鸿蒙已演变为整个产业链的一次共生实验。 "独木不成林"，相比于一家系统厂商的自我突破，鸿蒙已演变为整个产业链的一次共生实验。它的价值在证明"能做系统"的基础之上，让数以万计的应用、 企业和用户在同一生态中找到彼此更深层的共生意义。 鸿蒙迅猛生长， 根植在生活细节处 9月29日，华为常务董事、终端BG董事长余承东在一段简短的视频中宣布：鸿蒙操作系统5的终端数量突破2000万。 "从0到1000万，我们用了将近10个月的时间。而1000万到2000万，我们只用了短短的2个月。"他说。 这句话背后暗藏分量。去年10月鸿蒙5开启升级，今年7月终端数突破1000万，两个月后的今天，这一数字再次翻倍。这是一条加速上扬的增长曲线，鸿蒙已 经走出"微笑"曲线的最低点，进入加速成长的新阶段。 鸿蒙5终端数量跨越的背后，更接近于一个生态的拐点。它标志着鸿蒙从"可用"到"好用"，从单点适配到多方共创的迈进。换句话说，当一个操作系统的存 在感不再局限于技术圈或厂商的发布会，而是深深嵌入日常使用习惯时，它才真正迎来了系统级转变。 鸿蒙发展走出微笑曲线的历程，折射出系统性能与庞大用户场景深度结合后产生的加速度。抽象数字的本质构成，来源于 ...

Core Insights - Huawei's HarmonyOS 5 has surpassed 20 million terminal devices, showcasing rapid growth in user adoption and ecosystem expansion [1][6][10] - The transition from 10 million to 20 million devices occurred in just two months, indicating a significant acceleration in user acquisition [1][6] - HarmonyOS is expected to expand beyond smartphones and tablets to various sectors, including automotive, healthcare, and aerospace, with a potential scale of billions of devices [3][4] Ecosystem Acceleration - 2025 is identified as a pivotal year for HarmonyOS 5, marking the transition from initial breakthroughs to large-scale expansion [4] - The launch of multiple devices, including the Huawei Pura X and nova 14 series, has enriched the HarmonyOS 5 ecosystem, with over 40 products now utilizing the system [4][6] - The ecosystem has seen a surge in applications, with over 9,000 HarmonyOS applications participating in system-level innovations, and more than 30,000 applications and services in development [6][7] Differentiated User Experience - HarmonyOS 5 focuses on innovative, scenario-based experiences to retain users and create a unique competitive advantage [8][10] - The system enhances everyday activities, such as dining and travel planning, by streamlining processes and integrating AI for smarter decision-making [9][10] - The rapid iteration of HarmonyOS applications has led to improved user experiences, exemplified by the HarmonyOS version of popular apps like WeChat and Douyin [7][10]

Core Points - Huawei launched new products including the Mate XTs foldable phone, Mate TV with HarmonyOS 5.1, and MatePad Mini [1][4] - The Mate XTs features a 10.2-inch 3K display, advanced hinge system, and various communication capabilities [1][3] - The Kirin 9020 processor in Mate XTs enhances performance by 36% and offers the fastest communication speeds [3][5] Product Details - The Mate XTs is the first foldable phone to come pre-installed with HarmonyOS 5.1, supporting various PC applications for enhanced productivity [4][5] - The camera system includes a 4000MP ultra-wide lens and a 1200MP periscope lens, with AI video noise reduction capabilities [5] - The battery capacity remains at 5600mAh, but the battery life has improved by 1 hour, with fast charging options available [5] Pricing and Market Performance - The starting price for Mate XTs is 17,999 yuan, which is 2,000 yuan lower than the previous model [5] - The first-generation Mate XT has nearly 500,000 units shipped, potentially generating over 10 billion yuan in sales [5][12] - Huawei's new Mate TV features significant performance improvements over its predecessor, with a starting price of 8,999 yuan [8][10] Market Position - In the tablet market, Huawei holds a 28% share, leading with a 24% year-on-year growth [12]

