中泰证券【中泰研究丨晨会聚焦】科技孙行臻：华为HDC大会在即，纯血鸿蒙+盘古大模型打造超级终端助手

Group 1: Economic Overview - The production and demand indicators in May showed a year-on-year decline, indicating a potential convergence of the previously strong production-demand gap [14] - The industrial added value in May increased by 5.6% year-on-year, down from 6.7% in the previous month, with a seasonally adjusted month-on-month increase of only 0.3%, the lowest since 2011 [14] - Fixed asset investment in May saw a slight decrease in year-on-year growth from 3.6% in April to 3.5%, while retail sales of consumer goods increased from 2.3% in April to 3.7% in May [14][15] Group 2: Real Estate and Construction - Real estate investment in May decreased by 4.7% year-on-year, but the decline was less severe compared to April's -7.3% [15] - The sales area of commercial housing in the first five months of 2024 showed a cumulative year-on-year decline of 20.3%, indicating weak demand in the real estate market [15] - The construction sector's PMI remains above the threshold, but there is a month-on-month decline of 0.1 percentage points, suggesting a slowdown in construction activity [15] Group 3: Technology and Innovation - Huawei's HDC 2024 will showcase HarmonyOS NEXT and the Pangu model 5.0, highlighting advancements in the HarmonyOS ecosystem and AI capabilities [16] - HarmonyOS NEXT is set to officially launch in Q4 2024, with the operating system expected to surpass Apple's iOS in market share in China [16] - The Pangu model 5.0 aims to enhance AI applications within the HarmonyOS ecosystem, providing robust computational support for various industries [16]