Group 1 - The Bosera Industrial Software ETF (159108) will be launched from October 27, 2025, to November 7, 2025, with a maximum initial fundraising scale of 8 billion yuan [1] - The fund will be managed by Bosera Fund, with Wang Meng serving as the fund manager [1] - The performance benchmark for the fund is the National Certificate Industrial Software Theme Index return [1]

ETF市场迎来新工具——工业软件ETF(159108)于10月27日-11月7日正式发行。 工业软件ETF跟踪国证工业软件主题指数，指数覆盖工业软件产业链。 从细分领域看，垂直应用软件权重达35.01%，这是工业软件的核心部分；IT服务占比15.54%，提供必 要的技术支撑；工控设备占据12.93%的权重，连接软件与硬件。这种多元布局既聚焦核心环节，又兼 顾产业链协同。 从成份股看，科创板和创业板公司在该指数中的权重合计达到67.95%，这一比例显著高于中证软件指 数。指数前十大权重股集中度较高，合计权重达到58%，包括华大九天、汇川技术、中控技术、中望软 件等隐形冠军企业。 从市值分布特征看，总市值在500亿元以下的股票权重占比超过七成，平均市值为255.26亿元。这种偏 中小盘的市值结构，既保持了较好的成长性，又通过分散配置降低了单一标的集中度。 工业软件指数历史表现展现出较强的收益能力。截至2025年9月末，工业软件指数自2013年以来累计收 益达251.95%，显著高于中证软件指数的201.28%。 2025年以来的表现同样出色，截至三季度末，工业软件指数涨幅31.76%，跑赢中证软件指数(24.01 ...

Core Viewpoint - The current external environment and increasing policy risks highlight the urgency for China's technological self-reliance, accelerating the replacement process and creating new opportunities in industries such as trusted computing and industrial software [1] Industry Summary - From January to August 2025, China's software business revenue grew by 12.6% year-on-year, indicating a positive industry performance [1] - Policy initiatives include the establishment of a unified service platform for AI large models in the government sector, promoting resource consolidation [1] - Global demand for AI computing power continues to expand, as evidenced by strategic partnerships like OpenAI with Broadcom and Microsoft's deployment of superclusters on Azure [1] Focus Areas - In the trusted computing sector, attention should be given to opportunities in domestic hardware, foundational software (databases, operating systems, middleware), and application software [1] - The industrial software sector should focus on technological breakthroughs in product design and production control, including areas such as EDA, CAD, and CAE [1] Investment Vehicle - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies in software development and IT services from the Chinese A-share market to reflect the overall performance of the computer industry [1] - The index emphasizes companies with high technological content and strong innovation capabilities [1]

Core Insights - The Shenzhen Industrial Software Park officially opened on October 22, 2023, aiming to create a collaborative and prosperous industrial development ecosystem in the Longgang District [1][2] - The park is positioned as a dual hub for "China Software Park" and "Shenzhen Harmony Native Application Characteristic Industrial Park," marking a new operational phase [1] Group 1: Event Highlights - The opening event featured the signing of agreements for 15 key software enterprises to settle in the park, showcasing its strong attraction and development potential [3] - The Shenzhen New Quality Productivity Empowerment Platform was launched, integrating resources from research and financial institutions to support the entire chain from technology research to market application [4] - The first Harmony smart parking lot in the district was opened for experience, demonstrating the application of industrial software in smart city initiatives [4] Group 2: Strategic Goals - Longgang District aims to build a world-class industrial software innovation hub by inviting global leading industrial software companies and top talents to settle in the area [2] - The district will focus on policy guidance, spatial guarantees, resource support, and financial backing to create a first-class ecosystem for the large-scale application of domestic core software [2] - By 2027, the park aims to gather over 100 software and artificial intelligence companies, with at least 30 from the Harmony ecosystem, and achieve an annual business revenue of no less than 2.5 billion yuan [5][6]

