当前，我国正推动数字化转型与国产替代战略，明确要求到2027年央企国企100%完成信创替代，覆盖 芯片、基础软件、操作系统、中间件等全链条，为国内基础软件生态重塑带来了历史性机遇。这一政策 不仅让中间件国产化替代的范围从最初的政务领域，快速拓展至金融、能源、交通等国民经济重点行 业，更推动替代模式从"单一产品"向"全栈式"升级，直接拓宽了中创股份的市场边界，为业务规模扩张 提供了广阔空间，市场竞争力与行业影响力显著提升。 面向未来，中创股份表示，将在现有基础上进一步优化投资者回报体系，构建"长期稳定、双向赋能"的 投资者关系生态，聚焦基础软件主业，深化行业布局、优化产品结构，加大研发投入，发力新质生产力 培育，在AI+中间件、全栈替代等关键领域实现技术突破，以扎实的业绩增长为投资者提供长期稳定的 回报。 2024年3月13日登陆科创板，不仅让中创股份获得了稳定的融资渠道，也为核心技术研发、市场布局提 供了充足资金支持。截至2025年上半年，中创股份已累计获得国家授权发明专利165项，牵头或参与制 定国家标准19项，完全掌握中间件领域核心技术及全部核心源代码的自主知识产权，构建起高可靠、高 性能、高可用、高安全 ...

来源：瑞恩资本RyanbenCapital 卓易信息(688258.SH)于2019年12月9日在上交所上市，截至2025年11月21日午间收市，其总市值约74.99 亿元人民币。 (截图来自雪球) 来自江苏宜兴的A股上市公司卓易信息(688258.SH)发布公告称，为充分借助国际资本市场的资源优化资 本结构，拓宽融资渠道，进一步推进公司全球化发展战略及海外业务布局需要，提升品牌影响力与核心 竞争力，巩固行业领先地位，全面提升公司综合实力，公司正在筹划发行境外股份（H股）并在港交所 上市事宜。 卓易信息指，公司正与相关中介机构就本次H股上市的具体推进工作进行商讨，相关细节尚未确定，本 次H股上市不会导致公司控股股东和实际控制人发生变化。 卓易信息，成立于2008年5月12日，是国内云计算设备核心固件领域的领先企业，深耕基础软件行业， 以自主知识产权的云计算设备核心固件(BIOS、BMC)技术与IDE技术、云平台技术为依托开展业务。公 司主要为政企客户、中小软件企业及软件开发人员提供集成化开发工具(IDE)产品及服务、为CPU和计 算设备厂商提供云计算设备核心固件(BIOS、BMC)产品和服务以及为政企客户提供 ...

科技创新能够催生新产业、新模式、新动能，是发展新质生产力的核心要素。当前世界百年变局加速演 进，科技成为大国博弈主战场。党的二十届四中全会审议通过的《中共中央关于制定国民经济和社会发 展第十五个五年规划的建议》（以下简称《建议》），对"加快高水平科技自立自强，引领发展新质生 产力"作出战略部署。 良性循环 科技创新和产业创新，是发展新质生产力的基本路径。《建议》提出了一系列举措，包括加快重大科技 成果高效转化应用、强化企业科技创新主体地位等，要求推动科技创新和产业创新深度融合。 上海财经大学校长刘元春指出，目前，在基础研发方面，企业的投入不足。"十五五"时期，必须为科创 企业向创新链前端延伸创造良好政策环境和金融环境，真正推动科创生态进一步升级，推动科技自立自 强进入新阶段。 在近日出版的《〈中共中央关于制定国民经济和社会发展第十五个五年规划的建议〉辅导读本》中，科 技部部长阴和俊提出，构建与科技型企业全生命周期融资需求更相适应的多元化、接力式金融服务体 系，加强对国家重大科技任务和科技型中小企业的金融支持。 一方面，《建议》提出加强原始创新和关键核心技术攻关，发挥新型举国体制优势；另一方面，《建 议》明确推 ...

