Core Insights - Huawei's HarmonyOS 5 has entered a mature development stage with over 10 million devices now utilizing the system, marking a significant milestone in its ecosystem expansion [1][5][6] - The HarmonyOS ecosystem is rapidly penetrating various sectors including government, finance, healthcare, and education, with numerous applications being adapted to enhance digital services [2][3][4] Group 1: HarmonyOS Ecosystem Development - Over 30,000 HarmonyOS applications and services are under development, indicating a robust growth trajectory for the ecosystem [1] - The ecosystem has achieved significant penetration in Beijing, with nearly 1,000 applications adapted for various sectors, enhancing user experience and operational efficiency [2] - Companies like e代驾 and 指掌易 are leveraging HarmonyOS features to innovate their service offerings, improving user experience through multi-device collaboration [3][4] Group 2: Market Performance and Developer Engagement - HarmonyOS 5 has undergone extensive upgrades, with over 40 Huawei devices adapted and more than 260 new features added, showcasing its technological advancements [5] - The developer community is thriving, with 8 million registered developers and significant engagement in learning and utilizing HarmonyOS tools [5][6] - Huawei's smartphone market share has rebounded to 18.1% in Q2 2025, reflecting the positive impact of the HarmonyOS ecosystem on its product sales [6]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -6% 0% 7% 13% 19% 25% 31% 37% 2024.08 2024.12 2025.04 2025.08 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,683.46 | 0.48 | | 深证成指 | | 11,551.36 | 1.76 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,176.58 | 0.79 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,947.88 | 0.72 | | 中证 | 500 | 6,508.10 | 1.40 | | 中证 | 1000 | 6 ...

Investment Rating - The report does not explicitly state an investment rating for the computer software industry Core Insights - The computer software industry in China experienced steady growth in the first half of 2025, with revenue reaching 70,585 billion yuan, a year-on-year increase of 11.9% [9] - AI technology continues to drive reform in the software industry, significantly enhancing development efficiency and quality [10] - The domestic software market is witnessing a shift towards localization, particularly in operating systems and databases, with Huawei's HarmonyOS gaining traction [10] - The financing landscape in the software sector shows a rise in the number of financing cases, with a total of 126 cases in Q2 2025, reflecting a 6.8% increase from the previous quarter [22] Summary by Sections 1.1 Quarterly Overview - The software industry in China reported a total revenue of 70,585 billion yuan in H1 2025, with a profit of 8,581 billion yuan, marking a 12.0% increase [9] - Information technology services accounted for 68.5% of the total revenue, with a growth rate of 12.9% [9] 1.2 Industry Policies - Various local governments are implementing policies to support the development of the software industry, including financial incentives for key software enterprises [13] 2.1 Financing Dynamics - In Q2 2025, the computer software sector saw 126 financing cases, with disclosed amounts totaling 88.2 billion yuan, a year-on-year increase of 46.7% [22] - The leading sectors in financing amounts were foundational software and commercial productivity software [22] 3.1 Database Trends - The database market in China is projected to grow from 596.16 billion yuan in 2024 to 837.42 billion yuan by 2027, with a compound annual growth rate of 11.99% [37] - The importance of databases is increasing as they become central to data governance, AI training, and real-time analysis [37] 4.1 Representative Companies - Jiuyou Database, established in December 2021, focuses on high-performance, low-cost domestic database solutions for various industries [55]

