Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [3]. Core Insights - The AI application landscape is rapidly evolving, with significant advancements expected in 2026, which will impact traditional sectors such as software, film, and media [6]. - Domestic AI models are increasingly competitive with international counterparts, particularly in terms of performance and cost, suggesting a potential shift in the global AI model competition [6]. - The demand for AI inference is rising sharply, leading to increased pricing actions from model and cloud service providers, which benefits companies within the industry [6]. Industry Data Summary 1. Industry Data - The software industry in 2025 is projected to generate revenues of 15.48 trillion yuan, reflecting a year-on-year growth of 13.2% [12]. - The IC design sector is expected to grow by 18.9% in 2025, while cloud computing and big data services are anticipated to grow by 13.6% [19]. - The information technology service revenue is expected to increase by 14.7%, further solidifying its share of the overall software business revenue to 68.7% [27]. 2. AI Developments - Major AI models are being released, with significant competition expected in the market, particularly with the upcoming launches of models like DeepSeek-V4 and others in February 2026 [33]. - The pricing of domestic models is significantly lower than that of international models, enhancing their attractiveness for various applications [39]. - The user engagement for AI applications is increasing, with notable growth in active users for platforms like Gemini and ChatGPT [44]. 3. Domestic Market Dynamics - Domestic chip manufacturers are expected to benefit from restrictions on foreign competitors, with companies like Huawei and Dawning making significant advancements in AI computing capabilities [6]. - The report highlights the increasing capital expenditures from overseas tech firms, raising concerns about market dynamics [6]. - The MaaS (Model as a Service) market is projected to grow rapidly, with significant contributions from companies like ByteDance and Alibaba [56].

Group 1 - The three major indices collectively declined, with the ChiNext software sector experiencing a rise followed by a pullback, indicating mixed performance among constituent stocks [1] - The ChiNext software ETF from Huaxia has recently shown a trend of capital inflow, with a net subscription of 24.66 million yuan over the past three days [1] - Guotai Junan emphasizes that by 2026, AI applications are expected to transition from "usable" to "user-friendly," becoming a core theme in the AI industry market [1] Group 2 - The top ten weighted stocks in the ChiNext software index account for 48.61% of the index, with notable companies including Tonghuashun, Runze Technology, and Kunlun Wanwei [2] - The performance of key stocks within the index shows varied results, with some stocks like Huada Jiutian and Softcom Power showing positive changes, while others like Deepin Technology and Kunlun Wanwei experienced declines [3]

Group 1 - The core viewpoint of the news highlights the ongoing fluctuations in the software sector, particularly within the ChiNext software ETF, which saw a slight decline of 0.09% as of February 11, 2026, while individual stocks like Wangsu Science & Technology and Guangliwei experienced significant gains of 10.60% and 9.04% respectively [1] - The report from Huatai Securities indicates that 2025 is expected to be the "Year of Agents," with 2026 likely marking a period of accelerated implementation of Agent technologies, driven by rapid iterations in Agentic Coding and fierce competition among major companies for personal agent assistants [1] - The rapid iteration of Agentic Coding is anticipated to reshape the software industry, potentially leading to a paradox where the value of standalone software may decline despite a surge in personalized, AI-generated software [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the ChiNext software index include Tonghuashun, Runze Technology, and Kunlun Wanwei, collectively accounting for 48.61% of the index [2] - The performance of individual stocks within the index shows varied results, with notable declines in stocks like Kunlun Wanwei at -4.13% and Tonghuashun at -1.26%, while others like Shenshuo Technology and Zhongke Chuangda showed positive movements [3]

