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 Viewpoint - The industrial software market is experiencing increased demand, driven by AI empowerment and the push for self-sufficiency, indicating promising future development and rich investment opportunities [1]. 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 software, production control software, digital management software, and embedded software, each serving distinct functions in the industrial process [2]. - The industry is benefiting from multiple favorable factors, including government policies aiming to update approximately 2 million sets of industrial software by 2027, strong internal demand for refined management, and technological innovation driving the sector [2]. Group 2: Strategic Importance - Changes in the external environment are elevating the strategic importance of industrial software, as global manufacturing shifts towards high efficiency, flexibility, and customization [3]. - Domestic software is currently in a phase of breaking into high-end products, with embedded software showing potential advantages, 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 mergers and acquisitions driving product enhancement [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]. Group 4: AI Impact - AI models, such as DeepSeek, are accelerating industry development and lowering application barriers, facilitating rapid penetration of AI into industrial software [5]. - Companies are developing multi-layered AI product service systems, offering various AI models and tools, which present diverse investment opportunities [5]. Group 5: Market Characteristics - The National Industrial Software Index primarily consists of small and mid-cap stocks, with over 70% of stocks having a total market value below 50 billion [5]. - The index's largest sector is computers, while also covering machinery, power equipment, and communications, aligning with the technology growth characteristics of the sector [5].