Economic Development Goals - The 20th Central Committee's Fourth Plenary Session outlined seven major development goals for the 14th Five-Year Plan, focusing on high-quality development and technological self-reliance[2] - Emphasis on building a modern industrial system and enhancing domestic demand to stimulate the internal economic cycle[2] Manufacturing and Innovation - The plan aims to promote intelligent, green, and integrated transformation in manufacturing, with a focus on emerging sectors like humanoid robots and brain-computer interfaces[2] - The strategy includes targeted measures against low-price and disorderly competition to establish a new high-quality development framework[2] Foreign Trade and Investment - The session highlighted the importance of expanding high-level foreign openness and enhancing trade and investment cooperation, particularly in the context of ongoing US-China trade tensions[2] - ASEAN has become China's largest trading partner, indicating a shift towards higher-end manufacturing in the global value chain[2] Employment and Social Welfare - The plan aims to improve living standards and optimize income distribution, addressing structural employment issues, particularly among youth with a 17.7% unemployment rate[2] - Focus on enhancing job supply in key sectors like manufacturing, digital economy, and new energy, while improving vocational training systems[2] Investment Recommendations - Companies with core technologies in smart manufacturing, industrial software, and green low-carbon processes are recommended for investment[2] - Emphasis on firms engaged in localized production along the Belt and Road Initiative, particularly in the new energy vehicle sector[2]

Core Insights - The stock price of Suochen Technology has increased by 86.25% year-to-date, with a recent rise of 8.54% over the last five trading days [2] - The company has a market capitalization of 9.017 billion yuan and reported a net outflow of 484.53 thousand yuan in main funds [1] Company Overview - Suochen Technology, established on February 24, 2006, focuses on the research, development, sales, and service of CAE software [2] - The company went public on April 18, 2023, and is classified under the software development industry, specifically in vertical application software [2] Financial Performance - For the first half of 2025, Suochen Technology achieved operating revenue of 57.35 million yuan, reflecting a year-on-year growth of 10.82% [3] - The net profit attributable to the parent company was -45.70 million yuan, showing a year-on-year increase of 31.21% [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 14.55% to 5,763, while the average circulating shares per person increased by 18.64% to 8,543 shares [3] - The company has distributed a total of 67.92 million yuan in dividends since its A-share listing [4] Institutional Holdings - Notable institutional investors include Nuoan Active Return Mixed A, which is the sixth largest circulating shareholder with 953.6 thousand shares, and Nuoan Growth Mixed A, which remains the tenth largest with 730 thousand shares [4]

Core Insights - The stock price of Suochen Technology increased by 2.13% on October 23, reaching 98.63 CNY per share, with a market capitalization of 8.789 billion CNY [1] - Year-to-date, the stock has risen by 81.54%, with a recent 5-day increase of 0.72% and a 20-day decline of 3.60% [1] Financial Performance - For the first half of 2025, Suochen Technology reported revenue of 57.35 million CNY, a year-on-year growth of 10.82%, while the net profit attributable to shareholders was -45.70 million CNY, reflecting a 31.21% increase in losses [2] - Cumulative cash dividends since the company's A-share listing amount to 67.92 million CNY [3] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 14.55% to 5,763, while the average circulating shares per person increased by 18.64% to 8,543 shares [2] - Notable institutional shareholders include Nuoan Active Return Mixed A, which is the sixth largest shareholder with 953,600 shares, and Nuoan Growth Mixed A, which remains the tenth largest shareholder with 730,000 shares [3] Business Overview - Suochen Technology, established on February 24, 2006, focuses on the research, development, sales, and services of CAE software, with its main revenue sources being simulation product development (56.93%) and engineering simulation software (29.33%) [2] - The company operates within the computer software development sector, specifically in vertical application software, and is involved in concepts such as industrial software and digital twins [2]

