Group 1 - The core viewpoint of the article highlights that a total of 54 stocks in the A-share market will have their restricted shares unlocked from July 28 to August 1, with a total market value of 1026.79 billion yuan being released [1] - Among the stocks, 12 have a market value exceeding 2 billion yuan, with Huada Jiutian leading at 310.25 billion yuan, followed by Shanghai Airport at 142.16 billion yuan and Tongguan Copper Foil at 125.4 billion yuan [1] - The article emphasizes that the unlocking ratio (the number of unlocked shares as a percentage of total shares) is a more significant indicator of potential price impact, with 21 stocks having an unlocking ratio above 10% [1] Group 2 - Huada Jiutian and Luguan Technology are identified as having their original shareholders' restricted shares and strategic placement shares unlocked, while Tongguan Copper Foil has original shareholders' restricted shares unlocked, and Shanghai Airport has shares from a targeted placement unlocked [1] - The article notes that stocks such as Tongguan Copper Foil, Jun Cheng Technology, Beilu Zhikong, and Yidong Electronics have unlocking ratios exceeding 60%, specifically 72.38%, 71.28%, 62.41%, and 60.55% respectively, all being original shareholders' restricted shares [1]

Investment Rating - The report maintains a positive outlook on the computer industry, indicating a "Look Favorably" investment rating for the sector [6][7]. Core Insights - The computer industry is experiencing a low holding ratio, with public fund allocation at 2.6% in Q2 2025, down 0.6 percentage points from the previous quarter, ranking 13th among 30 primary industries [8][9]. - AI remains the main theme for the computer sector throughout 2025, supported by three key factors: the introduction of domestic super-node solutions improving cost-performance, the launch of several foundational large models driving AI applications into commercialization, and continuous innovations across various fields such as stablecoins and 3D printing [9][11]. - The report highlights significant company updates, particularly the official upgrade of iFLYTEK's reasoning large model X1, which enhances capabilities in multiple languages and applications [38][43]. Summary by Sections Investment Allocation - In Q2 2025, the computer industry's public fund allocation decreased to 2.6%, marking a historical low since 2010, with a configuration coefficient of 0.56, down from 0.67 in Q1 2025 [8][9]. - The report suggests increasing positions in Hong Kong-listed computer stocks such as Kingdee and Meitu [6][7]. AI Development - The report identifies three main drivers for the future performance of the computer industry: 1. The launch of domestic super-node solutions that enhance cost-performance and reduce the gap with overseas solutions [9][10]. 2. The introduction of multiple foundational large models that facilitate the commercialization of AI applications [10][11]. 3. Ongoing innovations in various sectors, including stablecoins and 3D printing, which are expected to gain traction [11][12]. Valuation Metrics - As of July 22, 2025, the computer industry’s PE (TTM) stands at 85.4x, placing it in the 93.40% historical percentile, while the PS (TTM) is at 3.4x, in the 48.90% historical percentile [24][25]. - The report notes that current valuation levels exceed those of 2020 and 2023, reflecting optimistic market expectations regarding potential profitability [24][25]. Company Updates - iFLYTEK's reasoning large model X1 has been officially upgraded, showcasing improvements in comprehensive capabilities and multi-language support, with applications in education, healthcare, and enterprise solutions [38][43]. - The report emphasizes the growth trend in AI revenue for iFLYTEK, with significant increases in both consumer and enterprise AI solutions [44]. Market Dynamics - The report discusses the varying rhythms of different technology sectors, influenced by the certainty and traceability of new technologies, with AI applications expected to follow a similar trajectory to cloud computing [36][37]. - The report anticipates a rapid increase in market capitalization for AI-related companies as performance metrics begin to materialize in the latter half of 2025 [37][38].