Key Points - The report highlights the performance of various sectors in the A-share market, with semiconductor and medical sectors leading the gains, while industries like pharmaceuticals and solar equipment showed weaker performance [5][8][12] - The report indicates that the average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are at 14.90 times and 41.86 times respectively, suggesting a suitable environment for medium to long-term investments [8][12] - The report notes that the Chinese economy is experiencing a mild recovery, driven by consumption and investment, with significant capital market policies aimed at enhancing attractiveness and inclusivity [8][12] - The report emphasizes the importance of monitoring companies that exceed earnings expectations in their mid-year reports, as well as being cautious of high-valuation stocks facing performance verification pressure [8][12] Industry Analysis - The report discusses the rebound in the photovoltaic industry, with a significant increase in the photovoltaic index by 9.73% in July, outperforming the CSI 300 index [19][20] - It mentions that the photovoltaic industry is undergoing governance to eliminate low-price disorderly competition, which is expected to lead to a gradual recovery in the industry [20][22] - The report outlines the growth of the new energy vehicle (NEV) industry, with global sales projected to reach 20 million units by 2025, and China maintaining a leading position in the market [23][24] - The report highlights the development of the new energy storage industry, with significant growth in installed capacity and a focus on lithium-ion battery technology [26][28][32] Investment Recommendations - The report suggests focusing on investment opportunities in the white wine, soft drink, health products, and snack sectors, particularly in August 2025 [15][17] - It recommends monitoring the photovoltaic industry for potential recovery as governance measures take effect, and suggests focusing on leading companies in silicon materials and photovoltaic glass [22][21] - The report advises on the importance of investing in traditional engineering machinery and high-speed rail equipment, as well as humanoid robots and automation industries [34][35]

Core Insights - The report highlights the significant growth in the new energy vehicle (NEV) market, with a penetration rate of 44.3% in the first half of the year, marking a historical high for the same period [5][8] - The Shanghai government has implemented measures to support enterprises in enhancing basic research, aiming to boost high-quality development [5][8] - Beijing has introduced a mechanism to promote investment growth in future industries through 16 measures, tailored to local conditions [5][8] Domestic Market Performance - The Shanghai Composite Index closed at 3,583.31, with a slight increase of 0.66%, while the Shenzhen Component Index rose by 0.46% to 11,041.56 [3] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 14.60 and 40.70, respectively, indicating a suitable environment for medium to long-term investments [8][15] Industry Analysis - The report indicates a recovery in the engineering machinery and industrial robotics sectors, with the AIDC industry showing high prosperity [34] - The food and beverage sector has seen a slight increase, particularly in the white wine and cooked food segments, despite overall underperformance in the first half of the year [18][19] - The photovoltaic industry has rebounded significantly, with a 9.73% increase in the index, driven by policies aimed at curbing low-price competition [22][24] New Energy Vehicle Industry - The global sales of electric vehicles are projected to exceed 20 million units by 2025, with China's market leading in both total volume and growth rate [26][27] - The report emphasizes the comprehensive development of the NEV industry chain in Henan Province, which includes upstream raw materials, midstream components, and downstream vehicle manufacturing [25][27] New Energy Storage Industry - The new energy storage sector is experiencing rapid growth, with a significant increase in installed capacity expected to reach over 30 million kilowatts by 2025 [28][32] - The report outlines the importance of lithium-ion batteries in the storage market, highlighting the competitive landscape and the need for technological advancements [29][33] Capital Market Insights - The report notes that the capital market is expected to maintain a stable upward trend, supported by favorable policies and liquidity conditions [8][15] - The focus on technology growth and cyclical manufacturing sectors is recommended for future investments, particularly in software development, photovoltaic equipment, and pharmaceuticals [15][18]

