行业研究丨点评报告丨软件与服务 [Table_Title] 政府采购将采用本国产品标准，国产替代趋势有 望进一步加强 报告要点 [Table_Summary] 9 月 30 日，国务院办公厅印发《关于在政府采购中实施本国产品标准及相关政策的通知》，自 2026 年 1 月 1 日起施行。《通知》旨在构建统一开放、竞争有序的政府采购市场体系，完善政 府采购制度，保障各类经营主体平等参与政府采购活动。此次本国产品标准的出台完善了政府 采购制度，进一步增加了政府采购政策的公平性和透明度，同时，有望推动重点产业供应链国 产化，国产替代提速值得期待。建议重点关注受益于信创产业的国产芯片产业链、国产操作系 统产业链和华为产业链等方向。 丨证券研究报告丨 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 政府采购将采用本国产品标准，国产替代趋势 2] 有望进一 ...

Group 1 - The core viewpoint of the news is that during the "14th Five-Year Plan" period, China's digital infrastructure has achieved world-leading status in terms of scale and technology, significantly contributing to the development of the digital economy and data circulation [1][2][3] - As of June 2023, the total number of high-quality data sets built in China exceeds 35,000, with a total volume of over 400PB, which is approximately 140 times the digital resource volume of the National Library of China [4][5] - By the end of 2023, the number of data circulation node cities in China is expected to expand to around 50, covering 80% of provinces, laying a foundation for large-scale cross-domain data circulation [3][5] Group 2 - The National Data Bureau has introduced over 10 new systems, including data property rights, as part of a comprehensive policy approach to promote the market-oriented allocation of data elements [2] - The number of 5G base stations is projected to increase fivefold by June 2025 compared to 2020, reaching 4.55 million, while the number of gigabit broadband users is expected to grow 34 times to 226 million [2] - The digital economy is expected to see software revenue grow by 80% by the end of 2024 compared to 2020, and the added value of the electronic information manufacturing industry is projected to increase by over 70% [2] Group 3 - The National Data Bureau has established data infrastructure guidelines and technical specifications to support the construction and operation of data infrastructure, with over 2,000 entities connected to the infrastructure [3] - The "data corpus equity investment" model is being piloted to encourage enterprises to convert high-quality data sets into equity investments [5] - The National Data Bureau plans to continue promoting the construction of high-quality data sets and enhance the recognition of data element value across society [5]

Group 1 - The core viewpoint of the news is that during the "14th Five-Year Plan" period, China's digital infrastructure has achieved world-leading status in terms of scale and technology, significantly contributing to the development of the digital economy and data circulation [1][2][3] - As of June 2023, the total number of high-quality data sets built in China exceeds 35,000, with a total volume of over 400PB, which is approximately 140 times the digital resources of the National Library of China [4][5] - By the end of 2023, the number of data circulation node cities in China is expected to expand to around 50, covering 80% of provinces, laying a foundation for large-scale cross-regional data circulation [3][4] Group 2 - The National Data Bureau has introduced over 10 new systems, including data property rights, as part of a comprehensive policy approach to promote the market-oriented allocation of data elements [2] - The number of 5G base stations is projected to grow fivefold by June 2025 compared to 2020, reaching 4.55 million, while the number of gigabit broadband users is expected to increase 34 times to 226 million [2] - The digital economy is expected to see software revenue grow by 80% by the end of 2024 compared to 2020, and the added value of the electronic information manufacturing industry is projected to increase by over 70% [2] Group 3 - The National Data Bureau has established data infrastructure guidelines and technical specifications to support the construction and operation of data infrastructure, with over 2,000 entities connected to the infrastructure [3] - The trial of "data corpus pricing as equity" is being implemented to encourage enterprises to convert high-quality data sets into equity investments [5] - The National Data Bureau plans to continue promoting the construction of high-quality data sets and enhance the recognition of data element value across society [5]

Core Viewpoint - Kirin Xin'an, known as the "first domestic operating system stock," has responded to the Shanghai Stock Exchange's inquiry regarding its change in bad debt provision method for accounts receivable from unit A1, raising concerns about its financial practices [1] Group 1 - As of the end of 2024, the company's accounts receivable balance from unit A1 stands at 223 million yuan, originating from product sales made in 2021 and 2022 [1] - The company previously used a combined provision method for bad debts but plans to switch to an individual provision method in its 2024 annual report [1] - The accounts receivable from unit A1 has not yet been collected, prompting the exchange's inquiry [1]

