Core Points - Huawei officially launched its HarmonyOS 5-powered computers, including the MateBook Pro and the MateBook Fold, with prices starting at 7999 yuan and 23999 yuan respectively [1] - The MateBook Fold is the largest commercial foldable computer with an 18-inch screen and weighs 1.16 kg, while the MateBook Pro is designed for the mass market, weighing 970 grams and boasting a thickness of 13.5 mm [1] - The MateBook Pro claims to have the longest battery life among Huawei's PCs, with a continuous usage time of up to 10.2 hours [1] Market Response - Following the launch, the pre-order volume for the HarmonyOS computers reached nearly 200,000, with over 125,000 for the MateBook Fold and around 70,000 for the MateBook Pro [4] - The launch of HarmonyOS computers is seen as a critical step in Huawei's ecosystem development, complementing its previous release of the HarmonyOS 5-powered Huawei Pura X smartphone [4] Ecosystem Development - The HarmonyOS ecosystem is evolving into a software + hardware + ecosystem model, aiming to create a robust application and ecosystem framework to compete with established players like Microsoft and Apple, which dominate nearly 90% of the global desktop operating system market [4] - The integration of high-frequency applications from mobile and tablet platforms into the computer environment is underway, with over 2000 applications now available across various usage scenarios, enhancing user experience and ecosystem continuity [4]

Core Viewpoint - Huawei's launch of the MateBook Fold marks a significant breakthrough in the PC market, showcasing the potential of HarmonyOS and foldable screen technology, providing consumers with more choices in the computing landscape [2][3][14]. Group 1: Product Innovations - The Huawei MateBook Fold features an 18-inch screen when unfolded and a 13-inch portable laptop when folded, representing a new form factor in the PC space [2]. - The device has garnered over 140,000 reservations, indicating strong market interest, particularly for the model priced at 23,999 yuan [2]. - Huawei has introduced multiple foldable products within a year, including the Mate XT and Pura X, demonstrating its leadership in foldable technology [3][13]. Group 2: Market Position and Strategy - Huawei's dominance in the foldable screen market is evident, with a 76.6% market share in China as of Q1 2025, marking its fifth consecutive year of leading the foldable smartphone segment [19][20]. - The company aims to drive a new industry chain through its innovations in foldable technology, positioning itself as a pioneer in the market [13][20]. - Huawei's strategy includes deep collaboration with domestic suppliers to enhance the entire foldable screen ecosystem, ensuring a robust supply chain [20]. Group 3: Technological Advancements - The Mate XT features a unique hinge system that allows for both inward and outward folding, addressing previous concerns about durability and usability [9][10]. - Huawei's advancements in screen technology include a 25% increase in bendability and the introduction of a 3K display with superior brightness and refresh rates [10][11]. - The integration of HarmonyOS 5 enhances the user experience by enabling seamless multi-device interactions and efficient application deployment [17][20]. Group 4: User Experience and Applications - The large screen of the MateBook Fold facilitates a new collaborative work environment, enhancing productivity for office users [11]. - For entertainment, the device serves as a portable cinema, providing an immersive viewing experience with high-quality visuals [11]. - The product's design caters to various user needs, merging functionalities of a smartphone, tablet, and laptop into a single device [11][14].

Core Viewpoint - Huawei's MateBook Fold is the world's lightest and largest commercial foldable laptop, featuring an 18-inch display and a thickness of only 7.3mm when unfolded, weighing just 1.16kg, combining aesthetics, portability, and immersive viewing experience [1][2]. Design and Materials - The MateBook Fold is available in three colors: Forged Black, Sky White, and Cloud Water Blue, with Forged Black showcasing a unique dual-material and dual-texture design, enhancing both aesthetics and durability [3]. - The device utilizes a carbon fiber SMC (Sheet Molding Compound) process, which enhances impact resistance by three times compared to traditional materials [4]. - The carbon fiber SMC production involves a high-pressure molding process that creates unique textures, emphasizing the product's luxury and artistic attributes [6]. Manufacturing Process - The production of the unique cloud pattern on the device requires 63 processes, including high-temperature and high-pressure molding, as well as precision engraving and imprinting [8]. - Huawei invested 1-2 years in developing a custom high-impregnation carbon fiber material to achieve the desired aesthetic details and eliminate defects such as dry fiber and pinholes [8].