Core Viewpoint - The integration of technological innovation and industrial innovation is crucial for enhancing productivity and driving economic growth in China, as emphasized by various industry leaders and government officials [2][18]. Group 1: Technological Achievements - The AS700D electric airship has successfully completed its first scientific flight, showcasing advancements in technology [1]. - High-tech manufacturing in China has seen significant growth, with a 9.5% increase in value-added output in the first half of the year, outpacing overall industrial growth by 3.1 percentage points [4]. - The production of 3D printing equipment, electric vehicles, and industrial robots has increased by 43.1%, 36.2%, and 35.6% respectively [4]. Group 2: Innovation Ecosystem - The establishment of over 1,600 national-level technology business incubators has been pivotal in fostering innovation and technology transfer [5]. - Collaborative efforts between universities and enterprises, such as the joint laboratory with Beijing University of Posts and Telecommunications, are enhancing the practical application of new technologies [5]. - The Long Triangle National Technology Innovation Center has successfully connected over 1,200 technology demand projects with enterprises [7]. Group 3: Challenges and Solutions - There is a need to align technological innovations with actual industrial demands to ensure effective application [11][12]. - The disconnect between enterprise research needs and institutional R&D projects highlights the necessity for more effective platforms to bridge these gaps [13]. - The efficiency of technology transfer needs improvement, requiring a comprehensive policy framework and a market-oriented service system [15]. Group 4: Future Directions - Strengthening the role of enterprises as the main drivers of innovation is essential for the integration of technology and industry [18][19]. - The concept of "use first, pay later" for technology transfer can lower the risk for small and medium enterprises, encouraging them to adopt new technologies [26][27]. - Continuous reforms in the technology transfer mechanism and the establishment of a supportive innovation environment are critical for advancing the integration of technological and industrial innovations [28].

Key Points - The report highlights a moderate recovery in the Chinese economy, with consumption and investment as core drivers [8][12][18] - The A-share market is experiencing a gradual upward trend, supported by long-term capital inflows and favorable policies [5][9][12] - The report suggests focusing on technology growth and cyclical manufacturing sectors for investment opportunities [8][12][21] Domestic Market Performance - The Shanghai Composite Index closed at 3,609.71 with a slight increase of 0.33% [3] - The Shenzhen Component Index closed at 11,289.41, rising by 0.64% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are 14.78 and 41.32, respectively, indicating a suitable environment for medium to long-term investments [8][9] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45%, respectively [4] - The report notes that global risk appetite may improve if the Federal Reserve signals a clear path towards interest rate cuts [8][12] Industry Insights - The machinery sector showed a 7.35% increase in July, outperforming the CSI 300 index [13] - The report emphasizes the importance of focusing on sectors with stable fundamentals and high dividend yields, such as engineering machinery and high-speed rail equipment [14] - The electric power and public utilities sector is rated as "stronger than the market," with a focus on large hydropower companies [18] Sector Analysis - The automotive industry continues to grow, with June production and sales figures showing increases of 5.50% and 8.12% month-on-month [22][23] - The gaming and publishing sectors are expected to perform well, driven by strong demand and favorable policy environments [26][27] - The food and beverage sector is facing challenges, with a decline in most sub-sectors except for health products [33][34] Investment Recommendations - The report recommends maintaining a focus on sectors with strong fundamentals and high dividend yields, particularly in engineering machinery and high-speed rail [14][18] - It suggests monitoring the automotive sector for potential growth driven by policy support and consumer demand [25] - The gaming and publishing sectors are highlighted as having strong growth potential, particularly with the integration of AI technologies [27][28]

Core Insights - Huawei's 384 Super Node received the "Treasure of the Museum" award at the World Artificial Intelligence Conference (WAIC 2025), highlighting its significance in the AI landscape [1] - The CloudMatrix 384 Super Node enables flexible and on-demand access to powerful computing resources, making advanced AI infrastructure more accessible for enterprises [2][3] Group 1: Technology Features - The CloudMatrix 384 Super Node integrates 384 Ascend NPUs and 192 Kunpeng CPUs through a new high-speed network, achieving a computing power scale of 300 PFlops and overcoming bandwidth performance bottlenecks [3][4] - It features four key technological advantages: strong throughput performance with 2300 Tokens decoding per card, coverage of over 160 mainstream models for efficient model migration, a pioneering large-scale expert parallel scheme for system-level optimization, and flexible scalability with low initial investment [4] Group 2: Industry Applications - The CloudMatrix 384 Super Node has been widely adopted across various industries, enhancing delivery efficiency by over 50% for Sina's "Smart Xiao Lang," supporting 6 million daily users for Silicon-based Flow, and accelerating AI model training for the Chinese Academy of Sciences [4] - Huawei Cloud's solutions are being utilized in diverse sectors, such as developing a railway model and smart inspection robots in collaboration with North Railway Institute, and enhancing renewable energy generation through AI and meteorology partnerships [10] Group 3: Future Outlook - Huawei Cloud aims to continue leveraging its advanced technologies and industry-specific solutions to address real-world challenges, fostering a new intelligent world in collaboration with clients and partners [10]

