Group 1 - The Trump administration's decision to significantly reduce tariffs on certain Chinese goods is portrayed as a cooperative gesture, but it is primarily a response to inflation, supply chain issues, and electoral pressures [1][3] - The reduction in tariffs specifically targets products that are critical to the U.S. supply chain, such as fentanyl raw materials, circuit components, and battery components, indicating a tactical compromise rather than a strategic shift [3][5] - The U.S. inflation rate reached a 2008 high, with the Consumer Price Index (CPI) rising 4.8% year-on-year and core CPI at 6.8%, leading to increased financial burdens on American households [5] Group 2 - The U.S. has faced challenges in its manufacturing return efforts, with companies like Apple and Intel experiencing setbacks, while China has diversified its trade through initiatives like the Belt and Road and RCEP, increasing exports to ASEAN and Africa [7][14] - A significant percentage of U.S. small businesses are at risk of bankruptcy due to tariffs, prompting pressure from retail associations on the White House to adjust policies [7][14] - China has strategically managed its response to U.S. tariff adjustments, leveraging its dominance in rare earth exports and agricultural procurement to exert pressure on U.S. industries [11][14] Group 3 - The resilience of China's supply chain has become a competitive advantage, with companies like Tesla and Nvidia seeking exemptions from U.S. restrictions, highlighting the unintended consequences of U.S. policies [12][14] - China's approach to negotiations emphasizes the removal of all sanctions as a prerequisite, while simultaneously expanding its domestic market and regional supply chains [14][16] - The U.S. is shifting towards a more targeted approach in trade policy, forming alliances with countries like Japan and South Korea to create a semiconductor "small circle" [15][16]

Group 1 - The U.S. has made a significant concession by actively lowering tariffs on certain Chinese goods, indicating a shift in strategy amid rising domestic pressures such as inflation and the upcoming election year [3][4][28] - The reduction in tariffs is seen as a response to the negative impact of high tariffs on the U.S. economy, including increased costs for manufacturers and rising unemployment among the middle class [7][17] - The U.S. is using this tariff adjustment as a negotiation tool to seek concessions from China in various sectors, including rare earths and agricultural products [17][19] Group 2 - The products for which tariffs have been lowered are primarily intermediate materials that the U.S. heavily relies on, highlighting the interdependence between the two economies [21][34] - China's response to the tariff reduction has been measured, indicating confidence in its position and a willingness to engage in negotiations without feeling pressured [12][25] - The current situation reflects a broader trend of the U.S. attempting to recalibrate its approach to China, moving from a confrontational stance to one that seeks cooperation while still imposing limits [41][43] Group 3 - The ongoing trade dynamics suggest that the U.S. is recognizing the limitations of its previous strategies, as attempts to decouple from China have not yielded the desired results [30][32] - China's advancements in technology and manufacturing capabilities position it favorably in the global supply chain, making it difficult for the U.S. to isolate it economically [46][48] - The evolving relationship between the U.S. and China is likely to continue influencing global trade structures, with both countries seeking to assert their influence while navigating complex interdependencies [38][40]

Core Insights - The article highlights significant capital movements in the thermal management and semiconductor materials sectors, indicating a growing demand driven by the explosion of computing power and new energy industries [1][10]. Group 1: Strong Technology's Investment - Strong Technology announced a cash acquisition of 35% equity in Aluminum Treasure Technology for 70 million yuan, with 40 million yuan allocated for capital increase and 30 million yuan for equity transfer [2]. - The acquisition targets the core segment of AI server cooling, with 40% of Aluminum Treasure's revenue derived from cooling modules specifically for AI servers, serving major clients like NVIDIA and Google [2][4]. - Strong Technology's revenue for the first three quarters of 2025 reached 1.372 billion yuan, a year-on-year increase of 74.72%, with cooling products becoming a significant growth driver [4]. Group 2: Yubang New Materials' Diversification - Yubang New Materials announced an investment of 4.16 million yuan to acquire 40% equity in Shanghai Yubang Fengjun, entering the thermal management sector [5]. - The new company will provide temperature control solutions across various scenarios, including data centers and energy storage, differentiating itself from Strong Technology's hardware focus [5][7]. - The demand for thermal management in the new energy vehicle sector is growing at 15% annually, with data centers requiring up to 50 kW of cooling per cabinet [7]. Group 3: Taoxin Technology's Financing - Anhui Taoxin Technology completed a multi-million yuan Pre-A round of financing led by Xin'anjiang Capital, focusing on copper-clad ceramic substrates for power semiconductors [9]. - The company aims to replace foreign competitors in the high-end copper-clad ceramic substrate market, with a projected sales revenue of 40 million yuan by 2025, doubling from 2024 [9]. - The financing will primarily support the development of silicon nitride substrates to meet the 800 million yuan market demand for third-generation semiconductors [9]. Group 4: Industry Trends and Future Outlook - The activities of these three companies reflect structural opportunities in the thermal management industry, driven by the increasing demand for high thermal conductivity and reliability in materials due to the growth of new energy vehicles and AI data centers [10]. - The thermal management market is expected to maintain a growth rate of over 12% annually in the next three years, with companies possessing technological barriers becoming the focus of capital investment [10].

