工业软件行业丨研究报告 工业软件具有发展的紧迫性和必要性，且当前处于政策红利带的有利时间窗口期。 当前，我国工业和经济达到分水岭，经济体发展需要创新驱动，而工业软件作为工业知 识 的 载体，既是新型工 业化的核心生产资料和关键生产力，又是工业大脑和数字基 石，其 自主可控意义深远。不同于 国外工业软件是 先工业后软件的自然生长 ，我国的工业 软件先是用市场换 效 率，后是工业 和软件同步的压缩 式 发展，现在是追赶核 心技术可控，保障供应链安全。因此，当前工业软件既有发展的必要性，又有发展的紧迫性。 工业软件是一个慢行业，发展需要耐心和长期主义思想，同时在变化与重构中，也为企业带来机遇与挑战。 中国的工业软件市场是千亿的大盘子， 2024 年市场接近 3000 亿，市场增长稳健， 但 核心技 术空心、产业结构失衡等 问题凸显。当前，研发设计类工业软件是卡脖子最为 严重，其本质 是与数学 与基础 学科相关的根技术缺乏海量真实工业场景试错进行工程优化，表现为实体就是核心组件 / 引擎层受限。值得注意的是，根技术的突破没有捷 径可走，只能死磕 。 工业软件产业处于动态发展中，未来产业、市场、产品的发展方向值得探讨与 ...

卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn | 陈伟光 | | | --- | --- | | SAC 执业证书编号： S0340520060001 | | | 电话：0769-22119430 邮箱： | | | chenweiguang@dgzq.com.cn | | | 主要数据 2026 | 年 1 月 28 日 | | 收盘价（元） | 56.42 | | 总市值（亿元） | 153.21 | | 总股本（亿股） | 证 2.72 | | 流通股本（亿股） | 券 2.70 | | ROE(TTM) | 6.89% 研 | | 12 月最高价（元） | 66.06 究 | | 12 月最低价（元） | 26.17 报 | | 股价走势 | 告 | | 资料来源：iFind，东莞证券研究所 ...

Core Viewpoint - The article emphasizes the importance of integrating AI, data, and simulation capabilities into the front end of process decision-making in lithium battery manufacturing, highlighting the role of industrial software in reshaping competitive logic [3][4]. Group 1: Industrial Software and AI Integration - The lithium battery manufacturing sector is experiencing intense competition, where the ability to transform process experience into reusable and evolvable system capabilities is crucial for equipment companies [3]. - Liyuanheng's recent advancements in industrial software and AI manufacturing have been recognized with awards for outstanding contributions in engineering practices under the Ministry of Industry and Information Technology's "Modular Resonance" initiative [3][4]. - The company aims to provide a verifiable and replicable AI + manufacturing path for lithium battery production through its proprietary industrial software [4]. Group 2: Challenges in Non-Standard Equipment - The structural challenges of non-standard equipment in lithium battery manufacturing stem from its complexity, diverse machine types, and high precision requirements, leading to reliance on trial-and-error and engineer experience [5]. - The limitations of the traditional approach have become more pronounced in the current environment focused on cost reduction, efficiency improvement, and rapid iteration, resulting in longer R&D cycles and high trial costs [5]. Group 3: Methodology and Engineering Practice - Liyuanheng's industrial software strategy focuses on eliminating problems at the design stage, aiming for "right the first time" as a core objective [6]. - The company's approach involves building a closed-loop system around the entire R&D process, transitioning from experience-driven to data and model-driven methodologies [7]. - By introducing high-fidelity simulations early in the design phase, Liyuanheng has significantly reduced reliance on physical prototypes, thus lowering trial costs [7][8]. Group 4: Dual-Engine Structure - Liyuanheng's "toolchain platform + advanced simulation foundation" dual-engine structure integrates various systems (CAD, CAE, CAM, PLM, ERP) to manage data flow and alleviate issues related to fragmented R&D processes [10]. - The advanced simulation foundation enhances decision-making by upgrading simulations from auxiliary tools to primary decision-making resources, supporting the goal of "design correctness" [10][11]. Group 5: Ecosystem Development - HaiKui Information, a subsidiary of Liyuanheng, plays a crucial role in extending capabilities and connecting ecosystems, having achieved certification as a cloud service partner with Huawei [12]. - The company has developed a comprehensive digital solution system covering design, manufacturing, management, and service, facilitating the construction of an integrated industrial intelligence ecosystem [12]. - Liyuanheng's collaboration with HaiKui Information and other partners aims to create an open scene and shared data assets, transitioning industrial software from internal tools to public capabilities for the lithium battery manufacturing sector [12].

