Core Viewpoint - SAP SE recommends a dividend of €2.50 per share for fiscal year 2025, marking a 6.4% increase from the previous year [1] Group 1: Dividend Details - The proposed dividend represents an increase of €0.15 compared to the dividend paid for fiscal year 2024 [1] - If approved, the total dividend distribution would amount to approximately €2.919 billion, up from €2.743 billion in 2024, with a payout ratio of 40.7% compared to 52.0% in 2024 [1][2] - The record date for the dividend payment is set for May 5, 2026, with the ex-dividend date on May 6, 2026, and payment scheduled for May 8, 2026 [6] Group 2: Shareholder Benefits - SAP emphasizes that shareholders should benefit from the profits made in 2025, adhering to a dividend policy of distributing 40% or more of Non-IFRS profit after tax [2] - The final dividend amount for holders of SAP ADRs will depend on the euro/US dollar exchange rate, as dividends are paid in euros [2]

Core Viewpoint - The human software sector is currently trading at 10-year lows in terms of multiples, indicating a significant market selloff that has broadly affected many companies, suggesting an exaggerated reduction in expected growth rates [1][5][12] Valuation Metrics - The sector is trading at an average of slightly above 10 times EBITDA, a stark contrast to the historical average of about 25 times, indicating strong support levels for depressed valuations [5] - The one-year forward PE ratio for the sector is currently at 17 times, projected to decrease to 14 times in 2027, aligning more closely with the broader equity market despite the sector's faster growth [5] Growth Expectations - Companies in Europe are expected to achieve around 10% revenue growth, but the market is pricing in a much lower growth rate for the future [6][12] - The anticipated growth for many companies in Europe remains healthy, with no downgrades expected through 2026, although acceleration in revenue growth is not evident [12] Company-Specific Insights - Companies with strong customer bases and data modes, such as SAP, are viewed as more insulated from market risks, despite not holding shares in these companies [3][9] - The integration level of software solutions, particularly ERP systems, makes it challenging for companies to switch providers, providing a competitive advantage to established players [7][9] Market Dynamics - The current market environment shows a lack of differentiation among software companies, creating potential investment opportunities in firms with low churn and high data modes [2][8] - The divergence in performance between hardware and software sectors is notable, with hardware companies like ASML reporting record earnings while software firms like SAP face investor disappointment due to slower growth in their cloud businesses [10][11]

Group 1 - The core viewpoint of the article highlights the performance of popular Chinese concept stocks, with most showing an upward trend in pre-market trading [1] - Hesai Technologies saw an increase of nearly 4% [1] - Kingsoft Cloud experienced a rise of over 3% [1] - Baidu's stock price increased by more than 1% [1] Group 2 - In contrast, AI application stocks faced declines, with SAP SE dropping nearly 3% [1] - Applovin fell by nearly 2% [1] - Both Palantir and Snowflake saw declines of over 1% [1]

Core Viewpoint - SAP SE will participate in the Morgan Stanley Technology, Media & Telecom Conference on March 3, 2026, where Muhammad Alam, a member of the SAP Executive Board, will hold a Fireside Chat [1]. Company Information - SAP is a global leader in enterprise applications and business AI, with over 50 years of experience in uniting business-critical operations across various domains including finance, procurement, HR, supply chain, and customer experience [1].

根据 2 月 16 日提交的文件，贝莱德公司将其在思爱普的总投票权比例提升至6.50%，此前持股比例为 6.49%。 总持股结构明细 责任编辑：郭明煜 根据 2 月 16 日提交的文件，贝莱德公司将其在思爱普的总投票权比例提升至6.50%，此前持股比例为 6.49%。 总持股结构明细 持股比例触发 / 达到该阈值的日期：2 月 11 日 责任编辑：郭明煜 披露原因： 持股比例触发 / 达到该阈值的日期：2 月 11 日 披露原因： 直接持股对应的投票权：6.44%（此前为 6.35%） 通过金融工具持有的投票权：0.05%（此前为 0.14%） 购入 / 处置带有投票权的股份 因子公司层面触发阈值而进行的自愿集团披露 直接持股对应的投票权：6.44%（此前为 6.35%） 通过金融工具持有的投票权：0.05%（此前为 0.14%） 购入 / 处置带有投票权的股份 因子公司层面触发阈值而进行的自愿集团披露 ...

Core Viewpoint - The Trusted Tech Alliance (TTA) has been launched by 15 leading global technology companies from 10 countries to promote a reliable technology ecosystem based on shared principles of transparency, security, and data protection, addressing the growing skepticism towards digital technologies and their societal impacts [1][2]. Group 1: Alliance Formation - The TTA was announced at the Munich Security Conference, with members including Anthropic, AWS, Google Cloud, Microsoft, and others, aiming to collaborate across borders [1]. - The alliance is formed in response to unprecedented technological changes and increasing demands for reliability and resilience in technology services [1]. Group 2: Principles of the Alliance - The TTA members have agreed on five specific principles: 1. Respect for the rule of law and data protection 2. Open, cooperative, inclusive, and resilient digital ecosystem 3. Strong supply chain and security oversight 4. Operational transparency, secure development, and independent assessment 5. Transparent corporate governance and ethical conduct [1][2]. - These principles emphasize the need for robust corporate governance and ethical behavior, ensuring technology is developed and managed responsibly throughout its lifecycle [1]. Group 3: Commitment to Collaboration - The alliance aims to work with governments and clients to enhance public trust in emerging technologies, thereby fostering job creation and economic growth [1]. - Members are committed to adhering to strict global security standards and supporting an open and cooperative digital environment that encourages innovation [1][2]. Group 4: Industry Perspectives - Leaders from various member companies expressed their commitment to the alliance, highlighting the importance of collaboration in building a secure and reliable digital infrastructure [2]. - Statements from executives emphasize that no single company or country can build a secure digital infrastructure alone, and that trust and security must be achieved collectively [2].

