- The report introduces a "Total Heat Indicator" as a proxy variable for tracking market sentiment. This indicator is defined as the sum of browsing, watchlist additions, and clicks for individual stocks, normalized as a percentage of the total market on the same day, and then multiplied by 10,000. The value range is [0, 10,000][7] - A "Broad-based Index Heat Rotation Strategy" is constructed based on the weekly heat change rate (MA2) of major indices. The strategy involves buying the index with the highest heat change rate at the end of each week, or staying in cash if the "Others" group has the highest rate. The strategy achieved an annualized return of 8.74% since 2017, with a maximum drawdown of 23.5%, and a 2025 return of 24.5%[13][16] - A "Concept Heat Strategy" is developed by selecting the top 5 concepts with the highest weekly heat change rates. Two portfolios are constructed: 1. "TOP Portfolio" includes the top 10 stocks with the highest total heat within each concept 2. "BOTTOM Portfolio" includes the bottom 10 stocks with the lowest total heat within each concept Historical results show the BOTTOM Portfolio achieved an annualized return of 15.71% with a maximum drawdown of 28.89%, and a 2025 return of 33%[31][33]

Core Insights - The HarmonyOS is at a critical commercialization juncture as the number of devices running HarmonyOS 5 surpasses 10 million, with major applications like WeChat, Douyin, Alipay, and Taobao seeing installation numbers exceed 10 million [2][3] - The adaptation of major applications to HarmonyOS is accelerating, with significant updates and collaborations between Huawei and leading tech companies like Tencent and Alibaba [3][7] - Despite progress, challenges remain in adapting a wide range of applications, particularly for smaller developers, as the costs and complexities of transitioning to HarmonyOS are substantial [11][12] Group 1: Application Adaptation - Major applications have seen rapid adaptation, with WeChat's HarmonyOS version reaching over 11 million installations, and other apps like Taobao and Alipay also crossing the 10 million mark [3][6] - The adaptation process involves significant collaboration between developers and Huawei, with Tencent's WeChat undergoing extensive updates and requiring a complete rewrite of its code for HarmonyOS compatibility [8][9] - The complexity of adapting applications is likened to building a new app from scratch, particularly for those using native languages, which complicates the transition [7][9] Group 2: Ecosystem Development - The total number of devices running HarmonyOS has reached 1.19 billion, indicating a growing ecosystem that includes a wide range of products [6] - Huawei's strategy includes fostering partnerships with third-party developers, such as Ant Group's mPaaS, to ease the adaptation process for various applications [13][14] - The success of HarmonyOS hinges on building a rich application ecosystem, which requires not only major applications but also niche and specialized apps to meet diverse consumer needs [11][12] Group 3: Future Challenges - The need to lower development costs and simplify the adaptation process for smaller developers is critical for expanding the HarmonyOS ecosystem [15] - Huawei acknowledges the importance of collaboration with various partners to enhance the capabilities of HarmonyOS, particularly in AI and other innovative areas [14][15] - The ongoing challenge is to balance system iteration with application adaptation costs, which will be essential for the future growth of the HarmonyOS ecosystem [15]

Core Insights - Guangdong's digital government construction is undergoing a significant upgrade with the launch of the HarmonyOS version of the Yuezhengyi app, marking it as the first government collaboration application in China to reach over one million users [1][3]. Group 1: Application Features and Security - The Yuezhengyi HarmonyOS version integrates the robust "Star Shield" security architecture and system-level file encryption, ensuring full-chain protection of government data from generation to destruction [3]. - The HarmonyOS kernel is the first in the industry to receive the international CC EAL6+ certification, providing a solid "moat" for the protection of sensitive government data and ensuring business continuity [3]. Group 2: Performance and User Experience - The app has undergone deep optimization in architecture and performance, resulting in significantly improved application response speed and reduced power consumption, enhancing overall fluidity [3]. - Utilizing Harmony's distributed soft bus technology, the app offers a unified experience across mobile phones, tablets, and PCs, activating "smart productivity" in the government sector [3]. Group 3: Ecosystem and Future Developments - The Harmony ecosystem is rapidly being implemented across various fields, with the Yuezhengyi app being a key component in the digital transformation of government services and governance [3]. - The Guangdong Provincial Bureau of Government Services and Data Management plans to strengthen collaboration with technology companies to continuously optimize the Yuezhengyi app experience and promote digital innovation in government [4].

