Core Viewpoint - The launch of the HUAWEI MateBook Fold marks a significant breakthrough for China's domestic computer operating system, indicating a shift in the PC industry towards self-reliance and innovation in the face of global challenges [2][3][21]. Group 1: Importance of Self-Developed Operating Systems - The necessity for self-developed computer operating systems arises from the digital era and the 5G Internet of Things, which demand systems that can support interconnectivity and collaboration among devices [2]. - The current global landscape of operating systems is highly concentrated, with Windows holding over 70% market share and macOS over 10%, making it challenging for new entrants [3]. Group 2: Technical Challenges and Innovations - HUAWEI's HarmonyOS for computers is a fully self-developed system, achieving 100% independence from Linux or Windows, with a focus on a microkernel architecture that reduces code redundancy and enhances security [5][6]. - The development process is complex, requiring a balance between compatibility with existing software and the need for innovation, as traditional systems have extensive legacy code [6]. Group 3: Ecosystem Development - Building a software ecosystem for computers is more challenging than for mobile devices, as the existing software landscape is dominated by Windows and macOS [10]. - As of May 19, 2025, over 150 dedicated computer applications have been adapted for HarmonyOS, with expectations to support over 2000 applications by the end of the year [10][13]. Group 4: User Experience and Security - HarmonyOS integrates AI deeply into the operating system, enhancing user experience through features like seamless cross-device collaboration and innovative interaction methods [18][20]. - The system employs a multi-layered security architecture, including chip-level encryption and strict application governance, to ensure data security and privacy [20]. Group 5: Industry Impact - The release of HarmonyOS for computers signifies a historic leap for China's tech industry, transitioning from a technology follower to a rule-maker in the global tech landscape [21]. - The development of HarmonyOS is expected to stimulate the domestic software industry and promote the growth of local enterprises, creating a more self-sufficient technology ecosystem [14][21].

Core Viewpoint - The emergence of the Harmony operating system is seen as a historical inevitability, driven by the need for a new technological ecosystem in response to the declining innovation vitality of the US-led single-core technology ecosystem [1][14][17]. Group 1: Development and Challenges of Harmony - Harmony OS is part of Huawei's "Root Technology Six Series," with the goal of making it widely recognized among consumers [2][3]. - The development of Harmony OS has faced delays, with the true version only being released in March and May of this year, indicating that the journey is just beginning [4][10]. - The system's growth is contingent on user adoption, with a target of reaching 100 million users primarily through the domestic market [32]. Group 2: Ecosystem and Market Dynamics - The ecosystem surrounding Harmony OS is crucial for its success, requiring a collaborative effort from various stakeholders, including developers and enterprises [27][31]. - The relationship between Harmony and WeChat reflects the complex dynamics of competition and cooperation within the ecosystem, highlighting the need for mutual survival [29][31]. - The development of Harmony is not just a Huawei initiative but a broader societal and industrial mobilization process [25]. Group 3: Global Context and Strategic Importance - The current technological landscape is characterized by a need for competition, as the single-core ecosystem has led to stagnation and monopolistic practices [15][14]. - The development of Harmony is positioned as a necessary step for China's high-tech self-reliance and a response to the geopolitical pressures faced by Huawei [20][14]. - The historical context of the internet's evolution is drawn parallel to Harmony's development, emphasizing the importance of a public goods approach to technology [9][12]. Group 4: Future Outlook and Vision - The vision for Harmony is to provide a viable alternative to existing systems, aiming to create a competitive landscape that fosters innovation [22][15]. - The expectation is that Harmony will eventually exceed the initial goal of capturing one-third of the market, although it currently faces the challenge of establishing a new ecosystem [23][24]. - The long-term success of Harmony will depend on its ability to adapt and grow organically, avoiding the pitfalls of rapid, unsustainable user influx [26][25].

