The Huatai Securities Research Report points out that in the AI era, software competition is gradually shifting from standardized products to equal emphasis on “product capability+industry knowledge+in-depth delivery”. Global software vendors are simultaneously accelerating FDE transformation, and the know-how advantages and customer stickiness advantages of domestic software vendors are being highlighted at an accelerated pace. Judging from the semi-annual report, due to the weakening of the closed-source model narrative, US stock software has entered a valuation repair period, driving an improvement in global software valuation expectations. At the same time, domestic AI applications represented enterprises generally achieved revenue acceleration and profit improvement in the first half of 2026, achieving valuation+performance resonance. Huatai Securities believes that the FDE model amplifies the advantages of domestic software vendors, is accelerating the transformation of software companies' AI business from pilot verification to formal contracts, and is focusing on the annual performance of domestic software manufacturers.

Zhitongcaijing · 12h ago
The Huatai Securities Research Report points out that in the AI era, software competition is gradually shifting from standardized products to equal emphasis on “product capability+industry knowledge+in-depth delivery”. Global software vendors are simultaneously accelerating FDE transformation, and the know-how advantages and customer stickiness advantages of domestic software vendors are being highlighted at an accelerated pace. Judging from the semi-annual report, due to the weakening of the closed-source model narrative, US stock software has entered a valuation repair period, driving an improvement in global software valuation expectations. At the same time, domestic AI applications represented enterprises generally achieved revenue acceleration and profit improvement in the first half of 2026, achieving valuation+performance resonance. Huatai Securities believes that the FDE model amplifies the advantages of domestic software vendors, is accelerating the transformation of software companies' AI business from pilot verification to formal contracts, and is focusing on the annual performance of domestic software manufacturers.