Core Insights - The core argument of the articles is that the CRM software industry is undergoing a significant transformation driven by AI, with a shift towards an ecosystem competition rather than just product competition. This change is particularly evident in both the US and Chinese markets, where AI capabilities are becoming essential for CRM solutions [1][2]. Group 1: Market Trends - The CRM industry is experiencing a structural transformation driven by AI, characterized by five major trends: restructured growth logic, native AI implementation, upgraded outbound strategies, mainstream mergers and acquisitions, and AI as a core driver for domestic substitution [2]. - By the end of 2025, the US CRM market is expected to see a slowdown in growth, with Salesforce's revenue growth rate dropping to approximately 8.7% due to the maturity of traditional subscription models [3][5]. - In contrast, the Chinese CRM market is projected to reach a scale of about 65 billion yuan (approximately 9.5 billion USD) in 2025, with a growth rate of around 15%, primarily driven by domestic substitution [5]. Group 2: AI Integration and Ecosystem Development - AI has become the most critical variable in the CRM market, with significant adoption in SaaS applications. The competition is shifting from isolated functionalities to the overall system reconstruction and the speed of implementation [7][8]. - The integration of AI into existing CRM processes is essential for achieving reliable and scalable solutions. Companies are recognizing the importance of embedding AI deeply into their operational frameworks rather than relying solely on AI's probabilistic nature [7][8]. - The competition for AI CRM is expected to intensify in 2026, with nearly 80% of enterprises listing AI capabilities as a mandatory criterion for CRM procurement [8]. Group 3: Outbound Strategies and Global Expansion - Approximately 86% of surveyed enterprise software companies plan to include outbound strategies as a core part of their business, although most are still in the early stages of internationalization [10]. - The nature of outbound strategies is evolving from simple functional exports to the export of technical capabilities, industry experience, and AI capabilities, with AI becoming a significant growth engine in overseas markets [10][12]. - Companies are increasingly adopting a "follow strategy," prioritizing service for internationalizing Chinese clients, which helps mitigate market risks and facilitates product internationalization [12]. Group 4: Mergers and Acquisitions - Mergers and acquisitions have become the primary path for expansion and exit in the global B2B software market, with nearly 70% of transactions occurring in the second half of the year [13][14]. - The focus of acquisitions is shifting towards technology support, data assets, and enterprise security, highlighting the necessity of building a compliant and reliable operational foundation in the context of AI [13][14]. - The competitive landscape is evolving into an ecosystem battle, where companies lacking systemic support for their technologies are at risk of being overshadowed by those with robust ecosystems [13][14]. Group 5: Domestic Substitution and AI as a Driver - AI is becoming a core driver for domestic substitution in the Chinese enterprise software market, with predictions indicating that the domestic CRM replacement rate will exceed 65% by the end of 2025 [15][17]. - The demand for AI capabilities is rapidly increasing as companies seek to integrate AI into their operations, particularly in light of limitations on the use of foreign AI models in China [17][18]. - The integration of AI into domestic CRM solutions is enhancing their usability and effectiveness, with significant improvements in data management and operational efficiency being reported [18][19].

永豐金證券亞洲研究部晨訊 2026/1/28 | 麥嘉嘉 | 研究部主管 | avis.mak@sinopac.com | | --- | --- | --- | | 張雪婷 | 研究部經理 | samantha.cheung@sinopac.com | | 林仲全 | 研究部資深專員 | kobe.lin@sinopac.com | 1 永豐金證券亞洲研究部晨訊 永豐金證券亞洲研究部 -今日市埸焦點及策略 今日市埸主要焦點 股市及產品投資策略 3 • 聯儲局開始一連兩日議息，在UnitedHealth股價暴挫拖累下，道指最多跌549點低見48862，收市仍跌408點或0.83%， 標指盤中破頂曾升0.56%至6988點，收市升0.41%創新高報6978；納指漲0.91%；金龍中國指數彈0.48%，金山雲 (03896)ADR走高8.8%。亞馬遜躍高2.6%，微軟和思科同揚2.2%，蘋果及輝達進賬1.1%。 • 特朗普政府提議凍結美國聯邦醫療保險支付費率，要求2027年醫療保險優良計劃(Medicare Advantage)淨平均支付 增幅為0.09%，遠低於分析員預期，消息拖累多隻醫療健康股份股價急瀉，Un ...

