格隆汇1月13日丨景嘉微(300474.SZ)公布，公司与杭州靖安科技有限公司（简称"靖安科技"）签署了 《战略合作意向书》，双方以平等互利、优势互补为基础，基于公司在GPU与AISoC芯片等领域的技术 优势，结合靖安科技在系统级软件及算法方面的能力，通过品牌、产品、技术等全方位合作，共同推进 产品深度融合。打造"芯片、装备、大模型、智能体"的全栈式"人工智能＋国防"能力体系，服务国防安 全与低空经济等国家重点领域，从而为双方创造更大的商业机会和市场价值。 甲乙双方基于互信建立可持续发展的深度合作伙伴关系，合作内容包括但不局限于全球态势感知系统、 无人装备智能控制引擎、智能哨兵防御系统以及谛听系统等产品，为低空经济、智慧交通、城市治理、 要地防护、无人机一体化管理等多个领域提供综合解决方案。 ...

甲乙双方基于互信建立可持续发展的深度合作伙伴关系，合作内容包括但不局限于全球态势感知系统、 无人装备智能控制引擎、智能哨兵防御系统以及谛听系统等产品，为低空经济、智慧交通、城市治理、 要地防护、无人机一体化管理等多个领域提供综合解决方案。 格隆汇1月13日丨景嘉微(300474.SZ)公布，公司与杭州靖安科技有限公司（简称"靖安科技"）签署了 《战略合作意向书》，双方以平等互利、优势互补为基础，基于公司在GPU与AISoC芯片等领域的技术 优势，结合靖安科技在系统级软件及算法方面的能力，通过品牌、产品、技术等全方位合作，共同推进 产品深度融合。打造"芯片、装备、大模型、智能体"的全栈式"人工智能＋国防"能力体系，服务国防安 全与低空经济等国家重点领域，从而为双方创造更大的商业机会和市场价值。 ...

分析师指出，2025年美股软件股表现落后于大盘——IGV软件指数上涨6%，而标普500指数上涨16%。相关软件股实际公布的业绩其实相 当稳健，但围绕AI的各种争论持续对估值倍数构成压力。 巴克莱将笛卡尔物流系统集团的评级从"持股观望"上调至"增持"，并将其目标价从106美元上调至105美元。分析师认为，该公司最新公 布的2026财年第三季度业绩是一个积极的转折点，但考虑到其近期表现(去年股价下跌21%，而IGV指数上涨8%)，这一转折点被市场低 估了。 分析师表示："在我们看来，该公司最困难的时期已经过去，第三季度有机增长率从2026财年上半年因部分关税相关影响而创下的多年低 点重新加速。我们看到其持续的执行力以及2027财年上半年更容易的比较基数，将支撑其基础增长率保持稳定或略有改善，并且该公司 中期内通过小型补强收购推动非有机增长仍有空间。当前的市场环境以及管理层近期的评论，都预示着对该公司有利的并购环境。" Raimo Lenschow及其团队表示："我们认为这一情况将在2026年发生改变。在我们看来，应用软件公司将因比较基数变得更容易(终于摆 脱了疫情泡沫期的逆风)而获得增长支撑，同时定位良好的供应商 ...

国金证券研报指出，2026年AI算力需求有望持续强劲。其核心逻辑在于：北美四大云厂商的资本开支 持续增长且展望积极，英伟达AI服务器机柜数量预计在2026年大幅提升，同时Token数量的爆发式增长 将推动ASIC需求激增。该机构看好AI覆铜板/PCB、核心算力硬件以及设备等环节的量增价升趋势。 相关产品：创业板软件ETF华夏（159256）、创业板200ETF华夏（159573）、人工智能AIETF （515070）。 A股科技赛道午后涨跌不一，AI应用、Sora概念等板块上涨，AI智能体、脑机接口、软件开发等板块回 调，创业板软件ETF华夏（159256）盘中跌2.74%，持仓股掌趣科技异动拉升，大涨超16%，卫宁健 康、万兴科技、汤姆猫、拓尔思等股纷纷上涨，航天智装、银之杰、慧博云通、润和软件等股下挫。 （文章来源：每日经济新闻） 消息方面，近日，OpenAI 与日本软银集团宣布，将联合投资10亿美元，计划用于一家能源和数据中心 供应商的建设。此次投资将专注于支持 OpenAI 的 "星际大门" 基础设施项目，旨在提升数据处理能力 和能效。据悉，SB Energy（软银旗下的能源公司）已获得合同，将为 O ...

