Group 1: AI and HarmonyOS Development - Huawei's HarmonyOS aims to achieve cross-terminal intelligent collaboration and resource sharing through a "one-time development, multi-terminal deployment" architecture[6] - The first HarmonyOS computer will be officially released on May 19, 2025, featuring the HarmonyOS 5 operating system[9] - In Q4 2024, HarmonyOS captured a 19% market share in China, surpassing Apple's iOS at 17%[30] Group 2: Market Performance and Trends - The median price change for technology growth stocks on the Beijing Stock Exchange was +1.11% from May 12 to May 16, 2025, with 58% of companies experiencing gains[43] - The median TTM P/E ratio for the machinery equipment industry increased by 6.48% to 62.5X, while the electronic equipment industry's median P/E rose from 56.0X to 58.5X[48] - The total market value of the electronic equipment industry decreased to 1390 billion yuan, while the machinery equipment industry's market value increased to 1044 billion yuan[51][59] Group 3: Industry Insights - The AI+ industry on the Beijing Stock Exchange comprises 28 companies, including leaders in cloud computing and AI applications[37] - The automotive industry's median TTM P/E ratio rose from 32.9X to 33.5X, with total market value increasing to 570.7 billion yuan[67] - The information technology industry's median TTM P/E increased from 86.4X to 87.0X, despite a decrease in total market value to 882 billion yuan[63][66]

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].

Group 1: U.S.-China Trade Relations - The U.S. and China have agreed to reduce tariffs significantly, with U.S. tariffs on Chinese goods dropping from 145% to 30%, and Chinese tariffs on U.S. goods decreasing from 125% to 10% [4][5][6] - The tariff adjustments exceed market expectations, indicating a potential shift in trade dynamics and a more cooperative stance between the two nations [4][6][7] - Future negotiations will likely focus on core issues such as market access barriers, intellectual property protection, and service trade barriers [6][7] Group 2: JD Group Performance - JD Group reported Q1 2025 revenue of 301.1 billion yuan, a year-on-year increase of 16%, with net profit reaching 11.3 billion yuan, up 53% year-on-year [9][10] - The company’s retail segment saw a 16% revenue growth, driven by strong performance in electronics and daily necessities, supported by government subsidy policies [12][10] - JD's logistics revenue grew by 11% year-on-year, with significant contributions from external clients, indicating a robust logistics operation [13] Group 3: Ma Yinglong's Market Position - Ma Yinglong holds a dominant position in the hemorrhoid treatment market, with a market share of 50% and a stable customer base due to high recurrence rates of hemorrhoid conditions [18][19] - The company is expanding into health products like eye cream and wet wipes, with the latter showing strong market growth potential [19][21] - Revenue projections for Ma Yinglong are set at 4.346 billion yuan for 2025, with a net profit forecast of 624 million yuan, reflecting its strong market presence and growth strategy [21] Group 4: Wanda Film's Strategic Moves - Wanda Film is investing in 52TOYS, a leading toy company, to enhance its IP derivative business, with a total investment of approximately 1.44 billion yuan [22][24] - The collaboration aims to leverage 52TOYS' diverse product lines and IP partnerships to boost non-ticket revenue streams [24] - Wanda Film's revenue forecast for 2025 is 16.33 billion yuan, with a net profit of 1.204 billion yuan, indicating a strong growth trajectory in the film and entertainment sector [25] Group 5: Softcom's Technological Advancements - Softcom is focusing on building two manufacturing bases and a computing center to enhance its capabilities in the IT service sector, with total investments projected at 33.78 billion yuan [34][35] - The company is expanding its AI and robotics initiatives, aiming to develop a comprehensive range of AI products and services [39][40] - Revenue forecasts for Softcom are set at 35.684 billion yuan for 2025, with a net profit of 392 million yuan, reflecting its growth potential in the tech industry [40]

