计算机 | 证券研究报告 — 行业点评 2025 年 5 月 19 日 计算机行业 2024 年年报 &2025 年一季报综述 2024 年营收稳增长， 25Q1 利润端显著改善 2024 年行业受宏观环境、政企预算下行以及减值损失扩大等影响，导致利润端承压。 2025Q1 整体业绩明显改善，盈利能力显著增强。2025 年在机器人、AI Agent、信创、 鸿蒙等持续推动下，行业有望多点开花，彰显增长韧性。 支撑评级的要点 投资建议 建议关注科技自主可控相关企业，包括软通动力、达梦数据、寒武纪-U、云天励 飞-U 等；以及基本面良好、未来成长空间较为广阔的合合信息。建议关注九号公 司-WD、优必选、能科科技、麒麟信安等在机器人领域有布局的公司，以及在机 器人数据训练领域有布局的中科曙光、索辰科技，还有在大模型领域有布局的商 汤-W、科大讯飞、拓尔思、云赛智联、虹软科技等。外骨骼机器人板块建议关注 楚天科技、伟思医疗。 评级面临的主要风险 证券分析师：郑静文 jingwen.zheng@bocichina.com 证券投资咨询业务证书编号：S1300525010001 强于大市 宏观经济下行；信创推进不及预期； ...

5月18日，据 华为 终端消息，5月19日14:30，nova 14系列及鸿蒙电脑新品发布会即将启幕。 据悉， 华为 nova 14系列共有nova 14、nova 14 Pro、nova 14 Ultra三款机型。 华为 nova 14 Ultra将搭载麒麟9系芯片，配备Mate 70系列同款红枫多光谱摄像头，支持红枫原色影像，搭配 1200万像素直立长焦，影像能力将大幅提升。 华为 nova 14全系12GB 运行内存，标准版和Pro版本可选256GB、512GB存储，Ultra版在此基础上增加1TB版 本。 华为 nova 14 系列出厂搭载HarmonyOS 5系统，将是首款"纯血nova"。 本次发布会除了全新的nova14系列手机，还有鸿蒙电脑等新品。 官方海报显示，新款电脑上出现了"ULTIMATE DESIGN（非凡大师）"的字样，或将被称为 华为 首款折叠 PC。 今年以来，科技股持续受到资金热捧， 华为 鸿蒙板块也不例外。截至5月16日，今年华为鸿蒙指数 （8841443）涨约3%，连续三年上涨，指数于2月25日创下历史新高。 5月8日，华为在深圳举办鸿蒙电脑技术与生态沟通会，"鸿蒙电脑" ...

Core Viewpoint - The A-share market is experiencing a rotation among "defensive-consumption-growth" themes, with a focus on technology growth initially, followed by a shift towards defensive assets due to trade friction and fundamental differentiation risks [1][5]. Group 1: Market Performance - On May 19, the A-share market saw over 2% rise in micro-cap indices, with more than 2900 stocks in the green, while the Shanghai Composite Index fell by 0.09%, the Shenzhen Component by 0.36%, and the ChiNext Index by 0.53% [1]. - The market is expected to continue a trend of index fluctuations and differentiated rotations due to recent volume shrinkage and lack of major policy catalysts [1][8]. Group 2: Sector Highlights - **Mergers and Acquisitions**: The M&A and venture capital concepts are rising, with stocks like Jinlihua Electric hitting a 20% limit up, and several others including Hunan Development and Jiuding Investment also reaching limit up [2]. - **Port and Shipping**: The port and shipping sector is gaining strength, with stocks like Nanjing Port and Ningbo Maritime achieving five consecutive limit ups, driven by a 275% surge in US-China shipping orders due to a 90-day tariff window effect [3]. - **Consumer Sector**: The consumer sector is active, with food and beverage, tourism, and retail leading the gains, as seen with stocks like Baba Foods and Tianwei Foods hitting limit up [4]. Group 3: Institutional Insights - **CITIC Securities**: The firm notes that the market is under pressure from above and supported from below, with expectations of a range-bound market near the half-year line, influenced by a potential surge in port and shipping demand due to US importers accelerating stockpiling [5][6]. - **Shenwan Hongyuan**: The firm suggests that the technology sector remains a relatively high-value area for mid-term investment, particularly in AI and innovative pharmaceuticals, despite short-term adjustments [7]. - **Everbright Securities**: The firm anticipates continued market fluctuations and sector rotations, with a focus on the Hongmeng concept as a significant trend in the technology industry [8].

