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]

文 ｜ 徐涛 胡叶倩雯 梁楠 唐佳 展望2 0 2 5年，华为有望在各类智能终端上持续创新，基于硬件形态、鸿蒙升级及产品线布局等角 度，我们认为最值得关注的产品包括首款鸿蒙+折叠PC、折叠手机、中低端手机等。本文聚焦以上 产品，梳理了相关升级方向及对应供应链。 ▍ 手机：我们预计华为2 0 2 5年智能手机出货量6 0 0 0 - 6 5 0 0万，重点关注华为鸿蒙升级、AI落地 及低端布局。 ▍ 风险因素： 全球宏观经济低迷风险；国际政治环境变化和贸易摩擦加剧风险；下游需求不及预期；AI创新不 及预期；下游厂商竞争加剧；通胀导致的原材料涨价风险；制裁加码的风险；汇率大幅波动等。 ▍ 投资策略。 我们建议投资者重点关注：1）手机方向；2）PC/PAD方向。 本文节选自中信证券研究部已于 2025年3月2日 发布的《 消费电子行业华为专题—华为新机展望：关注鸿蒙升级、低端布局及折叠形态创新 》报告，具体分析内容（包括相关风险提示等）请详见报告。若因对报告的摘编而产生歧义，应以报告发布当日的完整内容为准。 本资料所载的证券市场研究信息是由中信证券股份有限公司（以下简称"中信证券"）的研究部编写。中信证券研究部定位 ...