本报记者 秦枭 北京报道 鸿蒙系统，作为首个国内自研、自主可控的技术底座及开源生态，正在成为我国电子化信息产业和数字 经济时代增长的关键力量。与此同时，作为一个新兴的生命体，鸿蒙也在创新中不断演进，释放技术和 商业模式红利。 《中国经营报》记者注意到，近日，在国务院新闻办公室举办的经济数据例行新闻发布会上，工业和信 息化部信息通信发展司司长谢存明确表示，要推动更多APP上架鸿蒙应用商店，满足群众多样化需求， 不断提升用户体验。鼓励各方以更加开放的姿态拥抱开源、贡献开源、使用开源，加快打造互利互惠、 共建共享的软件生态。 多地政务及民生应用加速鸿蒙化 2024年2月起，上海市大数据中心与华为共同签署鸿蒙合作备忘录，正式启动"随申办"鸿蒙版应用开 发，成为全国首批推行政务民生鸿蒙应用的政府机构。紧随其后的浙江、广西等多省区市的政务民生、 新闻媒体应用等都宣布启动鸿蒙应用开发。今年，多地政务及民生应用也在对鸿蒙化应用开发极速冲 刺。近期，山东、江苏、内蒙古、北京等地举办了华为"HDD•春日鸿蒙生态伙伴论坛"，现场多家本地 鸿蒙应用亮相发布仪式。各地企业和鸿蒙应用开发者正全面加速鸿蒙应用开发及上架。 除各地政府出台扶 ...

这一政策并非孤立事件，而是与地方政府的产业扶持形成合力：武汉光谷对鸿蒙原生应用开发最高奖励3000万元，长沙经开区给予芯片/模组企业2000万元/ 年补贴，深圳更以"鸿蒙欧拉产业创新发展计划"推动2025年鸿蒙设备规模达10亿台。 这类政策直接降低了开发者的进入门槛，加速了应用生态的繁荣。 与此同时，国家层面明确支持开源鸿蒙（OpenHarmony）在能源、医疗、金融等18个垂直领域的深度定制。截至2025年一季度，全球已有700万开发者参与 鸿蒙开源社区建设，落地了"矿鸿""警鸿"等70余个行业版本，技术平权效应显著。 2025年4月18日，工业和信息化部在例行新闻发布会上释放关键信号——明确要求"推动更多APP上架鸿蒙应用商店"，这一政策不仅将鸿蒙生态建设提升至 国家战略高度，更标志着中国操作系统从技术突围迈向生态扩张的关键转折。 在全球科技博弈深化、数字主权竞争白热化的背景下，鸿蒙系统凭借全场景分布式架构、自主可控技术底座及开源生态模式，正成为打破国外操作系统垄断 的破局者。 这场由政策红利、资本涌动、技术迭代共同驱动的生态革命，正在重构万亿级市场格局，书写中国数字经济的"操作系统突围史"。 01 政策 ...

Financial Performance - In 2024, the company achieved a revenue of 4.636 billion yuan, representing a year-on-year growth of 9.29% [1] - The net profit attributable to shareholders was 312 million yuan [1] - The net cash flow from operating activities was 261 million yuan, an increase of 130 million yuan, reflecting a year-on-year growth of 99.25% [5] Industry Position and Comparison - The company is positioned among the leaders in the financial IT industry, with a steady increase in revenue [1] - The overall industry is experiencing a shift towards digital transformation, with a focus on AI applications in finance [4] Future Growth Opportunities - The company anticipates growth driven by advancements in large model technology and increased investment in "AI + Finance" by financial institutions [1] - The trend of "self-controllable" and "domestic substitution" strategies is expected to deepen, expanding the market for domestic innovation [4] - The demand for intelligent technology and financial technology applications is projected to enter a period of explosive growth [4] Cross-Border Payment Achievements - The company has achieved comprehensive coverage of clients in the cross-border payment sector, including central bank IT subsidiaries and major banks [3] - It possesses technical capabilities and experience in building cross-border payment systems, utilizing communication and messaging technologies as well as blockchain technology [3] Industry Outlook - Artificial intelligence is recognized as a core engine for new technological innovation and industrial transformation, driving the digital evolution of financial institutions [4] - The market demand for intelligent technology and financial technology applications is expected to surge due to the integration of AI and finance [4]

