MACD金叉信号形成，这些股涨势不错！ 15、公告精选︱两面针：江苏公司拟投资6885.22万元实施"两面针中草药功能性口腔护理产品生产基地 扩建项目"； 格隆汇11月26日｜国际要闻： 16、A股投资避雷针︱富森美：副总经理、董事会秘书张凤术被立案调查并实施留置措施；*ST东通 （维权）：公司股票停牌暨可能被终止上市。 1、美股三大指数集体收涨，道指涨1.43%，AMD跌超4%； 2、美联储12月降息25个基点的概率为84.9%； 3、美联储主席遴选工作接近尾声 据悉哈塞特成为首选人选； 4、英伟达：我们的GPU比谷歌的AI芯片领先一代； 5、英伟达总市值较历史最高点损失1万亿美元； 6、华尔街开始布局下一轮AI投资热潮 花旗押注最强主线将是EDA软件； 7、新加坡国家AI计划放弃Meta模型 转向阿里千问； 8、戴尔第四财季指引乐观 AI服务器销售强劲成驱动力； 9、美国官员：乌克兰代表团与美国就潜在和平协议的条款达成一致； 3、国家航天局：到2027年 基本实现商业航天高质量发展； 4、科技部部长阴和俊：要部署实施一批国家重大科技任务； 5、离岸、在岸人民币均升破7.09 触及逾一年盘中新高； 6、特朗 ...

花旗看好这两大EDA软件巨头的主要逻辑在于，史无前例的全球AI浪潮之下芯片公司对于电子设计自 动化软件生态在人工智能芯片领域中日益突出的作用，并且随着EDA软件生态中的先进AI辅助工具采 用与渗透率日益扩大，芯片设计大客户们普遍反映设计周期更快且效率比以往高得多。 智通财经APP获悉，华尔街金融巨头花旗集团(Citi)近日在研报中对全球规模最庞大的两大EDA超级巨 头——新思科技(SNPS.US)以及铿腾电子(CDNS.US)进行股票评级与未来12个月目标股价覆盖，并给予 这两家EDA芯片设计软件领军者"买入"(Buy)股票评级，并且花旗分析师团队押注这两大EDA巨头将是 下一波围绕AI的投资热潮的最强投资主线。 截至周一美股收盘，随着美联储鸽派势力愈发壮大，以及在谷歌Gemini3风靡全球与英伟达仍然炸裂式 增长业绩驱动下，AI泡沫论调显著降温，与AI密切相关联的科技股均实现大举反弹。在这一波科技股 反弹势头以及花旗最新研报覆盖的助力之下，新思科技股价周一大涨超4%，铿腾电子股价收涨超1%。 在过去六个月中，两大EDA巨头股价未能跟上这股由AI大浪潮所驱动的全球芯片股上涨势头，新思科 技股价下跌了约22%， ...

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。 ...

11月17日，华大九天盘中上涨2.01%，截至09:44，报113.23元/股，成交9326.03万元，换手率0.15%，总 市值617.60亿元。 资金流向方面，主力资金净流入384.75万元，特大单买入1288.62万元，占比13.82%，卖出803.90万元， 占比8.62%；大单买入1747.20万元，占比18.73%，卖出1847.17万元，占比19.81%。 华大九天今年以来股价跌6.38%，近5个交易日跌2.47%，近20日跌7.09%，近60日跌0.32%。 资料显示，北京华大九天科技股份有限公司位于北京市朝阳区利泽中二路2号望京科技园A座二层，成 立日期2009年5月26日，上市日期2022年7月29日，公司主营业务涉及用于集成电路设计与制造的EDA 工具软件开发、销售及相关服务业务。主营业务收入构成为：EDA软件销售82.57%，技术服务 13.41%，硬件、代理软件销售及其他4.02%。 华大九天所属申万行业为：计算机-软件开发-垂直应用软件。所属概念板块包括：EDA概念、工业软 件、先进封装、信创概念、集成电路等。 截至9月30日，华大九天股东户数4.88万，较上期增加29.25%；人 ...

Core Viewpoint - The article discusses the potential for A-shares to experience a long-term upward trend similar to the U.S. stock market, particularly in the context of the upcoming "15th Five-Year Plan" which is expected to significantly impact China's economic structure and present investment opportunities [1][9]. Group 1: Stock Index Dynamics - The performance of stock indices is positively correlated with the market capitalization of listed companies and negatively correlated with the number of listed companies [2]. - The U.S. stock market has seen an average annual growth of 13% in total market capitalization from 2010 to 2024, with a low expansion rate in the number of listed companies [3]. - The Nasdaq index has a high concentration of market capitalization, with the top 8 tech companies accounting for 53% of its total market value, which enhances overall profitability [4]. Group 2: A-share Market Analysis - A-shares have shown an average annual growth of 11% in total market capitalization from 2010 to 2024, indicating a foundation for long-term growth [5]. - The rapid expansion of the number of listed companies in A-shares, averaging 8% annually, has outpaced the U.S. market, contributing to longer intervals between new highs in total market capitalization [6]. - Recent trends show that A-share total market capitalization increased by 50% from August 2024 to September 2025, while the number of listed companies grew only by 1%, suggesting a potentially better performance in this cycle [7]. Group 3: Future Investment Opportunities - The "15th Five-Year Plan" is expected to create significant investment opportunities, particularly in areas such as technology independence, domestic substitution, and high-end manufacturing [10]. - The construction of a unified national market is anticipated to enhance domestic demand and may lead to a turnaround in cyclical industries like coal, steel, and chemicals [11][12]. - The emphasis on a comprehensive green transition is likely to accelerate opportunities in renewable energy sectors, including solar power, energy storage, and electric vehicles [13].