Macro Strategy - The central bank's balance sheet is expected to continue shrinking due to the recent reserve requirement ratio cut, which may lead to further "balance sheet reduction" [1][8] - The US-China trade negotiations have boosted market confidence, resulting in a significant rise in US Treasury yields and a drop in gold prices [1][10] - The April US CPI showed an unexpected decline, but concerns about tariff risks remain, leading to cautious inflation outlooks [1][10] Fixed Income - The report analyzes the common characteristics of city investment platforms eligible to issue technology innovation bonds, emphasizing the importance of external ratings and financial independence from local governments [2][12] - City investment platforms with high credit ratings and low dependence on local government support are more likely to successfully issue technology innovation bonds [2][13] Industry - The issuance of the "Ecological Environment Protection Supervision Work Regulations" aims to enhance environmental governance and support high-quality development [3][14] - The solid waste sector is expected to see improved cash flow and dividend payouts due to reduced capital expenditures and enhanced operational efficiency [3][15] - The public utility sector is witnessing regulatory changes in Guangdong, which may impact the pricing mechanisms for renewable energy projects [4][17] Company Recommendations - The report recommends focusing on investment opportunities in hydropower and thermal power as summer approaches, highlighting specific companies such as China Yangtze Power and Huadian International [4][17] - The growth potential of nuclear power is emphasized, with several new approvals expected to enhance profitability and dividends [4][17] - The report suggests that green energy companies may benefit from improved asset quality and government support for historical subsidy issues [4][17] Specific Company Insights - Ruoyu Chen is positioned as a leading digital brand management company, with significant growth expected in its health product segment and an upward revision of profit forecasts for 2025-2027 [5][6] - Chunqiu Electronics is experiencing steady revenue growth driven by the recovery in the PC market and the ramp-up of its magnesium alloy business for automotive applications [6][7]

Core Viewpoint - Huawei has launched its first foldable screen HarmonyOS laptop, the HUAWEI MateBook Fold, during the product launch event on May 19, showcasing its ambition to provide an alternative in the PC operating system market dominated by Windows and macOS [3][21]. Product Features - The MateBook Fold features an 18-inch foldable OLED display and is priced at 23,999 yuan for the 32GB+1TB model and 26,999 yuan for the 32GB+2TB model, entering the ultra-high-end market segment [2][5]. - The laptop does not come with a physical keyboard, relying instead on a virtual keyboard or an external magnetic keyboard, allowing users to switch content between screens and adjust the screen angle [11][12]. - It is equipped with HarmonyOS 5, which integrates features like AI smart assistant, cross-device collaboration, and privacy protection [13][18]. Market Reception - Pre-sale data indicates strong interest, with nearly 70,000 reservations for both models by May 20, suggesting a positive market response [5][6]. - The pricing strategy has sparked discussions on social media, with mixed opinions on affordability and potential risks associated with the foldable screen [8][9]. Competitive Landscape - The MateBook Fold's pricing positions it above many high-performance laptops, including some of Apple's M-series models, indicating a strategic move into the premium segment [7][21]. - The foldable laptop market is not entirely new, as Lenovo previously launched a similar product, the ThinkPad X1 Fold, which faced challenges in market acceptance due to high pricing and ecosystem compatibility issues [16][22]. Industry Trends - The launch reflects a broader trend in the PC industry, where companies like Microsoft and Lenovo are also integrating AI capabilities into their products, indicating a shift towards smarter, more interconnected devices [19][20].

Core Viewpoint - Huawei's HarmonyOS computer has officially launched, completing its ecosystem closure, with a focus on breaking the dominance of Windows and MacOS in the market [1] Group 1: Product Launch - The HarmonyOS foldable computer is priced between 23,999 yuan and 26,999 yuan, yet it has garnered significant interest from Huawei users, with over 47,000 reservations made within 14 hours of the launch [1] Group 2: Ecosystem and User Experience - A key feature of the HarmonyOS computer is the built-in Oseasy virtual machine, which allows users to run Windows 11 applications, addressing the current lack of HarmonyOS-compatible applications and ensuring a better user experience [1]

