Core Viewpoint - The domestic EDA industry is currently experiencing a "policy-driven + technological breakthrough + high demand" triple resonance period, suggesting significant investment opportunities in core industry chain targets for the long term [1] Industry Positioning - EDA is a core technology for electronic system design automation, positioned at the upstream of the integrated circuit industry chain, influencing chip design efficiency, production costs, and performance, thereby impacting the global digital economy worth trillions of dollars [2] Market Dynamics - The global EDA market is highly concentrated, with three major players (Synopsys, Cadence, Siemens EDA) holding 74% market share. The global EDA market is projected to reach $18.3 billion by 2026 and exceed $30 billion by 2034. In China, the market size is expected to reach 22.2 billion yuan by 2026, with a growth rate of 20%, significantly higher than overseas [3] Growth Drivers - Three key factors are driving industry growth: 1. Domestic substitution is becoming essential due to U.S. export controls on EDA software, particularly for advanced process tools below 7nm, pushing domestic EDA companies to accelerate localization [4] 2. Technological and demand upgrades are emerging as design costs for advanced processes from 7nm to 3nm increase exponentially, with new demands arising from post-Moore era designs like Chiplet, 3D IC, and heterogeneous integration [4] 3. Industry consolidation is accelerating as the current Chinese EDA market is fragmented, with leading domestic EDA firms enhancing their product lines and overall strength through mergers and acquisitions [4]

证券日报网讯12月30日，广立微（301095）在互动平台回答投资者提问时表示，公司长期专注于芯片成 品率提升和电性测试快速监控技术，并形成了以EDA软件、电路IP、WAT测试设备以及与芯片成品率提 升技术相结合的全流程解决方案。近年来，公司在EDA软件方面持续投入研发、拓展延伸至更多元化 的工具品类，陆续推出了大数据分析与管理系列软件(包含DE-G，DE-YMS，DE-DMS等)、可制造性设 计软件CMP仿真建模工具，并完成了在DFT(可测试性设计)领域等业务布局；在电性测试设备领域，公 司先后推出优化升级的WAT测试设备(T4000机型、T4000Max机型)、晶圆级可靠性测试、晶圆级老化测 试设备，不断扩大产品应用场景。为把握前沿机遇，前瞻性布局硅光产业，公司于2025年8月完成了对 硅光芯片设计自动化(PDA)软件领先企业LUCEDA NV的战略收购，实现了从传统EDA向PDA领域的重 要拓展。上述软硬件产品的研发和推出能够帮助公司不断扩大公司客户群体和业务市场空间，进一步提 升公司的产品与市场竞争格局，为公司的业绩提供新的多点增长引擎。 ...

巴西的遭遇早已为拉美国家敲响警钟。两年前，巴西只是想在中美贸易之间找到平衡，美国便立即挥起 关税的大棒，对巴西进行严厉制裁，清单长得堪比亚马逊河。如今，特朗普更加直接，将移民问题与政 权合法性挂钩，潜台词十分明确：别再谈什么主权问题，把资源送到我这里，不要给我添麻烦。民主、 价值观这些曾经的遮羞布，早已经被美国丢进了大西洋。再看亚太，西方媒体所称的中国执掌亚洲实际 上是居心叵测的捧杀。特朗普心里十分清楚，正面打赢中国或通过贸易战压垮中国，现在根本不可能。 他的算盘是将亚太地区变成消耗中国的磨盘，自己在幕后操控。美国对中国的封锁越来越严密，从光刻 机到EDA软件，从芯片到半导体，无一不在封锁之列；日韩被迫将防卫费提高到GDP的2%，并以高价 购买美国的爱国者导弹，甚至连企业也被强迫去美国建厂。菲律宾在南海的小动作背后，总能看到美国 顾问的影子；在台湾问题上的切香肠手段从未停止过，今天卖武器，明天搞访问，既不想直接与中国对 抗，又要榨取台湾的最后价值。看似错综复杂的策略，其核心只有一个目的：把中国牢牢锁死在低端制 造的层次，绝不让其产业升级的步伐太快。然而，特朗普显然忘记了中国的5G基站已经遍布城乡，新 能源汽车 ...