Core Insights - The document emphasizes the need to strengthen original innovation and tackle key core technologies, proposing extraordinary measures to achieve decisive breakthroughs in critical areas such as integrated circuits, industrial mother machines, high-end instruments, basic software, advanced materials, and biomanufacturing [2] Group 1 - The proposal aims to promote deep integration of technological and industrial innovation [2] - It highlights the importance of advancing education, technology, and talent development in a coordinated manner [2] - The initiative seeks to accelerate high-level technological self-reliance and lead the development of new productive forces [2]

Core Insights - Tianyang Technology (300872) has signed a share transfer agreement to acquire 5.83 million shares of Baoland Software, representing 7.5% of Baoland's total equity, at a price of 26.56 yuan per share, totaling approximately 155 million yuan [1] - Baoland, established in 2008, is a leader in domestic basic software, focusing on the localization of middleware and has a product line that includes middleware, container platforms, intelligent operations, and big data [1] - The collaboration aims to enhance the integration of banking key application systems with basic middleware systems, promoting information innovation and the autonomy of domestic software [1] Company Strategy - Tianyang Technology recently invested 444 million yuan to acquire 5.02% of Capital Online, aiming to enhance AI capabilities and achieve resource sharing between the two companies [2] - The acquisition of Baoland is expected to significantly enhance Tianyang's influence in the domestic basic software ecosystem and accelerate the penetration of its technology products in the financial innovation market [2] - In the long term, by integrating application software and basic platforms into standardized solutions, Tianyang Technology aims to provide cost-effective digital transformation services for small and medium-sized banks, potentially creating a second growth curve [2]

Core Viewpoint - The article emphasizes the importance of technological modernization as a foundation for China's modernization, highlighting the need for breakthroughs in key core technologies during the 14th Five-Year Plan period [1][4]. Group 1: New National System - The establishment of a new type of national system is crucial, employing extraordinary measures to drive decisive breakthroughs in key areas such as integrated circuits, industrial mother machines, high-end instruments, basic software, advanced materials, and biomanufacturing [3]. Group 2: Original Innovation - There is a strong focus on enhancing original innovation by strategically and systematically increasing investment in basic research, fostering an environment conducive to original and disruptive innovations, and producing more landmark original achievements [6]. Group 3: Efficient Application of Major Scientific Achievements - The article discusses the need to improve regional innovation systems, establish regional technology innovation centers, and accelerate the efficient transformation and application of major scientific achievements, including the construction of verification platforms and enhancing intellectual property protection [8]. Group 4: Cultivating Leading Technology Enterprises - Support for high-tech enterprises and technology-based SMEs is essential, including increasing the proportion of R&D expense deductions and enhancing government procurement of independently innovative products [11]. Group 5: Coordinated Mechanism - A coordinated mechanism for integrated promotion is necessary to strengthen planning alignment, policy collaboration, resource integration, and evaluation linkage, promoting a virtuous cycle of independent technological innovation and talent cultivation [13]. Group 6: National Strategic Talent Force - The article highlights the need to accelerate the development of a national strategic talent force, cultivating various talents such as strategic scientists, leading technology figures, and skilled workers, while optimizing talent structure and promoting regional coordination [15]. Group 7: Data Element System - There is a call to improve the foundational system for data elements, building an open, shared, and secure national integrated data market to deepen the development and utilization of data resources [18]. Group 8: Implementation of "Artificial Intelligence+" Action - The article advocates for accelerating innovation in artificial intelligence and related digital technologies, breaking through foundational theories and core technologies, and integrating AI with various sectors to enhance productivity and societal governance [20].

Group 1: Economic and Social Development Planning - The 20th Central Committee's Fourth Plenary Session approved the suggestions for the 15th Five-Year Plan, outlining systematic planning and strategic deployment for China's economic and social development [1] - Emphasis on promoting the deep integration of technological and industrial innovation, enhancing the inclusiveness and adaptability of capital market systems, and expanding high-level opening-up [1][2] Group 2: Technological Innovation - The Ministry of Science and Technology aims to achieve decisive breakthroughs in key core technologies through a full-chain approach, integrating innovation and industrial chains [2][3] - Focus on original innovation and tackling key technologies in areas such as integrated circuits, advanced materials, and biomanufacturing [2][3] Group 3: Consumer Spending and Economic Growth - The National Development and Reform Commission emphasizes the need to boost domestic consumption and optimize the environment for consumer spending [6][7] - Measures include removing unreasonable restrictions in consumption and enhancing residents' income to increase consumption rates [6][7] Group 4: Investment Strategies - The government aims to optimize investment structures and enhance the effectiveness of investments, particularly in infrastructure and consumer-related sectors [8][9] - Plans to implement significant landmark projects that align with national strategic needs and promote a unified national market [9][11] Group 5: Market Regulation and Competition - The State Administration for Market Regulation is focused on establishing a unified market system, eliminating barriers to competition, and addressing "involution" in market practices [10][11] - Emphasis on strengthening anti-monopoly and fair competition regulations to ensure a healthy market environment [12][13] Group 6: State-Owned Enterprises and Private Sector - The State-owned Assets Supervision and Administration Commission aims to optimize the layout of state-owned enterprises and enhance their roles in key industries [14][15] - Support for private enterprises through legal protections and policies to stimulate their growth and participation in national projects [16][17] Group 7: Fiscal Policy and Debt Management - The Ministry of Finance outlines a proactive fiscal policy to support high-quality development and manage government debt sustainably [17][19] - Focus on increasing public investment in technology and social welfare while ensuring fiscal discipline and preventing local government debt risks [18][19]