SAN FRANCISCO & WASHINGTON--(BUSINESS WIRE)--Salesforce (NYSE: CRM), the world's #1 AI CRM, today announced that the U.S. Army has awarded the company a $5.6 billion, 10-year* Indefinite Delivery Indefinite Quantity (IDIQ) contract. The landmark agreement is executed through Computable Insights LLC.**, a wholly owned subsidiary dedicated to Salesforce's national security operations. Through Missionforce National Security, Salesforce will bring the best of private sector innovation to support th. ...

导读：当大家都在谈AI Agent时，真正进入企业一线业务流程的样本，开始浮出水面…… 01 被国家级报告点名 2025 年以来，Agent已成为企业AI领域的高频词汇。如果只看发布会，你会感觉它无处不在。 概念很多，视频很炫酷，但现实着实打脸。哪怕只问一句：你身边有哪家大企业已经在稳定使用？很多人便会突然沉默。而即 便有，真正能持续运行在核心业务系统中的Agent，寥寥无几。 所以说，在大语言模型一片欣欣向荣的今天，企业其实并不缺会说话的 AI，而真正稀缺的，是能承担实际业务角色、嵌入工 作流、产生真实价值的AI。正因如此，任何一个同时经过权威机构认可与大型企业实战验证的案例，都显得弥足珍贵，也更值 得被认真拆解。 近日，国家工业信息安全发展研究中心发布了《2024–2025年中国智能体应用研究报告》。与常见的技术盘点不同，这是一份 典型的应用导向型研究。它不谈幻觉、不比参数，评判标准只有两个，即是否嵌入真实业务流程，以及是否在持续运行中创造 了可复用的业务价值。 如此严格的筛选逻辑，导致报告中的入选案例并不多，但却具参考意义。其中，销售易与伊顿电气围绕AI CRM智能体展开的 合作实践，尤为引人注目。对于 ...

AI热潮仍在持续并且有逐渐高涨的势头。有机构表示，2026年将是AI应用从"技术验证"迈向"商业推 广"的关键之年。 当前，富匙科技的产品主要包括AI CRM以及AI SHOP。其中，AI CRM汇聚海量商户与会员信息，数据 蕴含巨大商业价值，接下来将推出自然语言交互生成获客页面等创新功能，如商家只需描述商品、服务 及目标转化等需求，系统便可通过自然语言处理等人工智能技术，在商家端自动生成并上线可直接用于 投放与承接的获客页面。这不仅是工具的升级，更是Agent助力商户敏捷响应市场，缩短从洞察到增长 的距离。 AI Shop则可根据用户熟悉的语言对话描述需求，动态生成商品分类，打造个性化购物体验。全流程可 无缝切换分类场景，并通过顾客偏好和行为数据提前预判消费需求，主动智能推荐最优购物组合，提升 销售转化率。 2026年是Agent"创造经济价值"的关键一年，这已经成为许多业内人士的共识。清华大学教授、智谱 (02513)创始人唐杰在近期演讲中表示，仍有三个因素决定Agent未来的走势：价值刚性、成本控制和开 发速度。他认为，首要因素是Agent能否解决具有真实高价值的人类需求；其次，实现成本必须可控， 否则 ...

