截至2025年10月21日 13:03，中证软件服务指数上涨0.99%，成分股指南针上涨2.94%，财富趋势上涨2.58%，中科软上涨2.49%，恒生电子上涨2.01%，中科 星图上涨1.78%。软件ETF(159852)上涨0.90%。拉长时间看，截至2025年10月20日，软件ETF近3月累计上涨6.12%。 截至10月20日，软件ETF近3年净值上涨14.41%。从收益能力看，截至2025年10月20日，软件ETF自成立以来，最高单月回报为39.35%，最长连涨月数为3个 月，最长连涨涨幅为69.40%，上涨月份平均收益率为10.06%。 数据显示，截至2025年9月30日，中证软件服务指数前十大权重股分别为科大讯飞、同花顺、金山办公、指南针、恒生电子、润和软件、三六零、拓维信 息、用友网络、深信服，前十大权重股合计占比62.41%。 东莞证券指出，当前外部环境扰动，政策风险与不确定性增加进一步凸显我国科技自立自强的紧迫性，将加速推进国产化替代进程，信创及工业软件等相关 产业或迎来发展新机遇。数据显示，2025年1-8月中国软件业务收入同比增长12.6%，行业保持稳健增长。 政策层面，两部门要求搭建政务 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the continuous recommendation of domestic investment opportunities due to increasing external technology controls and the ongoing promotion of domestic innovation policies, indicating a clear trend towards self-sufficiency in key technologies [6][13] - The performance of leading domestic computing companies is showing significant revenue growth, validating the trend of domestic industrial development [7][14] Summary by Sections Weekly Perspective - The report highlights the sustained recommendation of domestic investment opportunities, noting a decline in the CSI 300 index by 2.22% and a 5.61% drop in the computer index during the week of October 13-17, 2025 [5][12] Company Dynamics - Haiguang Information reported a revenue of 40.26 billion yuan for Q3 2025, marking a year-on-year growth of 69.60% and a net profit of 759.99 million yuan, up 13.04% [16] - Cambricon Technologies achieved a revenue of 1.727 billion yuan in Q3 2025, with a staggering year-on-year increase of 1332.52%, and a net profit of 567 million yuan, indicating a strong turnaround [14] Investment Recommendations - Key domestic software companies recommended include Kingsoft Office, Dameng Data, and others, while leading domestic computing companies such as Haiguang Information and Sugon are also highlighted for their growth potential [8][15]

中泰证券研报指出，用友网络Q2收入增速转正，净利润减亏，加速推进云订阅模式转型。公司上半年收入增速为-5.9%，主要因为Q1收入跌幅较大，而Q2收入为22.03亿元，增速为7.1%，单季 ...

《大型企业数智化》王文京 郭倩 著 责编| 柒排版| 鹅妹子 第 9226 篇深度好文：6860字 | 15 分钟阅读 如何正确、成功地推进数智化转型，成为数智企业，是大型企业面临的重要课题。在此之前，企业必须深刻认识到数智化转型的目标。 本文将围绕大型企业数智化的目标体系展开深入探讨，通过对企业产品与服务创新、业务模式创新、管理方式变革和工作方式转变的典型场景分析，揭示 数智化如何重构传统要素，提高大型企业的运营效率，并创造全新的价值。 一、企业数字化转型目标体系总览 大型企业要推进数智化转型，就必须先对其目标体系有一个清晰的认知。 企业的最终目标是达成"更高经营绩效、更强竞争优势、更可持续发展"。 业务敏捷：通过业务模式创新来开拓市场、创新产品、增长收入、降低成本和提高效率。业务敏捷性是企业在快速变化的市场中保持竞争力的关键。 精益管理：侧重于管理方式的变革，包括管控风险、改进体验、提升质量和增强安全。 企业可以优化流程，减少浪费，提高效率和质量，从而增强企业的运营效率和市场竞争力。 全球运营：企业能够在全球范围内整合资源，实现在地经营，并强化合规风控，从而在全球市场中实现可持续发展。 要实现最终的发展目 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 35.81 billion yuan for the first half of 2025, a year-on-year decrease of 5.9%, with a net loss of 9.45 billion yuan [5] - In Q2, the company achieved a revenue growth of 7.1%, marking a positive turnaround from the previous quarter's decline [6] - The company is accelerating its transition to a subscription model, with subscription-related contract liabilities increasing by 23.6% year-on-year [6] - The AI strategy is being rapidly implemented, with the company integrating various AI models into its product offerings [6] - The company is expanding its global presence, with overseas business revenue growing by 24.9% and new contracts increasing by 42.5% [6] - Adjusted revenue forecasts for 2025, 2026, and 2027 are 96.53 billion yuan, 103.46 billion yuan, and 112.14 billion yuan, respectively, with net profits expected to be -3.10 billion yuan, 1.02 billion yuan, and 4.25 billion yuan [6] Financial Summary - The company's total share capital is 3,417 million shares, with a market price of 15.32 yuan and a market capitalization of 52,348.40 million yuan [1] - The projected operating revenue for 2023A is 9,796 million yuan, with a forecasted decline to 9,153 million yuan in 2024A, followed by a recovery to 9,653 million yuan in 2025E [4] - The projected net profit for 2025E is -310 million yuan, improving to 102 million yuan in 2026E and 425 million yuan in 2027E [4] - The company's cash flow per share is expected to turn positive in 2025E, reaching 0.02 yuan [4]

