Group 1 - The cybersecurity index rose by 2% during intraday trading [1] - Among the constituent stocks, Tuolsi increased by over 7% [1] - Other notable gainers included 360 Security with a 5% rise, and both Xinan Shiji and Anheng Information, which saw a 3% increase [1]

Group 1 - The stock price of Anheng Information (688023) closed at 57.87 yuan on January 28, 2026, with a slight increase of 0.02% and a turnover rate of 3.42% [1] - The trading volume was 34,900 shares, with a total transaction amount of 204 million yuan [1] - On January 28, the net inflow of main funds was 3.0596 million yuan, accounting for 1.5% of the total transaction amount [2] Group 2 - Anheng Information recently received a government subsidy of 37,813,471.94 yuan related to software value-added tax refunds, which is expected to have a positive impact on the company's profits [1][2] - The company has confirmed the receipt of the subsidy and classified it according to relevant accounting standards, although the specific accounting treatment and impact on profits will be determined after annual audit confirmation [1]

Investment Rating - The report assigns an "Overweight" rating for the computer industry [1] Core Insights - The establishment of a closed-loop system for data elements, combined with the catalysis of AI, is expected to accelerate the release of data value and the blossoming of the industry in 2026 [2][32] - The demand for AI applications is creating a significant supply gap in the data market, with daily token consumption for AI applications in China skyrocketing from 100 billion at the beginning of 2024 to over 30 trillion by mid-2025, reflecting a growth of over 300 times in just a year and a half [37] Summary by Sections Investment Recommendations - The report emphasizes the importance of focusing on various segments of the data supply chain, including data supply, data trading, data application development, data services, data security, computing power, and network infrastructure [7][8] The Fifth Production Element - Data has been officially recognized as the "fifth production element" by the Chinese government, alongside labor, capital, land, and technology, highlighting its critical role in modern production activities [11] - The top-level design and policy framework for data elements have become increasingly refined, with a focus on activating the potential of data elements and establishing a sound market environment [13][14] Recent Policy Developments - Since 2024, the pace of policy implementation regarding data elements has accelerated, transitioning from top-level design to actionable policies, thereby establishing a solid institutional foundation for the industrialization of data elements [18] - Key policies include the promotion of public and enterprise data resource development, the establishment of a high-efficiency data circulation market, and the enhancement of data infrastructure [19][20][24] AI and Data Market - The report highlights the emergence of a trillion-dollar blue ocean market in the data industry, with the industry value surpassing 2 trillion yuan in 2023 and expected to maintain a growth rate of over 20% annually in the coming years [43][44] - The integration of AI applications is expected to further stimulate the demand for high-quality data, creating a reciprocal relationship that enhances both AI performance and data value [39] Future Policy Outlook - The year 2026 is designated as the "Year of Data Element Value Release," with a focus on improving data flow and resource allocation channels, thereby enhancing the overall market ecosystem [32][33]

Group 1 - The core point of the article is that Hangzhou Anheng Information Technology Co., Ltd. has received a government subsidy of approximately RMB 37.81 million related to software value-added tax refunds, which is expected to positively impact the company's profits [1][2] - As of January 27, 2026, Anheng Information's stock closed at 57.86 yuan, with a market capitalization of 5.906 billion yuan, reflecting a 1.33% increase from the previous trading day [1] - The stock opened at 58.0 yuan, reached a high of 58.25 yuan, and a low of 55.91 yuan, with a trading volume of 2.31 billion yuan and a turnover rate of 3.97% [1] Group 2 - The government subsidy received has been confirmed and categorized according to relevant accounting standards, although the specific accounting treatment and its impact on the company's financial results will be determined after the annual audit [1]

Group 1 - The company, Anheng Information (688023.SH), recently received a VAT refund of RMB 37.8135 million, which is related to government subsidies associated with its revenue [1]

证券代码：688023 证券简称：安恒信息 公告编号：2026-005 杭州安恒信息技术股份有限公司 关于获得政府补助的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、获得补助的基本情况 二、补助的类型及对公司的影响 上述补助资金已经到账，根据《企业会计准则第 16 号——政府补助》有关 规定，公司已确认补助事项并划分补助类型，上述获得的政府补助预计将对公司 利润产生一定的积极影响。上述政府补助未经审计，具体的会计处理以及对公司 损益的影响情况以审计机构年度审计确认后的结果为准，敬请广大投资者注意投 资风险。 特此公告。 杭州安恒信息技术股份有限公司董事会 2026 年 1 月 28 日 杭州安恒信息技术股份有限公司（以下简称"公司"）于近期收到软件增值 税即征即退退税款人民币 37,813,471.94 元，均为与收益相关的政府补助款项。 ...

Group 1 - The company, Anheng Information, announced an expected annual revenue for 2025 between 2,124.55 million and 2,185.83 million yuan, representing a year-on-year growth of 4.00% to 7.00% [2] - The net profit attributable to the parent company is projected to be between -600.00 million and -410.00 million yuan, indicating a reduction in losses by 69.67% to 79.28% year-on-year [2]

人民财讯1月26日电，安恒信息(688023)1月26日公告，预计公司2025年度实现归母净利润亏损6000万元 到4100万元，上年同期归属于母公司所有者的净利润为-1.98亿元。 （原标题：安恒信息：2025年预亏4100万元—6000万元） ...

Core Viewpoint - The company anticipates a revenue growth of 4.00% to 7.00% for the fiscal year 2025, with projected revenues between 2.125 billion and 2.186 billion yuan, while also expecting a significant reduction in net losses compared to the previous year [1] Financial Projections - Expected revenue for 2025 is between 2.125 billion and 2.186 billion yuan, representing a year-on-year growth of 4.00% to 7.00% [1] - Projected net profit attributable to the parent company is expected to be between -60 million and -41 million yuan, indicating a reduction in losses by 69.67% to 79.28% year-on-year [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be between -94 million and -65 million yuan, reflecting a reduction in losses by 60.37% to 72.60% year-on-year [1] Strategic Initiatives - The company is fully committed to advancing its artificial intelligence strategy, focusing on innovation-driven growth [1] - Comprehensive management practices are being implemented to enhance operational quality, resulting in improved gross margins while reducing sales, research and development, and management expense ratios [1] - Significant improvements in operational efficiency and cash flow are noted, with a substantial increase in net operating cash inflow [1]

Core Viewpoint - Anheng Information expects a net profit attributable to shareholders of the parent company for 2025 to be between -60 million to -41 million yuan, indicating a reduction in losses of approximately 138 million to 157 million yuan compared to the previous year, representing a year-on-year loss reduction of 69.67% to 79.28% [1] Group 1 - The main reason for the performance change is the complex macro environment and external challenges faced during the reporting period [1] - The company focuses on its core business, guided by the "DAS" three major strategies, with the core concept of "making security smarter and making intelligence safer" [1] - Continuous iteration of products and capabilities in key areas such as AI + security, data security, and data elements has led to a multi-dimensional leadership in the market [1] Group 2 - Core strategic capabilities in Heng Nao, data security, and MSS continue to innovate, resulting in sustained rapid revenue growth [1] - The industry legion strategy is deepening, with rapid growth achieved in financial, telecommunications, and public security sectors [1] - Subscription-based revenue continues to grow, maintaining a positive growth trend [1]