导语 1月下旬以来，全球软件行业迎来了"末日抛售"。 2月24日周二，A股马年首个交易日，软件股延续年前跌势；20日港股马年首个交易日，软件股在农历 新年的第一声锣响中也一样延续年前跌势。几大软件巨头股价均从1月中旬的最高点跌去40%至50%。 隔夜美股（当地时间23日周一）出现惊悚一幕，国际商业机器公司（IBM）收盘下跌13.2%，收报 223.35美元，单日市值蒸发约310亿美元，创下2000年10月以来最大单日跌幅，今年以来累计下跌超过 了24%。原因是Anthropic周一宣布Claude Code新增功能，自动化完成COBOL现代化改造中最复杂的代 码探索与分析工作。 这又是一起"AI恐慌交易"。1月下旬以来，全球软件行业就迎来了"末日抛售"。标普500软件与服务指数 （包含微软、Adobe等约140家公司）跌幅最大超过18%，较2025年9月高点跌去约30%。 两大导火索 对全球软件业上市公司的这场抛售，有两个导火索。 你可能觉得这太逆天了，其实也没有那么逆天。比如你是外卖跑腿小哥，在APP上接单，和你直接打交 道的是这个APP，你并不认识下单的客户，只知道是个人。TA也许是另一个人的助理，帮TA ...

近一个多月以来，Anthropic正在全球软件行业引发一场堪比"雪崩"的连锁反应。 美东时间2月23日，IBM股价收盘暴跌超13%，创下其逾25年来最惨烈的单日跌幅。导火索就是 Anthropic，当日，该公司宣布其旗下工具Claude Code能够对COBOL这一古老的编程语言进行现代化改 造，这种语言要在IBM的大型机上运行。 开年以来，笼罩在AI阴影下的传统软件巨头远不止IBM。从网络安全领域的CrowdStrike、Zscaler，到 SaaS领域的Salesforce、ServiceNow，这些股票均遭遇了不同程度地抛售。行业认为AI正摧毁传统软件 赖以生存的商业模式。 天使投资人、资深人工智能专家郭涛对第一财经记者表示，此前软件股的暴跌，是恐慌情绪与现实竞争 压力的共同结果。"虽然AI工具确实替代了部分传统软件功能，压缩了特定企业的市场空间，但传统软 件仍有不可替代的护城河，只是需主动转型。" 软件股震荡 这一轮软件股震荡始于今年1月，彼时Anthropic推出了Claude大模型的工具Cowork及其行业特定插件， 涵盖法律、金融、销售等领域，该工具将智能体能力扩展至非编程领域，能够处理类似"从 ...

Group 1 - Cybersecurity stocks experienced a significant decline due to concerns over new AI security tools that may disrupt traditional business models in the sector [1][2] - Major cybersecurity companies such as CrowdStrike and Zscaler saw their stock prices drop approximately 9%, while Netskope fell nearly 10% [2] - The iShares Cybersecurity & Tech ETF decreased by nearly 4%, indicating a broader market impact on cybersecurity investments [2] Group 2 - CrowdStrike's CEO George Kurtz emphasized that the new AI tool addresses different cybersecurity issues and does not replace the company's Falcon platform [3] - The introduction of AI tools capable of rapidly creating websites and applications has caused significant concern across the software sector, with cybersecurity being the latest area affected [3] - Other software companies, such as Salesforce and ServiceNow, have also faced substantial declines in their stock values, with Salesforce losing about one-third and ServiceNow dropping more than 34% since the beginning of the year [4]

