汇丰-中国工业软件:需求温和复苏下亮点犹存-China Industrial Software:Bright Spots Remain amid a Mild Demand Recovery-20251224.docx

汇丰-中国工业软件:需求温和复苏下亮点犹存-China Industrial Software:Bright Spots Remain amid a Mild Demand Recovery-20251224.docx

4ZHSBCG。balnvestmentResearch

24December2025EquityResearchReport

ChinaIndustrialSoftware

Equities

Software

Brightspotsremainamidamilddemandrecovery

China

uRecoveryindomesticindustrialdigitalisationdemandislikelytoremainlukewarmin4Q25and2026

uPrefercompanieswithover

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