计算机行业双周报（2025/5/9-2025/5/22）：鸿蒙PC正式发布，国产操作系统领域迎来重大突破-20250523

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by more than 10% in the next six months [29]. Core Insights - The official release of HarmonyOS 5 on Huawei's new computers marks a significant breakthrough in the domestic operating system sector, potentially accelerating the process of domestic substitution in the PC market [1][26]. - The computer sector has seen a cumulative decline of 4.23% over the past two weeks, underperforming the CSI 300 index by 5.82 percentage points, ranking last among 31 sectors [10][15]. - The current price-to-earnings (PE) ratio for the SW computer sector is 50.33 times, which is at the 74.85th percentile for the past five years and the 60.65th percentile for the past ten years [19][20]. Summary by Sections 1. Market Review - The SW computer sector has experienced a cumulative decline of 4.23% from May 9 to May 22, 2025, and a 0.45% decline in May, while showing a year-to-date increase of 1.89% [10][15]. 2. Valuation Situation - As of May 22, 2025, the SW computer sector's PE TTM stands at 50.33 times, indicating a high valuation relative to historical levels [19][20]. 3. Industry News - The release of HarmonyOS 5 signifies a major advancement in domestic operating systems, with Huawei's new computers expected to challenge the dominance of Windows and macOS [22][26]. - Both Tencent and Alibaba are heavily investing in AI, with strategies aimed at integrating AI across all business lines [22]. - Xiaomi has launched its self-developed 3nm chip, marking a significant milestone in domestic chip development [22][23]. 4. Company Announcements - Newland announced a partnership with Alibaba Cloud to explore AI applications in the payment industry [24]. - Inspur Information issued bonds worth 1 billion yuan to support its operations [24]. 5. Weekly Perspective - The launch of Huawei's HarmonyOS 5 computers is expected to accelerate the domestic replacement process in the PC operating system market, suggesting investment opportunities in the Xinchuang sector [26][27].