Core Viewpoint - The recent launch of Anthropic PBC's AI tool, Claude Code Security, has triggered a significant sell-off in cybersecurity stocks, raising concerns about AI's potential to disrupt traditional threat detection markets [1][5]. Group 1: Market Reaction - On February 20, major U.S. stock indices rose, but cybersecurity stocks experienced a sharp decline, with SailPoint down 9.44%, Okta down 9.18%, Cloudflare down 8.05%, and Crowdstrike down 7.95% [3]. - The Global X Cybersecurity ETF fell nearly 5%, marking its lowest closing record since November 2023 [3]. - The sell-off erased billions in market value for the cybersecurity sector in a single trading day [5]. Group 2: AI Tool Impact - Anthropic PBC's Claude Code Security can identify vulnerabilities in code that have gone unnoticed for decades, which may undermine the long-term value of existing enterprise security suites [5]. - The tool's ability to shift the focus from passive monitoring to proactive automated remediation has raised concerns among market participants [5]. - The emergence of AI-native tools is expected to fundamentally change the competitive landscape, as they may reduce demand for traditional products and impact growth, margins, and pricing power of related companies [5]. Group 3: Industry Analysis - Analysts note that the current AI wave is causing skepticism in the software sector, similar to past technological shifts, but the narrative of "AI eliminating software" lacks logical support [6]. - Despite macroeconomic challenges and slow AI adoption, there is potential for a gradual shift in market sentiment towards the software sector as AI revenue contributions increase [6]. - Investors are advised to focus on leading application software companies with strong balance sheets and foundational software and information security firms with positive fundamentals [6].

【导读】一天干掉一个行业，这次是网络安全 中国基金报记者 泰勒 大家好，关注一下AI再次带来的恐慌，Anthropic推出Claude安全工具，网络安全类股全线暴跌。 隔夜美股，网络安全软件公司的股价集体跳水，Crowdstrike Holdings是跌幅最大的公司之一，下跌了约8%，而Cloudflare大跌约8.1%。与此同时， Zscaler下跌约5.5%，SailPoint下跌约9.4%，Okta下跌约9.2%。Global X网络安全ETF下跌约4.9%，收于2023年11月以来的最低水平。 | 制 五日 日K 周K 月K 季K 年K 120分 60分 30分 15分 5分 1分 | | 区间统计 | | 全屏显示 | | --- | --- | --- | --- | --- | | 均价:400.80 最新:388.60 -33.54 -7.95% | | | | | | 457.17 | 8.30% | | 成交明细 | | | 448.41 | 6.22% | 15:59 | 388.65 | 100 | | | | TR:28 | 388.66 | 76 | | 439.65 | 4.15 ...

Core Viewpoint - The introduction of a new security feature by AI company Anthropic has led to a significant decline in cybersecurity stocks, highlighting investor fears regarding competition from AI-native companies [1][3]. Group 1: Market Reaction - Cybersecurity software companies experienced a collective stock price drop, with Crowdstrike Holdings falling approximately 8% and Cloudflare down about 8.1% [1]. - Other notable declines included Zscaler at around 5.5%, SailPoint at 9.4%, and Okta at 9.2%, while the Global X Cybersecurity ETF decreased by about 4.9%, reaching its lowest level since November 2023 [1]. Group 2: AI Impact - Anthropic's new tool is designed to scan code repositories for security vulnerabilities and suggest targeted software patches for manual review, currently in a limited research preview phase [2][3]. - The decline in cybersecurity stocks is part of a broader trend where the software sector has faced selling pressure due to concerns over competition from AI-driven solutions, with the iShares expanded technology software industry ETF down over 23% this year, potentially marking the largest quarterly drop since the 2008 financial crisis [3]. Group 3: Analyst Insights - Analysts warn that AI-driven automation solutions could disrupt existing software business models, compress profit margins, and force companies to innovate rapidly, with the market closely monitoring how AI will reshape cybersecurity [4]. - The recent sell-off in the software sector, particularly in cybersecurity, is attributed to new AI tools from companies like Anthropic, OpenAI, and Google, raising concerns about "vibe coding," which allows users to create applications using AI, potentially diminishing demand for traditional products and impacting company growth, margins, and pricing power [4].

消息引发网络安全板块集体抛售，Global X网络安全ETF下跌4.9%，收于2023年11月以来最低点。 （Global X网络安全ETF下跌4.9%） 网络安全股SailPoint暴跌9.4%，Okta跌9.18%，Cloudflare重挫8%。 Anthropic推出AI代码扫描工具引发行业忧虑，网络安全股集体重挫。 2月20日，Anthropic PBC发布了其Claude AI模型的新安全功能，该工具可扫描代码库中的安全漏洞，并提供针对性的软件补丁建议供人工审 核。目前该工具处于有限的研究预览阶段。 今年以来，iShares科技软件板块ETF已下跌逾23%，有望创下自2008年金融危机以来最大季度跌幅。 投资者日益担忧，AI工具使用户能够自行创建应用程序，将削弱对传统软件产品的需求，进而影响公司的增长、利润率和定价能力。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责 任自负。 ...

