证券代码：301269 证券简称：华大九天 公告编号：2025-062 经与会监事审议表决，审议通过了以下议案： 1、审议通过《关于发起设立天津中湾芯盛管理咨询合伙企业（有限合伙） 暨关联交易议案》 经审核，监事会认为，公司发起设立天津中湾芯盛管理咨询合伙企业（有限 合伙）（以下简称"中湾芯盛"）事项符合相关法律、法规及《公司章程》等相关 规定，有利于持续深化公司在 EDA 领域的投资布局，提升资金使用效率，不存在 损害股东特别是中小股东利益的情况。该事项决策和审议程序合法、合规，监事 会同意本次发起设立中湾芯盛事项。 具体内容详见同日刊登于巨潮资讯网（http://www.cninfo.com.cn）上的《关 于与关联方共同投资暨关联交易的公告》。 表决结果：赞成 2 票，反对 0 票，弃权 0 票，关联监事张凯回避表决 北京华大九天科技股份有限公司 第二届监事会第十六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 北京华大九天科技股份有限公司（以下简称"公司"）第二届监事会第十六 次会议通知于2025年10月24日以 ...

Core Insights - The report emphasizes that computational power is accumulating, leading to significant advancements in applications, particularly in AI, with a projected 10% impact point approaching in 2026 [3] - Institutional holdings in the computer sector are at a historical low of 2.4%, indicating potential for growth in valuations [3][21] - The report identifies three key focus areas for 2026: large models, computational power, and applications, all showing significant changes and accelerated iterations [3] Group 1: Market Overview - The computer index has shown a year-to-date increase of 18%, ranking 12th among all sectors, with AI computing, embodied intelligence, and AI applications as the main themes [9][10] - The report notes a basic performance turning point, with net profit rebounding and a stable overall performance expected for 2025 [10][13] Group 2: Valuation and Holdings - The report indicates that the computer sector's valuation is at a historical mid-to-high level, with PE (TTM) at 85.4, PS (TTM) at 3.6, and PCF (TTM) at 46.6 [18] - The report highlights that the computer sector's fund allocation is at a historical low, with a 2.4% allocation in Q3 2025 [21] Group 3: AI Model Developments - The report discusses the rapid narrowing of the performance gap between Chinese and American large models, with significant advancements in commercial applications expected [3][26] - It highlights the emergence of various large models in 2025, focusing on monetization, AI programming, and multi-modal capabilities [26][29] Group 4: Key Companies and Trends - The report identifies key companies in the computer sector, such as Zhongke Shuguang and Inspur Information, which have seen significant increases in their market values due to rising domestic computational capacity [23] - The report notes that the demand for AI applications is driving growth in various sectors, with companies like Alibaba and ByteDance leading in AI-related job creation [40]

Group 1 - The A-share market experienced a collective decline, with the Shanghai Composite Index dropping by 0.41% as of midday on December 2 [1] - The chip sector showed weakness, with the chip ETF (159995) down by 1.19%, and key component stocks such as Beijing Junzheng, Jinghe Integrated, and Northern Huachuang falling by 3.16%, 2.52%, and 2.44% respectively [1] - Some individual stocks in the chip sector were active, with OmniVision Technologies rising by 0.33% and BGI Genomics increasing by 0.27% [1] Group 2 - TSMC's chairman, Wei Zhejia, highlighted a shortage in advanced process capacity during the annual supply chain forum, indicating plans for the construction or expansion of 10 wafer fabs globally next year [3] - Huaxi Securities expressed optimism about the domestic chip industry's development, emphasizing that the current period is the best time for the advancement of domestic chips, driven by the upgrade of chip architecture and advanced process manufacturing [3] - The chip ETF (159995) tracks the National Chip Index, which includes 30 leading companies in the A-share chip industry across various segments such as materials, equipment, design, manufacturing, packaging, and testing, including SMIC, Cambricon, Changdian Technology, and Northern Huachuang [3]

