Financial Data and Key Metrics Changes - Huawei's HarmonyOS has surpassed iOS in penetration rate in China, indicating a significant shift in market dynamics [2][9] - The global market share of HarmonyOS reached 4% as of Q1 2024, with a domestic market share of 17% [9][20] - Huawei's smartphone sales have shown a recovery trend, with the Mate60 series achieving 2.4 million units sold within eight weeks of launch [16][17] Business Line Data and Key Metrics Changes - The hardware ecosystem for HarmonyOS is expected to continue improving, with a projected increase in hardware shipments in 2024 [2][16] - Over 5,000 applications have joined the HarmonyOS ecosystem, with more than 1,500 applications already launched [27][28] - The sales of Huawei's high-end smartphones have rebounded, capturing 5% of the global high-end smartphone market [16][20] Market Data and Key Metrics Changes - The penetration rate of HarmonyOS in China has crossed the critical threshold of 16%, which is expected to encourage software developers [20] - The global smartphone market is witnessing a shift, with Huawei regaining market share previously held by Apple [16][18] - The smart watch and tablet segments have also seen significant growth, with smart watch shipments increasing by 56% year-on-year [20] Company Strategy and Development Direction - Huawei is focusing on expanding its overseas market presence while establishing its software ecosystem [18][20] - The company aims to leverage the OpenHarmony platform to create a diverse ecosystem that supports various business models [28][31] - The strategy includes enhancing the HarmonyOS ecosystem through partnerships and developer engagement [27][28] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of software ecosystem development for future growth, particularly in light of the competitive landscape [2][20] - The company is optimistic about the long-term prospects of HarmonyOS and OpenHarmony, driven by advancements in AI and IoT [2][28] - Management acknowledged the challenges posed by intensified industry competition and the need for rapid ecosystem expansion [2][28] Other Important Information - The HarmonyOS NEXT is positioned as a fully self-developed operating system, marking a significant technological advancement [7][9] - The company has initiated various programs to support developers and enhance the application ecosystem [27][28] - OpenHarmony is being positioned as a viable alternative for B-end and G-end applications, with a focus on domestic demand [28][33] Q&A Session Summary Question: What are the expectations for HarmonyOS's market penetration? - HarmonyOS has surpassed iOS in China, with a penetration rate exceeding 17%, and is expected to continue growing as the software ecosystem develops [2][9] Question: How is Huawei addressing the competition in the smartphone market? - Huawei is focusing on high-end smartphone sales recovery, with the Mate60 series significantly contributing to market share gains [16][20] Question: What is the outlook for OpenHarmony's ecosystem? - OpenHarmony is expected to thrive with diverse applications across various industries, supported by a growing community of contributors [28][31]

环球市场动态 2024 年 6 月 25 日 广 义 财 政 收 入 延 续 承 压 态 势 2024 年 5 月，內地一般公共财政收入同比下降 3.2% (前值-3.7%)，降幅略有收窄，但主要受非税收入高增支 撑，税收收入降幅扩大。今年 1-5 月税收收入连续出现负增长，折射名义增长偏弱的宏观特征。结构上所得税 和房地产相关税收表现偏弱，内外需温差拖累税收收入增速。财政支出增速下降 3.5 个百分点，基建相关支出 和科教文卫相关支出减速较多，如果收入端持续短收，则可能对下半年财政支出强度形成一定约束。政府性基 金收入降幅扩大，土地出让收入继续走低，专项债发行加速助政府性基金支出降幅收窄。 重点新闻：芝加哥联储行长称需要警惕政策过紧；旧金山联储行长警告美国劳动力市场正逼近拐点；美联储提 出宽松版银行资本改革方案；美国财长耶伦表示可能在年底前敲定对华投资限制的最终规则；加拿大公布限制 中国电动汽车进口的拟议措施；日本官员的口头干预未改变日圆弱势格局；传中国政府提出对德系车有利条件 以激励德国阻止欧盟加征关税；夏季达沃斯周二开幕，总理李强将出席并致辞；中国发改委要求研究增加过境 免签政策国家数量；腾讯的手游《地 ...

