Core Viewpoint - Yuntian Lifei has signed a strategic cooperation agreement with 360 Group to develop a collaborative AI inference ecosystem under the domestic framework, focusing on "AI + security" as the core of their multi-dimensional cooperation [1] Group 1: Strategic Cooperation - The partnership will leverage both companies' strengths in resources, scenarios, and technology to build a robust AI computing foundation, enhance large model security capabilities, and create smart living products [1] - Yuntian Lifei's DeepEdge and DeepXbot series chip capabilities will be combined with 360's smart hardware matrix to develop innovative and secure products [1] Group 2: AI Security and Efficiency - The collaboration aims to empower the 360 AI platform service capabilities with DeepVerse, improving inference efficiency and deployment flexibility within the domestic ecosystem [1] - Joint research will focus on AI security protection capabilities for intelligent agents, exploring new products, scenarios, and models that integrate large model security with smart living [1]

格隆汇1月6日丨三六零(601360.SH)在投资者互动平台表示，公司不涉及脑机接口业务。 ...

格隆汇1月6日丨三六零(601360.SH)在投资者互动平台表示，公司不涉及量子技术。 ...

Core Viewpoint - The stock of 360 Security Technology Co., Ltd. has experienced fluctuations, with a recent decline of 2.02% and a market capitalization of 78.255 billion yuan. The company is primarily engaged in internet security technology and related services, with a significant portion of its revenue coming from internet and smart hardware business [1]. Financial Performance - As of September 30, 2025, 360 reported a revenue of 6.068 billion yuan, reflecting a year-on-year growth of 8.18%. However, the net profit attributable to shareholders was -122 million yuan, indicating a significant increase in losses by 78.88% compared to the previous year [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 3.535 billion yuan in dividends, with 2.1 billion yuan distributed over the last three years [3]. Shareholder Structure - The number of shareholders for 360 has decreased to 339,300, a reduction of 14.34%. The average number of circulating shares per shareholder has increased to 20,630, up by 16.75% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 134 million shares, a decrease of 7.451 million shares from the previous period. Other notable shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, both of which have also seen reductions in their holdings [3].

Core Insights - The traditional browser market has been stagnant for years, dominated by Microsoft’s IE and Google’s Chrome, with little innovation beyond cosmetic changes and plugins [1] - The emergence of generative AI has disrupted this stagnant market, leading to the development of AI-driven browsers like Dia and Quark, which aim to redefine user interaction with web information [2][3] Group 1: Transformation of Browsers - The core transformation of AI browsers is shifting from merely being "information windows" to becoming "execution agents" that can perform tasks for users [3] - Dia, an AI browser, exemplifies this shift by automatically gathering and summarizing information from multiple sources, allowing users to receive direct answers without manual searching [3][4] - The ambition of Dia extends to becoming a "Web operating system," integrating various applications and services directly within the browser, thus enhancing user productivity [4] Group 2: Different Approaches in the Market - In the U.S., companies like Dia are pursuing a disruptive approach by completely overhauling traditional browser interfaces and deeply integrating AI [6][9] - In contrast, Chinese players like Quark and 360 AI Browser focus on enhancing existing browser frameworks with AI tools to address specific user needs, which may lead to quicker commercialization [10][11] - Quark has transformed into a "mobile intelligent laboratory," providing various AI functionalities tailored for students and professionals, leveraging its ecosystem for data storage and processing [13] Group 3: Challenges for Entrepreneurs - The AI browser market faces significant challenges, including competition from tech giants like Google and Apple, which are integrating AI features into their existing browsers [16] - The high computational costs associated with AI functionalities pose a financial risk for startups, necessitating innovative monetization strategies beyond traditional advertising [17] - Ethical concerns regarding content scraping and potential copyright issues may arise as AI browsers generate summaries from original web content, impacting the overall web ecosystem [20] Group 4: Future Outlook - The evolution of AI browsers represents a significant opportunity for investment, as they are seen as the next step in human-computer interaction rather than mere upgrades to existing browsers [21][22] - Entrepreneurs are encouraged to explore niche markets and specific user pain points rather than replicating existing models like Chrome, as the landscape is shifting towards more integrated and intelligent solutions [22]

