证券研究报告 | 2026年03月03日 金融工程专题研究 布局中国"工业大脑"的核心赛道——国证工业软件主题指数投资价值 分析 布局中国"工业大脑"的核心赛道 工业软件是工业知识、工艺和流程的数字化载体，贯穿研发设计、生产 制造、经营管理等全流程，被誉为"工业体系的大脑与神经"。欧美遵循"先 有强大工业，后有软件沉淀"的路径，掌握了底层内核；中国曾经历用市 场换效率的曲折阶段，但目前正迎来政策护航与技术赋能的双重机遇。 国证工业软件主题指数投资价值分析 国证工业软件主题指数（980034.CNI）发布于 2015 年 2 月 17 日，该 指数从涉及工业研发设计软件、工业生产信息化软件、工业企业业务管 理软件、工业自动化软件等领域的公司中，精选出 50 只股票作为成分 股，以全面反映中国工业软件产业的整体表现。 持仓集中于细分龙头，研发投入强度逐年提升。指数前十大权重股合计 占比为 56.37%，含华大九天、中控技术等龙头，2022-2025 年三季度 研发投入占比逐年提升，从 4.31%升至 9.22%。 聚焦工业软件核心赛道，小盘风格特征显著。该指数以计算机行业为核 心，占比高达 62%；细分至中信二级 ...

航天软件(688562.SH)发布2025年度业绩快报，公司2025年度实现营业总收入12.16亿元，较上年同期增 加4.60%;实现归属于母公司所有者的净利润-1131.26万元;实现归属于母公司所有者的扣除非经常性损益 的净利润-7047.33万元。 报告期内，公司在市场端发力，调整市场布局，增强销售力量，提高项目交付质量，收入规模较去年有 所增长；调整业务结构，提高毛利率相对较高的软件和信息技术服务业务收入比重；加大改革调整力 度，控制成本，优化流程，严控费用支出。但由于行业市场竞争依然激烈，且工业软件投入大、周期 长，公司为争取提升核心竞争力，加大核心产品研发投入力度，同时拓展AI、软件工厂等新技术领 域，在研发和销售等方面持续加大投入，研发和销售费用同比增加。 ...

Core Viewpoint - Aerospace Software (688562.SH) reported a total operating revenue of 1.216 billion yuan for the fiscal year 2025, representing a year-on-year increase of 4.60% [1] Financial Performance - The net profit attributable to the parent company was -11.3126 million yuan [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, was -70.4733 million yuan [1] Business Strategy - The company focused on market expansion, adjusting its market layout, enhancing sales force, and improving project delivery quality, leading to revenue growth compared to the previous year [1] - The company adjusted its business structure to increase the proportion of revenue from higher-margin software and IT service businesses [1] - The company intensified reform efforts to control costs, optimize processes, and strictly manage expense expenditures [1] R&D and Investment - Due to intense market competition and the long investment cycle of industrial software, the company increased R&D investment in core products to enhance core competitiveness [1] - The company is also expanding into new technology areas such as AI and software factories, with continued increases in R&D and sales expenses year-on-year [1]

报告期内，公司在市场端发力，调整市场布局，增强销售力量，提高项目交付质量，收入规模较去年有 所增长；调整业务结构，提高毛利率相对较高的软件和信息技术服务业务收入比重；加大改革调整力 度，控制成本，优化流程，严控费用支出。但由于行业市场竞争依然激烈，且工业软件投入大、周期 长，公司为争取提升核心竞争力，加大核心产品研发投入力度，同时拓展AI、软件工厂等新技术领 域，在研发和销售等方面持续加大投入，研发和销售费用同比增加。 格隆汇2月26日丨航天软件(688562.SH)公布2025年度业绩快报，公司2025年度实现营业总收入12.16亿 元，较上年同期增加4.60%；实现归属于母公司所有者的净利润-1,131.26万元；实现归属于母公司所有 者的扣除非经常性损益的净利润-7,047.33万元； ...

