Investment Rating - The industry rating for the EDA sector is "Positive" [3] Core Insights - The EDA industry is a crucial tool for semiconductor design, with a global market size of approximately $15.7 billion in 2024, representing only 2.5% of the semiconductor industry valued at $631 billion, yet it supports a multi-trillion dollar digital economy [1][14] - The Chinese EDA market is expected to grow from 19.3 billion yuan to 35.4 billion yuan between 2025 and 2027, with a CAGR of 35.4%, significantly outpacing the global growth rate of 7.84% [1][16] - The global EDA market is highly concentrated, dominated by three major players: Synopsys, Cadence, and Siemens EDA, which have built their market positions through decades of systematic mergers and acquisitions [2] - The domestic EDA industry in China is experiencing rapid growth but faces structural bottlenecks, including fragmented competition, a shortage of high-end talent, and barriers to entry due to established international ecosystems [2][3] - Policy direction is shifting from fragmented competition to platform collaboration, with government support aimed at promoting integration and upgrading the industry [2] Summary by Sections EDA Industry Characteristics - EDA is a foundational tool for the trillion-dollar semiconductor industry, with its market size rapidly expanding in China [8][9] - The industry has high capital requirements and a significant demand for skilled talent, with a long training cycle [21] - High barriers to entry and strong binding among full-process platform companies enhance competitive advantages [22][25] Global EDA Development History - The rise of EDA in the U.S. is attributed to high investment and strategic government support, with a focus on mergers and acquisitions [27][28] - The U.S. government has historically invested in EDA as a strategic pillar for enhancing semiconductor and defense competitiveness [28][29] Current State of China's EDA Industry - The Chinese EDA market is growing rapidly but is hindered by fragmentation, capital concentration, talent shortages, and ecological barriers [3][16] - The domestic EDA industry is at a critical juncture for breakthrough and integration, with increasing policy support [3] Investment Recommendations - The EDA sector is seen as being at a pivotal moment for domestic replacement, with increasing policy support and active consolidation among leading platform companies [3] - Recommended companies for long-term investment include Huada Jiutian, Gai Lun Electronics, and Guangli Micro [3]

| 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2026-01-21 | 301095 | 广立微 | 80.63 | 25.00 | 2,015.75 机构专用 | | 国泰海通证券股份 | | | | | | | | | 有限公司北京知春 | | | | | | | | | 番炸金量不完 | 1月21日，广立微大宗交易成交25万股，成交额2015.75万元，占当日总成交额的3.28%，成交价80.63 元，较市场收盘价81.35元折价0.89%。 ...

杭州广立微电子股份有限公司 关于持股 5%以上股东权益变动 触及 1%整数倍的公告 持股 5%以上股东北京武岳峰亦合高科技产业投资合伙企业（有限合伙）及其一 致行动人上海建合工业软件合伙企业（有限合伙）、常州武岳峰桥矽实业投资合伙企 业（有限合伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 杭州广立微电子股份有限公司（以下简称"公司"）于近日收到持股 5%以上 股东北京武岳峰亦合高科技产业投资合伙企业（有限合伙）（以下简称"武岳峰 亦合"）及其一致行动人上海建合工业软件合伙企业（有限合伙）（以下简称"建 合工软"）、常州武岳峰桥矽实业投资合伙企业（有限合伙）（以下简称"桥矽实 业"）出具的《股份减持告知函》，获悉武岳峰亦合、建合工软和桥矽实业于 2025 年 12 月 29 日至 2026 年 1 月 16 日期间通过大宗交易、集中竞价方式累计减持 公司股票 200.2812 万股，所持有公司股份比例变动触及 1%整数倍，现将相关情 况公告如下： 证券代码：301095 证券简称：广立微 公告编号：20 ...

Core Insights - The WAT (Wafer Acceptance Testing) is a critical process in semiconductor manufacturing, ensuring the stability and normalcy of various production steps through electrical testing on specific patterns after wafer fabrication [1][2][4] - The global WAT testing equipment market is projected to grow from $400 million in 2020 to $720 million by 2025, with a compound annual growth rate (CAGR) of 12.5% [1][7] - China's semiconductor packaging and testing technology is among the world's top tier, with the WAT testing equipment market expected to expand from 620 million yuan in 2020 to 1.22 billion yuan by 2025, achieving a CAGR of 14.5% [1][7] Industry Overview - WAT testing is essential for monitoring the semiconductor manufacturing process, with its origins dating back to 1978, pioneered by TSMC [2][5] - The semiconductor industry is increasingly recognized as a key indicator of a country's technological strength, with significant investments and support from various nations to dominate this sector [5][7] Market Status - The WAT testing equipment market is experiencing growth, although a slight decline is expected in 2024 due to insufficient new capacity in wafer fabs [1][7] - The Chinese semiconductor equipment market is projected to account for 36.6% of global sales by the third quarter of 2025, with a sales figure of $36.18 billion [7] Competitive Landscape - The Chinese WAT testing equipment market is characterized by an oligopolistic structure, with Keysight and QualiTau dominating the market, where Keysight held a 73.4% market share in 2024 [1][8] - Domestic companies like Guangliwei and Lianxun Instrument are making significant strides in WAT testing equipment production, breaking the monopoly of foreign firms [1][8] Development Trends - The demand for WAT testing equipment is positively correlated with the expansion of wafer manufacturing capacity, which is expected to grow at a CAGR of 4.3% from 2024 to 2030 [1][9] - Future advancements in WAT testing equipment will focus on more complex testing array designs and enhanced parallel testing capabilities to reduce testing time and costs [1][9]

