业 及 产 业 计算机 2025 年 06 月 07 日 Circle 美股上市需求火爆！EDA 国 行 业 研 究 / 行 业 点 评 相关研究 《EDA 加强对华管制！香港发布《稳定币 条例》——计算机行业周报 20250526- 20250530》 2025/06/02 《Robotaxi 盈利弹性来源！AI 产业三大进 展—— 计算机行业周报 20250519- 20250523 》 2025/05/24 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 胡雪飞 A0230522120002 huxf@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 徐平平 A0230123060004 xupp@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com ...

免责声明：本文内容根据新思科技（ Synopsys Inc., NASDAQ: SNPS ）投资者关系负责人 Trey Campbell 在 2025 年 6 月 4 日 美国银行全球技术大会上的公开发言，以及 Investing.com 发布的会议实录翻译整理而成，相关表述和数据均来自上述 公开信息来源。 美国政府 5 月底针对 EDA 行业的最新出口管制究竟意味着什么？在当地时间 6 月 4 日的美国银行全球技术大会上， 全球领先的三大 EDA 厂商之一新思科技（ Synopsys Inc., NASDAQ:SNPS ）给出了一份迄今为止最详尽的解答，披露 了许多此前外界无从知晓的关键操作性细节。 该公司高管证实，已于财报发布次日收到美国商务部工业和安全局（ BIS ）发出的 " 通知并要求停止 " 信函，并首次 向外界说明了其对客户的精确影响：由于新思科技采用年度 " 密钥 " 的授权模式，现有客户软件的可用期限将在未来 355 天内的不同时点终止，且无法再获得任何技术支持或更新。此次披露的重要性在于，它首次将一项外界看来模糊 的政府禁令，量化为具体的时间表和业务风险，并解释了为何这次行动因缺少惯例的意 ...

Core Viewpoint - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has notified major global EDA software suppliers, including Synopsys, Cadence, and Siemens EDA, to cease sales and technical support to China without permission, creating a significant opportunity for domestic EDA companies in China [2][3]. Group 1: Market Impact - The three major EDA firms hold approximately 80% market share in China, with Synopsys generating $1 billion in revenue from China, accounting for 16% of its total revenue, and Cadence generating $550 million, accounting for 12% [3]. - Following the BIS directive, Synopsys suspended its financial guidance for the third quarter and full year of fiscal 2025, halted sales and service activities in China, and prohibited Chinese customers from accessing its online support portal, resulting in a stock price drop of over 9.6% in two days [3][4]. Group 2: Domestic EDA Opportunities - Domestic EDA companies are expected to benefit from the situation due to their flexible pricing and strong policy support for domestic alternatives, leading to optimistic future development prospects [2][11]. - The integration of AI with EDA tools is seen as a potential path for domestic companies to "leapfrog" international competitors, as they can better adapt to new software and hardware frameworks without the burden of legacy technologies [9]. Group 3: Financial Performance of Domestic EDA Companies - Huada Jiutian reported a revenue of 1.222 billion yuan in 2024, a year-on-year increase of 20.98%, but its net profit dropped by 45.46% to 109 million yuan [7]. - Gekun Electronics achieved a total revenue of 419 million yuan in 2024, a year-on-year increase of 27.42%, but reported a net loss of 96 million yuan [7]. Group 4: Strategic Moves and Future Plans - Huada Jiutian is actively pursuing the acquisition of Chip and Semiconductor Technology to enhance its capabilities in advanced packaging and system-level design EDA [10]. - The company aims to complete the development and market promotion of integrated circuit design tools within three years and achieve full domestic replacement of EDA tools in the design, manufacturing, and testing sectors within five years [10].

