Group 1 - The core viewpoint of the report is that Morgan Stanley maintains a cautious stance on the fundamentals of the mainland software industry, indicating that any new technology trends driven by supply-side factors will only lead to a redistribution of existing budgets in the market until a substantial demand shift occurs [1] - The firm believes that the sector will follow overall market liquidity in a low interest rate environment and exhibit higher elasticity (Beta), as the allocation weight of active funds is currently very low [1] - The report highlights that thematic investments such as AI applications, technology localization, and stablecoins may significantly impact stock prices, but no themes have been identified that can genuinely reverse the industry's fundamentals at this time [1] Group 2 - In terms of stock recommendations, the firm strongly favors H-shares over A-shares, with the top pick being Beisen Holdings, which has a target price of HKD 10.3 and an "Overweight" rating, anticipating accelerated revenue growth [1] - Other preferred stocks include Kingdee International, China Software International, and Kingsoft, with target prices of HKD 14.2, HKD 6.6, and HKD 38 respectively, all rated as "In line with the market" [1]
大行评级｜大摩：对内地软件行业仍保持谨慎态度 首选为北森控股