Group 1 - The core point of the article highlights the performance and market position of Guangli Microelectronics, which saw a slight increase of 5.03% in stock price, reaching 82.74 CNY per share, with a total market capitalization of 16.571 billion CNY [1] - Guangli Microelectronics, established on August 12, 2003, specializes in the design, development, and service of integrated circuit EDA software and wafer-level electrical testing equipment [1] - The company's revenue composition is primarily from testing equipment and accessories (62.40%), followed by software development and licensing (37.00%), and testing services and others (0.60%) [1] Group 2 - From the perspective of fund holdings, E Fund has a significant position in Guangli Microelectronics, with its E Fund CSI Semiconductor Materials and Equipment Theme ETF holding 13,600 shares, accounting for 0.1% of the fund's net value [2] - The E Fund CSI Semiconductor Materials and Equipment Theme ETF has shown impressive performance, with a year-to-date return of 20.93% and a one-year return of 82.41%, ranking 1st out of 333 in its category [2] - The fund manager, Li Shujian, has been in charge for 2 years and 131 days, overseeing a total asset scale of 19.758 billion CNY, with the best fund return during his tenure being 134.11% [2]

Core Viewpoint - Guangli Micro's stock price has shown a positive trend in early January 2025, with a notable increase in trading volume and market capitalization, indicating investor interest and potential growth in the semiconductor sector [1][2]. Group 1: Stock Performance - As of January 9, 2025, Guangli Micro's stock price increased by 2.02%, reaching 77.38 CNY per share, with a trading volume of 458 million CNY and a turnover rate of 3.45% [1]. - Year-to-date, Guangli Micro's stock has risen by 7.91%, with a 9.46% increase over the past 20 days, although it has seen a decline of 6.22% over the last 60 days [2]. Group 2: Company Overview - Guangli Microelectronics Co., Ltd. was established on August 12, 2003, and went public on August 5, 2022. The company specializes in the design, development, and service of integrated circuit EDA software and wafer-level electrical testing equipment [2]. - The company's revenue composition includes 62.40% from testing equipment and accessories, 37.00% from software development and licensing, and 0.60% from testing services and others [2]. Group 3: Financial Performance - For the period from January to September 2025, Guangli Micro reported a revenue of 428 million CNY, representing a year-on-year growth of 48.86%. The net profit attributable to shareholders was 37.02 million CNY, showing a significant increase of 380.14% [2]. - Since its A-share listing, Guangli Micro has distributed a total of 217 million CNY in dividends [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders for Guangli Micro was 20,600, a decrease of 29.94% from the previous period, with an average of 8,487 circulating shares per shareholder, which is an increase of 131.45% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 6.2881 million shares as a new shareholder, while some previous institutional investors have exited the top ten list [3].

Core Viewpoint - Guangli Micro's stock price has shown fluctuations, with a recent decline of 2.08% and a total market capitalization of 15.362 billion yuan, while the company has experienced significant revenue and profit growth year-on-year [1][2]. Group 1: Stock Performance - As of January 8, Guangli Micro's stock price is 76.70 yuan per share, with a trading volume of 265 million yuan and a turnover rate of 1.97% [1]. - The stock has increased by 6.96% since the beginning of the year, with a 7.95% rise over the last five trading days and a 10.68% increase over the last 20 days, although it has decreased by 6.45% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Guangli Micro achieved a revenue of 428 million yuan, representing a year-on-year growth of 48.86%, and a net profit attributable to shareholders of 37.0172 million yuan, which is a significant increase of 380.14% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Guangli Micro is 20,600, a decrease of 29.94% from the previous period, while the average number of circulating shares per person has increased by 131.45% to 8,487 shares [2]. - The company has distributed a total of 217 million yuan in dividends since its A-share listing [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest with 6.2881 million shares, marking its entry as a new shareholder [3].