Core Viewpoint - The U.S. government, led by President Trump, announced a 100% tariff on all Chinese goods starting November 1, along with export controls on key software, which will accelerate the domestic software replacement process in China [2][3]. Group 1: U.S. Trade Measures - The U.S. will impose a 100% additional tariff on all Chinese imports and export controls on key software starting November 1 [2]. - The U.S. measures are seen as a strategic move to pressure China ahead of the APEC summit, with potential implications for negotiations [2][3]. Group 2: China's Response and Industry Impact - China's Ministry of Commerce has implemented export controls on various technologies, including chip production equipment and lithium batteries, which are crucial for modern industries [2][3]. - China is expected to dominate the rare earth industry by 2025, holding 49% of global reserves and 69% of production, making it a critical resource for the U.S. [2][3]. Group 3: Domestic Software Development - The export controls on key software will accelerate the domestic replacement process in China, particularly in the fields of EDA, CAD, CAE, MES, and PLM [3][4]. - The shift towards domestic software is seen as essential due to China's heavy reliance on imported industrial software [3][4]. Group 4: Industrial Digital Transformation - The announcement of using WPS format in government documents marks a significant milestone for domestic software, indicating a breakthrough in the software replacement strategy [4]. - "Lighthouse factories," which utilize advanced technologies for efficiency, are expected to be prioritized in national strategic development plans, driving demand for industrial software [4]. Group 5: Investment Opportunities - Companies in the EDA, industrial software, operating systems, databases, network security, and industry IT sectors are highlighted as potential investment opportunities due to the ongoing shift towards domestic solutions [4]. - Specific companies to watch include: - EDA: Huada Jiutian, Guangliwei, Gai Lun Electronics [4] - Industrial Software: Dingjie Zhizhi, Nengke Technology, Suochen Technology, Zhongwang Software, Zhongkong Technology [4] - Operating Systems: China Software, Ruantong Power, Runhe Software, Chengmai Technology [4] - Databases: Dameng Data, Taiji Co. [4] - Network Security: Deepin Technology, Qilin Security, Sanwei Security, Guotou Intelligent, Qimingxing Chen [4] - Industry IT: Keda Xunfei, Hehe Information, Hengsheng Electronics, Kingsoft Office, Foxit Software, Tuolisi, Tax Friend Shares, Caixun Shares, Dingdian Software, Jiuyuan Yinhai, Jiahe Meikang, Guanglian Da, Kingdee International, Yonyou Network, Fanwei Network, Yuxin Technology, Newland [4].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [16]. Core Insights - The report emphasizes the concept of "Lighthouse Factories," which are leading the intelligent upgrade of the manufacturing industry by integrating advanced technologies such as artificial intelligence, IoT, and big data analytics [6]. - A total of 201 factories have been recognized as Lighthouse Factories globally, with 85 located in China, showcasing their exceptional manufacturing capabilities and performance in areas like production efficiency and supply chain resilience [6]. - Industrial software is identified as the digital foundation for Lighthouse Factories, playing a crucial role in enhancing production intelligence and efficiency across four core areas: R&D design, manufacturing, operational management, and maintenance services [6]. - The report suggests focusing on companies that are positioned to benefit from the growth of industrial software and intelligent manufacturing, including Zhongwang Software, Huada Jiutian, and Yonyou Network, among others [6]. Industry Overview - The computer industry consists of 337 listed companies with a total market capitalization of approximately 60,881.53 billion and a circulating market value of about 55,021.98 billion [3]. - The absolute performance of the industry over the past 12 months has been 52.1%, while the relative performance against the benchmark index has improved by 33.9% [4].

