1、据央视新闻报道，为保持银行体系流动性充裕，8月25日，中国人民银行将以固定利率、数量招标、 多重价位中标方式开展6000亿元中期借贷便利（MLF）操作，期限为1年期。考虑到本月有3000亿元 MLF到期，这意味着8月MLF净投放达到3000亿元，为连续第六个月加量续作，符合市场预期。 2、当地时间8月22日，美联储鲍威尔在杰克逊霍尔全球央行年会上表示，当前形势暗示就业增长面临下 行风险，风险平衡点的变化可能要求调整政策。鲍威尔称，美联储对降息持开放态度。鲍威尔指出，美 国经济在高关税与收紧移民政策背景下仍展现韧性，但劳动力市场与经济增长已出现显著放缓。他强 调，在政策维持紧缩的背景下，经济前景及风险变化或需调整政策立场。鲍威尔在讲话中暗示尽管当前 通胀上行风险依然存在，但美联储仍可能在未来数月降息。 （二）行业掘金 1、2025中国算力大会于8月24日在山西大同落幕。在8月22日召开的"由云向智算 领未来"分论坛上，工 业和信息化部信息通信发展司相关负责人表示，截至2025年6月底，我国在用算力中心标准机架数达 1085万架，智能算力规模达788EFLOPS，将持续优化全国算力布局，加强对总体算力利用率比 ...

Investment Overview - Shandong Shengyang Power Co., Ltd. plans to establish a joint venture named Kaiyuan Hongmeng (Shandong) Digital Technology Co., Ltd. to capitalize on opportunities in the digital economy and enhance its growth potential in the energy sector [1][20] - The joint venture will have a registered capital of RMB 50 million, with Shengyang contributing RMB 5 million for a 10% stake [1][17] Related Transactions - The investment constitutes a related party transaction as Shandong Development Investment Holding Group Co., Ltd. is the controlling shareholder of Shengyang [2][7] - The proposal was approved with no votes against it, and independent directors confirmed the fairness of the transaction [2][20] Partner Companies - The joint venture includes partners such as Shandong Development Group, Shandong Development Sci-Tech Investment Co., Ltd., Shandong Expressway Bridge Investment Management Co., Ltd., and Shenzhen Kaihong Digital Industry Development Co., Ltd. [1][8] - Shandong Development Group is a significant state-owned enterprise focused on modern industry and strategic emerging industries [6][7] Financial Data - As of December 31, 2024, Shandong Development Group reported total assets of RMB 187.09 billion and net assets of RMB 114.23 billion [7] - The group has shown rapid growth in various sectors, including manufacturing and financing [6][7] Market Context - The establishment of the joint venture aligns with national strategies for digital economy and energy sector modernization, leveraging the OpenHarmony ecosystem [15][20] - OpenHarmony has seen significant growth, with over 1 billion devices utilizing the system, indicating a robust market potential [15][20] Strategic Goals - The investment aims to build a diversified growth framework and enhance sustainable development capabilities for Shengyang [20] - The joint venture is expected to provide innovative solutions across multiple sectors, positioning Shengyang as a core player in the regional industrial ecosystem [20]

