格隆汇11月17日｜有投资者在互动平台向浩辰软件提问：随着国产替代加速，国产CAD的渗透率逐步 提升，未来3～5年市场资源将逐步集中，贵司是否已经做好足够的竞争准备？贵司是否考虑加速并购步 伐，抢先收购国内外优质CAD企业，整合资源，提高竞争力以迎接即将到来的激烈竞争？ 浩辰软件回复称，公司积极把握国产替代的历史机遇。在技术层面，公司已实现2D、BIM及云化技术 的自主可控，主要产品兼容包括麒麟、UOS、Deepin、中科方德、中兴新支点、EulerOS在内的多款主 流国产操作系统。面向未来，公司将坚持"产品自主可控+适配国产操作系统"，积极关注外延式的发展 机会，通过内生和外延相结合的方式实现企业跨越式发展。 ...

Group 1 - The overall performance of the AI sector in October showed a slight decline, with the AI sector index down by 2.28%, while the Shanghai Composite Index rose by 1.85% [1] - The trading volume for the AI sector in October reached 1,617.05 billion yuan, representing a year-on-year increase of 15.23% but a month-on-month decrease of 39.24% [1] - Significant differentiation was observed within the sector, with some core companies in AI applications, such as Kingsoft Office and Hehe Information, experiencing notable gains due to performance and policy catalysts [1] Group 2 - The "14th Five-Year Plan" emphasizes the importance of AI applications, aiming for widespread integration of AI across various sectors by 2027, with a target application penetration rate of over 70% for new intelligent terminals and agents [2] - Future industries such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication are expected to become new economic growth points [2] Group 3 - The U.S. plans to impose export controls on key software to China, which may accelerate the domestic replacement of software in China, particularly in areas like EDA and CAD where there has been a historical reliance on imports [3] - The potential export controls could disrupt some companies in the short term, but the Chinese software industry is believed to have the capability to replace these imports, indicating a shift towards domestic software solutions [3]

Core Viewpoint - The software industry in China is experiencing a phase of adjustment and growth, driven by policy support and the need for domestic software to replace international counterparts, despite ongoing challenges in commercialization and competition [1][2][4]. Market Performance - The software index opened lower on October 16, with a decline of 0.54% to 7471.11, having started the year at 5396.93 and peaking at 8374.64 in the first half [1]. - Year-to-date, notable stock performances include Kaipu Cloud (688228.SH) up 369.9%, Ruisheng Intelligent (688215.SH) up 360.5%, and Pinming Technology up 347.2% [3]. Industry Growth and Projections - The Chinese software market is projected to reach a revenue of 137,276 billion yuan in 2024, with a year-on-year growth of 10.0%, and software product revenue expected to grow by 6.6% [2]. - By 2025, software business revenue is anticipated to be 96,409 billion yuan, reflecting a 12.6% increase year-on-year [3]. Sector-Specific Insights - The industrial software sector, particularly 3D CAD, is gaining traction, with domestic firms like Haocen Software (688657.SH) and Zhongwang Software (688083.SH) emerging as competitors to established international players [4]. - Domestic CAD software has achieved performance parity with international products in 2D CAD, but still needs to enhance R&D investment and standard-setting to compete effectively in 3D CAD [4][5]. Challenges in Commercialization - The software industry faces challenges such as a subscription payment model that is still evolving, and a lack of unified management concepts among Chinese enterprises, which hampers efficiency in product delivery [8][10]. - The difference in payment habits between domestic and international markets is significant, with a tendency for customization in China, leading to slower adoption of SaaS products [10]. Policy Support and Future Outlook - The Chinese government is actively supporting the development of foundational software, aiming for significant market share increases by 2027 [2]. - The integration of AI technologies is expected to enhance productivity and potentially improve software payment rates in the future [10].

