华为鸿蒙电脑正式发布。 5月19日，在华为nova14系列及鸿蒙电脑发布会上，手持折叠式鸿蒙电脑MateBook Fold非凡大师的华为常务董事、终端BG董事长余承 东一上台，就引起了全场轰动。 "多年来，在电脑操作系统领域，Windows和macOS形成了强大的壁垒，但是我们坚持做难而正确的事情，鸿蒙电脑给世界多一个选 择！"余承东说。 首批两款鸿蒙电脑正式发布 5月19日，在nova 14系列及鸿蒙电脑新品发布会上，华为连发两款鸿蒙电脑，即首款鸿蒙折叠电脑HUAWEI MateBook Fold非凡大师与 HUAWEI MateBook Pro。 鸿蒙电脑在售价方面，HUAWEI MateBook Pro售价7999元起，HUAWEI MateBook Fold非凡大师为全球最大商用折叠电脑，售价 23999元起。 鸿蒙电脑的诞生，打破了国外多年对电脑操作系统的垄断，这背后离不开华为鸿蒙生态的发展。 据介绍，自鸿蒙5以来，鸿蒙系统版本更新30多次，系统功能新增150多项，平均每天都有400多个应用的版本更新，鸿蒙体验越来越 好。 余承东在发布会上介绍，鸿蒙电脑通过"软件、硬件、端侧、云侧"深度整合，用户可 ...

Core Insights - Huawei officially launched the HarmonyOS 5-powered Harmony PC on May 19, marking a significant milestone in the development of domestic operating systems for PCs, filling a 30-year gap in fully self-developed domestic operating systems [1][4] - The introduction of Harmony PC is not just a new product but a symbol of the advancement of domestic operating systems, potentially improving the "strong outside, weak inside" structure of China's database market [1][4] - The trend towards self-control and independence in technology is evident, with domestic database solutions like Kylin Software's SUNDB emerging to meet the demand for data security and self-reliance [1][4] Domestic Database Market Dynamics - According to IDC 2023 data, the top three players in China's relational database software market are Alibaba, Tencent, and Huawei, with market shares of 26.2%, 14.9%, and 11.1% respectively, indicating a strong presence of domestic companies [1][4] - The domestic database replacement rate in key sectors is increasing, with the party and government sectors achieving an 80% replacement rate, while the banking and insurance sectors are at 40% [5][6] Security and Performance Advantages - The TEE microkernel security architecture of Harmony PC has achieved CC EAL5+ certification, providing robust data security [6] - In the financial sector, the collaboration between the domestic database and Harmony OS has significantly reduced data encryption loss rates from 12% on Windows to below 3% [7] - A provincial government cloud platform reported an 82% reduction in vulnerability discovery after adapting Harmony PC with a domestic database [7] Industry Trends and Future Outlook - The push for domestic database solutions is expected to accelerate, with a target for 100% domestic replacement in key sectors by 2027 as outlined by the State-owned Assets Supervision and Administration Commission [8] - The data ETF (516000) is positioned to benefit from the domestic data industry growth, tracking the China Securities Big Data Industry Index and including key players across the data value chain [9][12] - The development of domestic databases is anticipated to enhance the overall competitiveness of the big data industry, leading to a policy and industry resonance that could favor data ETFs [12]

计算机 | 证券研究报告 — 行业点评 2025 年 5 月 19 日 计算机行业 2024 年年报 &2025 年一季报综述 2024 年营收稳增长， 25Q1 利润端显著改善 2024 年行业受宏观环境、政企预算下行以及减值损失扩大等影响，导致利润端承压。 2025Q1 整体业绩明显改善，盈利能力显著增强。2025 年在机器人、AI Agent、信创、 鸿蒙等持续推动下，行业有望多点开花，彰显增长韧性。 支撑评级的要点 投资建议 建议关注科技自主可控相关企业，包括软通动力、达梦数据、寒武纪-U、云天励 飞-U 等；以及基本面良好、未来成长空间较为广阔的合合信息。建议关注九号公 司-WD、优必选、能科科技、麒麟信安等在机器人领域有布局的公司，以及在机 器人数据训练领域有布局的中科曙光、索辰科技，还有在大模型领域有布局的商 汤-W、科大讯飞、拓尔思、云赛智联、虹软科技等。外骨骼机器人板块建议关注 楚天科技、伟思医疗。 评级面临的主要风险 证券分析师：郑静文 jingwen.zheng@bocichina.com 证券投资咨询业务证书编号：S1300525010001 强于大市 宏观经济下行；信创推进不及预期； ...

