（原标题：美银证券：中资软件首选股金蝶国际(00268)、美图公司(01357)及金山办公(688111.SH)） 智通财经APP获悉，美银证券发布研报称，该行覆盖的中国软件公司股价于2025年平均上升16%，跑输MSCI中国指数23%升幅。展望2026年，该 行对软件需求前景持审慎乐观态度，因为AI变现加速及软件进口替代趋势，将与多个垂直行业的需求疲弱并存。 总体而言，该行预测中国软件及IT服务行业于2026年收入同比增长12%，2025年预测为同比增长13%。在下调2025-2026年收入预测约2%后，预计 覆盖的软件公司2026年平均收入同比增长加速至14%，2025年为7%。 该行对企业资源规划(ERP)、照片编辑软件及办公软件板块的公司持选择性正面看法，这些标的在SaaS模式及AI驱动下增长能见度较高; 但对网络 安全及地产软件则保持谨慎，原因是需求偏弱。首选股分别有金蝶国际(00268)、美图公司(01357)及金山办公(688111.SH)，均获"买入"评级。 ...

总体而言，该行预测中国软件及IT服务行业于2026年收入同比增长12%，2025年预测为同比增长13%。 在下调2025-2026年收入预测约2%后，预计覆盖的软件公司2026年平均收入同比增长加速至14%，2025 年为7%。 美银证券发布研报称，该行覆盖的中国软件公司股价于2025年平均上升16%，跑输MSCI中国指数23% 升幅。展望2026年，该行对软件需求前景持审慎乐观态度，因为AI变现加速及软件进口替代趋势，将 与多个垂直行业的需求疲弱并存。 该行对企业资源规划(ERP)、照片编辑软件及办公软件板块的公司持选择性正面看法，这些标的在SaaS 模式及AI驱动下增长能见度较高;但对网络安全及地产软件则保持谨慎，原因是需求偏弱。首选股分别 有金蝶国际(00268)、美图公司(01357)及金山办公(688111.SH)，均获"买入"评级。 ...

总体而言，该行预测中国软件及IT服务行业于2026年收入同比增长12%，2025年预测为同比增长13%。 在下调2025-2026年收入预测约2%后，预计覆盖的软件公司2026年平均收入同比增长加速至14%，2025 年为7%。 智通财经APP获悉，美银证券发布研报称，该行覆盖的中国软件公司股价于2025年平均上升16%，跑输 MSCI中国指数23%升幅。展望2026年，该行对软件需求前景持审慎乐观态度，因为AI变现加速及软件 进口替代趋势，将与多个垂直行业的需求疲弱并存。 该行对企业资源规划(ERP)、照片编辑软件及办公软件板块的公司持选择性正面看法，这些标的在SaaS 模式及AI驱动下增长能见度较高; 但对网络安全及地产软件则保持谨慎，原因是需求偏弱。首选股分别 有金蝶国际(00268)、美图公司(01357)及金山办公(688111.SH)，均获"买入"评级。 ...

人民财讯1月8日电，广州市人民政府办公厅印发《广州市加快建设先进制造业强市规划(2024—2035 年)》。其中提出，加快研发具有自主知识产权的操作系统、数据库、中间件、办公软件等通用基础软 件，提高产品兼容性，加快构建新型自主产业生态。聚焦CAD/CAM/CAE等工业通用工具软件、EDA技 术研发与应用、工业软件共性支撑技术、重大工程与特色行业软件等方面，推动建立新的工业软件标 准，掌握自主知识产权，取得若干标志性成果，统筹推进自主创新工业操作系统、中间件、工业APP、 新型数据库管理系统的全面应用。开展工业APP开发与应用创新，推动优秀工业APP及应用解决方案在 行业内的推广应用。布局下一代云计算软件体系，提升云安全水平和智能云服务能力，支持高性能采 集、高容量存储、海量信息处理、人工智能算法、工具群、区块链等技术创新。加快发展新型机器学 习、虚拟现实、元宇宙相关新兴平台软件。 ...

