐步深入，整体水平有了显著提升。但现实中，依然存在诸多挑战。首先，行业监 管趋严，金融、政务和医疗系统的安全等级普遍提升，合规要求随之复杂化。例如，金融行业普遍要求关键业务系统达到三级或以上保护，政务 云平台要满足横向和纵向联动的安全防护，医疗行业则在数据隐私与安全合规间寻求平衡。 但我发现，大多数企业对等保的认识仍停留在"过检查""拿证书"的层面，忽视了持续安全运营的本质。很多项目只是在应对检查时临时"补洞"， 而缺乏体系化、长效化的安全管理理念。技术上，等保2.0较1.0版本增加了云计算、大数据、移动互联网等新场景，对技术方案提出了更高要求。 企业普遍感到技术选型难度加大、整改周期拉长，成本也随之攀升。 案例分享：广东创云在金融 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][30][40] Core Insights - The company is advancing towards AI security, with expectations for the industry to bottom out in 2025. The company's foundational products have accumulated capabilities in offense and defense, and the subsequent focus on situational awareness platforms has enabled a transition to big data security capabilities. AI further enhances traditional big data capabilities, allowing the company to upgrade its original platform capabilities and reshape security with AI [1][7][28] - Traditional business remains strong, with initial value seen in AI security. The company maintains a top-three market share in foundational products such as database auditing, WAF, and log auditing. The situational awareness platform leads the industry, with a 13.7% market share in data security platforms, ranking first. The company has also achieved significant efficiency improvements in AI security products [2][15][18] - The company has seen a notable decrease in expenses, leading to a gradual emergence of positive operating leverage. In 2024, the company is expected to incur a loss of 198 million yuan, a 45% reduction from the previous year, primarily due to enhanced expense control [3][30][33] Summary by Sections Financial Performance - The company is projected to generate revenues of 2,043 million yuan in 2024, a decrease of 5.9% from 2023, with a net profit forecast of -198 million yuan. The company anticipates a return to profitability in 2025 with a net profit of 42 million yuan [4][40] - The company’s revenue structure includes foundational products, security platforms, and security services, with expected revenue growth rates of approximately 5% to 12% from 2025 to 2027 [39][40] AI and RWA Opportunities - The company has made significant strides in AI security, with AI-related revenues exceeding 79 million yuan in 2024. The partnership with the Zhejiang Big Data Exchange Center since 2020 has positioned the company well for opportunities in the RWA (Real World Asset) era [2][28][29] Market Position - The company continues to hold a leading position in the market, with foundational products maintaining a market share of over 72% and a strong presence in managed security services (MSS) [15][21][28]