市场分化态势愈发明显，资金正从高估值、易被颠覆的板块流出，转向防御性板块或AI产业链核心受益标的。安硕扩展科技软 件ETF今年以来下跌20%，而范戴克半导体ETF上涨13%，英伟达、AMD等AI芯片股年内涨幅超25%，闪迪从西部数据分拆后一 年股价飙升1500%，卡特彼勒等受益于数据中心建设的企业股价也创下历史新高。 华尔街机构对AI相关标的的看法呈现分歧，并非全面看空。摩根大通策略团队认为，当前市场对AI颠覆软件行业的前景过度悲 观，建议投资者增加对高质量、抗AI颠覆能力强的软件股配置；而花旗则持审慎态度，认为软件板块的下跌是市场对AI颠覆的 终端价值重估，未来板块将进入高度个股分化阶段。CFRA研究机构科技分析师安杰洛·齐诺指出，能利用自有专有数据、开发 自身AI产品的软件公司，才有能力抵御冲击。 截至2月11日，AI50指数维持震荡走势，近三个月虽上涨7.88%，但近期波动明显加剧，反映市场情绪的分歧与摇摆。高盛、摩 根士丹利等机构仍在持续调整对AI相关公司的评级，对冲基金的做空与多头资金的布局形成鲜明对冲，被AI颠覆的风险与AI带 来的机遇并存，华尔街对"易被颠覆公司"的筛选仍在持续，资金流向与股价波 ...

Core Viewpoint - Donghua Software has established a new subsidiary, Donghua Intelligent Technology (Beijing) Co., Ltd., focusing on artificial intelligence and Internet of Things (IoT) businesses [1] Group 1: Company Overview - Donghua Intelligent Technology has a registered capital of 300 million yuan [1] - The company is wholly owned by Donghua Software (stock code: 002065) [1] Group 2: Business Scope - The business scope includes development of foundational AI software, application software, theoretical and algorithmic software, public data platforms, and foundational resources and technology platforms for AI [1]

Core Viewpoint - Alibaba has established a new subsidiary focused on artificial intelligence and related software development [1] Group 1: Company Overview - The newly formed company is named Hangzhou Kecuangao Information Technology Co., Ltd. [1] - The legal representative of the company is Steven Shen [1] - The company is co-owned by Alibaba (China) Network Technology Co., Ltd. and Hangzhou Alibaba Advertising Co., Ltd. [1] Group 2: Business Scope - The business scope includes software development, artificial intelligence application software development, and artificial intelligence foundational software development [1] - The company also provides data processing and storage support services [1]

企查查APP显示，近日，北京趋境科技有限责任公司发生工商变更，新增华为旗下深圳哈勃科技投资合 伙企业（有限合伙）等为股东，同时注册资本增至560.21万元。企查查信息显示，该公司成立于2023 年，经营范围包含：人工智能基础软件开发；软件开发；软件外包服务；人工智能应用软件开发等。据 其官网，趋境科技专注于大模型推理优化，助力企业低成本落地使用大模型。 （原标题：华为哈勃入股大模型推理服务商趋境科技公司） ...

OpenClaw火出圈了，但许多人还没用上？这不，国内大厂直接出手了，OpenClaw极速简易版方案上线，四步一键部署，小白也能冲。 OpenClaw（Clawdbot）太火了！ 谁也没想到，2026年一个退休码农的「副业项目」，意外在整个硅谷红遍半边天。 它让所有人第一次拥有了真正的「AI贾维斯」，实现7x24h在个人手机、PC端无休止打工。 如今，全球开发者纷纷上手，将OpenClaw集成到各种应用中，惊艳的场景用例在全网爆发。 OpenClaw爆了，全网都在用 这不，一位小哥将OpenClaw装在了安卓手机，并向AI开放了所有的访问权限。 它可以直接接入电子邮件、将内容添加到日历中，并且还会编写程序、摄像头识别物体、打电话.... 还有人为OpenClaw加上了「眼睛」，并配合着Gemini Live，一眼识别饮料后，直接在电脑上加购了。 甚至，它还会在Polymarket上自动交易，一夜之间将50美元变成了24.8万美元。 还有人决定联手OpenClaw开办公司，一个月250美元，一人+多个AI狂飙创业项目。 不仅如此，OpenClaw之父Peter Steinberger最近还晒出了个人日常—— 用 ...

Core Insights - Dassault Systèmes reported full-year 2025 revenue of 6.24 billion euros ($7.44 billion), reflecting a 4% increase at constant currency [1] - Recurring revenue grew by 6%, primarily driven by an 11% increase in software revenue [1] Financial Performance - Total revenue for 2025 reached 6.24 billion euros ($7.44 billion) [1] - The growth in revenue was 4% when adjusted for constant currency [1] - Recurring revenue saw a 6% increase, indicating strong performance in subscription-based services [1] - Software revenue experienced an 11% jump, contributing significantly to overall revenue growth [1]

Group 1 - The core viewpoint of the news highlights the ongoing fluctuations in the software sector, particularly within the ChiNext software ETF, which saw a slight decline of 0.09% as of February 11, 2026, while individual stocks like Wangsu Science & Technology and Guangliwei experienced significant gains of 10.60% and 9.04% respectively [1] - The report from Huatai Securities indicates that 2025 is expected to be the "Year of Agents," with 2026 likely marking a period of accelerated implementation of Agent technologies, driven by rapid iterations in Agentic Coding and fierce competition among major companies for personal agent assistants [1] - The rapid iteration of Agentic Coding is anticipated to reshape the software industry, potentially leading to a paradox where the value of standalone software may decline despite a surge in personalized, AI-generated software [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the ChiNext software index include Tonghuashun, Runze Technology, and Kunlun Wanwei, collectively accounting for 48.61% of the index [2] - The performance of individual stocks within the index shows varied results, with notable declines in stocks like Kunlun Wanwei at -4.13% and Tonghuashun at -1.26%, while others like Shenshuo Technology and Zhongke Chuangda showed positive movements [3]

