Summary of Conference Call Company and Industry - The conference call primarily discusses **Huawei** and its new product **Hongmeng PC** within the **PC industry** and **operating systems** market Key Points and Arguments - **Introduction of Hongmeng PC**: Huawei's Hongmeng PC was anticipated and aligns with previous statements made by the company regarding its development timeline, particularly referencing a mention in March about a May launch [1][2] - **Market Context**: The global PC shipment volume is projected to be **245 million units** in 2024, reflecting a **1.3% increase** from previous years. Historical data shows fluctuations in shipments, with a notable drop to **299.8 million units** in 2020, followed by a recovery during the pandemic [4][5] - **China's PC Market**: In 2024, China's PC shipments are expected to be **39.7 million units**, down **4%** year-over-year. Lenovo leads the market with a **35% share**, followed by Huawei [5][6] - **Competitive Landscape**: The competitive dynamics in the PC market are highlighted, with Huawei positioned as a significant player alongside Lenovo and HP. The call notes that Huawei's market share is growing despite challenges [5][6] - **Operating System Landscape**: The discussion includes the competitive positioning of operating systems, noting that **93%** of industrial software relies on Windows, indicating a significant barrier for alternatives like Hongmeng [8] - **Technological Ambitions**: Huawei's ambition to create a microkernel-based operating system, initiated in **2012**, aims to compete with established players like Google and Apple. The company seeks to integrate various devices (PCs, servers, smartphones) under a unified operating system [11][16] - **Ecosystem Development**: The call emphasizes the importance of building an ecosystem around Hongmeng, with opportunities for hardware manufacturers and software developers to collaborate and innovate [14][15][19] - **Future Prospects**: The potential for Hongmeng to disrupt the PC market is discussed, with expectations for significant advancements and market changes leading up to the official launch on **May 19** [24] Other Important Content - **Technological Features**: The Hongmeng PC is designed to facilitate seamless connectivity and interoperability between devices, showcasing features like multi-window capabilities and cross-device functionality [12][22][23] - **Investment Opportunities**: The call identifies potential investment opportunities in companies that will support the Hongmeng ecosystem, particularly in hardware and software sectors [14][15] - **Collaborative Efforts**: Various partners and companies are mentioned as part of the ecosystem, indicating a broad network of collaboration to enhance the Hongmeng platform [18][19] This summary encapsulates the key discussions and insights from the conference call, focusing on Huawei's strategic initiatives and the broader implications for the PC industry and operating systems market.

Group 1: Industry Investment Rating - No relevant content provided Group 2: Core Views - The report provides an overview of the morning meeting on June 10, 2025, including macro news, price changes in various futures contracts, and views on major futures varieties. It also analyzes the market trends and investment suggestions for different sectors such as agriculture, energy, chemicals, and industrial metals [3][6][12] Group 3: Summary by Directory Macro News - The first meeting of the China-US economic and trade consultation mechanism was held in London on June 9 and continued on June 10 [6] - The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued opinions to improve people's livelihood, including measures such as canceling household registration restrictions for social insurance participation [6] - In May, CPI decreased by 0.2% month - on - month and 0.1% year - on - year, while PPI decreased by 0.4% month - on - month and 3.3% year - on - year. The country's macro - policies are taking effect, and some sectors show positive price changes [6] - In the first five months of this year, China's total goods trade import and export value was 17.94 trillion yuan, a year - on - year increase of 2.5%. Exports increased by 7.2%, and imports decreased by 3.8%. In May, the growth rate accelerated [7] - A - share indices fluctuated upward, with the Shanghai Composite Index rising 0.43% to 3399.77 points, and the market turnover reaching 1.31 trillion yuan [7] - In the first five months, China's equipment manufacturing product exports reached 6.22 trillion yuan, a year - on - year increase of 9.2%, contributing significantly to overall export growth [8] - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs will conduct pilot projects on intelligent elderly - care service robots [8] - XPeng Motors announced that its new model G7 will make its global debut on June 11 [8] Futures Price Changes - In the chemical industry, most futures prices declined on June 10 compared to June 9, except for crude oil, fuel oil, and styrene which increased [3] - In the agricultural products sector, some prices increased (e.g., yellow soybean No. 1, yellow corn), while others decreased (e.g., yellow soybean No. 2, soybean meal) [3] Morning Views on Major Varieties Agricultural Products - Peanut: The spot market is stable but weak. The short - term futures market will likely be weak and volatile, waiting for new drivers [12] - Oils: With the progress of China - US negotiations, the market lacks positive support. It is recommended to short on rebounds [12] - Sugar: The fundamentals are mixed. It is recommended to short on rallies and pay attention to the support at 5700 [12] - Corn: The futures price is rising, but the demand is under pressure. Short - term long positions can be held, but beware of the resistance at 2370 - 2380 [12] - Live Pigs: The market is oversupplied and in a weak downward trend, with the futures market also showing weakness [12][13] - Eggs: The spot price is stable with fluctuations. The futures market is weak, and the overall trend remains unchanged [13] Energy and Chemicals - Urea: The supply is strong, and the demand is weak. The price will continue to be under pressure, and attention should be paid to potential rebound opportunities [13] - Caustic Soda: The fundamentals lack support, and the 2509 contract should be treated with a bearish view [13] - Coking Coal and Coke: They are expected to be weak and volatile due to weak terminal demand and rising coke inventories [13] Industrial Metals - Copper and Aluminum: The prices rebounded, but the upward momentum is questionable. A bearish view on rallies is recommended [16] - Alumina: The spot price is weakening, and the 2509 contract may continue to be under pressure [16] - Rebar and Hot - Rolled Coil: The prices are expected to fluctuate. Pay attention to the resistance levels of 3000 - 3050 for rebar and 3150 for hot - rolled coil [16][17] - Ferroalloys: They are in a bottom - grinding state. A bearish view on rebounds is recommended, and avoid shorting at low levels [18] - Lithium Carbonate: The market is oversupplied. It is recommended to short on rallies, and beware of technical rebounds at 60000 [18] Options and Finance - Stock Index: The Shanghai Composite Index is approaching the previous high. It is recommended to reduce long positions on rallies and operate in a rolling manner [18][20] - Options: For trend investors, a defensive strategy is recommended. Volatility investors can buy straddles after the volatility decline [21]

