Group 1 - The core viewpoint of the articles emphasizes the importance of nurturing "patient capital" to support hard technology research and development, highlighting the need for long-term investment strategies that align with the high-risk, high-reward nature of technological innovation [1][2][3] - The recent launch of the "Nuximon" software marks a significant step in building an independent industrial software ecosystem in China, showcasing advancements in various fields such as materials and technology applications [1] - The article discusses the necessity for investment institutions to develop a multi-track due diligence system that includes industry experts, ensuring that capital is effectively aligned with the technological needs of the industry [2] Group 2 - It is suggested that leading companies should actively leverage their capital to support smaller tech firms, creating opportunities for collaboration and reducing market risks for innovative technologies [2] - The concept of "risk laboratories" is introduced, where capital, research institutions, and enterprises can collaborate to explore cutting-edge technologies, sharing the burden of funding and the benefits of technology commercialization [2] - The articles stress that there are no shortcuts in the journey of technological innovation, advocating for a steadfast commitment to deep investment in core technologies and the transformation of industrial models and ecosystems [3]

"南京出台的政策，能精准支持到企业。"布雷博（南京）汽车零部件有限公司总经理方明有切身之 感，近两年企业先后享受两大政策红利，一是其中国区研发中心被认定为省级研发中心，二是一家在宁 公司被认定为江苏省跨国公司地区总部，这背后就有省市两级的一系列政策支撑。方明表示，南京已成 为布雷博全球布局的最重要城市之一，总部、研发、生产三大功能叠加，占全球营收的六到七成。 人工智能是传统产业升级的重要抓手。南京今年起实施"人工智能+"行动，高标准打造国家人工智 能创新应用先导区升级版。此次"政策包"明确要市区联动发放"算力券"，鼓励初创型企业、创新企业平 台、专业服务机构等优惠使用智能算力资源。南京师范大学商学院教授、博士生导师蒋伏心认为，这一 措施的针对性很强，抓住了人工智能与制造业结合的痛点，符合企业现实需求。 1月26日，南京市召开新闻发布会，解读新发布的《关于加快培育新质生产力推动高质量发展的若 干政策（2026年版）》。今年起，南京将在每年年初面向社会发布集成性一揽子政策安排。 9个方面、42条政策措施，按照跨部门政策协同的思路，对拉动经济增长的重大平台、重点项目、 重要活动、关键事项予以统筹支持，南京此举"一盘 ...

（编辑 丛可心） 证券日报网讯 1月26日，中望软件在互动平台回答投资者提问时表示，CAD作为设计人员进行精确绘 图、建模与设计的核心软件工具，在工程建设企业（涵盖建筑、工程、施工及运营等多个环节）及泛制 造业企业（包含装备制造、消费电子、汽车、船舶等多个细分行业）中均已得到广泛应用。上市以来， 公司通过持之以恒的研发投入，不断缩短与海外龙头企业产品间的性能差距，更全面、深入地满足客户 的需求，并且凭借更高性价比的产品和更完善的技术服务推动业务发展。后续，公司将进一步打磨产品 价值，在更多使用场景下搭建起产品与服务的差异化优势，稳步实现市场份额的扩张。在技术水平方 面，相较于以达索、欧特克、西门子为代表的国际工业软件巨头，公司在产品的性能效率，以及生态体 系建设的完备程度方面，均有所差距。尽管如此，凭借持续多年的高比例研发投入，以及研发团队持之 以恒的奋斗，公司已逐步缩短与上述国际巨头间的差距，并不断巩固自身在行业第二梯队中的领先地 位。 ...

针对上述提问，中望软件回应称："尊敬的投资者，感谢您对公司的关注。 CAD作为设计人员进行精确 绘图、建模与设计的核心软件工具，在工程建设企业（涵盖建筑、工程、施工及运营等多个环节）及泛 制造业企业（包含装备制造、消费电子、汽车、船舶等多个细分行业）中均已得到广泛应用。 上市以 来，公司通过持之以恒的研发投入，不断缩短与海外龙头企业产品间的性能差距，更全面、深入地满足 客户的需求，并且凭借更高性价比的产品和更完善的技术服务推动业务发展。后续，公司将进一步打磨 产品价值，在更多使用场景下搭建起产品与服务的差异化优势，稳步实现市场份额的扩张。 在技术水 平方面，相较于以达索、欧特克、西门子为代表的国际工业软件巨头，公司在产品的性能效率，以及生 态体系建设的完备程度方面，均有所差距。尽管如此，凭借持续多年的高比例研发投入，以及研发团队 持之以恒的奋斗，公司已逐步缩短与上述国际巨头间的差距，并不断巩固自身在行业第二梯队中的领先 地位。" 有投资者在互动平台向中望软件提问："董秘你好！现在国内企业使用CAD的比例大约有多少？现在国 外龙头CAD企业占有大部分额，而CAD行业合作伙伴粘性很强，公司有什么办法取代已有服务商 ...

