Core Viewpoint - Anchor @ 65 Pte. Ltd. has significantly increased its investment in AvePoint, Inc., indicating confidence in the company's growth potential despite recent stock price declines [4][5]. Company Overview - AvePoint, Inc. specializes in cloud data management and protection solutions for enterprise collaboration platforms, leveraging integration with Microsoft 365 and other major SaaS ecosystems [2][3]. - The company provides SaaS-based data management, protection, and governance software for platforms like Microsoft 365, Dynamics 365, Salesforce, and Google Workspace, focusing on cloud-hosted collaboration solutions [3]. Investment Details - As of September 30, 2025, Anchor @ 65 holds 19,910,510 shares of AvePoint, valued at $298.86 million, representing 11.27% of the fund's reportable U.S. equity assets under management (AUM) [4][5]. - The fund's stake in AvePoint decreased from 65.12% to 61.85% of its reportable U.S. equity assets following the recent purchase of 3,243,910 shares, despite the total position value decreasing by $22.98 million [3][5]. Stock Performance - AvePoint shares were priced at $13.21 as of November 12, 2025, reflecting a 16.66% decline over the past year, underperforming the S&P 500 by 30.02 percentage points [3]. - The stock has shown volatility since Anchor @ 65's initial investment, but recent profitability may present a buying opportunity, with a price-to-sales (P/S) ratio of 7 indicating potential for future growth [6][7].

Summary of China Software Industry Conference Call Industry Overview - The China software industry experienced a revenue growth of **15.1% YoY** in September 2025, maintaining the same growth rate as August 2025, with a **12% MoM** increase [1][10] - Cumulative revenues for the first nine months of 2025 (9M25) grew by **13% YoY**, compared to **10.8% YoY** in 9M24 [1][19] - The software industry is showing signs of recovery in IT spending, particularly in AI software and productivity tools [1][10] Key Financial Metrics - The net margin for the software industry dropped to **7.9%** in September 2025 from **17.4%** in August 2025, leading to a 9M25 net margin of **12.9%** [19][26] - The total revenue for the software industry in September was approximately **Rmb 1.5 trillion (US$204 billion)** [19] - The revenue from non-China markets decreased to **2.7%** of total revenue, down from **3.5%** in August 2025 [19] Segment Performance - IT services accounted for **69%** of total revenues in 9M25, followed by software products at **21%** and embedded system software at **8%** [19][29] - Specific segments such as semi design, cloud computing, and big data showed strong performance in September [2] AI Product Momentum - The monthly active users (MAU) of major AI productivity tools and AI video/image editing tools outperformed expectations in October 2025 [2][7] - Companies like **Kingsoft Office** and **Sensetime** are highlighted as strong performers in their respective segments [3] Market Sentiment and Outlook - The Small and Medium Business (SMB) Purchasing Managers' Index (PMI) decreased to **47.1** in October 2025 from **48.2** in September, indicating a cautious spending environment [10][12] - Despite the decrease in PMI, there is an expectation of improved IT spending in the fourth quarter of 2025, particularly on AI and productivity-enhancing technologies [10] Notable Company Performances - **Kingsoft Office** reported a **25% YoY** revenue increase in 3Q25, while **Thundersoft** saw a **43% YoY** increase [9] - **Hundsun** experienced a **21% YoY** decline in revenue for 3Q25, indicating challenges in the finance IT segment [9] Additional Insights - The software industry is facing near-term margin pressures but is expected to improve with enhanced employee efficiency [12][13] - The overall sentiment in the market reflects a prioritization of spending on core business operations and innovative AI solutions due to external uncertainties [2][10] This summary encapsulates the key points discussed in the conference call regarding the China software industry, highlighting growth metrics, segment performance, and market outlook.

Group 1 - Citic Securities gives CrowdStrike (CRWD.OQ) a "Buy" rating due to FY2025Q4 new ARR exceeding expectations and strong customer demand, laying a foundation for future ARR growth [1] - Citic Securities assigns a "Buy" rating to Cyberark Software (CYBR.OQ) with a target price of $422, highlighting strong subscription revenue and significant contributions from Venafi [1] - Citic Securities rates FinVolution (FINV.N) as "Buy" with a target price of $12.00, noting a recovery in domestic loan volume and high growth in overseas business [2] Group 2 - Citic Securities gives Meta Platforms (META.OQ) a "Buy" rating, citing the performance of Threads and WhatsApp, along with enhanced AI capabilities driving future growth [3] - Citic Securities assigns a "Buy" rating to Monday.Com (MNDY.OQ) with a target price of $265, emphasizing its strong growth and AI Block solutions appealing to SMBs [4] - Citic Securities is optimistic about Tuya (TUYA.N) due to high growth in Q4 and a positive outlook for the IoT market [5] Group 3 - Citic Securities gives Zeekr (ZK.N) a "Buy" rating based on impressive Q4 performance and future growth potential, with a target market value of 90 billion yuan [6] - Citic Securities rates Zscaler (ZS.OQ) as "Buy" with a target price of $255, highlighting strong Q2 revenue and order growth, along with effective sales strategy reforms [7] - Citic Securities maintains a "Buy" rating for Micron (MU.O) despite short-term challenges, expecting growth driven by AI and data center recovery [8] Group 4 - Citic Securities maintains a "Buy" rating for Vipshop (VIPS.N), anticipating performance improvement due to economic stimulus policies despite recent challenges [9] - Citic Securities gives Atour (ATG.N) a "Buy" rating, noting strong revenue growth and plans for new store openings in 2025 [9] - Haitong International rates ZTO Express as "Outperform" based on stable growth expectations for 2024 and market share enhancement strategies [10] Group 5 - CICC maintains a "Outperform" rating for New Oriental (EDU.N) with a target price of $62.00, focusing on core business strengths despite short-term pressures [10]