Group 1: Economic and Social Development - The "15th Five-Year Plan" emphasizes the importance of technology and innovation, mentioning "technology" 46 times and "innovation" 61 times, highlighting the need for original and disruptive innovations [1] - The plan includes measures to improve people's livelihoods, such as expanding free education and exploring the extension of compulsory education [1][16] - It proposes to enhance public service spending to boost consumer capacity, indicating a shift towards improving the consumption environment [7][10] Group 2: Future Industries and Technological Innovation - The plan aims to promote emerging industries like quantum technology, biotechnology, hydrogen energy, and artificial intelligence as new economic growth points [2][3] - It suggests establishing a risk-sharing mechanism for future industry investments to address uncertainties in technology and market [4][5] - The plan calls for a comprehensive implementation of "Artificial Intelligence+" to drive research and development across various sectors [6][7] Group 3: Consumption and Housing - The plan proposes to eliminate unreasonable restrictions on consumption in sectors like automobiles and housing, signaling a new phase in consumer development [8][19] - It aims to optimize the supply of affordable housing to meet the basic needs of urban wage earners and disadvantaged families, marking a shift from a "safety net" to a "universal" approach [19] Group 4: Energy and Environmental Goals - The plan sets a target for peak coal and oil consumption, aligning with the broader goal of achieving carbon neutrality by 2030 [9] - It emphasizes the need for a new energy system and the development of clean energy sources to support this transition [9] Group 5: Fiscal and Monetary Policy - The plan advocates for a more proactive fiscal policy to enhance sustainability and stimulate effective investment [10] - It suggests a stable and continuous approach to fiscal and monetary policies during the "15th Five-Year Plan" period [10] Group 6: Trade and International Cooperation - The plan focuses on expanding market access and opening up service sectors, indicating a shift towards enhancing service trade competitiveness [11][12] - It highlights the importance of developing green trade and intermediate goods trade to stabilize foreign trade [12][13]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The policy orientation in the Proposals aligns with expectations. Some planning contents may have medium - to long - term impacts on major asset classes. For example, strategic positions of science, technology, and emerging industries are strengthened; there are impacts on consumption, investment, anti - involution, macro - economic policies, financial markets, RMB internationalization, and supply chain security [9][10]. - For different asset classes: - Equity index: The market is expected to consolidate at the end of the year and has an offensive window before next year's Two Sessions, focusing on technology and "anti - involution" themes [2]. - Government bonds: The short - term impact is limited, and the bond market is expected to fluctuate with a slightly stronger bias in November and December [2]. - Commodities: The demand - pull effect will diverge, with new energy - related demand growth likely to benefit more [3]. - Energy transition and carbon neutrality: Focus on the shift between traditional and new energy sources, and carbon prices may fluctuate upward [3]. - Technological self - reliance and advanced manufacturing: Sectors related to new - quality productive forces are expected to maintain rapid growth [3]. 3. Summary According to the Catalog 3.1 Macro Economy - On October 28, the Proposals and the Explanation were released. The policy orientation in the Proposals aligns with expectations. In terms of structure, compared with the 14th Five - Year Plan Outline, the importance of opening - up and social welfare protection chapters has increased. Digital development is incorporated into the science and technology chapter, new - type urbanization is merged into regional economic layout, and two other chapters are consolidated into Part III [8][9]. - Qualitative planning is made for the next five - year key tasks, with quantitative targets and detailed arrangements to be determined in the Plan Outline. Some planning contents may impact major asset classes: - Science, technology, and emerging industries: Stocks and related commodities in the technology sector may benefit as key technological fields are expected to attract more capital and real demand [10]. - Consumption: "Vigorously boost consumption" may lead to relaxed restrictions on real estate and vehicle purchases, benefiting related stocks and commodities [12]. - Investment: The proportion of construction - related demand in commodities may decline, while products related to "a better life" may have incremental demand [12]. - Anti - involution: Policy attention on key sectors' prices will continue, curbing disorderly competition and regulating local government investment - promotion practices [13]. - Macroeconomic policy: The pricing logic of refined oil products may change due to potential consumption tax reform [13]. - Financial markets: The equity market will focus more on shareholder returns, and the futures and derivatives markets may enter a new development stage [13]. - RMB internationalization: The central level of RMB exchange rate volatility may decline [14]. - Supply chain security: Certain strategic minerals may see incremental demand [14]. 