格隆汇1月30日丨华大九天(301269.SZ)在投资者互动平台表示，公司已与国内头部存储企业建立了战略 合作关系，2023年推出了存储电路设计全流程EDA工具系统，经过头部存储芯片企业的设计和生产验 证，已经被大规模应用于存储芯片的设计和制造中。 ...

1月26日，华大九天跌3.64%，成交额8.22亿元。两融数据显示，当日华大九天获融资买入额5632.19万 元，融资偿还6339.04万元，融资净买入-706.86万元。截至1月26日，华大九天融资融券余额合计9.27亿 元。 融资方面，华大九天当日融资买入5632.19万元。当前融资余额9.24亿元，占流通市值的1.52%，融资余 额超过近一年70%分位水平，处于较高位。 融券方面，华大九天1月26日融券偿还800.00股，融券卖出1000.00股，按当日收盘价计算，卖出金额 11.14万元；融券余量2.98万股，融券余额332.12万元，超过近一年90%分位水平，处于高位。 资料显示，北京华大九天科技股份有限公司位于北京市朝阳区利泽中二路2号望京科技园A座二层，成 立日期2009年5月26日，上市日期2022年7月29日，公司主营业务涉及用于集成电路设计与制造的EDA 工具软件开发、销售及相关服务业务。主营业务收入构成为：EDA软件销售82.57%，技术服务 13.41%，硬件、代理软件销售及其他4.02%。 截至9月30日，华大九天股东户数4.88万，较上期增加29.25%；人均流通股11179股，较 ...

内容概况：随着国家确立人工智能作为核心引擎的战略地位，并全面推进"人工智能+"行动以深化AI与 制造业全流程融合，智能设计领域正迎来技术革命性突破。生成式AI与多模态大模型的快速发展，已 实现从"自然语言指令输入"到"实时方案生成与动态调整"的跨越式创新，使复杂设计流程从传统人工主 导转向AI驱动的智能迭代。2024年，中国智能设计行业市场规模约为67.24亿元，同比增长20.70%。 相关上市企业： 中望软件（688083）、华大九天（301269）、阿里巴巴（09988） 相关企业：中科寒武纪科技股份有限公司、超聚变数字技术股份有限公司、武汉达梦数据库股份有限公 司、人大金仓信息技术股份有限公司、北京海天瑞声科技股份有限公司、百度在线网络技术（北京）有 限公司、腾讯科技（深圳）有限公司、广联达科技股份有限公司、品茗科技股份有限公司、珠海格力电 器股份有限公司、青岛海尔智家股份有限公司、深圳迈瑞生物医疗电子股份有限公司、立讯精密工业股 份有限公司 关键词：智能设计、智能设计市场规模、智能设计行业现状、智能设计发展趋势 一、行业概述 智能设计是指"利用现代信息技术，以计算机模拟人类思维活动，使系统具备更高智能 ...

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]

Market Overview - The Shanghai Composite Index closed at 4120.10 points, above the annual line, with a change of 0.16% [1] - The total trading volume of A-shares reached 1,645.83 billion yuan [1] Stocks Above Annual Line - A total of 61 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Huawi Design (华维设计) with a deviation rate of 24.42% - Hualing Co. (华岭股份) at 5.51% - Huilong Piston (汇隆活塞) at 4.81% [1] Detailed Stock Performance - The following table summarizes the performance of selected stocks that have crossed the annual line: - Huawi Design (华维设计): Today's change of 29.96%, turnover rate of 26.39%, annual line at 14.64 yuan, latest price at 18.22 yuan [1] - Hualing Co. (华岭股份): Today's change of 12.70%, turnover rate of 9.21%, annual line at 24.90 yuan, latest price at 26.27 yuan [1] - Huilong Piston (汇隆活塞): Today's change of 18.06%, turnover rate of 13.30%, annual line at 9.86 yuan, latest price at 10.33 yuan [1] - Other notable stocks include: - Wuhan Fangu (武汉凡谷) with a deviation rate of 4.17% - Meirui New Materials (美瑞新材) with a deviation rate of 3.81% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Gongdong Medical (拱东医疗) and Chongqing Gas (重庆燃气) [1] - The performance of these stocks indicates a cautious upward trend in the market [1]

Group 1 - The core viewpoint of the article is that Huada Jiutian's investment in Si Erxin will enhance the company's competitive edge in hardware-assisted verification tools, accelerating the development of a comprehensive digital chip front-end design and verification solution [1] - This investment is expected to expedite the coverage of the entire process of EDA tools in digital circuit design, further strengthening the company's market competitiveness in the EDA field [1]

Group 1 - The core viewpoint of the news is that BGI Tech (华大九天) has seen a stock price increase of 5.11%, reaching 119.18 CNY per share, with a trading volume of 719 million CNY and a market capitalization of 65 billion CNY [1] - BGI Tech, established on May 26, 2009, and listed on July 29, 2022, specializes in the development and sales of EDA tools for integrated circuit design and manufacturing, with revenue composition being 82.57% from EDA software sales, 13.41% from technical services, and 4.02% from hardware and other sales [1] Group 2 - From the perspective of fund holdings, one fund under Caitong Fund has a significant position in BGI Tech, with the Caitong Dingxin Quantitative Stock 18-Month Open Mixed Fund (018705) holding 21,000 shares, accounting for 2.01% of the fund's net value, making it the third-largest holding [2] - The Caitong Dingxin fund has a current scale of 124 million CNY, with a year-to-date return of 6.52% and a one-year return of 29.5%, ranking 4610 out of 8089 in its category [2] Group 3 - The fund manager of Caitong Dingxin is Zhu Haidong, who has a tenure of 6 years and 185 days, with the fund's total assets at 937 million CNY, achieving a best return of 71.85% during his tenure [3] - Co-manager Guo Xin has a tenure of 1 year and 313 days, with total assets of 845 million CNY, achieving a best return of 58.14% during his tenure [3]