Core Insights - Industrial software is a crucial pillar for the transformation of manufacturing towards high-end, intelligent, and green development, acting as an "invisible engine" for modern industrial systems [1] Group 1: Company Developments - Guangzhou ZWSoft Co., Ltd. has developed an integrated product matrix for 2D CAD and 3D CAD/CAE/CAM, leveraging over 30 years of validated proprietary geometric modeling kernel, which addresses the "bottleneck" issue in high-end industrial software in China [1] - ZWSoft's 3D CAD software supports various industries, including aerospace, automotive manufacturing, electronic design, and architectural planning, becoming a vital tool for the digital transformation of manufacturing [1] - ZWSoft plans to continue increasing R&D investment, focusing on key common issues in the industry to strengthen the foundation for industrial innovation, as stated by the company's Deputy General Manager and Board Secretary, Zi Yingkun [1] Group 2: Industry Trends - Suzhou Haochen Software Co., Ltd. has long focused on CAD software R&D and services, establishing mature solutions in architecture and machinery, which supports the industry's push for software legalization and import substitution [1] - Haochen Software's main products are compatible with several mainstream domestic operating systems, including Kylin and UOS, as well as domestic CPU chips like Loongson, Feiteng, Zhaoxin, and Haiguang, addressing domestic users' needs for data security and control [2]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [16]. Core Insights - The report emphasizes the concept of "Lighthouse Factories," which are leading the intelligent upgrade of the manufacturing industry by integrating advanced technologies such as artificial intelligence, IoT, and big data analytics [6]. - A total of 201 factories have been recognized as Lighthouse Factories globally, with 85 located in China, showcasing their exceptional manufacturing capabilities and performance in areas like production efficiency and supply chain resilience [6]. - Industrial software is identified as the digital foundation for Lighthouse Factories, playing a crucial role in enhancing production intelligence and efficiency across four core areas: R&D design, manufacturing, operational management, and maintenance services [6]. - The report suggests focusing on companies that are positioned to benefit from the growth of industrial software and intelligent manufacturing, including Zhongwang Software, Huada Jiutian, and Yonyou Network, among others [6]. Industry Overview - The computer industry consists of 337 listed companies with a total market capitalization of approximately 60,881.53 billion and a circulating market value of about 55,021.98 billion [3]. - The absolute performance of the industry over the past 12 months has been 52.1%, while the relative performance against the benchmark index has improved by 33.9% [4].

