Core Viewpoint - Industrial Fulian plans to reduce its stake in Dingjie Smart by up to 8.0947 million shares, representing no more than 2.98% of the total share capital, marking the first disclosure of a reduction plan since its investment in July 2020 [1][2][3] Group 1: Share Reduction Details - The estimated market value of the shares to be reduced is approximately 399 million yuan based on Dingjie Smart's closing price of 49.31 yuan per share on November 7 [6] - The reduction plan will be implemented within three months starting from December 1, 2025, following a 15 trading day period after the announcement [6] - Industrial Fulian currently holds 39.9713 million shares of Dingjie Smart, accounting for 14.73% of the total share capital, making it the largest shareholder [10] Group 2: Reasons for Reduction - The reduction is primarily based on Industrial Fulian's financial planning and arrangement needs [13] - Industrial Fulian has experienced a significant increase in net profit, with a year-on-year growth of 48.52% to 22.487 billion yuan in the first three quarters of 2025 [13] - However, the net cash flow from operating activities was negative 4.141 billion yuan, a decrease of 199.73% year-on-year, attributed to increased inventory to meet strong customer demand in the AI server market [13] Group 3: Performance of Dingjie Smart - Dingjie Smart's revenue for the first three quarters of 2025 increased by 2.40% to 51.0888 million yuan, while its net profit attributable to shareholders decreased by 12.07% to 39.9838 million yuan [16][17] - The company operates in four main categories of industrial software, including R&D design, digital management, production control, and AIoT [16]

Core Viewpoint - Industrial Fulian plans to reduce its stake in Dingjie Smart by up to 8.0947 million shares, representing no more than 2.98% of the total share capital, citing funding planning needs [2][6][11]. Group 1: Share Reduction Details - The share reduction plan is the first disclosed by Industrial Fulian since it acquired shares in Dingjie Smart in July 2020 [2][6]. - The estimated market value of the shares to be reduced is approximately 399 million yuan, based on Dingjie Smart's closing price of 49.31 yuan per share on November 7 [9]. - The reduction will be executed within three months starting from December 1, 2025, following a 15 trading day notice period [9]. Group 2: Shareholding Structure - Industrial Fulian currently holds 39.9713 million shares of Dingjie Smart, accounting for 14.73% of the total share capital, making it the largest shareholder [11]. - Together with other shareholders, Industrial Fulian and its concerted action parties hold a combined stake of 22.36% in Dingjie Smart [11][13]. Group 3: Financial Performance - Industrial Fulian's net profit for the first three quarters of 2025 increased by 48.52% year-on-year to 22.487 billion yuan, driven by the expanding AI server market [14]. - However, the net cash flow from operating activities was negative 4.141 billion yuan, a decline of 199.73% year-on-year, primarily due to increased inventory to meet strong customer demand [14]. - Dingjie Smart's revenue for the first three quarters of 2025 grew by 2.40% year-on-year to 51.088 million yuan, while its net profit attributable to shareholders decreased by 18.61% [16][17].

11月6日，虹桥国际经济论坛·虹桥国际开放枢纽建设分论坛暨2025虹桥HUB大会在国家会展中心（上海）召开。以"桥连世界：全球变局下的中国企业 出海"为主题，大会全面聚焦虹桥"桥连世界、通达全球"的战略优势，深刻阐释以服务企业出海推进高水平对外开放的时代议题。 中国国际经济交流中心资深专家委员，国际货币基金组织（IMF）原副总裁朱民深度剖析了在全新的国际经贸格局下，中国企业出口战略布局的演进态 势和典型模式。朱民指出，当前中国企业出海进入加速阶段，已从单一产品出口升级为高端制造、全产业链及数字经济的全球化布局，东南亚、北美等地产 业带逐步成型。虹桥国际开放枢纽凭借全链条服务体系与高效总部经济，成为企业出海核心支撑。 "如果出海企业是各式各样的船走向海洋世界舞台，虹桥就是一个最好的码头、基地，提供综合服务。"朱民表示，过去几年，虹桥在法律、金融、资 讯、供应链、支付等方面形成了完整的服务链。 在其看来，从"走出去"到"双循环"，国家持续推动高水平对外开放，同时，国际经贸格局变化加速了中国企业从"中国+1"到"中国+N"的全球布局。朱民 强调，中国企业高质量出海既是自身向跨国公司转型的历史机遇，更是推动全球化重构 ...

