博时基金王萌：AI赋能叠加自主可控，看好工业软件投资机会

Core Insights - The industrial software market is experiencing increased demand, driven by AI empowerment and the push for self-sufficiency, indicating promising future growth and investment opportunities [1][2]. Group 1: Industry Overview - The National Index for Industrial Software reflects the price changes of listed companies in the industrial software sector [2]. - Industrial software is categorized into four main types: R&D design, production control, digital management, and embedded software, each serving distinct functions in the industrial process [2]. - The industry is benefiting from multiple favorable factors, including government policies that aim to update approximately 2 million sets of industrial software by 2027, creating clear market growth potential [2][3]. Group 2: Strategic Positioning - The global manufacturing landscape is shifting towards high efficiency, flexibility, and personalized customization, highlighting the strategic importance of industrial software [3]. - Domestic software is currently in a phase of breaking into high-end products, with embedded software showing significant market potential, although it still faces challenges in competing with foreign products [3]. Group 3: Investment Opportunities - Three core investment logics are identified: the steady advancement of self-sufficiency in industrial software, the significant replacement potential for imported software, and the ongoing R&D and acquisition efforts by manufacturers to enhance product capabilities [4]. - AI is seen as a transformative force for domestic industrial software, potentially enabling leapfrog development and creating significant valuation premiums in the industry [4][5]. Group 4: Market Characteristics - The National Industrial Software Index primarily consists of small and mid-cap stocks, with over 70% of the total market capitalization being below 50 billion yuan [6]. - The index's largest sector is computers, with substantial representation from manufacturing industries such as machinery, electrical equipment, and communications [6]. - The index aligns well with the technology growth characteristics of the Sci-Tech Innovation Board and the Growth Enterprise Market, indicating strong investment value due to high and steadily increasing R&D investments [6].