Group 1 - Huawei officially launched two personal computer products featuring HarmonyOS 5, including the Huawei MateBook Pro and the Huawei MateBook Fold, with starting prices of 7999 yuan and 23999 yuan respectively [2] - The Huawei MateBook Fold is the world's first commercial foldable screen computer, featuring an 18-inch flexible screen that folds to less than 13 inches [2] - Both products support HarmonyOS's full-scenario interconnectivity capabilities, covering core scenarios such as office work, creation, and entertainment [2] Group 2 - Huawei also announced the nova 14 series smartphones, all equipped with HarmonyOS 5 and supporting bidirectional Beidou satellite messaging [3] - The nova 14 series includes standard, Pro, and Ultra versions, priced at 2699 yuan, 3499 yuan, and 4199 yuan respectively [3] - The nova 14 Pro and Ultra versions introduce new features such as red maple portrait technology, star flash communication, super city positioning, and Wi-Fi 7+ [3] Group 3 - Xiaomi's founder Lei Jun revealed the progress of the self-developed chip project, which started in 2014 and was relaunched in 2021, with a planned investment of at least 50 billion yuan over 10 years [4] - As of April 2025, the Xuanjie project has invested 13.5 billion yuan and has a research team of over 2500 people [4] - The first 3nm process Xuanjie O1 chip is set to be officially released on May 22 [4] Group 4 - Tencent announced that its QQ browser has been upgraded to an AI browser, now featuring the QBot intelligent assistant [5] - The upgraded product integrates Tencent's mixed yuan and DeepSeek dual AI models, offering five core functions: AI search, AI browsing, AI learning, AI office, and AI writing [5] Group 5 - The China Music Copyright Association announced a court ruling against Huya for copyright infringement, ordering the company to pay 22,000 yuan for unauthorized use of eight music works [6] Group 6 - BYD confirmed the return of the Tengshi and Fangchengbao brand public relations departments to the group management system [7] - The adjustment includes merging the brand departments of Tengshi and Fangchengbao sales divisions into the group brand public relations department [7] - The public relations heads for both brands have been changed to Li Yunfei [7] Group 7 - The National Development and Reform Commission announced a reduction in domestic refined oil prices, with gasoline dropping by 230 yuan per ton and diesel by 220 yuan per ton [8] - The average price reduction translates to a decrease of 0.18 yuan per liter for 92-octane gasoline and 0.19 yuan for 95-octane gasoline and 0-octane diesel [8] - Filling a 50-liter tank with 92-octane gasoline will save approximately 9 yuan [8] Group 8 - NVIDIA's CEO Jensen Huang stated that the company is applying AI models in the autonomous driving sector, collaborating with Mercedes to deploy an end-to-end autonomous driving fleet globally [9] - The related technology is expected to be commercialized by 2025, optimizing the entire process of vehicle perception, decision-making, and execution systems [9]

Group 1 - The U.S. Department of Commerce has adjusted its export control guidelines regarding AI chips, changing the language from a strict prohibition to a warning about risks associated with using advanced Chinese computing chips, including Huawei's Ascend chips [1] - The Chinese Ministry of Commerce has expressed its strong stance against the U.S. actions, stating that they undermine the consensus reached during high-level talks and calling for corrections from the U.S. [1] Group 2 - The world's first L4-level intelligent agent system, MasterAgent, has been launched in Shenzhen, developed by Shenzhen Shenyuan Artificial Intelligence Technology Co., which boasts significant potential in various fields such as finance and healthcare [2] - Hangzhou Yihui Technology has completed a multi-million Pre-A round financing led by Jilu Asset, with an initial investment of 46 million, and plans for additional funding based on market growth [2] - NVIDIA's CEO Jensen Huang announced that the company is applying its AI models to autonomous vehicles, collaborating with Mercedes to launch a fleet using NVIDIA's end-to-end autonomous driving technology this year [2] Group 3 - NVIDIA's personal AI computer, DGX Spark, has entered full production and will be ready in a few weeks, featuring the NVIDIA GB10 super chip and tensor cores [3] - The smallest known electric autonomous bipedal robot, "Zippy," has been developed by a research team at Carnegie Mellon University, standing under 4 cm tall and capable of various movements [3] Group 4 - Huawei has officially launched its HarmonyOS on computers for the first time, introducing two models: HUAWEI MateBook Pro starting at 7999 yuan and HUAWEI MateBook Fold, the world's largest commercial foldable computer, starting at 23999 yuan [5] - Honor has clarified rumors about exiting the Indian market, stating that the brand is thriving in India and preparing to launch four new smartphones [6] Group 5 - Xiaomi's founder Lei Jun reported that the company has invested over 13.5 billion yuan in the development of its self-developed mobile SoC chip, Xuanjie, with a team of over 2500 people and an expected investment of over 6 billion yuan this year [7] - There are rumors regarding Luo Yonghao's AI startup collaborating with Baidu, which have been clarified as a misunderstanding; the collaboration is related to e-commerce and involves a digital persona for live streaming [8][9] - "交个朋友" has announced a strategic partnership with Baidu Youxuan, with Luo Yonghao set to host a live broadcast on Baidu's platform on May 23 [10] Group 6 - Meta has been reported as a major platform for global scam operations, with fake ads and counterfeit merchants causing significant financial losses for users, highlighting systemic issues in content regulation [11]

