Core Viewpoint - Huawei is set to officially launch its first HarmonyOS computer on May 19, marking a significant step for domestic operating systems in the PC sector, transitioning from Microsoft Windows to HarmonyOS for all future computer products [3][4]. Group 1: Huawei's Product Transition - Huawei's transition to HarmonyOS for its computers signifies a major shift in its product strategy, with all new computers to be pre-installed with HarmonyOS [3]. - Existing Huawei computer users will not be affected by this transition, as Microsoft will continue to provide updates for Windows operating systems installed on their devices [3]. Group 2: Market Implications - The introduction of HarmonyOS PCs is expected to fill a 30-year gap in mainstream domestic computer operating systems, representing a crucial advancement for China's electronic information industry [4]. - The security and autonomy features of HarmonyOS PCs are anticipated to attract significant interest from government, finance, and education sectors, potentially opening up new market opportunities [4]. Group 3: Market Position - 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 [4].

最新预告。 据华为终端微博消息，nova14系列及鸿蒙电脑新品发布会，5月19日14:30见。 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"正式亮相，意味着国产操作系统在个人 电脑（PC）领域迈出关键一步。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"，华为智慧办公全新升级为鸿蒙办公。 按照华为计划，今年5月19日，华为首款鸿蒙电脑将正式发布。此后，华为所有发布的电脑新品都将全部 预装鸿蒙操作系统，而此前其电脑产品都搭载微软Windows操作系统。 但随着华为电脑进入鸿蒙时代，不少原华为电脑用户开始担忧："我之前购买的华为电脑后续使用是否受 华为鸿蒙电脑战略影响，所安装的Windows操作系统后续是否可以持续更新？" 对此，证券时报·e公司记 者从可靠渠道获悉，华为原有电脑用户将完全不受鸿蒙电脑战略影响。 "原购买了华为电脑的用户，本质上也是微软用户，用户购买了微软Windows操作系统的服务，那么微软 就有义务持续为用户提供更新等服务，这个服务不受电脑品牌影响，微软对用户一视同仁。"知情人士告 诉记者。 华为官方客服人员也向记者确认，后续华为电脑都预装鸿蒙操作系 ...

5月8日，在鸿蒙电脑技术与生态沟通会上，备受期待的鸿蒙电脑正式亮相。这是鸿蒙操作系统首次 登陆电脑端，也是中国电子信息产业迈向自主生态的历史性跨越。 与过往基于Linux内核二次开发的国产系统不同，鸿蒙电脑从内核层全栈自研，彻底实现"从根到 叶"的自主可控。它诞生于华为十年磨一剑的操作系统研发体系，内核代码自主率达100%。在移动端 验证成熟的分布式技术、软硬芯云协同、系统级AI、星盾安全架构首次全面落地电脑端，让中国用 户第一次拥有了"从芯片到应用"完全可控的桌面计算平台。 更重要的是，这款产品的出现，将曾经割裂的手机、平板、电脑三大终端真正纳入统一的鸿蒙生态， 让跨设备无缝协同从概念变为日常办公的真实体验。手机拍摄的素材可一键拖拽至电脑编辑，平板能 化身电脑的扩展屏幕，所有设备在鸿蒙的分布式软总线技术下形成"超级终端"。 然而，这场操作系统的突围战从来不是单打独斗。正如华为在技术与生态沟通会上反复强调的，鸿蒙 电脑的诞生是"中国电子信息产业的集体成果"。从底层芯片的深度适配，到WPS、飞书等头部应用 的定制化开发，再到数百万开发者的代码贡献，一个属于中国的操作系统生态正在从涓涓细流汇聚成 江海。 当全球科 ...

