Even as US President Donald Trump’s steep hike in H-1B visa fee threatens to hit Indian software services providers, US lawmakers and agencies have separately intensified the scrutiny of the offshoring sector.Homegrown Tata Consultancy Services Ltd, the country’s largest information technology (IT) services company, and India-heritage Cognizant Technology Solutions Corp. were among the companies targeted by two senators, Republican Charles E. Grassley and Democrat Richard J. Durbin, over hiring practices. A ...

Call it a case of bad timing for Indian stock bulls. Donald Trump has dealt two fresh blows to investor sentiment just as the market was showing signs of a turnaround.The MSCI India Index has fallen in all five sessions since the US President signed an order to overhaul the H-1B visa programme — a move that risks disrupting India’s $280 billion software services industry. His plan to impose a 100 per cent duty on branded or patented pharmaceuticals saw Indian drugmakers join an Asia-wide selloff on Friday.P ...

软件服务板块市场表现 - 软件服务板块整体走强 呈现显著上涨态势 [2] - 品茗科技涨停 涨幅达20% [2] - 佳发教育 兴图新科 中科软 数据港 中科通达等公司涨幅居前 [2]

Indians account for more than 70% of all H-1B visas. A steep $100,000 entry fee, paid by employers, for every worker entering the US under the program will effectively gut it, forcing large What should worry Prime Minister Modi more is how the new rule is being implemented. Introduced as a travel restriction, it had the appearance of an economic sanction, an escalation of the punishment the US leader has meted out to a staunch ally in recent months.Also Read: H-1B visa jitters -- Indian techie spends $8,00 ...

Benchmark equity indices Sensex and Nifty rallied in initial trade on Wednesday following positive day-long discussions with the visiting US team on a bilateral trade deal with both sides agreeing to push for an early and mutually beneficial conclusion of the agreement.The 30-share BSE Sensex rallied 262.74 points to 82,643.43 in early trade. The 50-share NSE Nifty climbed 85.25 points to 25,324.35.From the Sensex firms, Bharat Electronics, UltraTech Cement, Trent, Larsen & Toubro, Tata Consultancy Serv ...

HCLTech, The expected surge in deal activity aligns with IT firms navigating high costs and Extrapolating the six-month period, the deal market this calendar year is likely to surpass the around $14 billion worth of deals renewed in 2024, as per industry estimates.For India’s overall $283 billion software services exporting industry, typically large deals are priced at $100 million and above in contract value. There are more than 600 engagements coming up for renewals in the second half of 2025 with average ...

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” second-quarter 2025 investor letter. A copy of the letter can be downloaded here. During the quarter, the fund returned 11.28% (gross) and 11.02% (net), compared to the Russell 2000 Growth Index by 11.97%. Equities posted double-digit returns in the second quarter as global economic activity measures lifted. In addition, please check the fund’s top five holdings to know its best picks in 20 ...

公司财务与股价表现 - 公司宣布回购高达1800亿印度卢比（约20亿美元）的股票以回馈投资者 [1] - 董事会批准回购最多1亿股股票 每股回购价格为1800卢比 较当日收盘价1509.7卢比溢价19.2% [2] - 公司股价今年已下跌约20% 而孟买整体市场则呈现上涨趋势 [4] 业绩展望与增长预测 - 公司预测截至2026年3月的财年按固定汇率计算的销售额增长仅为1%至3% [3] - 销售额增长放缓主要因企业为应对地缘政治和经济挑战而缩减大型信息技术项目 [1] 行业环境与挑战 - 印度2800亿美元的软件服务行业增长疲软 企业为应对战争和特朗普贸易政策加剧的地缘政治不确定性而控制支出 [4] - 公司正通过自动化、云计算和生成式人工智能技术争取获得跨国企业更大规模的业务合同 [5] 战略定位与发展方向 - 此次回购是近三年来首次 彰显公司对数字服务和新技术的长期投入信心 包括人工智能技术推动收入增长复苏 [3] - 公司及其印度竞争对手最初通过提供廉价后台解决方案帮助北美和欧洲客户降低成本而闻名 [5]