4月23日，盛通股份（002599）发布2024年年报，公司实现营业总收入20.45亿元，同比下降14.64%；归 属于母公司净利润为-1.92亿元，同比下降4771.21%。扣除非经常性损益后的净利润为-1.99亿元，同比 下降3332.14%。公司业绩大幅下滑，主要受商誉减值影响。 印刷综合服务业务：荣誉与挑战并存 盛通股份的科技教育服务业务主要为3-18岁青少年提供编程、机器人、人工智能等课程。2024年，公司 升级了"乐博乐博4.0"课程体系，整合了《人工智能启蒙》和《Python编程课程》，并推出了《人工智能 课程》系列，进一步提升了课程的科学性和完善性。 在业务拓展方面，公司持续开拓C端以外的渠道，与中国儿童中心、腾讯云等机构建立了战略合作，并 通过OMO教学服务平台打通线上线下（300959）教学服务。此外，公司教育品牌中鸣机器人于2025年1 月获得鸿蒙生态产品兼容性证书，标志着其正式进入鸿蒙生态系统，为未来获取更多技术支持和市场机 会奠定了基础。 尽管公司在科技教育领域取得了一定进展，但整体业务规模仍较小，且市场竞争激烈。2024年，公司科 技教育服务业务的收入未能显著提升，且成本压力较大， ...

Group 1 - Huawei Pura X, equipped with HarmonyOS 5, is expected to be a hot seller during the May Day holiday, enhancing user experience with various applications like Huawei Weather, Huawei Wallet, and Petal Maps [1][14] - The Huawei Tianji Tong service offers seamless international internet access without the need for SIM card changes, covering over 100 countries and regions, and provides promotional packages for users traveling abroad [2][4] - Petal Maps supports global navigation in Chinese and offers localized services for over 160 countries, enhancing the travel experience with official recommendations from tourism boards [4] Group 2 - The AI features of Huawei's Xiao Yi allow users to enhance their travel photos effortlessly, providing professional-level image editing capabilities [6] - Huawei Cloud Space automatically backs up high-definition photos and videos, allowing users to access their media easily and ensuring device safety with a "Find My Device" feature [8] - Huawei Weather app provides real-time weather updates and travel suggestions, enhancing user experience during trips [9][12] Group 3 - Huawei Wallet facilitates convenient public transport access in over 330 cities, and users can book tickets through the negative one screen service, enhancing travel efficiency [11][12] - The integration of various HarmonyOS applications allows users to plan, navigate, and document their travels seamlessly, making Huawei devices a comprehensive travel companion [14]

Core Insights - Huawei's 2024 annual report highlights significant growth in sales and R&D investment, with total sales revenue reaching 862.07 billion yuan, a year-on-year increase of over 22% [1] - The company invested 179.7 billion yuan in R&D in 2024, accounting for 20.8% of its total revenue, bringing cumulative R&D spending over the past decade to approximately 1.25 trillion yuan [1] - Huawei's chairman emphasized the importance of maintaining strategic focus and building core competitiveness in the face of opportunities and challenges in the accelerating smart era [1] Financial Performance - In 2024, Huawei achieved a net profit of 62.57 billion yuan, a decline compared to the previous year [1] - Total assets reached 1.29 trillion yuan, with operating cash flow at 88.42 billion yuan [1] - The operating profit margin remained stable at 9.2%, with total liabilities showing a debt ratio of 57.8% [1] Business Segments - Huawei's ICT infrastructure and terminal businesses generated revenues of 369.90 billion yuan and 339.00 billion yuan respectively, with the terminal business experiencing a significant growth of 38.3% year-on-year [2] - The smart automotive solutions segment saw explosive growth, with revenue increasing by 474.4% to 26.35 billion yuan [2] - In the smartphone market, Huawei ranked second in overall sales for 2024, with a market share of 16.3% and a year-on-year sales growth of 36.4% [2][3] High-End Market Position - Huawei's share in the high-end smartphone market (priced above 600 USD) increased from 20% in 2023 to 29% in 2024, marking the largest growth among Chinese brands [3] - The high-end smartphone segment accounted for 28% of the total market in China, reflecting a trend towards premium devices [3] - In the automotive sector, Huawei's smart solutions led the market in average transaction price, with significant sales of the AITO M9 model [3] Ecosystem Development - Huawei's HarmonyOS 5.0 was launched, marking a significant milestone in the development of a fully self-developed operating system [4] - The Harmony ecosystem has over 7.2 million developers and more than 1 billion devices, with applications covering 18 verticals [4][5] - The company aims to strengthen its ecosystem further, emphasizing collaboration with partners and developers [5] AI Integration - Artificial intelligence emerged as a key focus in Huawei's annual report, with the company highlighting the rapid advancements in AI technology and its applications [6] - Huawei is committed to building a robust AI computing foundation, leveraging its strengths in various fields to enhance AI capabilities [6][7] - The company is also upgrading its cloud services to support AI-driven digital transformation across industries [7]