Report Industry Investment Rating - No information provided in the report Core View of the Report - The report suggests a bullish outlook for stock index futures and recommends using a long - straddle buying strategy for stock index options to capture the trend after direction selection. The short - term positive news such as the favorable policies on May 7 and the stage results of China - US tariff negotiations on May 12 are beneficial to the stock market. Currently, the valuation levels of major Chinese indices are still low, and it is cost - effective for medium - and long - term funds to enter the market [2] Summary According to Relevant Catalogs 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts in different periods decreased compared to the day before yesterday, with declines ranging from - 0.67% to - 0.74%. The trading volume was between 3,433 and 59,965, and the open interest decreased from - 244 to - 11,402 [1] - **IH Contracts**: The previous day's closing prices of IH contracts in different periods increased, with increases ranging from 1.75% to 2.01%. The trading volume was between 2,516 and 48,329, and the open interest increased from 1,153 to 13,041 [1] - **IC Contracts**: The previous day's closing prices of IC contracts in different periods decreased, with declines ranging from - 1.10% to - 1.17%. The trading volume was between 5,256 and 58,925, and the open interest decreased from - 9 to - 12,886 [1] - **IM Contracts**: The previous day's closing prices of IM contracts in different periods decreased, with declines ranging from - 1.28% to - 1.40%. The trading volume was between 10,403 and 155,023, and the open interest changes ranged from - 15,638 to 722 [1] - **Inter - month Spreads**: The inter - month spreads of IF, IH, IC, and IM contracts showed certain changes, with current values of - 35.40, - 18.40, - 97.80, and - 109.20 respectively, compared to previous values of - 35.60, - 20.40, - 102.20, and - 113.60 [1] 2. Stock Index Spot Market - **Indices**: The previous day's values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indices decreased, with declines of - 0.91%, - 0.49%, - 1.45%, and - 1.68% respectively. The trading volumes and total trading amounts also changed to varying degrees [1] - **Industry Indices**: Among different industries, the energy, raw materials, industrial, optional consumption, major consumption, medical and health, real estate and finance, information technology, telecommunications, and public utilities industries all showed different degrees of increase, with increases ranging from 0.37% to 2.21% [1] 3. Futures - Spot Basis - The basis of different contracts relative to their corresponding spot indices showed certain changes. For example, the basis of IF contracts relative to the CSI 300 index changed from - 4.26 to - 0.21 for the current - month contract, and the basis of IH contracts relative to the SSE 50 index changed from 2.22 to 0.50 for the current - month contract [1] 4. Other Domestic and Overseas Indices - **Domestic Indices**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index all decreased, with declines ranging from - 0.68% to - 1.91% [1] - **Overseas Indices**: The Hang Seng Index decreased by - 0.79%, the Nikkei 225 decreased by - 0.98%, the S&P 500 increased by 0.41%, and the DAX Index increased by 0.72% [1] 5. Macroeconomic Information - The State Council held a work promotion meeting on strengthening the domestic large - scale cycle, emphasizing the importance of domestic economic stability. The Supreme People's Court and the CSRC jointly issued a guiding opinion to safeguard the high - quality development of the capital market. The top - level design for urban renewal in China was introduced. The Ministry of Commerce responded to the US's stricter restrictions on Chinese chips, and the Fed Chairman Powell considered adjusting the core content of the monetary policy framework [2] 6. Industry Information - After the central bank's reserve requirement ratio cut and interest rate cut on May 7, over a hundred bank wealth management products had their performance comparison benchmarks lowered, and the industry may face an "asset shortage." 19 FOF products issued liquidation warning announcements this year, with many experiencing significant scale shrinkage. The real estate industry in 2024 was still in an adjustment period, with only 11 out of the top 30 real estate enterprises achieving revenue growth. The domestic HarmonyOS ecosystem has a million - level talent gap, which is expected to widen in the next three years [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][12][13] Core Views - The company is positioned to benefit from the growth of the Hongmeng ecosystem and its investments in robotics, which are expected to accelerate its growth [12] - The company plans to raise up to 3.378 billion yuan through a private placement to fund projects in the Jing-Jin-Ji region, AIPC intelligent manufacturing base, and the Huailai intelligent computing center [5][6] - The company has launched a full-stack AI strategy, focusing on AI consulting services and developing AI workstations, servers, and PCs [7][10] Recent Performance - Over the past year, the company's stock has increased by 53.0%, outperforming the CSI 300 index, which rose by 7.8% [4] - The company's current market capitalization is approximately 57.024 billion yuan, with a circulating market value of 40.710 billion yuan [4] Financial Projections - Projected revenues for 2025-2027 are 356.84 billion yuan, 409.48 billion yuan, and 472.28 billion yuan, respectively, with corresponding net profits of 3.92 billion yuan, 5.50 billion yuan, and 7.53 billion yuan [12][11] - The earnings per share (EPS) are expected to be 0.41 yuan, 0.58 yuan, and 0.79 yuan for the years 2025, 2026, and 2027, respectively [12][11] Strategic Developments - The company is investing in two major manufacturing bases and an intelligent computing center to strengthen its layout in the Xinchuang, AIPC, and intelligent computing fields [6] - The Jing-Jin-Ji soft communication manufacturing base project has an estimated total investment of 1.381 billion yuan, focusing on the production of intelligent PC and server lines [6] - The AIPC intelligent manufacturing base project is expected to require an investment of 1.205 billion yuan, integrating production and research [6] Robotics Initiatives - The company has established a humanoid robotics division and is collaborating with Zhiyuan Robotics to develop general-purpose humanoid robots [10] - Specific products include various types of robots aimed at industrial applications, educational settings, and public exhibitions [10]