投资评级 - 维持"买入"评级 [1][4] 核心观点 - 阜博集团作为全球领先的数字内容保护和交易服务商 正处在AI驱动内容产业变革的核心赛道 前瞻性布局的Vobile MAX和Dream Maker平台有望在AI时代抓住中小创作者规模化增长的机遇 从SaaS服务商向平台运营商升级 打开新的增长空间 [4] 财务表现 - 2025年上半年总收入同比增长23.4%至14.6亿港元 毛利同比增长27.5%至6.4亿港元 毛利率同比提升1.4个百分点至44.1% [9] - 期内利润同比大增118.6%至1.0亿港元 经调整净利润同比增长88.1%至1.2亿港元 [9] - 预测2025年营业总收入为3,010百万港元 同比增长25.36% 2026年3,680百万港元 同比增长22.25% 2027年4,320百万港元 同比增长17.39% [1] - 预测2025年归母净利润为191.28百万港元 同比增长34.02% 2026年260.12百万港元 同比增长35.99% 2027年335.89百万港元 同比增长29.13% [1] - 预测2025年Non-IFRS净利润为233.58百万港元 2026年310.03百万港元 2027年394.17百万港元 [1] 业务表现 - 增值服务为主要增长引擎 25H1收入同比增长33.3%至8.5亿港元 占总收入58.1% 增长主要受益于与大型内容方合约升级、内容库扩容以及AI二次创作内容带来的新增活跃资产与收入 [9] - 订阅服务稳健发展 25H1收入同比增长11.8%至6.1亿港元 占总收入41.9% 公司在微短剧、音乐、动漫等领域取得实质性进展 [9] - 中美两大市场均衡发展 25H1北美地区收入同比增长26.8%至7.3亿港元 中国地区收入同比增长20.1%至7.3亿港元 [9] 战略与技术投入 - 公司明确了平台化发展战略 已开发数字内容资产贸易平台Vobile MAX和集成音视频创作平台Dream Maker两大平台作为基础 [3] - Vobile MAX集成了确权、分润与交易功能 Dream Maker作为创作者入口将多模态AI创作能力与Vobile MAX无缝对接 [3] - 上半年研发开支达1.63亿港元 同比增长14.4% 研发聚焦于升级核心算法、构建"出生即确权"的技术服务体系 并深化与英伟达、佛罗里达大学等顶尖企业及高校的技术生态合作 [3] - 上半年完成对音频识别技术公司PEX的收购 将强化在声音内容识别领域的优势 [9] 市场数据 - 收盘价为5.92港元 一年最低/最高价为1.42/7.10港元 [7] - 市净率为5.07倍 港股流通市值为14,530.31百万港元 [7] - 每股净资产为1.17港元 资产负债率为36.64% 总股本为2,454.44百万股 [8]

港股市场与内地经济关联性 - 内地企业在港交所总市值占比75% 主导港股市场表现 [1] - 港股市场受内地宏观经济政策和经济波动直接影响 [1] - 内地经济数据强劲或政策利好时港股表现活跃 反之则承压 [1] 稳增长政策支持力度 - 财政政策作为稳定增长和扩大内需的关键抓手 [3] - 财政赤字规模 地方政府专项债券发行额度可进一步扩张 [3] - 通过补贴 减税降费等方式直接或间接刺激居民消费 [3] AI产业发展前景 - 中国AI产业规模预计2029年突破1万亿元 年化增长率32.1% [8] - AI相关股票总市值占恒生综合指数30%以上 [8] - 港股AI标的覆盖基础层 技术层到应用层的全产业链 [8] 港股企业盈利能力 - 2024年全部港股归母净利润同比增长11.1% 显著优于A股的-2.5% [13] - 恒生科技指数成分股净利润保持高速增长 [13] - 平台经济监管环境转向促进持续健康发展 [13] 恒生港股通科技指数特征 - 前十大成分股合计权重73.24% 集中度高弹性强 [17] - 成分股包含腾讯控股(权重9.69%) 阿里巴巴-W(权重8.55%)等科技龙头 [17] - 指数涵盖芯片 计算机等AI硬件 覆盖完整AI产业链 [15] 科技企业业务布局 - 腾讯控股和阿里巴巴实现AI全产业链布局 涉及云计算和大模型 [17] - 中芯国际(权重10.59%)和舜宇光学科技为AI提供基础设施 [17] - 小米集团作为端侧AI先驱者 在应用落地领域积累深厚 [17]