Group 1: Company Listings and Financial Performance - Fuwai Group Limited has submitted a listing application to the Hong Kong Stock Exchange, with Morgan Stanley and Goldman Sachs as joint sponsors [1] - EHang Intelligent, a producer of electric vertical takeoff and landing (eVTOL) aircraft, is considering a secondary listing outside the United States [2] - Ctrip Group reported a net revenue of 13.8 billion yuan for Q1 2025, with inbound travel orders increasing by approximately 100% year-on-year [15] Group 2: Technological Developments - Xiaomi is set to launch its self-developed 3nm process mobile processor chip "Xuanjie O1" by the end of May, becoming the fourth company globally to do so [3] - Nvidia announced the full production of its personal AI computer DGX Spark and plans to open-source the physics engine Newton [13] - Huawei launched its first HarmonyOS foldable laptop, priced starting at 23,999 yuan [17] Group 3: Corporate Changes and Investments - Nissan is considering closing several factories in Japan and overseas as part of its cost-cutting measures [7] - "Yingwei Chip Technology" has secured several million yuan in angel round financing to accelerate the industrialization of its wafer-level heterogeneous integration technology [19] - Hangzhou Yihui Technology Co., Ltd. completed a pre-A round financing of several tens of millions, led by Jilu Asset [21] Group 4: Market Trends and Economic Indicators - The domestic prices of gasoline and diesel will decrease by 230 yuan and 220 yuan per ton, respectively, effective from May 19, 2025 [10] - The price of gold in retail markets has dropped from 792 yuan per gram to 756 yuan per gram, a decline of over 4% [5]

Core Viewpoint - Huawei's HarmonyOS computer has officially launched, completing the ecosystem loop and aiming to challenge the dominance of Windows and MacOS in the PC market [2][4]. Product Launch and Reception - The Huawei MateBook Fold, priced between 23,999 and 26,999 yuan, has garnered significant interest, with over 47,000 reservations within 14 hours of its launch [2][7]. - The MateBook Fold is the world's largest commercial 18-inch foldable computer, featuring a thickness of only 7.3mm and a weight of 1.16kg, addressing the challenge of combining a large screen with portability [3]. Technological Innovations - The device utilizes a new generation of hinge technology, which prevents deformation during the folding process, and is made from zirconium-based liquid metal [3]. - The MateBook Fold supports various interactive features, such as screen mirroring and virtual keyboard activation [3]. Operating System and Ecosystem - Both the MateBook Fold and the MateBook Pro run on HarmonyOS 5, marking a significant step in Huawei's ecosystem development [3][4]. - The application ecosystem is crucial for the success of HarmonyOS computers, with over 150 dedicated applications and 1,000+ integrated applications already adapted [8][9]. Compatibility and Adaptation - The Oseasy virtual machine allows users to run Windows 11 on HarmonyOS computers, providing access to numerous Windows applications [11]. - Major applications like QQ and WPS have been adapted for HarmonyOS, with ongoing efforts to enhance compatibility with other software [9][11]. Enterprise Market Strategy - Huawei has introduced the HarmonyOS computer aimed at the enterprise market, the Huawei Qingyun HM940, which features an AI assistant and is designed for business applications [12][13]. - The company is launching the "Qingyun Xinghe Plan" to foster innovation in the Harmony ecosystem with industry partners [15]. Market Potential - The demand for domestic PCs is increasing, with predictions of 4.8 million units shipped in 2023, potentially rising to 9.5 million by 2026 [15]. - HarmonyOS computers are positioned to meet user needs better than existing domestic operating systems, potentially capturing more market share in the enterprise sector [15].