Core Insights - The 2025 Fortune China Tech 50 list was released, with Huawei Investment Holding Co., Ltd. ranking first due to its comprehensive leadership in communication, chips, operating systems, and artificial intelligence [1] - DeepSeek, focused on AI large model development, ranked second, showcasing significant advancements in the AI sector [1] Huawei - Huawei is recognized as a representative of Chinese tech companies, driving global communication and smart technology development [3] - In the 5G communication sector, Huawei holds a 15% share of essential patents, ranking first globally and providing key technological support for 5G network construction in multiple countries [3] - The Kirin 9020 chip has over 90% localization rate, with significant performance improvements; the Ascend AI processor has set global performance records in supporting large model inference [3] - The Harmony operating system has surpassed 10 million devices, with its ecosystem continuously expanding [3] - Huawei has made breakthroughs in optical technology, network architecture, and AI algorithms, facilitating technological upgrades across various industries [3] DeepSeek - DeepSeek is a leading enterprise in China's AI field, gaining global attention with its self-developed large model DeepSeek-R1, which scored 88.5 in the MMLU benchmark test, significantly outperforming international models like Llama 3 and Claude 2 [9] - The influence of DeepSeek in the open-source community is growing, with its model's global download volume ranking in the top ten [9] - As of June 2025, DeepSeek has reached 163 million monthly active users, becoming the largest AIGC application globally, reflecting China's strong market vitality and technological implementation capabilities in AI [9] Other Notable Companies - Other companies such as CATL, Alibaba, Tencent, and BYD have also made it to the top ranks due to their leading technological capabilities and market performance [10] - CATL continues to lead globally in power batteries and energy storage systems, achieving a 37.6% market share in global power battery installations in 2024, marking its seventh consecutive year in the top position [10]

Market Performance - On August 20, the market experienced a rebound after hitting a low, with the Shanghai Composite Index, Shenzhen Component Index, and Sci-Tech Innovation 50 Index all reaching new highs for the year [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, a decrease of 180.1 billion yuan compared to the previous trading day, marking the sixth consecutive day with trading volume exceeding 2 trillion yuan [1] - By the end of the trading session, the Shanghai Composite Index rose by 1.04%, the Shenzhen Component Index increased by 0.89%, and the ChiNext Index gained 0.23% [1] Sector Performance - The top-performing sectors included domestic merchants, the Apple supply chain, and robotics, with significant increases in their respective indices [3] - The chip sector showed a notable increase, with a rise of 27 points, indicating strong market interest and potential growth [3] - Other sectors such as medical, communication, and securities also demonstrated positive trends, contributing to the overall market performance [3]

Important Market News - The U.S. stock market closed mixed, with the Nasdaq down 1.46%, S&P 500 down 0.59%, and Dow Jones up 0.02%, reaching an intraday all-time high [1] - Major tech stocks mostly declined, with AMD down over 5% and Nvidia down over 3%, marking the largest single-day drop since April 21 [1] - International precious metal futures generally fell, with COMEX gold futures down 0.57% at $3358.90 per ounce and COMEX silver futures down 1.84% at $37.33 per ounce [1] - International oil prices also dropped, with WTI crude down 1.12% at $62.00 per barrel and Brent crude down 0.95% at $65.97 per barrel [1] - European stock indices closed higher, with Germany's DAX up 0.45%, France's CAC40 up 1.22%, and the UK's FTSE 100 up 0.34% [1] Industry Insights - Shenzhen Longgang Data Co. has partnered with the Hong Kong Web3.0 Standardization Association to co-build a cross-border data compliance recognition mechanism, focusing on the global first RWA asset registration platform [2] - RWA (Real World Assets) aims to tokenize real-world assets like bonds and real estate through blockchain technology, enhancing asset liquidity and providing stable financial products in the Web3.0 space [2] - The total on-chain scale of RWA is projected to reach $25.21 billion by July 26, 2025, indicating significant growth potential in financing efficiency and application scope [2] - The Guangdong Provincial Government has introduced policies to support the high-quality development of commercial aerospace, including satellite constellation construction and investment in satellite networks [3] - The commercial aerospace market in China is expected to grow from 9.2 billion yuan in 2020 to 310 billion yuan by 2024, with a compound annual growth rate exceeding 100% [3] - Huawei's HarmonyOS has surpassed 10 million terminal devices, marking a significant milestone in its ecosystem development, with over 20,000 native applications launched [4][5] - The market for government digital services is expected to see a major upgrade with the launch of the Guangdong Digital Government app on HarmonyOS, indicating a growing adoption of the platform [4] - The commercial potential of HarmonyOS is projected to reach a scale of hundreds of billions, with a target of 100,000 native applications by 2025 [5]

