10月20日达梦数据大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 9.66 | 1880.32 | 194.65 | -20.75 | 招商证券股份有限公司北 | 招商证券股份有限公司北 | | | | | | 京车公庄西路证券营业部 | 京车公庄西路证券营业部 | （文章来源：证券时报网） 证券时报·数据宝统计显示，达梦数据今日收盘价为245.60元，上涨1.48%，日换手率为1.15%，成交额 为2.06亿元，全天主力资金净流出181.95万元，近5日该股累计下跌9.69%，近5日资金合计净流出 5883.54万元。 两融数据显示，该股最新融资余额为7.38亿元，近5日减少6352.35万元，降幅为7.93%。 据天眼查APP显示，武汉达梦数据库股份有限公司成立于2000年11月13日，注册资本11324万人民币。 （数据宝） 达梦数据10月20日大宗交易平台出现一 ...

数据库与 AI 的深度融合 计算机 证券研究报告 行业专题报告 / 2025.09.26 投资评级:看好(维持) 最近 12 月市场表现 0% 16% 32% 48% 64% 80% 计算机 沪深300 上证指数 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 联系人 陈梦笔 chenmb01@ctsec.com 相关报告 | 1. 《2025 三季度板块业绩前瞻》 | 2025- | | --- | --- | | 09-24 | | | 2. 《坚定国产 AI 芯片主线信心》 | 2025- | | 09-21 | | | 3. 《量子计算，产业加速》 | 2025-09- | | 14 | | 核心观点 请阅读最后一页的重要声明！ | 1 | 全球数据库龙头业绩靓丽，数据库产业重要性提升 4 | | --- | --- | | 1.1 | 数据库龙头业绩超预期，产业长期价值有望重估 4 | | 1.2 | 巨头拥抱 AI，数据库与大模型深度融合 4 | | 2 | "AI for DB"，"DB for AI" 7 | | 2.1 | 连接硬件算力与数 ...

两融数据显示，该股最新融资余额为8.94亿元，近5日增加4806.87万元，增幅为5.68%。 据天眼查APP显示，武汉达梦数据库股份有限公司成立于2000年11月13日。注册资本11324万人民币。 （数据宝） 9月18日达梦数据大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | 业部 | | | 26.75 | 7034.22 | 262.93 | -0.94 | 机构专 | 信达证券股份有限公司北京西单北 | | | | | | 用 | 大街证券营业部 | 达梦数据9月18日大宗交易平台出现一笔成交，成交量26.75万股，成交金额7034.22万元，大宗交易成交 价为262.93元，相对今日收盘价折价0.94%。该笔交易的买方营业部为机构专用，卖方营业部为信达证 券股份有限公司北京西单北大街证券营业部。 进一步统计，近3个月内该股累计发生40笔大宗交易，合计成交金额为12.74亿元。 证券时报·数据宝统计显示，达梦数 ...

Core Viewpoint - The news highlights the ongoing transformation in the database industry in China, particularly focusing on the rise of domestic databases like Dameng, which are gaining traction due to their compatibility with existing systems and the push for self-reliance in technology [1][24]. Group 1: Company Overview - Dameng Database has a market share of 32% in the domestic database market, with its main competitors being Alibaba's OceanBase at 24% and Huawei's GaussDB at 18% [24]. - The company has successfully served numerous high-profile clients, including major banks and government agencies, indicating its strong foothold in critical sectors such as finance, energy, and telecommunications [11][12]. - Dameng's growth is attributed to its compatibility with Oracle, making it a preferred choice for enterprises undergoing domestic technology transformation (Xinchuang) [24]. Group 2: Market Trends - The domestic database market is experiencing a "blooming" phase, with various excellent domestic databases like OceanBase and TiDB gaining significant market share [13]. - The Xinchuang initiative is driving a shift towards domestic systems, with many enterprises migrating from foreign databases to local solutions, thereby expanding the market potential for companies like Dameng [14][17]. - The demand for domestic databases is expected to surge as the digital economy evolves, with a strong emphasis on self-reliance in technology across various industries [15][16]. Group 3: Financial Performance - Dameng reported a revenue of 523 million yuan for the first half of 2025, representing a year-on-year growth of 48.65%, and a net profit of 205 million yuan, up 98.36% [19]. - The significant revenue increase is attributed to accelerated information technology construction in key sectors and enhanced competitiveness of the company's products and services [19]. - The company's performance is closely tied to the Xinchuang requirements, indicating a robust demand for its offerings in the current market landscape [20]. Group 4: Future Outlook - The future of Xinchuang platforms is uncertain, with 2027 being a critical year for many companies in this space, as they may reach peak performance around that time [22][23]. - The sustainability of revenue growth for companies like Dameng will depend on their ability to innovate and adapt to changing market conditions beyond the initial Xinchuang push [23]. - As migration tools improve, companies that initially transitioned to Dameng may explore other database options, posing a potential challenge for long-term customer retention [25].

