Group 1: Overview of the Computer Sector - The computer sector is experiencing a recovery in fund allocation, with a 4.46% holding ratio in Q3 2025, an increase of 1.93 percentage points from Q2 2025 and 2.24 percentage points year-on-year from Q3 2024 [7][12] - The computer sector's market capitalization accounts for 5.27% of the total A-share market, indicating a low allocation that presents upward potential [7][12] - The computer index has risen by 27.62% as of December 1, 2025, outperforming the CSI 300 index by 11.32 percentage points [12] Group 2: Domestic Substitution Trends - The domestic substitution trend is clear, with significant replacement opportunities in the computer industry, particularly in EDA, electronic measurement instruments, and cybersecurity [3][21] - The EDA market is projected to reach $14.5 billion by 2025, with domestic firms increasing their competitiveness through self-developed and acquired technologies [26][31] - The electronic measurement instrument market is expected to grow rapidly, driven by technological advancements and increased R&D investments [63][75] Group 3: Artificial Intelligence Applications - The AI sector is expanding across various industries, with demand for GPU, servers, IDC, power supplies, and liquid cooling systems driving growth [3][21] - The domestic and international AI model iterations are ongoing, with a focus on world models and physical AI as future trends [3][21] - End-side AI applications, including smart glasses, robotics, and intelligent driving, are emerging as key areas for implementation [3][21] Group 4: Future Industries and Innovations - Quantum technology is anticipated to bring disruptive innovations in computing, communication, and measurement, creating new opportunities [3][21] - The satellite internet sector is accelerating constellation construction, with potential releases in measurement and simulation demands [3][21] - The integration of technology and finance is expected to yield significant dividends through innovative disruptions [3][21] Group 5: Investment Recommendations - Recommended investment targets in the EDA sector include Huada Jiutian, GY Electronics, and Broadcom [53][90] - In the CAD sector, focus on Zhongwang Software and Haocen Software [53][90] - For CAE, consider Zhongwang Software and Holley Technology [53][90]

December 11, 2025 01:28 AM GMT Federal Reserve Monitor | North America December FOMC Reaction: Well Positioned to Wait and See How the Economy Evolves The Fed reduced the funds rate by 25bp but signaled that future adjustments will be more data dependent, as we expected. We continue to expect further cuts in January and April, but if the labor market stabilizes, then future cuts may not come until inflation decelerates. Key expectations | M December 11, 2025 01:28 AM GMT December FOMC Reaction: | Chief US E ...

本报讯(记者李昱丞)据邦彦技术股份有限公司(以下简称"邦彦技术")官微消息，近日，其"邦彦云PC"产 品成功落地四川长江液压件有限责任公司(以下简称"四川长江液压")，为四川长江液压产品研发场景搭 建云办公新基座。 作为下一代商用计算机的代表，"邦彦云PC"凭借核心功能与安全体系，已在政务、金融、医疗、制造 等多个行业实现落地应用。此次赋能四川长江液压，再次印证了其在专业高性能办公场景的优异适配能 力，也为更多制造企业的研发上云提供了可复制、可推广的解决方案。 此次合作中，"邦彦云PC"凭借独创的"云上真机"架构，不仅攻克了长江液压在研发数据安全与专业设计 软件流畅运行的双重难题，还通过PoC测试完成SOLIDWORKS、CAD等核心设计工具的稳定适配，为 制造行业研发上云树立了标杆。 在性能体验层面，"邦彦云PC"搭载高性能计算刀片，支持Intel i7处理器及专业GPU配置，可根据研发需 求灵活匹配32GB内存、4K真彩显示等软件专业型规格，充分满足SOLIDWORKS、CAD等软件对图形 渲染、复杂建模的算力需求。在前期PoC(概念验证)测试中，该系统成功验证了专业设计软件的流畅运 行能力，操作延迟不高 ...