Group 1 - The founder and CEO of Laifen Technology publicly responded to criticism from a former employee and a media influencer regarding a product comparison video, highlighting concerns about industry trust and corporate anxiety during transformation [2] - Huge Dental Limited's IPO application in Hong Kong has expired after six months, indicating potential challenges in the dental materials market [3] - Shenzhen Metro's response to a request for support of Lingnan Tong card suggests technical compatibility issues, recommending the use of "Traffic United" card instead [4][5] Group 2 - Apple is reportedly developing a new operating system called "Charismatic," which may integrate elements from tvOS and watchOS, expected to launch with future smart home and desktop products [5] - Heytea is set to fully launch on Taobao Flash Sale, expanding its reach in the instant retail market with over 4,000 stores [6] - Alibaba and Ant Group have launched the "City Knight Orange Plan," aimed at providing better incentives and protections for delivery riders across various platforms [7] Group 3 - AVIC Optoelectronics has products applied in the industrial robotics sector, indicating a strategic focus on high-end manufacturing [8] - Chengdu's inbound tourism has surged by over 31% during the World Universiade, with key tourist destinations seeing increased traffic [9] - Wuhan's car replacement policy will be suspended starting August 19, 2025, affecting consumer behavior in the automotive market [10] Group 4 - Yupa Direct Recruitment has completed the strategic acquisition of "Jigongjia," a construction labor service platform, to strengthen its market position and prevent competitive threats [11] - Artist Fan Zeng has reassured the public of his well-being after recent rumors, indicating the impact of public perception on personal branding [12] - Keda Li's subsidiary Kemen is testing high-precision reducers with several quality clients, showcasing advancements in robotics technology [14]

Core Viewpoint - Huawei's HarmonyOS 5.0 has surpassed 10 million device activations, marking a significant milestone in the development of China's domestic operating system ecosystem, indicating it has crossed a critical survival threshold [1][4][8] Group 1: Development and Investment - The achievement of over 10 million activations is the result of six years of investment amounting to hundreds of billions of yuan and the efforts of over 10,000 researchers [4][9] - HarmonyOS has undergone a "triple reconstruction" in its technology, achieving a 40% efficiency improvement, reducing cross-device latency to below 5 milliseconds, and obtaining CC EAL5+ international security certification [5][6] - Huawei's annual investment in HarmonyOS development is substantial, with a focus on attracting top talent and incentivizing developers through programs like the "Star Plan" [9][10] Group 2: Ecosystem and Market Position - The real challenge for HarmonyOS lies in building a robust application ecosystem, as evidenced by the failures of other operating systems like Microsoft Windows Phone and Samsung Tizen due to lack of support [6][11] - As of now, the top 20 applications on HarmonyOS have over 2 million downloads, and there are more than 20,000 native applications and services available [6][10] - HarmonyOS has achieved a market share of 19% in China, surpassing iOS and becoming the second-largest operating system [11] Group 3: Future Prospects and Strategic Importance - The success of HarmonyOS is not just about survival but about thriving in the next decade, with its ability to create a unified language for devices in the Internet of Things era [9][11] - Huawei aims for HarmonyOS to achieve parity with Android and iOS ecosystems by the end of the year, leveraging its advantage of "one-time development, multi-end deployment" [11]

Core Insights - HarmonyOS 5 has surpassed 10 million device installations, marking a significant milestone in establishing a new operating system ecosystem that breaks the dominance of iOS and Android [4][6][9] - The achievement reflects a shift towards a self-sustaining ecosystem where developers are motivated to invest and users have compelling reasons to choose HarmonyOS [3][6][29] Group 1: Milestone Achievement - The announcement of over 10 million installations of HarmonyOS 5 is a critical turning point, indicating the system's entry into a positive feedback loop of ecosystem development [4][6][9] - This milestone is supported by the collaboration of 8 million developers and a vast user base, showcasing the resilience and growth of the Harmony ecosystem [4][9][15] Group 2: Technical and Development Challenges - Transitioning to HarmonyOS 5 involves significant technical challenges, including the need for developers to adapt applications to a completely new architecture, which includes a self-developed kernel and file system [9][10][12] - The development process has required substantial investment, with hundreds of billions allocated over six years and a workforce of over 10,000 annually [12][19] Group 3: Ecosystem Building - HarmonyOS aims to create a robust ecosystem by addressing the "chicken or egg" dilemma of user and developer engagement, leveraging its growing device base to attract developers [17][29] - The strategy includes providing extensive support and resources for developers, such as migration tools and financial incentives, to facilitate the adaptation of popular applications like WeChat and Taobao [18][21][24] Group 4: Market Position and Future Outlook - With the recent success, HarmonyOS is positioned to challenge the existing operating system market dominated by foreign tech giants, aiming to establish a unique identity in the era of interconnected devices [13][26][28] - The growth of HarmonyOS is expected to continue, with plans for further integration across various device types, enhancing user experience and expanding its market presence [15][26][29]