环球市场动态 2024 年 6 月 24 日 内 地 仍 需 房 地 产 政 策 加 码 首先，刚披露的今年 5 月内地宏观经济数据延续生产强劲、内需偏弱的特征，主要是化债之于投资、房价下跌 之于居民财富感受的影响进一步显性化。其次，进入 6 月，高频数据显示主要商品价格涨跌互现，预计生产端 价格数据将温和回升；同时 "618" 期间在线消费增长比较明显，根据中信证券研究部消费产业组测算，以快递 投递量作为参照，本届 618 大促电商行业大盘 GMV 增速在 12%左右。最后，房地产在 517 新政后市场出现 了结构性复苏迹象，部分核心城市核心区域的房价已经开始趋稳，6 月 12~21 日，上海二手房日均网签达到 941 套，较 5 月日均上升 59%；但全局来看，新房市场复苏仍显著落后于二手房，各能级城市的房价还多在下 降，地产链景气待观察，仍有很强的必要性出台去库存和稳市场的政策。 重点新闻：美国 6 月初服务业活动扩张速度创两年多来最高水平；美国 5 月二手房销售连续第三个月下降，同 时房价再创新高；法国与德国 10 年期国债殖利率之差上周五收于 2012 年以来最阔；马克龙领导的政党民调 支持率略下滑 ...

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Financial Data and Key Metrics Changes - The company reported a year-on-year growth of over 50% and a double-digit quarter-on-quarter growth for Q2, maintaining its annual guidance for a 50% increase [35][41] - Current capacity utilization is around 60%, which is higher than previously communicated expectations of reaching over 50% by year-end [35][36] Business Line Data and Key Metrics Changes - The company anticipates that the order growth and revenue will not differ significantly, with order growth expected to exceed 50% year-on-year [41] - The gross margin and net margin are expected to show slight improvements compared to Q1, with no further declines anticipated [36][37] Market Data and Key Metrics Changes - The company has observed a positive trend in orders from major domestic clients, with both year-on-year and quarter-on-quarter increases [62] - The demand from overseas clients remains strong, with expectations of revenue growth exceeding 50% year-on-year [39] Company Strategy and Development Direction - The company is actively advancing its production capabilities in Singapore, with plans to invite clients for factory inspections in July and August [24] - The management remains optimistic about the overall industry demand for the coming year, supported by favorable policies in Southeast Asia [50][51] Management Comments on Operating Environment and Future Outlook - Management expressed confidence that the current regulatory issues will be resolved quickly, although a specific timeline could not be provided [48] - The company is not currently seeing substantial impacts from recent U.S. restrictions on semiconductor investments, and it is optimistic about its strategic positioning in Singapore [62] Other Important Information - The company is focusing on refining its internal management and has plans for significant capital expenditures, particularly for the Beijing factory [59] - The management is adjusting the proportion of R&D expenses while maintaining an absolute increase in R&D investment [58] Q&A Session Summary Question: What is the reason for the inquiry notice received by the company? - The inquiry is related to a sensitive matter involving the freezing of shares held by the major shareholder, which is under investigation [8][9] Question: What is the expected timeline for resolving the current regulatory issues? - Management indicated that they expect a quick resolution but could not provide a specific timeline due to the involvement of government departments [48] Question: How is the company performing in terms of order growth and gross margin? - The company expects order growth to exceed 50% year-on-year, with gross margin showing slight improvements compared to previous quarters [41][36] Question: What is the outlook for overseas customer demand? - Demand from overseas clients is projected to remain strong, with expectations of significant revenue growth [39] Question: Are there any impacts from recent U.S. restrictions on semiconductor investments? - Currently, there are no substantial impacts observed, and the company is optimistic about its operations in Singapore [62]

