Core Viewpoint - The ongoing debate in the tech industry revolves around whether Android will become open-source or closed-source, with recent reports suggesting a shift towards a more closed development process by Google, despite the continued public release of source code [2][4][9]. Group 1: Current State of Android - Google will continue to publish the source code for Android, with the upcoming Android 16 source code set to be released [5][6]. - The Android ecosystem is currently divided into two branches: the publicly accessible AOSP and the internally developed version that requires a GMS license for use [6][7]. - The shift towards internal development of AOSP means that developers will no longer have real-time access to code changes, which could increase barriers for smaller developers [8][9]. Group 2: Reasons Behind Google's Decision - Google aims to simplify its development process and reduce maintenance costs by consolidating the development of Android into its internal branch [11]. - The decision to close off parts of the development process is seen as a way to manage the complexity and conflicts that arise from maintaining two different branches of Android [11][12]. - This strategic move may also lead to increased revenue for Google, as developers may seek to sign GMS agreements to access the latest developments [11][12]. Group 3: Implications for the Industry - While the immediate impact of a more closed Android development process may be limited, it raises concerns about the future of open-source initiatives and the potential for increased monopolistic behavior by Google [12][13]. - The historical context shows that Google's dominance in the Android ecosystem has been built on a foundation of open-source principles, but the current trend suggests a tightening of control [13][14]. - The evolution of operating systems is ongoing, with emerging competitors like Huawei's HarmonyOS and other tech giants exploring new operating systems, indicating a potential shift in the competitive landscape [14].

Group 1 - New technologies are empowering various industries and enhancing everyday life, as seen in innovations like high-tech ski helmets and advanced thermal insulation materials [1] - The introduction of a flexible manufacturing-based unmanned beverage station allows for personalized drink preparation, marking a shift in the unmanned retail sector from mere availability to quality [1] - The integration of AI algorithms with smart hardware is enabling new unmanned devices to better understand consumer preferences and assist in product development [1] Group 2 - The concept of "good housing" is gaining attention, with smart homes featuring automated lighting, voice-controlled curtains, and real-time environmental monitoring [2] - The automotive industry is transitioning towards smart driving technologies, with new vehicles showcasing advanced AI capabilities, indicating a shift from traditional transportation to intelligent terminals [2] - Innovations in zero-carbon buildings and smart home systems are transforming living spaces into digital interfaces, while smart wearables are redefining personal comfort [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因公告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* (在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ) (股 份 編 號: 1385) 海外監管公告 本公告乃上海復旦微電子集團股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第 13.10B 條的規定刊發。 茲載列本公司於上海證券交易所網站刊發的《2024 年年度報告》，僅供參閱。 承董事會命 上海復旦微電子集團股份有限公司 主席 蔣國興 中國，上海，2025 年 3 月 25 日 於本公告日期，本公司之執行董事為蔣國興先生、施雷先生、俞軍先生及沈磊先生； 非 執行董事為莊啟飛先生、張睿女士、宋加勒先生及閆娜女士；獨立非執行董事為曹鍾勇 先生、蔡敏勇先生、王頻先生及鄒甫文女士。 *僅供識別 上海复旦微电子集团股份有限公司 ...

Core Viewpoint - The rapid development of smart technologies is driving the growth of digital terminal products, presenting new opportunities for domestic optical lens manufacturers amid the wave of domestic substitution [1][2]. Group 1: Company Overview - Hongjing Optoelectronics, established in 2012, aims to become a leading provider of optical imaging and video imaging solutions in the global optoelectronics sector [1]. - The company has achieved a compound annual growth rate (CAGR) of 75% in revenue and 176% in net profit from 2021 to 2023, tripling its revenue scale in just two years [1][2]. - Hongjing Optoelectronics has established a strong market presence in various sectors, including smart automotive, smart home, and panoramic/sports cameras, with a significant market share [2][3]. Group 2: Market Position and Competitiveness - In the panoramic/sports camera sector, Hongjing Optoelectronics holds over 25% of the global market share, serving as a core supplier for leading companies like Yingshi Innovation, which has a market share of 50.7% [2]. - The company ranks sixth globally in the automotive optical lens market with a 3.70% market share and holds a 9.95% share in the home camera optical lens market as of 2023 [2]. Group 3: Research and Development - Hongjing Optoelectronics has maintained a R&D investment CAGR of 55% from 2021 to 2023, with R&D expenses consistently accounting for over 6% of revenue [4]. - The company has a dedicated R&D team of 216 personnel and collaborates with various research institutions to enhance its technological capabilities [4][5]. - As of June 30, 2024, the company has secured 270 domestic patents, including 116 invention patents, and is focusing on advanced research in areas such as smart driving and AR technology [5]. Group 4: IPO and Future Plans - The completion of the IPO will enable Hongjing Optoelectronics to accelerate its development, with nearly 500 million yuan allocated for expanding production capacity and R&D [6]. - The company plans to enhance its production capacity by over 35 million precision optical lenses and modules, addressing existing capacity constraints [6]. - Future R&D initiatives will focus on smart driving, laser radar, AR, medical lenses, and advanced optical technologies, aligning with emerging market trends [6][7]. Group 5: Industry Outlook - The optical lens market is expected to grow significantly, with supply projected to increase from 3.525 billion units in 2020 to 6.331 billion units by 2027 [7]. - Hongjing Optoelectronics aims to leverage its core technological advantages and expand its brand presence while focusing on the smart automotive and emerging consumer electronics sectors [7].

