中证智能财讯 神思电子（300479）10月11日公告，公司拟与每日互动股份有限公司、济南大数据集团 有限公司合资成立山东每日思数科技有限公司，注册资本2000万元。其中，神思电子认缴出资900万 元，占比45%。交易完成后，合资公司将纳入公司合并报表范围。 核校：孙萍 本次投资旨在推动产业数据与公共数据深度融合，挖掘数据价值，为客户提供安全可信的数据产品和解 决方案。公司表示，此举有利于提升核心竞争力及盈利能力，且以自有资金出资不会对财务状况产生重 大不利影响。 神思电子主营业务聚焦智慧城市、智慧能源、智慧医疗及身份认证领域，服务于能源、政务、医疗等行 业客户。2025年上半年，公司实现营业总收入1.92亿元，同比增长176.30%。 同日公告，公司近日获得国家知识产权局授予的十项发明专利证书，包括"一种对话关键词提取方法、 设备及介质"等。这些专利主要应用于公司人工智能相关业务领域，已应用于相关产品，有利于保护知 识产权，保持技术领先优势。 ...

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].

Core Insights - The eighth Digital China Construction Summit was held in Fuzhou, showcasing Wuhan's smart city platform "Wuhan Cloud" with the theme "Data Empowerment, Smart Connection" [1][3] - Key highlights included the "Wuhan Urban Safety Risk Monitoring and Early Warning Platform" and the "Integrated Urban Management Platform" [1][2] Group 1: Innovations in Data Management - The Wuhan Urban Safety Risk Monitoring and Early Warning Platform integrates multi-dimensional data from critical infrastructure such as bridges and gas facilities, transitioning from "passive emergency" to "proactive warning" [2] - The "Integrated Urban Management" platform aims to break down information silos between departments, enhancing collaborative efficiency and precision in urban governance [2] Group 2: Comprehensive Smart City Solutions - Wuhan Cloud presented a full lifecycle smart city solution encompassing data collection, governance, application, and security [6] - The platform utilizes a City Information Model (CIM) to establish a data-driven digital public infrastructure, featuring a pioneering "Universal Identification System" that assigns unique digital IDs to physical entities [6] Group 3: Security and Resource Management - A seven-layer cloud-native defense system has been established to ensure the security of the city's digital development [6] - An integrated digital resource management platform has aggregated data from 240 application systems across the city, supporting efficient urban governance and public services [6] Group 4: Economic and Talent Development - Wuhan Cloud has initiated platforms such as the Wuhan SME Digital Transformation Service Innovation Center and the Wuhan Digital Talent Training Base to support the real economy and promote the growth of Wuhan's digital economy [6] - The company aims to replicate its smart city solutions in other cities, indicating a commitment to expanding collaboration and advancing digital development in Wuhan [6]

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]