2024年，达梦数据在上交所科创板挂牌上市。 （来源：浪哥财经） 自20世纪70年代末，达梦数据创始人——冯裕才教授着手从事数据库自主研发，1988年研制出国内第一 个自主版权的国产数据库管理系统原型CRDS，是该领域的专家。 而在达梦数据上市的这一年，出生于1944年的冯裕才教授，已经80岁高龄。 信息与大数据 AI时代的生产资料 1992年达梦数据库与多媒体数据研究所在华中理工大学成立，一年后达梦数据管理库DM1诞生，2025 上半年达梦数据库已经更新至第八代。 数据库的作用就是存储和管理数据，与芯片、操作系统共同组成IT系统的核心，是三大基础软件之一。 达梦数据属于"传统数据库"企业，主攻本地部署关系型数据库。 人工智能快速发展下，数据产生量呈现指数式爆发增长。 2010年-2024年间，全球数据产生量从2ZB增长至147ZB。作为AI时代新的生产资料，数据和数据资料完 成从信息传递者到价值生产者身份的转变。 毕竟，数据才是一切模型训练的基石。 达梦数据能较好兼容飞腾、龙芯、申威、海光等企业的CPU产品，同时与华为、浪潮信息、中科曙光等 公司存储产品有着良好的适配兼容性。AI发展和信创推动下，公司经营规 ...

Financial Performance - In H1 2025, the company achieved operating revenue of 523 million yuan, a year-on-year increase of 48.65% [1] - The net profit attributable to the parent company reached 205 million yuan, up 98.36% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 189 million yuan, reflecting a year-on-year growth of 98.14% [1] - The net cash flow from operating activities was 9.57 million yuan, an increase of 39.97% year-on-year [1] Cost Control and R&D Investment - The sales expense ratio for H1 2025 was 32.66%, down 6.17 percentage points year-on-year, while the management expense ratio was 9.15%, down 3.64 percentage points [1] - The company has a core team with over 40 years of database R&D experience, and the number of R&D personnel increased to 512, up by 52 from H1 2024 [1] - R&D investment reached 112 million yuan, a year-on-year increase of 21.55%, accounting for 21.36% of revenue [1] - As of June 30, 2025, the company held 367 invention patents, 2 design patents, 416 software copyrights, and 61 other intellectual properties [1] Market Expansion and Project Delivery - The company experienced revenue growth across various sectors, including finance, communication, energy, and advanced manufacturing, driven by the acceleration of information technology construction and procurement needs [2] - The company successfully won bids for two packages of relational database software for the State Grid Corporation of China, achieving a bid success rate of over 98% [2] - The A-series integrated machine has been delivered for use in multiple projects across transportation and manufacturing sectors [2] Competitive Position and Industry Leadership - The company's database products have expanded from traditional office automation systems to core business processes such as operational management and production control [3] - The successful launch of the China Jingu International Trust data platform marks a significant advancement for domestic distributed databases in financial core business systems [3] - The company ranked first in both the Chinese database management system market and transaction database management system market for domestic vendors in 2024 [3] - According to IDC, the company captured 13.48% of the market share in the centralized transaction database sector for the financial industry, solidifying its leading position [3] Profit Forecast and Investment Rating - The company is expected to maintain a leading position in the trusted innovation database industry, with a forecasted net profit attributable to the parent company of 488 million yuan, 602 million yuan, and 727 million yuan for 2025-2027 [3] - The previous profit forecast was adjusted to 482 million yuan, 570 million yuan, and 659 million yuan for the same period [3] - The company maintains a "buy" rating based on frequent successful bids and effective cost control measures [3]

Core Insights - The company, Dameng Data, is recognized as the "first domestic database stock" and has shown strong performance amid the "domestication" trend attracting investor attention [1] - The company emphasizes its commitment to "original innovation and independent research and development," having developed a wealth of core technologies in the database field with complete independent intellectual property rights [1][3] - Dameng Data plans to enhance its long-term strategy in AI and intelligent systems, focusing on "intelligent, integrated, and platform-based" development [1] Company Overview - Dameng Data originated from the laboratory of Huazhong University of Science and Technology and has maintained a steadfast belief in creating a database for Chinese users since its inception [3] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 12, 2024, with an opening price of 310 yuan, a 256% increase from the issue price, and a peak market capitalization exceeding 20 billion yuan [3] - Following its IPO, Dameng Data has entered an accelerated development phase, expanding its business from peripheral to core areas, particularly in sectors with high data processing demands such as finance, government, power, telecommunications, transportation, and healthcare [3][4] Competitive Advantages - The company has established a robust competitive edge through its extensive product line, high system maturity, strong security, and excellent performance, providing solid support for applications across various fields [1] - Dameng Data is actively promoting market expansion and ecosystem development while focusing on independent technology research and development to maintain its leading position in the local deployment market [3][4] Future Plans - The company aims to lead the development of database technology in China by enhancing its technical capabilities in various database products, including graph databases, cache databases, document databases, and time-series databases [1] - Dameng Data plans to build an innovative ecosystem for Chinese databases, deepening collaboration with universities and research institutions to accelerate the transformation of research achievements [1]