Core Viewpoint - The ongoing trade tensions between the US and China have highlighted the critical dependence of the US on Chinese rare earth elements, particularly in military and semiconductor industries, as China implements export controls to protect its strategic interests [1][2][4]. Group 1: Rare Earth Elements - The US is facing a significant shortage of rare earth elements, with domestic stocks only sufficient for two to three months, raising concerns about delays in electric vehicle and missile projects [1][2]. - China controls over 90% of the global rare earth supply chain, with recent export controls on seven heavy rare earth elements directly targeting US vulnerabilities [1][2]. - The price of rare earths has increased by 8% following China's new regulations, indicating heightened market tension [2][4]. Group 2: US Response and Industry Impact - The US has attempted to counteract China's dominance by suspending exports of critical components, such as the LEAP-1C engine for the C919 aircraft, which has reduced delivery plans from 50 to 25 units [6]. - The US government has also restricted sales of semiconductor design software to Chinese companies, significantly impacting their research and development timelines [8]. - Major US defense contractors, like Lockheed Martin, are exploring alternative materials due to the supply chain risks posed by China's export controls, but performance has reportedly decreased by over 20% [2][4]. Group 3: China's Strategic Position - China's rare earth industry, exemplified by the performance of Ganzhou Rare Earth Group, has shown resilience with a production output of 240,000 tons in the first half of the year, maintaining a complete supply chain from mining to refining [2]. - The Chinese government is prioritizing approvals for EU companies in its rare earth export policies, indicating a strategic pivot towards strengthening ties with Europe while sidelining the US [10]. - The CJ-1000A engine, developed by China, is expected to meet the needs of the C919 aircraft and is on track for certification, showcasing China's advancements in aviation technology despite US sanctions [10][11]. Group 4: Long-term Implications - The US's sanctions may inadvertently accelerate China's innovation in both rare earth and aviation sectors, as China continues to solidify its market position and technological capabilities [11]. - The US's efforts to rebuild its supply chains are projected to take several years, during which time China's production lines remain active, further entrenching its competitive advantage [11].

Core Insights - The rise of domestic software is not just an industrial upgrade but a demonstration of China's technological strength and AI capabilities, marking a deterministic trend in the industry [2][15] - AI is reshaping the world, with software applications becoming the next "main battlefield" [2] - The demand for AI software is surging in both consumer (C-end) and business (B-end) sectors, driven by digital transformation and policy support [3][7] Industry Trends - The domestic AI application user base has surpassed 700 million by Q3 2025, indicating rapid penetration in the consumer market [2] - The "15th Five-Year Plan" encourages the implementation of AI across various sectors, aiming for 100% domestic replacement in state-owned enterprises by 2027 [6] - The software industry in China is projected to reach a scale of 15 trillion yuan by 2025, with AI expected to significantly contribute to this growth [10] Company Performance - Oracle's performance exceeded expectations with a 359% year-on-year increase in remaining performance obligations, reaching $455 billion [2] - Palantir reported Q3 2025 revenue of $1.181 billion, a 63% increase year-on-year, with a net profit of $477 million, up 220% [2] - Keda Xunfei, a leader in AI applications, reported Q3 2025 revenue of 6.078 billion yuan, a 10.02% increase year-on-year, with a net profit of 172 million yuan, up 202.4% [14] - Kingsoft Office, another key player, achieved Q3 2025 revenue of 1.521 billion yuan, a 25.33% increase year-on-year, with a net profit of 431 million yuan, up 35.42% [14] - Deepin's revenue reached 2.116 billion yuan in Q3 2025, a 9.86% increase year-on-year, with a net profit of 147 million yuan, up 1097.4% [15] Market Outlook - The AI software sector is expected to drive significant growth in the global software market, with estimates suggesting a 20% increase by 2030 due to AI agents alone [10] - The domestic software market is anticipated to create a trillion-level business increment driven by AI [10] - The current market conditions indicate a strong potential for recovery in the software sector, with the CSI Software Index showing a year-to-date increase of 13.34% [13]