Synopsys (SNPS) Conference Summary Company Overview - **Company**: Synopsys (SNPS) - **Date of Conference**: June 04, 2025 Key Points Industry Context - The discussion revolves around the Electronic Design Automation (EDA) industry and its current challenges, particularly regarding regulatory restrictions impacting sales to China [4][10][14]. Recent Developments - Synopsys received a notification from the Bureau of Industry and Security (BIS) regarding regulatory restrictions on selling certain products to China, leading to a halt in shipments [9][10]. - The company had to pull its guidance due to the potential material impact of these restrictions on its business [10][11]. Financial Performance - In the most recent quarter, Synopsys experienced a **28% year-over-year decline** in revenue from China, a significant drop from a previous growth rate of **25%** [16][17]. - The company is currently assessing the impact of these restrictions on its overall revenue and operational expenditures [29]. Regulatory Environment - The regulatory restrictions are seen as atypical due to the lack of a comment period, which is usually provided to understand the intent and implications of such regulations [19][28]. - Synopsys is working with legal teams and government relations to clarify what products can still be sold and to ensure compliance with the new regulations [12][39]. Market Dynamics - The EDA industry is experiencing a shift as the market for AI and high-performance computing (HPC) chips in China has contracted due to these restrictions [21][22]. - Synopsys is pivoting towards automotive, IoT, and industrial markets, which are growing but do not match the revenue potential of the AI market [21][22]. AI Integration - Synopsys has been integrating AI into its products, with significant improvements in efficiency for junior and mid-level engineers, achieving up to **40% efficiency gains** [44][45]. - The company is developing a new product, AgenTic, which aims to automate design engineering workloads, although it is still a few years away from full deployment [46][48]. Customer Relationships - Synopsys maintains strong relationships with key customers, including Intel, despite leadership changes at Intel [55][56]. - The company is optimistic about the potential for increased spending from Intel as they focus on building leadership products [60]. Competitive Landscape - There is a notable difference in trading multiples between Synopsys and its competitor Cadence, attributed to historical profit margins and the ongoing acquisition of ANSYS [66][67]. - Synopsys aims to improve its operating margins, targeting mid-forties post-ANSYS acquisition, which would position it competitively within the industry [66][67]. Future Outlook - The company is cautiously optimistic about resolving regulatory issues and restoring its ability to sell in China, which was previously a significant growth market [26][54]. - Synopsys is focused on maintaining operational efficiency and exploring new revenue opportunities while navigating the current regulatory landscape [30][29]. Additional Insights - The conversation highlighted the importance of collaboration within the industry to address regulatory challenges, as companies like Synopsys and its peers work together to navigate these complexities [12][13]. - The potential for AI to transform the EDA industry is significant, but the company acknowledges the need for careful implementation due to the high stakes involved in design engineering [47][49].

面对国际EDA巨头断供危机，国内EDA厂商出手！ 据了解，合见工软现有产品已覆盖数字芯片EDA工具、系统级工具及高端IP，是国内唯一一家可以完整覆盖数字芯片验证全流程，同时提供先进工艺高速 互联IP的国产EDA公司。同时，合见工软的客户数量已超过200家，已服务国内绝大多数高端芯片设计企业，对数字大芯片公司关键项目的支持经验丰 富，EDA软件经过了诸多实际项目的打磨迭代，技术支持服务团队水平过硬，快速支撑国产高端芯片设计需求，目标全面解决核心卡脖子问题。 首期可免费申请试用的软件包括：数字验证EDA，涵盖国产首款高性能数字验证仿真器UniVista Simulator等；DFT全流程，涵盖国产可测性设计（DFT） 全流程平台UniVista Tespert等；系统级设计软件，涵盖国产首款高端大规模PCB设计平台UniVista Archer。 针对此次断供事件，6月2日，中国商务部新闻发言人就中美日内瓦经贸会相关问题答记者问。其中提到，中方注意到美国近期出台多项对华歧视性限制措 施，包括发布AI芯片出口管制指南、停止对华EDA的销售、宣布撤销中国留学生签证。 5月29日，新思科技、铿腾电子等全球EDA巨头各自 ...

Group 1 - The core viewpoint of the news is that the rise in overseas EDA supply risks and the strategic restructuring of major domestic companies, Haiguang Information and Zhongke Shuguang, present unprecedented development opportunities for China's information technology self-innovation industry [1][2] - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has notified leading EDA suppliers to suspend shipments to Chinese customers, creating challenges for Chinese companies reliant on imported EDA tools while providing opportunities for domestic EDA manufacturers like Huada Jiutian and Gai Lun Electronics to enhance their capabilities through mergers and acquisitions [2][3] - The strategic merger between Zhongke Shuguang and Haiguang Information aims to explore new paths for software optimization and computing cluster construction through a "chip-software-system" collaboration, with both companies being significant components of the CSI Information Technology Application Innovation Index [3] Group 2 - The CSI Information Technology Application Innovation Index is benefiting from multiple long-term driving factors, including the launch of the PC Hongmeng system, which marks significant progress for domestic operating systems in the personal computer sector [4] - The DeepSeek AI model is gaining traction, with its concept stocks holding a weight of 48.1% in the CSI Information Technology Application Innovation Index, indicating a high technological content within the index [4] - The current scale of the Xinchuang ETF has reached 420 million yuan, making it the largest ETF tracking the CSI Xinchuang Index, reflecting high market recognition and good liquidity, suitable for various investors [4]