Core Insights - Artificial intelligence (AI) technology is accelerating its integration into the manufacturing sector, becoming a core engine for global manufacturing transformation [1] - The relationship between industrial software and AI is interdependent, with industrial software providing vast amounts of industrial data for AI learning, while AI enhances the capabilities of industrial software [2] Group 1: Industrial Software and AI Integration - Industrial software accumulates extensive industrial data and experience, which serves as a foundation for AI learning [2] - AI applications in industrial software can significantly reduce the time required for processes such as aircraft certification through modeling, simulation, and virtual validation [3] - The collaboration between Dassault Systèmes and Longgang District Urban Construction Investment Group aims to empower the digital transformation of manufacturing enterprises in Shenzhen [3] Group 2: Advancements in Industrial Software - Industrial software is evolving through its integration with AI, which is seen as a future direction for enhancing industrial knowledge and technology [4] - The combination of historical data and AI models can help design new products based on past designs, improving efficiency in product development [5] - The establishment of Dassault Systèmes' operational headquarters in the Greater Bay Area is driven by the region's advanced industrial foundation in high-tech and new energy vehicles [6] Group 3: Impact on Emerging Industries - Industrial software is becoming a crucial driver for rapid product iteration and implementation, particularly in emerging sectors like low-altitude economy and robotics [7] - In the robotics industry, industrial software empowers algorithm development and product research, utilizing virtual technologies for training and simulation [8] - The integration of industrial software in the eVTOL (electric vertical takeoff and landing) sector is essential for ensuring safety and compliance during the certification process [10] Group 4: Future Trends and Industry Evolution - The future of industry is characterized by cross-industry integration and the penetration of ICT technologies into traditional sectors, leading to new intelligent living models [10] - The reliance on technology and product innovation is increasing among Chinese industries, emphasizing the importance of simulation and model-based design technologies [11]

Core Insights - SpatialTwin, a cloud-native digital twin platform, is the first of its kind to support real-time simulation of industrial environments and large-scale operation of intelligent agents [3][4] - The platform aims to reconstruct human-machine collaboration in industrial manufacturing by integrating digital twin, AI, and real-time rendering technologies [3][5] Group 1: Product Launch and Features - SpatialTwin was officially launched at the 2025 World Internet Conference and was selected as one of the top ten debut achievements at the event [4] - The platform utilizes a cloud-native architecture to achieve "zero deployment," allowing for on-demand access to high-density simulation computing power, enhancing operational efficiency and reducing costs [3][5] Group 2: Strategic Partnerships - Strategic cooperation agreements were signed with Hangcha Group and Stand Robot to deepen collaboration in the field of industrial embodied intelligence [5][6] - SpatialTwin has significantly reduced the factory design cycle for Hangcha Group from one week to two hours, showcasing its efficiency in logistics warehouse planning and 3D visualization [5] Group 3: Future Development and Goals - The collaboration with Stand Robot aims to integrate industrial embodied intelligence and spatial intelligence, accelerating the large-scale application of digital twins in smart manufacturing [6] - The company emphasizes the necessity of digital twins in the era of embodied intelligence, highlighting the complexity of calculations required for autonomous operations in smart factories [6]

Core Insights - Dassault Systèmes and Shenzhen Longgang Urban Construction Investment Group have launched a new productivity empowerment platform in Shenzhen, marking a significant step in Dassault's strategic expansion in the Chinese market and the Greater Bay Area [1][2] Group 1: Platform Overview - The newly established platform is located in Shenzhen Industrial Software Park and aims to be a strategic supporter, innovation enabler, and ecosystem builder for the development of new productivity in Shenzhen and the Greater Bay Area [2] - The platform's core functions include strategic guidance, tool empowerment, digital simulation, demonstration leadership, talent incubation, and ecosystem aggregation, focusing on a digital transformation model of "benchmark demonstration + inclusive services + innovation incubation" [2] Group 2: Industry Focus - The platform will leverage Dassault's 3DEXPERIENCE platform and AI-driven virtual twin technology to serve key industries such as new energy vehicles, high-end industrial manufacturing, life sciences, and new infrastructure [1][2] - The initiative aims to assist the regional manufacturing industry in upgrading towards higher-end, intelligent, and sustainable development [1][2] Group 3: Strategic Goals - Dassault Systèmes plans to connect upstream and downstream enterprises and research institutions to build an open and collaborative local innovation network, enhancing Shenzhen's position as a global hub for intelligent manufacturing [2] - The company emphasizes the integration of global experience in industrial AI with local insights to drive deeper applications of digital transformation in the manufacturing sector [2]

Group 1 - The article emphasizes the importance of digital transformation in China's manufacturing industry, highlighting the need for industrial software as a strategic component for achieving informationization, digitization, and intelligence in manufacturing [2][6]. - Since the introduction of "Made in China 2025" in 2015, there has been a continuous push for high-end manufacturing and the integration of new technologies, with significant policy support at both international and local levels [2][5]. - The Chinese industrial software market has shown rapid growth, with revenues reaching 241.4 billion yuan in 2021, marking a year-on-year increase of 22.3%, although there remains a significant gap compared to foreign products [2][6]. Group 2 - The report aims to provide insights into the characteristics of the Chinese industrial software market and the specific conditions of key segments, as well as to identify quality service providers [3][5]. - The research will cover two main aspects: the current market situation of industrial software suppliers, including product and service offerings, market size, and competitive landscape, and the impact of emerging technologies like industrial large models and cloud-native solutions [5][6]. - The report will also analyze the development background of industrial software, including key concepts, driving forces, and the necessity and value of its development in China [6][10]. Group 3 - The report will include a comprehensive overview of the industrial software supply chain, detailing product and service types, market dynamics, and competitive strategies of key players [9][10]. - It will explore the current state of industrial software development, including challenges faced by companies, such as technological bottlenecks and brand recognition issues [2][10]. - The findings will aim to provide actionable insights and recommendations for stakeholders in the industrial software sector to enhance their competitiveness and adapt to market changes [5][12].