证券研究报告 | 投资策略研究*周报 2025 年 05 月 19 日 投资策略研究 美联储降息或再推迟，国内"以我为主"保持定力——长城策略周 观点（0512-0518） 美联储方面，降息窗口预期或将再推迟： 美联储 5 月 FOMC 会议宣布维持联邦基金利率目标不变，鲍威尔主席传递出 观望态度，表示美国实际经济数据没有看到放缓迹象，经济处于稳健状态； 美联储不需要急于调整利率，政策是适度限制的；目前的不确定性情况要求 美联储继续等待；当事态发展时，美联储可以酌情迅速采取行动；并且表示 "现在不能做出预测，要等到 6 月份"。自 FOMC 会议以来，市场对于美联储 降息的预期有所降温。而在 5 月 12 日中美两国发布联合声明，"贸易战"局 势有所缓和之后，美国经济预期边际上有所好转，美股等风险资产继续反弹， 市场再度降低了对美联储年内降息的预期；其中，高盛将美联储降息时间的 预期大幅推迟，推后至今年 12 月。往后来看，中美经贸关系沟通机制建立后， 第二阶段的磋商仍是关键，目前中美综合税率仍处于较高水平，半导体、医 药、芬太尼等关键领域变数较大，关税谈判方面整体不确定性仍较高。美联 储降息预期或将再生变数 ...

美国对华半导体出口管制持续加码背景下，全球AI芯片巨头英伟达于2025年5月17日宣布彻底放弃 Hopper架构对华出口，其首席执行官黄仁勋在财报会议中明确表示："未来不会再推出Hopper系列中国 特供芯片。"这一决定标志着英伟达与中国AI产业的合作进入全新阶段，也折射出全球半导体产业链在 地缘政治压力下的深刻裂变。 Hopper架构退场：一场"合规"与"管制"的博弈 这其中，也包含政策的不确定性。美国政府已明确要求新芯片必须采用GDDR显存，这一限制可能迫使 英伟达不断妥协，最终削弱其产品竞争力。 市场裂变：中国AI芯片的崛起与全球格局重塑 H20芯片作为英伟达专为中国市场设计的"特供版"产品，曾被视为其应对美国出口管制的"生存策略"。 该芯片基于Hopper架构，通过阉割张量核心、限制超频能力等手段，将性能压缩至旗舰芯片H100的三 分之一，但仍保留CUDA生态兼容性，成为中国企业训练大模型的刚需。2024年，H20在中国市场狂销 80万片，为英伟达贡献171亿美元收入，占其全球总收入的13%。 然而，美国政府于2025年4月突然将H20纳入无限期出口管制清单，要求其必须采用GDDR显存而非高 带宽内存 ...

5月19日，沪指午后率先翻红，中证芯片产业指数截至发稿涨0.30%，成分股中，格科微涨超4%，兆易 创新、沪硅产业、中科飞测、华大九天等跟涨。 相关ETF方面，芯片产业ETF（159310）盘中翻红，现涨0.35%，溢折率0.05%，盘中频现溢价交易。 芯片产业ETF（159310）跟踪中证芯片产业指数，该指数从沪深A股中选取业务涉及芯片设计、制造、 封装与测试等领域，以及为芯片提供半导体材料、晶圆生产设备、封装测试设备等物料或设备的上市公 司股票作为样本股，以反映芯片产业上市公司股票的整体表现。 消息面上，据智通财经，英伟达CEO黄仁勋表示，英伟达推出了新的Blackwell RTX Pro 6000系列主 板，该主板连接八个GPU，并作为称为CX8的交换网络，标志着一种新全球AI产业聚焦中东，进一步提 振全球算力芯片及算力基建需求型芯片类别的出现。 东吴证券表示，当前时点，一方面北美超大规模企业自有资金投资AI压力逐步增大，另一方面电网、 能源也正成为美国AI基础设施建设的主要卡点，我们认为中东地区能源与资本的协同效应将成为破解 美国AI基建瓶颈的关键，有望进一步提振全球AI芯片及AI基础设施的需求预期。 ...