Group 1 - The computer industry is showing signs of improvement in both revenue and profit for 2025, with software business revenue reaching 11.11 trillion yuan, a year-on-year increase of 13.0% [11][13] - The overall revenue for the computer industry in the first three quarters of 2025 is 1.51 trillion yuan, with a growth rate of 10.1% after excluding the high proportion of Industrial Fulian [13][16] - The net profit for the industry in the first three quarters of 2025 is 184 billion yuan, reflecting a year-on-year increase of 57.4% [16] Group 2 - The "14th Five-Year Plan" emphasizes self-sufficiency in key areas such as integrated circuits and basic software, with increased government procurement for domestic innovation [25][26] - The EDA sector has become a focal point of U.S. export controls, accelerating the demand for domestic alternatives [29][30] - The release of HarmonyOS 6 marks a significant milestone for Huawei, with terminal numbers surpassing 23 million, indicating a strong growth trajectory for domestic operating systems [38][41] Group 3 - The AI and computing concepts have shown significant growth, with the AI computing demand driving the "East Data West Computing" concept to rise by 146.8% in 2025 [20][21] - The overall valuation of the computer industry is above historical averages, with a TTM valuation of 55.33 times as of November 27, 2025 [21][24] - Domestic AI chip manufacturers are experiencing accelerated growth, with companies like Cambrian and Haiguang reporting substantial revenue increases [48][49] Group 4 - The integration of AI applications is expected to enhance the competitive advantage of integrated AI manufacturers, with DeepSeek collaborating with domestic chip manufacturers to optimize performance [4][4] - The demand for AI servers is increasing, requiring manufacturers to enhance their overall system design capabilities [3][3] - The trend towards liquid cooling technology is becoming mainstream as AI chip performance continues to improve [3][3]

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector's performance compared to the overall market [61]. Core Insights - The report emphasizes the importance of AI Infrastructure (AI Infra) as a foundational system for AI workloads, which includes computing power, storage, and networking [5][11]. - The AI Infra market in China is projected to grow significantly, reaching CNY 3.45 billion in 2024 and CNY 6.73 billion in 2025, representing a year-on-year growth of 95.1% [7][10]. - Key players in the AI Infra space include both domestic and international companies, with a focus on data layer software and models [4][36]. Summary by Sections AI Infra Overview - AI Infra is defined as the hardware and software systems designed to support AI workloads, aiming for efficient and large-scale AI model training and inference [5][11]. - The infrastructure consists of several layers, including computing, storage, and networking, with a focus on optimizing AI model performance [8][11]. Market Growth and Trends - The AI Infra market is expected to see rapid growth, with a significant increase in the number of AI applications anticipated in 2024 [29][32]. - The demand for private deployment and data integration solutions is rising, particularly in sectors with stringent data security requirements [29][36]. Key Players and Technologies - Major players in the AI Infra market include Alibaba Cloud, Huawei Cloud, and various startups focusing on Machine as a Service (MaaS) [12][13]. - Technologies such as virtualization and containerization are central to the computing management layer, enhancing resource utilization and efficiency [12][22]. Investment Opportunities - The report identifies several investment targets across different categories, including AIGC applications, digital economy leaders, and data infrastructure [52][53]. - Companies like Snowflake and MongoDB are highlighted as international benchmarks for data layer software, with strong revenue growth trends [36][38]. Future Outlook - AI infrastructure providers are expected to maintain high growth potential due to their critical role in supporting AI applications and the increasing integration of AI into traditional industries [51].

Core Viewpoint - The 22nd China International Semiconductor Expo (IC China 2025) will be held from November 23 to 25, 2025, at the National Convention Center in Beijing, showcasing advancements in the semiconductor industry, particularly in AI chips and advanced manufacturing processes [2][3]. Industry Overview - IC China has been a significant event in the semiconductor industry since 2003, establishing itself as a top-tier industry brand and benchmark [3]. - The expo will focus on the entire integrated circuit industry chain, highlighting the latest technologies, products, and applications, with a theme of "Gathering Strength in Chips, Driving the Future" [4]. Exhibition Details - The expo will feature seven major exhibition areas, including IC design, industry chain, innovative applications, and components, with over 600 exhibitors expected [5]. - Notable companies participating include Yangtze Memory Technologies, Huada Jiutian, and Tongfu Microelectronics, among others [5]. Market Trends - China's semiconductor industry is projected to exceed $180 billion in sales by 2024, with a significant portion of this growth driven by domestic innovation and reduced reliance on imports [6]. - In the first ten months of this year, China's integrated circuit exports reached approximately $161.7 billion, indicating a year-on-year increase of over 23% [6][7]. Growth Projections - The semiconductor industry is expected to experience a dual breakthrough in technology and scale, with a compound annual growth rate (CAGR) of 19.6% in chip design from 2006 to 2025 [13]. - By 2026, the semiconductor industry is anticipated to maintain a CAGR of over 10% [14]. R&D Investments - A-share semiconductor companies are projected to invest over $80 billion in R&D in 2024, with a research intensity exceeding 13% [15]. - The highest growth in revenue from 2021 to 2024 is expected in semiconductor equipment, integrated circuit manufacturing, and discrete devices [15]. Investment Insights - The National Integrated Circuit Industry Investment Fund has significant holdings in 32 companies within the semiconductor industry, with many experiencing substantial increases in financing [17]. - Companies like Shengke Communication and Jiangbolong have seen financing balances increase by over 400% and 350%, respectively, indicating strong investor interest [18]. Stock Performance - Among the 32 companies with National Fund holdings, 12 have seen stock price increases of less than 30% this year, despite significant increases in financing [19]. - Notable companies include Hu Silicon Industry and Tai Ling Microelectronics, with financing balances increasing by over 85% and 187%, respectively [19][20].