Core Viewpoint - Huawei is set to launch the nova 14 series and HarmonyOS computers on May 19, showcasing its latest innovations in mobile and PC technology [1][4]. Group 1: Product Launch - The nova 14 series includes three models: nova 14, nova 14 Pro, and nova 14 Ultra, with the Ultra model featuring the Kirin 9 series chip and advanced camera capabilities [3]. - All nova 14 models will come with 12GB of RAM, with storage options of 256GB, 512GB, and a 1TB variant for the Ultra model [3]. - The nova 14 series will be the first to run on HarmonyOS 5, marking a significant step in Huawei's product lineup [4]. Group 2: Market Performance - The Huawei HarmonyOS index has seen a 3% increase this year, continuing a three-year upward trend, with a historical high reached on February 25 [7]. - Huawei's entry into the HarmonyOS PC market represents a critical advancement for domestic operating systems in the personal computer sector [10]. Group 3: User Impact and Industry Trends - Existing Huawei computer users will not be affected by the new HarmonyOS strategy, as Microsoft will continue to provide updates for Windows operating systems on their devices [11]. - The introduction of HarmonyOS PCs is expected to fill a significant gap in the domestic operating system market, enhancing China's electronic information industry [11]. - The demand for diverse and innovative operating systems is increasing, particularly in sectors requiring high data security and system stability, such as government and finance [11]. Group 4: Market Share - According to IDC, Huawei held a 34.5% market share in the Chinese tablet market in Q1 2025, maintaining its position as the market leader [12].

5月18日，据 华为 终端消息，5月19日14:30，nova 14系列及鸿蒙电脑新品发布会即将启幕。 据悉， 华为 nova 14系列共有nova 14、nova 14 Pro、nova 14 Ultra三款机型。 华为 nova 14 Ultra将搭载麒麟9系芯片，配备Mate 70系列同款红枫多光谱摄像头，支持红枫原色影像，搭配1200万像素 直立长焦，影像能力将大幅提升。 华为 nova 14全系12GB 运行内存，标准版和Pro版本可选256GB、512GB存储，Ultra版在此基础上增加1TB版本。 华为 nova 14 系列出厂搭载HarmonyOS 5系统，将是首款"纯血nova"。 官方海报显示，新款电脑上出现了"ULTIMATE DESIGN（非凡大师）"的字样，或将被称为 华为 首款折叠PC。 今年以来，科技股持续受到资金热捧， 华为 鸿蒙板块也不例外。截至5月16日，今年华为鸿蒙指数（8841443）涨 约3%，连续三年上涨，指数于2月25日创下历史新高。 本次发布会除了全新的nova14系列手机，还有鸿蒙电脑等新品。 | < w | 华为鸿蒙指数[8841443] | | | | | ...

证券研究报告 | 北交所定期报告 | | --- | AI+发展驱动鸿蒙全场景智效跃升，关注北交所 AI+产业企业 ——北交所科技成长产业跟踪第二十六期（20250518） 投资要点： hyzqdatemark 2025 年 05 月 19 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 鸿蒙旨在通过"一次开发、多端部署"架构实现跨终端智能协同与资源共享。参考中关村在线信息，2025 年 5 月 8 日，华为在鸿蒙电脑技术与生态沟通会上正式发布了首款鸿蒙电脑，详细介绍了 HarmonyOS 5 鸿蒙电脑操 作系统的设计，并官宣将于 2025 年 5 月 19 日 14 点半举办发布会，届时将正式发布鸿蒙电脑硬件产品。华为终 端 BG 平板与 PC 产品线总裁朱懂东宣布，华为终端全面进入鸿蒙时代。鸿蒙电脑是华为首款搭载 HarmonyOS 5 的笔记本电脑，从内核开始重构操作系统，构筑鸿蒙办公新体验。物联网 ...