申万宏源证券指出，2024年为基础大模型高速迭代期，软件公司尝试与AI融合但未披露相关收 入；2025年部分公司开始披露AI订单，新技术进入应用初期；2026年基础大模型能力提升将推动AI应 用商业化加速，软件行业迎来市值快速提升阶段。中国软件行业以乙方定制化为特色，软件供应商通过 深度定制开发积累行业know-how，与大模型形成互补壁垒，AI应用落地更可能由软件公司实现。当前 AI应用商业化较快的领域包括：1）AI Agent通过分层架构、多步搜索等技术提升复杂任务能力；2）多 模态生成（视频/图片）覆盖刚需场景，技术成熟进入商用；3）AI代码工具如Cursor已实现5亿美元 ARR，切实为企业降本增效；4）AI营销因数字化程度高、容错性强，ROI可量化而成为早期落地场 景。医疗健康领域，ChatGPT Health等工具推动C端AI健康管理进入快车道，脑机接口、AI药物研发等 细分方向亦有突破。2025年软件板块将受益于降本增效与基本面转好双重驱动，2026年AI应用商业化 兑现将成为收入增长核心动力。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内 ...

Investment Rating - The report indicates a positive outlook for major software companies like Microsoft, Oracle, Salesforce, and ServiceNow for 2026, driven by AI's potential to boost global GDP by $4.5 trillion, with software companies capturing 10% to 25% of the value created for end customers [2]. Core Insights - The AI application market is projected to reach approximately $450 billion, providing growth momentum for the industry, although competition may offset some benefits [1][2]. - Existing SaaS leaders such as Microsoft, Salesforce, and ServiceNow are expected to maintain significant positions in the enterprise software landscape through 2030, necessitating platform restructuring and product integration to enhance user adoption and monetization [1][4][5]. - The period from 2026 to 2031 is anticipated to be a golden era for AI enterprise applications, requiring companies to integrate workflows, break down data silos, and meet compliance and security standards [1][6]. - Long-term investment in software companies should focus on their self-innovation capabilities and the construction of intellectual property moats, alongside market adaptability and unit economics [1][7]. Summary by Sections AI Market Potential - The AI market is expected to grow significantly, with a potential market size of $450 billion, driven by increased adoption rates and improved competitive dynamics [1][2]. Major Software Companies - Companies like Microsoft, Salesforce, and ServiceNow are positioned to lead in the AI-driven enterprise software market, requiring them to innovate and integrate their offerings effectively [4][5][8]. Emerging Opportunities - New entrants such as Sierra and Writer are highlighted as potential disruptors in the software industry, indicating that opportunities still exist despite the maturity of the tech sector [5]. Investment Considerations - When selecting software stocks for long-term investment, factors such as self-innovation, core technology moats, market fit, and unit economics are crucial [7]. - ServiceNow and Oracle are identified as companies with significant value discovery potential, supported by their strategic positioning and operational capabilities [8]. Security Software Sector - Leading security software platforms like CrowdStrike, CloudFlare, and Palo Alto Networks are expected to thrive due to the essential nature of security in digital transformation, presenting multiple growth pathways [9].

Core Viewpoint - The A-share market experienced a record trading volume on January 12, with a surge in various industry sectors leading to a significant number of ETFs reaching their daily price limits. Group 1: Market Performance - On January 12, the total trading volume in the A-share market exceeded 3.6 trillion yuan, surpassing the previous record set on October 8, 2024, with 201 individual stocks hitting their daily limit [2] - A total of 27 stock ETFs reached their daily limit, with 20 ETFs rising over 10% in a single day, indicating a rare surge in the ETF market [4][5] - The leading sectors included satellite, media, aviation, artificial intelligence, and software, with notable performances from specific ETFs such as the Morgan Science and Technology Innovation ETF, which surged by 16.59% [3][4] Group 2: Sector Highlights - The commercial aerospace concept has gained significant traction, with six satellite-themed ETFs showing over 30% growth year-to-date, leading the market [6] - Multiple aviation-themed ETFs have also performed well, with some rising over 20% in the same period, reflecting strong investor interest in these sectors [6] - The media and software sectors also saw substantial gains, with several ETFs in these categories achieving over 10% increases [4][5] Group 3: Investor Sentiment and Market Dynamics - Industry experts noted that the surge in ETF prices reflects investor confidence in the Chinese economy and stock market, driven by favorable policies and high industry growth rates [5] - The rapid increase in ETF prices is attributed to a lack of selling pressure from arbitrage opportunities and strong expectations for future net asset value increases [5] - The current market sentiment indicates a shift towards specific industry trends rather than broad market rallies, with investors showing a willingness to pursue high-growth sectors like satellites and media [7]