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 essence of digital transformation is to utilize data-driven and systematic information flows to drive, optimize, and even reshape business processes [15] - Understanding the differences and symbiotic relationship between business processes and information flows is crucial for enhancing operational efficiency and advancing digital transformation [3] Business Processes - Business processes are the "value streams" that create customer value, focusing on the actual business activities such as production and service delivery [4][5] - A typical example in the e-commerce sector is the sequence of "customer order → review → picking → shipping → receipt," which directly generates transaction value [6] - In manufacturing, the business process includes steps like "raw material procurement → warehouse inspection → production → quality testing → finished goods storage," which directly produces tangible products [12][13] Information Flows - Information flows act as the "nervous system" of enterprise operations, responsible for transmitting, processing, and storing information that supports business operations [7][8] - In the same e-commerce scenario, synchronizing orders, inventory updates, and logistics status tracking exemplifies information flow [9] - In manufacturing, the information flow includes steps like "procurement request → supplier entry → inspection report upload → production instruction issuance → progress feedback → inventory update," ensuring data transmission and business node collaboration [14] Comparative Analysis - Business processes aim to create business value, while information flows support business collaboration and decision-making [11] - Business processes involve the movement of physical resources and human actions, whereas information flows deal with data, instructions, and status information [11] - The optimization focus for business processes is on efficiency, cost, quality, and cycle time, while for information flows, it is on accuracy, timeliness, completeness, security, and accessibility [11] Conclusion - The integration of business processes and information flows is essential for modern management, where competition is based on process efficiency and information response speed [15][16] - Companies must ensure that both elements are highly integrated and mutually supportive to achieve a robust operational framework and agile responsiveness to market demands [15][16]

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by more than 10% in the next six months [1]. Core Insights - The current external environment is causing disturbances, increasing policy risks and uncertainties, which highlight the urgency for technological self-reliance in China. This situation is expected to accelerate the domestic substitution process, presenting new development opportunities for the domestic software and industrial software sectors [2][27]. - The report suggests focusing on companies with competitive advantages in foundational hardware, foundational software (databases, operating systems, middleware), and application software within the domestic software sector. In the industrial software sector, attention should be directed towards companies excelling in product design, production control, and operational management [2][27]. Summary by Sections 1. Industry Performance Review - The Shenwan computer sector experienced a cumulative decline of 4.21% from October 9 to October 16, 2025, underperforming the CSI 300 index by 3.73 percentage points, ranking 28th among 31 Shenwan primary industries. Year-to-date, the sector has risen by 22.64%, outperforming the CSI 300 index by 5.27 percentage points [9][19]. 2. Valuation Situation - As of October 16, 2025, the Shenwan computer sector's PE TTM (excluding negative values) stands at 57.38 times, placing it in the 91.01 percentile for the past five years and the 84.33 percentile for the past ten years [19][21]. 3. Industry News - Key developments include the U.S. imposing export controls on critical software to China, a 12.6% year-on-year increase in China's software business revenue from January to August 2025, and strategic collaborations in AI technology between OpenAI and Broadcom [20][22]. 4. Company Announcements - Notable announcements include acquisitions and performance forecasts from various companies, indicating growth in sectors such as industrial software and smart logistics [23][24]. 5. Weekly Perspective - The report emphasizes the urgency for technological self-reliance in China, suggesting that the domestic software and industrial software sectors may see new growth opportunities due to increased policy risks and uncertainties [27]. 6. Recommended Companies - The report lists several companies to watch, including: - GuoDianYunTong (002152.SZ) for its stable growth in financial technology - Digital China (000034.SZ) as a core partner in the "Kunpeng + Ascend" industry chain - Inspur Information (000977.SZ) for its leadership in AI server markets [28].