Summary of the Conference Call on the Xinchuang and Industrial Software Industry Industry Overview - The Xinchuang industry in China is set to achieve complete replacement goals for party and government systems by 2027, with a target to narrow the gap in basic software and hardware levels with international standards to within two years [1][4] - The industry is expected to establish domestic production capabilities for Anke CPU chips [1] - In 2025, state-owned enterprises are required to procure over 80% of new infrastructure from domestic sources, with clear indicators for replacing existing systems [1] Key Points and Arguments - The Xinchuang industry faces challenges due to the diversity of technology paths, including multiple operating systems and CPUs, leading to resource wastage [1][5] - A potential unification of operating systems is proposed, with Euler for servers and Harmony for non-server applications [6] - The U.S. industrial software market holds a monopoly globally, and any supply disruptions could severely impact Chinese manufacturing [7] - The next phase of the Xinchuang industry will focus on promoting self-controllable and AI-integrated manufacturing, with a clear emphasis on domestic production rates [7][8] Progress and Achievements - Significant progress has been made in the Xinchuang industry, with notable achievements in domestic software market share exceeding 50% in certain areas, such as DCS and small PLCs [22] - Companies like Zhongsoft, Dameng, and Taiji have reported impressive revenue and profit growth, indicating a strong growth trajectory for the industry [4] Challenges and Solutions - The primary challenge remains the technical diversity, which leads to inefficiencies in adaptation processes [5] - A unified operating system approach is suggested to streamline processes and enhance productivity [6] Industrial Software Importance - The importance of industrial software is underscored by the U.S. restrictions, which highlight the need for China to maintain its manufacturing edge [7] - The promotion of AI in manufacturing is seen as a critical step for the Xinchuang industry, with a focus on establishing clear domestic production rates [7][9] Policy and Strategic Directions - China is leveraging policy guidance to support domestic AI frameworks and promote the use of local operating systems [8] - The "14th Five-Year Plan" may include significant projects for lighthouse factories, presenting major opportunities for service providers [9] Company Performances - Nengke Technology is positioned as a leader in the industrial software sector, with a low valuation and significant growth potential [10] - Dongtu Technology is recognized as a key player in the industrial operating system space, recently securing large orders [11] - Rongzhixing excels in the PHM field, showcasing strong market positioning [12] - Zhongwang, as a leader in the CAD industry, is expected to benefit from policy support [14] Cloud Computing and Software Development - Domestic cloud computing foundational software is crucial for resource management and virtualization, with major players including Alibaba, Tencent, and Huawei [15] - U.S. restrictions on key software exports are anticipated to accelerate the domestic software development process [16] Industrial AI Development - Industrial AI is gaining traction, with significant advancements in large models and intelligent agents, emphasizing customization and automation in production processes [19] - The global market for industrial AI is projected to reach $150 billion by 2030, with applications in various sectors [17] Conclusion - The Xinchuang and industrial software sectors in China are poised for significant growth, driven by domestic policy support, technological advancements, and a focus on self-sufficiency in the face of external pressures [20][21]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **domestic software industry** in China, particularly focusing on the **localization of key software** and the **信创 (Xinchuang) industry** which is expected to accelerate by 2026 due to government mandates [1][4][3]. Key Software Localization - The **localization rate** of domestic operating systems in the government sector has reached **65%**, but the overall rate is only **4.55%**. By the end of 2025, the localization rate in the government sector is expected to exceed **80%**, with a market size of over **1 trillion yuan** [1][6]. - The **localization rate** for databases is low across various industries, with financial non-core systems at **40%**, energy at **15%**, and many sectors below **5%**. The domestic database market is projected to reach **668 billion yuan** by 2025, growing to over **800 billion yuan** by 2027, with a compound annual growth rate (CAGR) of approximately **12%** [1][9]. - Middleware localization has increased to **45%**, with financial, telecommunications, and government sectors exceeding **70%**. The middleware market is expected to reach **160 billion yuan** by 2025, with a year-on-year growth rate of **17%** in 2023 [1][11]. Market Dynamics - The **Office software** localization rate in the government and civilian B-end is around **40%-50%**, with Kingsoft WPS holding a significant market share. The government sector has achieved **100% localization** [1][14]. - The **ERP market** has the highest localization rate among industrial software, exceeding **70%**. The market size is expected to be around **500-600 billion yuan** by 2025, growing at **10%-15%** annually [1][17]. - The **R&D design software** sector, including EDA, CAD, and CAE, has low localization rates of **10%-15%** for EDA and CAE, and **25%-30%** for CAD. The market space for these segments is significant, with EDA alone estimated at **120-140 billion yuan** [1][19]. Company Performance and Valuation - Representative companies in the **database sector** include **达梦数据 (Dameng Data)**, with a projected PS ratio of **22x** in 2025, and **太极股份 (Taiji Co.)**, with a PS ratio of **1.9x** [1][10]. - In the **middleware sector**, companies like **宝兰德 (Baolande)** and **普元信息 (Puyuan Information)** are highlighted, with PS ratios of **8.94x** and a competitive market landscape [1][12]. - The **R&D design software** companies are experiencing varied growth rates, with **华大九天 (HuaDa JiuTian)** expected to grow by **20%** due to reliance on a single client, while others like **广立微 (Guangliwei)** are expanding rapidly [1][21]. Regulatory Impact - The **79th document** from the State-owned Assets Supervision and Administration Commission mandates that state-owned enterprises complete the localization of information systems by **2027**, which is expected to drive significant growth in the domestic software market [1][4]. Conclusion - The conference call emphasizes the rapid development and localization of key software in China, driven by government policies and market demand. The potential for growth in various software sectors, particularly in databases, middleware, and ERP systems, presents significant investment opportunities. The performance of leading companies in these sectors indicates a robust market environment, despite challenges in localization rates across certain software categories.

