Investment Rating - The report indicates a generally optimistic sentiment in the software industry, particularly driven by advancements in artificial intelligence products, despite a prevailing pessimism among investors [2]. Core Insights - The report highlights that AI product improvements are expected to contribute to sustained revenue growth, with core business fundamentals stabilizing and key metrics like net expansion rate and CRPO showing improvement [1][2]. - There is a notable divergence in sentiment within the software industry, with optimism in infrastructure and pessimism in application layers, suggesting a potential shift in outlook as AI adoption increases [2]. - Private credit is emerging as a significant funding source for AI infrastructure, with a market size of approximately $1.5 trillion and expected double-digit growth in direct lending by 2030 [8]. Summary by Sections Software Industry Highlights - Companies are demonstrating tangible AI product improvements, with expectations for continued momentum in the coming quarters [2]. - Major players like Microsoft and HubSpot are exploring the integration of traditional SaaS with AI capabilities, emphasizing the importance of collaboration between humans and AI agents [3]. Vertical Software Developments - CEOs and CFOs believe that scaled vertical software exhibits resilience, with complex entry barriers in niche markets [4]. - Leading vertical software vendors are leveraging AI and large language models to enhance platform stickiness and optimize industry-specific processes [4][5]. Business Services Trends - General AI is significantly enhancing the functionality of data company products, with examples like CoStar improving real estate search capabilities [6]. - Companies are utilizing AI to improve internal efficiencies, as seen with KinderCare automating call center operations and NCR optimizing scheduling [6]. Data Center Market Insights - GenAI is driving increased demand for data centers, with Iron Mountain projecting a 30% revenue growth in the second half of 2025 and over 25% growth in 2026 and 2027 [7]. - The data center market is expected to continue expanding, with strong demand observed in key regions [14]. Private Credit Market Role - The private credit market is becoming increasingly important for funding AI infrastructure, with significant growth anticipated [8]. Entertainment Industry Trends - The live entertainment sector is experiencing strong demand, particularly for high-end experiences, with Live Nation reporting increased attendance and spending [18][19]. Payment and Fintech Dynamics - The payment and fintech sectors are stable, with Visa and Mastercard noting consistent consumer spending growth [20]. - There is a growing focus on AI in payment decision-making, with companies like Affirm and PayPal investing in consumer-friendly applications [21][22].

Elliott表示，其与该团队的沟通进展顺利，并坚信公司在财务分析师日所公布的多年战略将为股东带来 强劲的长期价值。 这家投资公司周二晚些时候表示："Elliott是 Workday 公司的最大投资者之一，投资金额超过 20 亿美 元。我们相信，首席执行官Carl Eschenbach、首席财务官Zane Rowe和 Workday 全体团队在过去几年中 取得了显著进展，使 Workday 成为了一个独具特色的软件品牌，具备行业领先的增长潜力、一流的客 户留存率以及一支经验证的管理团队。" 智通财经APP获悉，周三盘前，截至发稿，Workday(WDAY.US)股价上涨超9%。此前，激进投资者 Elliott投资管理公司表示，已购入这家人力资源软件供应商超过 20 亿美元的股份。另外，Workday 公司 董事会批准了额外回购至多 40 亿美元已发行的 A 类普通股的计划。加上现有的授权，该公司计划在 2027 财年之前回购约 50 亿美元的 A 类普通股。 该公司还宣布与微软(MSFT.US)达成合作，并为客户和合作伙伴提供了多项人工智能解决方案。另外， Workday 表示将收购 Sana 公司，后者是一 ...