Urban Renewal - The central government has issued guidelines to promote urban renewal, focusing on eight main tasks including the renovation of existing buildings and the improvement of old neighborhoods [1] - The urban renewal market is projected to exceed 10 trillion yuan in 2024 and could reach 18-20 trillion yuan by 2030, driven by policy incentives, technological upgrades, and rising demand [1] Huawei's Foldable PC - Huawei has officially announced the launch of its foldable PC, set to be released on May 19, featuring a large foldable screen and the self-developed Kirin X90 chip [2] - The global market for foldable devices is expected to surpass 30 million units by 2025, with a compound annual growth rate of 67% [2] Military Simulation Technology - A breakthrough in military simulation technology has been achieved with the development of an AI-based system that can generate thousands of operational scenarios in seconds, significantly reducing planning time [3] - The military simulation market in China is projected to reach 30.25 billion yuan by 2027, supported by increased defense spending and structural changes [3] Star Flash AI Voice Module - The first commercial Star Flash AI voice module has been launched, enhancing short-distance smart interaction capabilities and applicable in various fields such as smart home appliances and industrial operations [4] - Star Flash technology is expected to disrupt the short-range wireless communication market due to its low latency and high reliability [4]

Group 1: Company Overview and Investor Relations - The company held an earnings briefing on May 15, 2025, to discuss the 2024 annual report and enhance interaction with investors [1] - The event was conducted remotely via the "Investor Relations Interactive Platform" [1] Group 2: Product Development and Technology - The company is focusing on brainwave interaction technology, particularly in sleep health, cognitive rehabilitation, and concentration enhancement [2] - Initial production of sleep health products, including smart sleep instruments and brainwave sleep monitoring devices, has been completed, but no substantial revenue has been generated yet [2] - Brainwave interaction technology is categorized as a type of brain-computer interface, utilizing non-invasive methods for data collection and analysis [2] Group 3: Future Directions and Market Strategy - The company plans to invest in the HarmonyOS ecosystem, targeting applications in hospitals, communities, and smart homes [3] - The revenue from the HarmonyOS ecosystem is expected to contribute significantly to the overall business, although specific percentages were not disclosed [3]