Group 1 - Huawei held the HarmonyOS Intelligent Driving Experience S9 and new product launch event, introducing a range of smart products including the flagship sedan Enjoy S9, AITO Wenjie new M7 Pro, and various smart devices [1][10] - The Enjoy S9 is a collaboration between Huawei and BAIC, featuring luxury design, spacious interiors, and advanced smart technology, redefining the luxury sedan experience [5][6] - The Enjoy S9 boasts impressive specifications, including a 0-100 km/h acceleration in just 3.9 seconds, a combined range of 816 km, and a low energy consumption of 13.2 kWh per 100 km [6][9] Group 2 - The AITO Wenjie new M7 Pro has been launched as part of the "national SUV" series, featuring upgraded driving capabilities and enhanced comfort through CDC continuous variable damping technology [10] - Huawei's new products also include the nova Flip, which features a unique square screen design and advanced camera capabilities, aimed at younger consumers [13][15] - The MatePad Pro 12.2-inch and MatePad Air were introduced, showcasing advanced display technology and AI capabilities, enhancing productivity and creative experiences [16][22] Group 3 - The Huawei FreeBuds 6i were launched with advanced noise cancellation features and a long battery life of 35 hours, targeting young consumers seeking high-quality audio experiences [28][31] - The Huawei WATCH FIT 3 has gained popularity, with over 2 million units shipped globally, and new summer colors have been introduced to attract younger users [32] - The Huawei Smart Screen S5 Pro was unveiled, featuring enhanced interactive capabilities and a variety of smart functions, catering to family entertainment needs [34][36]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 05 月 18 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 北交所修订重组相关规则，关注北证 50 成份调整带来的个股变动 ——北交所周观察第二十六期（20250518） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 请务必仔细阅读正文之后的评级说明和重要声明 联系人 北证 50 指数迎来本年内第 2 次调整，关注北证 50 指数成份股预期变动。根据《北证指数计 算与维护细则》，北证 50 指数样本股将进行 2025 年第 2 次调整，实施生效时间将是 2025 年 6 月第二个周五的下一个交易日（即 6 月 16 日）。我们以 2025 年 5 月 16 日作为基准日， 依据上述条件进行筛选，我们在剔除上市时长【6 个月】和日均成交额不达标的公司后，按照 区间成交额和市值计算预计新调入指数的 5 家公司或为利尔达、铜冠矿建、万达 ...

Core Viewpoint - Huawei's nova 14 series and HarmonyOS computer products will be launched on May 19, with significant updates to the HarmonyOS version of JD.com, enhancing user experience and functionality across platforms [1][13]. Group 1: Product Updates - The latest version of the HarmonyOS JD.com app has undergone a comprehensive redesign of the homepage, "My" section, and "Browse" section, achieving functional alignment across HarmonyOS, Android, and iOS platforms [4][6]. - The homepage features new modules such as special price channels, new product sections, and a one-stop service area for daily needs, enhancing user convenience [4][6]. - The "My" section has a refined UI with new modules for lifestyle and interactive games, providing a more comprehensive user experience [6][8]. Group 2: Unique Features - The HarmonyOS JD.com app introduces unique features that enhance the online shopping experience, including one-click login with Huawei accounts and intelligent image recognition for product searches [9][11]. - Users can share product details quickly between two HarmonyOS devices with a simple tap, improving convenience [9][11]. - The app integrates AI capabilities to notify users of price drops on watched items, ensuring they do not miss discounts [13]. Group 3: Ecosystem Development - The rapid iteration of the HarmonyOS JD.com app and its synchronization across platforms signifies a new phase in the development of HarmonyOS applications, boosting developer confidence and enhancing the ecosystem [13].

Core Viewpoint - Huawei's nova 14 series is generating significant excitement with innovative marketing strategies and product upgrades aimed at attracting younger consumers [1][3]. Group 1: Marketing and Promotion - Huawei launched an engaging H5 invitation for the nova 14 series, encouraging users to participate in a fun card-drawing game to win prizes, which has led to widespread sharing on social media [1] - The series is being promoted by celebrity spokesperson Yi Yangqianxi, with eye-catching outdoor advertisements in major cities like Beijing, Shanghai, Shenzhen, and Chengdu [1][3]. Group 2: Design and Aesthetics - The nova 14 series features an upgraded design that maintains the previous generation's pattern while enhancing texture and detail, available in four colors: gold, white, black, and purple [3]. - The gold color variant is particularly highlighted for its vibrant and warm appearance, likened to sunlight reflecting on water [3]. Group 3: Camera and Imaging Technology - The nova 14 series is expected to include significant upgrades in imaging technology, potentially featuring a new "red maple" lens and improved low-light performance [5][7]. - The device may also incorporate a periscope telephoto lens for enhanced long-range photography and improved portrait shooting capabilities [7]. - The front camera is anticipated to retain its strong performance with optical and digital zoom features, along with the continuation of the Da Vinci portrait engine [7]. Group 4: AI and Software Features - The nova 14 series will likely introduce new AI photo editing features, building on the success of the previous generation's AI capabilities [8]. - The device is expected to support dual satellite communication capabilities, enhancing its overall connectivity [8]. Group 5: Performance and Battery Life - A new processor tailored for the nova series is anticipated, promising significant performance improvements while maintaining a naming convention consistent with the 8 series [9]. - The nova 14 series is expected to feature a large battery with efficient fast charging, supported by HarmonyOS 5 for a smoother user experience [8]. Group 6: Overall Expectations - The nova 14 series is positioned as a "versatile player" with comprehensive upgrades across design, imaging, AI, and communication capabilities, aiming to elevate user experience [13].