华为推出首款阔折叠屏手机 在日前举行的华为Pura先锋盛典及鸿蒙智行新品发布会上，华为推出首款阔折叠屏手机华为Pura X，公布了鸿蒙操作系统5的全新升级计划，并透露搭载鸿蒙操作系统的鸿蒙电脑将于2025年5月份亮 相。同时，华为耳机、手表、手环、智慧屏、家庭影院、汽车等多款全场景智慧新品亮相。 据介绍，华为Pura X进一步探索折叠手机屏幕尺寸与比例的全新组合方式，这也是首款全面搭载鸿 蒙操作系统5的手机，同时支持天通卫星通信、卫星寻呼等功能。 华为宣布搭载鸿蒙操作系统的鸿蒙电脑将在2025年5月份亮相。华为常务董事、终端BG董事长、智 能汽车解决方案BU董事长余承东表示，鸿蒙电脑将为电脑领域带来新的发展机会和成长土壤，诚邀广 大生态伙伴和开发者共建鸿蒙电脑生态版图。 据了解，作为鸿蒙智行全景智慧旗舰SUV汽车，问界M9累计交付量突破17万辆，蝉联中国市场50 万元以上豪华车型销量冠军，保值率、用户满意度、用户净推荐值等指标维度，均高居行业前列。此 次，问界M9采用全向立体融合感知系统、华为星河通信、华为车语系统2.0、智能隐私车窗、智能激光 投影巨幕系统2.0、更高效的增程系统等科技亮点，提升出行体验。 ...

持续深入技术无人区，华为打造折叠屏赛道"新范 式" 折叠屏市场格局渐定，作为赛道开创者的华为持续领跑。 2025年3月20日，华为Pura先锋盛典及鸿蒙智行新品发布会在深圳举行，会上华为正式推出了首款阔折 叠HUAWEI Pura X，借此一举打破智能终端形态边界。 事实上，自2019年华为首创折叠屏品类以来，该赛道连续6年保持超100%的年增速，成为智能手机市场 少数逆势增长的核心增量极。在这一过程中，作为先行者的华为不断推陈出新，以强大的科研力为产品 赋能，回馈消费者的信任。 值得一提的是，在折叠屏市场上攻城拔寨之余，华为还不断强化各大产品板块。在这次发布会上，华为 还公布了鸿蒙操作系统5的全新升级计划，并宣布搭载鸿蒙操作系统的鸿蒙电脑将在2025年5月份亮相。 此外，华为FreeBuds 6、华为WATCH GT 5新色、华为手环10、华为智慧屏S6 Pro、华为鸿蒙智家、问 界M9 2025款、问界新M5 Ultra、问界M8、享界S9增程版等多款全场景智慧新品也在会上重磅亮相，并 官宣刘亦菲正式成为鸿蒙智行智界品牌大使。 折叠屏新标杆迎风起 《颠覆性创新》作者威廉·泰勒曾总结：决定品牌地位的，不只有 ...