Core Viewpoint - The A-share market experienced a record trading volume on January 12, with a significant surge in various industry sectors, particularly in ETFs, driven by strong investor sentiment and favorable policies [1][3][8]. Trading Performance - On January 12, the total trading volume in the A-share market exceeded 3.6 trillion yuan, surpassing previous records, with 201 stocks hitting the daily limit [3]. - A total of 27 stock ETFs reached their daily limit, with 20 ETFs rising over 10% in a single day [2][6]. Sector Highlights - The leading sectors included satellite, media, aviation, artificial intelligence, and software, with notable performances from satellite-themed ETFs, which saw an average increase of over 30% year-to-date [1][10]. - The top-performing ETF was the Morgan Science and Technology Innovation ETF, which surged by 16.59% on the same day [5]. Investor Sentiment - Analysts noted that the surge in ETF prices reflects strong investor confidence in the Chinese economy and stock market, with increasing interest from both institutional and individual investors [8]. - The rise in specific industry-themed ETFs indicates a positive shift in market sentiment and a willingness to invest in high-potential sectors like satellite and media [8][10]. Market Dynamics - The commercial aerospace and AI application sectors have emerged as key market drivers, with several ETFs in these categories achieving remarkable short-term gains [10]. - The current phase of the commercial aerospace industry is characterized by initial infrastructure development, with strong policy support and visible order visibility, particularly in rocket launch and satellite manufacturing [10]. Risk Considerations - Despite the positive market trends, analysts caution against potential risks such as valuation overextension, technology validation, and short-term speculative trading [11].

Group 1 - The market has shown a strong upward trend, achieving a seventeen-day consecutive rise, which is more robust than the historical eighteen-day rise, and is currently approaching a dense trend line zone between 4156 and 4193 [1][2] - After stabilizing above 4018, the market experienced rapid growth in a "vacuum zone" until reaching 4156, where the upward momentum is expected to slow down as it enters a trend line dense area [2] - The current market structure indicates a transition from a focus on technology hardware and non-ferrous metals to a stronger emphasis on software and application sectors, with significant gains in AI marketing, software services, and related concepts [4] Group 2 - The use of moving averages is crucial in managing volatility during strong market conditions, with specific focus on the 5-day and 8-day moving averages as key support levels [3] - The strategy emphasizes maintaining discipline in trading, suggesting that investors should hold positions until a significant trend reversal occurs, while being cautious of making emotional decisions [5] - The entrepreneurial board signals indicate a pattern of "air refueling" after breaking previous highs, suggesting a need for confirmation through oscillation and pullbacks to align moving averages and positions [4]

//// 2026年初，游戏板块继续演绎2025年以来"困境反转"的整体逻辑。在经历了长时间的估值消化与行业调 整后，游戏行业正站在新一轮产业周期的起点。深入分析本轮行情的深层逻辑，主要得益于"政策回暖 +业绩兑现+AI落地"的三重共振。 从供给端来看，行业政策环境显著改善，版号发放常态化且数量稳步增长。根据最新数据，2025年全年 国产网络游戏版号获批数量累计达到1771款，较2024年同比增长约25%。版号的稳定供给不仅为游戏公 司提供了丰富的产品储备，更极大地提振了市场对于行业确定性的信心。优质新游的密集上线，直接带 动了整个板块的流水大盘回升。 基本面上，游戏公司的盈利能力正在加速修复。得益于降本增效策略的持续推进以及高毛利新产品的贡 献，行业利润增速表现亮眼。数据显示，申万游戏指数成分股在2025年前三季度的归母净利润增速达到 约49%，部分龙头公司甚至实现了翻倍增长。这种实打实的业绩兑现，为板块估值的重塑提供了坚实支 撑，使其不再仅仅停留在"炒概念"的阶段。 A股市场今日放量上行，两市共计成交3.64万亿元刷新历史新高。上证指数上涨1.09%，报收4165.29 点，深证成指上涨1.75%，报收1 ...