Core Viewpoint - The A-share market experienced a narrow fluctuation with the Shanghai Composite Index falling below 4000 points, indicating a clear money-losing effect among investors, as 3162 stocks declined while the trading volume remained above 2 trillion yuan [1][2][10]. Market Performance - The Shanghai Composite Index closed down 0.25% at 3997.56 points, while the ChiNext Index fell by 0.51%. The trading volume slightly decreased to 2.02 trillion yuan from 2.08 trillion yuan the previous day [2][10]. - A total of 2101 stocks rose, with 63 hitting the daily limit, while 3162 stocks fell, with 8 hitting the lower limit [8][9]. Sector Performance - Basic chemical stocks surged, with the sector rising by 2.39%, and 18 stocks hitting the daily limit. Notable performers included Dongyue Silicon Material and Zhuoyue New Energy, both achieving significant gains [5][6][7]. - Defensive sectors such as basic chemicals, construction materials, and electric power equipment led the gains, while technology sectors like computers, electronics, and home appliances saw declines exceeding 1% [4][5][6][8]. Investment Strategy - Investors are advised to adopt a "barbell strategy," balancing defensive positions in pharmaceuticals and new consumption with offensive positions in technology sectors like AI and semiconductors. Caution is recommended due to increased volatility in the tech sector [1][10][14]. - The market is witnessing a shift of funds from high-performing tech stocks to lower-valued cyclical stocks, reflecting a cautious and opportunistic approach among investors [10][14].

Report Information - Report Title: Financial Futures Weekly Report [1] - Date: November 7, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report. Core Viewpoints - For the stock index, in the long - term, the upward trend remains unchanged due to the easing external environment and new policy expectations from the 15th Five - Year Plan. In the short - term, the index may oscillate around the key pressure level of 4000 points on the Shanghai Composite Index. A dumbbell strategy with balanced allocation of CSI 300 and CSI 500 is recommended [13]. - For treasury bonds, the negative factors in the bond market have basically been released, and November is a stage of accumulating positive factors. Although there are some uncertain disturbances, the overall bond market environment has improved. It is recommended to seize allocation opportunities when there is market over - adjustment [87]. - For shipping indexes, although the actual demand may not support large price increases, the freight rate is likely to form an upward trend, and the bottom may have been reached. It is recommended to maintain the idea of buying on dips for the December contract [108]. Summary by Section Stock Index Market Review - The A - share market has shown a pattern of "short - term correction followed by strong performance, and rebound after a sharp decline due to external shocks" since the beginning of the year. From November 3 - 7, the A - share market rose with reduced volume. The Wind All - A index rose 0.62%, and large - cap blue - chip stocks performed better. Futures were weaker than the spot index [7][8]. - Looking ahead, concerns about liquidity in the US market and high expectations for Sino - US tariff negotiations have led to a weakening market after the positive news was released. Domestically, the economic fundamentals in September faced more pressure, and the export data in October showed a downward trend. Although the margin trading balance provided support, the participation of retail investors was not high. The overall A - share trading volume returned to 2 trillion yuan, and its sustainable growth needs attention [12][13]. 成交持仓分析 - Stock index trading volume decreased. The average daily trading volumes of IF, IH, IC, and IM decreased by 1.13, 0.71, 0.79, and 0.46 million lots respectively compared with last week. The positions showed a differentiated trend. IF and IM positions increased, while IH and IC positions decreased [14]. 