首款鸿蒙笔记本电脑和鸿蒙折叠电脑正式问世，宣告个人电脑国产操作系统取得里程碑式突破。 5月19日，华为在成都召开了nova 14系列及鸿蒙电脑新品发布会，发布了全球首款鸿蒙折叠电脑MateBook Fold非凡大师版。华为常务董事、终端BG董事 长余承东表示："今天我们带来了颠覆行业的电脑产品！" 据了解，华为MateBook Fold是非凡大师家族的新成员，采用了华为"史上最好的屏幕"以及针对电脑进行"专项增强"的鸿蒙系统，该电脑起售价为23999 元。此外，全球首款鸿蒙笔记本电脑MateBook Pro也正式发布，起售价为7999元。 据悉，两款电脑都是今晚开启预售，6月6日上午10点8分正式开售。 "颠覆行业"的鸿蒙折叠电脑 "今天我们终于解决了电脑大屏和便携无法兼容的历史难题！让我们迎来便携一体机的全新时代。"余承东表示。 从屏幕和便携来看，华为MateBook Fold屏幕展开后可达18英寸，成为全球最大商用折叠屏电脑，薄至7.3mm。而折叠后电脑只有13英寸，总重量轻至 1.16kg，比MacBook Air还要轻。 余承东表示，MateBook Fold搭载了"华为史上最好的电脑屏幕"。据介绍， ...

首款鸿蒙笔记本电脑和鸿蒙折叠电脑正式问世，宣告个人电脑国产操作系统取得里程碑式突破。 5月19日，华为在成都召开了nova 14系列及鸿蒙电脑新品发布会，发布了全球首款鸿蒙折叠电脑 MateBook Fold非凡大师版。华为常务董事、终端BG董事长余承东表示："今天我们带来了颠覆行业的电 脑产品！" 据了解，华为MateBook Fold是非凡大师家族的新成员，采用了华为"史上最好的屏幕"以及针对电脑进 行"专项增强"的鸿蒙系统，该电脑起售价为23999元。此外，全球首款鸿蒙笔记本电脑MateBook Pro也正 式发布，起售价为7999元。 据悉，两款电脑都是今晚开启预售，6月6日上午10点8分正式开售。 "颠覆行业"的鸿蒙折叠电脑 "今天我们终于解决了电脑大屏和便携无法兼容的历史难题！让我们迎来便携一体机的全新时代。"余承东 表示。 从屏幕和便携来看，华为MateBook Fold屏幕展开后可达18英寸，成为全球最大商用折叠屏电脑，薄至 7.3mm。而折叠后电脑只有13英寸，总重量轻至1.16kg，比MacBook Air还要轻。 余承东表示，MateBook Fold搭载了"华为史上最好的电脑屏幕"。据 ...

Core Viewpoint - The emergence of the GPMI (General-Purpose Multimedia Interface) standard represents a significant shift in the audio-visual interface landscape, aiming to unify various standards and reduce the complexity of connections in electronic devices, while leveraging China's manufacturing and technological capabilities [1][6][27]. Group 1: Industry Context - The HDMI standard, established in 2002 by major Japanese companies, has dominated the market but has imposed a "technology tax" on manufacturers, particularly in China, where the burden is estimated at around 60% of the total fees collected globally [1][4][19]. - In 2024, Chinese manufacturers such as TCL, Hisense, and Xiaomi are projected to hold a combined 31.3% share of the global television market [1][19]. - The GPMI standard is being developed in response to the limitations of existing interfaces like HDMI and DisplayPort, which have struggled to adapt to the evolving needs of high-definition content and smart devices [6][27]. Group 2: GPMI Features and Advantages - GPMI supports high bandwidth of 96Gbps for 8K 120Hz uncompressed video transmission and can provide up to 480W of power, making it suitable for a wide range of devices [9][10][12]. - The GPMI Type-C interface is designed to be backward compatible with existing USB Type-C, ensuring a smooth transition for consumers and manufacturers [15][18]. - GPMI's dual-directional transmission and control capabilities allow for a single remote to manage multiple connected devices, enhancing user convenience [10][12]. Group 3: Industry Support and Development - The GPMI initiative has garnered support from over 90 industry partners, including major manufacturers and research institutions, indicating a strong collaborative effort to establish this new standard [16][18]. - The Chinese government has shown commitment to GPMI's development through various supportive policies aimed at accelerating its adoption in the audio-visual industry [19][20]. - The GPMI standard is expected to play a crucial role in the rapidly growing ultra-high-definition market in China, projected to reach a scale of 5 trillion RMB by 2024 [20][27]. Group 4: Challenges and Market Dynamics - Despite the strong technical advantages of GPMI, there are concerns regarding its market adoption, as many manufacturers are still unaware of the technology, and existing consumer habits may pose resistance to change [21][24]. - The presence of a vast number of legacy devices in the market complicates the transition to GPMI, as compatibility with older technologies remains a significant hurdle [24][25]. - The success of GPMI will depend on its ability to deliver tangible benefits to consumers and effectively compete with established standards like HDMI and DisplayPort [21][26].