Core Insights - The "Two New" policies in China are effectively driving investment and consumption, optimizing supply structure, and enhancing economic quality, providing a solid foundation for stable and long-term economic growth [1] Investment Sector - Equipment investment is experiencing strong growth, with a year-on-year increase of 11.8% in 2025, contributing 1.8 percentage points to overall investment growth and accounting for 18.0% of total investment, an increase of 2.5 percentage points from the previous year [2] - The growth in equipment investment is attributed to a combination of government policies, such as fiscal subsidies and tax incentives, and proactive responses from enterprises in the manufacturing and high-tech sectors [2] - This investment is not only expanding production capacity but also driving the digitalization, intelligence, and greening of production systems, thereby enhancing the resilience and safety of the industrial supply chain [2] Consumption Sector - The "old-for-new" consumption policy has been significantly strengthened in 2025, stimulating potential consumer demand and promoting the optimization of consumption structure, with retail sales of consumer goods above designated size increasing by 3.4% year-on-year, accelerating by 0.7 percentage points from the previous year [3] - Key trends in consumption include: - Green and smart products becoming the main theme, with retail sales of communication equipment and cultural office supplies growing by 20.9% and 17.3% respectively [4] - Home furnishings seeing a 14.6% increase in retail sales, significantly up by 11 percentage points from the previous year [4] - New energy vehicle retail sales reaching 12.809 million units, a 17.6% year-on-year increase, with a penetration rate of 53.9%, up 6.3 percentage points from the previous year [4] Mechanism and Policy Integration - The success of the "Two New" policies is attributed to their integration with industrial, technological, and environmental policies, creating a virtuous cycle of investment, supply enhancement, demand creation, and re-investment [5] - The policies effectively address structural contradictions in the market, such as overcapacity in some industries and insufficient high-end supply, accelerating the marketization of new technologies and products [5] - The policies are also aligned with the "dual carbon" goals, promoting energy efficiency and reducing pollution, thus facilitating a comprehensive green transformation of economic and social development [6] Future Outlook - The ongoing implementation of the "Two New" policies is expected to further release their synergistic effects, solidifying the economic recovery and supporting the cultivation of new productive forces, the construction of a modern industrial system, and the achievement of carbon neutrality goals [6]

Core Insights - The Ministry of Industry and Information Technology announced the 2025 smart manufacturing system solutions project, with Aipenghua Technology (Wuhan) Co., Ltd. winning recognition for its lightweight design and performance simulation optimization system for aerospace components, marking it as the only winner in the digital design of aerospace equipment products [1] Group 1 - The software solution can reduce the development cycle of aerospace equipment by 40%, effectively managing over 10,000 micro-structural components to achieve a balance between weight reduction and strength [2] - Aipenghua has developed unique algorithms and data structures that significantly reduce the computational resource requirements for modeling, allowing the software to run smoothly on standard industrial computers [2] - The software has been tested in leading aerospace companies in China, with feedback indicating that optimized engine blades not only achieved significant weight reduction but also improved fatigue resistance [3] Group 2 - Aipenghua is collaborating with an integrated circuit company to ensure compatibility between domestic industrial software and domestic GPUs, addressing hardware limitations and enhancing design capabilities [3] - The commercial aerospace industry in China is growing at an annual rate of over 20%, necessitating continuous technological evolution to enable rapid design iterations [3] - Aipenghua plans to expand its applications into the rail transportation sector, aiming to support lightweight design for high-speed trains and the automotive industry, particularly for enhancing the range of new energy vehicles [3]