Core Viewpoint - The article emphasizes that Huawei's Mate XTs represents a significant evolution in the foldable smartphone market, moving beyond mere optimization of existing mobile devices to redefine the essence of hardware and productivity, positioning itself as a "pocket PC" [2][3][32]. Group 1: New Imagination of Foldable Screens - The foldable smartphone market is currently characterized by intense competition focused on lightweight designs and minimal creases, but Huawei aims to fundamentally change the user experience by introducing a new category of devices [2][5]. - Huawei's Mate XTs features a 10.2-inch screen that challenges the limitations of traditional smartphones, effectively creating a "pocket PC" concept [6][10]. - HarmonyOS 5 supports PC-level applications, allowing for a true desktop experience on a mobile device, which is a significant advancement over existing operating systems [8][10]. Group 2: From Tool to Value - Huawei's strategy combines rational and emotional elements to enhance user experience, focusing on both productivity and creative freedom [18][24]. - The integration of AI, represented by the intelligent assistant "Xiao Yi," enhances productivity by providing real-time assistance and insights during tasks, thus transforming the user experience [19][22]. - The introduction of the M-Pen 3 stylus further enriches the user experience by enabling seamless interaction with applications, enhancing the overall productivity of the device [15][24]. Group 3: Defining the Future - Huawei's approach in the foldable screen market is characterized by a return to the fundamental value of user needs, focusing on hardware and software integration to create a unique user experience [26][28]. - The company has established a significant market presence, achieving a 75% market share in China's foldable smartphone segment by mid-2025, with a total shipment exceeding 10 million units [30]. - The combination of innovative hardware and a robust software ecosystem positions Huawei as a leader in defining the future of foldable devices, creating a self-reinforcing strategic cycle that enhances its market dominance [30][28]. Conclusion - The launch of Huawei's Mate XTs marks a pivotal moment in the evolution of foldable smartphones, challenging traditional boundaries and redefining mobile productivity [32][34]. - The device exemplifies the future of personal computing, merging the portability of smartphones with the immersive experience of tablets and the productivity of PCs [34].

Core Insights - The company is enhancing user experience by integrating its electric vehicle app with HarmonyOS 5, allowing for smarter and more convenient vehicle control [1][5][7] - The app has undergone over 35 iterations since its launch in June 2024, providing features such as vehicle management, remote control, and real-time status monitoring [5][7] - The adaptation of the app for HarmonyOS smartwatches enables users to control their vehicles hands-free, addressing the challenge of using mobile devices while riding [5][7] Group 1 - The company aims to provide a more convenient and intelligent riding experience, moving beyond basic functionalities [1][3] - The HarmonyOS version of the app supports features like one-click login, desktop service cards, and voice control, simplifying the user experience [5][7] - The smartwatch integration allows users to manage their vehicles efficiently, including operations like switching the vehicle on/off and checking battery status [5][7] Group 2 - The deep integration of the app with HarmonyOS 5 addresses practical commuting needs and enhances the overall smart travel ecosystem [7] - The company is focused on creating a seamless "hardware + software" integration to promote smart travel across various scenarios [7]

Group 1 - The focus on the information technology self-controllable sector is highlighted by the active performance of the Xinchuang ETF fund (562030), which saw a price increase of over 1.7% in early trading before fluctuating near the surface and currently down by 0.52% [1] - The performance of constituent stocks is mixed, with Zhuoyi Information down over 6%, and Qilin Xinan and Fanwei Network down more than 4%, while Tianrongxin is up over 7% and Haiguang Information up more than 2% [1] Group 2 - The launch of the new generation of domestic commercial desktop and server operating systems, Galaxy Qilin V11, at the 2025 China Operating System Industry Conference, significantly enhances user experience, security, and ecosystem richness [3] - Huawei's launch of two HarmonyOS computers marks a significant breakthrough in the domestic operating system for personal computers, with over 12 million terminals equipped with HarmonyOS 5 [3] - The domestic operating system is transitioning from "usable" to "user-friendly," aided by advancements in AI and the growth of open-source software and communities [3] Group 3 - The Xinchuang industry is progressing steadily according to the "2+8+N" rhythm, shifting from policy-driven to a dual drive of policy and market, with significant growth expected in the market size by 2026 [4] - The market growth rates are projected to reach 17.84% and 26.82% in 2025 and 2026 respectively, with the market size expected to exceed 2.6 trillion yuan by 2026 [4] Group 4 - The Xinchuang ETF fund and its linked funds track the CSI Xinchuang Index, covering core segments of the Xinchuang industry chain, which includes hardware, software, application software, information security, and external devices, characterized by high growth and elasticity [6] - Four key investment logic points are emphasized: international geopolitical disturbances necessitating self-control, increased local debt efforts supporting government procurement, breakthroughs in technology by domestic manufacturers, and the critical timing for Xinchuang advancement [7]

Group 1 - Huawei is opening a new smart living store in Shenzhen, showcasing immersive experiences and smart technology integration through its HarmonyOS ecosystem [1] - In 2024, Huawei's global sales revenue reached 862.1 billion RMB, with terminal business revenue at 339.0 billion RMB, a year-on-year increase of 38.3%, and smart automotive solutions revenue at 26.4 billion RMB, a year-on-year increase of 474.4% [1] - Huawei regained the top position in the domestic smartphone market with a shipment of 12.5 million units in Q2 2025, despite a slight decline in overall smartphone shipments [1] Group 2 - Huawei's mobile phone shipments reached 240 to 250 million units in the past year, with a minimum monthly shipment of over 20 million units and peaks exceeding 30 million units [2] - The company has established partnerships with various automakers to create the "Four Realms" brand, focusing on enhancing vehicle quality without manufacturing cars itself [2] - As of August 25, the cumulative delivery of HarmonyOS-powered vehicles exceeded 900,000, maintaining the highest average transaction price among Chinese automotive brands for 14 consecutive months [2] Group 3 - Huawei's technological innovations, particularly the continuous improvement of the HarmonyOS ecosystem, have contributed to its regained leadership in the smartphone market and strong position in the automotive sector [3] - The number of devices running HarmonyOS 5 surpassed 12 million within a month of its release, indicating rapid ecosystem growth [3] - Over 5,000 mainstream applications are now available on the HarmonyOS platform, covering 99.9% of user engagement time [3]