Investment Rating - The report maintains an "Outperform" rating for the computer sector [4] Core Insights - The industrial software sector is experiencing robust growth driven by policy support and technological advancements, with a projected market size of CNY 354.14 billion in 2024, reflecting an 11.2% year-on-year increase [2][21] - The integration of AI with industrial software is accelerating, enhancing capabilities in design, production control, and operational management, which is crucial for achieving the "Made in China 2035" goals [3][49] - The market structure shows a significant presence of foreign companies in high-end segments, while domestic firms are gaining ground in production control and management software due to localized services and cost advantages [25][38] Summary by Sections Policy Support - The "14th Five-Year Plan" emphasizes the importance of intelligent manufacturing, aiming for over 70% digital penetration in large manufacturing enterprises by 2025 [2][18] - Recent policies indicate a sustained commitment to upgrading industrial software and operating systems as core technologies for high-quality development [19][20] Industrial Software Market Growth - The industrial software market is projected to reach CNY 765 billion by 2029, with a compound annual growth rate (CAGR) of 19.1% [2][21] - The market is characterized by a high share of foreign companies in high-end sectors, while domestic firms are making strides in embedded software and management solutions [25][26] AI Integration - AI is transforming industrial software, enabling generative design in CAD and enhancing simulation capabilities in CAE, which improves efficiency and reduces costs [41][42] - The combination of AI with production control systems like DCS and PLC is creating closed-loop intelligent systems that optimize decision-making and enhance production efficiency [44][47] Future Outlook - The report anticipates that industrial software will be a key focus area in the upcoming "15th Five-Year Plan," with policies likely to support breakthroughs in critical areas of design and production control [20][21] - The integration of physical AI is expected to drive advancements in various industries, enhancing simulation and predictive capabilities [66][69]

Core Insights - The article discusses the shift in China's role from being the "world's largest customer" to a "super developer," indicating a significant change in global trade dynamics [1][3][20] - European manufacturers are facing challenges as China increasingly focuses on self-sufficiency and domestic production, leading to a decline in imports from Europe [5][11][39] Group 1: Changes in Trade Dynamics - China is no longer a major importer of European high-end machinery, automobiles, and luxury goods, which has left European manufacturers searching for new opportunities [3][5] - The demand for traditional imports like soybeans and iron ore remains, but these do not significantly benefit European manufacturing [7][20] - The rise of local high-end brands in China poses a threat to European luxury brands, as Chinese consumers are increasingly favoring domestic options [9][39] Group 2: China's Manufacturing Strategy - China is investing heavily in high-end manufacturing sectors such as semiconductors, industrial software, and commercial aircraft, aiming for self-sufficiency [16][18][20] - The Chinese government views imports as temporary learning opportunities, with a focus on developing domestic capabilities to produce high-quality goods [18][20] - The "14th Five-Year Plan" prioritizes manufacturing, indicating a strategic shift towards enhancing domestic production capabilities [13][20] Group 3: Impact on Europe - European economies, particularly Germany, are projected to face economic growth declines due to China's strong export capabilities, with estimates suggesting a 0.3 percentage point reduction in growth annually [24][28] - The article highlights the existential crisis faced by European manufacturers, who must either reform to enhance competitiveness or resort to protectionist measures [28][32] - The contradiction in European expectations for China to stimulate global demand while also limiting its exports creates a complex challenge for the region [35][39]

申万宏源研究指出，针对锂电制造中激光焊接"难发现、难分析、难改善"的行业痛点，柏楚电子方案 以"检测-执行-控制"全链路闭环，实现从"经验焊接"到"数据驱动焊接"的跨越，助力锂电产线提升稼动 率、降低不良率。公司持续优化CAD、CAM、NC 等五大核心技术，积极拓展新应用方向。随着下游 新能源等应用场景开拓以及公司产品的不断导入，预计精密业务有望迎来快速增长。主业激光切割业务 在渗透率提升+功率升级+海外出口驱动下保持快速增长；机器换人大势所趋，焊接有望构筑第二成长 曲线，精密业务有望带来新增量。因此，维持"买入"评级。 ...

