Investment Rating - The report maintains a "Recommended" investment rating for the industry [7] Core Insights - Huawei officially launched the HarmonyOS computers, marking a significant step for domestic operating systems in the PC sector [2][13] - The launch of HUAWEI MateBook Pro and HUAWEI MateBook Fold Nonpareil Master enhances Huawei's "AI + All-Scenario" strategic barrier, with performance optimization and intelligent interaction [5][29] - The HarmonyOS ecosystem is rapidly evolving, with over 150 dedicated applications adapted to the system and more than 1,100 external devices supported [52][59] Summary by Sections 1. HarmonyOS Computers Officially Launched, Broad Domestic Market Space - Huawei introduced HUAWEI MateBook Pro and HUAWEI MateBook Fold Nonpareil Master on May 19, 2025, showcasing innovative form factors and capabilities [13][18] - The domestic PC market is projected to have a total shipment of approximately 39.7 million units in 2024, with Huawei's market share increasing to 11% [21][26] 2. Hardware Innovations Leading the Market, Nonpareil Master Reshaping Experience - HUAWEI MateBook Pro is the first laptop to support Star Flash technology, enhancing device location capabilities [15][29] - HUAWEI MateBook Fold features an 18-inch dual-layer OLED flexible folding screen, redefining user experience and multitasking capabilities [45][48] 3. Software Ecosystem Becoming More Complete, Innovative Interaction Experience - HarmonyOS 5, fully integrated into the new computers, replaces the previous Linux kernel, enhancing security and efficiency [57][59] - The introduction of AI capabilities and smart interaction features significantly improves user productivity [54][56] 4. Listed Companies Actively Participating, Opening New Growth Space - Companies like Zhongruan International and Softcom Power are contributing to the HarmonyOS ecosystem, enhancing compatibility and expanding application availability [4][63] - Zhongruan International's Harmony Cloud Virtual Machine allows seamless compatibility with Windows applications, addressing initial ecosystem challenges [66][70]

Core Insights - The article discusses the evolution of the internet traffic ecosystem and the development trends of the HarmonyOS ecosystem, highlighting the challenges faced by the mobile internet and the transformative potential of HarmonyOS as a key player in the next-generation traffic ecosystem [5][7][19]. Internet Traffic Ecosystem - The mobile internet is experiencing a growth bottleneck, with a compound annual growth rate of only 0.08% in the number of independent devices over the past five years, indicating a saturation of the market and a decline in user dividends [7]. - The current traffic distribution model is limited by ecological fragmentation and technological bottlenecks, necessitating a shift towards a more integrated and efficient traffic ecosystem [10][11]. HarmonyOS Development Trends - HarmonyOS is positioned as a major builder of the next-generation traffic ecosystem, leveraging its distributed architecture to connect multiple devices and provide seamless user experiences across various scenarios [19][22]. - The ecosystem's core capabilities include full-scene coverage across multiple devices and AI-driven efficiency improvements, which enhance user experience and operational efficiency [25][30]. Advantages of HarmonyOS Ecosystem - HarmonyOS has become the third-largest mobile operating system globally, creating a competitive landscape alongside Android and iOS [28]. - The ecosystem serves as a core entry point for the Internet of Things (IoT), facilitating commercial monetization and forming a complete business loop [30]. - The system's lightweight application model and high-level security certifications enhance user trust and experience [34][37]. User Insights - The typical Huawei user is predominantly male, aged 25-45, with a high income and education level, primarily located in tier-one and new tier-one cities [60][62]. - Users exhibit a strong preference for Huawei's own applications, showing higher acceptance of online advertisements and a significant potential for consumption in categories such as automobiles, luxury goods, and 3C products [75][81][87]. Marketing Solutions - The "Whale Harmony Dynamics" platform integrates HarmonyOS resources to enhance marketing effectiveness across various industries, including automotive, luxury goods, and health [96][99][103]. - The platform utilizes AI and big data to create personalized marketing strategies, ensuring efficient customer engagement and conversion [103][105].

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]