Group 1 - The article emphasizes the significance of cybersecurity, highlighting that it affects personal privacy, corporate secrets, and national security [1] - It explains the concept of "technical backdoors," which allow unauthorized access to systems and sensitive information if not properly managed [1][3] - The article warns that foreign-produced chips, smart devices, or software may contain intentionally embedded backdoors that can be exploited for remote control or data theft [3] Group 2 - The national security agency suggests that sensitive positions should adopt domestically controlled chips and operating systems to mitigate risks from foreign hardware and software backdoors [5] - It recommends enhancing technical protective measures, such as patch strategies, regular operating system updates, and monitoring for unusual traffic to reduce potential security risks from technical backdoors [5] - Citizens and organizations are encouraged to cooperate with national security agencies in reporting suspicious activities related to cyber espionage [5]

Group 1 - The importance of cybersecurity is increasingly highlighted in the digital age, affecting personal privacy, corporate secrets, and national security [1] - Technical backdoors, which are methods to bypass normal security checks, can pose significant security risks if exploited by malicious attackers [2] - Malicious backdoors can be pre-installed in devices during manufacturing, allowing remote control and unauthorized data collection [2] Group 2 - Security of smart devices and information systems is crucial for both individuals and national security, necessitating heightened awareness and preventive measures [3] - Organizations in sensitive positions are encouraged to use domestically controlled chips and operating systems to mitigate risks from foreign software and hardware backdoors [3] - Citizens and organizations are urged to cooperate with national security agencies in reporting suspicious activities related to cyber espionage [3]

Investment Rating - The report maintains a "Positive" investment rating for the industry [12]. Core Insights - The operating system (OS) serves as a critical foundational software that connects hardware and various software applications, and it is poised for growth in the era of edge computing [4][6]. - The domestic operating system market is expected to expand significantly due to the trend of domestic substitution and the promotion of the "Xinchuang" initiative, which is driving high growth in PC and server shipments [8][10]. - The report emphasizes the importance of focusing on leading domestic operating system companies that possess ecological advantages [10]. Summary by Sections Operating System: Key Core Software - The operating system is essential for managing computer resources and ensuring stable operation, with various types tailored to different user environments and functionalities [19][21]. Global Market: Dominance of First-Mover Firms - The global operating system market is projected to reach approximately $57.25 billion in 2025, with a compound annual growth rate of 7% expected to reach $96.3 billion by 2033 [26][29]. - Major players like Microsoft and Apple dominate the PC operating system market, holding about 86.7% of the market share [30]. Era of Opportunity: Hardware Development Driving OS Updates - The transition to edge computing presents new opportunities for domestic operating systems, which can leverage open-source collaboration to accelerate ecosystem development [7][36]. Domestic Substitution: Vast Market for Domestic Operating Systems - The domestic operating system market is expanding as the country aims to build an independent and secure operating system ecosystem, with significant growth potential as the Xinchuang initiative progresses [8][64]. Security Autonomy: Necessity for OS Localization - The report highlights the critical need for an independent operating system ecosystem to enhance national security and reduce reliance on foreign technology [56][59]. Domestic Manufacturers Overview: Flourishing Domestic OS Landscape - Several domestic operating system companies have emerged, with leading firms like Kylin Software and UnionTech Software making significant strides in the market [9][10]. Investment Recommendations: Focus on Domestic OS Industry Chain - The report suggests monitoring the domestic operating system industry chain, particularly companies with strong ecological advantages, as the market is expected to grow significantly by 2025 [10][64].