Core Viewpoint - The semiconductor equipment stocks in the A-share market experienced a collective rise, with several companies reaching historical highs in their stock prices [1]. Group 1: Stock Performance - Xinyuan Micro (芯源微) saw a 20% increase, reaching a market capitalization of 38.5 billion [2]. - Kema Technology (珂玛科技) rose by over 14%, with a total market value of 49.7 billion [2]. - Pioneer Precision (先锋精科) increased by over 12%, with a market cap of 14.7 billion [2]. - Zhongwei Company (中微公司) experienced a 7.96% rise, bringing its market value to 222.8 billion [2]. - Fuchuang Precision (富创精密) rose by 7.68%, with a market capitalization of 24.9 billion [2]. - Northern Huachuang (北方华创) increased by 6.96%, with a total market value of 376.6 billion [2]. - TuoJing Technology (拓荆科技) saw a 6.74% rise, reaching a market cap of 107.4 billion [2]. - Several companies, including Xinyuan Micro, Kema Technology, Zhongwei Company, Northern Huachuang, TuoJing Technology, and Huahai Qingke (华海清科), reached historical highs [1]. Group 2: Year-to-Date Performance - Xinyuan Micro has a year-to-date increase of 28.47% [2]. - Kema Technology has a year-to-date increase of 33.03% [2]. - Zhongwei Company has a year-to-date increase of 30.50% [2]. - Northern Huachuang has a year-to-date increase of 13.23% [2]. - TuoJing Technology has a year-to-date increase of 15.79% [2].

Group 1 - The A-share semiconductor equipment stocks collectively rose, with notable gains including a 20% increase for Xinyuan Microelectronics, over 14% for Kema Technology, and over 12% for Pioneer Precision [1] - Several companies, including Xinyuan Microelectronics, Kema Technology, Zhongwei Company, and others, reached historical highs [1] - The overall market sentiment in the semiconductor sector appears positive, as indicated by the MACD golden cross signal formation [2] Group 2 - Xinyuan Microelectronics (688037) had a market cap of 38.5 billion and a year-to-date increase of 28.47% [2] - Kema Technology (301611) reported a market cap of 49.7 billion with a year-to-date increase of 33.03% [2] - Zhongwei Company (688012) had a significant market cap of 222.8 billion and a year-to-date increase of 30.50% [2]

Investment Rating - The report rates the EDA industry as "Overweight," indicating that the industry is expected to outperform the overall market [2][19]. Core Insights - The domestic EDA industry is experiencing heightened activity, entering an accelerated development phase, with significant IPO movements and mergers [3][11]. - The long-term outlook suggests that the EDA industry will consolidate into 2-3 leading firms through mergers and acquisitions, with a focus on domestic alternatives [3][10]. Summary by Sections 1. Key Events of the Month - **Horizon Industrial Software Initiates IPO Counseling**: Horizon Industrial Software submitted its IPO counseling to the Shanghai Securities Regulatory Commission on December 26, 2025, focusing on digital IC verification and IP [4]. - **Xinheng Semiconductor Completes IPO Counseling**: On December 20, 2025, Xinheng Semiconductor completed its IPO counseling, offering multi-physical field simulation capabilities [5]. - **Huada Jiutian Invests in Sierxin**: On December 16, 2025, Huada Jiutian announced a 1 billion investment in Sierxin, acquiring a 90.9% stake, enhancing its digital IC design capabilities [6][7]. - **Quanxin Intelligent Manufacturing Starts IPO Counseling**: On December 11, 2025, Quanxin Intelligent Manufacturing initiated its IPO counseling, focusing on OPC and other manufacturing tools [8]. 2. Industry Perspectives - **Opportunities from Domestic Process Divergence**: The EDA industry is closely tied to the semiconductor ecosystem, with domestic wafer fabs developing new technology paths that create independent market space for local EDA firms [9]. - **Active IPO and M&A Movements**: The report highlights three new IPO processes in the EDA sector, indicating a shift towards a concentration of leading players and an active M&A environment [11]. - **Importance of Industry Chain Collaboration and Support**: The report emphasizes the need for EDA firms to have platform capabilities to enhance competitiveness, supported by local government initiatives and national funds [12]. 3. Valuation of Key Companies - **Huada Jiutian**: Projected revenue of 12 billion in 2024, increasing to 25 billion by 2027, with a market cap of 580 billion [14]. - **Gailun Electronics**: Expected revenue growth from 4 billion in 2024 to 8 billion in 2027, with a market cap of 152 billion [14]. - **Other Companies**: Additional companies are also highlighted with their respective revenue projections and market caps, indicating a positive growth trajectory in the EDA sector [14].