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - BYD has achieved a global milestone by realizing L4-level intelligent parking, allowing drivers to be hands-free under specific conditions, with liability on automobile companies [5][12] - xAI has released Grok-4, a next-generation large model that has seen a tenfold increase in reasoning capabilities compared to its predecessor, excelling in various benchmarks and outperforming human graduate-level academic abilities [5][13] - The Ministry of Industry and Information Technology has issued the 2025 Work Points for Integration of Informatization and Industrialization, emphasizing new industrialization and supporting software development, AI empowerment, and digital transformation [5][14] Summary of Related Companies - Recommended targets include: Empyrean Technology, Dameng Data, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd., Kingdee International Software Group, Hehe Information; related target: Wuxi Unicomp Technology Co., Ltd. [5][11] - BYD's advantages in assisted driving and manufacturing ensure safety for users in the Chinese market, boosting trust in intelligent parking [5][12] - Grok-4 has demonstrated strong capabilities in real-world applications, including significant improvements in voice response speed and performance in complex tasks across various industries [5][13]

Core Viewpoint - The domestic EDA industry has made significant progress in recent years, driven by a strong determination to develop local capabilities in response to international pressures, despite still facing substantial gaps compared to established global players like Synopsys and Cadence [1][3][4]. Group 1: Current State of Domestic EDA - Domestic EDA companies have increased from 1,000 to approximately 7,000 personnel, achieving an 80% coverage of local EDA products [4]. - There are over 110 EDA companies in China, reflecting a strong enthusiasm for developing domestic EDA capabilities [3]. - The investment in domestic EDA has surged post-2020, with a notable increase in the number of companies and personnel involved in the sector [3][4]. Group 2: Challenges and Gaps - The gap between domestic EDA and international leaders is significant, with the latter having a head start and deeper investment in R&D and acquisitions [3]. - Domestic EDA tools still face challenges in functionality, performance, and user experience compared to established products [4]. Group 3: Strategic Initiatives by Huada Jiutian - Huada Jiutian is focusing on self-research, collaborative development, and mergers to strengthen its position in the EDA market [4]. - The company has developed a full suite of EDA tools across various domains, including analog, storage, and RF circuit design [4][5]. Group 4: AI Integration in EDA - EDA is becoming a target for AI transformation, with major international players already experimenting with AI to enhance their tools [8]. - Huada Jiutian has also invested in machine learning and aims to integrate AI into its EDA offerings, focusing on creating a unified structure and intelligent systems [8][9]. Group 5: Product Innovations - Huada Jiutian has introduced tools like Empyrean Andes® Power, which automates the design process, significantly improving efficiency and reducing manual errors [9][10]. - The new platform, Empyrean PyAether®, supports a wide range of chip design needs and offers over 12,000 Python API interfaces for automation [10][11]. Group 6: Future Outlook - The company aims to build a comprehensive service ecosystem that includes tools from other EDA companies, ensuring data security and privacy for clients [11]. - Huada Jiutian is also developing foundational IPs and plans to maintain a dual focus on EDA and IP development for future growth [13].

Group 1 - The company, Beijing Huada Jiutian Technology Co., Ltd., has announced the listing and circulation of certain shares that were issued prior to its initial public offering (IPO) and strategic placement shares [1][2] - The total share capital of the company before the IPO was 434,353,414 shares, which increased to 542,941,768 shares after the IPO, with 469,506,205 shares being unrestricted and accounting for 86.47% of the total post-IPO share capital [2][3] - As of July 18, 2025, the total share capital remains at 542,941,768 shares, with 280,620,322 shares subject to restrictions, representing 51.69% of the total share capital [3][9] Group 2 - The shareholders have committed not to transfer or manage their shares for 36 months from the date of the company's IPO, which took place on July 29, 2022 [3][4] - If the company's stock price falls below the IPO price for 20 consecutive trading days within six months post-IPO, the lock-up period will automatically extend by six months [4][5] - The company has confirmed that the shareholders have adhered to their commitments during the lock-up period, and there are no violations affecting the listing of restricted shares [8][10] Group 3 - The company has outlined the arrangements for the listing and circulation of the restricted shares, with a total of 280,620,322 shares subject to restrictions before the release [9][10] - The structure of the share capital before and after the lifting of restrictions remains unchanged at 542,941,768 shares, with no increase or decrease in total share capital [9][10] - The sponsor has verified that the application for the listing of restricted shares complies with relevant regulations and that the shareholders have fulfilled their commitments made during the IPO [10]