Investment Rating - Rating: Overweight [1] Core Viewpoints - The launch of Harmony PC enhances Huawei's '1+8+N' strategy, positioning it to lead in the AI era and the Internet of Everything [4][6] - Harmony PC reconstructs the OS from the kernel, with a focus on performance, security, and distributed features [7] - Harmony OS ecosystem has surpassed 1 billion devices, with over 7.2 million developers and more than 20,000 native applications [9] Summary by Sections Investment Recommendations - Recommended targets include Chinasoft International, Isoftstone Information Technology, Newland Digital Technology, Jiangsu Hoperun Software, and Talkweb Information System; related targets include Beijing Oriental Jicheng, Jwipc Technology Co., Ltd., and Shijiazhuang ChangShan BeiMing Technology [4][6] Harmony OS Development - Harmony OS is built on a robust foundation with the Harmony kernel, Ark Engine for performance enhancement, and a distributed architecture for resource sharing [7] - The ecosystem includes over 2000 integrated applications, with 150+ dedicated PC applications already adapted [4][9] AI and IoT Integration - Harmony AI sets a new standard for smart computing, enabling system-level assistants and efficient collaboration across devices [8] - Harmony PC supports over 1000 peripheral devices, breaking hardware barriers and enhancing user experience [8] Ecosystem Growth - Huawei's ecosystem has reached over 1 billion devices, supported by a significant investment in the Harmony Ecosystem Partner Program [9] - The dual-track strategy allows compatibility with mainstream Windows applications, reducing user migration costs [9]

Core Insights - Apple is facing unprecedented challenges in the Chinese market, with its sales volume declining while competitors are gaining ground [1][5][6] - The company's revenue in Greater China has decreased for seven consecutive quarters, with a latest decline of 2.3% [1][6] - Apple's pricing strategy has created confusion, as it maintains different prices across online and offline channels, leading to consumer dissatisfaction [4][5] Pricing Strategy - Apple has implemented significant price reductions for the iPhone 16 Pro series, making it eligible for government subsidies for the first time [1][3] - Discounts for the iPhone 16 series during the "618" shopping festival include up to 2000 yuan, but the official website and physical stores still list original prices [2][3][4] - The pricing inconsistency between online and offline channels has led to self-competition and increased market confusion [4] Market Performance - In Q1 2025, Apple's market share in China dropped to 13.7%, with a 9% decline in shipment volume, while the overall smartphone market grew by 3.3% [5][6] - Despite a global increase in shipments by 10%, Apple's performance in China continues to lag behind competitors like Xiaomi and Huawei [5][6] - The decline in Apple's market position is attributed to its Pro series products not being included in the government subsidy program [5][6] Competitive Landscape - Apple's traditional advantages in design, hardware, and software are diminishing as competitors close the technological gap [7] - The rise of interconnected ecosystems from domestic brands like Huawei and Xiaomi poses a significant challenge to Apple's market competitiveness [7] - The recent cessation of the tariff war is seen as a temporary relief for Apple, but long-term strategies remain conflicted between maintaining high-end positioning and increasing market share [7]