Group 1: Major Asset Restructuring - Xiangcai Co. and Shanghai Dazhihui Co. are planning a major asset restructuring through a share swap, with Xiangcai issuing A-shares to absorb Dazhihui [2][3] - The stock of both companies will be suspended from trading starting March 17, 2025, for a period not exceeding 10 trading days [2] - As of the latest closing, Xiangcai's total market value is 19.7 billion, while Dazhihui's is 18.055 billion, totaling approximately 37.8 billion [3] Group 2: Securities Industry Mergers - The securities industry is experiencing a wave of mergers, with significant room for consolidation driven by policy guidance and internal motivations [3][4] - Recent merger cases include Zhejiang Merchants + Guodu, Western + Guorong, and Guoxin + Wanhua, indicating diverse integration pathways [3] - The current valuation of the brokerage sector is at 1.6 times PB, suggesting limited downside and potential for upward movement [4] Group 3: Huawei's Harmony OS Developments - Huawei has launched a new laptop pre-installed with Linux, potentially signaling a shift towards its own Harmony OS for future PC products [5] - Harmony OS has gained a 17% market share in China, surpassing Apple's iOS to become the second-largest operating system in the market [6] - The official release of Harmony OS NEXT (5.0) is expected in 2024, with a goal of achieving 100,000 applications as a sign of ecosystem maturity by 2025 [7] Group 4: Investment Opportunities in Harmony Concept Stocks - 229 Harmony concept stocks have seen an average increase of 23.53% this year, outperforming the Shanghai Composite Index [8] - Notable low-valuation stocks include Dahua Technology with a rolling P/E ratio below 10, attracting significant institutional investment [8] - Six low-valuation concept stocks are projected to have net profit growth rates exceeding 20% in 2025 and 2026, indicating strong future potential [8]

Investment Rating - The report does not explicitly state an investment rating for the industry or company Core Insights - Huawei has transitioned from a component supplier to a comprehensive solution provider in the smart automotive sector, adhering to a "no car manufacturing" strategy while deeply collaborating with automotive companies, creating a differentiated competitive landscape compared to BYD's vertical integration and three-electric technology advantages [3][4] - The competition between Huawei and traditional automakers in the field of intelligence will be a focal point in the future market [3] - Huawei's automotive business operates through three parallel models: component supply, HI intelligent driving, and HarmonyOS intelligent driving, with the HI model showing the most growth potential due to its non-threatening nature to automakers' dominance [3][7] Summary by Sections Huawei's Automotive Business Development - Huawei's automotive journey began with in-car communication (2013-2015), evolved through collaborations with car manufacturers (2016-2018), and has now reached the stage of providing comprehensive solutions since 2019 [3][4] Production Capacity and Market Performance - Huawei's smart selection vehicle business has established an annual production capacity of 1.7 million units, achieving rapid growth in the high-end new energy market, with standout models like the Zhijie R7 and Xiangjie S9 [4] - The production layout includes various factories with specific annual capacities, such as 700,000 units at the Seres Chongqing Super Factory and 150,000 units at the Liangjiang Factory [4] Revenue Projections - By 2030, Huawei's automotive business is expected to generate revenues of 63.51 billion yuan from HarmonyOS intelligent driving and 24.27 billion yuan from smart automotive solutions, with intelligent driving and cockpit technologies being the main growth drivers [5][16] - The projected sales volume for HarmonyOS intelligent driving is expected to increase from 78,000 units to 1.56 million units, primarily driven by the Wanjie series [5][16] Business Models and Solutions - Huawei's smart automotive business provides comprehensive support through five major solutions, including hardware and software supply, and operates through a sales network comprising direct brand outlets and partnerships with automotive companies [7][8] - The smart selection model allows Huawei to deeply participate in the automotive manufacturing process, achieving both "making good cars" and "selling good cars" [7] Case Study: Seres - The collaboration between Seres and Huawei has evolved through stages of exploration, brand accumulation, market downturns, and product breakthroughs, with the product line expanding from the single SF5 to multiple models like Wanjie M5/M7/M9, achieving peak monthly sales of over 40,000 units [11] - The smart selection model has significantly contributed to Seres' success by providing a transparent pricing system and a user-centered marketing approach, which has resonated well with younger consumers [11]