Core Viewpoint - The U.S. government, led by President Trump, announced a 100% tariff on all Chinese goods starting November 1, along with export controls on key software, which will accelerate the domestic software replacement process in China [2][3]. Group 1: U.S. Trade Measures - The U.S. will impose a 100% additional tariff on all Chinese imports and export controls on key software starting November 1 [2]. - The U.S. measures are seen as a strategic move to pressure China ahead of the APEC summit, with potential implications for negotiations [2][3]. Group 2: China's Response and Industry Impact - China's Ministry of Commerce has implemented export controls on various technologies, including chip production equipment and lithium batteries, which are crucial for modern industries [2][3]. - China is expected to dominate the rare earth industry by 2025, holding 49% of global reserves and 69% of production, making it a critical resource for the U.S. [2][3]. Group 3: Domestic Software Development - The export controls on key software will accelerate the domestic replacement process in China, particularly in the fields of EDA, CAD, CAE, MES, and PLM [3][4]. - The shift towards domestic software is seen as essential due to China's heavy reliance on imported industrial software [3][4]. Group 4: Industrial Digital Transformation - The announcement of using WPS format in government documents marks a significant milestone for domestic software, indicating a breakthrough in the software replacement strategy [4]. - "Lighthouse factories," which utilize advanced technologies for efficiency, are expected to be prioritized in national strategic development plans, driving demand for industrial software [4]. Group 5: Investment Opportunities - Companies in the EDA, industrial software, operating systems, databases, network security, and industry IT sectors are highlighted as potential investment opportunities due to the ongoing shift towards domestic solutions [4]. - Specific companies to watch include: - EDA: Huada Jiutian, Guangliwei, Gai Lun Electronics [4] - Industrial Software: Dingjie Zhizhi, Nengke Technology, Suochen Technology, Zhongwang Software, Zhongkong Technology [4] - Operating Systems: China Software, Ruantong Power, Runhe Software, Chengmai Technology [4] - Databases: Dameng Data, Taiji Co. [4] - Network Security: Deepin Technology, Qilin Security, Sanwei Security, Guotou Intelligent, Qimingxing Chen [4] - Industry IT: Keda Xunfei, Hehe Information, Hengsheng Electronics, Kingsoft Office, Foxit Software, Tuolisi, Tax Friend Shares, Caixun Shares, Dingdian Software, Jiuyuan Yinhai, Jiahe Meikang, Guanglian Da, Kingdee International, Yonyou Network, Fanwei Network, Yuxin Technology, Newland [4].

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 Conference Call on Greater China IT Services and Software Industry Industry Overview - The focus is on the Greater China IT Services and Software sector, particularly in the context of trade tensions and software localization themes [1][3][4]. Key Points 1. **Impact of US Export Controls** - The US has announced export controls on critical software, particularly affecting areas like Electronic Design Automation (EDA) and industrial software [2]. - However, these controls are not expected to significantly improve the fundamentals of China's software industry, which is facing tight domestic budgets and macroeconomic deflation [4]. 2. **Software Localization Sentiment** - There is an anticipated positive stock market sentiment around the software localization theme (Xinchuang) for A shares and H shares, driven by southbound capital flows [3]. - This segment is currently under-owned by institutions due to poor business models and inconsistent earnings, indicating high beta and elasticity [3]. 3. **Current Market Dynamics** - Despite the push for software localization, many Chinese customers can continue using existing US software as long as it is locally deployed, reducing the urgency to switch [4]. - The Chinese government has been proactive in promoting software localization, leading to an increase in local vendors' market share over the past five years [4]. 4. **Potential Trade Negotiations** - The situation may evolve rapidly due to potential trade negotiations between the US and China, which could impact the software industry [5]. 5. **Related Companies** - Companies mentioned in relation to the software localization theme include Empyrean, Kingsoft Office, Yonyou, Baosight, and Kingdee [5]. - No stocks under this theme are currently rated as Overweight by Morgan Stanley [5]. Additional Insights - The report highlights that the software localization dynamics vary across different sub-markets, with specific players identified in the sector [10][12]. - The overall industry view remains cautious, reflecting the challenges posed by external trade policies and internal economic conditions [6]. - Analysts express concerns that the US export controls may not effectively address the core issues facing the industry, such as fiscal constraints and the availability of free alternatives [4]. This summary encapsulates the critical insights from the conference call regarding the Greater China IT Services and Software industry, focusing on the implications of US export controls, market sentiment, and the ongoing push for software localization.

Group 1 - The core viewpoint of the article highlights the increasing trend towards automation and intelligence in pharmaceutical equipment, driven by technological advancements [1] - The company provides various information systems software such as MES, WMS, QMS, and SCADA, offering comprehensive smart manufacturing solutions to clients [1] - Dongfulong is identified as a comprehensive pharmaceutical equipment service provider, delivering process, core equipment, and system engineering solutions to global pharmaceutical enterprises [1]