纽约联储银行在9日发布的调查数据显示，美国消费者预计12个月后美国物价涨幅为3.2%，低于前一个 月预计的3.6%。同时，美国消费者对3年后物价涨幅预期从前一个月的3.2%回落至3%，对5年后物价涨 幅预测则从2.7%降至2.6%。 英国研究机构万神殿宏观经济学（Pantheon Macroeconomics）经济学家塞缪尔·图姆斯（Samuel Tombs）和奥利弗·艾伦（Oliver Allen）表示，美国总统特朗普的说法是对的，美国劳动力市场将很快需 要美联储实施显著的宽松政策。初步新增就业数据被下调的模式已经报复性重现。 新华财经纽约6月9日电（记者刘亚南）由于投资者聚焦于中美在伦敦举行新一轮经贸谈判，纽约股市三 大股指9日高开，早盘出现分化，午后整体走高，尾盘走低，收盘时纽约股市三大股指涨跌不一。 截至当天收盘，道琼斯工业平均指数比前一交易日下跌1.11点，收于42761.76点，跌幅接近于零；标准 普尔500种股票指数上涨5.52点，收于6005.88点，涨幅为0.09%；纳斯达克综合指数上涨61.28点，收于 19591.24点，涨幅为0.31%。 板块方面，标普500指数十一大板块六跌五涨。公 ...

Market Summary - Major US indices experienced declines, with the Dow Jones Industrial Average down by 244.95 points (-0.58%) to 42098.7, and the Nasdaq down by 98.22 points (-0.51%) to 19100.94 [2] - European indices also fell, with the Euro Stoxx 50 down by 37.06 points (-0.68%) to 5378.39 and the German DAX down by 188.3 points (-0.78%) to 24038.19 [2] - Asian markets showed mixed results, with the Hang Seng Index down by 123.68 points (-0.53%) to 23258.31, while the Korean KOSPI rose by 32.93 points (1.25%) to 2670.15 [2] Legal and Regulatory Developments - The US International Trade Court blocked President Trump's tariff policy announced on April 2, ruling that the president overstepped his authority by imposing comprehensive tariffs on countries exporting more than they import [3] - The lawsuit was initiated by the Freedom Justice Center on behalf of five affected small businesses, marking a significant legal challenge to Trump's tariff policies [3] Visa and Immigration Policies - The US State Department announced plans to revoke visas for Chinese students, particularly those studying in key fields, and will enhance scrutiny on all visa applications from China and Hong Kong [4] - The announcement was confirmed by Secretary of State Rubio, although specific details regarding affected fields and the number of students were not provided [4] Education Sector Pressures - President Trump pressured Harvard University to limit its foreign student population to 15%, citing that approximately 31% of its students are international [5] - The US government has recently taken measures against Harvard, including revoking its eligibility for the Student and Exchange Visitor Program [5] Federal Reserve Insights - The Federal Reserve's meeting minutes indicated a cautious approach to interest rate cuts due to increased economic uncertainty, particularly regarding the impacts of Trump's tariff policies [6] - Officials expressed concerns about potential inflation and rising unemployment rates in the coming months [6] NATO Military Expansion - NATO plans to increase its target for combat brigades from approximately 80 to between 120 and 130, potentially adding up to 350,000 soldiers [7] - The alliance will also propose raising defense spending targets from 2% to 5% of GDP, with specific allocations for defense and broader security-related expenditures [7] Nvidia Financial Performance - Nvidia reported Q1 revenue of $44.1 billion, a 69% year-over-year increase, surpassing market expectations of $43.1 billion [8] - The company's net profit was $18.775 billion, slightly below the expected $20.767 billion, while data center revenue grew by 73% to $39.1 billion [8] - Nvidia anticipates Q2 revenue to fluctuate around $45 billion, with analysts predicting $45.5 billion [8] OpenAI IPO Plans - OpenAI's CFO indicated that the company's restructuring is paving the way for a potential IPO, contingent on market conditions and the company's readiness [9] - The structure of the public benefit corporation allows OpenAI to pursue an IPO if desired [9]