Core Viewpoint - The smartphone industry is experiencing a competitive landscape where brand recognition and user perception are crucial for survival, and Honor faces significant challenges in establishing its identity post-separation from Huawei [6][17][18]. Group 1: Market Position and Performance - In Q1 2024, Honor achieved a 17.1% market share in China, surpassing Huawei, but by Q4 2024, its share dropped to 13.7%, ranking fifth [4]. - The smartphone market is expected to recover in 2024, with a 5.6% increase in shipments compared to 2023, particularly in the Android segment [5]. - By Q1 2025, Honor fell out of the top five smartphone brands, with a 12.8% year-on-year decline in shipments [5]. Group 2: Historical Context and Brand Evolution - Honor was initially a sub-brand of Huawei, targeting young consumers with cost-effective products, and gained recognition with models like Honor 3C/3X and Honor 6 [7][8]. - Following Huawei's sanctions, Honor became an independent brand, inheriting talent and resources from Huawei, which allowed it to maintain some competitive advantages [9][10]. - The separation from Huawei has led to a shift from a complementary relationship to direct competition, complicating Honor's market positioning [14][15]. Group 3: Challenges and Strategic Direction - Honor struggles with brand identity and lacks a compelling narrative to differentiate itself from Huawei, leading to a perception of being a "substitute" brand [18][24]. - The company's product line, while extensive, lacks standout models in each price segment, resulting in consumer confusion and a diluted brand message [22][23]. - Honor's strategy of releasing multiple models has become less effective in a market characterized by performance saturation and intense competition [22][24]. Group 4: Future Opportunities and Innovations - AI is identified as a potential breakthrough area for Honor, with initiatives like the "Alpha Strategy" aimed at creating a seamless ecosystem of interconnected devices [28][29]. - Despite some innovative features, Honor's technological advancements have not yet established a significant competitive edge compared to rivals like Huawei and Apple [24][25]. - International expansion is a focus for Honor, with new leadership experienced in overseas markets, but challenges remain due to global competition and supply chain pressures [31][32].

鸿蒙 PC 产业趋势与鸿蒙生态 20250511 摘要 • 华为鸿蒙操作系统定位于面向万物互联的第四代操作系统，采用微内核架 构和分布式软总线技术，旨在实现跨设备协同和无缝连接，与苹果 iOS 和 Windows 等操作系统形成差异化竞争。 • 华为通过鲲鹏和鸿蒙两条生态线，分别布局企业级和消费级市场，以应对 美国在芯片和软件领域的挑战，提升在全球 IT 产业中的竞争力。鸿蒙生态 已吸引超过 1,000 家 IoT 合作伙伴接入。 • 鸿蒙操作系统自 2019 年发布以来，经历了多个版本迭代，纯血版 5.0 已 应用于 Mate 70 系列和 Pura X 等设备，展示了其在智能终端领域的重要 应用，并预示着未来更多创新应用场景。 • 华为的"1+8+N"战略以智能手机为核心，连接八大终端设备及更多 IoT/AIoT 设备，构建万物互联生态系统，目前已基本形成闭环，鸿蒙 PC 的发布将补齐 PC 端短板。 • 鸿蒙 PC 预计于 2025 年发布，搭载自主研发的 X90 系列处理器，性能目 标超越苹果 M2 芯片，接近英特尔 I7 13 代处理器水平，并侧重多屏协同 等创新用户体验。 Q&A 鸿蒙系统诞生的背 ...

Core Viewpoint - The launch of the first HarmonyOS computer marks a significant breakthrough for domestic operating systems in the PC sector, showcasing Huawei's five-year development efforts and over 2,700 core patents accumulated [1]. Group 1: Product and Technology - The HarmonyOS computer is built on a restructured operating system kernel, featuring HarmonyOS 5 and aims to create a new office experience by integrating mobile and desktop environments [2]. - The computer will support over 2,000 applications by the end of the year, with 150 key applications already in development [1][4]. - The device is designed to facilitate deep integration of AI capabilities with hardware, software, and operating systems, enhancing user experience in various applications such as meeting records [2][3]. Group 2: Market Impact and Ecosystem - The introduction of the HarmonyOS computer is expected to fill a 30-year gap in mainstream domestic PC operating systems, potentially driving the development of a unified operating system ecosystem in China [2][3]. - The rapid development of the HarmonyOS computer ecosystem is creating a positive feedback loop for domestic software development, with over 150 dedicated applications initiated and more than 300 applications already adapted [4][5]. - The computer supports cross-platform deployment, allowing for reduced development costs and time, while also unlocking new market opportunities for mobile applications [5]. Group 3: Industry Collaboration - Several listed companies are becoming key players in Huawei's PC supply chain, with companies like Huawin Technology serving as the primary ODM supplier for HarmonyOS PCs [5]. - Companies such as Tianrongxin Technology Group are actively participating in the HarmonyOS ecosystem, developing security products compatible with the operating system [5].