格隆汇2月26日丨航天软件(688562.SH)公布2025年度业绩快报，公司2025年度实现营业总收入12.16亿 元，较上年同期增加4.60%；实现归属于母公司所有者的净利润-1,131.26万元；实现归属于母公司所有 者的扣除非经常性损益的净利润-7,047.33万元； 报告期内，公司在市场端发力，调整市场布局，增强销售力量，提高项目交付质量，收入规模较去年有 所增长；调整业务结构，提高毛利率相对较高的软件和信息技术服务业务收入比重；加大改革调整力 度，控制成本，优化流程，严控费用支出。但由于行业市场竞争依然激烈，且工业软件投入大、周期 长，公司为争取提升核心竞争力，加大核心产品研发投入力度，同时拓展AI、软件工厂等新技术领 域，在研发和销售等方面持续加大投入，研发和销售费用同比增加。 ...

当全省高质量发展大会发出"制造业与服务业协同发展"的动员令后，2月25日，广州市高质量发展大会 召开，大会主题落笔"工商并举，推动制造业与服务业深度融合、协同发展"——这既是对过去高质量发 展路径的深化，更是对"十五五"开局之年的战略定调。 拥有35个工业大类、10个千亿级服务业的广州，如何在"两业融合"中打开新空间？在大会的发言台上， 答案逐渐清晰——人工智能作为贯穿"两业融合"全过程的关键变量，让制造长出"智慧大脑"，让服务装 上"坚硬骨架"，催生"1+1>2"的化学反应。 以强基支撑 深耕"海陆空"制造业 制造业是两业融合的根基。过去一年，广州自动驾驶、智能终端、创新药械等新赛道加速布局，时尚消 费品等优势产业焕新升级，2个百亿级、42个十亿级制造业项目落地建设。这是广州的"工业家底"。 在广州开发区、黄埔区，粤芯四期项目于1月正式启动，投资额达252亿元。"继1月之后，我们乘势而 上，58个项目总投资超700亿，其中，投资、产值双双超百亿的工业项目3个。"黄埔区区长冼银崧晒出 的这份"开工清单"，彰显了工业"顶梁柱"的分量。她表示，黄埔区今年目标是规上工业总产值突破8600 亿，引进优质产业项目500 ...

公开资料显示，自2020年至2025年间，我国生产性服务业增加值占GDP比重从30.3%提高到了34.4%， 但与西方发达国家普遍高达40%~50%的水平相比，仍有不小的增量空间。推动制造业与服务业深度融 合发展，是我国顺应产业发展趋势、推动经济持续向好的重要举措。 广东作为制造业特别是先进制造业大省，生产性服务业对当地经济增长的贡献正在凸显。当地的信息传 输、软件和信息技术服务业优势明显，深度参与制造业的数字化转型。 据广东省省情调查研究中心的《广东重点领域生产性服务业高质量发展调研报告》（下称《报告》）， 2025年广东现代服务业增加值55139.99亿元，占GDP比重近37.84%。其中，生产性服务业在广东现代服 务业中占据绝对主导地位，金融业，信息传输、软件和信息技术服务业成为核心引擎。广东生产性服务 业龙头企业与平台型企业在广州、深圳两市高度集聚，形成全省生产性服务业"双核"。 深圳市市长覃伟中在广东省高质量大会上发言时表示，去年，深圳服务业增加值达2.42万亿元，其中现 代服务业占比提高至77%，前海现代服务业增加值5年增长超一倍。近年来，深圳分领域推进生产性服 务业向专业化和价值链高端延伸，稳定 ...

Core Viewpoint - The article highlights the vibrant atmosphere in Chongqing as various industries resume operations after the Spring Festival, showcasing a strong commitment to growth and development in the new year [1][4]. Group 1: Industry Activity - On the first day back to work after the Spring Festival, various sectors in Chongqing are actively engaged in their operations, aiming for a strong start to the year [1]. - Companies like BaLu Technology focus on industrial software products, planning to expand their market presence outside Chongqing by 2026 [1]. - JuCe Health Technology Co., a medical tech firm, emphasizes home health monitoring and aims to make health management more accessible through innovative technologies [2]. Group 2: Business Performance - JuCe's production department reports a strong order backlog, with expectations of achieving an annual output value of 30 million yuan, reflecting a year-on-year growth of over 30% [4]. - The service teams are actively visiting businesses to understand their needs better, enhancing service efficiency and responsiveness [4]. Group 3: Cultural and Community Engagement - The reopening day featured traditional lion dance performances, symbolizing prosperity and good fortune for the businesses in the area [6]. - Local businesses, including hotels, are preparing to welcome customers with improved services and cleanliness, reflecting a commitment to safety and quality [7].

