Core Viewpoint - The future of domestic EDA (Electronic Design Automation) in China depends not only on technological breakthroughs but also on the resilience and depth of the entire industry ecosystem [1][11]. Group 1: Industry Context - EDA is a critical "bottleneck" in the integrated circuit industry, historically dominated by three international giants: Synopsys, Cadence, and Siemens EDA, which hold over 75% of the global market share, particularly in digital EDA and IP fields [2]. - In May 2025, the U.S. Department of Commerce notified these companies to prohibit providing EDA software and technical support to mainland China, but this ban was lifted in July of the same year, highlighting the potential "supply interruption" risks for China's integrated circuit design software [2]. Group 2: Domestic EDA Development - HJGS (合见工软) has focused on addressing the core shortcomings in domestic EDA, particularly in the high-barrier digital EDA and IP sectors, and has become a major supplier of digital EDA tools in China [2][4]. - HJGS has achieved full-process coverage in digital verification and has commercialized its UniVista Unified Verification Hardware System (UVHS) in several leading enterprises [4]. - The company is gradually aligning its toolchain with international giants by developing a comprehensive suite of EDA tools, including high-performance chip interconnect IP [4][5]. Group 3: Industry Challenges - The domestic EDA industry faces common bottlenecks, including reliance on deep mathematical foundations and physical simulation capabilities, as well as the need for long-term investment in core technology accumulation [4][10]. - The fragmented nature of the domestic EDA market, where most companies can only provide partial "point tools," hampers the construction of a complete toolchain, leading to challenges in collaboration efficiency and system-level support for chip design companies [5][10]. Group 4: Technological Integration and Innovation - HJGS is actively promoting the establishment of digital verification database standards to reduce cross-enterprise collaboration costs and enhance overall efficiency in the industry [8]. - The integration of AI into EDA tools is in its early stages, with HJGS exploring AI applications to improve verification processes, enhance efficiency, and reduce costs [9]. - The company has launched the UniVista Design Assistant (UDA), an AI-driven platform that generates high-quality verification code from natural language instructions, significantly reducing error rates and code generation time [9]. Group 5: Future Outlook - The rise of domestic EDA is not merely about point replacements but represents a long-term, systematic, and ecological competition, with HJGS and other industry leaders expected to drive the formation of a cohesive competitive landscape for high-end chips in China [8][11]. - The industry must overcome challenges related to technology accumulation, talent scarcity, and isolated ecosystems to achieve comprehensive integration and deep collaboration across the entire EDA process [10].

Investment Highlights - The report emphasizes the growth potential driven by AI and the reversal of the anti-involution cycle in the manufacturing sector [1] - Key companies highlighted include Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, and SANY Heavy Industry among others [2][3] Industry Performance - The report notes significant performance in various sectors, with the best-performing indices being the construction materials sector (+9.23%), oil and petrochemicals (+7.71%), and steel (+7.31%) for the week ending January 23, 2026 [5][23] - In the manufacturing sector, the top indices were the photovoltaic concept index (+9.33%), aerospace and military theme index (+7.65%), and new energy concept index (+7.44%) [5][24] Key Industry Trends - The report discusses the rapid rise of space photovoltaic technology and the integration of the nuclear fusion industry in the U.S., highlighting technological breakthroughs and increased international cooperation [4][6][9] - The EDA (Electronic Design Automation) industry is noted for its consolidation and the potential for domestic breakthroughs, driven by government support and strategic acquisitions [11][12][14] Company-Specific Insights - China Shipbuilding Industry Company is expected to benefit from asset integration within the group, improving competitive dynamics and operational efficiency [15][16] - The report forecasts significant profit growth for key companies, with expected net profits for 2025-2027 showing substantial increases, particularly for companies like China Shipbuilding [17][21] Investment Recommendations - The report suggests focusing on core positions and flexible targets within the EDA sector, as domestic companies are positioned for significant growth due to increased policy support and market demand [11][17] - Specific companies to watch include Huada Jiutian, Gelun Electronics, and Guangli Micro [17]