Company Overview - 360 Security Technology Co., Ltd. is located in Chaoyang District, Beijing, and was established on June 20, 1992. The company went public on January 16, 2012. Its main business involves the research and development of internet security technology, design, development, and promotion of internet security products, as well as commercial services based on these products, including internet advertising, value-added services, and smart hardware [1]. Financial Performance - As of September 30, 2025, 360 reported a revenue of 6.068 billion yuan, representing a year-on-year growth of 8.18%. However, the net profit attributable to shareholders was -122 million yuan, showing a significant year-on-year increase of 78.88% in losses [2]. - Cumulative cash dividends since the A-share listing amount to 3.535 billion yuan, with 2.1 billion yuan distributed over the past three years [3]. Stock Performance - On January 5, 2025, the stock price of 360 increased by 2.06%, reaching 11.40 yuan per share, with a trading volume of 1.417 billion yuan and a turnover rate of 1.80%. The total market capitalization stood at 79.795 billion yuan [1]. - Year-to-date, the stock has risen by 2.06%, with an 8.37% increase over the last five trading days, a 7.17% decline over the last 20 days, and a 1.89% decrease over the last 60 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased to 339,300, a reduction of 14.34%. The average number of circulating shares per person increased by 16.75% to 20,630 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 134 million shares, a decrease of 7.458 million shares from the previous period. Other notable shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, both of which also saw reductions in their holdings [3]. Market Position - 360 is classified under the Shenwan industry as part of the computer software development sector, specifically horizontal general software. The company is associated with concepts such as AI corpus, situational awareness, virtual digital humans, AI agents, and AI models [1].

Core Viewpoint - The software services sector is entering a new phase of differentiation, driven by AI, with opportunities becoming more concentrated but of higher quality [2]. Group 1: Industry Overview - By 2025, the A-share software services industry is expected to show a moderate but certain recovery, with an overall market value growth of approximately 18%, increasing from 3.32 trillion yuan at the beginning of the year to 3.9 trillion yuan by year-end [3]. - The market perception is shifting from "growth anxiety" to "capability reassessment," indicating a more mature evaluation of companies in the sector [3]. - The growth in market value across different segments is relatively balanced but still shows tiered differences, with the highest growth seen in Information Technology Consulting and Other Services at +19.6%, reflecting a renewed demand for IT consulting and industry solutions [3][4]. Group 2: Market Segmentation - The market performance of various segments in 2025 is as follows: - Internet Services and Infrastructure: 5,156.09 billion yuan (+16.16%) - System Software: 632.39 billion yuan (+16.12%) - Information Technology Consulting and Other Services: 11,274.12 billion yuan (+19.61%) - Application Software: 21,970.58 billion yuan (+17.00%) - Total: 39,033.18 billion yuan (+17.62%) [4]. - The software services market has evolved from a broad-based growth model to one focused on industry depth, organizational replacement capabilities, and long-term cash flow [4]. Group 3: Leading Companies - As of the end of 2025, there are 319 software service companies listed in A-shares, with a focus on those excelling in R&D innovation, profitability, growth potential, and market performance [5]. - The top ten companies identified include: 1. Kingsoft Office 2. Tonghuashun 3. Runze Technology 4. Huada Jiutian 5. 360 6. Dameng Data 7. Hengniu Shenzi 8. Hongsoft Technology 9. Baoxin Software 10. Hehe Information [7][8]. Group 4: R&D and Financial Health - The R&D innovation performance in the software services sector shows significant polarization, with 57 companies scoring above 400 points (17.9%) and a majority scoring between 200 and 400 points (65.5%) [9]. - Financial health scores indicate that many companies are under pressure, with 87.5% of firms scoring between 300 and 500 points, reflecting challenges such as narrowing profit margins and increased cash flow pressures [11]. Group 5: Growth Potential and Future Trends - Growth potential scores reveal a clear differentiation in the sector, with standout companies in two categories: those benefiting from AI infrastructure and emerging platforms, and those driven by AI and data intelligence technologies [12]. - The structural growth in the software services industry validates the logic of AI technology and domestic substitution, with a focus on three main lines for 2026: 1. Deepening AI applications in system software and entertainment software [15]. 2. Increasing domestic substitution in foundational software like operating systems and databases [15]. 3. Expanding global presence in gaming and industrial software [15].