Core Insights - The HarmonyOS version of "Today Campus" is the first SaaS platform in higher education to achieve deep adaptation to HarmonyOS 5, enhancing the digital experience for over 10 million students and teachers [1][3]. Group 1: Key Breakthroughs - The platform has achieved two major breakthroughs: system-level deep adaptation that overcomes performance bottlenecks in multi-device collaboration, and scenario-based innovation utilizing Harmony's distributed capabilities for seamless transitions across devices [3]. - Features include near-field service push, automatic call identification, quick photo location for attendance, and enhanced security measures for daily transactions and identity verification [3][4]. Group 2: Future Upgrades - Future upgrades will focus on video conferencing innovations and the application of AI intent recognition in various scenarios, including broader near-field service recommendations and integration with school management [4]. - Continuous iteration will aim to optimize functionality, performance, and data security, positioning the platform as a leader in educational digital transformation [5].

Core Viewpoint - The launch of HarmonyOS 5, achieving over 10 million device installations, marks a significant milestone in establishing a new operating system ecosystem that can challenge the dominance of iOS and Android [3][4][10]. Group 1: Milestone Achievement - The achievement of 10 million installations signifies a new phase for HarmonyOS, indicating a shift from concept validation to a fully operational ecosystem [7][35]. - HarmonyOS 5's success is attributed to the support of 8 million developers and a growing user base, which has helped it overcome initial challenges [4][10]. - The milestone is seen as a turning point in the competition for technological sovereignty in the operating system market, traditionally dominated by foreign giants [32][35]. Group 2: Technical and Development Challenges - The transition to HarmonyOS 5 involves significant technical challenges, including the need for developers to adapt applications to a completely new system architecture [11][14]. - The development of HarmonyOS has required substantial investment, with over 1.3 billion lines of code and a commitment of thousands of personnel over several years [12][14]. - The ecosystem's growth is contingent upon resolving the "chicken or egg" dilemma of user base versus developer engagement, which HarmonyOS aims to address through strategic device launches [19][20]. Group 3: Ecosystem Development - HarmonyOS is designed to support a wide range of devices, from mobile to IoT, positioning itself as a versatile platform for the interconnected future [15][30]. - The ecosystem is being built collaboratively with major Chinese tech companies, which are actively adapting their applications to HarmonyOS [24][26]. - The focus on supporting small and medium developers is crucial for fostering a diverse application ecosystem, with significant resources allocated to facilitate their integration [27][28]. Group 4: Future Prospects - The growth of HarmonyOS is expected to continue, with projections indicating a robust expansion of its application ecosystem and user base [31][35]. - The operating system's unique features, such as distributed technology and enhanced security, are anticipated to attract more users and developers [15][34]. - As HarmonyOS gains traction, it is poised to become a significant player in the global operating system landscape, potentially leading to increased international collaboration and market presence [26][32].

Market Overview - The Shanghai Composite Index reached a peak of 3700 points, the highest since December 2021, with the Shenzhen Component and ChiNext also hitting new yearly highs, indicating a significant market rally [1] - The total trading volume of the two markets exceeded 2 trillion yuan, marking a return to this level after 114 trading days [1] - The financial technology sector experienced substantial gains, driven by improved investor sentiment and favorable national policies [1] Financial Technology Sector - The financial technology ETF (516860) rose over 2%, with trading volume surpassing 100 million yuan, reflecting strong market interest [1] - The sector includes internet brokerages, financial IT, and payment clearing, with key companies such as Dongfang Caifu, Tonghuashun, and Hengsheng Electronics benefiting from increased market activity [1] - The correlation between business growth in the financial technology sector and market trading activity is notably positive [1] Digital Currency and AI Innovations - The digital currency sector is gaining strategic importance at the national level, with opportunities for the internationalization of the renminbi [2] - The focus on technological innovation remains a growth driver, with particular attention on AI applications, Huawei's ecosystem, and financial technology [2] - The number of new A-share accounts opened in July reached 1.96 million, a year-on-year increase of 71%, indicating a robust market environment [2] Investment Opportunities - The upcoming Huawei Connect Conference is expected to create investment opportunities in the Huawei ecosystem, with historical data suggesting potential excess returns around such events [2] - The financial technology sector is viewed as a leading indicator of market trends, with a significant increase in daily trading volume and investor risk appetite [2] - The financial technology ETF comprises 57 constituent stocks, focusing on the electronic and non-bank financial sectors, with top holdings reflecting a strong dual focus on finance and technology [3]