According to the CITIC Securities Research Report, since the third quarter, the performance of the US stock software sector has been weak due to AI threat theories and disturbances in macro expectations, etc., with application software being particularly evident. The three-quarter report shows that the sector demand environment is stabilizing, and the proportion of corporate performance and guidance exceeding expectations has further increased. At the same time, it is expected that the subsequent combination of “interest rate cut+fiscal easing” will continue to drive the recovery of software spending by European and American companies, and after experiencing preparation and testing since 2024Q4, the effects of AI+ software monetization are also expected to gradually be implemented in 2026. At this point, we are optimistic about the mid-term investment opportunities in the US stock software sector. We recommend focusing on application software that is recovering steadily from a low level, and information security and basic software that continues to be booming.

According to the CITIC Securities Research Report, since the third quarter, the performance of the US stock software sector has been weak due to AI threat theories and disturbances in macro expectations, etc., with application software being particularly evident. The three-quarter report shows that the sector demand environment is stabilizing, and the proportion of corporate performance and guidance exceeding expectations has further increased. At the same time, it is expected that the subsequent combination of “interest rate cut+fiscal easing” will continue to drive the recovery of software spending by European and American companies, and after experiencing preparation and testing since 2024Q4, the effects of AI+ software monetization are also expected to gradually be implemented in 2026. At this point, we are optimistic about the mid-term investment opportunities in the US stock software sector. We recommend focusing on application software that is recovering steadily from a low level, and information security and basic software that continues to be booming.