Group 1: Company Overview - Guangli Microelectronics is a leading supplier of integrated circuit software and wafer-level electrical testing equipment, focusing on improving chip yield and rapid monitoring technology [2] - The company has formed a comprehensive solution for yield improvement, integrating EDA design software, WAT testing equipment, and semiconductor data analysis tools [2] Group 2: Financial Performance - In Q3 2025, the company achieved a revenue of 42,769.74 million CNY, representing a year-on-year growth of 48.86% [3] - The net profit attributable to shareholders was 37.01 million CNY, with a significant year-on-year increase of 380.14% [3] Group 3: R&D Investment - From January to September 2025, R&D investment totaled 22,958.02 million CNY, accounting for 53.68% of revenue, with a year-on-year growth of 14.12% [4] - The R&D focus includes upgrading existing products, enhancing data analysis software, and developing new DFT/DFM tools [4] Group 4: R&D Achievements - Key R&D outcomes in 2025 include advancements in EDA software, such as the PatternScan tool achieving international leading performance and the integration of AI in the QuanTest YAD tool for failure root cause analysis [4] - The company launched an advanced SEM/TEM one-stop intelligent measurement platform, iMetrology, and a cloud trial version of its statistical analysis software [4] - The WLBI B5260M wafer-level aging test system was officially released, expanding the product matrix into reliability testing [5][6] Group 5: Future Outlook - The company plans to continue increasing R&D investment and proactively engage in forward-looking industry layouts to create new growth points for sustainable business development [6]

Market Overview - On December 31, A-shares opened slightly higher with the Shanghai Composite Index up 0.09% at 3968.73 points, the Shenzhen Component Index up 0.17% at 13627.26 points, and the ChiNext Index up 0.15% at 3247.74 points [1] - Key sectors showing gains included home appliances, real estate, and consumer electronics, while the education sector was notably active with stocks like Kevin Education and Dou Shen Education rising over 5% [1] Company News - Tianpu Co. announced a suspension of trading due to significant stock price fluctuations, with a cumulative increase of 718.39% from August 22 to December 30, indicating a serious deviation from the company's fundamentals [2] - Zhaofeng Co. plans to redirect unused fundraising from a 300,000 sets/year electric vehicle control project to the industrialization of humanoid robots and high-end precision components for smart driving, aiming for substantial production capacity increases [2] - Jiamei Packaging's stock price has significantly diverged from its fundamentals, and the company may apply for a trading suspension if prices continue to rise abnormally [2] Industry Insights - Zijin Mining expects a net profit of approximately 51-52 billion yuan for 2025, representing a year-on-year increase of about 59%-62% [3] - Shengxin Lithium Energy plans to acquire a 30% stake in Sichuan Qicheng Mining for 2.08 billion yuan, which will lead to full ownership of the company [3] - Salt Lake Co. intends to acquire a 51% stake in Wuku Salt Lake Co. for 4.605 billion yuan, which will make it a subsidiary [3] - Zhejiang Rongtai is set to issue H-shares to enhance its international strategy and expand overseas production capacity [3] Emerging Trends - The humanoid robot sector is gaining traction, with reports of supply chain companies visiting North America, anticipating the release of Tesla's Optimus project [6] - The Ministry of Education plans to advance AI in education, with policies expected to be released next year to enhance AI education and applications [7] - The commercial aerospace sector is being promoted by the National Defense Science and Technology Bureau, emphasizing the importance of developing a strong aerospace industry [8] - The sodium battery market is set for large-scale application in various fields by 2026, marking a significant shift in battery technology within the renewable energy sector [12]

Core Viewpoint - Shanghai Hejian Industrial Software Group Co., Ltd. (Hejian Gongruan) has officially submitted its IPO counseling record to the Shanghai Securities Regulatory Bureau, marking its entry into the capital market as a leading domestic EDA (Electronic Design Automation) company established only five years ago [2]. Group 1: Company Overview - Hejian Gongruan is a high-performance industrial software and solution provider focusing on the EDA field, aiming to assist semiconductor chip companies in overcoming challenges during innovation and development [2]. - The company was founded in 2020 and has received multiple recognitions, including being named a national-level "specialized, refined, and innovative" small giant enterprise and a national high-tech enterprise [3]. - The founding team consists of members from leading international EDA companies like Synopsys and Cadence, with many holding senior positions [3]. Group 2: Product Offerings - Hejian Gongruan's product line includes digital chip EDA tools, system-level tools, and high-end IP, making it the only domestic EDA company that can fully cover the digital chip verification process [4]. - The company has developed nearly 40 products in four years, gaining trust from clients and recognition within the domestic integrated circuit industry [4]. - The product offerings include a comprehensive digital chip verification solution, advanced hardware emulation platforms, and a range of IP solutions for various applications [6][8]. Group 3: Strategic Goals - Hejian Gongruan aims to create a complete domestic chip design solution and provide world-class EDA products, driving high-quality development in the chip industry [5]. - The company emphasizes the importance of independent research and development alongside mergers and acquisitions to foster innovation and build an ecosystem [5]. - The mission is to support China's integrated circuit self-research efforts and leverage deep industry understanding and advanced EDA technology to serve both domestic and global clients [5].