证券代码：301269 证券简称：华大九天 公告编号：2025-044 北京华大九天科技股份有限公司 关于部分首次公开发行前已发行股份及首次公开发行战略配售股份 上市流通的提示性公告 2023 年 1 月 30 日，公司首次公开发行网下配售限售股上市流通，股份数量 为 4,736,580 股，占公司发行后总股本的 0.87%。具体情况详见公司于 2023 年 1 月 18 日在巨潮资讯网上（http://www.cninfo.com.cn）披露的《关于首次公 开发行网下配售限售股上市流通的提示性公告》（公告编号：2023-001）。 本公司及董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。 特别提示： 1、本次上市流通的限售股份为北京华大九天科技股份有限公司（以下简称 "公司"或"华大九天"）首次公开发行前已发行的部分股份及首次公开发行部 分战略配售股份； 2、本次解除限售股东户数共计 3 户，解除限售股份的数量为 280,620,322 股，占截至本公告披露日公司总股本的 51.69%，限售期为自公司股票首次公开 发行并上市之日起 36 个月； 3、本次解除限售股份的 ...

中信证券股份有限公司 关于北京华大九天科技股份有限公司 部分首次公开发行前已发行股份及首次公开发行战略配售 股份上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为北京华 大九天科技股份有限公司（以下简称"华大九天"或"公司"）首次公开发行股 票并在创业板上市的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所创业板股票上市规则（2025 年修订）》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等有关规定，对华大九天部分 首次公开发行前已发行股份及首次公开发行部分战略配售股份上市流通事项进 行了核查，核查情况及核查意见如下： 一、首次公开发行股票概况 （一）首次公开发行股份情况 经中国证券监督管理委员会《关于同意北京华大九天科技股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]851 号）同意，公司首次公开发行 人民币普通股（A 股）股票 108,588,354 股，于 2022 年 7 月 29 日在深圳证券 交易所创业板上市交易。 首次公开发行前，公司总股本为 434,353,414 股，首次公开发行股票完成 后，公司总股 ...

Core Viewpoint - The article discusses the shift towards "highly customized" chip design driven by advancements in technologies such as AI, large models, intelligent driving, and the Internet of Things, highlighting the challenges and solutions in the context of K library characterization for non-standard cells [1][20]. Group 1: Customization in Chip Design - The traditional model of using standard cells for large-scale chip design is no longer sufficient to meet the increasingly refined and scenario-specific design requirements [1]. - Design teams are increasingly incorporating non-standard/custom cells to achieve better balance among area, power consumption, and performance [1][3]. - The introduction of non-standard cells, such as high-speed CDC modules and pulse latches, allows for targeted system optimization but also raises new challenges in EDA tool modeling capabilities [1][3]. Group 2: K Library Characterization - K library characterization is crucial for ensuring design progress and product reliability, acting as an "invisible engine" in the chip development process [1]. - K library serves as a "genetic map" that provides real physical behavior to standard cells through high-precision simulations, extracting key parameters like timing, power consumption, and noise [2]. - The complexity of non-standard cells necessitates advanced modeling techniques, as any minor deviation can lead to significant timing issues in subsequent designs [5][9]. Group 3: Specific Non-Standard Cells - High-speed CDC units are essential for ensuring safe and reliable data transmission across different clock domains, addressing metastability issues [3]. - Pulse latches utilize narrow pulses for data storage, significantly reducing power consumption, but require precise control of pulse width to avoid data storage errors [5][7]. - Dynamic registers, which store states using capacitors, present challenges in K library extraction due to their sensitivity to noise and the need for regular state updates [9]. Group 4: Liberal's Solutions - The Liberal product from Huada Jiutian offers a comprehensive K library solution, addressing the challenges of custom non-standard cell characterization with high efficiency and precision [2][15]. - Liberal's tools provide accurate simulation incentives and consider various noise factors, ensuring the accuracy of K library models [15][17]. - The introduction of Liberal has significantly improved efficiency and quality in K library extraction for high-performance chip designs, leading to timely delivery and high customer satisfaction [19]. Group 5: Future Outlook - As non-standard designs become more common with advancing process nodes, Liberal aims to continue enhancing K library extraction technology towards greater intelligence, efficiency, and precision [20].