Core Insights - Suzhou is transitioning from "Suzhou Manufacturing" to "Suzhou Intelligent Manufacturing" and "Suzhou Creation," highlighting its strategic importance in the semiconductor industry and modern industrial system development [2] Group 1: Industrial Software Development - The development of autonomous and controllable industrial software is proposed to be elevated to a strategic level for the city, aiming to support the modernization of the industrial system and cultivate new productive forces [2] - Industrial software is identified as a core foundation for smart manufacturing and digital economy, serving as a key indicator of national industrial competitiveness and self-sufficiency [2] Group 2: Challenges in the Industry - Suzhou faces significant challenges in the industrial software sector, particularly in electronic design automation, including reliance on foreign core technologies, an incomplete industrial ecosystem, insufficient talent support, and inadequate policy coordination [2] - These challenges severely restrict the modernization level of the industrial chain and the progress of high-quality development [2] Group 3: Proposed Initiatives - Recommendations include enhancing top-level design and systematic promotion of industrial software development, implementing a "Strong Foundation Project," establishing a municipal special fund for industrial software development, and focusing on core technology breakthroughs and ecosystem construction [2] - The "Chain Building Project" aims to focus on breakthroughs in specialized fields and create a closed-loop ecosystem that integrates industry and application [2] - The "Intelligence Gathering Project" suggests innovating talent cultivation and recruitment mechanisms to build a talent hub for the industry [2] - The "Optimal Environment Project" emphasizes strengthening legislative protection and policy coordination to create a first-class industrial development environment domestically [2]

Group 1 - The report provides a comprehensive analysis of the industrial software industry in China, focusing on market capacity, competitive landscape, and future development trends [2][3][4] - It emphasizes the importance of industrial software in the context of China's industrial transformation and upgrading, highlighting its role in enhancing operational efficiency and innovation [4][6] - The report outlines the classification of industrial software, including embedded software, design software, production control software, and management software, along with their respective market sizes and trends [7][8][9] Group 2 - The analysis includes a detailed examination of the policy environment affecting the industrial software industry, including management systems and relevant regulations [4][6] - Economic conditions, both domestic and international, are assessed to understand their impact on the industrial software market, including industrial value-added and manufacturing indices [4][6] - Technological advancements and trends within the industry are discussed, providing insights into the overall technical level and future directions of industrial software development [4][6] Group 3 - The global industrial software market is analyzed, including its size, regional distribution, and key trends, indicating a growing demand for software solutions in manufacturing [5][6] - Leading companies in the industrial software sector are profiled, detailing their product offerings, market performance, and strategic developments, such as Dassault Systèmes, Siemens PLM, and Autodesk [5][6] - The report identifies investment opportunities within the industrial software industry, emphasizing the potential for growth driven by technological innovation and increasing demand for digital solutions [8][13]

Core Viewpoint - The company, Jialichuang, is navigating a complex landscape by resuming its IPO process while simultaneously launching a "perpetually free" version of its self-developed ECAD software, indicating a strategic shift in hardware innovation logic [1][12]. Financial Performance - Jialichuang's IPO status has transitioned from "suspended" to "inquiry," with updated financials showing a revenue of 4.679 billion yuan and a net profit of approximately 590 million yuan for the first half of 2025, reflecting a year-on-year growth of 25.95% and 23.5% respectively [1][3]. Business Model and Strategy - The decision to offer the ECAD software for free is part of a broader strategy to build a comprehensive ecosystem that connects design tools to manufacturing, aiming to reduce barriers for engineers and foster innovation [2][6][9]. - Jialichuang's unique "拼板制造" (panel manufacturing) model has significantly lowered the cost of single prototype production from thousands to tens of yuan, while also reducing delivery times to as fast as 12 hours [3][9]. User Engagement and Ecosystem Development - The company serves over 8.2 million users across more than 180 countries, with a focus on strategic emerging industries such as AI, semiconductors, and renewable energy [4][10]. - The free software strategy is designed to cultivate user habits and create a data-driven ecosystem, enhancing user engagement and retention [7][8][10]. Innovation and Feedback Loop - Jialichuang's approach integrates a feedback loop where manufacturing data informs design processes, optimizing product quality and reducing rework [9][11]. - The company has developed a suite of industrial software that facilitates real-time feedback during the design phase, thereby enhancing efficiency and quality [9][11]. Long-term Vision - Jialichuang aims to position itself as a foundational infrastructure provider for hardware innovation, reducing costs and barriers for engineers, and fostering a culture of creativity and innovation [11][12].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 BEIJING DELTAPHONE TECHNOLOGY CO., LIMITED 北京德風新征程科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據呈交香港公司註冊處處長註冊的本公 司招股章程作出投資決定；有關文本將於發售期內向公眾刊發。 (i) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件中 的資料作出任何投資決定； (ii) 在聯交所網站登載 ...