证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-01-29 宏观策略 [Table_MacroStrategy] 宏观深度报告 20260128：公积金改革可以撬动多少消费？ 核心观点：公积金改革可以释放多少消费潜力？公积金改革释放消费潜 能的主要途径在于降低居住成本，节省更多资金用于消费。通过三条具体 路径降低居住成本。一是租房提取扩容，通过降低门槛和放松限额，我们 预计长期可增加提取 3214 亿元；二是拓展使用范围，比如允许提取公积 金用于装修、物业费及水电燃料费，我们预计可盘活存量资金 1803 亿元； 三是进一步降低贷款利率，假设下调 0.5 个百分点，可节省利息支出约 134 亿元。三项合计可释放约 5151 亿元资金，按 70%的消费倾向计算， 理论上可拉动 3606 亿元消费，提升居民消费增速 0.7 个百分点。 风险提 示：（1）改革内容和推进节奏不及预期，目前公积金更多用于住房消费， 要拓展到其他居住领域，如物业费、装修等，大多还是地区性政策。（2） 如果其他因素出现变化，改革对消费的实质影响可能没有那么大。（3）房 地产市场出现新的变化。 宏观深度报告 20260128："雨 ...

Financial Data and Key Metrics Changes - In Q4 2025, total revenue and adjusted gross profit (AGP) declined approximately 7% and 4% year-over-year, respectively [32][39] - The AGP decline was primarily driven by a 13% year-over-year decline in Global Forwarding's AGP due to a significant drop in ocean rates [32][39] - Personnel expenses in Q4 were $337 million, including $15.2 million of restructuring charges, while excluding these charges, personnel expenses were down 8.2% year-over-year [33][34] - The effective tax rate for Q4 was 18.1%, with a full-year tax rate of 18.7% expected to be in the range of 18%-20% for 2026 [38] Business Line Data and Key Metrics Changes - In North American Surface Transportation (NAST), truckload volume rose approximately 3% year-over-year, while LTL volume increased approximately 0.5% year-over-year, reflecting market share gains [14][32] - Global Forwarding expanded gross margins by 100 basis points year-over-year through improved revenue management [7] - NAST AGP margin improved by 20 basis points year-over-year despite market pressures [6] Market Data and Key Metrics Changes - The Cass Freight Shipment Index declined year-over-year for the thirteenth consecutive quarter, marking the lowest Q4 reading since the financial crisis of 2009 [4] - Spot market costs for truckload capacity spiked during the last five weeks of Q4 due to seasonal capacity decline and winter storms [4][17] - Dry van load-to-truck ratios increased to approximately 10 to 1, compared to 6 to 1 during the same period in 2024 [17] Company Strategy and Development Direction - The company is focused on controlling what it can, including providing differentiated service and solutions, executing with discipline, and continuously improving its business model [5][8] - The Lean AI strategy aims to enhance automation and improve customer outcomes while maintaining industry-leading operating margins [9][30] - The company is committed to building a scalable model that leverages AI to drive automation across its operations [9][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macro environment in Q4, including weak global freight demand and rising costs [4][32] - The company remains confident in its ability to execute strategic initiatives and improve operating leverage when freight demand eventually increases [9][22] - Management emphasized the importance of their lean operating model in navigating market challenges and driving sustainable growth [42][43] Other Important Information - The company generated $305.4 million in cash from operations in Q4 and ended the quarter with approximately $1.49 billion of liquidity [39][40] - The company returned approximately $207.7 million of cash to shareholders in Q4 through share repurchases and dividends [40] Q&A Session Summary Question: Can you provide perspective on Q1 and AGP growth? - Management noted that December was challenging due to ocean rate normalization and that cost pressures carried into January, but they remain committed to demonstrating outperformance in Q1 [50][51] Question: What are the expectations for operating margins in NAST for 2027? - Management indicated they are on a good trajectory to reach mid-cycle margins of 40% for NAST, with decisions on margin expansion versus growth to be made based on market conditions [53][54] Question: How does the company balance headcount reductions with maintaining service quality? - Management stated that headcount is not a KPI and emphasized engineering the business to focus on customer service while optimizing organizational structure [82]

