智通财经APP获悉，广发证券发布研报称，无论算力还是应用，未来一段时间计算机行业仍然将是以内 需TOB方向为主。国产算力包括芯片、服务器和EDA等替代加速，ERP与工业软件包括智能制造等企业 应用，智能驾驶与机器人方向，鸿蒙等国产基础软件生态推进等。社融和制造业等下游新增贷款的好转 有利于保障后续相关开支。考虑到前期行业表现较为平淡、三季报中规中矩以及前述下游开支的前瞻信 号，短期市场环境和风险偏好的影响或许有限。 广发证券主要观点如下： 下游开支的前瞻变化 ①上半年ERP和智能制造等企业应用在收入增长的同时面临下游因为关税等影响订单释放节奏的挑战。 而三季度以来PMI和社融变化等前瞻指标有积极变化。②观察社融数据的变化，该行可以预期下游扩张 在波动中回暖，相对于去年同期而言在未来1~2个季度或有改善。③PMI环比有所回落，但是ERP和智 能制造软件应用的主要下游高技术制造业、装备制造业、消费品行业的PMI指数均处于扩张区间。④因 此可以预期相关软件技术和应用公司在四季度至一季度会有更好的收入表现。 EDA领域 ①根据新思科技财报电话会议，其业绩主要受到IP业务表现不佳的影响，原本预计会达成的一些交易并 未实 ...

据证券时报报道，11月18日，工信部办公厅印发了《高标准数字园区建设指南》。其中指出，打造企业 数字化转型标杆。聚焦园区主导产业，依托制造业数字化转型通用评估指标体系引导企业数字化改造， 建设制造业数字化转型促进中心等载体，深化新一代信息技术全链条赋能应用，推动企业全要素生产率 提升。积极开展"人工智能+制造"应用探索，支持企业开展智能工厂梯度建设，推进工业机器人等智能 制造装备规模化部署，推动企业生产智能化跃升。 赛意信息：与华为联合推出基于华为IDME模型的iMOM，公司iMOM产品系列聚焦泛电子、汽车及零 部件、装备制造三大核心制造领域，助力企业打破产业制造协同壁垒。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 另一方面，在人工智能的赋能下，制造业从产品为中心向用户为中心转变、从刚性生产向柔性生产转 变，满足消费者个性化需求成为制造业新服务模式。根据Bizwit数据，从2019年起，人工智能在中国制 造业应用的市场规模增长率保持在40%以上，2025年市场规模将达到141亿元。 公司方面，据证券时报表示， 鼎捷数智：已在ERP、PLM、BI等系统中加入AI应用场景， ...

义乌，这座曾以"鸡毛换糖"闻名的小商品之城，正在用一座"6.0代市场"改写自己的全球名片。近来开 业的义乌全球数贸中心，集市场、办公、商业街区和数贸港于一体，仅市场板块就有41万平方米、3700 余家商户，AI导航、跨语种直播、智能结算等数字场景融入日常经营，"一部手机买全球、卖全球"在这 里成为日常操作。 数字贸易的"快"，首先建立在"通"的基础上。长三角一体化战略下，数字基础设施的"硬联通"始终是先 行棋。三省一市系统推进5G网络、算力枢纽和数据流通设施建设，编织了一张高速泛在、天地一体 的"数字天网"。截至2024年，长三角累计建成的5G基站数量持续领跑全国；合肥国家级互联网骨干直 联点、杭州国家新型互联网交换中心等关键节点的建成与优化，则确保了海量数据在区域内"低时延、 高效率"流转，这是数字贸易的物理底座。 如果说5G与算力是"高速公路"，那么数据要素的"软联通"才是真正打通区域经济脉络的"经络"。 长三 角深知，数据只有在流通中才能释放价值。为此，区域内正创新构建"交易平台+标准互认+制度协 同"的流通体系。杭州数据交易所不仅在绍兴、南京等地设立服务站点，更率先与南京数据交易平台实 现数据产品"互 ...