基差、跨期价差及跨品种价差分析 - The basis showed a differentiated trend. The basis of CSI 300 and CSI 500 widened, while that of SSE 50 changed from premium to discount, and the basis of CSI 1000 narrowed. The annualized basis rate of each index decreased. The spread between the next - month and current - month contracts of IF, IC, and IM widened, while that of IH narrowed. The spread between the current - quarter and current - month contracts of all varieties widened. Large - cap blue - chip stocks performed relatively better [16][26][32]. Industry Sector Overview - In the CSI 300, the energy, industrial, and financial sectors led the gains, while the pharmaceutical, optional consumer, and information sectors led the losses. In the CSI 500, the energy, public utilities, and industrial sectors led the gains, while the real estate, pharmaceutical, and information sectors led the losses. Among the first - level industries, the power equipment, coal, and petroleum and petrochemical sectors led the gains, while the beauty care, computer, and pharmaceutical biology sectors led the losses [33][35]. Valuation Comparison - As of November 7, the rolling price - to - earnings ratios of CSI 300, SSE 50, CSI 500, and CSI 1000 were 14.3295, 11.9766, 33.464, and 47.8124 times respectively, and they were at the 88.07%, 91.32%, 79.72%, and 77.08% percentile levels in the past decade [38]. Treasury Bonds This Week's Market Review - **Treasury Bond Futures Market**: The central bank's bond - buying was slightly lower than expected, and the warming of the A - share market suppressed the bond market. The performance of long - term futures was slightly stronger than that of spot bonds, while the opposite was true for short - term bonds. There is a certain positive arbitrage space for each variety's main contract, and there is a large reverse arbitrage space for non - CTD bonds of 30 - year, 10 - year, and 2 - year main contracts. The basis of the 10 - year main contract is slightly high and has the motivation to converge. The spread between the current - quarter and next - quarter contracts is expected to continue to narrow during the position - shifting process. A flattening strategy is recommended [42][44][51]. - **Bond Spot Market**: Most of the spot yields of treasury bonds increased this week, with a larger increase at the short end. The yield of US Treasury bonds first decreased and then increased [65]. - **Funding Situation**: At the beginning of the month, there was a net withdrawal of funds. The central bank conducted an equal - amount renewal of the 3 - month outright reverse repurchase due this month. The overall funding situation was stable, and there was no liquidity stratification between banks and non - banks [70]. - **Interest Rate Derivatives**: The yields of interest rate swap varieties increased slightly this week, and the liquidity expectation was stable [85]. Market Analysis - The bond market stabilized and strengthened in October. Currently, the economic fundamentals still face pressure, and the market's expectation of monetary easing may rise again. The restart of treasury bond trading has brought direct buying demand to the bond market, and the impact of wide - credit expectations on the bond market should be limited. Although there are some uncertain disturbances, the bond market environment has improved [87]. Next Week's Open - Market Maturities and Important Economic Calendar - There are a total of 783 billion yuan of reverse repurchases due next week, and important economic data such as China's October social financing data and national economic activity data will be released [95]. Shipping Index Market Review - The reduction of quotes hit the sentiment of long - positions. This week, the SCFIS index turned down again. On the spot side, shipping companies reduced the price increase, which hit the sentiment of long - positions and led to a sharp decline in EC futures [96]. Container Shipping Market Situation - **Spot Market**: The freight rates of ocean routes continued to rebound, with the rates of European and American routes rising. Shipping companies continued to raise the quotes for November and December, but the increase was lower than before. Considering the general demand and the decline of the SCFIS index, it is uncertain whether the price increase can be fully implemented [102][103]. - **Supply - Demand Fundamentals**: On the supply side, the container shipping capacity in Europe in November remained at a relatively high level in the off - season, and the potential and actual shipping capacities are expected to continue to grow. The geopolitical conflict in the Middle East continues to deteriorate, and the probability of the Red Sea resuming navigation within the year is low. On the demand side, the macro - demand in the eurozone continues to recover weakly, and the demand at the end - of - year peak season may be lower than expected, so the support for container shipping prices is limited [106][107]. Market Outlook - Although the actual demand may not support a large price increase, the freight rate is likely to form an upward trend, and the bottom may have been reached. It is recommended to maintain the idea of buying on dips for the December contract [108].