面对全球产业链重构的风云变幻，广东需以"一马当先"的魄力与"万马奔腾"的合力，夯实"制造强省"的 根基，加力打造"服务高地"，在这场产业跃升的突围战中干出高质量发 程风雨（广州市社会科学院区域发展研究所副所长、研究员） 依托高端服务向价值链高阶跃升 我们必须清醒地看到，当前广东的产业体量虽大，但在迈向高质量发展的过程中，依然面临着一系列亟 须解决的痛点。要从根本上打破这一瓶颈，关键在于向产业"微笑曲线"的两端攀升——一端是前沿的研 发设计，另一端是精准的品牌营销。而这两端，正是现代高端服务业的用武之地。 2月24日是农历丙午马年第一个工作日，广东连续四年召开全省高质量发展大会，今年以"制造业与服务 业协同发展"为主题。 制造业与服务业的协同融合、衍生转化是产业发展的重要趋势，现代化产业体系是中国式现代化的物质 技术基础。制造业和服务业的分工协作水平对产业体系的整体效率具有关键性影响。 制造业与服务业双向奔赴，关乎广东高质量发展大局、现代化建设全局。在今年的全省高质量发展大会 上，广东提出，以制造业之强牵引服务业之优，以服务业之优增进制造业之强，在"制造强省"与"服务 高地"相互成就中打开产业发展新天地（301 ...

Core Insights - The industrial software industry is at a critical juncture, driven by the need for innovation and the urgency of development, particularly in the context of China's economic transformation and the push for self-sufficiency in core technologies [1][4][17] - The market for industrial software in China is projected to approach 300 billion by 2024, indicating robust growth despite challenges such as a hollowing out of core technologies and imbalanced industrial structures [1][17] - The evolution of industrial software is characterized by a shift from tools to systems, platforms, and eventually to a genetic level, focusing on data value and efficiency [2][48] Industry Dynamics - The industrial software market is large, with significant opportunities for companies to target head, mid, and long-tail customers, each with distinct needs and potential for revenue generation [2][50] - The core evolution path of industrial software is from tools to systems, then to platforms, and finally to genetic integration, emphasizing the importance of data flow and value efficiency [48][49] - The industry faces systemic challenges, including a lack of foundational technologies and difficulties in integrating into supply chains, which hinder the development of domestic industrial software [26][17] Product Development Trends - Current industrial software primarily focuses on product sales, but there is a shift towards selling "intelligence" as data assets are accumulated and utilized effectively [3][52] - The integration of AI and large models is expected to enhance the capabilities of industrial software, particularly in areas such as code generation and human-computer interaction [43][52] - Future products are anticipated to evolve into "digital engineers," capable of autonomous task execution and intelligent interaction, moving beyond traditional software tools [52] Market Characteristics - The industrial software market is characterized by a high degree of fragmentation, with varying levels of domestic replacement and integration needs across different customer segments [14][50] - The demand for industrial software is driven by practical applications in enterprises, government initiatives, and the integration of research institutions, each with unique procurement focuses [14][16] - The market is currently experiencing a transition from subsidy-driven growth to a more market-oriented approach, emphasizing the importance of innovation and self-sufficiency [19][12] Challenges and Opportunities - The industry is grappling with significant challenges, including a lack of core technologies in research and design software, which is critical for engineering optimization [23][17] - Companies are encouraged to leverage policy incentives and market opportunities to enhance their technological capabilities and address the "bottleneck" issues in core components [17][26] - The evolution of industrial software is expected to create new revenue streams through data value services, as companies adapt to the changing landscape of technology and market demands [30][52]