Core Viewpoint - Huawei demonstrates strong technological capabilities in the semiconductor industry, particularly with its Ascend series chips and the recent launch of CM384, positioning itself as a leader in domestic AI chips [2][3]. Group 1: Financial Performance - In 2024, Huawei achieved a total revenue of RMB 862.072 billion, representing a year-on-year growth of 22.4% [5]. - The smart automotive solutions segment saw a remarkable revenue increase of 474.4%, while terminal business and digital energy businesses grew by 38.3% and 24.4%, respectively [5]. - Revenue from the Chinese market reached RMB 615.264 billion, driven by digitalization, intelligence, and low-carbon transformation [5]. Group 2: Huawei Cloud - The overall public cloud market in China is projected to reach USD 24.11 billion in the second half of 2024, with IaaS accounting for USD 13.21 billion, representing a year-on-year growth of 14.4% [6]. - Huawei Cloud holds a 13.2% market share in the Chinese IaaS market, making it the second-largest cloud provider after Alibaba Cloud [6]. - Huawei Cloud's revenue growth rate reached 24.4%, the highest among major cloud vendors in China [6]. Group 3: Ascend Chips - The CloudMatrix 384 super node integrates 384 Ascend 910 chips, achieving a cluster performance of 300 PFLOPS, which is 1.7 times that of Nvidia's GB200 NVL72 [10]. - The single-chip performance of Huawei's Ascend 910C is approximately 780 TFLOPS, which is one-third of Nvidia's GB200 [10][11]. - The Ascend computing system encompasses a comprehensive ecosystem from hardware to software, aiming to meet various AI computing needs [15][20]. Group 4: HarmonyOS - HarmonyOS features a self-developed microkernel, AI-native capabilities, distributed collaboration, and privacy protection, distinguishing it from Android and iOS [12]. - The microkernel architecture enhances performance and fluidity, while the distributed soft bus technology allows seamless connectivity among devices [12][13]. Group 5: Kirin Chips - The Kirin 9020 chip has reached high-end processor standards, comparable to a downclocked Snapdragon 8 Gen 2 [23]. - The Kirin X90 chip, based on the ARMv9 instruction set, features a 16-core design with a frequency exceeding 4.2GHz, achieving a 40% improvement in energy efficiency [25][26]. Group 6: Kunpeng Chips - Kunpeng processors are designed for servers and data centers, focusing on high performance, low power consumption, and scalability [27]. - The Kunpeng ecosystem strategy emphasizes hardware openness, software open-source, enabling partners, and talent development [29].

8月14日，国务院新闻办公室在北京举行"高质量完成'十四五'规划"系列主题新闻发布会。国家发 展改革委党组成员、国家数据局局长刘烈宏介绍，经过多年持续攻坚，我国在数字领域突破了一批关键 核心技术，展示出我国显著的发展成绩。集成电路加快布局，形成覆盖设计、制造、封装测试、装备材 料的完整产业链；国产操作系统加速崛起，鸿蒙系统生态设备总量突破11.9亿台，为手机、汽车、家电 等1200多类产品装上"智能中枢"；我国人工智能综合实力实现整体性、系统性跃升，人工智能专利数量 占全球总量的60%。 ...