Group 1 - The article discusses various companies and technologies in the semiconductor industry, focusing on EDA (Electronic Design Automation) tools and their applications in digital front-end and back-end processes [2][4][5] - It highlights key players in the EDA market, including PARCAS, UNIVISTA, and HyperSilicon, among others, emphasizing their contributions to the industry [2][4] - The article also mentions the importance of manufacturing and packaging technologies, showcasing companies like North Huachuang and AMEC, which are pivotal in semiconductor equipment [4][6] Group 2 - The article outlines the advancements in semiconductor materials, particularly focusing on silicon and compound semiconductors like GaN (Gallium Nitride) and SiC (Silicon Carbide), which are crucial for high-performance applications [14][16] - It identifies leading companies in the storage sector, such as Yangtze Memory Technologies and Longsys, which are making significant strides in NAND and DRAM technologies [16] - The article emphasizes the growing demand for automotive chips and the role of companies like BYD Semiconductor and others in developing SoCs (System on Chips) and MCUs (Microcontrollers) for the automotive industry [17][19] Group 3 - The article discusses the networking and communication chip sector, highlighting companies like Zhaolong and Aurasemi, which are innovating in network interconnect technologies [18] - It mentions the increasing importance of optical modules and related technologies, with companies like Huagong Technology and Zhongji Xuchuang leading the way in optical communication solutions [18] - The article concludes with a focus on the mobile chip market, indicating the competitive landscape and the key players involved in smartphone chip development [19][20]

Summary of Empyrean (301269.SZ) Conference Call Company Overview - **Company**: Empyrean (301269.SZ) - **Industry**: Electronic Design Automation (EDA) tools Key Points 1. Full-flow EDA Tools Expansion - Empyrean is expanding its offerings in full-flow EDA tools, covering approximately 80% of total EDA tools including full-flow analog, panel, and memory EDA - The company is working on developing additional point tools like Design for Testability (DFT) and digital client tools, which are expected to enhance order growth from customers seeking comprehensive EDA solutions [2][4] 2. AI Chip Growth Opportunities - Management highlighted increasing demand for AI chips from local customers such as Hygon and Moore Thread, leading to larger order sizes - Empyrean plans to provide full-flow digital design EDA tools to meet the rising demand from AI chip customers, leveraging its experience in EDA tool development [3][4] 3. Partnerships with Local Leaders - The strong performance of Empyrean's EDA tools has resulted in partnerships with local IC design leaders in sectors like consumer electronics and AI chips - Management aims for higher allocation among major customers, supported by the localization trend in chip manufacturing and preference for EDA technology leaders [4][8] 4. EDA Business Model - Empyrean typically signs three-year agreements with clients for EDA tool adoption, with annual payments - The company encourages clients to trial EDA tools for free initially, reviewing licenses quarterly before charging, to foster user habits and deeper connections [8] 5. Financial Outlook and Valuation - Empyrean is rated as a "Buy" with a 12-month target price of Rmb155, representing a 36.3% upside from the current price of Rmb113.70 - Revenue projections indicate growth from Rmb1,222.4 million in 2024 to Rmb2,864.3 million by 2027, with EBITDA expected to improve from a loss of Rmb30.4 million in 2024 to Rmb801.5 million in 2027 [9][10] 6. Risks - Key risks include slower customer acquisition, increased competition, labor cost issues, and escalating US-China tech tensions [10] Additional Insights - The company is expanding into Intellectual Property (IP) and Computer-Aided Engineering (CAE) tools to capture a larger addressable Total Addressable Market (TAM) [1] - Management remains optimistic about order growth despite potential revenue impacts from major clients' near-term spending [1][3]

Group 1 - The report outlines the strategic importance of computing power as a new type of infrastructure and its collaborative relationship with data and algorithms [3][4] - The global computing power market is characterized by a significant scale and growth, with North America leading and the Asia-Pacific region rapidly catching up [4][5] - The report highlights the evolution of computing power technology, with heterogeneous computing architectures becoming mainstream [4][5] Group 2 - During the "14th Five-Year Plan" period, China's computing power scale has expanded significantly, with the total computing power surpassing previous levels [5][6] - The report discusses the impact of the East Data West Computing project on the geographical restructuring of computing power in China [5][6] - The establishment of a domestic computing ecosystem is underway, with a notable increase in the annual growth rate of domestic AI chip shipments [6][7] Group 3 - The report identifies key segments of the computing power industry chain, including advancements in chiplet technology and optical interconnects that enhance computing density [4][5] - The deployment of edge computing nodes in industrial and automotive internet applications is increasing, reflecting a shift towards more decentralized computing solutions [5][6] - The demand for computing power in various applications, such as AI model training, scientific computing, and smart manufacturing, is analyzed, indicating a growing need for high-performance computing resources [6][7] Group 4 - The competitive landscape of the global computing power industry is dominated by American companies, with major players like NVIDIA, AMD, and Intel leading the high-end computing ecosystem [6][7] - In China, the report highlights the emergence of a "national team" in domestic computing power, with traditional hardware manufacturers transitioning to computing service providers [7][8] - Key competitive dimensions include hardware performance, software ecosystem compatibility, and the ability to deliver comprehensive solutions [6][7] Group 5 - The report forecasts significant growth in the computing power market from 2026 to 2032, with an expected compound annual growth rate and a shift in the market structure towards AI computing power [10][11] - The analysis indicates that the domestic market share of Chinese computing power is projected to exceed 50% under certain scenarios [10][11] - The report emphasizes the importance of establishing a sustainable and efficient computing power ecosystem, with a focus on energy efficiency and green technologies [10][11]