Core Insights - HarmonyOS 6 represents a significant evolution in China's digital ecosystem, transitioning from basic adaptation to innovative breakthroughs, enhancing both ecological collaboration and intelligent user experiences [3][4] - The operating system has achieved a remarkable growth trajectory, with over 23 million devices activated, marking it as one of the fastest-growing operating systems globally [4][5] - HarmonyOS 6 introduces a new intelligent framework that allows third-party applications to upgrade their capabilities, enhancing user interaction and experience [12][13] Group 1: Ecosystem Development - HarmonyOS has grown from 0 to over 23 million devices in just a few years, with the activation rate accelerating significantly, indicating a robust user adoption [4][5] - The operating system has captured a 17% market share in China's smartphone market, establishing itself as the second-largest operating system domestically [5] - The ecosystem is evolving from mere compatibility to co-creation, with major applications like WeChat and Alipay fully integrating with HarmonyOS 6 [13][9] Group 2: Technological Advancements - HarmonyOS 6 introduces the Harmony Intelligent Agent Framework, enabling over 80 intelligent applications to provide enhanced user experiences across various daily activities [12][9] - The system supports cross-device collaboration, allowing seamless sharing and interaction between devices, significantly improving user convenience [9][12] - AI capabilities have been integrated into native applications, allowing users to perform complex tasks using natural language, thus enhancing the overall functionality of the operating system [15][17] Group 3: Future Goals and Challenges - The company aims to achieve 100,000 applications by 2025 as a marker of ecosystem maturity, with significant investments planned to reach this goal [15][17] - Despite the progress, challenges remain in achieving a fully mature ecosystem, as some applications still require refinement to enhance user experience [14][17] - The commitment to continuous improvement is evident, with user feedback being a crucial driver for the ongoing development of HarmonyOS [17]

Core Insights - HarmonyOS 6 has been officially launched, focusing on system experience and ecosystem advancements, showcasing collaborative achievements with various partners [1] - The launch of the HarmonyOS 6 version of "Delta Action" provides players with a more stable, high-quality, and smooth gaming experience [3] Group 1: System Enhancements - HarmonyOS 6 features significant optimizations, including the Ark scheduling engine, which enhances game resource supply efficiency, allowing "Delta Action" to run smoothly for over four hours [3] - The introduction of audio noise reduction capabilities in HarmonyOS 6 improves team communication, ensuring clear voice reporting even in noisy environments [3] - The minimum frame rate for "Delta Action" has increased by 24% after upgrading to HarmonyOS 6, resulting in a smoother gaming experience during intense gameplay [3][2] Group 2: Player Engagement Initiatives - A "October Battlefield Play Month" event will launch on October 23, offering rich gameplay content to enhance player experience [5] - The event includes seven popular game modes, such as "Arrow Feather Showdown" and "Dragon Dance Thunder," providing diverse combat options for players throughout the week [6] Group 3: Cross-Platform Capabilities - Since its launch on September 23, "Delta Action" has leveraged cross-platform matching and system interoperability, facilitating cross-platform battles for HarmonyOS players [8] - The deep adaptation of "Delta Action" to HarmonyOS 6 not only enhances the gaming experience but also signifies a significant breakthrough in "game ecosystem collaboration" [8]

Core Insights - The HarmonyOS 6 was officially launched on October 22, enhancing user experience across five dimensions: aesthetics, usability, intelligence, security, and smoothness [1] - Damai Entertainment announced the launch of the first movie performance service AI, "Mai Bao," on the Harmony platform, along with the upcoming release of Damai 9.0, which will synchronize features across platforms [1][5] Group 1 - The "Mai Bao" AI integrates deeply with Xiao Yi, allowing users to interact via voice to search for nearby performances, inquire about details, and make requests for additional shows, enhancing the convenience of smart interactions [3] - The Harmony version of Damai 9.0 is set to launch later this year, aiming to align its functionalities with other platform versions while introducing more innovative experiences unique to Harmony [5] - Over a collaboration period of more than 400 days, Damai has introduced new features in the Harmony version of Damai and Taopiaopiao apps, including live windows, "bump to share," and one-click login with Huawei accounts [5] Group 2 - Damai Entertainment, characterized by its technological foundation, is committed to creating innovative scenarios in the entertainment industry, aiming to provide high-quality real-world entertainment experiences [5] - The presence of Damai at the HarmonyOS 6 launch highlights its deep recognition of the value of the Harmony ecosystem, showcasing a commitment to co-create new entertainment service scenarios through technological integration [5] - The ongoing collaboration between Damai and Harmony is expected to explore new possibilities in smart ticketing and entertainment performances, ultimately delivering a more intelligent and convenient entertainment experience for users [5]