Core Insights - The company reported a revenue of 1.614 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.63% [1] - The net profit attributable to shareholders for the same period was 51 million yuan, up 2.40% year-on-year, while the net profit after deducting non-recurring items fell by 12.07% to 40 million yuan [1] Revenue Breakdown - Revenue growth was stronger outside mainland China compared to within, with Q3 revenue from mainland China at 260 million yuan, down 7.9% year-on-year, while non-mainland revenue was 310 million yuan, up 7.7% [2] - The decline in mainland revenue was attributed to the temporary pressure on small and medium-sized enterprises, while non-mainland regions saw growth due to successful expansion in Southeast Asia and strong performance in Taiwan driven by AI applications [2] Performance Analysis - The gross margin for Q3 was 55.39%, showing a decline of 0.82 percentage points year-on-year, primarily due to increased market competition across various business sectors [3] - Q3 expenses for sales, management, and R&D were 186 million yuan, 66 million yuan, and 44 million yuan respectively, with sales expenses rising significantly due to AI business promotion [3] Business Development - The company's core strategy of integrating AI into its offerings is progressing steadily, with AI applications being incorporated into ERP, PLM, and BI systems [4] - The company is expected to continue enhancing the integration of AI with its product matrix and anticipates growth in demand as AI-enabled effects become more apparent [4] Investment Outlook - Despite a slowdown in overall growth, the company is strategically reducing low-margin businesses while maintaining strong growth in traditional advantageous regions [4] - The company is expected to achieve net profits of 170 million yuan, 204 million yuan, and 237 million yuan from 2025 to 2027, with year-on-year growth rates of 9%, 20%, and 16% respectively [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 1.614 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.63%. The net profit attributable to the parent company was 51 million yuan, with a year-on-year increase of 2.40%. However, there is a noted slowdown in overall growth due to economic pressures in mainland China and the company's strategic choice to reduce low-margin businesses. Traditional stronghold regions continue to show good growth momentum. The progress in AI business is steady, with multiple AI software infrastructure packages released in 2025, and customer testing is actively being pursued, which is expected to enhance the company's growth potential in the future. The projected net profit attributable to the parent company for 2025-2027 is 170 million yuan, 204 million yuan, and 237 million yuan, with year-on-year growth rates of +9%, +20%, and +16% respectively, leading to a continued recommendation for investment [2][4][11]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 569 million yuan, a slight year-on-year increase of 0.06%, while the net profit attributable to the parent company was 6 million yuan, reflecting a year-on-year decline of 18.61%. The net profit after deducting non-recurring gains and losses was 4 million yuan, down 29.74% year-on-year [4][11]. Revenue Breakdown - The revenue growth for the first three quarters was 3%, while for Q3 it was 0%. Regionally, revenue from outside mainland China accelerated, while mainland revenue faced slight pressure. In Q3, revenue from mainland China was 260 million yuan, down 7.9% year-on-year, while revenue from non-mainland regions was 310 million yuan, up 7.7% year-on-year. The decline in mainland revenue is attributed to the temporary economic downturn affecting small and medium enterprises, while the Southeast Asia expansion and AI application integration in Taiwan contributed to strong performance [11]. Business Progress - The company's core strategy of fully integrating AI is progressing steadily. In Q3, AI applications were incorporated into ERP, PLM, and BI systems, with several AI intelligent suite beta versions validated and deployed in mainland China. The AI applications in Taiwan are also being promoted effectively, with high growth expected for the AI segment throughout the year. Looking ahead to Q4, the company plans to enhance the integration of AI with its product matrix and continue the iteration of the Athena platform [11].

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]

准确理解它们的差异与共生关系， 是企业提升运营效率、推进数字化转型的关键。 业务流程（Business Process） ——数字化转型的核心起点 在企业运营中，业务流程与信息流程如同车之两轮、鸟之双翼。 二者紧密相连，却又本质不同。 是企业创造客户价值的"价值流"。 它以完成实际业务活动（生产产品、交付服务）为核心， 关注"人、物、资金"的流动与操作。 例如：电商领域的"客户下单→审核→拣货→发货→签收" 就是典型业务流程，直接创造交易价值。 信息流程（Information Flow） 是企业运营的"神经流"。 它负责传递、处理和存储支撑业务运转的信息， 确保各环节之间信息同步、协同作业。 在同一个电商场景中， 系统同步订单、库存更新、物流状态追踪， 这是一系列"人对物"的操作，直接产出有形产品。 信息流程： 都是信息流程的体现。 一句话总结： 业务流程创造价值，信息流程确保价值高效流动。 | 维度 | 业务流程 | 信息流程 | | --- | --- | --- | | 核心目标 | 创造业务价值 (生产产品、交付服务) | 支撑业务协同与决策(传递、处理信息) | | 流转内容 | 实体资源（物料、 ...

