External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We analysed a sample of 83 Hong Kong- and US-listed software and related technology companies (49 software and 34 related technology companies) to identify the drivers of their recent share price recovery.</li><li>By comparing revenue growth, margin changes and AI commercialisation progress, we seek to quantify AI's tangible contribution to fundamentals and assess whether software has the potential to become a new major trading theme.</li><li>Our key findings are: 1) supported by continued economic resilience, revenue growth of software companies accelerated at a broader range in 2Q26 than a year earlier, although AI's tangible contribution to fundamentals still varies across subsectors; 2) the current US software share price rebound (25 Jun to 8 Oct, same below) has been driven mainly by valuation recovery, with stronger recoveries among stocks whose fundamentals benefit from AI; and 3) among all software subsectors, infrastructure software delivered the largest revenue growth acceleration and margin improvement in 2Q26, followed by cybersecurity.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We analysed a sample of 83 Hong Kong- and US-listed software and related technology companies (49 software and 34 related technology companies) to identify the drivers of their recent share price recovery.By comparing revenue growth, margin changes and AI commercialisation progress, we seek to quantify AI's tangible contribution to fundamentals and assess whether software has the potential to become a new major trading theme.Our key findings are: 1) supported by continued economic resilience, revenue growth of software companies accelerated at a broader range in 2Q26 than a year earlier, although AI's tangible contribution to fundamentals still varies across subsectors; 2) the current US software share price rebound (25 Jun to 8 Oct, same below) has been driven mainly by valuation recovery, with stronger recoveries among stocks whose fundamentals benefit from AI; and 3) among all software subsectors, infrastructure software delivered the largest revenue growth acceleration and margin improvement in 2Q26, followed by cybersecurity.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Software & IT Services - Broad recovery, a selective opportunity

United States

GitLab Inc. designs and develops software solutions. The Company offers platform for authentication, authorization, devops score, audit, and value stream management. GitLab serves customers worldwide.

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Gitlab (GTLB US)

Software & IT Services - Broad recovery, a selective opportunity

We analysed a sample of 83 Hong Kong- and US-listed software and related technology companies (49 software and 34 related technology companies)...

CMB International

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