Investment Rating - The report indicates a positive outlook for the computer industry, expecting returns to exceed the CSI 300 index by more than 5% over the next six months [32]. Core Insights - The computer industry index rose by 1.92% during the week of May 6 to May 9, 2025, ranking 17th among 31 primary industries [4][26]. - Year-to-date, the computer industry has increased by 4.32%, outperforming the CSI 300 index by 6.57 percentage points [4][26]. - Huawei's HarmonyOS 5-powered PC is set to officially launch on May 19, 2025, after five years of development involving over 10,000 engineers and more than 2,700 core patents [4][12][24]. - The HarmonyOS ecosystem has surpassed 1 billion devices, with 7.2 million registered developers and over 110 million lines of code [4][13]. Summary by Sections Section 1: Harmony PC Launch and Features - The Harmony PC features cross-device experiences, allowing seamless integration between Huawei smartphones, tablets, and PCs [5][16]. - It incorporates system-level AI capabilities, enhancing user interaction through a smart assistant [17]. - The ecosystem is expanding, with over 150 dedicated applications in development and over 300 applications already adapted for the Harmony PC [21][24]. Section 2: Market Performance - Huawei is a leading player in the domestic PC market, with a projected 15% year-on-year growth in shipments for 2024, increasing its market share from 9% to 11% [6][24]. - The total shipment volume for desktop and laptop computers in mainland China is expected to reach 39.7 million units in 2024 [24][25]. Section 3: Investment Recommendations - The report recommends investing in companies within the Huawei ecosystem, including Softcom Power, Zhiwei Intelligent, Fabben Information, Cloud From Technology, and iFlytek [6][30].

Core Insights - Lenovo has been implementing its AI transformation strategy since 2017, focusing on two main lines: Personal AI and Enterprise Intelligence [1] - The company has launched the world's first AI PC and the Tianxi AS personal intelligent system, achieving significant advancements in capabilities and user satisfaction [1] - Lenovo's enterprise-level transformation is characterized by an experimental approach, utilizing its own IT engine to automate 70% of customer service processes [2] Group 1: Personal AI - Lenovo has demonstrated foresight in predicting the next revolution in PCs, culminating in the launch of the AI PC in 2023 [1] - The Tianxi AS system has undergone rapid evolution, with capabilities increasing several times since its initial release, leading to higher user satisfaction and engagement [1] - The latest Tianxi Super Personal Intelligent System has achieved L3 (collaborative) automation level, marking a significant architectural breakthrough [1] Group 2: Enterprise Intelligence - The technical architecture of Lenovo's solutions is based on an integrated edge-cloud model, introducing the "Lenovo Personal Cloud" solution that allows real-time data collection across devices [2] - Lenovo's strategy includes a "self-experimentation" approach, where the company first transforms its own business processes before offering solutions to others [2] - In the Chinese market, Lenovo processes 30 million service requests annually, with 70% of these requiring no human intervention, and the average handling time for the remaining 30% reduced to 1.5 minutes [2] Group 3: Automation and AI Services - Lenovo aims to replace 30% of its workflows with robotic processes this year, showcasing its commitment to full-chain AI transformation [2] - The company has developed three major solutions and two professional services, positioning itself as a leading AI service provider in China [2]

Group 1: Company Overview - CICC maintains Lenovo Group's earnings forecast and an outperform rating, with current stock price corresponding to FY25/26/27 P/E ratios of 10.4, 8.6, and 7.1 times respectively [1] - Lenovo holds a 25.9% share of the global PC market in Q1 2025, maintaining its position as the market leader with a year-on-year increase of 1.1 percentage points [1] Group 2: Recent Developments - Lenovo introduced a comprehensive super intelligent agent matrix at the Tech World 2025 event, defining the core functions of super intelligent agents aimed at advancing into the hybrid AI era [2] - The company launched six AI PC products featuring the new AI agent "Xiao Tian," enhancing its edge in edge-side intelligent agents with the introduction of super intelligent agents [3] Group 3: Technological Advancements - The super intelligent agent is characterized by three core functions: perception and interaction, cognition and decision-making, and autonomy and evolution, with a focus on data security and privacy [3] - Lenovo's collaboration with Tsinghua University and Wunxin Qiong has led to the development of a reasoning acceleration engine, significantly improving inference performance while reducing memory and power consumption [4] - The development of super intelligent agents relies on core technologies such as model factories and intelligent agent development frameworks, along with automated workflows based on large models [4]

