"如果把软件产业比作一座摩天大楼，那应用软件就是外立面与内部装修，而开发支撑类软件和EDA(电 子设计自动化)软件则如同深埋地下的地基与钢筋骨架。"在湖南泛联新安信息科技有限公司(以下简 称"泛联新安")位于长沙的研发中心，公司总经理唐勇指着一款自主研发的代码静态分析工具，向《证 券日报》记者形象地解释道。 但这座"骨架"曾长期掌握在国外巨头手中，成为我国软件产业乃至高端制造领域发展的掣肘。成立于 2017年的泛联新安，以国防科大科研团队为核心，用9年时间在这片"包围圈"中硬生生开辟出一条道 路，成长为国产基础软件赛道的领军者之一。 达晨财智创业投资管理有限公司投资总监陈筑熙在接受《证券日报》记者采访时坦言："泛联新安深耕 的赛道，是我国进口依赖最严重的基础软件领域，产品开发难度大、门槛高、周期长，突围之路异常艰 难。" 构建研发创新体系 泛联新安的突围密码，首先藏在其创始团队的"硬核基因"之中。公司核心研发人员均来自国防科技大 学、清华大学、中国科学院等顶尖科研院校，创始团队更是清一色的国防科大背景。"我们团队骨子里 就带着'胸怀祖国、团结协作、志在高峰、奋勇拼搏'的国防科大银河精神。"唐勇坦言，创业初期， ...

Core Viewpoint - The computer software industry in China continues to show robust growth, with significant contributions from AI technologies and domestic software development, particularly in database solutions and productivity software [3][8][9]. Group 1: Industry Overview - In the first half of 2025, the revenue of China's software and information technology services reached 70,585 billion yuan, a year-on-year increase of 11.9%, with total profits of 8,581 billion yuan, up 12.0% [3][8]. - The information technology services sector generated 48,362 billion yuan, accounting for 68.5% of the total revenue, with a growth rate of 12.9% [8]. - The top five provinces for software revenue were Beijing, Guangdong, Jiangsu, Shandong, and Shanghai, with growth rates ranging from 9.0% to 18.0% [8]. Group 2: AI and Software Development - AI technologies are significantly enhancing software development efficiency and quality, with over 97% of developers using AI programming tools [9]. - The integration of AI is transforming software interaction interfaces, with companies like Kingdee and Meitu actively investing in AI applications [9]. Group 3: Investment and Financing Trends - In Q2 2025, there were 126 financing cases in the domestic computer software sector, totaling 88.2 billion yuan, with a year-on-year increase of 46.7% [18][24]. - The most active financing area was business productivity software, with 35 cases, while foundational software attracted the highest funding amount of approximately 30.1 billion yuan [18][24]. - Early-stage financing (seed to A rounds) accounted for 58.7% of cases, but the amount decreased to 19.3%, indicating a shift towards later-stage financing [19][24]. Group 4: Database Industry Insights - The database sector is experiencing growth, with a projected market size of approximately 596.16 billion yuan in 2024, expected to reach 837.42 billion yuan by 2027, reflecting a compound annual growth rate of 11.99% [33][41]. - Domestic database penetration is increasing, particularly in government sectors, where the replacement rate is nearing 85% [42]. - The profitability of database companies is improving, with significant orders being secured, such as the 878.8 million yuan project won by Dameng Data [36][42]. Group 5: Key Financing Events - Notable financing events in Q2 2025 included Kirin Software's 30 billion yuan equity financing and Manus AI's 75 million USD B round financing [31][18]. - Other significant investments involved companies like Whale and Magic Vision, which raised substantial amounts for their AI and automotive software solutions [31][18].

Investment Rating - The report does not explicitly state an investment rating for the computer software industry Core Insights - The computer software industry in China experienced steady growth in the first half of 2025, with revenue reaching 70,585 billion yuan, a year-on-year increase of 11.9% [9] - AI technology continues to drive reform in the software industry, significantly enhancing development efficiency and quality [10] - The domestic software market is witnessing a shift towards localization, particularly in operating systems and databases, with Huawei's HarmonyOS gaining traction [10] - The financing landscape in the software sector shows a rise in the number of financing cases, with a total of 126 cases in Q2 2025, reflecting a 6.8% increase from the previous quarter [22] Summary by Sections 1.1 Quarterly Overview - The software industry in China reported a total revenue of 70,585 billion yuan in H1 2025, with a profit of 8,581 billion yuan, marking a 12.0% increase [9] - Information technology services accounted for 68.5% of the total revenue, with a growth rate of 12.9% [9] 1.2 Industry Policies - Various local governments are implementing policies to support the development of the software industry, including financial incentives for key software enterprises [13] 2.1 Financing Dynamics - In Q2 2025, the computer software sector saw 126 financing cases, with disclosed amounts totaling 88.2 billion yuan, a year-on-year increase of 46.7% [22] - The leading sectors in financing amounts were foundational software and commercial productivity software [22] 3.1 Database Trends - The database market in China is projected to grow from 596.16 billion yuan in 2024 to 837.42 billion yuan by 2027, with a compound annual growth rate of 11.99% [37] - The importance of databases is increasing as they become central to data governance, AI training, and real-time analysis [37] 4.1 Representative Companies - Jiuyou Database, established in December 2021, focuses on high-performance, low-cost domestic database solutions for various industries [55]

Group 1 - The software ETF has a turnover rate of 2.69% during trading, with a transaction volume of 77.95 million yuan, and ranks first in average daily trading volume among comparable funds over the past month at 169 million yuan [3] - The software ETF has seen a significant growth in scale, with an increase of 26.5 million yuan over the past week, also ranking first among comparable funds [3] - The latest financing buy-in amount for the software ETF reached 9.11 million yuan, with a financing balance of 115 million yuan [3] Group 2 - The Ministry of Industry and Information Technology reported that the software industry in China had a good operational performance in the first four months of 2025, with software business revenue reaching 42.582 billion yuan (a year-on-year increase of 10.8%), total profit of 5.075 billion yuan (up 14.2% year-on-year), and export value of 17.26 billion USD (up 3.5% year-on-year) [3] - The Ministry of Industry and Information Technology aims to accelerate the development of open-source infrastructure, particularly in basic software and industrial software, with 97% of global developers and 99% of enterprises already using open-source software [3] - Citic Securities indicates that external supply chain disruptions may continue, and the development of domestic innovation is both urgent and certain [3] - Dongguan Securities notes that the domestic replacement rate in key basic software areas such as databases and operating systems is still low, with a significant gap from the goal of 100% replacement by 2027, suggesting that the pace of domestic replacement is expected to accelerate as the deadline approaches, indicating a broad market space [3] Group 3 - As of May 30, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Kingsoft Office, Tonghuashun, Runhe Software, Hengsheng Electronics, 360, Softcom Power, Tuo Wei Information, Yonyou Network, and China Software, collectively accounting for 59.85% of the index [4] - Investors can also access AI software investment opportunities through the software ETF linked fund (012620) [4]