Core Viewpoint - The establishment of the Trusted Tech Alliance (TTA) aims to enhance global cooperation among technology providers to address customer needs and build trust in technology through shared principles of transparency, security, and data protection [1][2]. Group 1: Formation and Purpose of TTA - The Trusted Tech Alliance was announced at the Munich Security Conference, comprising 15 leading companies from Africa, Asia, Europe, and North America [1]. - The alliance focuses on creating a trusted technology framework that includes connectivity, cloud infrastructure, semiconductors, software, and AI [1]. - TTA aims to ensure that member companies adhere to common commitments regarding transparency, security, and data protection, fostering trust and delivering technological benefits globally [1]. Group 2: Principles and Commitments - TTA members have agreed on five specific principles defining what it means to develop, deploy, operate, and collaborate as a trusted global technology provider: 1. Respect for the rule of law and data protection 2. An open, cooperative, inclusive, and resilient digital ecosystem 3. Robust supply chain and security agreements 4. Operational transparency, secure development, and independent assessment 5. Transparent governance and ethical corporate behavior [1][2]. - These commitments require strong governance, ethical behavior, and adherence to strict global security standards from member companies [1]. Group 3: Industry Reactions and Statements - Leaders from various companies, including Amazon, Google Cloud, and Microsoft, expressed their commitment to the alliance, emphasizing the importance of trust in technology for economic growth and security [2]. - The alliance is seen as essential for addressing the challenges posed by rapid technological advancements and ensuring that technology benefits society while maintaining security and trust [2]. - Companies like Ericsson, Nokia, and SAP highlighted the need for collaboration to build a secure and trustworthy digital infrastructure, which is crucial for fostering innovation and economic resilience [2].

Core Viewpoint - The Trusted Tech Alliance (TTA) has been launched by 15 leading global companies from Africa, Asia, Europe, and North America to address customer needs worldwide [1]. Group 1: Alliance Formation - The TTA includes prominent companies such as Anthropic, AWS, Cassava Technologies, Cohere, Ericsson, Google Cloud, Hanwha, Jio Platforms, Microsoft, Nokia, Nscale, NTT, Rapidus, Saab, and SAP [1]. - The formation of TTA aims to enhance collaboration among technology leaders to meet global customer demands [1]. Group 2: Leadership Statements - David Zapolsky from Amazon emphasized the importance of the alliance in addressing technological needs [1]. - Strive Masiyiwa from Cassava Technologies highlighted the collaborative potential of TTA [1]. - Börje Ekholm from Ericsson and Marcus Jadotte from Google Cloud also expressed their support for the alliance's objectives [1].

Core Points - The Trusted Tech Alliance (TTA) has been launched by 15 leading global technology companies from 10 countries to promote a trustworthy technology stack and enhance collaboration across borders [1][2] - The alliance aims to address concerns regarding digital technologies and their potential negative impacts by establishing common principles for transparency, security, and data protection [1][2] - Members of the TTA include major companies such as Amazon, Google Cloud, Microsoft, and Ericsson, which have committed to five specific principles that define responsible technology development and deployment [1][2] Group 1: Alliance Objectives - The TTA seeks to foster trust in technology by ensuring that all member companies adhere to shared commitments regarding data protection and operational transparency [1][2] - The alliance emphasizes the importance of collaboration among technology providers to enhance reliability and resilience in the face of rapid technological evolution [1][2] - By defining attributes of trustworthy technology, the TTA aims to support job creation and economic growth while addressing public concerns about emerging technologies [1][2] Group 2: Member Commitments - The five principles agreed upon by TTA members include respect for the rule of law, an open and cooperative digital ecosystem, robust supply chain security, operational transparency, and ethical governance [1][2] - Companies are required to implement strong corporate governance and ethical behavior, ensuring that technologies are developed and managed responsibly throughout their lifecycle [1][2] - The alliance will continue to expand its community of global suppliers dedicated to promoting a reliable, interoperable, and open technology stack [1][2]

Group 1 - The article discusses the impact of tariffs on various sectors, highlighting the ongoing trade wars and their implications for market dynamics [1][2] - It emphasizes the role of securities in navigating the challenges posed by tariffs, suggesting that investors should be aware of sector-specific vulnerabilities [1] - The piece also touches on the broader economic context, indicating that tariffs could lead to increased costs for consumers and businesses alike, potentially affecting overall market performance [1][2] Group 2 - The author, Ernest Hoffman, has extensive experience in market reporting, which adds credibility to the analysis presented in the article [3] - The article aims to inform readers about the current state of the market in relation to tariffs, without making specific investment recommendations [4]