本次会议为中信证券摆明单会议仅限受邀客户参会未经中信证券和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为中信证券保留追究相关方法律责任的权利 也非常感谢大家晚上时间来参加我们这个礼拜的电话会那我是中信电子梁楠那其实我们今天这个电话会也是正好应了公司昨天刚好发布这个股权激励的这么一个公告那我们其实也在这个时间点其实也是这个重申对公司这么一个推荐的态度那么今天这个电话会呢其实我们我这边大概分成几部分 因为可能线上的各位投资者对公司的一个基本情况可能了解情况不是特别的统一所以我会从整个股权激励本身然后公司的整个业绩拆分以及我们看到的对公司这个短中期的业绩走势以及公司的成长逻辑这四部分做一个这个相对详细的一个分析大概这个我自己汇报时间可能是在10分钟到20分钟左右的时间那后面如果线上各位投资有问题的话可以这个进行一个这个简单的沟通和交流 那么其实我们去看公司在昨天的一个股权激励草案中其实是它是你向对象去授予它的一个整体的股权激励的期权数量差不多是2.4亿分左右占公司整体的股本的总额是3.4% 其实是覆盖了公司基本核心股杆一千将近一千五百人左右这个规模 ...

各位尊敬的博尊 大家晚上好欢迎大家来听我们这个 这个模拟的这样的一个深度报告的这样的一个汇报的这样这样一个会议那么我们是这个近期也是外发了一个模拟芯片系列的这样的深度报告就是这个第五期的一个主要重点是关注这个高端突破跟行业整合这两条主线一个是我们看到说最近这个模拟芯片这个市场表现也非常不错然后那个相关的 我们不断有细分出现这种好像涨价的这样的一个情况 那么实际上就是说这个我们认为从两个方面吧第一个方面呢是说这个就是模拟芯片的这样一个周期的一个位置的话呢在这个逐步的走出这样的一个底部啊那就是不管是从库存的一个角度来讲还是从这个相关的大家的一个背后的一个情况来讲的话就是从这样来讲的还有就是整个的一个郊区跟长假的一个情况来讲都是有比较明确的一个变化 第二个呢是我们做了一个判断就是说因为最近这个监管开会实际上也是说强调就是相当于是国内的这样一个应科技的有效产能的一个鼓励它的一个并购重组那么就是我们认为呢模拟的公司呢实际上国内的一个情况呢将会出现一个就是非常明确的二把分化 也就是从长期来看的话呢我们去判断一个优秀的一个模拟公司一个是它的产业的下游是否足够分散另外第二个是它的一个下游的客户的结构是不是服务的是全球前三名 ...

Global Market Dynamics - Japan's economy is expected to experience moderate recovery in the second half of the year, with core CPI stabilizing around 2% and potential for two gradual interest rate hikes by the Bank of Japan [3] - The US 30-year mortgage rate fell below 7% for the first time since March, while the UK CPI dropped to 2% for the first time in three years, indicating mixed economic signals [4] - The Australian dollar strengthened following hawkish signals from the Reserve Bank of Australia, outperforming other G-10 currencies [5][30] Stock Market Insights - The Hong Kong stock market saw a significant rise, with the Hang Seng Index increasing by 2.87%, driven by positive sentiment towards state-owned enterprises [17] - A-shares experienced a decline, with the Shanghai Composite Index falling by 0.40%, despite the announcement of new measures to enhance the STAR Market's attractiveness [21][23] - The Brazilian stock market showed resilience, with the IBOVESPA index rising by 0.53%, supported by gains in the industrial sector [31] Sector Performance - In the Hong Kong market, the energy sector led gains with a 4.8% increase, while the technology sector also performed well with a 4.1% rise [18] - The banking sector in South Korea is benefiting from an upward macroeconomic cycle, with a 24% increase in market capitalization among tracked banks [28] - The real estate sector in Shanghai is stabilizing, with recommendations to focus on core cities and companies with strong development capabilities [19] Fixed Income Market - The US market was closed for the Independence Day holiday, while trading in Chinese dollar bonds was light, with new issues attracting attention [6][34] - The performance of new floating-rate bonds from China International Capital Corporation was mixed, with some seeing a rise while others faced widening spreads [34][33] Currency and Commodity Trends - Brent crude oil futures saw a slight decline of 0.3%, while copper prices increased by 1.2%, reflecting mixed trends in commodity markets [30] - The Japanese yen is expected to experience a stronger performance in the second half of the year, supported by economic recovery and narrowing interest rate differentials [30]