Group 1 - The fentanyl concept sector increased by 1.24%, ranking second in terms of sector gains, with one stock, Botao Bio, hitting a 20% limit up [1][2] - The main stocks in the fentanyl sector experienced mixed performance, with notable declines in Renfu Pharmaceutical, Oriental Bio, and Guoyao Modern, which fell by 3.16%, 2.59%, and 1.23% respectively [1][2] Group 2 - The fentanyl concept sector saw a net inflow of 50 million yuan, with four stocks receiving significant inflows, led by Botao Bio with a net inflow of 51.6459 million yuan [2][3] - The net inflow ratios for Botao Bio, Oriental Bio, and Wanfu Bio were 11.85%, 5.85%, and 5.04% respectively, indicating strong interest from main funds [3]

8月14日，国务院新闻办公室在北京举行"高质量完成'十四五'规划"系列主题新闻发布会。国家发 展改革委党组成员、国家数据局局长刘烈宏介绍，经过多年持续攻坚，我国在数字领域突破了一批关键 核心技术，展示出我国显著的发展成绩。集成电路加快布局，形成覆盖设计、制造、封装测试、装备材 料的完整产业链；国产操作系统加速崛起，鸿蒙系统生态设备总量突破11.9亿台，为手机、汽车、家电 等1200多类产品装上"智能中枢"；我国人工智能综合实力实现整体性、系统性跃升，人工智能专利数量 占全球总量的60%。 ...

Core Insights - As of July 30, the number of devices running HarmonyOS 5 has surpassed 10 million, marking a significant milestone in the ecosystem's evolution within less than a year [1] - The rapid growth of HarmonyOS is attributed to its status as a domestically developed operating system, gaining widespread user support and breaking the long-standing monopoly in the operating system market [1] Group 1 - HarmonyOS 5 covers over 40 Huawei products, including smartphones, tablets, cars, and smart home devices, and has introduced more than 260 new features [1] - The number of developers submitting versions has exceeded 270,000, and the open-source code has reached 130 million lines, covering nearly 20 industries such as government, healthcare, and manufacturing [1] - By the end of June, over 1,200 types of products running the open-source HarmonyOS had been launched, totaling more than 1.19 billion units, with over 7.2 million developers and more than 25,000 applications and services available [1] Group 2 - The ecosystem has over 450 partners, indicating a rapidly improving ecosystem that meets the needs of the majority of users [1] - The adaptation of mainstream applications to HarmonyOS has further solidified its market presence and maturity, enhancing its competitive position in the global operating system landscape [1]

Core Insights - The article draws a parallel between the Cambrian Explosion in biological history and the current rapid growth of the HarmonyOS ecosystem, highlighting its significance in reshaping the technological landscape [1][3]. - As of July 30, the number of devices running HarmonyOS 5 has surpassed 10 million, indicating a strong user base and commercial potential for the ecosystem [1][3]. - The success of HarmonyOS is attributed to its self-developed core technologies and innovative features that enhance user experience, attracting more users and developers [3][4]. User Experience and Ecosystem Development - Users are experiencing the convenience of HarmonyOS in various scenarios, such as seamless device connectivity in meetings and enhanced shopping experiences through AI recommendations [4][5]. - The number of applications available on HarmonyOS is approaching 30,000, with the top 5,000 applications covering 99.9% of user engagement time, demonstrating significant user acceptance [7]. - Huawei regained the top market share in China with an 18.1% share in Q2, and its foldable phones lead the market with a 72.6% share, indicating growing trust in HarmonyOS [7]. Collaborative Efforts and Market Position - The milestone of 10 million devices has been celebrated by 99 partners and 99 universities, showcasing collective support for the HarmonyOS ecosystem [9]. - Major applications from Tencent and other national-level apps have rapidly adapted to HarmonyOS, enhancing user experience and increasing installation rates [9][11]. - The ecosystem is not just a replacement for traditional operating systems but aims to foster innovation and collaboration among developers, creating a more open environment [11][12]. Future Growth and Opportunities - The HarmonyOS ecosystem is positioned for further growth, with over 800,000 registered developers and a significant number of products already adapted to the system [15]. - The launch of HarmonyOS 6 Beta at the Huawei Developer Conference indicates ongoing enhancements and the potential for new features that will benefit both users and developers [17]. - Initiatives like the Harmony Star Plan aim to support innovation among developers, particularly in educational institutions, further expanding the ecosystem's reach [19]. Conclusion - The achievement of 10 million devices marks a significant milestone for HarmonyOS, representing a stable and active user base that can drive further growth [21]. - The ecosystem is poised for a broader impact, with the potential to reshape the operating system landscape and foster a collaborative environment for developers and users alike [21].

