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 ...

Summary of China Software Industry Conference Call Industry Overview - The China software industry experienced a revenue growth of **15.1% YoY** in September 2025, maintaining the same growth rate as August 2025, with a **12% MoM** increase [1][10] - Cumulative revenues for the first nine months of 2025 (9M25) grew by **13% YoY**, compared to **10.8% YoY** in 9M24 [1][19] - The software industry is showing signs of recovery in IT spending, particularly in AI software and productivity tools [1][10] Key Financial Metrics - The net margin for the software industry dropped to **7.9%** in September 2025 from **17.4%** in August 2025, leading to a 9M25 net margin of **12.9%** [19][26] - The total revenue for the software industry in September was approximately **Rmb 1.5 trillion (US$204 billion)** [19] - The revenue from non-China markets decreased to **2.7%** of total revenue, down from **3.5%** in August 2025 [19] Segment Performance - IT services accounted for **69%** of total revenues in 9M25, followed by software products at **21%** and embedded system software at **8%** [19][29] - Specific segments such as semi design, cloud computing, and big data showed strong performance in September [2] AI Product Momentum - The monthly active users (MAU) of major AI productivity tools and AI video/image editing tools outperformed expectations in October 2025 [2][7] - Companies like **Kingsoft Office** and **Sensetime** are highlighted as strong performers in their respective segments [3] Market Sentiment and Outlook - The Small and Medium Business (SMB) Purchasing Managers' Index (PMI) decreased to **47.1** in October 2025 from **48.2** in September, indicating a cautious spending environment [10][12] - Despite the decrease in PMI, there is an expectation of improved IT spending in the fourth quarter of 2025, particularly on AI and productivity-enhancing technologies [10] Notable Company Performances - **Kingsoft Office** reported a **25% YoY** revenue increase in 3Q25, while **Thundersoft** saw a **43% YoY** increase [9] - **Hundsun** experienced a **21% YoY** decline in revenue for 3Q25, indicating challenges in the finance IT segment [9] Additional Insights - The software industry is facing near-term margin pressures but is expected to improve with enhanced employee efficiency [12][13] - The overall sentiment in the market reflects a prioritization of spending on core business operations and innovative AI solutions due to external uncertainties [2][10] This summary encapsulates the key points discussed in the conference call regarding the China software industry, highlighting growth metrics, segment performance, and market outlook.

Core Insights - The semiconductor and integrated circuit industry is focusing on collaborative innovation across the entire supply chain to enhance self-innovation capabilities and core competitiveness in the global technology competition [1][7][8] - Shenzhen is positioning itself as a leader in the semiconductor market, leveraging its complete electronic information ecosystem and AI industry foundation to drive chip innovation and industrial upgrades [1][9][10] Industry Overview - The rise of the semiconductor industry is characterized by collaborative innovation across key areas such as design, manufacturing, materials, and equipment, as showcased at the recent high-tech fair [2] - The EDA (Electronic Design Automation) tools market, valued at over $10 billion, is crucial for the semiconductor manufacturing industry, which is worth hundreds of billions [2] - Domestic EDA market share is currently below 3%, dominated by international giants like Synopsys, Cadence, and Siemens EDA [2][3] Company Developments - Huada Jiutian has become the fourth largest EDA tool provider in China, with a comprehensive product line covering 80% of mainstream EDA design tools and achieving over 50% of the domestic EDA market [3] - The company has developed a full-custom design platform for EDA tools, with around 70 commercialized products [2][3] AI and Material Innovation - AI is being utilized to enhance advanced packaging materials, with efforts to create a closed-loop AI-driven platform for material design and testing [5] - The automotive sector presents significant opportunities for domestic chips, but also imposes high entry barriers due to stringent performance requirements [5][6] Market Trends - The domestic integrated circuit industry is entering a critical phase of breakthroughs and harvests, with strong performance in domestic equipment and materials [7][8] - The semiconductor industry is experiencing a shift in global competition dynamics, driven by advancements in AI technology [8][9] Future Projections - Shenzhen's semiconductor and integrated circuit industry is projected to reach a scale of 256.4 billion yuan in 2024, reflecting a year-on-year growth of 26.8% [10] - Continued rapid growth is expected in the first half of 2025, with an anticipated scale of 142.4 billion yuan, marking a 16.9% increase year-on-year [10]

证券代码：301269 证券简称：华大九天 公告编号：2025-060 北京华大九天科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 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"）于 2024 年 11 月 12 日召开了第二届董事会第九次会议及第二届监事会第九次会议，审议通过了《关 于使用部分闲置募集资金进行现金管理的议案》，同意公司及全资子公司在保证 募集资金投资项目正常进行和保证募集资金安全的前提下，使用最高额度不超过 人民币 12 亿元闲置募集资金（含超募资金）适时购买安全性高的保本型产品， 授权期限自董事会审议通过之日起 12 个月。在前述额度及期限内，资金可以循 环滚动使用。公司董事会授权公司董事长负责办理使用闲置募集资金购买理财产 品的相关事宜，具体事项由公司财务部负责组织实施。公司监事会、保荐机构均 发表了明确同意的意见。具体内容详见公司 2024 年 11 月 12 日刊登于巨潮资讯 网（http://www.cninfo.com.cn）上的《关于使用部分闲置募集资金进行现 ...

Core Viewpoint - Huada Jiutian's net profit for Q1-Q3 2025 is 9.06 million yuan, a year-on-year decrease of 84.52%, with Q3 net profit at 5.99 million yuan, down 71.02% year-on-year but up 190.16% quarter-on-quarter [1] Group 1: Financial Performance - The company has experienced a significant decline in net profit, with a year-on-year drop of 84.52% for the first three quarters of 2025 [1] - Q3 net profit shows a year-on-year decrease of 71.02%, but a substantial quarter-on-quarter increase of 190.16% [1] Group 2: Market Position and Strategy - The company is positioned as a leader in the EDA (Electronic Design Automation) industry, with nearly full-process coverage [1] - Since 2019, U.S. restrictions on EDA exports to China have increased industry uncertainty, prompting domestic companies to accelerate independent research and development [1] - The domestic EDA market is experiencing rapid growth due to these developments [1] Group 3: Product Development and Innovation - The company has launched 47 full-process tool systems, covering 80% of the entire process, leading among domestic competitors [1] - Focus on high-repetition processes has led to localized intelligence, ensuring data security through local deployment [1] - AI technology has significantly improved design efficiency, aiding in automatic code generation, shortening library building cycles, and optimizing PPAC (Power, Performance, Area, Cost) [1] Group 4: Future Outlook - The company has achieved strong revenue growth and significant profit improvement [1] - Compared to global giants, the company's market value still has considerable growth potential, maintaining a "buy" rating [1]