信创引领自主可控与国产替代大时代

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The geopolitical game has accelerated the independent innovation of China's Xinchuang industry, which is crucial for achieving self - controllability in the information technology field [10]. - Since 2023, the Xinchuang replacement has advanced steadily, and the issuance of special national bonds in 2024 is expected to further boost the industry's growth rate [2]. - The Xinchuang industry trend has driven the high - speed growth of relevant companies' performance, such as Hygon Information and Dameng Data [2]. - The CSI Xinchuang Index has investment value, with good performance, high industry concentration, and potential for future development [3]. - The Xinchuang ETF and its linked funds are good investment vehicles for tracking the CSI Xinchuang Index [4]. 3. Summary by Directory 3.1 Xinchuang Leads the Major Trend of Self - Controllability and Domestic Substitution 3.1.1 Geopolitical Game Brings Core Demands for Xinchuang - Xinchuang is a technological innovation in infrastructure based on domestic chips and operating systems, covering four major categories: basic hardware, basic software, application software, and information security, ensuring the self - controllability of the information technology system [10]. - International events such as the Microsoft "Black Screen" incident, the US "Prism Gate" incident, and sanctions on Chinese enterprises have accelerated the independent innovation of China's Xinchuang industry [10]. - The development of China's Xinchuang industry has gone through several stages, from budding to large - scale promotion and in - depth implementation [13]. 3.1.2 Complete System, Xinchuang Sector Covers Hardware, Basic Software, and Application Layers - The Xinchuang industry's ecological system consists of four parts, with a full - stack layout ensuring self - controllability [16]. - The upstream and downstream of the Xinchuang hardware industry chain are closely related, giving rise to major factions such as the Chinese Academy of Sciences, China Electronics, and Huawei [19]. 3.1.3 Since 2023, Policy Intensity Has Increased, and National Debt Funds Have Cooperated to Accelerate the Growth of the Trillion - Dollar Xinchuang Market - Since 2023, the Xinchuang replacement has advanced according to the "2 + 8+N" rhythm, with the financial Xinchuang replacement progressing the fastest [26]. - Policies in 2024 focus on strengthening the resilience of the industrial chain and supply chain and improving information security levels [30]. - The issuance of special national bonds is expected to provide sufficient demand support for the Xinchuang industry, and the Xinchuang market is expected to continue to expand [30]. 3.1.4 Xinchuang Promotes the High - Speed Development of Relevant Companies' Performance - Hygon Information has developed a high - security, high - performance, and highly - compatible C86 architecture system. Its products are widely used, and the company has achieved high - speed growth in revenue and profit [39][42]. - Dameng Data has become a leading domestic substitute for centralized databases. It has built a full - stack data solution ecosystem and has also seen continuous growth in revenue and profit [44][45]. 3.2 Investment Value Analysis of the CSI Xinchuang Index 3.2.1 Introduction - The CSI Xinchuang Index selects no more than 50 listed company securities involved in Xinchuang - related fields as samples to reflect the overall performance of Xinchuang industry listed company securities, with semi - annual sample adjustments [50]. 3.2.2 Market Value Distribution and Liquidity - As of June 5, 2025, the market value distribution of the CSI Xinchuang Index components is diverse, and the index has good liquidity [53][56]. 3.2.3 Industry Distribution - As of June 5, 2025, the CSI Xinchuang Index is highly concentrated in the computer and electronics industries at the Shenwan primary level, and mainly concentrated in vertical application software, horizontal general software, and other computer equipment industries at the Shenwan tertiary level [58]. 3.2.4 Top Ten Weighted Stocks - The top ten weighted stocks of the CSI Xinchuang Index have a moderate weight concentration, mainly covering the electronics and computer industries, and have a good profitability level [60]. 3.2.5 Development Potential - The CSI Xinchuang Index is expected to have high growth rates in operating income and net profit attributable to the parent in the next few years, indicating good profitability and development potential [61]. 3.2.6 Performance - From January 1, 2019, to June 5, 2025, the CSI Xinchuang Index has a total return of 34.61%, an annualized return of 4.22%, and its performance is better than that of the SSE 50, CSI 500, and CSI 1000 [3]. 3.3 Fund Products - The Huaxia CSI Information Technology Application Innovation Industry ETF (Xinchuang ETF) was listed on April 30, 2024, tracking the CSI Xinchuang Index. It is the largest and most liquid ETF product tracking this index in the market, with two linked funds [4][70].