Join-Cheer(SZ:002279) 券商中国·2025-10-15 03:09Core Viewpoint - The domestic software sector in China is experiencing significant growth driven by policy support, technological breakthroughs, and market penetration, with substantial potential for domestic substitution across various fields [2][6]. Group 1: Market Performance - On October 15, A-shares in the domestic software and software development sectors surged, with companies like Jiuxi Software, Rongji Software, and Geer Software hitting the daily limit [3]. - By 10:30 AM, Pinming Technology saw an increase of over 16%, while other companies such as Haocen Software and Guozhong Quantum also reported significant gains [3]. Group 2: Product Launches - New Kai Lai's subsidiary, Qiyunfang, launched two EDA (Electronic Design Automation) software products with complete independent intellectual property rights at the Bay Area Semiconductor Industry Expo, achieving a 30% improvement in performance compared to industry benchmarks [4][5]. - The software reduces hardware development cycles by 40% and increases the success rate of intelligent assisted design by 30%, enhancing overall efficiency and quality [4]. Group 3: Industry Trends - The domestic software industry is in a golden period characterized by policy-driven growth, technological advancements, and market penetration opportunities, particularly in industrial software, which is crucial for enhancing China's manufacturing autonomy and global competitiveness [6][7]. - The rise of the Xinchuang (信创) industry presents unprecedented opportunities for the development of domestic operating systems, databases, and other foundational software [6]. Group 4: Policy Support - The 2025 Central Economic Work Conference emphasized the issuance of long-term special bonds, focusing on supporting Xinchuang and AI sectors [7]. - New government procurement requirements mandate that terminal devices' CPUs and operating systems must meet security assessments, accelerating the implementation of domestic solutions in various sectors [7]. - The State-owned Assets Supervision and Administration Commission (SASAC) has set a target for state-owned enterprises to achieve 100% domestic substitution by 2027, with key sectors like finance and telecommunications already in the process of replacing core systems [7]. Group 5: Future Outlook - Analysts suggest that the urgency for software domestic substitution is increasing, with a focus on areas such as operating systems, industrial software, databases, and security software [7]. - The upcoming policy deadlines in 2025 and 2027 are expected to drive attention towards the domestic chip and operating system industries, benefiting from the Xinchuang industry's growth [7][8].