Core Viewpoint - The article highlights the role of the Chang'an Pioneer Innovation Center in bridging the gap between scientific research and industrial application, emphasizing the importance of technology managers in facilitating this process [2][5][11]. Group 1: Role of Technology Managers - Technology managers at Chang'an Pioneer serve as intermediaries between research institutions and the market, possessing knowledge of both technology and market needs [5][6]. - The center has a team of 755 technology managers, many of whom have cross-disciplinary backgrounds, enhancing their ability to connect research with industry [5][12]. - The transformation of scientific achievements into marketable products requires a deep understanding of both technical specifications and production realities [4][10]. Group 2: Innovation and Collaboration - Chang'an Pioneer aims to create a collaborative ecosystem by integrating resources from over 30 research institutions, universities, and enterprises to develop a domestic industrial software ecosystem [12][13]. - The center's approach includes providing comprehensive support throughout the innovation cycle, from technical research to market launch [11][12]. - The establishment of a domestic software adaptation center is a significant step towards overcoming reliance on imported technologies in high-end manufacturing [9][12]. Group 3: Talent Development - The center has initiated a talent cultivation program, the Zhonglin Class, to develop skilled professionals in the field of nanotechnology, addressing the shortage of interdisciplinary talent [13][16]. - This program employs a continuous education model, allowing students to engage in research projects from their first year, fostering practical skills and international exposure [16]. - The center has successfully gathered over 2,500 high-level talents, including 57 academicians, contributing to advancements in various fields such as aerospace, life sciences, and artificial intelligence [16].

Core Insights - The 2025 Industrial Software Innovation Development Conference was held in Zhuzhou, Hunan, focusing on the role of industrial software in digital transformation and enhancing supply chain security [1][2] - Industrial software is considered the "soul" of digital transformation in manufacturing, with 2025 marking a critical year for transitioning from "quantitative accumulation" to "qualitative leap" [1] - The integration of new information technologies such as industrial AI, industrial internet, and industrial metaverse is essential for optimizing industrial production and achieving customization [2] Group 1 - Zhang Li, President of the China Electronic Information Industry Development Research Institute, emphasized the importance of industrial software in the digital transformation of manufacturing [1] - Shen Changxiang, an academician of the Chinese Academy of Engineering, highlighted the challenges faced by AI and industrial robots in risk resistance, proposing a dual-architecture for a secure and trustworthy computing system [1] - The proposed security architecture aims for dynamic parallel protection without relying on traditional methods, ensuring unalterable audit records [1] Group 2 - Academician Chai Tianyou pointed out that traditional industrial software relies heavily on human experience, which limits overall optimization and efficiency in industrial production [2] - He proposed three principles for the development of industrial intelligence: problem-driven focus, system engineering approach, and mechanism innovation for long-term collaboration between research and application [2] - Wei Daisen, Vice President of Inspur Group, discussed the evolution of industrial software into a three-layer architecture, showcasing the successful implementation of a smart control model at Shandong Haohua Group, resulting in significant operational improvements [2] Group 3 - Huawei Technologies Co., Ltd. and Hunan University of Technology established a partnership to promote the integration of AI, HarmonyOS, industrial software, and smart campus development [3]

Investment Rating - The report assigns a rating of "Increase Holding" for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [22]. Core Insights - The company reported a revenue of 5.654 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 10.78%. Net profit was 432 million yuan, down 39.78% year-on-year, with a non-recurring net profit of 338 million yuan, down 48.37% year-on-year [7][8]. - The traditional business of the company is experiencing a downturn due to adverse macroeconomic conditions, including increased tariffs, inflation, geopolitical risks, and lower-than-expected interest rate cuts. Revenue and net profit have consistently declined over the first three quarters of 2025 [8]. - The company's next growth engine is expected to come from industrial AI, with the launch of the TPT industrial model in June 2024 and its upgrade to TPT 2.0 in August 2025. The TPT model has already been applied in over 110 projects, generating 154 million yuan in revenue in the first three quarters of 2025 [8][9]. - Successful case studies of TPT's practical effects have been reported, including significant reductions in workforce and operational efficiency improvements in various industrial applications [8]. - The company has accumulated data from over 100,000 production units in domestic process industries, indicating a substantial potential for AI applications to unlock value in the industry [8]. Financial Summary - For 2025, the company is projected to have earnings per share (EPS) of 0.84 yuan, 1.18 yuan, and 2.26 yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings (PE) ratios are expected to be 62.19, 44.32, and 23.08 based on the closing price of 52.25 yuan on November 3, 2025 [9].