Core Insights - The article highlights the emergence of "hidden champions" in the industrial software sector, which, despite their smaller size and lower visibility, dominate specific niches with core technologies [1][2] - These companies are pivotal in driving the digital transformation of Chinese manufacturing, especially in the context of increasing domestic software independence [2][4] Industrial Software ETF Launch - The first industrial software ETF (159108) will be publicly offered from October 27, providing investors with a new tool to invest in "hidden champion" companies [3] - This ETF tracks the National Certificate Industrial Software Theme Index, covering the industrial software value chain [18] Market Dynamics and Policy Support - The current international environment has elevated the strategic importance of self-sufficient industrial software, with a gradual shift away from foreign monopolies [4][5] - The Ministry of Industry and Information Technology has set a target to complete approximately 2 million sets of industrial software updates by 2027, providing strong support for industry growth [6] Economic Indicators - Recent economic data indicates a gradual recovery in the manufacturing sector, with profits of large industrial enterprises reaching 46,929.7 billion yuan, a year-on-year increase of 0.9% [7] - The demand for industrial software is closely linked to the digital transformation of downstream manufacturing, with signs of improvement in the performance of industrial software companies [8] Performance Metrics - In the first half of 2025, the average revenue growth rate for industrial software index constituents rose to 2.15%, while net profit growth averaged 141.21% [9] - The industrial software index has shown strong historical performance, with a cumulative return of 251.95% since 2013, outperforming the China Securities Software Index [22][24] AI Integration and Innovation - The integration of artificial intelligence is revolutionizing the industrial software landscape, with a projected compound annual growth rate of 19% for the core industrial software market from 2024 to 2029 [13] - AI is enhancing software performance and changing business models, making subscription-based services more acceptable to users [13][15] Company Developments - Domestic software companies are transitioning from "usable" to "user-friendly," with significant improvements in product functionality and performance [15] - Mergers and acquisitions are becoming a key strategy for technological advancement, as seen with Huada Jiutian's acquisition of Chipda Technology and Chiphe Semiconductor [16] Investment Landscape - The ETF's composition includes a significant proportion of small to mid-cap stocks, with over 70% of the total market capitalization being below 50 billion yuan, which maintains growth potential while reducing concentration risk [19] - The top ten weighted stocks in the index account for 58% of the total weight, featuring companies like Huada Jiutian and Zhongwang Software, which are recognized as hidden champions [18][19]

ETF市场迎来新工具——工业软件ETF(159108)于10月27日-11月7日正式发行。 工业软件ETF跟踪国证工业软件主题指数，指数覆盖工业软件产业链。 从细分领域看，垂直应用软件权重达35.01%，这是工业软件的核心部分；IT服务占比15.54%，提供必 要的技术支撑；工控设备占据12.93%的权重，连接软件与硬件。这种多元布局既聚焦核心环节，又兼 顾产业链协同。 从成份股看，科创板和创业板公司在该指数中的权重合计达到67.95%，这一比例显著高于中证软件指 数。指数前十大权重股集中度较高，合计权重达到58%，包括华大九天、汇川技术、中控技术、中望软 件等隐形冠军企业。 从市值分布特征看，总市值在500亿元以下的股票权重占比超过七成，平均市值为255.26亿元。这种偏 中小盘的市值结构，既保持了较好的成长性，又通过分散配置降低了单一标的集中度。 工业软件指数历史表现展现出较强的收益能力。截至2025年9月末，工业软件指数自2013年以来累计收 益达251.95%，显著高于中证软件指数的201.28%。 2025年以来的表现同样出色，截至三季度末，工业软件指数涨幅31.76%，跑赢中证软件指数(24.01 ...

Core Insights - The article discusses the emergence of "invisible champions" in the industrial software sector, which, despite their smaller size and lower visibility, hold significant market shares and core technologies in niche areas [1][2][22] - The launch of the first industrial software ETF (159108) on October 27 provides investors with a new tool to invest in these "invisible champions" [3][19] Group 1: Industrial Software Landscape - The industrial software sector is crucial for the digital transformation of manufacturing in China, with a focus on domestic alternatives due to international market dynamics [2][5] - The EDA (Electronic Design Automation) field is highlighted as a key area where domestic companies are gaining ground due to increased U.S. restrictions on technology exports to China [6][7] - Recent economic data indicates a gradual recovery in the manufacturing sector, with profits from large industrial enterprises reaching 46,929.7 billion yuan, a year-on-year increase of 0.9% [8][9] Group 2: Market Trends and Performance - The demand for industrial software is closely linked to the digital transformation of downstream manufacturing, with signs of recovery in production activities enhancing this demand [10] - The average revenue growth rate for industrial software index constituents reached 2.15%, while net profit growth saw a significant increase of 141.21% [11] - The industrial software index has shown strong historical performance, with a cumulative return of 251.95% since 2013, outperforming the broader software index [20][21] Group 3: AI Integration and Innovation - The integration of artificial intelligence (AI) is revolutionizing the industrial software market, with a projected compound annual growth rate of 19% from 2024 to 2029, expanding the market size from 31.86 billion yuan to 76.5 billion yuan [13] - AI is not only enhancing software performance but also transforming business models, making subscription-based services more appealing to users [12][14] - Domestic software companies are experiencing a significant shift from "usable" to "user-friendly" products, driven by long-term R&D investments and strategic acquisitions [16][17][18] Group 4: ETF and Investment Opportunities - The industrial software ETF (159108) is positioned as a window to observe the digital transformation of Chinese manufacturing, coinciding with a critical period for industry upgrades and self-sufficiency [19][22] - The ETF tracks the National Certificate Industrial Software Theme Index, with a diversified structure that includes vertical application software (35.01%), IT services (15.54%), and industrial control equipment (12.93%) [20] - The index's composition is heavily weighted towards small to mid-cap stocks, with over 70% of stocks having a market capitalization below 50 billion yuan, which supports growth potential while mitigating concentration risk [20]