Market Overview - The Shanghai Composite Index closed at 3968.84 points, above the annual line, with a slight increase of 0.09% [1] - The total trading volume of A-shares reached 24,617.43 billion yuan [1] Stocks Breaking Annual Line - A total of 92 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Wajingke (8.82%) - Zhangyue Technology (8.44%) - Suoling Co., Ltd. (7.81%) [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Wajingke: 20.00% increase, turnover rate of 14.94%, latest price at 37.80 yuan [1] - Zhangyue Technology: 10.00% increase, turnover rate of 12.20%, latest price at 22.12 yuan [1] - Suoling Co., Ltd.: 10.00% increase, turnover rate of 10.69%, latest price at 6.05 yuan [1] - Other stocks with significant increases include: - Desheng Technology: 10.03% increase - Nanxing Co., Ltd.: 10.00% increase [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Guifaxiang - Guangkang Biochemical - Shunwang Technology [1]

Group 1 - The core point of the announcement is the expected daily related transactions for the year 2026, which require shareholder meeting approval and are based on normal business operations at market fair prices [2][3][4] - The company plans to sell goods and provide services to related parties, including Digital China and 360 Digital Security, with expected sales to Digital China not exceeding RMB 361 million and purchases not exceeding RMB 13 million [4][5] - The independent directors unanimously agree that the expected daily related transactions are necessary for the company's business development and do not harm the interests of the company or its shareholders [5][10] Group 2 - The company held a board meeting on December 30, 2025, where the expected daily related transactions were approved, and the proposals will be submitted for shareholder meeting review [3][6] - The transactions are characterized as normal business activities and will follow fair and voluntary trading principles, ensuring no dependency on the related parties [10][11] - The company maintains independence from the related parties in terms of business, personnel, finance, assets, and organization, ensuring that these transactions will not affect its operational independence [10][11]

Core Insights - The fourth Qingdao Digital Financial Innovation Competition successfully concluded, focusing on the theme "Leading the Financial Wave with Data, Wisdom Gathering Wealth in Qingdao" and achieving a strategic shift from "single-point breakthroughs" to "systematic tackling" [1][6] Group 1: Competition Overview - The competition featured two main units: "Outstanding Financial Technology Projects" and "Financial Technology Challenge," selecting a range of forward-looking, practical, and replicable industry-level solutions to support high-quality regional digital financial development [1][6] - A total of 28 outstanding projects were recognized, showcasing the hard power and diversified layout of local financial institutions in their digital transformation [7] Group 2: Award-Winning Projects - The first prize projects included Qingdao Rural Commercial Bank's "Technology Financial Empowerment Project based on Big Data Analysis and Privacy Computing," China Merchants Bank Qingdao Branch's "Qing Chain Pass," and Qingdao Bank's "Smart Credit Assistant System Construction Project," representing the highest level in data value release, supply chain financial ecosystem construction, and credit intelligence transformation [7] - Other notable projects included Industrial and Commercial Bank of China Qingdao Branch's "General Plug-and-Play Large Model Empowerment System," Rizhao Bank Qingdao Branch's "New Paradigm for Agricultural Product Pledge Business," and Bank of Communications Qingdao Branch's "Smart Anti-Fraud Risk Control Ecosystem," reflecting a comprehensive digital innovation landscape in Qingdao's financial sector [2][7] Group 3: Technology Companies Participation - Top technology companies such as 360 Digital Security, iFLYTEK, Ant Blockchain, and Hang Seng Electronics participated in the "Financial Technology Challenge," submitting high-scoring solutions that matched the core pain points identified by financial institutions [3][8] - A total of 21 benchmark solutions were selected, including 360 Digital Security's "Host Protection System Thinking," which won the "Network Security Protection and Micro-Isolation Technology" category, and iFLYTEK's AI digital human application that supports over 130 languages and enhances financial services [8][9] Group 4: Collaborative Mechanism - The competition introduced a collaborative mechanism involving three organizing bodies and four financial institutions, addressing the challenges of resource fragmentation and demand diversification in financial innovation [4][10] - Joint lists focused on key aspects of digital financial scene implementation, elevating the goals from individual institutional needs to addressing systemic challenges affecting regional financial development [10] Group 5: Ecosystem Development - The Qingdao Digital Financial Innovation Competition has evolved into a significant platform for deepening financial supply-side structural reform and building a regional financial technology innovation ecosystem [11] - The competition has successfully established a fusion system of "government guidance, enterprise leadership, and market operation," facilitating the transition of innovative results from the laboratory to practical applications [11][12]