Key Insights - The report highlights a positive trend in the Chinese economy, with GDP growth of 5.3% in the first half of 2025, driven by stable growth in the primary and tertiary industries, while the secondary industry showed a slowdown [13] - The software and media sectors are leading the market, with significant interest in semiconductor and internet service industries, indicating a favorable investment environment [8][10] - The brokerage sector showed a strong performance in June 2025, with the index rising by 8.85%, outperforming the broader market [16] - The automotive industry continues to grow, with June production and sales of vehicles reaching 279.41 million and 290.45 million units respectively, indicating a robust market demand [17][20] - The food and beverage sector experienced a decline, with a notable drop in prices for various products, while health products showed resilience [28][29] - The zero-sum game in the snack market is evolving, with significant growth expected in the next three years, driven by changing consumer preferences and innovative distribution channels [32][34] Market Performance - The A-share market has shown signs of stabilization, with the Shanghai Composite Index and the ChiNext Index trading at average P/E ratios of 14.83 and 40.93 respectively, suggesting a suitable environment for long-term investments [8][10] - The brokerage sector's performance is expected to remain strong, with a forecast of stable growth in self-operated businesses and brokerage services [19] - The automotive sector's sales growth is supported by favorable policies and increasing consumer demand, particularly in the new energy vehicle segment [20][36] Industry Trends - The software industry is experiencing a growth rate of 11.2% in revenue, with a focus on AI and domestic chip production, indicating a shift towards technological self-sufficiency [26][27] - The health and wellness segment within the food and beverage industry is gaining traction, with a growing consumer base for health products [28][29] - The snack market is projected to grow significantly, with a focus on innovative retail formats and a shift towards healthier options [32][34]

Core Insights - The report highlights a moderate recovery in the Chinese economy, with GDP growth of 5.3% in the first half of 2025, driven by consumption and investment [10][11] - The A-share market is experiencing fluctuations, with various sectors such as financial, medical, and internet services showing strong performance, while others like banking and education lag behind [5][9][13] - The report suggests a favorable investment environment with average P/E ratios for the Shanghai Composite and ChiNext indices at 14.76 and 40.53 respectively, indicating a suitable long-term investment opportunity [5][9] Domestic Market Performance - The Shanghai Composite Index closed at 3,582.30 with a slight increase of 0.01%, while the Shenzhen Component Index fell by 0.37% to 11,059.04 [3] - The A-share market is characterized by a small upward trend, with significant trading volumes above the three-year average, indicating robust market activity [5][9] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, while the Nikkei 225 rose by 0.62% [4] Industry Analysis - The report notes a positive outlook for the gaming, publishing, and IP sectors, with strong performance expected as the mid-year reporting season approaches [18][19] - The automotive industry shows continued growth, with June production and sales figures reflecting a year-on-year increase of 11.43% and 13.83% respectively [15] - The food and beverage sector is facing challenges, with a decline in most categories except for health products, which are performing well [24][25][26] Investment Recommendations - The report recommends focusing on sectors with high growth potential, such as technology, healthcare, and consumer goods, while also considering high-dividend stocks in banking and public utilities [5][9][13] - Specific investment opportunities are highlighted in the automotive sector, particularly in companies benefiting from policies promoting electric vehicles and smart technologies [15][19] - The report emphasizes the importance of monitoring policy developments and market conditions to identify potential investment risks and opportunities [5][9][13]