三年四冲ipo后，中国最大的电商SaaSERP提供商终于要上市了。 昨日（10月13日），聚水潭集团股份有限公司（下称：聚水潭）启动招股，至10月16日结束，拟全球发售约6816.62万股，预计10月21日在港交所主板挂 牌；以每股30.60港元（约为人民币28.09元）的发行价计算，聚水潭的IPO市值为130亿港元（约为人民币119.34元），募资总额为20.86亿港元（约为人民 币19.15元）。 据聚水潭官网信息，丸美股份、欧诗漫、科丝美诗等美妆日化企业均为其客户。 ▍截自聚水潭全球发售文件 据全球发售文件披露，聚水潭计划将募资金额用于强化公司研发能力、未来五年加强销售及营销能力、未来五年的战略投资及一般公司用途。 值得一提的是，港股IPO成功的背后，在2020年至2024年间，聚水潭仅2024年实现盈利，五年间累计亏损约16.04亿元，其也因此受到不少市场的质疑。 三年四冲IPO 对赌大考迫在眉睫 公开资料显示，聚水潭成立于2014年，以核心产品"聚水潭ERP"为核心，为客户提供一站式的SaaS产品和服务。 SaaS全称为"SoftwareasaService"，即"软件即服务"，是一种基于云计算的软 ...

Core Insights - Airbnb has significantly transformed the travel market by enabling individuals to easily rent out their homes and apartments, thus enhancing budget travel options [1] Company Overview - Airbnb, Inc. is listed on NASDAQ under the ticker ABNB [1] Market Impact - The company has created a new paradigm in the travel industry, allowing for more accessible and affordable travel experiences [1]

Group 1: Artisan Mid Cap Fund Performance - Artisan Mid Cap Fund's Investor Class fund ARTMX returned 8.80%, Advisor Class fund APDMX also posted a return of 8.80%, and Institutional Class fund APHMX returned 8.83% in Q3 2025, significantly outperforming the Russell Midcap Growth Index which returned 2.78% [1] - The strong performance was primarily driven by holdings in the health care sector [1] Group 2: Atlassian Corporation Overview - Atlassian Corporation (NASDAQ:TEAM) is recognized as a leading collaboration software provider, with a one-month return of -9.22% and a 52-week gain of 17.42% [2] - As of October 14, 2025, Atlassian's stock closed at $156.37 per share, with a market capitalization of $41.021 billion [2] Group 3: Artisan Mid Cap Fund's Position on Atlassian - Artisan Mid Cap Fund decided to exit its position in Atlassian due to concerns over its cloud revenue growth decelerating to 26% year-over-year and the challenges posed by its seat-based pricing model [3] - The fund expressed that Atlassian needs to transition from a traditional SaaS model to a usage-based or value-based monetization approach, but this shift lacks strong valuation support unless executed effectively [3] - The evolving perspective on SaaS fundamentals and the belief that significant upside is unlikely until Atlassian's AI investments yield substantial revenue contributed to the decision to exit [3] Group 4: Hedge Fund Interest in Atlassian - At the end of Q2 2025, 64 hedge fund portfolios held Atlassian Corporation, a decrease from 82 in the previous quarter [4] - While Atlassian is acknowledged for its potential, the focus has shifted towards certain AI stocks that are perceived to offer greater upside potential and lower downside risk [4]

Core Viewpoint - Multiple institutions, including CITIC Construction Securities and Northeast Securities, have recently issued research reports on Huitongda Network (09878), giving it a "buy" rating, with Northeast Securities setting a target price of HKD 20.08, indicating nearly 40% upside potential from the closing price of HKD 14.55 on the report release date [1]. Group 1 - Northeast Securities highlights that Huitongda has transformed from a "platform service provider" to an "AI + SaaS platform service provider" after over a decade of deepening its presence in lower-tier markets [1]. - The report suggests that through business optimization and AI empowerment, Huitongda has ample cash on hand and is positioned to acquire quality assets, which could lead to a recovery in revenue growth and a rapid improvement in profitability [1]. - Huitongda is actively advancing its H-share full circulation work, which is expected to increase the total number of H-shares to 530 million, significantly enhancing its market capitalization [1]. Group 2 - The market generally believes that the increase in market capitalization may create conditions for Huitongda to be re-included in the Hong Kong Stock Connect [1]. - CITIC Jianzhong Securities emphasizes Huitongda's impressive AI performance, which continues to enhance customer quality [1]. - Huitongda's AI + SaaS products are set to enter the commercialization phase in May 2025, with member stores experiencing an average efficiency improvement of over 30% and inventory turnover reduction of 15% to 20% [1][2]. Group 3 - The research report indicates that as AI products continue to iterate, Huitongda's service business is expected to achieve high growth and become a major growth engine for the company [2]. - The report also recognizes Huitongda's strategic transformation direction in supply chain trading business and the resulting improvement in profitability [2].

