炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：花尔街之狼） AI大模型浪潮席卷而来，"模型吞噬软件"甚嚣尘上，"软件定义一切"的时代是否已然落幕？中国软 件产业的未来究竟在何方？ [玫瑰]值此春节佳节，国泰海通计算机特邀8家中国软件领军上市公司掌门人，我们将与#创业慧康总 裁、迈富时董事长、华大九天董事长、广联达董事长、达梦数据总裁、天阳科技董事长、赛意信息董事 长、中控技术董事长各赛道掌舵者（按会议时间排序），直面产业趋势，深度探讨大模型与软件的融合 之道、进化之路，拆解价值链重塑逻辑、行业护城河新内涵，为中国软件资产的全球定价指明方向！ [红包]摒弃喧嚣、聚焦本源，聆听行业掌舵者的战产业真实洞察！国泰海通计算机杨林团队春节档！从 正月初四到正月十一，精彩不停、场场硬核，邀您共赴这场定义中国软件未来的思想饕餮盛宴！参会链 接：https：//s.comein.cn/3mgqc7s1 杨林/杨蒙/魏宗/宋亮/朱瑶/张盛海/吕浦源/钟明翰/刘天雅 责任编辑：杨赐 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ☎️【国泰海通计算机】模型吞噬软件？春节 ...

Geopolitical Tensions - The U.S. military is preparing for a prolonged military campaign against Iran, indicating a significant escalation from previous actions [2][3] - The Pentagon is deploying the USS Gerald R. Ford to the Middle East, joining existing naval assets, as President Trump warns of severe consequences for Iran if diplomatic solutions fail [3][11] - Analysts predict that these military movements could lead to significant volatility in energy markets, potentially affecting the United States Oil Fund (USO) [4] Technology Sector - The U.S. technology sector is facing heightened credit risk, with distressed loans rising to 15.69% in February 2026, the highest since the 2022 bear market [5][11] - Despite strong earnings from industry leaders like Nvidia and Microsoft, the sector is grappling with a "SaaS apocalypse" as private credit conditions tighten, leading to over $46.9 billion in technology debt becoming non-performing [6][7] - Investors in the Invesco QQQ Trust are closely monitoring these credit conditions, with concerns about a potential "software-PE death spiral" if declining valuations continue to tighten lending [7] Student Loan Crisis - U.S. student loan delinquencies have reached crisis levels, with serious delinquencies (90+ days past due) hitting a record 16.19% in Q4 2025 [8][11] - The Financial Stability Oversight Council reported that over 9 million borrowers have missed at least one payment, contributing to a total delinquency pool of $1.7 trillion, which is affecting credit scores and access to other loans [9][10] - Financial institutions like JPMorgan Chase & Co. and Goldman Sachs are preparing for the impacts of this consumer credit strain, particularly among borrowers aged 40-49 [10]

业务进展情况 企业级市场的持续扩张与客户落地：2026年1月29日的消息显示，金山办公正积极争夺华东地区硬科技 企业客户，其WPS365"企业大脑"已在上海中芯国际等企业落地。公司通过渠道改革强化to B布局，预 计未来在民企和市场替代方面会有新进展。 经济观察网基于最新公开信息，金山办公(股票代码：688111)在2026年初有以下值得关注的事件动态， 主要涉及产品发布和战略推进。 公司项目推进 WPS365国际版的正式推出计划：根据2026年2月4日的报道，金山办公的国际化战略持续推进，计划推 出WPS365国际版，以承载AI办公能力出海，直接与海外主流办公软件竞争。目前该版本尚未正式发 布，但公司表示已接近推出阶段，这将进一步拓展企业级市场。 以上内容基于公开资料整理，不构成投资建议。 产品研发进展 AI产品迭代与行业竞争动态：金山办公在AI办公领域持续更新产品，如2025年8月发布WPS AI3.0。随 着行业竞争白热化，公司可能进一步披露AI相关合作或功能升级，但具体时间未明确。 此外，定期财务报告(如2025年年度报告)通常在第一季度发布，但截至2026年2月14日，暂无公开的具 体发布日期。建议 ...