Report Information - Report Type: Macro Precious Metals Weekly Report - Date: November 7, 2025 - Research Team: Macro Financial Research Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [1][2] Investment Rating - The report does not mention the industry investment rating. Core Viewpoints - The Fed may pause rate cuts again, which will support the US dollar exchange rate and US Treasury yields in the short term and suppress the upward momentum of stocks and commodities including gold [8]. - The precious metals intermediate bull market that started in March 2024 has not ended. London gold may rise to $4,500 and $4,800 per ounce in the next six months and one year respectively, and London silver may rise to $58 and $63 per ounce respectively. Investors are advised to maintain a long - position trading strategy [35]. Summary by Directory 1. Macro Environment Review 1.1 Economy - **Domestic**: In October 2025, China's total exports shrank by 1.1% year - on - year, with the growth rate slowing by 9.4 percentage points compared to September. Total imports increased by 1% year - on - year, with the growth rate slowing by 6.4 percentage points. From January to October, China's cumulative total exports increased by 5.3% year - on - year, with the growth rate slowing by 0.8 percentage points; cumulative total imports shrank by 0.9% year - on - year, with the shrinkage degree narrowing by 0.2 percentage points; the cumulative trade surplus was $964.82 billion, a year - on - year increase of 22.1%. From January to September 2025, China's cumulative exports to the US shrank by 17.7% year - on - year, and the export share decreased from 14.7% in 2024 to 11.4%; exports to the EU increased by 7.7% year - on - year, and the export share increased from 14.4% to 14.9%; exports to ASEAN increased by 14.5% year - on - year, and the export share increased from 16.4% to 17.5% [5]. - **International**: Due to the continued shutdown of the US federal government, official statistical data has been missing since October. In October, ADP private non - farm payrolls increased by 42,000, better than the market expectation of 30,000, indicating a preliminary reversal of the employment contraction in the past two months, but the overall weakness of the job market has not been fundamentally improved. Challenger Gray & Christmas reported that US companies announced 153,000 layoffs in October, the highest in more than 20 years, mainly in the technology and warehousing industries, and the scale of corporate recruitment plans also dropped to the lowest level in the same period since 2011 [7]. 1.2 Focus - The Atlanta Fed's GDPNow model estimated on November 6 that the US real GDP in the third quarter of 2025 would grow at an annualized rate of 4% quarter - on - quarter. The Fed may pause rate cuts again soon after restarting the rate - cut process, which will support the US dollar exchange rate and US Treasury yields in the short term and suppress the upward momentum of stocks and commodities including gold [8]. - After the Fed's October meeting, many officials expressed their views on monetary policy. The threshold for the Fed to cut rates again at the December 9 - 10 meeting is rising. On November 7, the market's probability of the Fed cutting rates by 75BP within the year was 61.8%, a slight decline of 1 percentage point from the previous week [9][11]. - On November 5, the US Supreme Court questioned the legality of Trump's large - scale tariff collection. Trump said that if he loses the lawsuit, he will consider changing the legal basis to maintain his tariff measures, but these measures will take a long time to implement [12]. - On November 5, Russian President Putin ordered the government to draft a nuclear weapons test plan. Russia's Defense Minister reported that preparations for a full - scale nuclear test should be made immediately [13]. 1.3 Policy - On October 29, the Ministry of Finance and the State Taxation Administration jointly issued an announcement on the gold tax policy, aiming to regulate the gold market, expand tax sources, and suppress the boom in private gold investment. It is expected to have an impact on China's private physical gold investment demand, but it has little impact on gold prices [14]. 2. Precious Metals Market Analysis 2.1 US Treasury Yields and US Dollar Exchange Rate - The US dollar index is expected to fluctuate at a low level in the second half of 2025, with a core fluctuation range of 95 - 102. The RMB exchange rate against the US dollar is expected to be slightly stronger but face upward pressure, with short - and medium - term resistance levels at 7.06 and 6.97 respectively [24]. - The 10 - year US Treasury yield is expected to have a core fluctuation range of 3.8 - 4.5% in the second half of 2025 [27]. 2.2 Market Investment Sentiment - As of October 23, 2025, the SPDR Gold ETF holdings were 1,040.4 tons, 21.4% higher than the阶段性 low in May 2024; the SLV Silver ETF holdings were 15,114 tons, 13.4% higher than the阶段性 low in May 2024 [28]. 2.3 Precious Metals Review and Outlook - In the long - term, geopolitical risks and the restructuring of the global trade and monetary system continue to push up the volatility center of gold prices. In the medium - term, the risk of stagflation in the US and global economic recession is rising, which makes gold prices stronger [31]. - In the short - term, gold prices soared to a record high in mid - October but then significantly corrected. The internal adjustment risk of gold and silver prices has been partially released. Investors are advised to pay attention to the opportunity to go long again [33][35]. 2.4 Precious Metals - Related Charts - The gold - to - silver ratio in London and Shanghai on Friday was 82.3 and 80.2 respectively. The correlation between gold and the US dollar index has changed from negative to positive; the negative correlation between gold and the real US Treasury yield has weakened; the negative correlation between gold and crude oil has strengthened; and the positive correlation between gold and silver remains strong [37].