政策层面释放的积极信号正在打开价值链攀升的想象空间，但需清醒认识到，并购重组对高质量发展的 赋能效应，最终取决于产业逻辑与整合实效的深度耦合。中国银河证券首席经济学家章俊建议，市场经 营主体在并购重组中要把握三点原则——强化技术并购后的消化吸收再创新能力，建立生态协同的量化 评估体系，完善投后管理的价值释放机制，从而将政策机遇转化为可持续的生产力跃升动能，在全球产 业再分工中构筑中国式并购的竞争优势。 从并购目标看，多家公司通过并购加强产业整合，完善产业链布局，实现协同增效。例如，电投能源主 营煤炭开采、火电、电解铝业务，拟向大股东国家电投集团收购白音华煤电100%股权，扩充业务规 模，推动煤电清洁转型；华大九天拟收购国内领先电子设计自动化（EDA）企业芯和半导体100%股 权，有助于实现EDA产业自主可控，为我国集成电路产业持续健康安全发展提供支撑和保障；而在隆 扬电子收购德佑新材、扬杰科技收购贝特电子的股权交易中，两家收购方都将拓宽产品种类，强化行业 地位。 收购新质生产力标的的交易也层出不穷，多聚集于半导体、高端装备等领域。多家公司基于转型升级等 目标开展跨行业并购。例如，阳谷华泰拟收购波米科技100% ...

Group 1: EDA Supply Chain Disruption - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has mandated Synopsys and Cadence to halt the supply of EDA software tools to China, raising industry concerns [2][3] - Synopsys reported that approximately 16% of its revenue comes from China, while Cadence's revenue from China is about 12% [3] - The BIS has identified unacceptable risks associated with the use or transfer of EDA software and technology to military end-users in China [3][4] Group 2: Competitive Pricing in the EV Market - BYD has announced significant price reductions for up to 22 models of electric and plug-in hybrid vehicles, with discounts reaching as high as 35% [2][9] - The price of the "Seagull" model has been reduced from 69,800 RMB to 55,800 RMB, a decrease of 20%, while the "Seal" dual-motor hybrid sedan saw a reduction of 53,000 RMB, down to 102,800 RMB, representing a 34% drop [9][10] - The price cuts have intensified concerns about worsening competition in the EV market, potentially eroding profit margins for automakers [2][10] Group 3: Industry Competition and Regulation - The China Association of Automobile Manufacturers (CAAM) has issued an initiative to combat "involution" and unhealthy competition in the EV sector, emphasizing the need for fair competition and adherence to legal regulations [10][11] - The CAAM highlights that the rapid growth of the EV market, with new car sales exceeding 40%, is being undermined by price wars that negatively impact industry profitability [10][11] - The association calls for all companies to comply with fair competition principles and avoid practices that disrupt market order and harm the interests of other operators and consumers [10][11]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：本文编译自semiengineering 。 设计自动化大会（DAC）即将到来，而"资金缺口"的迹象已暴露无遗：技术会议整整被砍掉了一 整天的议程。这无疑令人沮丧，从长远来看，这可能是一项代价高昂的错误。 问题的起点可以追溯到2000年互联网泡沫破裂之前。在那之前，DAC不断扩张，几乎没有哪个会 议中心能完全容纳下来。那时候的DAC规模庞大，参加会议、浏览展区、听技术报告几乎都需要 内部交通系统来穿梭。那是真正的"体力活"。DAC曾填满旧金山的Moscone North和South展馆， 甚至连两馆之间的地下通道都用上了。那时，EDA产品都以DAC为发布时间点，各家公司派出大 量工程师来寻找有价值的新技术。 而今天，DAC已经完全挤得下Moscone West馆，甚至这个场地也被严重"闲置"。这一"萎缩"的过 程始于出差预算削减——公司不再派出大量工程师来了解最新技术，每家公司只派几位、有明确任 务目标的人前往。EDA公司也因此不再需要那么多展位空间。同时，EDA厂商越来越倾向于对新 产品"秘而不宣"，只向特定客户透露信息。产品发布也不再集中，而是分散于全年。 ...

以下文章来源于梓豪谈芯 ，作者Leslie wu 不过现在还没有 BIS 的具体规则，只有 BIS 对 EDA 企业的通知邮件，三大也正在积极了解中， 所以具体的真实影响与应对之策必须等规则公布之后才能分析了。 即便号称全球三大，新思，西门子， cadence 营收也就几十亿美元，整个市场规模天花板不高， 三大以外几乎都是非常细分领域。但是关老师统计的我们中国的 EDA 企业已经超过 60 家，数量 上令人震惊 ，几乎超过了全球 EDA 企业的总和。 设计一款芯片需要的工具 非常多 ，全球 EDA 企业每一家都有他的强项，新思跟 cadence 两家几 乎垄断全球 TCAD ，新思的先进封装， cadence 的模拟跟射频，西门子的物理验证 sign-off 跟 OPC ，这些工具都是他们具备全球 高度 统治力的产品。 梓豪谈芯 . 来，看点有营养又不一样的半导体讯息。作者吴梓豪，蓉合半导体CEO，前台积电fab3工程师， Arcotech创始人。 这次 BIS 要求 EDA 企业先全面暂停所有中国客户的业务，这是很大的动静，影响可能会比大家 认为的更大 ，但实际操作上可能影响是有限的，这到底是怎么一回事呢 ...