政府采购将采用本国产品标准，国产替代趋势有望进一步加强

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7] Core Insights - The State Council issued a notice on September 30, 2023, regarding the implementation of domestic product standards in government procurement, effective from January 1, 2026. This aims to create a unified and competitive government procurement market, enhancing fairness and transparency in procurement policies, and is expected to accelerate the domestic substitution trend in key industries [2][5] - The notice provides a 20% price evaluation advantage for domestic products in government procurement, which may significantly alter the current market competition landscape. For instance, if a domestic product quotes 100,000 yuan, it will be evaluated at 80,000 yuan, giving it a competitive edge over foreign products [11] - A transition period of 3-5 years is established to gradually implement the domestic product standards, allowing companies to initially meet domestic production requirements before increasing the domestic component cost ratio [11] - The notice emphasizes that key components and processes must be completed domestically for certain products, ensuring that core manufacturing remains within the country and promoting self-sufficiency in the supply chain [11] - The introduction of domestic product standards is expected to enhance the domestic substitution trend, particularly benefiting the domestic chip industry, domestic operating systems, and the Huawei supply chain [2][11] Summary by Sections - Government Procurement Policy: The new policy aims to create a fair and transparent procurement system, enhancing the participation of various business entities [2][5] - Price Evaluation Advantage: Domestic products will receive a 20% price evaluation advantage, significantly impacting market competition [11] - Transition Period: A 3-5 year transition period will allow gradual implementation of domestic standards, facilitating the domestic production process [11] - Key Manufacturing Requirements: Specific products must have key components produced domestically, ensuring core manufacturing is retained within the country [11] - Investment Focus Areas: The report suggests focusing on industries benefiting from domestic substitution, particularly in the chip and operating system sectors [2][11]