Core Viewpoint - The article emphasizes the need for the government to play a guiding role in enhancing the leadership of "chain master" enterprises, improving the resilience and safety of industrial supply chains, and promoting industrial upgrades through collaboration with universities and research institutions [1][6]. Group 1: Current Issues in China's Industrial Chain - China's industrial chain, while complete, faces significant issues of being "large but not strong" and "broad but not deep," with high dependence on foreign core technologies and key components [2]. - The self-sufficiency rate of critical technologies is low, and many strategic industries still rely on imports for essential materials and equipment, weakening the control of "chain master" enterprises over the supply chain [2]. - The collaboration depth among upstream and downstream enterprises is insufficient, with "chain master" enterprises often unable to receive high-end support from small and medium-sized enterprises (SMEs) due to their low value-added roles [2]. - The relationship between "chain leader" (government) and "chain master" (enterprise) is not fully clarified, leading to inefficiencies in policy execution and a lack of effective communication between the government and enterprises [2]. Group 2: Financial Support Challenges - Financial support for "chain master" enterprises and SMEs is currently inadequate, with a heavy reliance on bank loans and low utilization of direct financing methods, resulting in high financing costs [3]. - SMEs face persistent financing difficulties due to a lack of collateral and low credit ratings, limiting their ability to innovate and expand [3]. - The development of supply chain finance is lagging, failing to effectively connect "chain master" enterprises with SMEs, which reduces the efficiency of capital flow within the industrial chain [3]. Group 3: International Experience and Recommendations - The U.S. government supports "invisible champion" enterprises through funding initiatives like the Small Business Innovation Research (SBIR) program, encouraging technological breakthroughs in niche areas [4]. - "Chain master" enterprises in the U.S. integrate SMEs into their ecosystems, enhancing their control over critical supply chain segments [4]. - Recommendations for strengthening China's "chain master" enterprises include establishing collaboration platforms between enterprises and research institutions, creating a cross-regional coordination mechanism, and promoting supply chain finance services [6][7]. - Encouraging "chain master" enterprises to globally allocate resources can lower costs and enhance efficiency, supported by government policies such as tax incentives and financial subsidies for overseas investments [7].

21世纪经济报道记者唐唯珂上海报道 大消费行业"年度风向标"级别的会议——21世纪经济报道"新消费大会"12月17日于上海建滔诺富特酒店落地。 金山软件集团副总裁龚道军受邀登台，以《IP与文化流动的坐标》为题发表主旨演讲。作为深耕行业20余年、见证金 山软件37年发展历程的资深从业者，龚道军从技术企业视角出发，结合游戏、IP、文旅领域实践经验，深入解析IP的 核心逻辑与文化流动的发展脉络，为消费界伙伴带来跨界融合的全新思考。 龚道军在演讲中开门见山："IP已成为日常高频词汇，但关于其定义与逻辑，行业尚未形成通用共识。"他表示，本次 分享将从"分类法视角提炼IP产品共性"与"梳理消费领域IP发展脉络"两条路径，拆解"当我们谈论IP时，我们究竟在谈 什么"这一核心问题。 为让抽象的IP概念更易理解，龚道军创新性地提出"二维象限分析法"，以"叙事性"和"交互性(具身性)"为两大坐标轴， 对文娱消费类IP产品进行分类： 首先是，高叙事性+高交互性：以电子游戏为代表，作为伴随人类发展的原生形态，借助现代技术实现了极强的代入 感与沉浸感，是IP体验的最高形态。 其次是，高叙事性+低交互性：如电影、短片等平面媒体，以完整故 ...

Core Points - The article discusses the recent compliance guidance issued by the State Administration for Market Regulation in Shenzhen, focusing on unfair competition in the mobile phone and application platform sectors, highlighting the prevalence of irrational competition and the detrimental practices employed by some companies [1][4] Group 1: Unfair Competition Practices - The article identifies three main unfair competition practices in the mobile industry, referred to as the "three sins": traffic hijacking, forced redirection, and malicious incompatibility [1][8] - Traffic hijacking involves companies using technical means to mislead users into downloading apps from their own stores instead of third-party platforms, thereby infringing on user choice and harming competitors [2][6] - Forced redirection is characterized by misleading prompts and technical barriers that prevent users from accessing desired applications, which has been reported as a significant pain point for users [3][8] Group 2: Impact on Users and Market - These unfair practices not only disrupt user experience but also undermine the competitive order in the market, leading to long-term harm to the innovation vitality of the digital economy [4][11] - Users have reported experiencing complex and frustrating download processes due to misleading compatibility warnings and forced redirections, which ultimately benefit the manufacturers' own app stores [2][3] Group 3: Legal and Regulatory Responses - Legal experts indicate that these practices violate various laws, including the Anti-Unfair Competition Law and the Consumer Rights Protection Law, which protect user rights and fair competition [8][9] - The article mentions ongoing efforts by regulatory bodies to establish clearer standards and guidelines to combat these unfair practices, including the introduction of safety requirements for "shake to trigger" advertisements [10][11] Group 4: Industry Reactions and Future Directions - The article notes that major smartphone manufacturers and e-commerce platforms have not yet responded to inquiries regarding compliance with the new guidelines [9] - There is a call for a multi-faceted governance approach involving government enforcement, industry self-regulation, and public awareness to effectively address and mitigate unfair competition behaviors [11]