Summary of Conference Call Records Industry or Company Involved - Consumer Sector - Clean Energy Sector - AI Application Sector - Alcoholic Beverage Sector - Home Appliance Sector - Food and Beverage Sector - Livestock Farming Sector Key Points and Arguments Consumer Sector - Market sentiment is cautious, but the decline in risk assets and VIX index is not extreme, indicating improved market response to negotiations and tariff adjustments [1][3] - Internal structural changes in the consumer sector are evident, with external demand affected by U.S. Federal Reserve policies and trade tensions, while internal demand benefits from policy expectations and price recovery [1][3] - Q4 2025 is expected to present opportunities for internal demand consumption driven by style and policy, with significant performance expected during the Double Eleven shopping festival [1][5] Clean Energy Sector - The clean energy sector, particularly companies like Stone Technology, is performing well and expanding into overseas markets, aiming to become platform companies [2][21] AI Application Sector - Companies like Yiwan Yichuang and Jihong Co. are leveraging AI to enhance efficiency and are expected to see significant growth, especially in non-U.S. markets [1][9] Alcoholic Beverage Sector - The white wine market saw a decline in sales during the recent holiday period, but banquet sales remained strong, indicating a shift in consumer price sensitivity [1][10][11] - The overall performance of the white wine sector is stable, with expectations for gradual recovery in sales as the market adjusts to pricing changes [1][14] Home Appliance Sector - The home appliance industry is showing steady performance, with notable growth in the clean energy segment, particularly for companies like Stone Technology and Ecovacs [2][21] - Recommendations include focusing on companies with stable growth potential such as Stone Technology, Ecovacs, Midea, and Haier [22] Food and Beverage Sector - The consumer goods sector is experiencing mixed performance, with strong results from snack and soft drink leaders, while dining establishments face challenges [15] - Companies like Angel Yeast and Haitian Flavoring are expected to outperform due to strong competitive barriers and product optimization [15] Livestock Farming Sector - The pig farming sector is facing losses due to declining prices, with average prices around 14 RMB/kg and significant profit reductions expected [25] - Future price recovery is anticipated as production capacity is reduced, benefiting from policy stability regarding breeding sows [26] Other Important but Possibly Overlooked Content - The consumer sector is expected to attract capital inflows, particularly in low-valuation, policy-aligned internal demand consumption areas such as food and beverage, agriculture, and retail [4] - The performance of the consumer sector is expected to be driven by companies with high certainty in earnings, particularly in the restaurant service sector [7] - The cost of operating restaurants is decreasing, leading to improved profitability and an expected increase in store openings by 20-30% [8] - The AI application sector is becoming increasingly important, with companies focusing on AI-driven efficiency improvements and market expansion [6][9]

作为近年来成长最快的影像 SaaS 平台之一，像素蛋糕自成立起便在产品研发上保持高投入，核心技术 是自主训练的 AI 修图引擎，能够简化传统后期中复杂的工序，同时保持高质量的专业成片效果。过去 几年，凭借功能易用和覆盖链路完整，它在影楼与摄影师群体中积累了数十万活跃用户，并逐渐形成 了"从小白到专业都能用"的品牌口碑。像素蛋糕不仅提供单点功能，而是将工作流全面打通——摄影现 场的创意套版、云端的初修自动化、后期的精修衔接、门市的二销辅助，形成了完整的效率闭环。这使 得它在用户心智中不仅是工具，更是一种"行业基础设施"。 免费战略的逻辑也在于此。短期内，它意味着让渡部分订阅收入，但换取的是用户基数的加速扩张，以 及品牌在行业内的"默认入口"地位。一旦成为基础设施，边际获客成本趋近于零，真正的价值转向效率 改善与生态延展。对于影楼而言，使用像素蛋糕后交付周期由传统的二十天缩短到几天，同时还能借 助"创意单片"和"奇妙相册视频"实现即时的二次销售。对摄影师而言，身份从"拍摄者"延伸为"创意设 计师"，收入结构因附加价值而拓宽。对后期团队而言，基础性劳动被自动化替代，时间更多投入到高 价值修饰和风格化。品牌的技术投入 ...

Core Viewpoint - CrowdStrike Holdings Inc. is reaffirmed with an "Overweight" rating by Stephens, with an increased price target from $525 to $590, highlighting its strong market position driven by its AI-native Falcon platform and SaaS model [1][5]. Group 1: Stock Performance - In 2025, CrowdStrike's stock rose by 43%, significantly outperforming the S&P 500, which had gains about three times smaller [2][5]. - The current stock price is $509.95, with a 5.23% increase today, translating to a $25.33 rise [4]. Group 2: Market Position and Growth Drivers - The Falcon platform, utilizing artificial intelligence, has been a key driver of revenue growth, particularly through annual recurring revenue (ARR) [2][5]. - The introduction of Falcon Flex is accelerating the adoption of cybersecurity modules, emphasizing the importance of the cybersecurity sector [3]. Group 3: Valuation Challenges - Despite its success, CrowdStrike faces challenges with its valuation, a common issue in the tech sector, as it will take time for the company to align with its premium price [3][5]. - CrowdStrike's current market cap is approximately $126.33 billion [4][5].

