证券研究报告 华为HDC 2025发布鸿蒙6等最新成果， 亚马逊全球调查显示企业端AI接受度显著提升 计算机行业 强于大市（维持） 平安证券研究所计算机团队 分析师：闫磊S1060517070006(证券投资咨询)YANLEI511@pingan.com.cn 黄韦涵S1060523070003(证券投资咨询)HUANGWEIHAN235@pingan.com.cn 研究助理：王佳一S1060123070023（一般证券从业资格）WANGJIAYI446@pingan.com.cn 2025年6月23日 请务必阅读正文后免责条款 核心摘要 行业要闻及简评：1）华为召开HDC 2025，发布鸿蒙6、384超节点、盘古大模型5.5、CloudRobo等最新成果。6月20至22日，华为开发者 大会2025（HDC 2025）在广东省东莞市举行。发布会上，华为正式启动纯血鸿蒙HarmonyOS 6开发者Beta，并全面展示一年多以来与合作 伙伴共建鸿蒙生态的创新成果。新一代昇腾AI云服务全面上线，基于CloudMatrix384 超节点，首创将384颗昇腾NPU和192颗鲲鹏CPU通过 全新高速网络MatrixLin ...

Core Insights - Huawei announced the launch of HarmonyOS 6 at the HDC2025, marking a significant advancement in its operating system and AI capabilities, with a developer public beta now available [1] - The new HarmonyOS 6 features a fully self-developed architecture, achieving a 30% improvement in system smoothness, a reduction of 1.5GB in running memory, and an increase in battery life by nearly 1 hour [1] - The introduction of the HarmonyOS Intelligent Agent framework aims to enhance human-machine interaction and collaboration, with over 50 intelligent agents set to launch across various applications [1] Group 1 - HarmonyOS 6 has been developed just 8 months after the public beta of HarmonyOS 5, showcasing Huawei's rapid innovation cycle [1] - The system supports efficient multi-device collaboration, enabling interactions between smartphones, vehicles, and robots [1] - The new Pangu Model 5.5 has been released, with upgrades in natural language processing and multimodal capabilities [1] Group 2 - Over 40 Huawei terminal products are currently running HarmonyOS 5, with more than 260 new features added [2] - The introduction of a new "full-scene interconnection architecture" in HarmonyOS 6 is expected to drive innovation in intelligent applications [2] - The ecosystem is expanding as more developers and enterprises join, enhancing the collaborative technology community [2] Group 3 - More than 30,000 applications and meta-services are in accelerated development, covering nearly 20 industries including government, healthcare, and manufacturing [3] - The number of HarmonyOS developers has surpassed 8 million, making it the fastest-growing open-source operating system with over 130 million lines of code [3] - Approximately 120 listed companies are involved in the HarmonyOS ecosystem, with significant participation from companies like Softcom and Tuowei [3] Group 4 - The continuous iteration of HarmonyOS is expected to lead industry development, accelerate ecosystem prosperity, and enhance global competitiveness [4]

Core Viewpoint - Huawei's Pangu model has made significant advancements in various industries, demonstrating its capabilities in over 30 industries and 500 scenarios, with the latest Pangu model 5.5 set to enhance natural language processing and multimodal applications [1][4]. Group 1: Pangu Model Developments - The Pangu model has been successfully implemented in sectors such as government, finance, manufacturing, healthcare, coal mining, steel, railways, autonomous driving, and meteorology, showcasing its transformative impact [1]. - Huawei introduced the Pangu Ultra MoE model with a parameter scale of 718 billion, marking a significant leap in the training of ultra-large-scale models on the Ascend AI computing platform [1][2]. Group 2: Technical Innovations - The Pangu team has innovated in model architecture and training methods, achieving stable training of the ultra-large MoE model on the Ascend platform, utilizing over 18TB of data [2]. - Key innovations include the Depth-Scaled Sandwich-Norm (DSSN) architecture and TinyInit initialization method, which enhance stability and load balancing among experts [2][3]. Group 3: Performance Enhancements - The recent upgrades to the training system have improved the efficiency of the pre-training process, increasing the performance of the model from 30% to 41% in the multi-card cluster pre-training [3]. - The Pangu Pro MoE model, with 72 billion parameters and 16 billion active parameters, has demonstrated performance comparable to models with over 100 billion parameters, ranking first among domestic models under 100 billion parameters [3]. Group 4: HarmonyOS Developments - Huawei unveiled HarmonyOS 6, which aims to enhance user experience with lower latency and improved AI capabilities, marking a significant step in the evolution of the Harmony ecosystem [4]. - The Harmony ecosystem is entering a new phase of acceleration, with over 30,000 applications and services in development across nearly 20 industries, highlighting a significant demand for talent in this area [5].

Core Viewpoint - Huawei's Pangu model has made significant advancements in various industries, demonstrating its capabilities in over 30 sectors and 500 scenarios, with the launch of Pangu model 5.5 marking a comprehensive upgrade in five foundational models [1] Group 1: Pangu Model Developments - The Pangu model has been successfully implemented in sectors such as government, finance, manufacturing, healthcare, coal mining, steel, railways, autonomous driving, and meteorology, showcasing its transformative potential across industries [1] - Huawei introduced the Pangu Ultra MoE model with a parameter scale of 718 billion, representing a significant leap in model training capabilities on the Ascend AI computing platform [1][2] - The Pangu team has innovated in model architecture and training methods, achieving stable training of ultra-large sparse models, which is a notable challenge in the field [2] Group 2: Technical Innovations - The introduction of Depth-Scaled Sandwich-Norm (DSSN) architecture and TinyInit initialization method has enabled long-term stable training with over 18TB of data on the Ascend platform [2] - The Pangu Ultra MoE model employs advanced architectures like MLA and MTP, optimizing both pre-training and post-training phases to balance model performance and efficiency [2][3] - Recent upgrades to the training system have improved the efficiency of the pre-training process, significantly increasing the performance metrics from 30% to 41% [3] Group 3: Industry Impact and Ecosystem Development - The advancements in the Pangu model signify a full-stack domestic capability in AI, achieving international standards in ultra-large sparse model training and optimization [4] - The launch of HarmonyOS 6 at the Huawei Developer Conference 2025 aims to enhance user experience and AI capabilities across various applications [4] - The Harmony ecosystem is entering a new phase of acceleration, with over 30,000 applications and services in development, indicating a significant demand for talent in the industry [5]