Group 1: Investment Strategy - The establishment of Jiaxing Hongpu aims to enhance equity investment efforts, focusing on industrial software (CAD, CAM, CNC, CAE) and high-tech hardware (sensors, machine vision, controllers, drivers, encoders, motors) [1] - The company plans to collaborate with professional equity investment funds to set up a merger fund, leveraging external expertise for independent investment decisions within agreed parameters [1] Group 2: Robotics and Product Development - The company has recently completed the acquisition of a motor company's control rights, which specializes in brushless motors and lead screw motors, complementing the company's existing driver products [1] - There are formal bulk supply agreements in place for undisclosed clients, adhering to confidentiality agreements [2] Group 3: Performance Goals - The company aims to achieve its equity incentive targets for the year [2] - Information disclosure practices are strictly followed to ensure transparency and compliance with regulations [2]

Group 1: Core Insights - The industrial software market is gaining attention due to multiple macro factors including policy support, industrial demand, external environment changes, and technological integration [1][2][3] - The Chinese government has set a target to update approximately 2 million sets of industrial software by 2027, providing a clear growth space for the market [1] - The strategic importance of industrial software has increased due to global manufacturing competition, technology blockades, and the need for data-driven innovation [1][2] Group 2: Impact of AI on Industrial Software - AI large models are accelerating the development of industrial software and lowering application barriers, with domestic models like DeepSeek shortening iteration cycles [2] - Investment opportunities are concentrated in multi-dimensional AI applications and product service systems, with generative design and quality root cause analysis being top investment directions [2] Group 3: Industrial Software Lifecycle - The industrial software industry is currently at a stage of uneven development across different categories, with a focus on high-end breakthroughs [3] - Embedded software has a large market size but faces challenges in competing with foreign products, while domestic management and production control software need further development to capture high-end markets [3] Group 4: Categories of Industrial Software - Industrial software can be categorized into four main types: R&D design software, production control software, digital management software, and embedded software, each serving distinct roles in the industrial process [4] Group 5: Technical Barriers in EDA, CAD, CAE - The high technical barriers in EDA, CAD, and CAE software are built on complex algorithms, engineering challenges, knowledge and data limitations, and ecological dependencies [5][6] Group 6: Investment Logic in Industrial Software - The core investment logic in the industrial software sector includes domestic substitution and demand release, product capability enhancement, and new opportunities brought by AI [7]

Financial Data and Key Metrics Changes - In Q4, the company achieved 8.5% constant currency ARR growth and 16% free cash flow growth year-over-year [7][24] - The company generated $100 million of free cash flow in Q4, with total free cash flow for Fiscal 2025 reaching $857 million, up 16% [23][24] - The operating efficiency percentage expanded by 310 basis points to 45% in Fiscal 2025 compared to 42% in Fiscal 2024 [24] Business Line Data and Key Metrics Changes - ARR attributable to Kepware and ThingWorx was approximately $160 million, with constant currency ARR growth of -1% [16] - The company closed its largest Codebeamer deal ever and the largest Onshape deal ever, indicating strong performance in the automotive and medtech verticals [8][9] Market Data and Key Metrics Changes - The company ended the year with record-deferred ARR under contract, providing strong visibility into Fiscal 2026 and beyond [9] - The average term length for contracts increased from approximately two years in Q4 of 2024 to approximately three years in Q4 of 2025 [21] Company Strategy and Development Direction - The company has reached a definitive agreement for TPG to acquire its Kepware and ThingWorx businesses, allowing it to focus on CAD, PLM, ALM, and SLM, with an emphasis on SaaS and AI [5][6] - The company is enhancing its offerings in CAD, PLM, ALM, and SLM to facilitate the building of product data foundations and embedding more AI capabilities [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Fiscal 2026, guiding for ARR growth of 7%-9% including Kepware and ThingWorx, and 7.5%-9.5% excluding them [11][26] - The company anticipates a strong pipeline and deferred ARR balance, which is heavily skewed to Q4, indicating a positive outlook for net new ARR growth [30] Other Important Information - The company plans to return excess cash to shareholders, expecting to buy back between $150 million and $250 million worth of shares per quarter during Fiscal 2026 [13] - The transaction for Kepware and ThingWorx is expected to close in the first half of calendar 2026, with potential cash consideration of up to $725 million [15] Q&A Session Summary Question: Context behind the decision to divest ThingWorx and Kepware - Management emphasized the focus on core priorities and the intelligent product lifecycle vision, stating that the divestiture allows for greater concentration on strategic areas [33][34] Question: OBBA benefit expected in free cash flow guidance - Management confirmed that the $1 billion free cash flow guidance includes some tailwind from the new Section 174 decision, but also noted the impact of increased CapEx related to transitioning an R&D facility [39][40] Question: Characterization of deal structures this quarter - Management clarified that ramp deals were contracted commitments, indicating strong customer demand and a focus on capturing that demand [43][44] Question: Impact of divestiture on CAM business - Management expressed confidence in the addressable market for the intelligent product lifecycle, stating that the divestiture allows for a stronger focus on existing strategies [49][50] Question: Plans for go-to-market changes in Q1 - Management highlighted the successful vertical alignment and the importance of consistent messaging, with plans to integrate AI into industry-specific communications [58][62] Question: Roadmap execution and RPO comments - Management discussed improvements in product execution and the importance of aligning teams to deliver customer value, with approximately 55% of total RPO expected to be recognized over the next 12 months [66][70] Question: Growth potential and key levers for the business - Management indicated that the foundation for sustainable growth is being established, with a focus on executing the intelligent product lifecycle vision and capturing customer demand [74][75]