Group 1: Software ETF Performance - The software ETF experienced a turnover of 4.63% during trading, with a transaction volume of 267 million yuan [3] - Over the past week, the software ETF's scale increased by 77.65 million yuan, ranking first among comparable funds [3] - The software ETF's share increased by 266 million shares in the past week, also ranking first among comparable funds [3] - The latest net inflow of funds into the software ETF was 60.54 million yuan, with a total of 281 million yuan net inflow over four out of the last five trading days [3] - As of October 20, the software ETF's net value has risen by 14.41% over the past three years [3] - The highest monthly return since inception was 39.35%, with the longest consecutive monthly increase being three months and a maximum increase of 69.40% [3] - The average return during the months of increase was 10.06% [3] Group 2: Industry Insights and Opportunities - The current external environment has increased policy risks and uncertainties, highlighting the urgency for China's technological self-reliance, which may accelerate the domestic substitution process [4] - From January to August 2025, China's software business revenue grew by 12.6%, indicating steady industry growth [4] - Policy initiatives are pushing for the establishment of a unified AI model service platform in the government sector, promoting resource consolidation [4] - In the domestic innovation sector, focus is recommended on competitive segments such as basic hardware, basic software (databases, operating systems, middleware), and application software [4] - In the industrial software sector, attention should be directed towards core areas such as product design, production control, and business management, including EDA, CAD, CAE, and CAM [4] - Investors can consider the software ETF linked fund (012620) to capitalize on AI software investment opportunities [4]

Core Insights - The current external environment is causing increased policy risks and uncertainties, highlighting the urgency for China's technological self-reliance and independence, which will accelerate the domestic substitution process [1] - The software business revenue in China is projected to grow by 12.6% year-on-year from January to August 2025, indicating steady growth in the industry [1] - Policy initiatives are being implemented to establish a unified service platform for AI models in the government sector, promoting resource consolidation [1] Industry Focus - In the Xinchuang (信创) sector, attention should be paid to competitive segments such as basic hardware, foundational software (databases, operating systems, middleware), and application software [1] - In the industrial software sector, the focus should be on core areas such as product design, production control, and business management, including EDA, CAD, CAE, and CAM [1] Investment Opportunities - The software ETF (515230) tracks the software index (H30202), which selects listed companies involved in system software, application software development, and related services to reflect the overall performance of the software industry [1] - The index emphasizes the information technology sector, particularly the software development and services segment, which exhibits high growth potential and is driven by technology [1]

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by more than 10% in the next six months [1]. Core Insights - The current external environment is causing disturbances, increasing policy risks and uncertainties, which highlight the urgency for technological self-reliance in China. This situation is expected to accelerate the domestic substitution process, presenting new development opportunities for the domestic software and industrial software sectors [2][27]. - The report suggests focusing on companies with competitive advantages in foundational hardware, foundational software (databases, operating systems, middleware), and application software within the domestic software sector. In the industrial software sector, attention should be directed towards companies excelling in product design, production control, and operational management [2][27]. Summary by Sections 1. Industry Performance Review - The Shenwan computer sector experienced a cumulative decline of 4.21% from October 9 to October 16, 2025, underperforming the CSI 300 index by 3.73 percentage points, ranking 28th among 31 Shenwan primary industries. Year-to-date, the sector has risen by 22.64%, outperforming the CSI 300 index by 5.27 percentage points [9][19]. 2. Valuation Situation - As of October 16, 2025, the Shenwan computer sector's PE TTM (excluding negative values) stands at 57.38 times, placing it in the 91.01 percentile for the past five years and the 84.33 percentile for the past ten years [19][21]. 3. Industry News - Key developments include the U.S. imposing export controls on critical software to China, a 12.6% year-on-year increase in China's software business revenue from January to August 2025, and strategic collaborations in AI technology between OpenAI and Broadcom [20][22]. 4. Company Announcements - Notable announcements include acquisitions and performance forecasts from various companies, indicating growth in sectors such as industrial software and smart logistics [23][24]. 5. Weekly Perspective - The report emphasizes the urgency for technological self-reliance in China, suggesting that the domestic software and industrial software sectors may see new growth opportunities due to increased policy risks and uncertainties [27]. 6. Recommended Companies - The report lists several companies to watch, including: - GuoDianYunTong (002152.SZ) for its stable growth in financial technology - Digital China (000034.SZ) as a core partner in the "Kunpeng + Ascend" industry chain - Inspur Information (000977.SZ) for its leadership in AI server markets [28].