Resent: US software stocks surge again

English summary

Leaders, the software logic is changing! 1. Software, # narrative returning? LLM scenarios extend from Coding to enterprise Agents, and FDE (AI deployment) is essential. The layout of OAI and Anthropic over the past six months has been proving this. 2. Software, # what to buy? 1) White horses: Zhipu +My service + Kingdee. 2) Fundamental recommendation: 30+ growth inflection = Apex + New Guodu & New Continent. 3) Theme narrative recommendation: AI security twin dragons = Sangfor + NSFOCUS. 3. Fundamental software, # valuation? Apex/New Guodu/New Continent are all only about 20X PE, among which Apex and New Guodu have dividend payout ratios of 70-90%, with dividend yields of 4%. Excluding free cash, Apex is 18X PE and New Guodu is 12X PE. Best regards!