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计算机行业周报:大湾区引领、全链条发力:国产化创新生态构建新范式-20251019
HUAXI Securities·2025-10-19 08:29

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The 2025 Bay Area Semiconductor Expo marks a critical transition from "single-point breakthroughs" to "ecological collaboration" in China's semiconductor localization efforts, leveraging the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area to create an ecological closed loop [1][14] - Shenzhen is driving semiconductor localization through a "finance + ecology" dual engine, focusing on capital empowerment, ecological collaboration, and policy support to strengthen the semiconductor industry [2][15] - Domestic software breakthroughs in databases and operating systems are addressing critical bottlenecks, with products like SUNDB and the n-TOS+CTOS system achieving significant milestones in localization [3][6][52][53] Summary by Sections 1. Bay Area Leadership and Full-Chain Efforts - The Bay Area Semiconductor Expo 2025 showcases over 600 semiconductor companies and emphasizes core technology breakthroughs, including the introduction of a 90GHz oscilloscope and EDA software that fills high-end gaps [1][19][20] - The expo facilitates supply-demand connections across the "R&D - mass production" chain, enhancing China's global influence in semiconductor standards [1][27] 2. Shenzhen's Dual-Engine Approach - Shenzhen's semiconductor industry is evolving through a multi-dimensional collaboration model, with a focus on a 5 billion yuan fund targeting weak links in the industry chain [2][15][28] - The "six ones" mechanism integrates resources and forms an industry alliance of over a thousand companies, enhancing collaboration and reducing R&D costs for SMEs [2][15][32] 3. Software Autonomy - The tightening of U.S. software controls has inadvertently created opportunities for domestic software companies, with SUNDB achieving a 98.31% self-research rate and the n-TOS+CTOS system achieving full localization [6][52][53] - These developments signify a shift from pilot replacements to substantial performance improvements in domestic software, ensuring safety and controllability [6][52] 4. Investment Recommendations - Beneficial stocks in the semiconductor sector include Northern Huachuang, Zhongwei Company, SMIC, and Huahong Semiconductor [7][17] - In the chip sector, recommended companies include Cambricon, Haiguang Information, and Longxin Zhongke [7][17] - Storage companies such as Demingli and Kaipu Cloud are also highlighted as potential investment opportunities [7][17]