2025-05-22 05:50Investment Rating - The industry investment rating for Greater China IT Services and Software is cautious [2]. Core Insights - The report indicates that the overall IT spending growth outlook for 2025 has dipped again, with downward revisions across segments [7][12]. - AI remains a bright spot in the industry, with accelerated adoption and budget reallocations primarily driving AI investments [40][51]. - The majority of the 2025 budget growth is expected to be allocated to IT services, despite the overall cautious sentiment [21][31]. Summary by Sections Macro Overview - The macroeconomic environment continues to be a key factor influencing the IT services and software industry, with vendor price wars moderating [31]. - The long-term outlook has slightly improved, but immediate spending cuts are worsening the situation [26][12]. AI Insights - AI adoption is accelerating sharply, with companies preferring open-sourced models and private deployments for building AI applications [45][57]. - Monetization of AI software based on open-sourced models remains a challenge [62]. Company Ratings - The report includes various company ratings, with notable mentions such as: - Glodon Co. Ltd. rated as Equal-weight with a price of CNY 14.14 [122]. - Kingsoft Corp Ltd rated as Overweight with a price of HKD 38.95 [122]. - Yonyou Network Technology Co Ltd rated as Underweight with a price of CNY 13.34 [122].