Investment Rating - The industry investment rating is "Positive" and is maintained [7] Core Viewpoints - The OpenHarmony Developer Conference 2025 was held on May 24 in Shenzhen, showcasing the progress of the OpenHarmony project. The report suggests that OpenHarmony is expected to accelerate its penetration into various industries due to its open-source nature and ecosystem, benefiting the related industrial chain [2][11] - The OpenHarmony system has released version 5.1, focusing on enhancing the overall interaction experience and system capabilities, which is anticipated to reach world-class performance levels with continuous iterations [11] - The code scale of OpenHarmony has exceeded 130 million lines, with over 8,600 contributors and more than 1,100 software and hardware products passing compatibility tests. This growth is expected to attract more manufacturers, creating a positive cycle for ecosystem development [11] - OpenHarmony is actively incubating "AI + Robotics" technologies and has already seen 38 manufacturers release 67 commercial versions of the operating system across various sectors, including finance, transportation, education, and healthcare [11] - The report recommends focusing on investment opportunities in the Huawei Harmony PC supply chain and OpenHarmony operating system developers [11]

Core Insights - The report highlights that AI is revolutionizing enterprise collaboration by reshaping workspaces, workforce structures, and corporate culture, leading to an intelligent-driven transition in office environments [1][6][12] - Key trends in collaborative office include AI native applications, reconstruction of human-machine interaction, the rise of super assistants and digital employees, widespread SaaS deployment, and prioritization of security and compliance [1][2][19] Group 1: AI Impact on Collaboration - AI is transforming production and work modes across various industries, with an estimated cumulative impact of $19.9 trillion on the global economy by 2030 [12][16] - The emergence of "smart new collaboration" allows traditional tools to evolve into systems with intelligent understanding and proactive responses, enhancing organizational vitality [14][15] - AI applications in collaboration include real-time translation and meeting minutes generation in online meetings, document collaboration, and knowledge management [6][12][14] Group 2: Challenges in AI Implementation - Companies face challenges such as diverse application scenarios, fragmented applications, scattered data, and security risks when implementing AI in collaborative environments [1][27][31] - The need for seamless integration of collaborative tools with business systems poses significant technical challenges, including data privacy and system compatibility [32][33] - Companies must address the complexities of measuring AI's value and the costs associated with building or sourcing AI solutions [36][37] Group 3: Recommendations for AI Deployment - Enterprises are advised to deploy AI solutions at macro (strategic alignment), meso (business integration), and micro (experience optimization) levels, focusing on mature and compliant technologies [2][41] - Successful case studies, such as those from Swire Coca-Cola and Guosen Securities, demonstrate significant efficiency improvements and cost reductions through AI tools [2][41] - Companies should prioritize business flow as the core of their AI capabilities, ensuring end-to-end collaboration and addressing the six major challenges identified [42][43]

郭凯天认为，AI应当尊重人类作为价值源头的独特性， AI的真正价值不在于"看起来多酷"，而在于"用 起来多好用、多可靠"， 为此，腾讯高度重视开源透明的技术生态，倡导开放、参与、监督并行的治理 模式，推动建立AI时代的信任基础。他也表示，AI文明的篇章才刚刚开启，腾讯愿与各方携手，共同塑 造一个技术与人文并重、开放包容的未来。 生成式AI加速发展，治理需同步演进 5月22日下午，由腾讯研究院和新加坡管理大学数字法研究中心（SMU Centre for Digital Law）联合主 办的AI与社会研讨会——" 生成式 AI 进展：应用、治理与社会影响 "，在新加坡管理大学顺利召开。 近百名来自中国和新加坡的业界、学界专家参加了会议，围绕生成式AI的技术趋势、产业应用、监管治 理、社会伦理等议题展开分享与讨论，为构建开放共享、健康可持续的AI发展生态和AI社会探寻对策思 路。 腾讯集团高级副总裁郭凯天代表主办方作欢迎致辞，他提出， AI不仅是一次技术革命，更是一场关于 人类、社会与智能之间关系的深刻变革。 我们正站在一个技术飞跃的关键节点，大模型技术的快速演进 正推动人工智能从"会认知"迈向"会行动"，成为人类 ...

Core Viewpoint - The integration of generative AI into business processes is becoming increasingly important for companies, as they seek to automate IT and business workflows effectively [1][2]. Group 1: Generative AI Integration - Companies are facing challenges in integrating AI capabilities into their operations due to issues related to data, systems, processes, and infrastructure [1]. - Gartner predicts that the proportion of enterprise software incorporating autonomous AI will rise from less than 1% in 2024 to 33% by 2028, with over 15% of daily work decisions being made by AI agents [1]. Group 2: Key Elements for Enterprise AI Development - Five essential elements for enterprise AI development include: 1. Data, which is the core productivity factor and must be of high quality [2]. 2. Models that incorporate both AI large models and internal expert knowledge [2]. 3. Security governance for data, models, and applications [2]. 4. Intelligent assistants or systems [2]. 5. Intelligent agents, which are often misunderstood but are essentially advanced applications with AI capabilities [2]. Group 3: IBM's AI Capabilities and Investments - IBM has invested $17 billion in automation over the past three years, including the acquisition of HashiCorp to enhance software-defined infrastructure automation [3]. - Users employing IBM's integrated automation tools in hybrid environments can achieve a return on investment of up to 176% within three years [3]. - IBM is upgrading its watsonx.data platform to unify and govern data across various environments, facilitating AI applications and intelligent agents [3]. Group 4: Business Growth through AI - Companies require flexible, secure, and cost-effective AI platforms and tools to integrate data, automate workflows, and drive business growth [4]. - IBM aims to assist companies in rapidly building and scaling AI capabilities that align with their business objectives, ensuring governance throughout the AI lifecycle [4].