华为" 1+8+N "全场景生态完善，鸿蒙 OS 生态突破 10 亿设备 。 ① 5 年来华为集结了超过 1 万名工程 师，联合 20 多家研究所，积累了 2700 余项核心专利，覆盖操作系统内核、分布式架构、安全机制等关 键领域，鸿蒙电脑的发布标志着华为" 1+8+N "全场景生态的完善。 ② 面对 Windows 生态的垄断优 势，华为采用"双轨并行"策略：初期通过"鸿蒙 + 模拟器"方案兼容主流 Windows 应用，降低用户迁移 成本；同时投入超百亿元启动"鸿蒙生态伙伴计划"，为开发者提供从技术培训到流量扶持的全链条支持 。 ③ 鸿蒙操作系统的生态已经突破 10 亿台设备，开发者数量也超过 720 万，原生应用和元服务已上架 超过 20000 个 。 报告导读： 鸿蒙 PC 从内核开始重构 OS ，生态方面有 2000+ 融合应用加速适配，预计 在 AI 和万物互联新战场占据一席之地；鸿蒙 PC 的推出同时也繁荣了整个鸿蒙 OS 生 态。 投资建议： 鸿蒙 PC 的推出将完善华为" 1+8+N "布局，有望在 AI 时代占据先机，成为万物互联时代的 入口。 鸿蒙 PC 从内核开始重构 OS 。 ① 鸿 ...

Core Points - The 2024 Annual General Meeting (AGM) of Aojie Technology Co., Ltd. is scheduled for May 20, 2025, at 10:00 AM in Shanghai, China, with a combination of on-site and online voting methods [4][5] - The company emphasizes the importance of maintaining order and protecting the rights of shareholders during the AGM, with specific procedures for attendance and voting outlined [1][2][3] Meeting Procedures - Only registered shareholders and authorized representatives are allowed to attend the meeting, and they must sign in at least 30 minutes before the start [1][2] - The meeting will follow a predetermined agenda, allowing shareholders to express their opinions and vote on various proposals [2][3] - Voting will be conducted through both on-site and online methods, with results announced after the meeting [3][4] Financial Performance - In 2024, the company achieved a revenue of 3.39 billion yuan, representing a 30.23% increase compared to the previous year [50] - The net profit attributable to shareholders was a loss of 693 million yuan, which is a deterioration compared to the previous year's loss [50] - The company’s R&D investment was approximately 1.24 billion yuan, accounting for 36.68% of its revenue, indicating a strong focus on innovation [31] Business Development - The company reported significant growth in its core chip products, particularly in cellular baseband chips, which accounted for 89.01% of total revenue [27][28] - The custom chip design business saw a revenue increase of 48.38% year-on-year, highlighting the company's ability to meet diverse client needs [31] - Aojie Technology has established partnerships with over 350 operators globally, enhancing its market presence and product credibility [34] Governance and Compliance - The company is committed to maintaining high standards of corporate governance, with a focus on transparency and effective communication with investors [38][39] - The board of directors and various committees have been actively involved in overseeing the company's operations and ensuring compliance with legal requirements [39][41] - The company has implemented a share buyback plan to boost market confidence and support employee stock ownership [36][37]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][18]. Core Views - The company has achieved record high sales revenue and net profit in Q1 2025, driven by significant growth in the automotive electronics and data center sectors, while the communications and consumer electronics segments showed modest performance [2][3]. - The company is well-positioned to benefit from the ongoing recovery in the global smartphone market and the increasing demand for high-performance electronic components, particularly in the context of AI integration in mobile devices [8][9]. - The report forecasts a steady increase in revenue and net profit over the next few years, with projected net profits of 1.08 billion, 1.34 billion, and 1.67 billion yuan for 2025, 2026, and 2027 respectively [9]. Financial Summary - For 2023, the company reported a revenue of 5,040 million yuan, with a year-on-year growth rate of 18.9%. The net profit attributable to the parent company was 641 million yuan, reflecting a significant year-on-year growth of 48% [1]. - The projected revenue for 2025 is 7,177 million yuan, with a growth rate of 21.7%, and the net profit is expected to reach 1,081 million yuan, maintaining a growth rate of 29.9% [1][9]. - The company's gross margin for Q1 2025 was 36.56%, with a net margin of 17.84%, indicating improved profitability despite a slight decrease in gross margin year-on-year [2]. Business Performance - The automotive electronics segment has shown remarkable growth, with a year-on-year increase of 90.47% in the first quarter of 2024, despite a general slowdown in the new energy vehicle market [3]. - The company has successfully expanded its customer base, achieving comprehensive coverage of top-tier automotive electronics and new energy vehicle clients globally [3]. - The report highlights the company's ongoing efforts in product innovation and market expansion, particularly in the fields of automotive electronics and energy storage, which are expected to drive future growth [9].