海外科技行业周报：美股软件新一轮趋势详解；Autodesk及Workday三季报点评

Investment Rating - The report maintains a positive outlook on the software sector, particularly focusing on Autodesk and Workday, indicating a favorable investment rating [1]. Core Insights - The report discusses a new wave of trends in U.S. software companies driven by AI applications and overseas activity, highlighting the performance of Autodesk and Workday's recent quarterly reports [3][4]. - The software sector has shown strong annual and monthly performance, although recent heat has subsided due to macroeconomic concerns [4][5]. - The report emphasizes the correlation between AI application growth and the positive contributions from U.S. fiscal or monetary policies, while also noting the impact of government spending cuts on overall demand [9][36]. Summary by Sections Autodesk - Autodesk's FY25Q3 revenue reached $1.57 billion, an 11% year-over-year increase, slightly exceeding expectations [10][12]. - The company reported a net profit of $275 million, also above expectations, with strong growth in the AEC segment [10][12]. - Autodesk has raised its FY25 revenue guidance to $6.12-6.13 billion, reflecting confidence in new transaction models and acquisitions [12][16]. - Market concerns include accounting policies and the sustainability of future growth rates, particularly regarding CRPO [10][16]. Workday - Workday's FY25Q3 revenue was $2.16 billion, a 16% year-over-year increase, slightly above expectations [22][23]. - The company reported a non-GAAP net profit of $450 million, which was below expectations, raising concerns about future performance [22][23]. - Workday's subscription revenue backlog grew by 15%, but there are concerns about the growth rate of CRPO in the upcoming quarters [23][24]. - The company maintains a long-term growth target of 15%, but analysts express skepticism regarding the supporting arguments for this target [22][24]. AI Trends and Market Performance - The report highlights the emergence of AI agents and applications, indicating a significant shift in the software landscape with various sectors beginning to commercialize AI solutions [35][36]. - Major tech stocks have shown positive performance, with notable increases in companies like Microsoft, Google, and Amazon, while some companies faced declines due to macroeconomic uncertainties [38].