Core Viewpoint - The EDA (Electronic Design Automation) concept stocks experienced a significant surge in opening prices, indicating strong market interest and potential growth in this sector [1] Group 1: Stock Performance - The stock of Shentong Metro reached its daily limit up during the bidding process [1] - Companies such as Gelun Electronics, Huada Jiutian, and Guangliwei saw their stock prices increase by over 10% [1] - Other companies like Anlu Technology and Taiji Co. also experienced upward movement in their stock prices [1]

Group 1 - The company maintains a strong domestic leadership position in the EDA industry and plans to fully acquire Chip and Semiconductor to complete its EDA product matrix, supported by the change of actual controller to China Electronics Group, which is expected to enhance the company's long-term development momentum [1][4] - The company is projected to achieve revenues of 15.98 billion, 21.37 billion, and 27.55 billion yuan for the years 2025-2027, with EPS of 0.43, 0.57, and 0.72 yuan respectively, reflecting an upward adjustment in target price to 147.19 yuan based on a 50x PS valuation for 2025 [2] - In 2024, the company reported a revenue of 12.22 billion yuan, a year-on-year increase of 20.98%, while net profit attributable to shareholders decreased by 45.46% to 1.09 billion yuan due to increased share-based payment expenses and rising personnel costs [3] Group 2 - The company has nearly 700 global clients, maintaining the top market share among domestic EDA firms, and has achieved comprehensive coverage of the analog circuit design process, supporting advanced processes such as 5nm, 14nm, and 28nm [4] - The actual controller change to China Electronics Group is expected to facilitate breakthroughs in the industry, accelerating the domestic substitution of EDA tools, with new product launches such as the GPU-based Liberal-GT tool and the Vision platform for process diagnosis [3][4]

Group 1 - The core viewpoint of the news is the recent performance and developments in the digital economy sector, particularly focusing on the 中证数字经济主题指数 and its related ETF [1][2] - As of May 26, 2025, the 中证数字经济主题指数 has decreased by 0.85%, with mixed performance among its constituent stocks [1] - The digital economy ETF (560800) has seen a slight increase of 0.67%, with a latest price of 0.75 yuan and a trading volume of 943.58 million yuan [1] Group 2 - The recent release of the 《国家网络身份认证公共服务管理办法》 is expected to accelerate the application of digital identity services, benefiting markets related to online platforms, identity verification devices, and digital identity encryption [2] - The top ten weighted stocks in the 中证数字经济主题指数 as of April 30, 2025, account for 51.5% of the index, with 东方财富, 中芯国际, and 汇川技术 being the top three [2][4] - The digital economy ETF has reached a new high of 10.08 billion shares, ranking in the top half among comparable funds [1]

证券代码：301269 证券简称：华大九天 公告编号：2025-026 2024 年年度权益分派实施公告 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。 北京华大九天科技股份有限公司（以下简称"公司"）2024 年年度权益分 派方案已获公司于 2025 年 5 月 20 日召开的 2024 年度股东大会审议通过，现将 权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司 2024 年年度权益分派方案为：以 2024 年 12 月 31 日公司总股本 542,941,768 股为基数，向全体股东每 10 股派发现金 1.50 元（含税），合计派 发现金股利 81,441,265.20 元。本年度不送股，不进行资本公积转增股本。实施 上述分配后，公司剩余可供分配利润结转到以后年度分配。若在公司利润分配方 案实施前公司的股本发生变动的，公司将按照"现金分红总额固定不变"的原则 对分配比例进行调整。 2、自分配方案披露至实施期间公司总股本未发生变化。 3、本次实施的分配方案与公司 2024 年度股东大会审议通过的分配方案及其 调整原则一致。 北京华大 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price raised to RMB 147.19 [1][11]. Core Insights - The company is expected to solidify its leading position in the domestic EDA market, planning a full acquisition of Chip and Semiconductor to enhance its EDA product matrix. The change in control to China Electronics Group is anticipated to provide substantial industry resources, supporting long-term growth [1][12][14]. - Revenue projections for 2025-2027 are RMB 15.98 billion, RMB 21.37 billion, and RMB 27.55 billion, respectively, with EPS estimates of RMB 0.43, RMB 0.57, and RMB 0.72 [11][12]. - The company achieved a revenue of RMB 1.22 billion in 2024, a year-on-year increase of 20.98%, while net profit attributable to shareholders was RMB 109 million, down 45.46% due to increased share-based payment expenses and higher personnel costs [12][14]. Financial Summary - **Revenue**: - 2023A: RMB 1,010 million - 2024A: RMB 1,222 million (26.6% YoY) - 2025E: RMB 1,598 million (30.8% YoY) - 2026E: RMB 2,137 million (33.7% YoY) - 2027E: RMB 2,755 million (28.9% YoY) [3][8] - **Net Profit (Attributable to Shareholders)**: - 2023A: RMB 201 million - 2024A: RMB 109 million (-45.5% YoY) - 2025E: RMB 232 million (111.7% YoY) - 2026E: RMB 308 million (33.1% YoY) - 2027E: RMB 391 million (26.7% YoY) [3][8] - **EPS**: - 2023A: RMB 0.37 - 2024A: RMB 0.20 - 2025E: RMB 0.43 - 2026E: RMB 0.57 - 2027E: RMB 0.72 [3][8] - **R&D Investment**: - 2024 R&D investment grew by 26.77%, accounting for 71.02% of revenue [12][14]. Market Position - The company maintains a top market share among local EDA firms, with nearly 700 global clients and a strong demonstration effect in the industry. It has achieved coverage of the full analog circuit design process and supports advanced nodes like 5nm, 14nm, and 28nm [12][14].