Core Viewpoint - The computer software industry in China continues to show robust growth, with significant contributions from AI technologies and domestic software development, particularly in database solutions and productivity software [3][8][9]. Group 1: Industry Overview - In the first half of 2025, the revenue of China's software and information technology services reached 70,585 billion yuan, a year-on-year increase of 11.9%, with total profits of 8,581 billion yuan, up 12.0% [3][8]. - The information technology services sector generated 48,362 billion yuan, accounting for 68.5% of the total revenue, with a growth rate of 12.9% [8]. - The top five provinces for software revenue were Beijing, Guangdong, Jiangsu, Shandong, and Shanghai, with growth rates ranging from 9.0% to 18.0% [8]. Group 2: AI and Software Development - AI technologies are significantly enhancing software development efficiency and quality, with over 97% of developers using AI programming tools [9]. - The integration of AI is transforming software interaction interfaces, with companies like Kingdee and Meitu actively investing in AI applications [9]. Group 3: Investment and Financing Trends - In Q2 2025, there were 126 financing cases in the domestic computer software sector, totaling 88.2 billion yuan, with a year-on-year increase of 46.7% [18][24]. - The most active financing area was business productivity software, with 35 cases, while foundational software attracted the highest funding amount of approximately 30.1 billion yuan [18][24]. - Early-stage financing (seed to A rounds) accounted for 58.7% of cases, but the amount decreased to 19.3%, indicating a shift towards later-stage financing [19][24]. Group 4: Database Industry Insights - The database sector is experiencing growth, with a projected market size of approximately 596.16 billion yuan in 2024, expected to reach 837.42 billion yuan by 2027, reflecting a compound annual growth rate of 11.99% [33][41]. - Domestic database penetration is increasing, particularly in government sectors, where the replacement rate is nearing 85% [42]. - The profitability of database companies is improving, with significant orders being secured, such as the 878.8 million yuan project won by Dameng Data [36][42]. Group 5: Key Financing Events - Notable financing events in Q2 2025 included Kirin Software's 30 billion yuan equity financing and Manus AI's 75 million USD B round financing [31][18]. - Other significant investments involved companies like Whale and Magic Vision, which raised substantial amounts for their AI and automotive software solutions [31][18].

Core Insights - The establishment of the Sci-Tech Innovation Board (STAR Market) has significantly supported technological innovation and industrial upgrading in China since its launch on July 22, 2019 [1] - The board has facilitated a deep integration of capital and innovation, enabling companies to overcome technological bottlenecks and achieve substantial growth in research and development [1][2] - The STAR Market has created a favorable ecosystem for technology-driven enterprises, enhancing the flow and integration of innovation elements such as technology, capital, and talent [3] Company Highlights - Zhongfu Shenying has established the world's largest single high-performance carbon fiber production base, achieving mass production of T1100-grade ultra-high-strength carbon fiber [1] - Dameng Data, founded by Feng Yucai, developed China's first database management system, benefiting from the STAR Market as a capital and market accelerator [2] - Kaisa Biotech has seen its core R&D personnel deeply engaged with the company's growth, leading to continuous product optimization and expansion into new application areas [2] Industry Developments - The STAR Market has implemented systemic institutional innovations across various aspects such as issuance, listing, trading, and mergers, creating a robust ecosystem for the "technology-industry-capital" cycle [3] - The board has fostered a collaborative environment that promotes the integration of innovation chains, industrial chains, capital chains, and talent chains, driving the industry towards collective advancement [3]

Group 1 - The 2025 Forbes China Best CEO list has recognized Feng Yucai, the founder of Dameng Data, highlighting his leadership in creating long-term value in a complex economic environment [1] - Dameng Data was successfully listed on the Shanghai Stock Exchange on June 12, 2024, becoming the first domestic database stock, and has shown steady growth with total assets of 3.787 billion yuan and revenue of 1.044 billion yuan, a year-on-year increase of 31.49% [1] - The company reported an operating profit of 382 million yuan, reflecting a year-on-year growth of 22.91%, and holds 345 patents and 402 software copyrights [1] Group 2 - Feng Yucai emphasizes the importance of mastering core technologies for both countries and enterprises, asserting that Dameng Data is committed to independent innovation and holds complete intellectual property rights in the database field [2] - Dameng Database has successfully been implemented in over 200 financial institutions, with more than 2000 business systems launched, leading the domestic market in centralized databases for the financial sector with a market share of 13.48% [2] - According to the 2024 report by CCID Consulting, Dameng Database ranks first among domestic vendors in the centralized database market for the financial industry [2] Group 3 - The company is actively pursuing a full-stack product strategy with six R&D centers located in Shanghai, Wuhan, Beijing, Suzhou, Chengdu, and Chongqing, focusing on various types of databases and integrating AI into core database functions [3] - Over 70% of the company's workforce consists of technical personnel, and it has trained over 100,000 professionals in Dameng Database, collaborating with more than 3000 enterprises and over 100 educational institutions [3] - Under Feng Yucai's leadership, Dameng Data is driving high-quality development in the domestic database industry and contributing to the transformation of the digital economy through independent innovation [3]