Core Insights - The digital economy is rapidly penetrating various sectors, with the digitization of government and enterprise operations becoming an inevitable trend. HarmonyOS 5 is emerging as a core force supporting the digital transformation of government and enterprises due to its secure and controllable foundation and its intelligent, convenient features [1]. Government Sector - The process of HarmonyOS adaptation in government applications has been steadily advancing since the launch of the first provincial-level government office app "Jingban" in November last year. Key provincial government office applications such as "Guizhou Tong" and "Yuezhengyi" have been launched, accelerating the HarmonyOS adaptation across major provinces [3]. - As of now, several provinces including Beijing, Shanghai, Guangdong, and Shandong have completed the adaptation of their government collaborative office applications to HarmonyOS. This includes services for municipalities like "Suishenban Government Cloud" and applications from major economic provinces such as "Shandong Tong" and "Minzhengwu" [3]. Industry Coverage - The adaptation of HarmonyOS in office applications has extended to key industries such as energy, construction, finance, logistics, manufacturing, education, and healthcare, demonstrating its broad applicability and support for digital transformation across various sectors [4]. - In the energy sector, companies like Chuanmei Group and China Petroleum have implemented HarmonyOS applications such as "Smart Chuanmei" and "PetroChina e-Sign" [4]. - In the construction sector, applications like "iChengjian" from Beijing Urban Construction and "Hebei Construction Cloud" have been developed [4]. - The finance sector has seen the introduction of applications like "Fuxing No.1" from Bank of China and "Zhejiang Rural Commercial Bank" [4]. - In logistics, applications such as "Zhongzhi Zhiyun" from China Logistics and "Zhongyou Wangyuan" from China Post have been launched [4]. - The manufacturing industry is represented by applications like "Dongfeng Smart Office" from Dongfeng Motor and "Zhongliang E+" from COFCO [4][5]. - In education, universities like Peking University and Zhejiang University have developed their own HarmonyOS applications [5]. - In healthcare, the "Health Shanxi Doctor Version" from Shanxi Medical University First Hospital is an example of HarmonyOS application [6]. Future Outlook - HarmonyOS 5 is not only providing a secure and controllable digital foundation for various industries but also offering a more convenient and intelligent office experience for numerous government and enterprise institutions. This is driving the digital upgrade and enhancing operational efficiency and service capabilities [6]. - As more government and enterprise applications integrate into the Harmony ecosystem, a more autonomous, secure, and intelligent digital office era is accelerating [6].

Group 1 - The core viewpoint emphasizes the significant advancements in China's domestic operating systems, such as HarmonyOS and Kylin, which are driving the digital transformation and innovation landscape in the country [1][2] - During the 14th Five-Year Plan period, China's R&D investment is projected to exceed 3.6 trillion yuan in 2024, marking a 48% increase from 2020, with R&D intensity reaching 2.68%, surpassing the average level of EU countries [1][2] - The scale of high-tech industries is expanding, with the added value of high-tech manufacturing industries increasing by 42% compared to the end of the 13th Five-Year Plan, and the "new three" economy accounting for 18% of GDP [2] Group 2 - A notable increase in the number of high-tech enterprises has been observed, exceeding 500,000, which is an 83% increase since 2020, with R&D investment accounting for over 77% of their expenditures [2] - Major technological achievements are accelerating, including the establishment of approximately 4.6 million 5G base stations, leading the world in technology and user numbers, and the successful commercial flight of the C919 aircraft [2] - China's overall innovation capability ranking has improved from 14th in 2020 to 10th in 2024, reflecting its rising position in the global innovation landscape [2]

Economic Overview - China's GDP for the first three quarters reached 10,150.36 billion yuan, with a year-on-year growth of 5.2% [2] - The growth rates for the three sectors were: primary industry at 3.8%, secondary industry at 4.9%, and tertiary industry at 5.4% [2] - The retail sales of consumer goods totaled 3,658.77 billion yuan, showing a year-on-year increase of 4.5% [2] - The per capita disposable income of residents was 32,509 yuan, with a nominal growth of 5.1% [2] Real Estate Market - In September, the housing prices in major cities showed a month-on-month decline, with first-tier cities down by 1% [4] - Fixed asset investment (excluding rural households) was 3,715.35 billion yuan, a year-on-year decrease of 0.5% [4] - Real estate development investment fell by 13.9% year-on-year, with residential investment down by 12.9% [4][5] Monetary Policy - The Loan Prime Rate (LPR) remained unchanged for five consecutive months, with the one-year LPR at 3.00% and the five-year LPR at 3.50% [6] - The central bank has not indicated any plans for interest rate cuts, focusing instead on liquidity management [6][7] Consumer Spending Initiatives - Various provinces, including Hunan and Zhejiang, are launching new rounds of consumption vouchers totaling 1 billion yuan to stimulate consumer spending [10] - The focus of these vouchers is on daily necessities, aiming to enhance consumer habits rather than just providing one-time subsidies [11] Technology Development - Huawei is set to release HarmonyOS 6, which integrates AI capabilities into the system, marking a significant advancement in its operating system development [12] - The new framework aims to enhance cross-device collaboration and improve user experience [12][13] Fund Market Trends - As of August, the total scale of money market funds reached approximately 14.81 trillion yuan, reflecting a growth of 1.2 trillion yuan from the end of last year [14] - The decline in deposit rates has made money market funds an attractive option for savers, despite a decrease in their yields [14][15]