Core Viewpoint - Fujian Haichuang Optoelectronics Technology Co., Ltd. (referred to as "Haichuang Optoelectronics") has terminated its IPO application for the Sci-Tech Innovation Board, with the withdrawal being a mutual decision between the company and its sponsor, Industrial Securities Co., Ltd. [2] Business Segments Laser Radar Business - The company possesses core technologies for key components of automotive-grade laser radar and has independently developed a 1.5µm fiber laser radar light source module and a 905nm laser radar receiving module, achieving mass production and delivery [3] - Haichuang Optoelectronics is a major supplier of 1.5µm automotive laser radar components globally and has established partnerships with well-known companies such as Luminar and Innoviz [3] - The 1.5µm MOPA laser technology has applications in emerging markets like low-altitude economy and free-space optical communication, with orders from notable clients including DJI and Google [3] Industrial Laser Business - The company has advanced laser micro-optics technologies and stable partnerships with leading laser manufacturers, holding significant market share in niche markets [4] - It is a primary supplier of semiconductor laser components to various manufacturers, breaking the reliance on imports for certain products [4] Optical Communication Business - The company utilizes precision polishing and advanced optical film design to manufacture micro-communication optical components, enhancing broadband capacity and transmission rates [4] - Established collaborations with prominent clients in the optical communication sector, including Coherent and Source Photonics [4] Biomedical Sector - The company has developed endoscopic lenses and flow chamber products that meet international standards, contributing to the localization of high-end medical devices in China [5] - It has produced medical solid-state photomultiplier detectors that compete with foreign products, currently in the market introduction phase [5] Other Fields - In the semiconductor and aerospace sectors, the company has developed microscopes for wafer inspection, becoming the sole domestic supplier for a major client [5] - Its HUD products are used in domestic aircraft, contributing to national security by reducing reliance on foreign technology [5] Shareholders - The top ten shareholders of Haichuang Optoelectronics include Fuzhou Rongpu, Fuzhou Aopuda, and others, indicating a diverse ownership structure [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][27]. Core Insights - The company reported a net profit of 0.97 billion yuan in Q3 2025, a significant turnaround from a loss in the same period last year, with a quarter-on-quarter growth of 97% [7][12]. - Revenue for Q3 2025 was 56.08 billion yuan, reflecting a year-on-year decline of 4.94% but a quarter-on-quarter increase of 2.23% [7][12]. - The improvement in profitability is attributed to ongoing cost reduction and efficiency measures, as well as the realization of scale effects in the seating business [7][12]. - The gross profit margin for Q3 2025 was 16.48%, up 2.4 percentage points year-on-year and 2.09 percentage points quarter-on-quarter [12]. - The company has made significant progress in its passenger car seat business, achieving a revenue of 19.84 billion yuan in the first half of 2025, which is a year-on-year increase of 100% [20][22]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a net profit margin of 1.73%, a year-on-year turnaround and a quarter-on-quarter increase of 0.84 percentage points [12]. - The company’s operating expenses as a percentage of sales for Q3 2025 were 1.34% for sales, 6.67% for management, 3.73% for R&D, and 1.69% for financial expenses [12]. - The company expects to realize net profits of 5.04 billion yuan, 9.40 billion yuan, and 12.76 billion yuan for the years 2025, 2026, and 2027 respectively [27]. Business Development - The passenger car seat market is a significant opportunity, with the company positioned as a leading player in the domestic market, having secured 24 projects with global clients as of July 31, 2025 [20][21]. - The company is expanding its product offerings, including hidden electric air vents and car refrigerators, which are expected to contribute to growth [24][26]. - The company has established multiple seating production bases across China and is also expanding its global footprint through partnerships, including a joint venture in Germany to supply BMW [21][22]. Market Position - The company is positioned to benefit from the ongoing trend of domestic substitution in the passenger car seat market, which is currently dominated by foreign players [20][24]. - The company’s competitive advantages include cost efficiency and rapid response capabilities, which are critical in the customer-driven sales model of the automotive parts industry [20][24].