Core Viewpoint - Bank of China International reports that Kingsoft Corporation's Q3 performance fell short of expectations, with revenue down 8% to 11% and net profit down 26% to 55% due to weak gaming business, although office software revenue grew by 26% [1] Group 1: Financial Performance - Kingsoft's Q3 revenue is expected to be 8% to 11% lower than forecast [1] - Net profit is projected to be 26% to 55% below expectations [1] - Office software business revenue increased by 26%, partially offsetting the negative impact from the gaming sector [1] Group 2: Investment Rating and Price Target - Bank of China International upgraded Kingsoft's rating from "Hold" to "Buy" [1] - The target price was adjusted from HKD 41.7 to HKD 40 [1] - The stock's risk-reward ratio has become more attractive after a nine-month adjustment period [1] Group 3: Market Outlook - Despite the normalization of Kingsoft's gaming business, the product line remains weak [1] - The stock has declined by 27% since mid-2025, which is believed to have reflected the downside risks [1] - The market may be overlooking the potential growth momentum in office software and cloud services [1]

Core Viewpoint - The article discusses the potential for A-shares to experience a long-term upward trend similar to the U.S. stock market, particularly in the context of the upcoming "15th Five-Year Plan" which is expected to significantly impact China's economic structure and present investment opportunities [1][9]. Group 1: Stock Index Dynamics - The performance of stock indices is positively correlated with the market capitalization of listed companies and negatively correlated with the number of listed companies [2]. - The U.S. stock market has seen an average annual growth of 13% in total market capitalization from 2010 to 2024, with a low expansion rate in the number of listed companies [3]. - The Nasdaq index has a high concentration of market capitalization, with the top 8 tech companies accounting for 53% of its total market value, which enhances overall profitability [4]. Group 2: A-share Market Analysis - A-shares have shown an average annual growth of 11% in total market capitalization from 2010 to 2024, indicating a foundation for long-term growth [5]. - The rapid expansion of the number of listed companies in A-shares, averaging 8% annually, has outpaced the U.S. market, contributing to longer intervals between new highs in total market capitalization [6]. - Recent trends show that A-share total market capitalization increased by 50% from August 2024 to September 2025, while the number of listed companies grew only by 1%, suggesting a potentially better performance in this cycle [7]. Group 3: Future Investment Opportunities - The "15th Five-Year Plan" is expected to create significant investment opportunities, particularly in areas such as technology independence, domestic substitution, and high-end manufacturing [10]. - The construction of a unified national market is anticipated to enhance domestic demand and may lead to a turnaround in cyclical industries like coal, steel, and chemicals [11][12]. - The emphasis on a comprehensive green transition is likely to accelerate opportunities in renewable energy sectors, including solar power, energy storage, and electric vehicles [13].

Core Insights - The Chinese software industry is undergoing a significant operational efficiency revolution, shifting from scale expansion to a focus on profitability and efficiency [2][3][4] Group 1: Industry Transition - Chinese software companies are moving from a "labor-driven" model to a "product-driven" growth phase, emphasizing cost optimization and high-return core business [3] - The average number of employees in the software sector decreased from 13,300 in 2021 to 12,600 in 2024, while revenue per employee increased from $101,000 to $135,000, marking a 34% rise [3][4] - Companies are reallocating resources towards core and high-growth areas like AI, while maintaining R&D investments [3] Group 2: Financial Performance - The average operating profit margin (OPM) for the industry is expected to improve from -12% in the first half of 2024 to -6% in the first half of 2025, indicating a potential profitability turning point [4] - Despite short-term pressures from one-time severance costs, productivity improvements are beginning to show in financial reports [4] - Specific sectors such as office software, automotive software, and video/image software have shown notable profit margin improvements from 2022 to 2024 [4] Group 3: Revenue Models - Companies with a higher proportion of recurring revenue demonstrate stronger cash flow visibility, with average operating cash flow for high recurring revenue firms ranging from $106 million to $141 million, compared to $37 million to $52 million for project-based firms [3] - The transition to subscription-based business models and increased customer spending on value-added features provide significant room for efficiency improvements in Chinese software companies [5]