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野村:明年中国软件行业需等刺激措施 荐金山软件、金蝶国际

Nomura: Next year, China National Software & Service industry needs stimulus measures, recommend kingsoft, kingdee int'l.

Gelonghui Finance ·  Dec 6 12:11

Gelonghui, December 6 | Nomura's research report states that stimulus policies, localization, and ai investment will support the recovery of china national software & service industry starting from the second quarter of next year. The firm believes that due to strong sentiment towards government fiscal stimulus, the china national software & service index has increased by 76% over the past 60 days, recovering lost ground for 2024. It is also noted that the economic stimulus plan will take some time to take effect before it can lead to a rebound in information technology spending. A buy recommendation is suggested for kingsoft (3888.HK) and kingdee int'l (0268.HK). Considering the weak seasonal effects in the first quarter of next year, if there are clear signs of a macroeconomic recovery, Nomura believes that the fundamental recovery of the china national software & service industry could accelerate from the second quarter of 2025. The firm believes that domestic replacement and ai will be two key driving forces for the industry in 2025, with the former driven by external factors, specifically geopolitical risks, and the latter driven by internal factors.

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