Core Viewpoint - Huawei's HarmonyOS computer was officially unveiled on May 8, featuring a fully self-developed software and hardware architecture, distinct from previous domestic Linux desktop operating systems [1][3]. Group 1: Product Features and Compatibility - HarmonyOS computers cannot upgrade existing Windows computers; users must purchase new products after the official release on May 19 [3]. - The architecture and kernel of Windows and HarmonyOS are fundamentally different, preventing compatibility [3]. - HarmonyOS computers will offer features such as full-scene capabilities, native intelligence, and native security [3]. Group 2: Ecosystem Development - Currently, over 150 dedicated computer ecosystem applications are being adapted, with over 300 integrated ecosystem applications already completed, and a target of over 2000 by the end of the year [3]. - HarmonyOS supports "one development, multi-end deployment," allowing mobile applications to be quickly adapted for computer use, with several popular apps already optimized for HarmonyOS computers [3][5]. Group 3: Market Position and Competition - Huawei's market share in the Chinese PC market is 11%, ranking second, with a 15% year-on-year increase in shipments, while the overall PC shipment volume in mainland China is projected to decline by 4% in 2024 [5]. - Lenovo leads the market with a 35% share, experiencing a 12% decline in shipments [5].

Core Viewpoint - Huawei is transitioning its computer products to the HarmonyOS, marking a significant shift from the previously used Microsoft Windows operating system due to the expiration of supply agreements amid U.S. sanctions [3][4]. Group 1: Huawei's Strategy and Product Launch - Huawei plans to officially launch its first HarmonyOS computer on May 19, 2023, with all future computer products pre-installed with HarmonyOS [3]. - The shift to HarmonyOS is part of Huawei's broader strategy to develop a fully self-researched and controllable operating system ecosystem, driven by the need to mitigate reliance on U.S. technology [3][6]. Group 2: Impact on Existing Users - Existing Huawei computer users will not be affected by the transition to HarmonyOS, as Microsoft is obligated to continue providing updates for Windows operating systems purchased by users [4][5]. - Users with Windows 10 installed on their Huawei computers must upgrade to Windows 11 before October 14, 2025, to continue receiving updates [5]. Group 3: Ecosystem Development and Market Position - Concerns regarding the application ecosystem for HarmonyOS on computers are acknowledged, but the existing ecosystem from HarmonyOS on mobile devices is expected to facilitate a quicker adaptation for developers [5][6]. - In the Chinese PC market, Huawei is projected to ship 4.3 million units in 2024, capturing an 11% market share, making it the second-largest PC manufacturer in the country [6].

华为终端全面进入鸿蒙时代 据介绍，历经五年布局，持续构筑鸿蒙办公新体验，鸿蒙电脑搭载了HarmonyOS 5，采用鸿蒙内核，带 来精致、智能、安全、流畅、互联的体验；鸿蒙电脑从内核开始重构操作系统，构筑鸿蒙办公新体验。 这也是首个从操作系统内核开始重构的国产电脑。 华为在沟通会上部分展示了鸿蒙电脑的技术亮点。智能方面，鸿蒙电脑实现了AI能力与底层硬件、操 作系统、软件应用的融合，支持一句话完成PPT创作、从全盘文档中摘取信息并总结、撰写会议纪要、 一键进行电脑设置等AI功能。 新华财经北京5月8日电（王媛媛） 5月8日，鸿蒙电脑技术与生态沟通发布会在深圳举行，鸿蒙电脑在 此次大会正式亮相。 据悉，鸿蒙电脑搭载了HarmonyOS 5，采用鸿蒙内核，从内核开始重构操作系统，并实现了AI能力与底 层硬件、操作系统、软件应用的深度融合，构筑鸿蒙办公新体验。根据安排，鸿蒙电脑将于5月19日正 式对外发布。 分析指出，鉴于华为的市场号召力以及生态系统的强大，鸿蒙电脑的问世将为AI PC领域的国产软硬件 创新带来全新发展机会和成长土壤。 华为终端BG平板与PC产品线总裁朱懂东表示，头部150个专属应用已经启动开发，300 ...

