Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The domestic enterprise email application market is experiencing stable growth in terms of registered domain names, active users, and email volume, despite a slight increase in spam and phishing emails. The number of infected emails has been decreasing annually due to advancements in email security technology, particularly antivirus measures [7][9] - Email account theft remains a significant issue, with 10.74 million accounts compromised in 2024, representing 5.37% of all active enterprise email accounts. These stolen accounts were responsible for sending 82.25 billion spam emails [7][9] - The global email security threat landscape is severe, with a shift in spam sources from core regions like China and the US to emerging areas in Eastern Europe and Southeast Asia [7][9] - The rise of generative AI has made it easier for attackers to create targeted phishing emails, increasing the complexity and frequency of email attacks [7][9] Summary by Sections Section 1: Email Application Landscape - By the end of 2024, there are approximately 5.3 million registered independent enterprise email domains in China, a 0.4% increase from 2023. The active user base has grown by about 5.3% to around 200 million [15][17] - In 2024, the total volume of emails sent and received by enterprise users reached approximately 818.84 billion, a year-on-year increase of 4.8% [17][19] - The distribution of email usage shows that the manufacturing industry leads in email volume, accounting for 18.7% of total emails sent [25][27] Section 2: Spam Email Analysis - In 2024, enterprise users received approximately 313.94 billion spam emails, making up 38% of total email traffic [33][35] - The primary sources of spam emails are domestic, accounting for 35.5%, followed by the US at 17.7% [35][36] Section 3: Phishing Email Analysis - The number of phishing emails received by enterprise users in 2024 reached approximately 75.5 billion, a 30.8% increase from 2023 [47][49] - Phishing emails accounted for 9.2% of total emails sent and received, with an average of 2.1 billion phishing emails sent daily [49][50] Section 4: Malicious Email Analysis - In 2024, approximately 44.46 billion malicious emails were received, a slight decrease of 1.7% from 2023 [81][83] - The primary sources of these malicious emails are from North America and Eurasia, with the US being the largest contributor at 28.2% [83][84] Section 5: Email Account Security - In 2024, the number of compromised email accounts reached 10.74 million, a significant increase compared to previous years [93][95] - Bruteforce attacks remain the primary method for account theft, accounting for 53.7% of all abnormal login behaviors detected [95][97]