Core Viewpoint - The stock of Broadcom Integrated reached its daily limit, indicating strong market interest, driven by the launch of ByteDance's Doubao AI real-time video call feature, which allows users to interact with the AI in real-time during calls [1] Group 1: Company Performance - Broadcom Integrated's stock hit the daily limit, reflecting significant investor confidence and market activity [1] - Other companies such as Weichang Communications and Xingchen Technology saw their stocks rise over 10%, indicating a broader positive trend in the sector [1] Group 2: Industry Developments - ByteDance's Doubao AI introduced a real-time video call function, enhancing user interaction by enabling real-time Q&A based on the actual scene during calls [1] - The launch of this feature may signal a shift in user engagement strategies within the tech industry, particularly in AI and communication technologies [1]

Group 1 - AI technology is transforming traditional operations into intelligent-driven models, enhancing efficiency and automating processes in collaborative office environments through features like real-time translation and intelligent document collaboration [1][7][12] - The new collaborative model emphasizes "human-machine symbiosis" and extends collaboration from office scenarios to business and ecological collaboration, promoting overall optimization [1][15] - Future trends indicate a focus on AI-native collaborative offices, intelligent human-computer interaction, and enhanced security compliance capabilities [1][19] Group 2 - Companies face six core challenges in implementing AI, including fragmented demands, data silos, integration difficulties, dispersed employee experiences, security risks, and unclear value measurement [2][28] - Solutions involve centering on business flows, integrating workflows, and optimizing user experiences through scenario-based capabilities and application optimization [2][39] Group 3 - AI has penetrated various office scenarios, enhancing online meetings, document collaboration, and knowledge management, with tools like Tencent Meeting and Tencent Docs significantly improving communication efficiency [3][14] - In business applications, AI demonstrates unique value across HR, R&D, legal, and marketing sectors, streamlining processes and reducing costs [3][18] Group 4 - Recommendations for deploying AI in collaborative offices include aligning strategic goals, focusing on business flow integration, and optimizing user experiences [4][28] - Successful case studies, such as those from Swire Coca-Cola and Guoxin Securities, illustrate AI's role in enhancing operational efficiency and breaking down communication barriers [4][33]

Investment Rating - The report maintains a "Positive" investment rating for the quantum technology industry [6]. Core Insights - On May 22, U.S. quantum computing stocks experienced a significant surge, with IonQ's stock rising nearly 37%, D-Wave Quantum increasing by 24%, Rigetti Computing up by 26%, and Quantum Computing gaining over 14%. This surge is attributed to government support and a positive outlook for the industry, which is expected to accelerate the commercialization of quantum technology [2][4][9]. - The report emphasizes the importance of focusing on the entire quantum technology supply chain, particularly leading companies in quantum computing and quantum communication [9]. Summary by Sections Event Description - The report highlights the collective surge of U.S. quantum computing stocks on May 22, with notable increases in stock prices for key players in the industry [4]. Company Analysis - IonQ aims to position itself as the "NVIDIA of quantum computing," with a first-quarter revenue of $7.6 million and a net loss of $32.3 million, which is an improvement from a net loss of $39.6 million in the same period last year. IonQ projects annual revenue between $75 million and $95 million, indicating strong confidence in the quantum computing sector [9]. - IonQ is actively pursuing partnerships to enhance the commercialization of quantum technology, including a $22 million agreement with EPB to establish a commercial quantum computing and networking center, and collaborations with Einride and KISTI to develop quantum computing solutions [9]. Policy Support - The report notes that quantum technology has received significant attention from governments worldwide, with public investment in quantum technology increasing by over 50% in 2023 compared to 2022, exceeding $10 billion. The total historical investment has reached approximately $42 billion, with the U.S. and China leading in this area [9].

Group 1 - The core viewpoint emphasizes the strategy of accumulating positions in core leading companies during market dips, as the computer sector has seen adjustments, and valuations of some leading companies have become more attractive. The long-term industry trend remains positive, suggesting potential for valuation recovery driven by marginal changes in the industry or individual stocks [2][4] - The promotion of online identity verification and network numbers is accelerating, with a new regulation set to take effect on July 15, 2025, allowing the use of network numbers and online certificates for registration and verification in internet services. This initiative is expected to create new market opportunities across various segments, including product equipment, platform construction, and identity verification [2][4] Group 2 - A detailed follow-up on the online identity verification and network number industry is provided, indicating the start of a new era for digital identity [3][4]

在近日举行的鲲鹏昇腾开发者大会2025上，华为ICT Marketing部部长周军表示，截止2025年5月，鲲 鹏、昇腾已发展超过665万开发者，8800多家合作伙伴，完成23900多个解决方案认证。 ...

Core Viewpoint - The demand for computing power in the AI era is ubiquitous, and Huawei emphasizes the need for simple and efficient tools for developers to utilize computing capabilities effectively [1][2] Group 1: Huawei's Strategy and Innovations - Huawei is committed to technological innovation and system architecture innovation, continuously optimizing computing efficiency based on different business load characteristics [1] - The company plans to increase investment in hardware and software development, focusing on "one code, multiple chips, same axle development" and collaboration with academia [2] - Huawei aims to maintain hardware openness and software openness, contributing to the openEuler operating system and enhancing AI training and inference efficiency [1][2] Group 2: Developer Support and Ecosystem Building - The new development pipeline will be established to enhance developer experience, allowing a single codebase to build multiple platform versions [2] - Huawei has created a talent ecosystem through collaboration with over 50 top universities and industry leaders, with over 6.65 million developers and more than 8,500 partners involved [2] - The launch of the "Kunpeng + xPU solution" aims to improve memory usage efficiency and dense model inference throughput [2]