Market Highlights - The main board led the gains with notable increases in stocks such as Guangdian Network (+10.00%), Weixinno (+9.98%), and Yongding Co. (+6.45%) [1] - The ChiNext board saw significant growth, particularly in stocks like Online and Offline (+20.00%) and Suzhou Tianmai (+14.63%) [1] - The Sci-Tech Innovation Board also experienced strong performance, with Shen Gong Co. and Anbotong both achieving gains of +20.00% and +7.98% respectively [1] - The SW Semiconductor Materials sector showed a modest increase of +0.71% [1] Domestic News - A fully domestic silicon photonics PDK, TDK, and ADK service platform based on a 12-inch 40nm CMOS process line has been launched in Optics Valley, marking a significant breakthrough in the silicon photonics field [1] - Changdian Technology announced that its wafer-level microsystem integration high-end manufacturing project is set to commence production in September 2024, with plans for further capacity expansion [1] - Baidu's Xiaodu AI glasses Pro have officially launched, featuring lightweight design and advanced AI-assisted functions, including a 12MP camera and EIS stabilization [1] - A report from KnowMade indicates that China accounted for 58% of the total patent applications in the RF front-end module and component sector in Q3 2025, significantly outpacing the US at 18% [1] Company Announcements - Dekoli announced an additional investment of 300 million RMB in its wholly-owned subsidiary in Singapore to enhance overseas R&D capabilities and expand production [3] - Cambridge Technology reported a passive dilution of its controlling shareholder's stake by 0.33% due to an oversubscription of H-shares [3] - Das Intelligent signed a contract for an intelligent display technology park project worth 12.76 million RMB, which is expected to contribute 0.4% to the company's 2024 revenue [3] - Medi Technology disclosed that a shareholder reduced their stake by 710,700 shares, representing 0.2320% of the total share capital [3] Overseas News - Cadence Design Systems has agreed to acquire ChipStack, a startup focused on developing AI tools for accelerating chip verification and design [4] - SK Hynix is developing high-bandwidth storage technology that aims to enhance AI computing power in future smartphones and tablets [4] - Texas Instruments has launched a second assembly and testing facility in Malaysia, capable of processing billions of analog and embedded chips annually [4] - UDC reported Q3 2025 revenue of $139.6 million, a 14% decline from the previous year, attributed to customer pull-ins and one-time adjustments, although the OLED industry is entering a new growth cycle [4]

Core Viewpoint - Intel has filed a lawsuit against former software engineer Jinfeng Luo for allegedly stealing approximately 18,000 confidential documents, including materials marked as "Intel Top Secret," which could pose significant risks to the company's security and national technology safety [1][4]. Group 1: Incident Details - Jinfeng Luo worked at Intel as a software development engineer from 2014, focusing on EDA software for semiconductor design and verification [2]. - Following a company-wide layoff plan to reduce about 15% of its workforce, Luo received a termination notice on July 31, with his employment ending shortly thereafter [2]. - On July 23, Luo attempted to download company data to an external hard drive but was blocked by Intel's security measures. He later circumvented these protections by using a Network Attached Storage (NAS) device to download nearly 18,000 files just days before his departure [2][4]. Group 2: Legal Actions and Implications - Intel discovered the initial data theft attempt and quickly launched an investigation, identifying Luo as the suspect. However, they were unable to contact him for over three months [4]. - The stolen documents reportedly include critical information on chip manufacturing processes, next-generation processor architectures, and supply chain collaboration details, which could lead to immeasurable losses for the company [4]. - Intel's lawsuit includes three main demands: the immediate return of all stolen documents, a court order to seize Luo's personal electronic devices and access records, and a claim for at least $250,000 in damages and legal fees [4].

Core Insights - Guangli Micro (301095) has been awarded the highest rating of "A" for the second consecutive year in the Shenzhen Stock Exchange's evaluation of information disclosure for listed companies in 2024-2025 [1] Group 1: Company Overview - Guangli Micro is a leading supplier of EDA software and wafer-level electrical testing equipment, focusing on continuous technological innovation to create value for customers [1] - The company specializes in improving chip yield and electrical testing technology, providing comprehensive solutions that include EDA software, circuit IP, WAT testing equipment, and integrated circuit data analysis software [1] - Guangli Micro has become an important partner for many large integrated circuit manufacturing and design companies, with its products and services covering multiple process nodes of mainstream wafer fabs both domestically and internationally [1] Group 2: Governance and Information Disclosure - The company places a high emphasis on corporate governance and the quality of information disclosure, continuously enhancing investor relations management [2] - Guangli Micro adheres to the principles of "truthfulness, accuracy, completeness, timeliness, and fairness" in fulfilling its information disclosure obligations [2] - The company aims to improve the effectiveness and transparency of information disclosure, providing investors with a comprehensive understanding of its core value [2] Group 3: Investor Returns - Guangli Micro has focused on enhancing its profitability to provide good operating performance, laying the foundation for shareholder returns through cash dividends [3] - Since its listing in August 2022, the company has completed two cash dividend distributions totaling nearly 168 million yuan [3] - Looking ahead, Guangli Micro aims to continue improving information disclosure quality and corporate governance, contributing to the healthy development of China's semiconductor industry and capital market [3]