Core Viewpoint - The article emphasizes the significant role of universities in the development of the OpenHarmony ecosystem, showcasing how student involvement in practical projects bridges the gap between academia and industry, transforming students from learners to contributors [3][21]. Group 1: OpenHarmony Ecosystem Development - The OpenHarmony project has grown from 7 million lines of code to over 130 million lines, with more than 1,300 software and hardware products passing compatibility tests and attracting over 9,300 code contributors and 400 partners [3]. - The establishment of OpenHarmony technology clubs in 38 universities across China has engaged thousands of students and faculty, facilitating the transition of domestic operating systems from laboratory concepts to industrial applications [3][9]. Group 2: Student Experiences and Contributions - Students at Hunan University have developed robots and AI-integrated devices using OpenHarmony, highlighting the system's unique capability to support multiple device interconnectivity [6][8]. - The experience gained through these projects has significantly enhanced students' resumes, with many receiving recognition from mentors for their practical skills and teamwork [8][9]. - At Shanghai Jiao Tong University, students have engaged in critical security kernel development, contributing to the successful implementation of OpenHarmony in the power industry, achieving CCRC EAL5+ security certification [11][13]. Group 3: Educational Transformation - The OpenHarmony clubs encourage interdisciplinary collaboration, allowing students from various backgrounds to work together on projects, thus fostering innovation and practical application of theoretical knowledge [9][18]. - Beijing University of Aeronautics and Astronautics has developed a comprehensive talent cultivation system that integrates research projects, competitions, and teaching, ensuring students can apply their learning effectively [16][18]. - The clubs have shifted the educational paradigm, enabling students to participate in real-world engineering challenges, thus preparing them to become key contributors to the national technology landscape [14][19]. Group 4: Future Implications - The collaborative efforts of these universities illustrate a new model of education where students are not just passive learners but active contributors to the development of a domestic operating system [21]. - The article concludes that the ongoing engagement of students in the OpenHarmony ecosystem is crucial for sustaining innovation and growth, positioning them as the future leaders in technology [22].

Core Viewpoint - The recent upgrade of Huawei's HarmonyOS from version 4.3 to 5.1 has faced significant backlash due to compatibility issues with mainstream applications, leading to user frustration and data loss during the downgrade process [1][3][4]. Group 1: User Experience and Compatibility Issues - Users have reported that after upgrading to HarmonyOS 5.1, many applications became incompatible, resulting in a chaotic desktop layout and the need to reinstall and log into existing applications, increasing operational costs [3][4]. - Core functionalities of popular applications like WeChat and Douyin have failed, causing disruptions for content creators and users alike [3][4]. - The lack of a user-friendly downgrade mechanism has forced users to seek professional help to revert to the previous system, often resulting in data loss [4]. Group 2: Market Position and Competition - Huawei has regained a leading position in the Chinese smartphone market, achieving a market share of 18.1% with 12.5 million units shipped in Q2 2025, despite an overall market decline [5][6]. - The HarmonyOS ecosystem is still small on a global scale, with only 4% market share compared to Android's 79% and iOS's 17% as of Q2 2025 [7][8]. Group 3: Development and Future Challenges - Huawei has invested heavily in R&D, with expenditures reaching 96.95 billion yuan in the first half of 2025, accounting for 22.7% of its revenue, indicating a strong commitment to developing the HarmonyOS ecosystem [7]. - The transition to a "pure" HarmonyOS from a compatible Android system presents significant compatibility challenges, as seen in the recent upgrade issues [10][11]. - Building a developer ecosystem remains a critical challenge, as the user base is primarily domestic, making it difficult to attract international developers to invest in the platform [10][11]. Group 4: Strategic Outlook - The HarmonyOS has the potential for growth in various markets, including PC operating systems, mobile application development, and IoT, with significant market sizes projected [10]. - However, the path to achieving a competitive stance against Android and iOS globally is fraught with challenges, including the need for improved application quality and timely updates [10][11].