Core Viewpoint - Huawei is accelerating the integration of its devices with the HarmonyOS, marking a significant shift in the smartphone industry towards a more holistic approach that combines software, hardware, and ecosystem innovations [2][4][21]. Group 1: Innovation in Smartphone Industry - The smartphone industry is transitioning from isolated technological breakthroughs to a comprehensive competition that emphasizes user experience through software and hardware collaboration [2][8]. - Huawei's Pura X, the first smartphone fully equipped with HarmonyOS 5, was unveiled, showcasing the company's commitment to this new operating system [2][7]. - The HarmonyOS 5 aims to enhance user experience by supporting multi-modal interactions, including voice, gesture, and visual inputs, thus breaking the limitations of traditional touch interactions [8][19]. Group 2: HarmonyOS Development and Ecosystem - Huawei plans to roll out HarmonyOS 5.0.1 updates for multiple device models by Q2 2025, indicating a broadening of the HarmonyOS ecosystem [3]. - The HarmonyOS ecosystem has grown to include over 720 million developers and more than 20,000 applications, demonstrating its rapid expansion and adoption [8][19]. - The upcoming launch of HarmonyOS computers in May is expected to further enhance the ecosystem and provide new growth opportunities [10][11]. Group 3: Market Position and Competitive Landscape - HarmonyOS has surpassed iOS in market share within China, achieving a 17% share compared to iOS's 16% in Q1 2024, positioning it as the second-largest smartphone operating system in the country [8][19]. - The operating system's unique features, such as enhanced privacy protection and system fluidity, are driving user upgrades and adoption [19][18]. - Huawei aims to establish HarmonyOS as a third major global operating system, differentiating itself from iOS and Android through its open-source approach [12][18]. Group 4: Future Prospects and User Experience - The integration of HarmonyOS across various devices is expected to create a seamless user experience, facilitating the transition to a fully interconnected digital lifestyle [11][21]. - The focus on "one-time development, multi-end deployment" is set to revolutionize how applications are developed and utilized across different platforms [18][20]. - Huawei's commitment to building a robust ecosystem around HarmonyOS is anticipated to provide a competitive edge and foster innovation across multiple industries [21].

Core Viewpoint - The official version of the native HarmonyOS is set to launch soon, showcasing significant user feedback and improvements since its public testing began in October 2024 [1][2][3]. Group 1: User Feedback and System Development - Over 4 million user feedback entries have been collected, leading to more than 30 iterations and the addition of over 150 new features [1][8]. - The initial launch faced criticism due to compatibility issues and stability concerns, but the system has evolved to support seamless transitions across devices [5][12]. - Major applications like WeChat, Douyin, Alipay, and others have surpassed 2 million downloads on the HarmonyOS platform [11]. Group 2: Developer Engagement and Ecosystem Growth - HarmonyOS has become a preferred choice among leading internet companies, attracting developers with its low barrier to entry and high rewards [14][15]. - The ecosystem is projected to exceed 1 billion devices by the end of 2024, with new devices continuously being added [15][16]. - The goal for 2025 is to reach 100,000 applications, with significant growth in developer job opportunities and salaries in the market [18][19]. Group 3: Future Outlook and Strategic Goals - The year 2024 is seen as a period of acceleration for the HarmonyOS ecosystem, while 2025 is expected to mark its maturity [17][18]. - The dual interaction between the ecosystem and developers is creating substantial commercial value, positioning HarmonyOS as a self-sustaining entity [20].