Investment Rating - The investment rating for the computer industry is currently at a low public fund allocation of 2.6%, which is a decrease of 0.6 percentage points from the previous quarter, placing it in the 10th percentile since 2010 [4][6]. Core Insights - The report highlights three main logical frameworks supporting the computer sector: the improvement of domestic supernode solutions, the commercialization of AI applications driven by foundational large models, and continuous innovations in various fields such as stablecoins and 3D printing [4][7][9]. Summary by Sections 1. Fund Allocation and Holdings - In Q2 2025, the computer industry saw a fund allocation of 2.6%, ranking 13th among 30 primary industries, indicating a mid-level position [6]. - The top ten holdings in the computer sector include Huada Jiutian, Kingdee International, and Keda Xunfei, with Meitu replacing UFIDA in the top ten [12][13]. 2. AI and Computing Power - Domestic supernode solutions are gaining traction, with Huawei's CloudMatrix384 demonstrating a significant performance advantage over NVIDIA's H100, achieving 1.7 times the computing power and 3.6 times the memory capacity [7][8]. - The introduction of several foundational large models, such as DeepSeek R1 and Kimi K2, is accelerating the commercialization of AI applications, enhancing the capabilities of domestic AI agents [8][9]. 3. Innovations in Financial Technologies - Stablecoins are moving towards compliance and payment infrastructure development, with projections indicating a potential market size of $2-3.7 trillion within the next 3-5 years, which will stimulate growth across the financial IT and electronic payment sectors [9][10]. - The shift of 3D printing from industrial to consumer-grade products is expected to unlock significant market potential, with entry-level prices dropping to 1499 yuan, thus broadening accessibility [10][11]. 4. Valuation Metrics - As of July 22, 2025, the computer industry has a PE (TTM) of 85.4x, which is at the 93.4 percentile historically, indicating a high valuation relative to past performance [20][22]. - The report notes that the current valuation levels exceed those seen in 2020 and 2023, reflecting optimistic market expectations regarding future profitability [21][22]. 5. Key Investment Targets - The report identifies several key investment targets across various segments, including AI applications (e.g., Kingsoft Office, Dingjie Zhizhi) and digital economy leaders (e.g., Hikvision, Kingdee International) [26].

Core Viewpoint - The article discusses the evolution and current state of the EDA (Electronic Design Automation) industry in China, highlighting the significant progress made by domestic companies like Huada Jiutian, while also acknowledging the ongoing challenges and competition from international giants [2][5][12]. Group 1: Historical Context and Development - In the 1980s, China's EDA development was hindered by foreign technology restrictions, prompting a national effort to create domestic EDA systems, leading to the launch of the first self-developed EDA system, "Panda System," in 1993 [3][4]. - After the dissolution of the Paris Coordinating Committee in 1994, foreign EDA companies entered the Chinese market, which negatively impacted the growth of domestic EDA products [3][4]. - Huada Jiutian was established in 2009, inheriting the technology of the "Panda System" and focusing on EDA tool development, despite facing significant challenges and financial difficulties in its early years [4][5]. Group 2: Current Market Position - By 2019, the importance of domestic EDA became evident as major international EDA providers ceased collaboration with Huawei, marking the beginning of a golden era for domestic EDA companies [5][6]. - Currently, domestic EDA can meet approximately 70% to 80% of local industry needs, up from 30% to 40% in 2019, with Huada Jiutian capturing about 20% of the domestic market [5][6]. - Huada Jiutian has become the only company in China capable of providing a full range of EDA tools for analog circuit design, achieving global advanced levels in circuit simulation tools [6][7]. Group 3: Competitive Landscape and Challenges - The top three international EDA companies—Synopsys, Cadence, and Siemens EDA—hold over 70% of the domestic market, creating a significant competitive challenge for local firms [8][9]. - The reliance on foreign EDA tools is partly due to their early integration into educational institutions, which has led to a workforce that is accustomed to these tools [8][9]. Group 4: Future Directions and Innovations - The future of EDA is expected to be influenced by AI technology, which can enhance automation, optimize computational efficiency, and provide technical support [11][12]. - Huada Jiutian is actively developing a one-stop automated generation platform for analog circuit design, aiming to improve efficiency and automation in EDA tools [11][12]. - The company is focused on talent development, recognizing the need for skilled professionals who can utilize and develop domestic EDA tools, and has established partnerships with over 400 universities to foster this talent [10][9].