Hello, i'm a kid, i've been rooting for a for a long time, i've broken down the letter-making, the bottom logic of the software track with big white words, i don't blow tickets, i don't predict short-term increases or declines, i've broken down the lead on the basis of publicly available industry data, corporate announcements, and i've been helping ordinary bulkys to sort out the original national product, avoiding the concept ticket。
Carnation: this is an individual business reset and information-sharing exercise and does not constitute any proposal for stock trading or warehousekeeping. The domestic software blocks are subject to policy procurement, r & d progress, overseas technology constraints, and highly volatile trade order cycles. Read them rationally, make investment judgements independently, and be self-sufficient。
Recently, the technology main line rotated around, and after the heat of the ai hardware cooled, the funds began to sneak back into the software. Many friends do not know which of the companies in the plate really have the core technology of self-study, the deep binding of letters and substitution policies, and which are merely conceptually hot。
The overseas software giants have a long-term monopoly on operating systems, databases, industrial designs, full chains of office tools, folding of external technology blockades, and the continuous release of domestic government, corporate, industrial replacement needs, from 2026 to 2027, a window period for the centralization of domestic software to deliver orders。
Today, the core tracks of basic software, industrial software, financial it, and chip design software are bypassed by impeccable, out-sourced fur, and 10 industry-wide deep layouts are selected, and technical barriers are overstretched, each with its core strengths, market space and potential risks。
1 china software (600536) national team for basic software, head of national production operating system
The central base of the entire national software track, backed by chinese electronics, has long held over 70 per cent of the party servers and desktop systems under the banner of the galaxy operating system, while controlling the dream database, establishing two basic base software tracks of the operating system plus the database, and fully matching the pks national production computing system。
Covering central ministries, provincial governments and large-scale enterprises, replacement orders in the financial and energy sectors continued to land, with single-season losses in the second quarter. The only shortboard is a sustained high net interest rate on r & d inputs, but with the advent of a strong credit acquisition season, software revenue is consistently released and there is no competition for long-term replacement space。
Risk points: high r & d costs, slow performance tempo, greater volatility when the plate is retroverted。
2 kinsan office (688111) | nationally produced office software is absolutely at the forefront
The only office suite manufacturer in the country that can fully replace microsoft office, with over 800 million cumulative users of wps, has full access to all levels of government and state enterprises and is perfectly compatible with the entire national production operating system。
Early layout of wps ai to upgrade traditional tool software to cloud-mixed and intelligent office platforms, secure cash flows for subscription operations and record profitability in the software plate. C-plus-governments are growing double-line, and no matter how fast the c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-c-。
Risk point: c-side competition has intensified, and the contraction of the procurement budget for public enterprises will affect revenue growth in the short term。
3 dandam data (688692)
The main point of reference in the domestic relations database is the continued increase in the penetration of high-security scenarios, such as those targeting oracle overseas, finance, government and military industry, which is the first target to replace the core banking and voucher system. Full ownership of the development of the bottom structure to support the processing of primary ai data and the adaptation of various national servers and operating systems。
The database is a demand for digital transformation, with the replacement cycles of conglomerates and financial institutions concentrated over the last two years, with strong corporate customer adhesiveness, stable repurchase orders and a long-term high māori rate。
Risk points: the number of domestic database track players is increasing, and industry competition continues to increase。
4 and 9 days in china (301269)
The eda, which is known as the chip industry's “industrial parent”, replaces the core subject of the national design software, with continued tightening of overseas restrictions, with the immediate need for domestic crystal mills and design companies to domesticate. Corporate coverage of analogue, digital chip full-process tools to fill domestic gaps, with customers including domestic head semiconductor enterprises。
There are scarce tracks, there are few competitions at the same level in the industry, long-term benefits from the continued expansion of the domestic crystal mills, and strong policy support。
Risk point: there is still a gap between product integrity and overseas giants, with short-term coverage only for medium and low-end chip design needs。
5 medium control technology (688777) master of processes industrial software
The chemical, petrochemical and metallurgical industries are the absolute masters of the dcs control system, the automation of plants, the maturity of the industrial time series ai mega-models, the proliferation of orders for the national transformation of large chemical enterprises in the country, the extremely high barriers to industrial software and the high cost of replacement suppliers for customers。
The continuing construction of new energy, storage and materials plants has led to a growing demand for industrial control software and the digitization of overseas south-east asian plants has begun to be imported into the national production system, opening the second growth curve。
Risk point: the down-cycle of the downstream chemical industry can slow down capital expenditure and slow down the order growth phase。
6. Treasure software (600845) digitized lead for the steel industry
The deep-tilled steel industry mes, plc, industrial cloud platforms, the digital adaptation market of the domestic steel industry has a rate of over 80 per cent, with the deployment of the idc machine room and the parallel industrial software + computing services。
Energy conservation, smart transformation of domestic steel plants is a long-term policy requirement, with a stable industry competitive pattern, healthy cash flows, and greater resistance to cycles than most pure software enterprises。
Risk point: capital expenditure in the traditional steel industry fluctuates more。