从全球范围来看，三大企业垄断全球75-80%的份额，这三大企业就是美国的新思科技（Synopsys）、Cadence、西门子EDA（原来也是美国的，后来被西门 子收购）。 在中国市场，这三大EDA企业，曾经最高时拿走了85%以上的市场份额，国产EDA和其它开源EDA软件等的份额还不到15%，其中国产不到10%，可见我们 有多依赖美国的EDA了。 但是后来的事情，大家也都清楚，那就是美国不断的对中国卡脖子，连EDA也卡了。 这就激发起了中国国产替代的热潮，国产芯片企业和国产EDA企业联手，大家不断的提高芯片工艺，完善工艺流程。 现在的芯片企业，都离不开EDA软件，芯片设计需要，芯片制造也需要，芯片封测还需要。 EDA已经是集芯片的设计、仿真、测试、模拟等于一体了，没有EDA软件，可以说这些半导体企业是寸步难行。 但EDA软件，一直以来，都是被美国企业垄断的。 Sassine Ghazi还称，目前中国市场，正在寻找替代方案，中国客户正在加速流失，但新思科技却无能为力。 事实上，不只是新思科技如此，像Cadence、西门子EDA都是如此，他们在中国市场的收入开始下滑，中国市场贡献的收入占比，持续降低，原因就是中国 ...

与此同时，多家半导体企业启动A股上市辅导工作，包括粤芯半导体、全芯智造、鑫华半导体、成都超纯等公司相继启动上市辅导，开启 资本化之路。 多家半导体企业并购案终止 12月9日晚间，中科曙光与海光信息同时发布公告，宣布终止重大资产重组，并称本次交易终止不会对公司的生产经营和财务状况造成重 大不利影响，不存在损害公司及中小股东利益的情形。 公告称，本次交易自启动以来，公司及相关各方积极推动本次交易的各项工作。由于本次交易规模较大、涉及相关方较多，使得重大资 产重组方案论证历时较长，目前市场环境较本次交易筹划之初发生较大变化，本次实施重大资产重组的条件尚不成熟，为切实维护上市 公司和广大投资者长期利益，经公司与交易各相关方友好协商、深入研究和充分论证，基于审慎性考虑，决定终止本次交易事项。 公告同时强调，目前中科曙光与海光信息生产经营情况正常。本次终止不影响双方后续的持续合作，中科曙光与海光信息在系统级产品 应用上将建立更加紧密的合作关系。 近来，A股上市公司跨界并购不断，且有多家上市公司跨界收购切入半导体赛道，不过这些并购案实际成功的并不多；本周中科曙光与海 光信息终止重大资产重组、芯原股份终止收购芯来智融、思瑞浦 ...

12月10日证监会官网披露，安徽合肥集成电路制造EDA龙头企业全芯智造已办理辅导备案登记，启动 IPO进程。这也是上峰水泥（000672）最早在安徽投资的系列半导体产业链细分领域龙头之一，目前该 系列企业中合肥晶合已上市，长鑫科技IPO辅导已验收，全芯智造也正式开启上市进程。 全芯智造是国内首家专注于半导体制造领域的EDA软件公司，也是国内唯一聚焦集成电路智能制造平 台的"专精特新""独角兽"企业，在国产EDA市场处于领先地位；全芯智造深耕计算光刻等核心技术，解 决光刻图形失真问题优势显著，技术已应用于14纳米及以下先进制程量产，其计算光刻技术被列入安徽 省2025年政府工作报告，并已在头部晶圆厂落地应用。作为少数能提供全流程解决方案的企业，其填补 了国产EDA工具链成熟制程覆盖空白，技术路线完全自主可控，非EUV光刻领域的创新形成差异化竞 争力，契合国家产业安全需求。未来，依托"大数据+AI"，公司有望进一步巩固行业领先地位。(CIS) ...