Market Overview - A-shares opened slightly lower and fluctuated before stabilizing, with the Shanghai Composite Index closing at 3997.56 points, down 0.25% [1] - The Shenzhen Component Index fell by 0.36%, and the ChiNext Index decreased by 0.51%, with over 3100 stocks declining [1] - The trading volume in both markets was approximately 2 trillion, slightly lower than the previous day [1] Sector Performance - Software and innovative drug sectors showed weaker performance, while chemical and photovoltaic sectors gained due to rising raw material prices and anti-involution policies [1] - The innovative drug ETF from Guotai (589720) has seen continuous inflows, totaling over 200 million in the last five trading days [7] Investment Sentiment - Concerns about the "AI bubble" and its potential impact on A-shares have emerged, with investors questioning whether market corrections present opportunities or traps [1] - Despite fluctuations in the external market, the domestic market's valuation logic remains strong, with a clear investment outlook emerging [2] Future Outlook - The bull market is expected to continue, with new leading sectors likely to emerge during the rotation process [5] - The innovative drug sector is anticipated to see both profit and valuation increases, driven by positive industry news and AI's role in drug development [9][11] - The coal sector is experiencing a rebound, with recent price increases and inventory reductions providing support for near-term performance [15][17] Policy and Economic Factors - Ongoing policy developments are expected to improve macroeconomic expectations, supporting coal prices from both supply and demand sides [17] - The introduction of AI in drug development is likely to enhance efficiency and reduce costs, further boosting the innovative drug sector [12][13]

Core Viewpoint - The EDA (Electronic Design Automation) industry in China is experiencing a significant divergence in performance among its leading companies, with Huada Jiutian showing revenue growth but a drastic decline in profit, contrasting sharply with the high profit growth of competitors GuaLi Micro and GaiLun Electronics [1][2]. Revenue and Profit Analysis - In Q3 2025, Huada Jiutian achieved a revenue of 805 million yuan, a year-on-year increase of 8.24%, with Q3 revenue alone reaching 286 million yuan, up 12.3% quarter-on-quarter. However, its net profit plummeted by 84.52% to 9.06 million yuan, with a non-recurring net profit loss of 22.16 million yuan [4]. - GuaLi Micro reported a revenue of 428 million yuan for the first three quarters, a year-on-year increase of 48.86%, and a net profit of 37.02 million yuan, up 380.14% [4]. - GaiLun Electronics recorded a revenue of 315 million yuan, a year-on-year increase of 12.71%, and a net profit of 41.99 million yuan, up 173.46% [5]. Cost and Investment Trends - Huada Jiutian's stock incentive expenses reached 104 million yuan in the first half of the year, significantly impacting its apparent profit. Other expenses also increased, with sales expenses up 23.99%, management expenses up 8.69%, R&D expenses up 2.7%, and financial expenses up 25.23% [4]. - GuaLi Micro's expenses increased by approximately 63.46 million yuan, but its expense ratio decreased by 10.91 percentage points to 67.54%, indicating initial scale effects [4]. Technological Advancements - Domestic EDA companies are focusing on high-end digital chip design tools, with the localization rate for analog chip EDA tools exceeding 30%, while digital chip EDA tools remain below 15% [7]. - Huada Jiutian launched seven core EDA tools and nine key solutions, achieving significant milestones in advanced process certification and digital circuit design tools [7][8]. - GuaLi Micro made key advancements in DFT (Design for Testability) products, enhancing product adaptability and competitiveness [9]. Market Dynamics - The domestic EDA market is characterized by a competitive landscape where major design firms still prefer international tools for stability, while smaller firms are more cost-sensitive [12]. - The three international giants—Synopsys, Cadence, and Siemens EDA—hold a combined 74% market share, with Synopsys at 31%, Cadence at 30%, and Siemens at 13% [13]. - Despite the dominance of international players, domestic EDA companies are expected to benefit from supportive policies and growing market demand, presenting opportunities for market share expansion [13].