Group 1 - DeepSeek has released the latest version R1 of its large model platform, which reportedly matches the performance of OpenAI's latest o3 model, indicating significant technological progress [2] - OpenAI's CFO stated that the company's restructuring plan is aimed at laying the groundwork for a potential IPO, contingent on market conditions and the company's readiness [3] - Tesla is expected to launch its long-awaited Robotaxi service on June 12 in Austin, Texas, marking a significant milestone in its autonomous vehicle and AI business strategy [4] Group 2 - Apple plans to unify its operating system naming convention to a year-based system, moving from version numbers to a more consistent branding approach, with an official announcement expected at the upcoming developer conference [5] - NVIDIA's Q1 earnings report exceeded expectations, with revenue of $44.1 billion, a 69% year-over-year increase, despite facing export restrictions, highlighting the company's focus on the Chinese AI market [6]

Group 1: Education and International Relations - The U.S. government is imposing restrictions on Harvard University regarding international students, suggesting a cap of 15% on foreign students, which currently stands at approximately 31% [2] - The U.S. government has also announced the cancellation of federal funding for Harvard and has suspended new student visa interviews [2] Group 2: Financial Services and Investment - Chinese Vice Premier He Lifeng met with Morgan Stanley's co-president, expressing a commitment to high-level openness and inviting more U.S. financial institutions to deepen cooperation in China's capital market [3] - The Chinese Foreign Ministry emphasized that the essence of Sino-U.S. economic relations is mutual benefit, highlighting the significant bilateral demand reflected in increased orders from U.S. buyers [4] Group 3: Consumer Goods and Quality Control - Pop Mart's Labubu plush toys have gained popularity, but there are reports of quality control issues, including defects like misalignment and paint loss, leading to customer dissatisfaction [6] - Pop Mart's customer service stated that all products undergo quality checks before shipment, but minor imperfections may occur during production [6] Group 4: Technology and Innovation - Didi Enterprise Edition has become the first travel service provider for 3M in China, offering innovative services that have led to a 39% year-on-year increase in ride orders from foreign clients [8] - DeepSeek has released an open-source version of its R1 model, which reportedly performs comparably to OpenAI's latest models [9] Group 5: Pharmaceuticals and Healthcare - Fosun Pharma has signed exclusive commercialization agreements for several biopharmaceutical products with Nine Sources Gene, covering regions including the Middle East and parts of Southeast Asia [17] - The National Healthcare Security Administration is conducting checks on retail pharmacies to address potential issues of pharmacists' credentials being misused [16]

Group 1 - The "Guangdong Open Source Harmony Smart IoT Innovation Center" has been officially unveiled, marking the first provincial-level open-source Harmony manufacturing innovation center in China [1] - The center is led by Shenzhen Kaihong Digital Industry Development Co., Ltd. and ChinaSoft International Information Technology Co., Ltd., focusing on core technologies such as real-time computing and AI [1] - The center aims to develop a highly secure, widely compatible, and real-time distributed heterogeneous multi-machine collaborative robot operating system called M-Robots OS [1] Group 2 - Harmony OS has achieved a breakthrough in domestic operating systems, expected to surpass Apple's operating system in the Chinese market by Q1 2024, becoming the second-largest operating system for mobile phones in China [1] - The development of the Harmony ecosystem has shown significant results, with rapid growth in the development and adaptation of Harmony ecosystem applications [1] - Qianhai has become a hub for the development of the Harmony ecosystem, with the first Harmony Ecosystem Conference scheduled for November 2024 [2]