Group 1: Software ETF Performance - The software ETF has a turnover rate of 7.01% during trading, with a transaction volume of 405 million yuan [1] - The latest scale of the software ETF reached 5.793 billion yuan, marking a one-month high and ranking first among comparable funds [1] - The latest share count of the software ETF is 6.165 billion shares, also a one-month high and leading among comparable funds [1] - Over the past five days, the software ETF has seen continuous net inflows, with a single-day peak of 507 million yuan, totaling 937 million yuan in net inflows [1] - As of October 13, 2025, the software ETF's net value has increased by 26.80% over the past three years [1] - The highest monthly return since inception is 39.35%, with the longest consecutive monthly gains being three months and a maximum increase of 69.40%, averaging a monthly return of 10.06% [1] Group 2: Key Holdings in Software Sector - As of September 30, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Tonghuashun, Kingsoft Office, Guizhou Compass, Hengsheng Electronics, Runhe Software, 360, Tuo Wei Information, Yonyou Network, and Deepin Technology, collectively accounting for 62.41% of the index [1] Group 3: Industry Outlook - Changjiang Securities emphasizes that achieving complete autonomy and control in key areas is essential for China's technological development, with domestic software systems gradually gaining innovation capabilities [2] - Dongwu Securities anticipates a bidding boom in the domestic innovation sector, with 2025 being a critical year for government initiatives, indicating significant scale [2] - The AI software industry is expected to accelerate its development due to increasing technology restrictions from the U.S. towards China [2]

齐鲁晚报·齐鲁壹点记者于军队采购网了解到，10月13日，用友网络（600588.SH）上榜军队采购暂停名单，处 理部门为陆军后勤部采购和资产管理局。 暂停处理公告显示，对用友网络的暂停事由为"其他、违反合同约定"。其违规情况是：经调查，用友网络在参 加项目编号2023-JL13（04）-F10005采购活动中，涉嫌存在违规失信行为。 制特朗份 关于对用友网络科技股份有限公司暂停处理公告 【发布时间: 2025-10-13 15:36:42】【字号 大 中 小】【关闭】【显示公告内容正文】 处理编号：ZT2025120922 下面线工程序 违规处理状态 处罚期限内 一、供应商信息 企业名称:用友网络科技股份有限公司 企业地址:北京市市辖区海淀区北京市海淀区北济路68号 统一社会信用代码:91110000600001760P 二、违规信况 经调查，用友网络科技股份有限公司在参加项目编号：2023-JL13(04)-F10005采购活动中，涉嫌存在违规失信行为. 三、处理结果 根据军队供应商管理相关规定,自2025年10月13日起暂停卖参加全军物资工程服务采购活动资格。 在暂停期内, 法定代表人王文京、自然人挂脱胶 ...

Group 1 - The domestic software sector is experiencing significant activity, with industrial software and Xinchuang direction leading the gains, as stocks like Rongji Software, China Software, and Yingjianke hit the daily limit, while others like Chengmai Technology and Kingsoft Office also saw substantial increases [1] - The Ministry of Industry and Information Technology and six other departments recently issued a plan to promote service-oriented manufacturing innovation from 2025 to 2028, highlighting key productive service industries including technology services, industrial design, software and information services, and more [1] - The potential for domestic software to replace foreign products is vast across various fields, with industrial software being crucial for enhancing China's manufacturing autonomy and global competitiveness [1] Group 2 - Domestic software concept stocks have seen an average price increase of 31.15% this year, with Huasheng Tiancai and Dongtu Technology leading with gains of 170.85% and 135.19% respectively [2] - Zhongke Chuangda, a global leader in intelligent platform technology, has a research and development team spread across 16 countries, enabling quick responses to market trends and customer needs [2] - Runhe Software focuses on innovation in domestic and intelligent sectors, with significant efforts in open-source Hongmeng and Euler, impacting industries like finance, energy, healthcare, and education [2] Group 3 - As of October 10, over 70% of concept stocks have seen an increase in financing, with companies like Kingsoft Office and Zhongke Chuangda receiving net financing inflows exceeding 100 million yuan [3] - Kingsoft Office has the highest net financing inflow, accumulating 643 million yuan since October, with its WPS Office suite being a key product [3]