Financial Data and Key Metrics Changes - In Q4 of Fiscal 2025, the company achieved 8.5% constant currency ARR growth and 16% free cash flow growth year over year [5][22] - The total constant currency ARR at the end of Q4 was $2.446 billion, reflecting an 8.5% increase year over year [19] - Free cash flow for the full fiscal year was $857 million, up 16% from the previous year [22][23] Business Line Data and Key Metrics Changes - ARR attributable to Kepware and ThingWorx was approximately $160 million, with constant currency ARR growth at negative 1% [16] - The revenue contribution from Kepware and ThingWorx, including perpetual licenses and professional services, was approximately $200 million [16] - The average term length for contracts increased from approximately two years in Q4 of 2024 to approximately three years in Q4 of 2025 [20] Market Data and Key Metrics Changes - The company closed its largest Codebeamer deal in the automotive vertical and a significant Windchill competitive displacement win in the medtech vertical [6] - The company reported a record increase in RPO, which was up more than $550 million both sequentially and year over year [21][68] Company Strategy and Development Direction - The company has reached a definitive agreement for TPG to acquire its Kepware and ThingWorx businesses, allowing it to focus on CAD, PLM, ALM, and SLM, with an emphasis on SaaS and AI [4][5] - The strategic decision to divest from Kepware and ThingWorx aligns with the company's focus on the intelligent product lifecycle vision [32][34] - The company plans to return excess cash to shareholders and expects to buy back between $150 million and $250 million worth of shares per quarter during Fiscal 2026 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $1 billion of free cash flow in Fiscal 2026, with ARR growth guidance of 7-9% including Kepware and ThingWorx [10][25] - The company anticipates that the divestiture will not significantly disrupt operations and expects to maintain momentum in its go-to-market strategy [10][53] - Management highlighted the importance of structured product data foundations and the role of AI in enhancing customer offerings [11][72] Other Important Information - The company appointed John Stevenson as Chief Product Officer to enhance product operating rhythm and improve roadmap execution [9] - The transaction for the divestiture is expected to close in the first half of calendar 2026, with potential cash consideration of up to $725 million [14][15] Q&A Session Summary Question: Context behind the decision to divest from ThingWorx and Kepware - Management emphasized the focus on core priorities and the intelligent product lifecycle vision, stating that the divestiture allows for greater concentration on these areas [32][33] Question: Impact of cash tax implications on free cash flow guidance - Management confirmed that the $1 billion free cash flow guidance includes some tailwind from the new Section 174 decision, but also factors in increased CapEx related to transitioning an R&D facility [38][39] Question: Characterization of deal structures in Q4 - Management clarified that the majority of large transactions were closed, with ramp deals being contracted commitments rather than uncertain spending [42][44] Question: Thoughts on the CAM business post-divestiture - Management expressed confidence in the addressable market for intelligent product lifecycle and the potential for AI to enhance product data foundations [47][49] Question: Guidance for net new ARR growth - Management indicated a disciplined approach to guidance, factoring in strong deferred ARR and the potential impact of the divestiture on future performance [50][53] Question: Future go-to-market changes - Management highlighted the importance of vertical alignment and the integration of AI into messaging to improve traction and win rates [56][60] Question: Improvements in roadmap execution - Management discussed the focus on aligning teams to execute on AI initiatives and the importance of delivering customer value through product enhancements [64][66][68] Question: Growth potential and key levers for the business - Management noted that building momentum and focusing on the intelligent product lifecycle vision are critical for achieving sustainable growth [71][74]