Core Insights - The 2025 Tencent Global Digital Ecosystem Conference focuses on independent innovation and industrial intelligence upgrades, highlighting new trends in global technology and industry development [1] - The wave of Chinese companies going global is accelerating, with over 10,000 new cross-border enterprises expected by 2025, marking a 194.1% year-on-year increase [1] - Companies are shifting from extensive growth to refined operations in response to changes in traffic patterns, localization challenges, and the rise of AI [1] Group 1: Creative Strategy - Wondershare has established global operation centers and is actively recruiting creative talent worldwide, focusing on content co-creation and channel integration to overcome traffic challenges [2] - The company has set up operation centers in cities like Shenzhen, Vancouver, and Tokyo, covering over 200 countries and regions, and is attracting graduates from top global universities [2] - The 2026 global campus recruitment initiative offers competitive salaries, with top R&D talent earning up to 1 million yuan in their first year [2] Group 2: Localization Efforts - As a pioneer in going global, Wondershare emphasizes deep user insights and brand building to transition from "going out" to "integrating in" [2] - Over 90% of the company's revenue comes from overseas, with significant success in the Japanese market, where Wondershare Filmora ranks among the top three video editing software [2] - The company tailors its products to local market needs, developing localized content libraries for specific demographics [2] Group 3: AI Integration - Wondershare leverages AI to enhance internal efficiency and empower external capabilities, significantly boosting its competitive edge in international markets [3] - The company upgraded its AI cloud platform and introduced various AI tools, achieving over 40% code generation through AI tools in the first half of 2025 [3] - New AI products, such as the Wondershare Tianmu multimedia model and AI video creation platforms, aim to lower creative barriers and enhance user experience [3] Group 4: Industry Outlook - The generative AI market is projected to reach $1.8 trillion by 2032, with the AI video generation market expected to grow at a compound annual growth rate of 20% from 2025 to 2032 [4] - Wondershare is recognized as a leading player in the AIGC creative software sector in China, offering a range of products comparable to Adobe [4]

Core Viewpoint - Broadcom (AVGO.US) is expanding its partnership with Lloyds Banking Group (LYG.US) to accelerate the bank's digital transformation through enhanced use of Broadcom's infrastructure software suite, including VMware Cloud Foundation and mainframe solutions [1] Group 1 - The strategic partnership aims to empower Lloyds Banking Group to transform its infrastructure and solidify its position as the largest digital bank in the UK [1] - The collaboration is expected to enable Lloyds to provide faster and more reliable digital services to its 28 million customers and businesses in the UK [1] - Lloyds' COO, Ron van Kemenade, emphasized that upgrading infrastructure will allow the bank to deliver top-notch services for payments, loan applications, and balance inquiries, while also supporting future product innovations [1]

Core Viewpoint - The establishment of the China Artificial Intelligence Industry Development Alliance (AIIA) Software Intelligence Committee aims to promote technological development and application innovation in China's software industry through various initiatives [1] Group 1: Committee Formation and Objectives - The AIIA Software Intelligence Committee was officially established on September 12, 2025, during the "2025 China International Service Trade Fair - Large Model Driven Enterprise Digital Transformation Forum" [1] - The committee is an upgrade and expansion of the original "AIIA-AI4SE Working Group" [1] Group 2: Key Initiatives - The committee will focus on intelligent transformation research throughout the entire software development process, enhancing the application of new technologies like artificial intelligence in demand, development, testing, and operations [1] - It aims to promote intelligent innovation in software product forms, including the intelligent upgrade of system software, middleware, application software, and industry-specific software, as well as the development of AI-native software [1] - The committee will assist software information enterprises in their intelligent upgrades, accelerating the "smart transformation and digital transition" process centered around large models, driving comprehensive upgrades in production methods, service models, and business models [1]

资金方面，该行认为板块在低利率环境下将跟随整体市场流动性，且有更高弹性(Beta)，因主动型基金 的相关配置比重极低。主题投资如AI应用、科技本土化和稳定币等，可能对股价产生显著影响，但目 前该行尚未发现到可以真正扭转行业基本面的主题。 智通财经APP获悉，摩根士丹利发布研报称，就内地软件行业基本面而言，该行仍保持谨慎态度，因预 期内地GDP增长将放缓，且通缩压力依然存在，企业对IT投资的信心仍较低，相信要待通缩结束后1至2 年才会恢复。在需求出现实质转折前，任何供应端推动的新技术趋势，都只能够促使现有的预算在市场 中重新分配。 股份方面，该行强烈建议H股多于A股;行业首选为北森控股(09669)，目标价10.3港元，评级"增持"，预 期收入将加速增长;其次为金蝶国际(00268)、中国软件国际(00354)及金山软件(03888)，目标价分别为 14.2港元、6.6港元(原本5.4港元)及38港元，均予"与大市同步"评级。 ...