Financial Data and Key Metrics Changes - Q4 subscription revenues reached $3.466 billion, growing 19.5% year-over-year in constant currency, exceeding guidance by 150 basis points [31] - Free cash flow margin for the full year 2025 was 35%, up 350 basis points year-over-year, and total free cash flow was $4.6 billion, up 34% year-over-year [38] - Operating margin was 31%, 100 basis points above guidance, driven by top-line outperformance and operational efficiencies [37] Business Line Data and Key Metrics Changes - Net new ACV growth accelerated both quarter-over-quarter and year-over-year, with 244 deals greater than $1 million in net new ACV closed in Q4 [33] - Emerging product areas, including Now Assist, Workflow Data Fabric, Raptor, and CPQ, all outperformed in Q4 [31] - Now Assist surpassed $600 million in ACV, tracking well towards a $1 billion-plus target for 2026 [36] Market Data and Key Metrics Changes - Transportation and logistics led growth with net new ACV growing over 80% year-over-year, followed by business and consumer services at over 70% [32] - The public sector, including federal and state/local, showed significant growth, with global government business up 80% year-over-year [60][61] - The number of customers contributing $20 million or more in ACV rose over 30% year-over-year [34] Company Strategy and Development Direction - The company aims to be the AI-defining enterprise software company of the 21st century, focusing on integrating AI into workflows for business reinvention [14] - ServiceNow's strategy includes opportunistic M&A to expand into a larger total addressable market (TAM), now beyond $600 billion [12] - The company emphasizes organic growth, having achieved significant milestones without relying on M&A for revenue [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand environment, noting that customers are looking for platforms that deliver positive ROI and simplify operations [48][49] - The company anticipates 20% subscription revenue growth for 2026, with a strong pipeline and increasing customer demand for integrated AI solutions [10][39] - Management highlighted the importance of AI in driving efficiencies and improving operational resilience across customer deployments [36] Other Important Information - The company announced a $5 billion share repurchase authorization, with an immediate $2 billion accelerated share repurchase program [14][39] - Monthly active users grew 25%, indicating strong engagement with the platform [9] - The company is integrating new acquisitions, Armis and Veza, into its existing platform to enhance security and operational capabilities [74] Q&A Session Questions and Answers Question: What are the tailwinds and headwinds in the demand environment? - Management noted that while there are legacy systems that burden companies, there is a strong demand for platforms that deliver cross-functional AI capabilities, leading to a robust pipeline [48][49] Question: How did the federal business perform in Q4? - Despite the government shutdown, the federal business saw significant deals and a strong pipeline, with public sector growth expected to continue into 2026 [60][61] Question: What is the outlook for gross margins? - Management indicated that while there are temporary headwinds due to strategic moves towards hyperscalers, overall margins are expected to improve as these deals scale [65]

ServiceNow (NYSE:NOW) Q4 2025 Earnings call January 28, 2026 05:00 PM ET Speaker2Thank you for standing by. At this time, I would like to welcome everyone to the Q4 and full year 2025 ServiceNow earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. If you would like to withd ...

As filed with the U.S. Securities and Exchange Commission on January 28, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Sky Acquisition Group (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Cayman Islands 6770 N/A (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 1160 Battery ...

Core Insights - SoundHound AI Inc. (NASDAQ: SOUN) has launched new features for its Amelia 7 agentic AI platform at CES 2026, enhancing its capabilities in conversational AI and task execution [3][4] - The company has demonstrated strong year-over-year revenue growth, but it faces challenges in profitability and high valuation metrics, with a price-to-sales (P/S) ratio around 48x [4][5] - Despite being one of the best-performing technology stocks from April to October 2025, SOUN stock has recently experienced a bearish trend, declining over 8% in January 2026 [5][6] Company Developments - The new Amelia 7 features allow AI agents to perform various tasks, such as ordering food and booking travel, which positions SoundHound AI favorably in the growing autonomous vehicle sector [3][4] - The market is currently balancing the company's real revenue growth against its lack of profitability and high valuation, leading to a bearish momentum in stock performance [5][7] Market Context - There is a broader market rotation away from technology stocks, impacting SOUN stock performance despite its advancements [5][6] - The industry is shifting focus from generative AI to agentic AI, indicating an evolution in technology and investment strategies [6][7] - Low institutional ownership and high short interest suggest potential volatility for SoundHound AI ahead of its next earnings update [7]

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Quick Summary ChatGPT thinks Amazon stock could trade higher over the next 60 days, projecting an average price around $242.30 by mid-April. Investors looking to express a view can build exposure incrementally using commission-free fractional shares on SoFi, starting with as little as $5, and new users can receive up to $1,000 in free stock. Rather than slowly scaling position size through a retail acc ...