Core Viewpoint - Varonis Systems, Inc. (NASDAQ: VRNS) is facing a class action lawsuit due to allegations of misleading statements regarding its ability to maintain annual recurring revenue (ARR) projections while transitioning customers to a software-as-a-service (SaaS) model [1] Group 1: Lawsuit Details - The class action lawsuit pertains to investors who purchased Varonis common stock between February 4, 2025, and October 28, 2025 [1] - Allegations include that Varonis was unable to maintain ARR projections and failed to effectively convert existing on-premises customers to the SaaS offering, leading to reduced growth potential [1] - The lawsuit claims that the defendants' positive statements about Varonis' business and prospects were materially misleading [1] Group 2: Legal Representation - Rosen Law Firm is encouraging affected investors to join the class action, highlighting its experience and success in securities class actions [1] - Investors can join the class action without any out-of-pocket fees through a contingency fee arrangement [1] - A lead plaintiff must be appointed by March 9, 2026, to represent the interests of the class [1]

Core Insights - Palantir Technologies' stock has experienced a significant decline, dropping 30% from its all-time high, despite a remarkable 2,100% increase since the start of 2023, which peaked at 3,100% earlier in the year [1][2] Company Performance - Palantir's AI-powered data analytics software has gained substantial popularity, originally developed for government use but now serving commercial clients as well [4][5] - The company reported Q4 revenue of $1.41 billion, exceeding guidance of $1.3 billion, indicating a history of underguiding and overperforming [7] - For 2026, Palantir anticipates revenue of $7.19 billion, reflecting a projected growth rate of approximately 60% and a profit margin of 43% [8] Market Valuation - With a current market cap of $341 billion, if Palantir achieves its 2026 revenue target and maintains its profit margin, it would result in a price-to-earnings ratio of 110, suggesting the stock remains overvalued [8] - A more reasonable long-term valuation expectation for Palantir is around 50 times earnings, which would require $6.82 billion in profits and nearly $16 billion in revenue, potentially taking three years to achieve at the projected growth rate [9] Investment Considerations - The future of AI remains uncertain, and while the current stock price may reflect several years of growth, further declines of 10% to 20% could present a more attractive buying opportunity [10]

Group 1 - Tencent has launched a voice input feature for its WeChat desktop application, compatible with both Windows and macOS, available in version 4.1.7 and above [3] - ByteDance is in talks to sell its gaming subsidiary, Mu Tong Technology, to Saudi Savvy Games Group, with the deal valued between $6 billion and $7 billion, potentially closing this quarter [5] - Anta Sports has received written approval from shareholders for the acquisition of a 29.06% stake in Puma, with the transaction progressing as planned [7] Group 2 - The AI-driven short drama production costs only 25% of traditional live-action dramas, with a significant increase in popularity as indicated by a rise in "top 100 rate" from 7% to 38% [7] - Microsoft executives predict that most white-collar jobs could be fully automated within the next 12 to 18 months, raising concerns about job displacement due to AI [13] - Xiaomi has completed the delivery of the last unit of its first-generation SU7, with plans for the next generation to be launched in April [13] Group 3 - PayPay, a subsidiary of SoftBank, has officially submitted its IPO application in the U.S., reporting a profit of 103.3 billion yen and revenue of 278.5 billion yen for the nine months ending December 31 [18] - Stark Defence, a German drone manufacturing startup, has achieved a valuation exceeding 1 billion euros following a recent funding round [18] - Didero, an industrial AI startup, has raised $30 million in Series A funding to enhance global supply chain procurement processes [18]

