Core Viewpoint - The Central Economic Work Conference emphasizes the need for "stability while seeking progress and improving quality and efficiency" in China's economic work for the coming year, highlighting innovation and reform as dual engines for high-quality economic development [1] Industry Development - The current core industrial software market is dominated by international giants, presenting significant opportunities for domestic replacements. Local firms are enhancing product capabilities through continuous R&D investment and mergers and acquisitions [2] - The Chinese industrial software market is projected to reach approximately 319.7 billion yuan in 2024, with a growing global market share. AI empowerment is accelerating the iteration of industrial software, providing development momentum for the industry [2] Policy and Market Opportunities - Recent top-level policies have set a target to update around 2 million sets of industrial software by 2027, providing clear growth opportunities for the market. The demand for digital transformation among enterprises is driving industrial software as a core tool for cost reduction and efficiency improvement [1][2] ETF Overview - The Guangfa National Industrial Software Theme ETF (159145) closely tracks the National Industrial Software Theme Index (980034), focusing on the A-share industrial software industry chain and selecting 50 listed companies involved in industrial R&D design, production informatization, and enterprise management [2] - The index has a high concentration of top components, with the top ten stocks accounting for nearly 58% of the total weight. Stocks with a market capitalization below 50 billion yuan represent over 90% of the index's weight, highlighting a small-cap growth style [2] Performance Metrics - The R&D investment ratio of the index's constituent stocks has been steadily increasing from 2022 to the first three quarters of 2025, laying a solid foundation for long-term profit growth. The National Industrial Software Theme Index has risen over 200% since its inception, with a year-to-date return of 18.49% as of November 30, 2025 [2]