金融界5月23日消息，上证指数低开低走，中证万得重组主题指数 (CSWD重组，930640)下跌1.17%，报 1567.53点，成交额404.53亿元。 数据统计显示，中证万得重组主题指数近一个月上涨3.77%，近三个月下跌4.89%，年至今下跌5.54%。 从中证万得重组主题指数持仓的市场板块来看，深圳证券交易所占比57.05%、上海证券交易所占比 42.66%、北京证券交易所占比0.29%。 从中证万得重组主题指数持仓样本的行业来看，信息技术占比30.18%、工业占比28.50%、可选消费占 比9.86%、金融占比7.69%、原材料占比7.41%、通信服务占比6.02%、主要消费占比3.31%、房地产占比 2.36%、医药卫生占比2.18%、公用事业占比1.98%、能源占比0.50%。 资料显示，指数样本每月调整一次，样本调整实施时间为每月第一个交易日。权重因子随样本定期调整 而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期调整日前，权重因子一般固定不 变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、 合并、分拆等情形的处理，参照计算与维护细则处理。 ...

Core Insights - The 2025 Global Investor Conference held in Shenzhen focused on "New Quality Productivity: Investment Opportunities in China - Open Innovation in the Shenzhen Market" [1] - Niu Junling, a partner at Yuanhe Puhua Fund, discussed the trends and changes in China's semiconductor industry, highlighting the impact of AI on revenue growth in integrated circuits [1] - The semiconductor industry in China has made significant advancements, with many segments transitioning from domestic substitution to intense competition, leading to mergers and innovations [2] Investment Strategy - Yuanhe Puhua's investment strategy is evolving, focusing on hard technology and original innovation, shifting from a "spindle-shaped" to a "dumbbell-shaped" investment model [4] - The firm is concentrating on minority equity investments in areas like semiconductor equipment, materials, and EDA/IP, as well as mergers and acquisitions to strengthen domestic leading enterprises [4][5] - The focus on mergers includes helping traditional companies transform and develop new growth avenues through acquiring hard technology assets [5] AI Impact on Semiconductor Industry - AI technology is enhancing semiconductor design by automating repetitive tasks, allowing developers to focus on more valuable work [5] - In manufacturing, AI is improving production intelligence and defect detection, significantly increasing efficiency and accuracy [5]

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 2024年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：华大九天 | | --- | --- | | 保荐代表人姓名：罗峰 | 联系电话：010-60837549 | | 保荐代表人姓名：何洋 | 联系电话：021-20262372 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | | | | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | | 是，根据《北京华大九天科技股份有限公司 | | （2）公司是否有效执行相关规章制度 | 2024年度内部控制评价报告》、《北京华大九 | | | 天科技股份有限公司内控审计报告》，发行人 | | | 有效执行了相关规章制度 | ...

证券代码：301269 证券简称：华大九天 公告编号：2025-025 北京华大九天科技股份有限公司 2024 年度股东大会决议公告 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、本次年度股东大会不存在否决议案的情形。 2、本次年度股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、召开时间： （1）现场会议时间：2025 年 5 月 20 日下午 2:30 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 20 日 9:15—9:25，9:30—11:30 和 13:00—15:00； 4、会议召集人：公司董事会 5、现场会议主持人：公司董事长刘伟平先生 6、会议的召集、召开与表决程序符合《公司法》、《上市公司股东大会规 则》及《公司章程》等法律、法规及规范性文件的规定。 二、会议出席情况 1、股东出席情况 出席本次现场股东大会的股东及股东代理人共 6 人，代表股份为 95,720,518 股，占公司有表决权股份总数的 17.6300%。 1 通过网络投票出席会议的股东 169 人， ...

致：北京华大九天科技股份有限公司 北京市金杜律师事务所（以下简称本所）接受北京华大九天科技股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以 下简称中国证监会）《上市公司股东会规则（2025 修订）》（以下简称《股东会规 则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不 包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法 律、行政法规、规章、规范性文件和现行有效的《北京华大九天科技股份有限公 司章程》（以下简称《公司章程》）有关规定，指派律师出席了公司于 2025 年 5 月 20 日召开的 2024 年度股东大会（以下简称本次股东大会），并就本次股东大 会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2022 年第二次临时股东大会审议通过的《公司章程》； 2. 公司 2025 年 4 月 28 日刊登于巨潮资讯网及深圳证券交易所网站的《北 京华大九天科技股份有限公司第二届董事会第十四次会议 ...