7 oriente (300379) founder of national production
The intermediate is the bridge between operating systems, databases and top-level operations. The company is the first self-research intermediate manufacturer in the country, with products covering the four core areas of government, telecommunications, finance and energy, with its products being used by millions of domestic businesses。
The cin chain replaces the essential bottom-level software, with a well-segregated pattern of competition and the simultaneous release of intermediate requirements as government and olec systems are overhauled。
Risk point: orders are concentrated in the second half of the year, and performance during the first half of the year is prone to phase-down。
|2d/3d industrial cad master
Domestic autonomous three-dimensional and two-dimensional design software at the top of autocad, covering the mechanical, construction, modelling and manufacturing industries abroad, and under the wave of domesticization of manufacturing, there is extensive space for industrial design tools to replace them。
The demand for down-scaling + autonomous security for domestic manufacturing firms has been driven by a continuous acceleration in the volume procurement of cad by universities and smes。
Risk point: the high-end three-dimensional software functionality is still shortboarded, and large-scale high-end manufacturing customer penetration is slow。
9 persistence electronics (600570)
The core suppliers of domestic vouchers, funds, banking systems, the leading financial software industry in a, cover transactions, controls, smart investments, quantitative ai-wide systems, and almost all mainstream domestic financial institutions are customers。
Capital market reform, digitalization of coupons and upgrading of the ai quantification tool are supported by a three-pronged logic, with firm operations solid as long as the securities industry remains active。
Risk point: the continued downswing in the stock market will result in a reduction in the it budget by financial institutions。
10, oxygen (688152) subdivision of the main operating system
Specialized operating systems based on the depth of the nucleotide, with no generic desktop system, focusing on electricity, military, industrial and high-security scenes, and with very high barriers to industry access and few competitors。
The construction of new electricity systems, industrial industrial control autonomy and control of the two long-term tracks are in place, customers are extremely adhesive, customised software has stabilized at over 40 per cent and performance has been much less volatile than generic software manufacturers。
Risk points: the overall market space for the track is limited and the ceiling for long-term growth is relatively clear。
I. The core logic of the overall track, understanding the long-term opportunities for domestic software
1. Policy hard drive: the goal of full domesticization of the core national enterprise system in 2027 will remain the same, software replacements will continue to increase at all levels of government and industry, and bottom base software will be the preferred orientation。
2. External blockades push for autonomy: overseas software manufacturers continue to restrict authorization, cut-off tools, and government companies take the initiative to switch home-grown products for data security reasons. Alternative logic is irreversible。
3. Ai empowers to open a second growth curve: full ai overlay, regardless of office, database, industrial software, software manufacturers move from one-time authorization to continuous value-added services, and profit models continue to optimize。
Ii. Two major areas of pit trampling that must be avoided
First, the distinction between outsourcing companies and self-study software enterprises is unclear. Many listed companies are only engaged in software outsourcing and development, without an autonomous ipr product, and the industry dividend is difficult to channel to performance, giving priority to having a mastery of self-study products with high māori rates。
Second, blindly chasing short-line tickets. A large number of small disk enterprises in the plate have only a small amount of matching business, no core technology, fast cash after a high level of interest, and a return to more than 10 large subdivisions。
Iii. An objective reminder at the ethical level that opportunities and risks are balanced
While the long-term growth logic of domestic software is clear, multiple factors of short-term repression cannot be ignored。
First, software enterprises continue to experience high levels of investment in r & d, and most enterprises find it difficult to achieve high-profit releases in the short term, suitable for medium- and long-term layouts and for short-term games to surge rapidly。
Second, there has been a phased contraction in fiscal and corporate budgets, a slow pace of policy downhills, the risk of repeated shocks and the absence of unilateral and sustained increases。
Third, the division of tracks is highly polarized, basic and industrial software is more certain and pure applications are highly competitive, requiring a distinction between screening。
Steady layout: when waiting for the plate to be retrenched, low-snap, priority will be given to splitting the track at a level rather than a single silo; short-lines do not follow up on the object of a solar internal impulse and reduce the cost of frequent transaction losses。
Finally, there was an interactive exchange with you:
In these ten national software poles, do you prefer basic letter-making or industrial software tracks? Do you have any relevant markers? Welcome to the comment section to discuss it together
I think the articles are good enough to help you sort out the logic of the software tracks, remember a bit of praise, collection, attention, and i keep breaking down the technology, the letter boards, and avoiding the idea of a trap。
Disclaimer
All the content of this paper is based only on the author's own public annual newspaper, industry research, and industry public information, and is not a guide to investments purchased, held or sold by any stock. The domestic software sector is at higher risk of volatility, influenced by multiple factors, such as credit-buying policies, enterprise r & d inputs, capital expenditure in downstream industries, overseas technology controls, and progress in the landing of ai products, as well as potential benefits such as poor r & d expectations, late orders, increased industry competition and budget contraction. The risk of volatility in the a stock market is high, and all readers are invited to read rationally, to make decisions independently and carefully, to participate in a quantitative manner, and to bear the full investment gains and losses on their own. The reference to enterprises is only a breakdown of the case analysis of the track and is not a basis for any investment。