股份方面，该行强烈建议H股多于A股;行业首选为北森控股(09669)，目标价10.3港元，评级"增持"，预 期收入将加速增长;其次为金蝶国际(00268)、中国软件国际(00354)及金山软件(03888)，目标价分别为 14.2港元、6.6港元(原本5.4港元)及38港元，均予"与大市同步"评级。 资金方面，该行认为板块在低利率环境下将跟随整体市场流动性，且有更高弹性(Beta)，因主动型基金 的相关配置比重极低。主题投资如AI应用、科技本土化和稳定币等，可能对股价产生显著影响，但目 前该行尚未发现到可以真正扭转行业基本面的主题。 摩根士丹利发布研报称，就内地软件行业基本面而言，该行仍保持谨慎态度，因预期内地GDP增长将放 缓，且通缩压力依然存在，企业对IT投资的信心仍较低，相信要待通缩结束后1至2年才会恢复。在需求 出现实质转折前，任何供应端推动的新技术趋势，都只能够促使现有的预算在市场中重新分配。 ...

摩根士丹利发表研究报告指，就内地软件行业基本面而言，该行仍保持谨慎态度。在需求出现实质转折 前，任何供应端推动的新技术趋势，都只能够促使现有的预算在市场中重新分配。资金方面，该行认为 板块在低利率环境下将跟随整体市场流动性，且有更高弹性(Beta)，因主动型基金的相关配置比重极 低。主题投资如AI应用、科技本土化和稳定币等，可能对股价产生显著影响，但目前该行尚未发现到 可以真正扭转行业基本面的主题。 股份方面，该行强烈建议H股多于A股；行业首选为北森控股，目标价10.3港元，评级"增持"，预期收 入将加速增长；其次为金蝶国际、中国软件国际及金山软件，目标价分别为14.2港元、6.6港元及38港 元，均予"与大市同步"评级。 ...

天眼查App显示，近日，安腾能源科技（深圳）有限公司成立，法定代表人为陈凯，注册资本680万人 民币，经营范围为一般经营项目是：光伏设备及元器件制造；光伏设备及元器件销售；光伏发电设备租 赁；电池制造；电池销售；蓄电池租赁；电池零配件生产；电池零配件销售；储能技术服务；电力电子 元器件制造；电力电子元器件销售；电子元器件制造；先进电力电子装置销售；智能输配电及控制设备 销售；输配电及控制设备制造；配电开关控制设备研发；配电开关控制设备销售；配电开关控制设备制 造；充电桩销售；充电控制设备租赁；集中式快速充电站；机动车充电销售；电动汽车充电基础设施运 营；新能源汽车电附件销售；新能源汽车换电设施销售；新能源汽车生产测试设备销售；通信设备制 造；通信设备销售；移动通信设备制造；移动通信设备销售；光通信设备制造；互联网设备制造；互联 网设备销售；互联网销售（除销售需要许可的商品）；物联网设备制造；物联网设备销售；物联网技术 研发；物联网应用服务；物联网技术服务；软件销售；软件开发；软件外包服务；货物进出口；技术进 出口。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动），许可经营项目是：无。 ...

Group 1 - The total software business revenue in China for the first half of 2025 reached 70,585.2 billion yuan, reflecting a cumulative growth of 11.9% [1] - In June 2025, the software business revenue for the month was 14,796.7 billion yuan, showing no year-on-year decline and a month-on-month increase of 12% [1] - The data is sourced from the National Bureau of Statistics, indicating a stable performance in the software industry despite fluctuations [1]