Group 1: Huawei and Hongmeng Computer - Huawei officially launched the "Hongmeng Computer" at a technology and ecosystem communication conference in Shenzhen, marking a significant breakthrough for domestic operating systems in the PC sector [1] - The development of the Hongmeng Computer involved over 10,000 top engineers and more than 20 research institutes, resulting in the accumulation of over 2,700 core patents [1] Group 2: Public Housing Fund Loan Rate Adjustment - Multiple cities in Guangdong, including Guangzhou and Shenzhen, announced a reduction in public housing fund loan rates by 0.25 percentage points [2] - The decrease in loan rates is expected to alleviate repayment burdens for homebuyers and stimulate housing consumption demand [3] Group 3: Junda Co., Ltd. and Solar Cell Manufacturing - Junda Co., Ltd. became the first "A+H" listed company in the solar cell manufacturing industry after its debut on the Hong Kong stock market, with a closing price of HKD 26.6 per share and a market capitalization of approximately HKD 77.83 billion [4] - Despite a strong performance post-transition into the solar cell sector, Junda Co., Ltd. reported a loss of CNY 591 million in 2024 due to continuous price declines in the solar cell industry [4] - The listing on the Hong Kong stock market provides Junda Co., Ltd. with new financing avenues and the potential to attract more international investors for business expansion and technological development [4] Group 4: Shenzhen North Station Passenger Flow - From April 29 to May 6, Shenzhen Railway recorded a total of 6.14 million passengers, representing a year-on-year increase of 19.9% [5] - May 1 marked the peak of passenger flow, with Shenzhen Railway sending 550,000 travelers, setting a historical record for passenger flow at Shenzhen North Station [5] - The high passenger flow indicates closer economic ties and frequent personnel movement between Shenzhen and other regions, enhancing economic exchange and cooperation [6] Group 5: Shenzhen Stock Market Performance - The Shenzhen Component Index closed at 10,197.66 points, up by 0.93% [7] - Notable gainers in the Shenzhen market included Jintongling, Jinlong Electric, and Jiuqi Co., with respective increases of 20.16%, 20.08%, and 20.01% [8] - Conversely, the market saw declines in stocks such as *ST Changyao, Xinchao New Materials, and Hongbo Co., with decreases of 13.80%, 11.22%, and 9.99% respectively [9]

Core Viewpoint - Huawei officially launched its first HarmonyOS-based computer, marking a significant step in the development of domestic operating systems in the personal computer sector [1][2] Group 1: Product Launch and Features - The HarmonyOS computer was unveiled at the HarmonyOS Computer Technology and Ecosystem Communication Conference in Shenzhen on May 8, with a formal release scheduled for May 19 [1] - The computer is built on the Harmony kernel and features a new Star Shield security architecture to ensure user privacy [1] - It integrates an AI assistant named "Xiao Yi" that can generate PPTs, manage knowledge across devices, and automatically create meeting minutes through voice commands [1] Group 2: Ecosystem Development - Over the past year, HarmonyOS has made significant progress in ecosystem development, with more than 20,000 native applications and meta-services launched, and over 7.2 million developers contributing [1] - The number of compatible applications for the PC ecosystem is expected to exceed 2,000 by the end of the year, with over 300 applications already adapted [2] Group 3: Market Position and Growth Potential - The HarmonyOS computer supports over 1,000 external devices, including more than 800 standard peripherals and over 250 non-standard devices [2] - The launch of the HarmonyOS computer signifies a breakthrough for domestic operating systems in the PC market, potentially opening new revenue growth points for Huawei [2] - According to CounterPoint, Huawei is projected to rank third in China's PC market by Q4 2024, with a market share of 13.2% [2] - IDC data indicates that Huawei's share in the commercial PC market has increased from 3% to 9% by Q1 2025, with a potential demand of 15 million units in China, suggesting a possible increase of 300,000 units if HarmonyOS PCs capture 20% of the market [2]

Core Viewpoint - Huawei's HarmonyOS-powered computer, known as Hongmeng Computer, was officially unveiled, showcasing its integration with advanced AI technologies [1] Group 1: Product Features - The Hongmeng Computer is equipped with HarmonyOS 5, featuring a new AI system and a dedicated assistant named Xiao Yi, which supports voice interaction and provides accurate and rapid responses [1] - The operating system of the Hongmeng Computer integrates with the Pangu large model and DeepSeek, enhancing its AI capabilities [1]

Core Viewpoint - Huawei officially launched the "Harmony Computer" at the HarmonyOS 5 technology and ecosystem communication conference held in Shenzhen on May 8, showcasing the deep integration of AI capabilities with underlying hardware, operating systems, and software applications [1] Group 1 - The "Harmony Computer" is powered by HarmonyOS 5, indicating a significant advancement in Huawei's operating system technology [1] - The event highlighted the strategic direction of Huawei in merging AI with its hardware and software ecosystem, which may enhance user experience and operational efficiency [1]