Executive Appointments - Michelin appointed Bénédicte de Bonnechose as its new finance chief, effective June 1, succeeding Yves Chapot [2] - Ember LifeSciences hired Ann Hyllengren as chief financial officer, previously a senior director at Amgen [3] - AuditBoard named Hugo Doetsch as CFO, who previously served as CFO at Symplr and played a key role in Ping Identity's IPO [4] - CAE announced Ryan McLeod as its next CFO, effective February 23, replacing interim CFO Constantino Malatesta [5] Career Backgrounds - Bénédicte de Bonnechose joined Michelin in April 2019 and has experience in financial roles at Lafarge Group [2] - Ann Hyllengren has 18 years of experience at Amgen, including senior finance leadership roles and oversight of the Amgen Foundation [3] - Hugo Doetsch has held senior leadership roles at multiple companies, including CFO positions at Symplr and NetDocuments [4] - Ryan McLeod has been CFO at ATS since 2020 and has prior experience at CIBC Mellon and EY [5]

Core Viewpoint - Okta Inc. is considered a strong investment opportunity in the software infrastructure sector, characterized as a "contrarian value play" by analyst Jonathan Ruykhaver, who maintains an Overweight rating and a price target of $115 [1]. Valuation and Market Position - The stock is currently trading at a price-to-FY 27 sales multiple of 4.4x, significantly lower than the peer average of 9.8x, indicating a steep valuation discount that Ruykhaver believes is unwarranted due to Okta's strong execution and fundamentals [2]. - The company is positioned to benefit from the increasing importance of identity in security, with identity implicated in 80-90% of breaches, suggesting a favorable market trend for Okta [2]. Bullish and Bearish Perspectives - Bullish arguments highlight Okta's improving execution and the strategic shift towards independent identity platforms, with expectations of Net Revenue Retention (NRR) moving towards 110%+ over time [2]. - Bearish concerns focus on competitive dynamics and potential pushback from established players like CyberArk, Microsoft, and SailPoint, particularly regarding Okta's expansion into adjacent identity categories [3]. Impact of AI on Identity Security - The rise of AI agents is making identity management increasingly critical to security, which supports a positive outlook for Okta. The early engagement from over 100 customers for AI-related products indicates a potential new Total Addressable Market (TAM) [4]. - The combination of improving execution, a strengthening product portfolio, and a discounted valuation suggests that Okta is due for a re-rating as its growth story unfolds [4]. Company Overview - Okta Inc. is a cloud-based identity and access management company that enables secure connections for employees, customers, and partners to applications and systems [5].

Group 1 - The US IPO market demonstrated strong momentum in 2025, with 371 new stocks listed and a total fundraising amount of $69.764 billion, representing year-on-year increases of 55.23% and 81.53% respectively [1] - Among the 371 new stocks, 145 were SPAC IPOs, raising a total of $26.579 billion, with year-on-year growth of 154.39% and 321.36% [1] - Nasdaq continued to dominate the new stock flow, attracting 80% of new listings and accounting for 67.56% of the total fundraising amount [4] Group 2 - The distribution of fundraising amounts showed that 38% of new stocks raised between $100 million and $300 million, while 23% raised less than $10 million, and only 3% raised over $1 billion, indicating a balanced support for both small and leading enterprises [5] - The top ten fundraising companies included Medline ($6.265 billion), Venture Global ($1.75 billion), and CoreWeave ($1.5 billion), showcasing a diverse range of sectors [7] - The new stock sources exhibited a global characteristic, with Chinese companies contributing nearly 25% of the total new stock quantity, followed by Singapore at 7% [7] Group 3 - The technology and healthcare sectors led the IPO trends, with application software, biopharmaceuticals, and data processing contributing over a quarter of the new stock quantity, reflecting a shift towards high-growth, technology-intensive industries [9] - The significant increase in the number and amount of fundraising in the US stock market in 2025 was driven by active SPACs, the strengthening of Nasdaq's platform effect, and the availability of international listing channels [9]