证券日报网讯华大九天（301269）11月21日在互动平台回答投资者提问时表示，公司主要从事用于集成 电路设计、制造和封装的EDA工具软件开发、销售及相关服务业务。 ...

董秘回答(华大九天SZ301269)： 尊敬的投资者您好，公司的研发费用均在发生当期进行费用化处理，未进行资本化。公司目前仍处于快 速发展期，与战略客户的合作项目不断增加，需要相应增加研发人员数量，因此研发投入不断增加。 EDA软件具有技术难度高、研发周期长等特点，同时技术成果转化需要完整工具链协同和生态适配， 研发投入转化为营业收入需要一定周期。感谢您的关注！查看更多董秘问答>> 投资者提问： 公司前三季研发费用高达5.57亿元，占营收比达69.2 ％。请问，公司研发投入都是费用化吗？各类人工 智能大模型的应用和推广，很多专业软件公司都能通过减员、降本、提高研发效率等手段达到增效效 果。公司研发投入一直高企，虽是必需，但是这种投入并没有带来高营收增长，商业转化效率不高，有 没有措施能解决这个矛盾？谢谢 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The 27th China Hi-Tech Fair showcased over 23,000 high-tech achievements, indicating a shift from concept hype to practical implementation in the technology market, with a focus on actual product value rather than mere technical gimmicks [38][39] - Key areas of focus included AI terminals, intelligent equipment, and commercial aerospace, highlighting significant technological advancements and market trends [38][39] Summary by Sections Robotics - The robotics exhibition featured breakthroughs across the entire industry chain, including the Fourier X3 exoskeleton rehabilitation robot and the Unitree B2 quadruped robot, showcasing advanced capabilities and applications in industrial scenarios [39] Commercial Aerospace - The commercial aerospace zone highlighted China's advancements in the "space economy," with notable products like the Long March series rockets and flexible solar wings, which achieved a photoelectric conversion efficiency of 33.5% [39] - The Yizhuang Star Arrow's reusable rocket demonstrated significant cost reductions and enhanced capabilities, with a single launch cost of 28 million yuan, only one-third of traditional rockets [39] Semiconductors - The semiconductor exhibition featured Montage Technology's DDR5 memory interface chips, which support a transmission rate of 8400Mbps and have a global market share of 36.8%, leading the industry for three consecutive years [40] New Energy Charging - Innovative technologies in the new energy charging sector were showcased, including Pisen's 140W Megawatt Flash Charging Hub, which supports multiple fast charging protocols and can charge various devices simultaneously [42] AI PCs - The AI PC sector saw advancements with Liulian Intelligent's MTN25C-140H-YD model, featuring a heterogeneous computing architecture and high-performance specifications, enabling local offline deployment of large AI models [43] Shenzhen-Hong Kong Integration - The Yingwu Intelligent YIVTOL S-ZERO ultra-light eVTOL aircraft was highlighted for its innovative lightweight structure and advanced safety features, with plans for mass production by 2026 [44] AI Technology Penetration - AI technology has penetrated various industries, achieving significant breakthroughs in applications such as the China Southern Power Grid's intelligent inspection system, which boasts a 99.2% accuracy rate in identifying transmission line defects [45]

11月17日，华大九天盘中上涨2.01%，截至09:44，报113.23元/股，成交9326.03万元，换手率0.15%，总 市值617.60亿元。 资金流向方面，主力资金净流入384.75万元，特大单买入1288.62万元，占比13.82%，卖出803.90万元， 占比8.62%；大单买入1747.20万元，占比18.73%，卖出1847.17万元，占比19.81%。 华大九天今年以来股价跌6.38%，近5个交易日跌2.47%，近20日跌7.09%，近60日跌0.32%。 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%。 华大九天所属申万行业为：计算机-软件开发-垂直应用软件。所属概念板块包括：EDA概念、工业软 件、先进封装、信创概念、集成电路等。 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 ...