Core Insights - Dassault Systèmes reported a 1% revenue growth in Q4 2025, with a total revenue of €1.68 billion, and a full-year revenue increase of 4% to €6.24 billion, driven by subscription revenue growth of 11% [8][14][15] - The company initiated a revenue guidance for FY 2026, projecting a growth of 3-5% and an operating margin between 32.2% and 32.6% [8][12][18] Financial Performance - Q4 2025 total revenue was €1.68 billion, a 1% increase in constant currencies, while software revenue remained flat at €1.52 billion [14][15] - Full-year 2025 total revenue increased by 4% to €6.24 billion, with recurring revenue up 6% [8][15] - Non-IFRS operating margin for Q4 was 37.0%, up 90 basis points year-over-year, and for FY 2025, it was 32.0%, up 40 basis points [8][10] - Non-IFRS diluted EPS for Q4 was €0.40, a 1% increase, and for FY 2025, it was €1.31, up 2% [8][10] Revenue Breakdown - Subscription and support revenue rose 3% in Q4, representing 76% of software revenue, while licenses and other software revenue decreased by 7% [14][15] - In Q4, the Americas region saw a 3% revenue increase, Europe experienced a 5% decline, and Asia grew by 6% [14][15] - For FY 2025, Industrial Innovation software revenue rose 6% to €3.13 billion, while Life Sciences revenue decreased by 2% to €1.08 billion [15][16] Strategic Focus - The company aims to lead the Industrial AI transformation through its 3D UNIV+RSES initiative, focusing on long-term commitments to redefine industry operations [4][5] - In 2026, Dassault Systèmes plans to introduce Annual Run Rate (ARR) reporting to enhance visibility into its recurring revenue base [8][11] - The partnership with NVIDIA is highlighted as a strategic move to combine virtual twins with accelerated computing for future industry models [6][8] Future Outlook - The company anticipates total revenue growth of 3-5% for FY 2026, with operating margin expansion of 40-80 basis points and EPS growth of 3-6% [12][18] - The introduction of unique Industrial AI offerings and value-based monetization models is expected to drive growth and profitability [11][12]

Core Insights - Dassault Systèmes reported a Q4 2025 revenue growth of 1% and a full-year revenue growth of 4%, with a recurring revenue increase of 6% driven by an 11% growth in subscription revenue [2][9][10] - The company initiated a revenue guidance for FY26, projecting a growth of 3-5% [2][9] - The CEO emphasized the long-term commitment to leading the Industrial AI transformation through their 3D UNIV+RSES initiative [5][6] Financial Performance - Q4 2025 total revenue reached €1.68 billion, while full-year revenue was €6.24 billion, reflecting a 4% increase [14][15] - Non-IFRS operating margin for Q4 was 37.0%, up 90 basis points year-over-year, and for FY25 it was 32.0%, up 40 basis points [9][10] - Diluted EPS for Q4 was €0.40, a 1% increase, and for FY25 it was €1.31, a 2% increase [14][15] Revenue Breakdown - Subscription and support revenue rose 3% in Q4, representing 76% of software revenue, while services revenue increased by 11% [15][16] - The Americas saw a 3% revenue increase, Europe experienced a 5% decline, and Asia grew by 6% [15][16] - Industrial Innovation software revenue rose 1% to €880 million, while Life Sciences software revenue decreased by 4% to €264 million [19][22] Strategic Focus - The company is focusing on disciplined execution and aligning resources around strategic priorities to deliver measurable impacts [6][12] - New AI-native generative solutions were launched, and a partnership with NVIDIA aims to enhance capabilities in Industrial AI [7][8] - The introduction of Annual Run Rate (ARR) reporting in 2026 is intended to provide better visibility into recurring revenue health [9][12] 2026 Financial Objectives - The company anticipates total revenue growth of 3-5% for FY26, with an operating margin between 32.2% and 32.6% [21][24] - Diluted EPS is projected to be between €1.30 and €1.34 [21][24] - The company expects subscription revenue to accelerate as customers adopt new business models [12][21]

Group 1 - The AI industry chain is experiencing a divergence, with hardware like optical modules seeing a pullback, while sectors like computing rental and cloud computing are performing well [1] - Notable stocks such as Huace Film & TV have dropped over 10%, while others like Zhongji Xuchuang and New Yisheng are also adjusting [1] - The AI sector's short-term adjustment presents a cost-effective investment opportunity, with several significant domestic AI products expected to launch during the Spring Festival [1] Group 2 - Nomura Securities emphasizes the importance of software companies that can leverage next-generation large model capabilities to create disruptive AI-native applications, potentially raising their growth ceilings [2] - Major global cloud service providers are aggressively pursuing general artificial intelligence, but developers of large models and applications are facing increasing capital expenditure burdens [2] - If DeepSeek V4 can significantly reduce training and inference costs while maintaining high performance, it may help these players convert technology into revenue more quickly, alleviating profit pressures [2] Group 3 - The Huaxia Communication ETF (515050) focuses on electronic and communication hardware, with top holdings including Zhongji Xuchuang and New Yisheng [2] - The Huaxia Growth AI ETF (159381) tracks an index with nearly 50% weight in CPO, covering domestic software and AI application companies, providing high elasticity [2] - The Huaxia Cloud Computing ETF (516630) emphasizes domestic AI software and hardware, with a combined weight of 83.7% in computer software, cloud services, and computer equipment [3]