Group 1 - The stock price of Haocen Software reached 49.17 yuan as of August 11, 2025, with a slight increase of 0.22% from the previous trading day, and a trading volume of 0.67 billion yuan [1] - The company specializes in the research and sales of CAD software, which is widely used in industrial design and architecture [1] - The software development industry, to which the company belongs, has a general market attention [1] Group 2 - On August 11, a block trade occurred involving 100,000 shares at a transaction value of 4.878 million yuan, with a transaction price of 48.78 yuan, reflecting a discount of 0.79% compared to the closing price [1] - Over the past three months, the stock has seen a total of 25 block trades, accumulating a total transaction value of 11 million yuan [1] - On August 11, there was a net inflow of 4.9833 million yuan from main funds, accounting for 0.25% of the circulating market value; over the past five days, the cumulative net inflow was 7.2401 million yuan, representing 0.36% of the circulating market value [1]

Group 1 - The stock price of Haocen Software is reported at 49.06 yuan, down 1.37% from the previous trading day, with a trading volume of 0.64 billion yuan and a turnover rate of 3.24% [1] - Haocen Software operates in the software development industry, focusing on the research and sales of CAD software, which is widely used in industrial design and architecture [1] - On August 8, a block trade occurred involving 100,000 shares at a transaction amount of 4.867 million yuan, with a transaction price of 48.67 yuan, reflecting a discount of 0.79% compared to the closing price [1] Group 2 - On August 8, the net outflow of main funds for Haocen Software was 11.0666 million yuan, while the net inflow over the past five days was 1.0266 million yuan [2] - In the last three months, Haocen Software has recorded a total of 24 block trades, with a cumulative transaction amount of 105 million yuan [1]

Group 1 - The core viewpoint of the article indicates that the domestic CAD market share is rapidly increasing, reaching approximately 27% in 2024, a 2% increase from the previous year, with a projected market size of 14.68 billion RMB by 2029 [1] - IDC's research shows that 39% of Chinese manufacturing companies will continue to allocate their IT budgets primarily to design and R&D industrial software over the next three years [1] - The total market size for CAD software in China is expected to be 6.12 billion RMB in 2024, with an annual growth rate of 11.8%, although this represents a decline of 1 percentage point compared to the previous year [1] Group 2 - The competitive landscape reveals that Dassault Systèmes, Siemens, and Autodesk remain the top three players in the Chinese CAD software market in 2024, but their market shares are declining [1] - Specifically, Dassault Systèmes' market share decreased from 18.0% to 16.5%, Siemens from 13.2% to 10.7%, and Autodesk from 11.6% to 9.3% [1] - Other notable software providers include ZWSOFT, PTC, Haochen Software, Huatiansoft, and Xindi Digital, ranking fourth to eighth in the market [1] Group 3 - The 3D CAD market in China is projected to reach 4.32 billion RMB in 2024, accounting for 70.5% of the manufacturing CAD market, with an annual growth rate of 11.6% [4] - Key players in the 3D CAD market include Dassault Systèmes, Siemens, PTC, ZWSOFT, Autodesk, Huatiansoft, and Xindi Digital [4] Group 4 - The report highlights major market changes for 2024, including AI restructuring industrial software, the international expansion of Chinese manufacturing, large-scale equipment updates, and the integration of industrial software with the industrial internet [6] - IDC suggests that technology service providers focus on cash flow, productization, industry specialization, ecosystem development, and integrated design, simulation, and manufacturing [6] - Despite challenges in the industrial software market, the CAD market is expected to maintain steady growth, with domestic 2D CAD products competing with global vendors, while breakthroughs in 3D CAD are still needed [6]