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中国软件行业-12 月收入同比增速放缓至 11.7%，环比有所增长；生成式 AI 模型加速落地以驱动应用-China Software_ Dec revenues slowed to 11.7% YoY while MoM increase; Accelerated roll-out of Gen-AI models to drive applications
2026-02-24 14:19
17 February 2026 | 9:05AM HKT Equity Research China Software: Dec revenues slowed to 11.7% YoY while MoM increase; Accelerated roll-out of Gen-AI models to drive applications China software industry growth in December was +11.7% YoY (vs. Nov/ Oct 2025 at +14.6%/ 14.9% YoY), with both YoY and MoM growth, leading to aggregate 2025 revenues +13.2% YoY (vs. 2024 at 10.0% YoY). Due to weak seasonality and CNY, we expect to see QoQ decline in 1Q26 and sequential growth ahead. However, we see an accelerated roll-o ...