首先，鸿蒙电脑在系统能力方面的主要特征之一是"多端协同"。此前，华为在手机、平板等终端已实现 分布式能力的应用，此次延伸至PC端，进一步拓展了操作系统在多设备场景下的使用边界。 用户可通过鸿蒙电脑实现手机、平板与电脑之间的键鼠共享、应用接力、文件互传等功能，降低设备切 换的操作成本，提高使用效率。基于HarmonyOS的分布式软总线技术，多个终端可在同一系统架构下 协同运行，形成统一的操作体验。在万物互联时代，这种"丝滑"的用户体验实在是太重要了。 其次，在系统设计上，鸿蒙电脑采用微内核架构，具备高度模块化特征。相比传统操作系统，微内核体 积更小、运行更稳定，有助于减少安全风险和系统资源占用，提升整体稳定性。 2025年3月20日，华为在Pura先锋盛典暨鸿蒙智行新品发布会上透露，搭载鸿蒙操作系统的首款电脑产 品将于5月亮相。这款被称为"鸿蒙电脑"的产品，标志着华为正式将自研操作系统推进到PC端。 推动这一决策的背景有其现实考量。随着微软对华为Windows授权在3月底到期，华为面临PC操作系 统"断供"风险，转向自主操作系统成为必然选择。与此同时，国产软件和硬件的生态发展也正呼唤一个 更安全、自主的操作系统 ...

Core Viewpoint - Company reported a mixed financial performance for Q1 2025, with significant revenue growth but a decline in net profit, indicating challenges in cost management and increased R&D expenses [2][11]. Financial Performance - In Q1 2025, the company achieved operating revenue of 112 million yuan, a year-on-year increase of 41.17% [2][11]. - The net profit attributable to shareholders was 10.2961 million yuan, down 7.14% year-on-year [2][11]. - The net profit excluding non-recurring gains and losses was 9.5276 million yuan, up 9.53% year-on-year [2][11]. - The overall gross margin remained stable at 33.43% [11]. - R&D investment increased by 45.93% due to the expansion of product lines and projects [2]. Product Sales Growth - Sales in various product areas showed growth, with smart monitoring and perception fields increasing by approximately 40.06%, intelligent detection and recognition by about 67.41%, video communication and interaction by 32.06%, and high-definition imaging and display by 101.84% [2]. Future Growth Points - The company plans to enhance its technology development in optical lens design and production, focusing on high-precision aspheric lens injection molding and ultra-precision ion coating technology [3]. - The company aims to penetrate high-value markets and develop competitive new products to meet the growing demand in emerging industries [3]. Strategic Partnerships and Expansion - The company is strengthening collaborations with major domestic and international security equipment providers and drone manufacturers [4]. - Ongoing projects include the "High-end Optical Lens Intelligent Manufacturing Project," with the first phase already in production and the second phase expected to launch in 2025 [4]. Dividend Policy - The company has completed a cash dividend distribution of 30.8 million yuan for 2025 and aims to balance shareholder interests with business growth [5]. Industry Outlook - The optical lens industry is expected to benefit from advancements in technology and increasing demand across various sectors, including digital security, medical detection, and smart home applications [9]. - The company has established a strong position in the precision optical lens market, recognized for its innovative products that meet high-performance standards [9].

Group 1: Market Position and Growth - The company's EC (electrochromic) national market share has increased to 54.3% in 2024 [1][2] - The global market share of the company's ITO (indium tin oxide) conductive film is projected to reach 52% in 2024 [5] - The company achieved a revenue of ¥583,054,725.2 in 2024, representing a 22.00% year-on-year growth [3][4] Group 2: Revenue Drivers - The revenue from low-resistance ITO films in the gaming touch button sector reached ¥98,730,700, up 22.83% year-on-year [2] - The revenue from dimmable conductive films in automotive applications was ¥66,946,600, showing a significant increase of 122.70% [2][3] - The OCA (optically clear adhesive) optical glue generated revenue of ¥158,000,000, with a year-on-year growth of 21.3% [2] Group 3: R&D and Product Development - The company has established a comprehensive product matrix covering the entire display materials industry chain through increased R&D investment [3][4] - The company has completed the construction of four major technology platforms for dimmable materials: PDLC, SPD, EC, and LC [3] - The company holds 147 authorized patents, reflecting a robust innovation system aligned with market trends [5] Group 4: Future Outlook and Strategy - The company aims to expand its market share in the context of the Internet of Things and smart technology [3] - The focus will be on the development and promotion of dimmable conductive films and optical films [3][4] - The company is exploring potential applications in smart wearables and building projects, with preliminary sample certifications completed [4][5]