Core Insights - Huawei's future remains uncertain, with CEO Ren Zhengfei expressing a crisis awareness regarding the company's survival amidst competition from other Chinese firms that are not under sanctions and possess superior chip capabilities [2] - The development of the HarmonyOS is seen as a strategic move to compete globally against Android and iOS, with the goal of establishing a significant presence in the operating system market [2][3] Group 1: HarmonyOS Development and Strategy - HarmonyOS is positioned as a collaborative ecosystem that requires participation from various industries, emphasizing a symbiotic relationship rather than a hierarchical one [4][6] - The ecosystem's growth is not solely Huawei's responsibility; it calls for contributions from developers, government, and enterprises to create a robust native ecosystem [4][6] - The ambition is to achieve a market share where HarmonyOS competes alongside iOS and Android, with a vision of "one-third of the market" [17] Group 2: Technological Challenges and Opportunities - The lack of core technologies such as operating systems and processors in China has hindered the establishment of a comprehensive industrial ecosystem [3][7] - The emergence of HarmonyOS is seen as a critical step in addressing the technological gap between China and Western countries, particularly in foundational technologies [7][8] - The development of HarmonyOS is not just a Huawei initiative but a broader movement for China's technological independence and resilience against geopolitical challenges [8][9] Group 3: Educational and Industrial Impact - HarmonyOS has been integrated into educational curricula, marking a significant shift in how technology is taught in Chinese universities [11][12] - The collaboration between educational institutions and industry is fostering a new generation of talent equipped to contribute to the HarmonyOS ecosystem [12] - The advancements in HarmonyOS are expected to drive innovation across various sectors, including transportation and smart devices, showcasing its practical applications [13][14] Group 4: Market Position and Global Strategy - Huawei's strategy includes solidifying its domestic market presence before expanding internationally, particularly in light of challenges in the U.S. market [19][22] - The company aims to create a unique identity for HarmonyOS that resonates with users who appreciate Chinese culture and technology, differentiating it from Western applications [22] - The future of HarmonyOS hinges on maintaining a balance between domestic growth and international aspirations, with a focus on building a sustainable ecosystem [22][23]

2023年，Mate60发布带火了捷荣技术，22天内暴涨17个涨停板；问界汽车上市，带动圣龙股份从10元飙升到55元； 2024年，华为海思芯片技术突破，深圳华强17天拉出16个涨停板，常山北明更是从7元涨至39元，成为A股现象级"妖股"。 如今，轮到鸿蒙电脑登场了！ 市场普遍预期，它或将延续"造妖体质"，相关产业链公司有望迎来爆发式上涨行情！ 我们特别梳理出6家鸿蒙电脑概念的核心公司，未来或都是"金股潜力股"，值得投资者重点关注！ 第一家：常山北明 各位股民请高度关注！ 华为5月即将发布重磅新品——鸿蒙电脑，这或许将成为A股市场下一轮行情的"引爆点"！ 从历史表现看，华为每次大动作，几乎都能在股市激起巨浪： 参与构建从底层算力到上层应用的鸿蒙行业解决方案，AI全栈能力突出。在云边端架构中重点布局鸿蒙专属系统与终端，或具备长期成长潜力。 第六家：或最具爆发潜力（素材来源栱众号，郑说市，主页发消息515解密） 公司专注平板显示材料20多年，是国内极少数自主完整掌握平板显示前段工艺及触摸屏技术的厂商。公司是华为的核心供应商，曾助力华为客户全球第一 款全面屏触控笔记本电脑上市热销。目前股价仅11元左右，81家机构资 ...

行业研究丨点评报告丨软件与服务 [Table_Title] 鸿蒙 PC 正式亮相，或成国产 PC 新选项 报告要点 [Table_Summary] 5 月 8 日，华为举行鸿蒙电脑技术与生态沟通会，首款鸿蒙电脑正式亮相。在沟通会中，华为 展现了关于鸿蒙电脑的 UI 设计、办公特点、系统生态、设备互联、安全架构、AI 能力等一系 列情况。此次鸿蒙 PC 的正式亮相，或将代表着鸿蒙正式进入电脑市场，在国产化替代加速的 背景下，实现完全自研的鸿蒙操作系统，有望凭借其加速建设的鸿蒙生态，逐步提升其市场份 额，从而惠及相关产业链。建议关注 1）华为鸿蒙 PC 产业链，2）开源鸿蒙操作系统开发厂商。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 丨证券研究报告丨 1 软件与服务 cjzqdt11111 [Table_Title2] 鸿蒙 PC 正式亮相，或成国产 PC 新选项 [Table_Summary2] 事件描述 5 月 8 日，华为举行鸿蒙电脑技术与生态沟 ...