Core Viewpoint - The article emphasizes the significant advancements made by Guowei Chip Technology in the EDA (Electronic Design Automation) sector, highlighting its transition from single-point tools to comprehensive solutions that cater to various stages of the semiconductor design and manufacturing process [3][5][7]. Group 1: Company Overview - Guowei Chip Technology is recognized as an innovative player in the domestic semiconductor industry, focusing on building a comprehensive platform that integrates EDA and chip design services [3][5]. - The company has developed a range of products, including formal verification, physical verification, reliability platforms, and PDK automation development verification platforms [5][7]. Group 2: Product Development - Guowei Chip has expanded its offerings from single-point tools to a systematic solution that covers design, manufacturing, mask, and equipment processes [7]. - The company has introduced various static analysis tools, including CDC, RDC, and Lint, alongside functional verification tools like FPV, CC, and UNR to enhance the chip design process [7][9]. Group 3: Market Positioning - Guowei Chip differentiates itself by understanding and addressing the specific pain points of domestic customers, which has allowed it to establish a foothold in the competitive EDA market [9][10]. - The company has invested in the development of the MDC (Mask Data Calculation) software to improve the domestic mask manufacturing capabilities, reflecting its commitment to localization [9][10]. Group 4: Collaboration and Ecosystem - The company emphasizes deep collaboration with equipment manufacturers, mask factories, and wafer fabs to accurately understand customer needs and enhance product offerings [9][10]. - Guowei Chip aims to contribute to the semiconductor ecosystem by integrating various tools into systematic solutions, thereby enhancing the overall efficiency and effectiveness of the domestic semiconductor industry [12].

Core Viewpoint - Huada Jiutian (301269.SZ), a leading EDA company in China, has announced a partnership to establish Tianjin Zhongwan Xincheng Management Consulting Partnership, focusing on hardware-assisted verification in digital chip design, highlighting its strategic commitment to the digital chip verification field [1][4]. Group 1: Investment and Partnership - The total subscribed capital for the new partnership is set at 1.1001 billion yuan, with Huada Jiutian contributing 1 billion yuan for a 90.9008% stake, demonstrating its strong commitment to the digital chip verification sector [1]. - The partnership involves Guangdong Hengqin Yuemao Cooperation Zone Zhongjiwan Enterprise Management Co., Ltd. and Tianjin Binhai New Area Venture Capital Guidance Fund Co., Ltd. [1]. Group 2: Market Context and Strategic Importance - EDA is known as the "mother of chips," playing a crucial role throughout the chip design, manufacturing, and packaging processes, with hardware-assisted verification tools being essential for digital chip design [4]. - The complexity of AI chips and GPUs has led to the verification phase accounting for over 60% of the chip development cycle, making it a critical bottleneck in chip development [4]. - Huada Jiutian's investment aims to address this "key gap" in domestic EDA, focusing on leading companies in the hardware-assisted verification field [4]. Group 3: R&D and Competitive Positioning - In the first half of 2025, Huada Jiutian's R&D investment reached 365 million yuan, representing 72.84% of its revenue, resulting in the launch of 7 core tools and the development of 9 major solutions [4]. - The advanced packaging EDA platform can reduce the Chiplet design cycle by 60%, while the 3DIC physical verification platform fills a domestic gap, enhancing the company's tool coverage in the digital circuit process [4]. - The investment in hardware-assisted verification is expected to elevate the company's capabilities and narrow the gap with international giants in the EDA market [4][5].