中国 证券研究 2025 年 10 月 1 日 阿里巴巴 分析师声明及重要披露，包括非美国分析师披露，见第 11 页。 摩根大通与其研究报告所覆盖的公司开展业务，或寻求与这些公司开展业务。因此，投资者应意识到其中可能存 在利益冲突，进而可能会影响本报告的客观性。投资者在做出投资决策时，本报告之观点应仅作为投资者的考虑 因素之一。 jpmsc.portal.jpmorgan.com 将 token 转化为抽成率：阿里巴巴飞轮 过去三个月阿里巴巴股价跑赢以中概互联网指数基金衡量的行业平均水 平 364 个百分点，在我们看来这是因为 2025 年 2 季度云业务收入增速好 于预期以及管理层对外卖和闪购业务投资战略做出充满信心的表述。上 周在杭州参加阿里巴巴云栖大会后，我们越发看好阿里云，这源于未来 的外部客户创收机遇（即云业务收入）及其与国内电商的协同效应。我 们认为，随着阿里巴巴的叙事从"国内电商市场份额流失方"转向"中 国互联网一线资产"，云业务和中国国内电商两方面的积极发展意味着 估值倍数应上升。我们将 2027/2028 财年云业务收入预测值上调 2%/6% ，原因是我们更看好生成式人工智能的应用和阿里云的 ...

Core Insights - Sagtec Global Limited has entered a strategic partnership with HM Edutech Group to develop the HMS Data Analysis System, an AI-powered SaaS platform for financial data analytics and education solutions [1][2] - The collaboration aims to create a scalable SaaS product for both institutional and retail users, with Sagtec expecting to generate USD $1 million in upfront development revenue and participate in a profit-sharing model based on subscriber growth [2][3] - The platform is set to launch in Q2 2026 and will offer real-time analytics, predictive modeling, and financial education tools, aligning with Sagtec's strategy to diversify into SaaS recurring revenue streams [3][4] Company Overview - Sagtec Global Limited is a provider of customizable AI and automation platforms, initially focused on the F&B sector but now serving various industries with its Robotics-as-a-Service (RaaS) and AI software stack [5] - The company operates a nationwide network of mobile charging stations through its subsidiary, CL Technology (International) Sdn Bhd [5] Market Context - The global financial analytics software market was valued at USD $7.6 billion in 2020 and is projected to reach USD $19.8 billion by 2030, growing at a CAGR of 10.3%, indicating a significant opportunity for Sagtec in the fintech sector [4]

Core Viewpoint - The article emphasizes that the integration of Agent technology into SaaS systems is not just an option but a necessity for survival in the evolving tech landscape, particularly as AI becomes a fundamental requirement for customer acquisition [4][5][6]. Group 1: Challenges of Integrating Agent into SaaS - Integrating Agent technology into existing SaaS systems presents significant technical challenges, including the rapid iteration of Agent architectures and the need for substantial modifications to mature SaaS systems [6][7][21]. - The integration process is likened to a race between the rapid evolution of Agent technology and the necessary upgrades to SaaS systems, requiring a dual-team approach to manage both existing frameworks and explore new technologies [7][26]. Group 2: The Role of Agent in SaaS - Agents are seen as suitable for SaaS systems due to their ability to handle tasks related to business processes and professional expertise, aligning well with the functional nature of many SaaS applications [12][14]. - The relationship between SaaS and Agent is expected to evolve, potentially leading to a scenario where traditional SaaS models become less visible, with Agents taking a more prominent role [8][13]. Group 3: Business Model Transformation - The traditional subscription-based business model of SaaS is anticipated to change as Agent technology becomes more integrated, with potential new billing methods based on performance metrics such as interaction counts and content generation [8][18][17]. - The focus will shift from the tools used to achieve results to the outcomes themselves, reflecting a broader trend in how SaaS companies may charge for their services in the future [18][17]. Group 4: Market Dynamics and Competition - The introduction of Agent technology is expected to create differentiation opportunities in the highly competitive SaaS market, which has been characterized by significant homogeneity [30][31]. - Companies that can effectively leverage AI and Agent technology will likely gain a competitive edge, particularly those with established customer bases and industry influence [32]. Group 5: Future Outlook - The article suggests that as the integration of Agent technology matures, it may redefine the roles of SaaS providers, with a potential shift towards becoming specialized experts in their respective fields rather than just platform providers [33][34]. - The ongoing development of Agent capabilities will be crucial for SaaS companies to maintain relevance and meet evolving customer needs in a rapidly changing technological landscape [22][20].