Market Overview - China's recent rare earth policy has led to a significant drop in the US stock market, with the Nasdaq falling by 3.56% and the S&P 500 by 2.72%, indicating a strong impact on technology stocks and a spike in the VIX fear index above 31% [1] - The new policy effectively closes loopholes in rare earth exports, which are crucial for semiconductor manufacturing, particularly for companies like TSMC, which relies heavily on rare earth materials from China [1] - The US's dependency on Chinese rare earths for chip production raises concerns for major tech companies like Nvidia and Apple, potentially crippling their operations if strict enforcement occurs [1] Trade Relations - Despite the US's threats to impose 100% tariffs on Chinese goods, China's exports have shown resilience, with a reported 8.3% year-on-year increase in September, leading to a trade surplus of $90.5 billion [2] - The US administration's stance appears to soften, with indications that both countries prefer to avoid economic recession and are open to dialogue [3] Industry Impact - The recent tensions have prompted a shift in attitudes from other countries, such as Canada, which is reconsidering its tariffs on Chinese electric vehicles due to the negative impact on bilateral trade [4] - The market's reaction to the geopolitical situation has led to a rise in gold prices, with spot gold reaching a historical high of over $4060 [4] Semiconductor Sector - The semiconductor industry is witnessing advancements, with upcoming events like the Bay Area Semiconductor Industry Expo expected to showcase significant developments [5] - Companies involved in semiconductor manufacturing, such as Huahong Semiconductor and SMIC, have seen stock price increases, reflecting market optimism [5] Software and Domestic Alternatives - The cessation of support for Windows 10 by Microsoft is expected to boost the market share of domestic operating systems, with projections indicating a 15% share in the PC market by mid-2025 [6] - Companies like Kingsoft are benefiting from this trend, with significant stock price increases following the announcement of domestic software alternatives [6] Cobalt Market Dynamics - New export quotas for cobalt from the Democratic Republic of Congo have led to supply tightening and increased costs, benefiting companies like Luoyang Molybdenum and China Molybdenum [7] - The concentration of export rights among a few large companies enhances their bargaining power within the supply chain [7] Company Performance - Shanghai Fudan reported a revenue of 1.839 billion yuan for the first half of 2025, a year-on-year increase of 2.49%, although net profit saw a decline of 44.38% [8] - The company is positioned as a leading FPGA supplier, with a focus on advanced chip development and a positive outlook for revenue growth in various product lines [9]

Core Viewpoint - The A-share market experienced a mixed performance with the Shanghai Composite Index declining by 0.19%, while the STAR Market Index rose by over 1% [1][2]. Market Performance - The Shanghai Composite Index closed at 3889.50, down by 7.53 points or 0.19% [2]. - The Shenzhen Component Index closed at 13231.47, down by 123.95 points or 0.93% [2]. - The ChiNext Index closed at 3078.76, down by 34.50 points or 1.11% [2]. - The STAR 50 Index closed at 1473.02, up by 20.34 points or 1.40% [2]. Sector Performance - The self-controlled industrial chain saw a significant surge, particularly in the rare earth permanent magnet sector, with multiple stocks hitting the daily limit [2]. - Key sectors that performed well included photolithography machines, lithium batteries, rare metals, and operating systems, while sectors like robotics, consumer electronics, and auto parts generally declined [2][3]. Trading Volume and Market Sentiment - The total trading volume in the Shanghai and Shenzhen markets was 2.35 trillion yuan, a decrease of 160.9 billion yuan compared to the previous trading day [4]. - Over 3600 stocks in the market experienced declines [4]. Capital Flow - Main capital inflows were observed in the steel, banking, and non-ferrous metal sectors, while outflows were noted in consumer electronics, auto parts, and battery sectors [6]. - Specific stocks with net inflows included Baogang Steel (1.758 billion yuan), China Software (959 million yuan), and Northern Rare Earth (724 million yuan) [6]. - Stocks facing net outflows included BYD (1.424 billion yuan), Luxshare Precision (1.103 billion yuan), and Seres (1.098 billion yuan) [6]. Institutional Insights - Guotai Junan noted that recent market fluctuations do not alter the long-term positive outlook for the stock market, viewing external shocks as opportunities to increase holdings in the Chinese market [7]. - The firm emphasized that the current trade risks are clearer compared to previous shocks, suggesting a balanced investment approach focusing on technology growth, finance, and certain cyclical sectors [7]. - Guoyuan Securities highlighted that the rare earth sector is experiencing short-term rotations, with mid-term value reassessment driving upward volatility [8].