Company Overview - Richtech (RR) shares increased by 44.6% to $5.51, with a notable trading volume, following a strategic partnership with Microsoft to integrate agentic AI into its robotic platforms, enhancing growth prospects [1] - The company is expected to report a quarterly loss of $0.02 per share, reflecting a year-over-year improvement of 50%, with anticipated revenues of $1.91 million, up 51.6% from the previous year [2] Earnings Estimates - The consensus EPS estimate for Richtech has been revised 33.3% higher in the last 30 days, indicating a positive trend that typically correlates with stock price appreciation [3] - Empirical research suggests a strong correlation between earnings estimate revisions and near-term stock price movements, highlighting the importance of monitoring these trends [2][3] Industry Context - Richtech is part of the Zacks Technology Services industry, which includes Amprius Technologies (AMPX), another player in the sector that saw a 6.2% increase in its stock price, closing at $11.58, and has returned 37.6% over the past month [3] - Amprius has an unchanged consensus EPS estimate of -$0.04 for its upcoming report, representing a 60% improvement from the previous year, and currently holds a Zacks Rank of 3 (Hold) [4]

Core Insights - Dynatrace announced a new set of developer experience and agentic AI capabilities at its annual user conference, enhancing observability from passive insight to an intelligent control layer for real-time software delivery optimization [1][2] Group 1: Industry Trends - The software delivery landscape is shifting towards cloud-native architectures and AI-assisted development, with 42% of organizations currently using agentic AI in customer-facing digital products and 31% planning to expand its adoption in the next five years [2] - The need for real-time, production-grade control is increasing as code and configurations evolve rapidly, necessitating enhanced visibility and risk management [2] Group 2: Product Enhancements - Dynatrace's new capabilities unify various aspects of software development, including frontend, backend, AI telemetry, and mobile, into a single developer-facing experience [3] - Key enhancements include a modernized frontend experience with Real User Monitoring (RUM) and Error Inspector for improved visibility and troubleshooting [6] - New mobile diagnostics tools help developers quickly identify Application Not Responding (ANR) events and crashes, thereby enhancing app stability [6] Group 3: Developer Impact - The enhancements are designed to improve developer productivity and confidence, allowing organizations to innovate faster without increasing risk [5][7] - Dynatrace's observability improvements support developers in ensuring the quality and performance of AI-generated code, particularly for frontend and mobile applications [5] Group 4: Future Developments - Dynatrace is integrating DevCycle to advance observability into an active control system, with updates already in progress [6] - The company plans to roll out several enhancements over time, further solidifying its position in the observability market [7]

Core Insights - Extreme Networks reported its seventh consecutive quarter of revenue growth, driven by demand for its AI-powered networking platform and competitive wins [4] - The company raised its full-year revenue guidance, expecting profit growth to outpace revenue growth for fiscal 2026 [4][19] Financial Performance - For Q2, Extreme reported revenue of $318 million, a 14% increase year over year, and non-GAAP EPS of $0.26, up 24% from the prior year [3][6] - Non-GAAP gross margin was 62%, up 70 basis points sequentially, with an operating margin of 16%, an increase from 13.3% in the previous quarter [2][4] - Adjusted EBITDA was $52.4 million, representing a 16.5% margin [2] Recurring Revenue and SaaS Growth - Subscription and support revenue reached $120 million, up 12% year over year, while SaaS annual recurring revenue (ARR) grew 25% year over year to $227 million [1][6] - SaaS deferred revenue rose to $334 million, a 15% increase year over year, contributing to overall deferred recurring revenue of $628 million, up 9% year over year [1] Competitive Positioning and Market Strategy - The company achieved 34 deals over $1 million, indicating strong competitive wins across various verticals [7][10] - CEO emphasized the unique capabilities of Extreme Platform One, which features an "agentic AI core" for autonomous issue diagnosis and resolution [8] Customer and Partner Developments - Extreme's managed service provider partners nearly doubled, with billings increasing more than three times year over year [11] - The company launched the Extreme Partner First program to enhance deal registration and improve partner experience [11] Supply Chain and Pricing Strategy - Extreme implemented a 7% price increase, which management described as a "non-issue" for customer reactions, indicating low demand elasticity for critical networking solutions [13] - The company is qualifying alternative components to ensure supply chain resiliency and has the flexibility to increase prices if component costs rise [14] Guidance and Future Outlook - For Q3 fiscal 2026, revenue guidance is set between $309 million and $314 million, with gross margin expectations of 61% to 61.4% [17] - Full-year fiscal 2026 revenue guidance was raised to a range of $1.262 billion to $1.270 billion, implying approximately 11% year-over-year growth [18]