Group 1 - The military industry sector has shown strong performance, with multiple stocks hitting the daily limit up, and the largest and most liquid military ETF (512660) experiencing significant trading volume exceeding 300 million yuan [1] - The recent confirmation of the J-10CE fighter jet's excellent performance in combat, including shooting down multiple enemy aircraft without sustaining damage, has acted as a catalyst for the military sector [3] - The successful battlefield performance of Chinese military equipment is expected to enhance international recognition and potentially increase China's share in the global military trade market [4] Group 2 - As of the end of Q1 2025, the defense and military industry reported pre-receivable accounts and contract liabilities reaching 177.2 billion yuan, marking a 5.36% increase from the beginning of the year, the highest growth rate in 2023 [5] - The military ETF (512660) tracks the CSI Military Index, reflecting the overall performance of the military industry in the A-share market, and is currently the largest and most liquid in the market, making it a focus for investors [5] - The combination of the "14th Five-Year Plan," "Centenary of the Army," and "indigenous substitution" is expected to drive domestic demand growth in the military sector, indicating strong positive expectations for the industry's fundamentals [5]

燃气Ⅱ行业跟踪周报 需求偏弱美国&国内气价回落，库存同比偏 低欧洲气价微增；对美 LNG 关税降至 25% 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：经济增速不及预期、极端天气、国际局势变化、安全经营风险。 2025 年 05 月 19 日 证券研究报告·行业跟踪周报·燃气Ⅱ 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 行业走势 -14% -11% -8% -5% -2% 1% 4% 7% 10% 13% 2024/5/20 2024/9/17 2025/1/15 2025/5/15 燃气Ⅱ 沪深300 相关研究 《产量或下降美国气价提升，库存同 比偏低欧洲气价提升》 2025-05-12 《淡季到来、欧洲储库目标或放松， 全球气价回落》 2025-04-28 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：需求偏弱美国&国内气价回落，库存同比偏低欧洲气价微增。截 ...

Core Viewpoint - The article discusses the recent performance of the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index and the implications of new U.S. regulations on AI technology exports to China, highlighting the need for domestic AI industry localization and self-sufficiency [3][4]. Group 1: Market Performance - As of May 19, 2025, the Shanghai Sci-Tech Innovation Board Artificial Intelligence Index (950180) decreased by 1.00%, with mixed performance among constituent stocks [3]. - Zhongyou Technology (688648) led the gains with an increase of 3.61%, while Tianzhun Technology (688003) experienced the largest decline at 4.82% [3]. - The Sci-Tech AI ETF (588790) fell by 0.86%, with a latest price of 0.58 yuan and a turnover rate of 4.16%, totaling a transaction volume of 121 million yuan [3]. Group 2: Regulatory Impact - The U.S. Department of Commerce has announced the repeal of AI diffusion rules from the Biden administration, introducing new guidelines that tighten controls on the AI industry in China, including restrictions on high-performance computing chips and AI technology services [4]. - The domestic AI industry is urged to accelerate localization and self-sufficiency in response to these regulatory changes [4]. Group 3: Fund Performance - The Sci-Tech AI ETF has seen significant growth, with an increase of 42.89 million yuan in scale over the past week, ranking second among comparable funds [4]. - The ETF's share count rose by 18.6 million shares in the same period, placing it first among comparable funds [4]. - The ETF has recorded a net outflow of 13.97 million yuan recently, but has attracted a total of 96.07 million yuan over the last five trading days [5]. Group 4: Leverage and Returns - Leverage funds have been actively buying into the Sci-Tech AI ETF, with a net purchase of 13.81 million yuan on the highest single day, bringing the latest financing balance to 64.20 million yuan [5]. - Since its inception, the ETF has achieved a maximum monthly return of 15.59% and an average monthly return of 15.59% during rising months, with a 70.97% probability of profit over three months [5]. Group 5: Index Composition - As of April 30, 2025, the top ten weighted stocks in the Shanghai Sci-Tech Innovation Board Artificial Intelligence Index accounted for 70.68% of the index, with Lanqi Technology (688008) holding the highest weight at 10.47% [6][8].

[Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：经济增速不及预期、极端天气、国际局势变化、安全经营风险。 燃气Ⅱ行业跟踪周报 需求偏弱美国&国内气价回落，库存同比偏 低欧洲气价微增；对美 LNG 关税降至 25% 增持（维持） 2025 年 05 月 19 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券研究报告·行业跟踪周报·燃气Ⅱ 证券分析师 谷玥 《淡季到来、欧洲储库目标或放松， 全球气价回落》 2025-04-28 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：需求偏弱美国&国内气价回落，库存同比偏低欧洲气价微增。截 至 2025/05/16,美国 HH/欧洲 TTF/东亚 JKM/中国 LNG 出厂/中国 LNG 到岸 价周环比变动-4.9%/+0.3%/+3.8%/-0.4%/-0.6%至 0.8/2.9/3/3/3 元/方。 ◼ 供需分析：1）短暂高温过后气候回归适宜温度，需求持续疲软，美国天然 气市场价格周环比-4.9%。截至 2025/05/14,天 ...