Core Viewpoint - The semiconductor industry is undergoing a significant transformation driven by AI, which is leading to a shift from traditional SoC designs to Chiplet architectures, enhancing performance and flexibility in chip design [2][5][9]. Group 1: Chip Design Evolution - The traditional SoC design is becoming inadequate due to increasing demands for AI processing power and the challenges posed by advanced manufacturing processes [5][6]. - The Chiplet model allows for the separation of different functional modules, improving yield and flexibility while enabling heterogeneous integration of various manufacturing processes [5][6]. - The transition from SoC to CoWoS (Chip on Wafer) can enhance bandwidth by 4 to 8 times, and moving towards SoW (System on Wafer) can increase scale by up to 40 times [6]. Group 2: EDA's Role in AI - EDA (Electronic Design Automation) must evolve to support the new demands of AI, requiring a shift from chip-level considerations to system-level integration, including power, thermal management, and interconnects [7][9]. - The introduction of AI into EDA processes aims to transition from rule-driven design to data-driven design, significantly improving design efficiency [9][10]. - The company is focusing on a dual strategy of "EDA FOR AI" and "AI+EDA," leveraging its expertise in Chiplet and system design to support AI chip development [9][10]. Group 3: Future Directions - The integration of AI into EDA tools is expected to lead to continuous learning and iteration, transforming EDA from a passive tool to an active collaborator in the design process [12]. - The next phase of AI development is anticipated to be the era of physical AI, where multi-physical simulation technologies will play a crucial role [12].

Group 1 - Zhuhai Jingci Electronic Technology Co., Ltd. underwent a change in investors on November 12, with Zhuhai Hengqin Jingtou Investment Partnership (Limited Partnership) subscribing to 15 million yuan, holding 75% of the shares and becoming the controlling shareholder [1] - The largest contributor to Zhuhai Hengqin Jingtou Investment Partnership is Guangdong Mona Lisa Investment Management Co., Ltd., which holds a 66.67% stake and is a wholly-owned subsidiary of the listed company Mona Lisa [1] - Zhuhai Jingci's business scope includes manufacturing semiconductor discrete devices, specialized equipment for semiconductor devices, and special ceramic products [1] Group 2 - Mona Lisa is primarily engaged in the research, production, and sales of high-quality building ceramic products, and this investment allows it to indirectly enter the semiconductor field [2] - In September, Huigude, a high-tech enterprise in Wuxi, completed a new round of financing with participation from various investment institutions, including Mona Lisa, focusing on the research and production of aluminum nitride ceramic substrates [2] - In October, Quanxin Intelligent Manufacturing Technology Co., Ltd. secured A+ round financing with participation from Mona Lisa and other investment firms, specializing in integrated solutions for intelligent manufacturing and holding over 200 patents [2]

Core Viewpoint - The article highlights the successful hosting of the Huada Jiutian Ecological Partners and Users Conference, focusing on the theme of "Technology, Culture, Coexistence, and Common Prosperity" to promote high-quality development in China's integrated circuit industry [4][26]. Group 1: Conference Overview - The conference attracted over 700 integrated circuit design engineers, experts, scholars, and university researchers, with more than 3,000 cumulative online viewers for the live forum [7][26]. - A results exhibition area featured 13 industry partners showcasing their latest research and development achievements, facilitating extensive interaction with attendees [8]. Group 2: Product Innovations - Huada Jiutian introduced an integrated platform guided by "platformization, processization, and intelligence," showcasing new product developments across six major fields [10]. - The digital design segment improved digital product lines, enhancing functionalities from simulation to analysis optimization [12]. - The next-generation circuit tool ALPS VX saw a performance increase of 3 times, with process intelligence upgrades improving layout design efficiency by 3-5 times [13]. - A new intelligent design solution for flat panel display design reduced layout design cycles to one week, utilizing an AI error recognition engine with over 95% filtering rate [14]. - The 3DIC physical verification product enables unified verification across chip systems, reducing design cycles from months to weeks [15]. - The design-manufacturing collaboration (DTCO) was elaborated, extending traditional design capabilities to cover the entire EDA tool process [16]. - An intelligent customer service model named "Tianwen" was launched, providing 24/7 support for circuit simulation and timing optimization [17]. Group 3: Education and Talent Development - To address the shortage of high-end talent in the integrated circuit industry, Huada Jiutian collaborated with Zhejiang Chuangxin and top universities to launch the "Jiutian Yixin" industry-education integration curriculum [18]. - This curriculum is based on PDK standard cell libraries and production lines, enabling students to complete full-process training from RTL to GDS and obtain testable chips [18]. Group 4: Community Engagement and Achievements - The first PyAether ecological collection event yielded significant results, with over 1,800 posts and more than 350,000 views, alongside training for over 1,600 individuals [24]. - The "Xinjuzhijian" brand activity was initiated to conduct seminars and training across multiple locations, engaging thousands of participants [24]. - The HUG paper collection activity received enthusiastic responses, culminating in the selection of nine outstanding papers for awards [24].