2 1 Shi Ji Jing Ji Bao Dao·2025-10-13 12:44Core Viewpoint - The recent announcement by the Ministry of Commerce, which utilized the WPS format for the first time, is interpreted as a signal for accelerated domestic software replacement, leading to a strong performance in the A-share domestic software sector [1][3][6]. Market Performance - On October 13, the overall A-share market showed volatility, while the domestic software sector surged, with stocks like Yingjian Technology and China Software hitting the daily limit, and several others, including Rongji Software and Chengmai Technology, rising over 8% [1][4]. - The software ETF (159852) increased by 1.07% on the same day, with a high turnover rate of 18.36% and a transaction amount of 1 billion yuan, reflecting growing market enthusiasm for the software sector [3]. Sector Analysis - The software sector's rise exhibited significant structural characteristics, with different segments performing distinctly. China Software, a core operating system provider, closed at the daily limit, boosting the domestic operating system supply chain [4]. - In the office software segment, Kingsoft Office saw an 8.32% increase, ranking as the second-highest gainer among the top ten weighted stocks in the CSI Software Service Index [4]. - Other segments like industrial software and cybersecurity also showed positive performance, with companies like Haocen Software and Zhongfu Information recording gains [4]. Fundamental Support - The software and information technology service industry has shown a positive operational trend, with software business revenue reaching 96,409 billion yuan, a year-on-year increase of 12.6%, and total profits growing by 13.0% [8]. - The Ministry of Industry and Information Technology reported that software business exports reached 404.4 billion USD, reflecting a 6.4% year-on-year growth [8]. Strategic Implications - The use of WPS format in official documents is seen as a significant endorsement for domestic office software, indicating a shift towards self-sufficiency and technological breakthroughs in the industry [6][7]. - The domestic software industry is experiencing a historical transition from "usable" to "user-friendly," with local vendors becoming competitive against international giants in terms of capability and cost [9]. Future Outlook - The policy environment is favorable for the development of domestic software, with increasing demand for self-sufficiency and security driving growth in industrial software and computing power sectors [12]. - The upcoming bidding opportunities in the domestic software market are expected to accelerate development, particularly in light of potential increased technology sanctions from the U.S. [12].