智通财经记者 | 杨舒鸿吉 智通财经编辑 | 林腾 累计25亿装机量，其操作系统已搭载在航空航天、能源电力、工业制造、智能汽车、消费电子等领域。 睿赛德被誉为是中国操作系统的"全栖战士"。 从开源社区出发，上海睿赛德电子科技有限公司潜心底层架构和基础软件近20年，并不断向产业场景突 破，由其打造的操作系统，正在悄然改变着国产操作系统的技术版图。 2025年7月，第五届RISC-V中国峰会上、2025世界人工智能大会，国产嵌入式操作系统领军企业RT- Thread睿赛德携边端侧AI创新方案亮相接连参展，受到业界关注。上海睿赛德电子科技有限公司CEO、 RT-Thread项目创始人熊谱翔在接受智通财经专访时透露，公司2024年营收同比增长近50%，产品已渗 透至工业智造、智能汽车、能源电力等关键领域。睿赛德旗下"程翧整车基础软件OS"已与比亚迪、吉 利、小马智行、文远知行等知名企业达成合作，可覆盖域控制器、智能座舱、自动驾驶等核心场景。 国产操作系统的发展不仅关系到国家安全，还直接影响到国家的经济自主性和产业竞争力。《"十四 五"数字经济发展规划》等多项重要政策强调操作系统国产化的重要性，信创市场空间巨大。 近年 ...

Core Insights - The event highlighted the urgent need for domestic operating systems to replace foreign dependencies due to ongoing international technology blockades [2] - The launch of the Chengmai Xinchuang server based on the Longxin 3C6000 processor marks a significant step in enhancing China's information technology autonomy [1][4] - Chengmai Technology aims to deepen collaboration with Longxin Zhongke to drive innovation in high-performance Xinchuang products [4] Industry Developments - The domestic Xinchuang industry has made significant progress in key technology areas, establishing a complete ecosystem covering hardware, software, and information security [2] - Chengmai Technology has developed a full-chain product system that includes operating system development, Xinchuang complete machines, and industry solutions [2] - The integration of Longxin 3A6000 processor with Tongxin UOS system has resulted in a fully independent Chengmai Xinchuang computer, offering rapid boot times and high stability [2] Product Innovations - The newly launched Chengmai Xinchuang server supports 24/7 stable operation and is compatible with various domestic operating systems, enhancing its utility for complex tasks like AI model training [4] - The Chengmai P1 desktop and N1 laptop showcase breakthroughs in user-friendly Xinchuang terminals, achieving a 10-second boot time and significantly improved office efficiency compared to Intel i7 platforms [4] - The introduction of the "Hanlian" ecosystem adaptation system allows seamless compatibility with Windows applications, addressing challenges in migrating legacy business systems [4] Future Directions - Chengmai Technology plans to continue optimizing the "operating system + chip" collaborative model to accelerate the application of cutting-edge technologies in various sectors [3] - The company is committed to increasing investment in technological innovation and product development to support the national Xinchuang strategy [4] - The strategic collaboration with Longxin Zhongke is expected to deepen, focusing on core computing power and autonomous ecosystems to lead the innovation of high-performance Xinchuang products [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The upcoming Huawei Developer Conference (HDC) from June 20-22, 2025, marks a new phase in the domestic operating system landscape, with a focus on Ascend computing power, the HarmonyOS ecosystem, and robotics [1][2] - Historically, HDC has been a key event for Huawei to launch significant products, and it is anticipated that HarmonyOS 6.0 will be showcased at this year's conference [2] - The conference agenda emphasizes HarmonyOS, Huawei Cloud, and AI applications, aiming to empower developers and enhance the developer ecosystem, which will further promote the rise of the HarmonyOS in the domestic market [3] Summary by Sections Section: Developer Conference Highlights - The HDC will feature sessions on HarmonyOS, CloudMatrix 384 super-node technology, and AI application development, showcasing Huawei's latest products and technologies [3] Section: HarmonyOS Ecosystem - HarmonyOS has become the second-largest operating system in the Chinese market, with a brand recognition rate of 91%, over 7.2 million registered developers, and more than 1 billion users across various devices [4] - The ecosystem includes over 20,000 native applications and meta-services, covering 18 verticals, and aims to meet 99.9% of user usage time needs [4] Section: Related Companies - Companies to watch include Runhe Software, Softcom Power, Dongfang Zhongke, Zhiwei Intelligent, Chipsea Technology, Changshan Beiming, Jiulian Technology, Sichuan Changhong, and Tuwei Information [5]