Economic Overview - The economic data from mainland China in May shows strong production but weak domestic demand, influenced by debt repayment affecting investment and falling housing prices impacting residents' wealth perception [2] - Industrial production recovery is slowing, while service sector recovery has accelerated due to holiday effects; the real estate and food industries are dragging down industrial value-added growth [2] - Consumption data fell short of market expectations, with notable performance in home appliances and cosmetics due to trade-in programs and pre-promotion for "6·18"; however, the decline in restaurant consumption growth is a significant drag on overall consumption [2] Stock Market Dynamics - The A-share and Hong Kong stock markets showed mixed performance following the release of May economic data, with the Hang Seng Index slightly down [3][49] - The performance of the stock market is heavily influenced by consumption, real estate, and exports, suggesting a need to monitor high-frequency data trends [2] Sector Performance - The report highlights that the technology sector in the U.S. saw significant gains, improving market risk appetite, while the energy sector also experienced price increases, with NY crude oil surpassing $80 per barrel for the first time in a month [40][46] - In the Hong Kong market, the jewelry company Chow Tai Fook (1929 HK) is focusing on brand transformation and maintaining a steady growth trajectory, with same-store sales in mainland China expected to increase by 1.8% in FY2024 [9] Investment Opportunities - The report suggests that companies in the low-altitude economy sector, such as Haige Communication and Weichai Power, may benefit from the upcoming standards for vertical take-off and landing sites, which are expected to drive industry growth [61] - Broadcom (AVGO US) has raised its AI revenue guidance for FY2024, indicating strong demand for AI semiconductors, which could present investment opportunities in the tech sector [33] Fixed Income Market - The fixed income market saw a decline in U.S. Treasury yields due to profit-taking and a decrease in risk aversion, with over $20 billion in corporate bonds issued, adding downward pressure [24][45] - The performance of Chinese dollar bonds was relatively quiet, with the real estate sector showing mixed results [24]

Group 1: Global Market Overview - The report highlights a significant decline in European stocks due to political turmoil, leading to increased demand for safe-haven assets like the US dollar and a rebound in gold prices [6][13] - The US inflation is cooling down, and oil prices are rebounding as Russia commits to production cuts [6][8] Group 2: UK Market Focus - The UK economy is expected to weaken, with the Bank of England likely to initiate rate cuts in August or September [41][42] - The UK inflation rate for May was higher than expected, with the Consumer Price Index (CPI) falling to 2.3% year-on-year, but still above market consensus [18][41] - The report notes that the UK labor market is showing signs of weakness, with wage growth trends remaining uncertain [45][41] Group 3: Australian Market Focus - The Australian economy is under pressure from high real interest rates, which are expected to suppress consumer spending until rate cuts begin [54][57] - The report anticipates that the Australian central bank may implement rate cuts before the end of the year, with inflation rates remaining elevated [28][54] - Employment growth is expected to slow down in the coming quarters, although the unemployment rate remains low [32][57] Group 4: Malaysian Market Focus - The report predicts that Malaysia's policy interest rate will remain unchanged in 2024, with the central bank maintaining its stance on monetary policy [64][36] - Malaysia's trade data for May is expected to show a significant slowdown in export growth, dropping from 9.1% in April to 1.1% [37][36] - The report indicates that Malaysia's energy trade balance has shifted to a deficit since 2022, with net energy trade balance declining significantly [62][64]