AI热潮仍在持续并且有逐渐高涨的势头。有机构表示，2026年将是AI应用从"技术验证"迈向"商业推 广"的关键之年。 究其原因，华鑫证券认为，主要得益于三大拐点：一是技术的逐步成熟，不少大模型已具备强工具调 用、多模态理解、自主规划能力；二是政策持续护航，国家提出深入实施"人工智能+"行动的意见，指 出要形成商业化应用；三是市场需求共振，从B端降本增效到C端普及。 在这样的背景下，也有很多中国企业把目光瞄向了海外市场，将中国的AI能力输出，与国际竞争对手 形成差异化的竞争优势，比如富匙科技。 富匙科技是港股上市公司移卡（9923.HK）旗下生态企业，其定位是全球商户AI服务提供商，目前客户 已覆盖新加坡、马来西亚、越南、印尼、日本、澳大利亚等地区，为全球商户提供支付管理、门店运 营、会员管理等服务。 富匙科技副总裁 Johnson Tan 此前在接受采访时指出，公司从2023年开始加大AI研发投入，并通过AI创 新来赋能业务决策、提高业务效率。 当前，富匙科技的产品主要包括AI CRM以及AI SHOP。其中，AI CRM汇聚海量商户与会员信息，数据 蕴含巨大商业价值，接下来将推出自然语言交互生成获客页面等创 ...

Core Viewpoint - Salesforce has granted equity awards to new employees as part of its acquisition of Regrello, under its 2014 Inducement Equity Incentive Plan, highlighting its commitment to integrating new talent into the organization [1][2]. Group 1: Equity Awards - A total of 222,453 restricted stock units (RSUs) were granted to 55 employees at Regrello [2]. - The RSUs will vest over a four-year period, with 25% vesting on the first anniversary of the grant date and the remaining balance vesting quarterly in 12 equal installments [2]. - All equity awards are contingent upon the employees' continued service through each applicable vesting date, and all recipients are non-executive officers [2]. Group 2: Company Overview - Salesforce positions itself as the leading AI CRM provider, aiming to help organizations of any size become agentic enterprises by integrating humans, agents, apps, and data on a unified platform [3].

Core Insights - Salesforce reported record-breaking results for Cyber Week 2025, with global sales increasing by 7% year over year (YOY) to $336.6 billion [1] - U.S. sales during this period reached $79.6 billion, reflecting a 5% increase YOY, indicating strong consumer demand for holiday shopping despite economic challenges [1] Industry Performance - The overall industry experienced a significant uptick in sales, showcasing a robust consumer appetite during the holiday season [1] - The analysis was based on shopping data from over 1.5 billion shoppers, highlighting the extensive reach and impact of the shopping trends observed [1]

Core Insights - Lumen Technologies has appointed Jim Fowler as Executive Vice President and Chief Technology & Product Officer, effective January 5, 2026, succeeding Dave Ward who is leaving for a role at Salesforce [1][2] - Fowler will report to CEO Kate Johnson and will oversee Lumen's global technology and product strategy, focusing on the evolution of the company's network and digital platforms [2][3] - The leadership transition is not expected to alter Lumen's previously communicated technology roadmap or strategic growth priorities, which will be detailed at the Investor Day event on February 25, 2026 [4] Leadership Transition - Dave Ward's leadership has been acknowledged for laying a foundation that will influence Lumen's future trajectory, and he will assist in the transition until January 23, 2026 [3] - Jim Fowler has been a board member since 2023 and has extensive experience in technology leadership, previously serving as Executive Vice President and Chief Technology Officer at Nationwide Insurance [3][4] - Fowler's background includes nearly two decades at General Electric, where he held senior technology roles, and he began his career at AT&T [3] Strategic Vision - Fowler expressed enthusiasm about the opportunity to strengthen Lumen's position as a trusted network for AI and emphasized the importance of innovation and execution in realizing value [4] - The company aims to leverage its network scale to help clients maximize the potential of AI, focusing on connectivity, data transport, and digital platform capabilities [5]

Core Points - Salesforce's board of directors declared a quarterly cash dividend of $0.416 per share [1] - The dividend is scheduled to be payable on January 8, 2026, to shareholders of record on December 18, 2025 [1] Company Overview - Salesforce is recognized as the world's 1 AI CRM, assisting organizations of all sizes in becoming agentic enterprises [2] - The company integrates humans, agents, apps, and data on a trusted, unified platform to drive growth and innovation [2]