Core Viewpoint - TSMC's latest EDA alliance list, announced on February 6, includes 12 member companies, reflecting the industry's structural adjustments and the importance of EDA in semiconductor development [1][3]. Group 1: EDA Alliance Composition - The EDA alliance remains stable, with major players like Synopsys, Cadence, and Siemens EDA maintaining their dominant positions, while Primarius is the only domestic EDA company included [1][3]. - Ansys has exited the alliance due to its acquisition by Synopsys, which enhances Synopsys's influence within TSMC's EDA ecosystem [3]. - The remaining 11 members of the alliance have not changed, indicating a stable ecosystem [3]. Group 2: Domestic EDA Industry - Primarius's continued presence as the sole Chinese EDA firm highlights its technical recognition and the current state of the domestic EDA industry [4]. - Primarius focuses on core EDA areas such as modeling, simulation, and circuit verification, serving mid-to-high-end analog and mixed-signal circuit design, demonstrating strong technical capabilities [4]. - The exit of Empyrean from the alliance, following significant changes, underscores the challenges faced by domestic EDA firms in maintaining their positions in global ecosystems [7][8]. Group 3: Industry Dynamics - The TSMC EDA alliance is part of its Open Innovation Platform (OIP), aimed at collaborating with global EDA vendors for tool adaptation and methodology optimization [7]. - The stability and minor adjustments in the alliance reflect the ongoing dominance of international EDA giants in the advanced EDA field, while domestic firms still face significant technological gaps [10]. - Domestic EDA companies like Primarius are gradually overcoming technical barriers and integrating into the global semiconductor manufacturing ecosystem through focused R&D and collaboration with foundries [10].

证券日报网讯 2月2日，华大九天在互动平台回答投资者提问时表示，AI技术对EDA的发展有重要的促 进作用，公司已将AI技术应用于现有产品中。在模拟电路设计EDA领域，公司推出了智能化、自动化 设计平台AndesAMS；在平板设计EDA领域，公司推出了智动化（智能化+自动化）平台AndesFPD；在 数字电路设计EDA领域，公司将AI技术应用于特征化提取（K库）等工具，大幅缩短K库生成周期，提 升设计效率；在晶圆制造EDA工具领域，良率分析解决方案采用AI驱动技术前瞻性识别工艺缺陷。同 时公司在现有全定制设计平台的基础上，基于统一数据库开发了全定制设计平台生态系统PyAether。 （编辑 袁冠琳） ...

Core Viewpoint - The company Huada Jiutian (301269) has developed an advanced packaging EDA platform capable of supporting the design of high-end AI chips, GPUs, and high-performance processor chips, filling a gap in the domestic high-end 3DIC design tools market [1] Group 1 - The advanced packaging EDA platform is now capable of supporting Chiplet design for high-end AI chips and GPUs [1] - The company has established a comprehensive solution covering the entire process from heterogeneous integration to verification in the 3DIC design EDA field [1] - This development addresses the lack of high-end 3DIC design tools in the domestic market [1]

Core Viewpoint - The company has established strategic partnerships with leading domestic storage enterprises and is set to launch a comprehensive EDA tool system for storage circuit design in 2023, which has already been validated by major storage chip manufacturers and is being widely applied in the design and manufacturing of storage chips [1] Group 1 - The company has formed strategic cooperation with top storage enterprises in the domestic market [1] - In 2023, the company will introduce a full-process EDA tool system for storage circuit design [1] - The EDA tool system has been verified by leading storage chip manufacturers and is now being extensively used in the design and production of storage chips [1]

Core Viewpoint - On January 26, Huada Jiutian's stock fell by 3.64% with a trading volume of 822 million yuan, indicating a significant market reaction to recent financial activities [1]. Financing Summary - On January 26, Huada Jiutian had a financing buy-in amount of 56.32 million yuan and a financing repayment of 63.39 million yuan, resulting in a net financing outflow of 7.07 million yuan [1]. - As of January 26, the total financing and securities lending balance for Huada Jiutian was 927 million yuan, with the financing balance at 924 million yuan, accounting for 1.52% of the circulating market value, which is above the 70th percentile of the past year [1]. - The securities lending activity on January 26 included a repayment of 800 shares and a sale of 1,000 shares, with a selling amount of 111,400 yuan, while the securities lending balance was 3,298 shares, exceeding the 90th percentile of the past year [1]. Financial Performance - As of September 30, Huada Jiutian reported a total revenue of 805 million yuan for the period from January to September 2025, reflecting a year-on-year growth of 8.24%, while the net profit attributable to shareholders was 9.06 million yuan, a decrease of 84.52% year-on-year [2]. - Cumulatively, Huada Jiutian has distributed a total of 244 million yuan in dividends since its A-share listing [3]. Shareholder Information - As of September 30, the number of Huada Jiutian's shareholders reached 48,800, an increase of 29.25% from the previous period, with an average of 11,179 circulating shares per person, up by 60.88% [2]. - Notable institutional holdings include Noan Growth Mixed A (320007) as the eighth largest shareholder with 11.75 million shares, while Hong Kong Central Clearing Limited is the ninth largest with 7.20 million shares, having increased its holdings by 574,400 shares [3].

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]