Group 1 - The core point of the news is that EDA manufacturer Quanxin Zhizao has completed the filing for its initial public offering (IPO) in Anhui, with Guotai Junan as the advisory institution, marking a significant step for the company in the semiconductor manufacturing sector [1] - Quanxin Zhizao is the first domestic EDA software company focused on semiconductor manufacturing and is recognized as a "specialized, refined, distinctive, and innovative" unicorn enterprise in China, leading the domestic EDA market [1] - Major shareholders include Huada Semiconductor and the National Integrated Circuit Industry Investment Fund, holding 11.97% and 11.11% of the company, respectively [1] Group 2 - According to Xingye Securities, EDA is the upstream industry of the integrated circuit industry chain and serves as a cornerstone for chip design, playing a crucial role in driving innovation in chip design [1] - A forecast by the China Business Industry Research Institute predicts that the EDA market size in China will reach 14.95 billion yuan by 2025, while the domestic EDA tool localization rate is expected to be less than 15% in 2024, indicating significant growth potential [1] - The domestic EDA industry is transitioning from "single-point breakthroughs" to "full-process coverage," enhancing overall competitiveness through resource integration [1] Group 3 - Zhongyuan Securities noted an increasing trend of deep integration between EDA and IP businesses with GPU design, exemplified by NVIDIA's investment of $2 billion in a project led by Synopsys to combine NVIDIA's GPU acceleration platform with Synopsys' EDA and IP products [2] - Green通科技 has indirectly held equity in Quanxin Zhizao through its industrial fund and has announced plans to acquire 51% of Jiangsu Damo Semiconductor Technology for 530 million yuan, focusing on semiconductor front-end measurement equipment and technical services [3] - Shanghai Beiling's largest shareholder, Huada Semiconductor, is also the second-largest shareholder of Quanxin Zhizao, indicating interconnected interests within the semiconductor sector [4]

Group 1 - China reportedly requests airlines to reduce flights to Japan, tentatively until the end of March next year [1] - Alibaba's Q2 revenue reached 247.8 billion yuan, exceeding expectations [3] - Alibaba plans to actively invest in enhancing artificial intelligence, with potential additional investments beyond the previously committed 380 billion yuan over three years [3] Group 2 - NVIDIA claims its GPUs are a generation ahead of Google's AI chips [2] - NVIDIA's total market value has lost 1 trillion dollars compared to its historical peak [2] - Dell's optimistic guidance for Q4 is driven by strong sales of AI servers [2] Group 3 - NIO delivered 87,071 vehicles in Q3, representing a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [3] - Hong Kong's October exports increased by 17.5% year-on-year, surpassing expectations [3] - Southbound funds net bought 11.1 billion Hong Kong dollars in Hong Kong stocks, significantly increasing positions in Alibaba [3]

Core Viewpoint - Citi Group has initiated coverage on two leading EDA giants, Synopsys (SNPS.US) and Cadence Design Systems (CDNS.US), with a "Buy" rating, predicting they will be key players in the upcoming AI investment wave [1][7] Group 1: Market Performance and Ratings - Both Synopsys and Cadence have underperformed in the past six months, with Synopsys down approximately 22% and Cadence down 5%, lagging behind the Philadelphia Semiconductor Index and the S&P 500 [2] - Citi has set a 12-month target price of $580 for Synopsys and $385 for Cadence, reflecting optimism about their recovery [7] - The EDA software market is dominated by Synopsys and Cadence, which together hold about 70% market share, with expected sustainable revenue growth of 15% to 20% [7][8] Group 2: AI and EDA Software Demand - The demand for EDA software is increasing due to the growing need for complex AI chip designs, driven by major tech companies like NVIDIA, AMD, and cloud giants [3][4] - EDA software is essential for chip design, and its role is becoming more critical as AI infrastructure demands exponential growth in computing power [3][4] - Both companies have integrated AI tools into their EDA software ecosystems, enhancing design efficiency and productivity [5][4] Group 3: Financial Resilience and Future Outlook - EDA software has shown strong fundamental resilience, consistently outperforming the semiconductor industry during downturns [8] - The share of EDA in overall chip industry R&D budgets is expected to rise from 13%-15% as AI tools enhance productivity [8] - Citi analysts favor Synopsys over Cadence due to its current valuation discount and potential for margin improvement [8]

董秘回答(华大九天SZ301269)： 尊敬的投资者您好，公司的研发费用均在发生当期进行费用化处理，未进行资本化。公司目前仍处于快 速发展期，与战略客户的合作项目不断增加，需要相应增加研发人员数量，因此研发投入不断增加。 EDA软件具有技术难度高、研发周期长等特点，同时技术成果转化需要完整工具链协同和生态适配， 研发投入转化为营业收入需要一定周期。感谢您的关注！查看更多董秘问答>> 投资者提问： 公司前三季研发费用高达5.57亿元，占营收比达69.2 ％。请问，公司研发投入都是费用化吗？各类人工 智能大模型的应用和推广，很多专业软件公司都能通过减员、降本、提高研发效率等手段达到增效效 果。公司研发投入一直高企，虽是必需，但是这种投入并没有带来高营收增长，商业转化效率不高，有 没有措施能解决这个矛盾？谢谢 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...