Market Performance - On April 18, 2025, the CSI 300 index rose by 0.01%, while the machinery sector increased by 0.08%, ranking 12th among all primary industries [1] - The textile and apparel machinery sector saw the highest increase of 1.85%, whereas semiconductor equipment experienced the largest decline of 1.69% [1] - Top three gainers included RenZhi Co. (+10.08%), *ST Tianwo (+10.06%), and Yongjie New Materials (+10.01%); top three losers were Feiwo Technology (-11.15%), Xinyuan Technology (-9.11%), and Zhejiang Dingli (-8.59%) [1] Company Announcements - **Ruidi Zhichu** reported Q1 2025 revenue of 139 million yuan, up 6.14%, with a net profit of 23.54 million yuan, down 4.68% [2] - **Nanxing Co.** reported Q1 2025 revenue of 845 million yuan, down 11.38%, with a net profit of 43.20 million yuan, down 48.46% [2] - **Hongming Co.** reported Q1 2025 revenue of 46.81 million yuan, down 0.36%, with a net profit of 4.03 million yuan, down 7.18% [2] - **Lankao High-tech** reported Q1 2025 revenue of 129 million yuan, up 35.83%, with a net profit of 6.48 million yuan [2] - **Zhongji United** reported 2024 revenue of 1.299 billion yuan, up 17.58%, with a net profit of 315 million yuan, up 52.20% [2] - **Canaan Technology** reported 2024 revenue of 1.383 billion yuan, up 32.09%, with a net profit of 36.27 million yuan, up 254.77% [2] - **Ruidi Zhichu** reported 2024 revenue of 616 million yuan, up 5.24%, with a net profit of 101 million yuan, up 4.46% [3] - **Xintian Technology** reported 2024 revenue of 890 million yuan, down 18.07%, with a net profit of 192 million yuan, down 10.49% [3] - **Guosheng Zhike** reported 2024 revenue of 1.037 billion yuan, down 6.04%, with a net profit of 128 million yuan, down 10.30% [3] - **Hengerd** reported 2024 revenue of 585 million yuan, up 7.88%, with a net profit of 87.31 million yuan, up 0.03% [3] - **Jinggong Technology** reported 2024 revenue of 1.729 billion yuan, up 12.25%, with a net profit of 147 million yuan, down 18.53% [3] - **Sanchuan Wisdom** reported 2024 revenue of 1.473 billion yuan, down 35.52%, with a net profit of 63.77 million yuan, down 75.43% [3] - **Nanxing Co.** reported 2024 revenue of 3.332 billion yuan, down 8.18%, with a net loss of 175 million yuan [4] - **Hongming Co.** reported 2024 revenue of 201 million yuan, up 15.17%, with a net loss of 9.77 million yuan [4] - **Lankao High-tech** reported 2024 revenue of 675 million yuan, down 39.45%, with a net loss of 88.40 million yuan [5] - **Zhongnan Culture** reported 2024 revenue of 921 million yuan, up 27.76%, with a net profit of 57.42 million yuan, down 55.39% [6] - **Shenzhou High-speed Rail** reported 2024 revenue of 2.082 billion yuan, down 17.11%, with a net profit of 545 million yuan, up 34.16% [6] - **Junpu Intelligent** reported 2024 revenue of 2.661 billion yuan, up 27.00%, with a net profit of 8.20 million yuan [6] - **Weigang Technology** announced a share buyback of 0.53% of its total share capital as of April 18, 2025 [6] - **Guangge Technology** initiated a share buyback of 0.0485% of its total share capital as of April 18, 2025 [6] - **Xugong Machinery** reported a share buyback of 1.02% of its total share capital as of April 17, 2025 [6] - **Nanxing Co.** announced the resignation of Deputy General Manager Zheng Kejun due to personal reasons [6][7] Industry News - The Munich Shanghai Electronics Show took place from April 15 to 17, 2025, focusing on "Intelligent Drive, Green Transformation," attracting nearly 1,800 companies from various sectors including semiconductors and AI [8] - Chipming showcased its self-developed spatial intelligent chips, which are the only mass-produced chips globally that integrate real-time 3D vision perception, AI, and SLAM technology [8] - JAKA Robotics opened a new base in Toyohashi, Japan, on April 18, 2025, to enhance its response capabilities in the Japanese and Asia-Pacific markets [9] - The Toyohashi base will focus on high-end intelligent robots and automation solutions, aiming to strengthen collaboration with local industries [9] - JAKA Robotics has established deep partnerships with major companies like Toyota and Nissan, covering over 10 key processes in automotive manufacturing [10] - The new base will serve as a center for technology application, local solution validation, and talent cultivation in collaboration with local universities [10]