证券研究报告 | 公司动态点评 2025 年 02 月 28 日 顺络电子（002138.SZ） 汽车&数据中心业务高速成长，24 年业绩实现稳步提升 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,040 | 5,897 | 7,059 | 8,194 | 9,331 | | 增长率 yoy（%） | 18.9 | 17.0 | 19.7 | 16.1 | 13.9 | | 归母净利润（百万元） | 641 | 832 | 1,048 | 1,309 | 1,538 | | 增长率 yoy（%） | 48.0 | 29.9 | 25.9 | 24.9 | 17.5 | | ROE（%） | 11.3 | 13.7 | 15.7 | 17.1 | 17.0 | | EPS 最新摊薄（元） | 0.79 | 1.03 | 1.30 | 1.62 | 1.91 | | P/E（倍） | 40.2 | 31.0 | 24.6 | 19.7 | 16.7 | | ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The mobile internet is facing a growth bottleneck and user dividend decline, with the need for technological innovation and ecological restructuring to unlock flow value [5][14] - The HarmonyOS ecosystem is positioned as a key builder of the next-generation flow ecology, leveraging full-scene intelligent collaboration and data integration to drive value leaps [5][24] - The report highlights the six advantages of the Harmony ecosystem, including being the third-largest mobile operating system globally and forming a commercial monetization closed loop [34][51] Summary by Sections Internet Traffic Ecology and Harmony Ecosystem Development Trends - The mobile internet is experiencing a slowdown in growth, with the total effective usage time averaging around 161.28 billion hours per month, and the number of independent devices showing a compound growth rate of only 0.08% [16][18] - The fragmentation of traffic entry points and technological bottlenecks are hindering the release of flow value, necessitating a full-scene integration approach to overcome these challenges [20][22] - The Harmony ecosystem is continuously innovating, with its core capabilities being full-scene multi-terminal coverage and AI-enhanced service efficiency [34][39] Whale Hong Momentum Value Insights: Flow - Whale Hong Momentum's self-owned media matrix achieved a peak MAU of 373 million in 2024, with a flow growth rate of 5.9%, indicating strong user engagement and retention [80][81] - The user demographic is primarily high-net-worth individuals aged 25-45, with a significant portion residing in first- and new-first-tier cities [8][80] - The advertising acceptance rate among users is 71.8%, with a strong conversion intention post-advertisement, providing brands with a comprehensive marketing capability [8][80] Whale Hong Momentum Value Insights: User - The user base shows a significant preference for using proprietary apps, with a high acceptance of online advertisements, particularly in categories like luxury goods and automobiles [5][8] - The report emphasizes the need to fully explore the marketing value of time-segmented scenarios, as user activity peaks at different times throughout the day [89][90] Whale Hong Momentum Industry Solutions - The Whale Hong Momentum integrates various media resources to create a unified traffic entry point, addressing the inefficiencies of fragmented mobile internet traffic [76][77] - The report outlines the importance of breaking down ecological barriers and enhancing cross-platform user behavior tracking to improve flow utilization [77][80] - The AI-driven intent framework enables efficient integration and precise distribution of traffic across devices, enhancing the overall user experience [76][77]

Core Viewpoint - The expansion of the HarmonyOS ecosystem is gaining unstoppable momentum, with significant advancements in application development and cross-device integration, positioning it as a strong competitor in the global operating system market [1][4]. Vertical Application Ecosystem Explosion - HarmonyOS has surpassed expectations with over 20,000 native applications launched within a year, addressing user concerns about application scarcity and achieving a 99% satisfaction rate in daily usage [6][16]. - The system aims to provide unique value to developers and users, moving beyond being a mere alternative to iOS or Android, with a focus on integrating AI capabilities for enhanced user experiences [7][17]. - The AI assistant "Xiao Yi" offers advanced interaction capabilities, allowing users to engage with third-party applications in ways not available on iOS or Android [8][9]. Horizontal Multi-Domain Layout - Huawei plans to have all new devices, including smartphones, tablets, and wearables, ship with HarmonyOS by 2025, indicating a strategic shift towards a unified operating system across its product lines [11][12]. - The introduction of a "new form factor" smartphone designed specifically for HarmonyOS is anticipated to enhance user experience significantly, particularly in large-screen devices [13]. - HarmonyOS is also expanding into other device categories, such as headphones and smartwatches, with features that enhance user interaction and connectivity [14]. Transition from Quantitative to Qualitative Change - The ecosystem is evolving from a focus on quantity to quality, creating a complete "application-device-scenario" closed-loop that enhances user experience and attracts more developers [16][17]. - The goal for 2025 includes reaching 100,000 applications, with a focus on essential but low-frequency applications in sectors like government and enterprise [18]. - The ongoing evolution of HarmonyOS is driven by innovation and transformation, positioning it as a key player in the interconnected world of smart devices [18].

浙江省杭州市西湖区文二西路 780 号西溪银座 C 座 杭州立方控股股份有限公司 杭州立方控股股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 北京市朝阳区安立路 66 号 4 号楼 1-1-1 证券简称： 立方控股 证券代码： 833030 保荐机构（主承销商） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不 表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发 ...