信创产业投资框架：“大信创”全面铺开，把握新一轮发展机遇

Core Viewpoints - The development of the "Big Xinchuang" (信创) industry is an inevitable trend, with a trillion-dollar market opportunity as the industry transitions from government-led "Small Xinchuang" to a broader industry-level "Big Xinchuang" [1] - The domestic substitution rate for foundational software and hardware remains low, with significant room for improvement in areas such as CPUs, operating systems, databases, and middleware [1] - The Xinchuang market is expected to reach 4.23 trillion yuan by 2027, driven by both policy and market forces [1] Investment Recommendations - Key areas to focus on include operating systems (e.g., China Software, Chenmai Tech), databases (e.g., Dameng Data, Taiji), middleware (e.g., TongTech, Zhongchuang), and chips (e.g., Yuntian Lifei) [2] - Other sectors with potential include ERP (e.g., Yonyou, Kingdee), office software (e.g., Kingsoft Office, Foxit), industrial software (e.g., ZWSOFT, Huada Jiutian), and financial IT (e.g., Hundsun, Vertex) [2] Xinchuang Market Development - Xinchuang covers a wide range of computer fields, including foundational hardware, middleware, and application software, with both direct and indirect beneficiaries [3] - The industry has evolved from localized upgrades to full-scale promotion, with significant milestones such as the 79th document from SASAC in 2022, which mandates 100% Xinchuang substitution for state-owned enterprises by 2027 [6][7] Policy Support - National and local governments have issued numerous policies to support Xinchuang, with a focus on accelerating the adoption of domestic technologies in key sectors such as finance, telecommunications, and energy [8][9][10] - Local governments have also introduced specific incentives, including subsidies for R&D, production, and talent recruitment, to boost the Xinchuang industry [9][10] Industry Expansion - The Xinchuang industry is transitioning from government-led initiatives to broader industry adoption, with sectors like finance, telecommunications, and power leading the way [12] - The market is expected to grow rapidly, with the overall Xinchuang market size projected to exceed 1 trillion yuan in 2023 and reach 4.23 trillion yuan by 2027 [16] Foundational Software and Hardware - The domestic substitution rate for foundational software and hardware remains low, with CPUs, storage devices, and operating systems having substitution rates below 10% [19] - The domestic operating system market is expected to grow significantly, with the market size projected to reach 8.48 billion yuan by 2028 [23] Operating Systems - Domestic operating systems are transitioning from "usable" to "user-friendly," with significant progress in areas like compatibility and ecosystem development [26] - Key players in the domestic operating system market include Kirin Software, UnionTech, and Huawei, with HarmonyOS showing rapid growth in the mobile OS market [21][22] Databases - The domestic database market is growing rapidly, with the market size expected to reach 1.29 trillion yuan by 2027, driven by new technologies like cloud-native and AI-native databases [36][38] - Domestic database vendors are gaining market share, with companies like Dameng Data, Huawei, and Alibaba leading the way [39] Middleware - The domestic middleware market is expected to reach 14.42 billion yuan by 2026, with domestic vendors like TongTech and Zhongchuang gaining market share [46][47] - Key trends in the middleware industry include the integration of middleware with PaaS platforms and the increasing adoption of open-source solutions [52][53] Chips - The domestic CPU market is dominated by Intel and AMD, but domestic players like Loongson, Huawei, and Phytium are making progress, with significant growth potential [58][59] - In the GPU market, Nvidia dominates, but domestic players like Jingjia Micro and Biren Tech are emerging, though the industry is still in its early stages [61][63]