3.2 Equity Index - The equity market has fully priced in short - term policy positives, and the medium - term upward trend is consolidated. Adopt a long - term perspective with short - term tactical operations, focusing on four policy themes: - Stabilize growth: Expect further strengthening of counter - cyclical adjustments [15][16]. - Manufacturing and technology: Emphasize advanced manufacturing and self - reliance, highlighting emerging and future industries and key fields [17]. - Optimize traditional industries: Require major cyclical industries to enhance their position and competitiveness, which may increase leading enterprises' market share [18]. - Boost domestic demand: Focus on people's livelihood, but the shift to consumption - driven growth takes time. The stock market is expected to be optimistic before next year's Two Sessions, focusing on technology and "anti - involution" themes [19][20]. 3.3 China's Government Bonds - The Proposals convey a medium - to long - term policy tone of "seeking progress while maintaining stability" with high - quality development as the theme. The weight of economic growth may increase, and growth sources and modes may adjust. - Regarding monetary policy, it aims to improve the central banking system, build a sound monetary policy framework and a comprehensive macroprudential governance system. The next stage of building the macroprudential governance framework focuses on four areas [22][23]. - The short - term impact on the bond market is limited. In November and December, the bond market is expected to fluctuate with a slightly stronger bias, influenced by monetary policy, year - end institutional allocations, and fund fee reform [24]. 3.4 Commodities - On the supply side, the Proposals call for optimizing and upgrading traditional industries, which will support commodity prices through supply elasticity management in different sectors such as ferrous metals, energy and chemicals, non - ferrous metals, and agricultural products [26]. - On the demand side, policies support economic growth and set a floor for commodity demand, but the impact varies by sector. New energy - related metals like copper, aluminum, and lithium will see clear demand growth, while other commodities face different challenges and opportunities [27]. - The commodities market is entering a phase of structural divergence. Short - term policy expectations may boost sentiment, but long - term trends depend on fundamentals [28]. 3.5 Energy transition and Carbon Neutrality - Energy: The Proposals emphasize accelerating new energy system construction, promoting green transformation, and increasing new energy supply. They also call for developing new energy storage and strengthening power grid construction, which may increase demand for certain metals. For fossil energy, consumption is expected to peak, and the consumption structure may change [30]. - Carbon market: The Proposals mention expanding the carbon market and developing a voluntary emission reduction market. In the short term, carbon prices are affected by quota carry - over policies; in the long term, they may fluctuate upward due to tightened quota allocations and market expansion [31]. 3.6 Technological Self - Reliance and Advanced Manufacturing - The 15th Five - Year Plan Proposals elevate scientific and technological self - reliance to the second main objective. It emphasizes advanced manufacturing and breakthroughs in "bottleneck" technologies. Investment in key areas like integrated circuits is expected to maintain rapid growth, driving related material demand [33].

Core Insights - The article emphasizes the importance of "super-normal" measures in the 15th Five-Year Plan, focusing on key core technology breakthroughs in areas such as integrated circuits and high-end equipment, reflecting a strategic urgency for technological self-reliance [1][2] Group 1: Strategic Context - The global landscape is undergoing unprecedented changes, driven by a new wave of technological revolution and industrial transformation, presenting significant development opportunities in strategic frontier technologies like AI and biomedicine [1] - There is a growing trend of unilateralism and protectionism in the international environment, leading to increasing technological blockades and strategic constraints faced by the country [1] Group 2: Innovation and Resource Allocation - "Super-normal" signifies a shift in resource allocation, requiring the breaking down of departmental, regional, and industry barriers to concentrate resources for organized scientific research [3] - The need for a fundamental transition from factor-driven to innovation-driven economic development is highlighted, necessitating a reconfiguration of the innovation ecosystem [2] Group 3: Policy Support and Talent Development - Policy support must be forward-looking and inclusive, with fiscal policies favoring major technological projects and monetary policies providing low-cost, long-term funding for tech companies [4] - The competition for key core technologies ultimately boils down to talent competition, necessitating reforms in the scientific system to empower researchers and encourage disruptive innovations [4]