Core Insights - The development of the digital economy in Hexi District is being driven by the establishment of the "Digital Island" and the integration of various innovative enterprises, with 83 companies currently operating in the area, including 79 newly established firms and 2 listed on the OTC market [1][3] - The Tianjin Digital Island Data Element Industrial Park has officially launched, aiming to create a resource aggregation area for the data industry, an innovation development zone, and an application demonstration area to enhance the industrial capabilities of the "Digital Island" [1][3] - The establishment of the National Engineering Research Center for Cryptography Technology in Tianjin is expected to accelerate the development of the cryptography industry in Hexi District, leveraging core technologies in cryptographic algorithms and data security [3][5] Group 1 - Hexi District has positioned the development of new productive forces as a priority, focusing on the integration of digital economy themes and the construction of the "Digital Island" [1][3] - The area has attracted over 160 enterprises, including major players in software and digital transformation, enhancing its innovation ecosystem [3][5] - The district is actively promoting collaboration among various sectors, including digital finance, design, and publishing, to create a diverse digital economy ecosystem [3][5] Group 2 - The "Hexi Education Digital Base," the first of its kind in the country, showcases the integration of large models and is supported by local policies and talent services [5][7] - Hexi District currently hosts 55 core enterprises in the digital economy, with a focus on nurturing key companies and fostering a tiered development structure [5][7] - The district is leveraging industrial funds to promote deep integration of industry, academia, and research, while implementing supportive policies for digital economy talent [5][7] Group 3 - A specialized matchmaking event for the artificial intelligence industry was held, focusing on cutting-edge areas such as brain-machine interfaces and smart healthcare [7] - Hexi District aims to enhance the circulation of key elements such as data, technology, talent, and capital to elevate the overall capabilities of the digital economy [7] - The district is committed to building a vibrant digital economy that contributes to the quality of life and economic strength of the region [7]

Core Viewpoint - Donghu High-tech Zone, also known as "China Optical Valley," is a key area for software industry development in Wuhan, accounting for over 65% of the region's software industry, which serves as a significant engine for economic growth [1][4]. Policy Support - The Donghu High-tech Zone has upgraded its software industry policies this year, introducing the "Software Fourteen Articles," which focus on key directions and national strategies, enhancing support limits, and optimizing support methods [4]. - The new policies emphasize "AI-driven" and "open-source-driven" initiatives, with maximum support of 50 million yuan for leading AI model enterprises and up to 30 million yuan for open-source projects [4]. - Multiple special clauses have been set up to select major projects in industrial clusters, with maximum support amounts reaching 100 million yuan [4]. Innovation Support - The Donghu High-tech Zone leverages its status as a national independent innovation demonstration zone to lead software industry development through technological innovation and the cultivation of benchmark enterprises [4][5]. - The region is the only one in the country to simultaneously nurture leading domestic operating systems and database enterprises [4]. Talent Support - The Donghu High-tech Zone focuses on software talent as a core element, establishing large-scale R&D centers to accelerate the concentration of software development talent [5]. - Over 400,000 software R&D personnel have gathered in the region, forming a "1+N" development system, with one major R&D center represented by Huawei and multiple smaller centers represented by companies like Xiaomi and Kingsoft [5]. Future Outlook - The Donghu High-tech Zone aims to seize opportunities from the new round of technological revolution and industrial transformation, accelerating the consolidation of the software industry and creating new engines for development [5].

Group 1 - Wuhan will host the Third Software Innovation Development Conference on June 13, focusing on the theme "Wisdom Gathering in Jiangcheng, Digital Intelligence Leading" [1] - The conference will feature one main forum, six sub-forums, and an interactive software market to showcase software in a more engaging manner [1] - Key highlights include the signing of an industrial software pilot verification cooperation agreement among six provincial capital cities in Central China and discussions on the role of artificial intelligence in reshaping the software industry [1] Group 2 - Wuhan's software industry has shown strong growth, with a projected revenue exceeding 350 billion yuan in 2024, maintaining the highest growth rate among 14 major software cities in China for three consecutive years [2] - The city aims to achieve a software industry scale of over 800 billion yuan by 2030, transitioning from scale expansion to quality enhancement [2] - The East Lake High-tech Zone accounts for over 65% of the city's software industry scale and has implemented comprehensive policy upgrades to support the sector [2] Group 3 - The East Lake High-tech Zone is accelerating its layout in emerging software fields, emphasizing "AI-driven" and "open-source-driven" initiatives, with substantial financial support for AI model enterprises and open-source projects [3] - The zone has established a semiconductor industrial software joint innovation platform and is home to major domestic operating system and database companies [3] - Over 400,000 software R&D personnel are concentrated in the East Lake High-tech Zone, fostering significant research centers led by companies like Huawei and Xiaomi [3]