Group 1: Wang Wenjing and Yonyou Network - Wang Wenjing, born in December 1964, founded Yonyou Network Technology Co., Ltd. in 1988, transforming it into a global leader in enterprise software and cloud services [3][6] - Yonyou Network has over 230 branches and more than 7,000 ecosystem partners, serving over 5.97 million clients, showcasing its extensive market reach [5][6] - In 2023, Wang's wealth was estimated at 36 billion RMB, ranking him 553rd on the Hurun Global Rich List, making him the richest person in Shangrao and Jiangxi [6] Group 2: Cheng Wei and Didi Chuxing - Cheng Wei, born in May 1983, founded Didi Chuxing in 2012, seizing the opportunity in the mobile internet transportation sector [7][9] - Didi Chuxing has rapidly grown into a globally recognized ride-hailing platform, significantly impacting the transportation industry [9] - In 2020, Cheng's net worth was reported at 18 billion RMB, placing him 1097th on the Hurun Global Rich List and 7th on the Hurun Rich List for Jiangxi merchants [9] Group 3: Yu Huiyong and Baiguoyuan - Yu Huiyong, born in 1968, established Baiguoyuan in 2002, which has become a well-known fruit retail chain in China [10][12] - Baiguoyuan focuses on quality and supply chain management, ensuring fresh and high-quality fruits for consumers, which has strengthened its market position [12] - Yu's family wealth is approximately 3.9 billion RMB, reflecting his significant contributions to the fruit retail industry [12] Group 4: Overall Impact - The success stories of Wang Wenjing, Cheng Wei, and Yu Huiyong highlight the entrepreneurial spirit in Shangrao, inspiring young individuals to pursue their dreams and contribute to economic development [12]

Core Viewpoint - The company has successfully completed the implementation of EPM for a large central enterprise group and is expanding its services to provincial state-owned enterprises [1] Group 1: EPM and EAM Projects - The company has completed the EPM implementation for a major central enterprise group and is expanding its reach to provincial state-owned enterprises [1] - The EAM project has been promoted within a large central enterprise and is now being deployed to its overseas subsidiaries; a steel enterprise EAM project has also been initiated [1] Group 2: ERP Project - The ERP replacement project for a large financial group has entered a full promotion phase, with progress reported as smooth and delivery quality recognized by the client [1] Group 3: Market Expansion - Leveraging the demonstration effect of the aforementioned projects, the company is actively seeking to expand its market presence and secure more opportunities in the信创 (Xinchuang) project sector [1]

Core Insights - SAP's third-quarter revenue fell short of expectations, with cloud revenue growth at the slowest rate since 2023, but earnings exceeded estimates, increasing by 12% [2] - The company has guided its full-year operating profit to the upper end of its range, indicating a positive outlook despite the lower cloud revenue guidance [2] Financial Performance - Cloud revenue increased by 27%, and the current cloud backlog also grew by 27%, showcasing strong performance in this segment [4] - SAP's core ERP solutions grew by over 30%, indicating market share gains as peers grow in the mid-teens [5] Market Outlook - The pipeline for Q4 is strong, with expectations for significant revenue as many companies are looking to spend their budgets [5] - AI use cases are becoming increasingly relevant, with customers seeking solutions to enhance supply chain resilience and reduce costs [5][7] AI Integration - AI is embedded in every deal in the Q4 pipeline, highlighting its importance in customer decision-making [12] - The company is focusing on delivering AI value creation rather than competing in the infrastructure space, which is seen as a commodity [12][13] Customer Adoption - There is a notable shift in customer sentiment towards cloud solutions, with a consensus that moving to the cloud is essential for accessing innovation and AI capabilities [10] - Customers are increasingly adopting AI tools for practical applications, such as sourcing and procurement, leading to higher usage rates [7] Future Expectations - The order backlog for the next year looks promising, with 80-85% of next year's revenue already secured after Q4 [14] - The company remains optimistic about closing the year strongly, which will positively influence investor outlook for the upcoming year [14]