进入四季度，市场有所调整，与此同时结构性行情持续演绎，站在当前时点看，有哪些投资机会值得关 注？博时基金指数与量化投资部基金经理王萌在接受上海证券报记者采访时表示，工业软件市场需求增 加，在AI赋能带来新机遇的背景下，叠加自主可控的推进，行业发展后市可期，蕴含着丰富的投资机 会。 看好工业软件投资机会 从工业软件投资机会看，王萌表示，主要有三大核心投资逻辑。 从行业发展环境看，在外部环境制约下，工业软件自主可控将稳步推进，政策为市场需求释放提供保 障，核心工业软件长期依赖进口，替代空间巨大，为行业发展提供底层确定性。 从内生动力看，厂商通过持续研发投入和外延并购双轮驱动提升产品力，正在从"能用"向"好用""增 值"转变，有望释放商业价值，持续驱动企业增长。 "AI为国产工业软件提供跳跃式发展可能，不仅助力国产化，还可能在部分场景实现领先；作为行业范 式变革，AI赋能让工业软件具备弯道超车潜力，是行业估值溢价的重要来源。"王萌表示，这是影响行 业的变量，也是推动行业溢价的源泉。 行业迎来多重利好 根据国证指数官网，国证工业软件主题指数反映沪深北交易所工业软件产业相关上市公司的证券价格变 化情况。 从具体产品类型 ...

从产业生命周期看，王萌表示，国产软件当前处于向高端产品突破的阶段。其中，嵌入式软件市场体量 较大，国产软件有一定优势，但多模仿海外产品，目前仍难与海外抗衡；经营管理类和生产控制类软件 须进一步发展以占据高端市场；研发设计类软件与海外差距还很明显，国产化程度低。 ◎记者 赵明超 进入四季度，市场有所调整，与此同时结构性行情持续演绎，站在当前时点看，有哪些投资机会值得关 注？博时基金指数与量化投资部基金经理王萌在接受上海证券报记者采访时表示，工业软件市场需求增 加，在AI赋能带来新机遇的背景下，叠加自主可控的推进，行业发展后市可期，蕴含着丰富的投资机 会。 行业迎来多重利好 根据国证指数官网，国证工业软件主题指数反映沪深北交易所工业软件产业相关上市公司的证券价格变 化情况。 从具体产品类型看，王萌表示，工业软件分为研发设计类、生产控制类、数字化管理类、嵌入式软件四 大类：研发设计类软件是工业创新核心工具，主要服务于产品设计研发阶段，能让工程师在虚拟环境构 建产品模型，精确计算关键参数，实现精准设计与仿真；生产控制类软件主要是工业生产核心控制系 统，管控从物料投入到成品产出的全过程；数字化管理类软件是企业核心管理系 ...

Investment Rating - The report maintains an "Overweight" rating for the industrial software industry, driven by domestic localization and intelligent transformation [1]. Core Insights - The domestic industrial software market is experiencing rapid growth, with a compound annual growth rate (CAGR) of 13.20% from 2019 to 2023, significantly outpacing the global market [10][25]. - The localization rate in the research and design software segment is currently low at around 10%, indicating substantial room for domestic manufacturers to replace foreign competitors [10][31]. - External pressures, such as U.S. export restrictions on key software, are accelerating the need for domestic self-sufficiency in industrial software [11][41]. - The integration of AI into industrial software is expected to drive significant advancements, with the AI+ industrial software market projected to grow at a CAGR of 41.4% from 2024 to 2029 [47]. Summary by Sections 1. Rapid Growth of Domestic Industrial Software Market - The industrial software sector is crucial for China's industrial transformation, enhancing efficiency and product quality while reducing costs [20]. - The market share of research and design software is currently only 8.5%, highlighting a significant gap compared to embedded software, which holds a 57.4% share [21][23]. - The domestic industrial software market size is expected to reach approximately 3,390 billion yuan by 2025 [25]. 2. Localization and Intelligent Transformation 2.1 External Pressures and Policy Support - U.S. restrictions on industrial software have highlighted the urgency for China to develop its own capabilities [11][41]. - The Chinese government has introduced various supportive policies to bolster the industrial software sector, including targets for software updates and technology upgrades [43][44]. 2.2 AI Integration - AI technologies are increasingly being integrated into industrial software, enhancing development efficiency and creating new market opportunities [47]. - The penetration rate of AI in industrial software is expected to rise from 9% in 2024 to 22% by 2029 [47]. 3. Key Companies in the Industry 3.1 Huada Jiutian - Huada Jiutian is a leading domestic EDA company, providing a comprehensive suite of EDA tools for integrated circuit design, manufacturing, and packaging [59]. - The company is the only domestic provider of a complete EDA tool system for analog circuit design, filling a critical gap in the market [59].