Economic Overview - The U.S. economy shows strength with tame consumer inflation and stronger-than-expected job growth, leading traders to adjust their expectations for rate cuts, resulting in lower two-year yields [1][3][4] - The labor market's strength is questioned, with suggestions that job growth numbers may be overstated by approximately 60,000 per month, indicating caution regarding future rate cuts [3][12] Inflation and Federal Reserve Policy - Recent inflation data is viewed as encouraging, with both headline and core inflation moderating, although core services continue to exert upward pressure on inflation [8][9] - Federal Reserve officials, including Governor Stephen Myron, advocate for lower interest rates, citing supply-driven changes in the economy that could support growth [5][6] - The market is pricing in a 50% chance of a third rate cut by December, but some analysts believe this is an overreaction to recent data [11][12] Bond Market Dynamics - The two-year yield has reached its lowest level since September 2022, reflecting the market's sensitivity to Federal Reserve policy [4][8] - A significant rally in the two-year note has been observed, although it remains within a tight range [4][8] - The dollar has been declining, with investors diversifying into other markets, particularly emerging markets, as the Fed eases and global economic growth continues [17][18] Corporate Debt Issuance - A surge in reverse Yankee bond sales has been noted, with U.S. companies like Alphabet and Goldman Sachs raising funds in non-dollar markets, indicating a trend towards diversifying funding sources [72][76] - The scale of recent bond sales includes Alphabet's £5.5 billion deal and Goldman Sachs' €7 billion financial bond, both experiencing strong demand [73][74] - Companies are seeking to diversify their funding to avoid pushing up borrowing costs in their home markets [76] Market Sentiment and Future Outlook - The current market environment is characterized by a mix of strong issuance and cautious investor sentiment, with credit spreads beginning to widen slightly [91][92] - Analysts suggest that while issuance may continue, there is a growing dispersion in performance among different sectors, particularly in tech and financials [93][94] - The structural increase in supply from tech companies is expected to impact spreads, with a potential regime change in how tech bonds are perceived by investors [96][115]

根据《公司法》《深圳证券交易所上市公司自律监管指引第1号一主板 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002253 证券简称：*ST 智胜 公告编号：2026-010 四川川大智胜软件股份有限公司 关于公司高级管理人员辞职的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 四川川大智胜软件股份有限公司（以下简称"公司"）董事会近日收到公司副总经理吕学斌先生的书面辞 职报告。吕学斌先生是四川大学计算机学院副研究员，现因学校工作需要，申请辞去公司副总经理职 务，辞职后，其不再担任公司及控股子公司任何职务。 上市公司规范运作》及《公司章程》等有关规定，吕学斌先生原定任期至公司第九届董事会任期届满， 其辞职报告自送达董事会时生效。吕学斌先生辞职不会影响公司相关工作的正常进行。截止本公告日， 吕学斌先生未持有公司股份，不存在应当履行而未履行的承诺事项。 公司董事会对吕学斌先生担任公司副总经理期间为公司作出的贡献表示衷心的感谢！ 特此公告。 四川川大智胜软件股份有限公司 董事会 二〇二六年二月十三日 ...

Core Viewpoint - The analysis emphasizes a strong buy rating for Adobe (ADBE) stock based on its financial performance, suggesting it is attractive for long-term investment without considering current valuation [3]. Group 1: Investment Strategy - The investment strategy focuses on a conservative approach, utilizing a model that combines quantitative and fundamental analysis to evaluate companies [1]. - The main strategy involves regularly purchasing shares with a portion of income intended for long-term holding [1]. Group 2: Analysis Methodology - The analysis is based on comprehensive and in-depth examination of financial statements, particularly for mega and large-cap companies, updated quarterly [1]. - The model allows for an objective assessment of public businesses, excluding banks, insurance companies, and REITs [1]. Group 3: Investor Guidance - The analysis aims to provide private investors with an independent view of large and well-known companies, helping them make informed decisions [1]. - The strong buy rating is intended for investors considering a long-term portfolio inclusion for a 3-5 year horizon [3].

Innodata (NASDAQ: INOD) has existed as a company since 1988. However, a shift into artificial intelligence (AI) remade the data engineering company as a low-code software platform that helped with data collection and helped to streamline business processes for customers in specific industries. Not surprisingly, its rising popularity has helped boost the stock, and investors who bought shares five years ago and held them are likely happy with their gains. Where to invest $1,000 right now? Our analyst team j ...