让我们把时间的指针拨回到今年 3 月的徽商大会。 彼时，余承东站在合肥的演讲台上，宣布了一个重磅消息： 华为华东区域总部 落户合肥骆岗 。 图/合肥骆岗公园，图源EADG 从 2023 年 6 月拿地时的黄土地块，到如今玻璃幕墙在阳光下泛出金属光泽的建筑轮廓，这个总投资 42 亿元的项目，正在以肉眼可见的速度从规划 图纸走进现实。 对于 安徽 而言，这不是一个普通的企业总部。 在骆岗 这片承载着城市更新愿景的土地上，华为的入驻被赋予了更重的分量。它既是合肥这座 "风投之都""科技新城"吸引力的证明，也是推动安徽这 座"汽车第一省"向产业价值链高端攀升的重要支点。 而对于华为来说，这座即将竣工的华东区域总部，更是其扎根安徽、辐射华东的战略枢纽，更是与当地产业力量深度融合的物理载体。 01 安徽，华为的区域战略锚点 为什么是安徽？ 其实，华为与安徽的缘分早已埋下伏笔。 华 为 常务董事、终端 BG 董事长 余承东就是地道的安徽省六安市霍邱县人。 在前文所提到的 2025 徽商大会上，余承东 曾 动情宣言"没有人不爱自己的家乡" 。 华为还携鸿蒙 PC 与智能汽车重仓合肥，打造华东"科技大脑" ； 而去年底开建的骆 ...

Summary of Conference Call on Zhongke Hongye's Business and Hongmeng System Company and Industry Overview - Zhongke Hongye focuses on Hongmeng-based secondary devices, including smartphones, tablets, PDAs, and commercial displays, and has become a key partner of Huawei, leading in the industrial handheld terminal market with over 90% collaboration with national smartphone manufacturers [2][3] - The company leverages its state-owned background to collaborate with military and government sectors, establishing a strong position in the Hongmeng operating system landscape [2][3] Key Points and Arguments - **Hongmeng System Development**: The Hongmeng system is expected to release version 6.0 by the end of 2025, marking a significant milestone that will unify the open-source and closed-source ecosystems, allowing all apps to run on the open-source version [2][6][20] - **Government Support**: Local governments, such as Shenzhen, have introduced incentive policies to support the development of the Hongmeng operating system, providing subsidies to hardware manufacturers and software developers [9][10][13] - **Market Acceptance**: There is a growing acceptance of the Hongmeng system among downstream manufacturers and app developers, driven by changing customer demands and the need for compatibility with domestic chips [11][12] - **Industry Adoption**: The smartwatch industry has rapidly adopted the open-source Hongmeng system, while other sectors like government and transportation are still in pilot phases, with full implementation expected to take longer [12][20] Additional Important Insights - **Competitive Landscape**: Zhongke Hongye has a competitive edge in the secondary device technology, having completed adaptations for personal handheld terminals and financial POS machines, with potential for significant license fee growth as the Hongmeng ecosystem matures [4][18] - **Future Focus**: The company plans to concentrate on touchscreen devices, particularly in the PDA and financial POS sectors, while also exploring applications in government and military contexts [19][20] - **Community Contribution**: While 90% of the contributions to the open-source Hongmeng come from Huawei, the community's collaborative efforts are crucial for the system's development [7][8] Conclusion Zhongke Hongye is strategically positioned within the Hongmeng ecosystem, benefiting from government support and increasing market acceptance. The upcoming release of version 6.0 is anticipated to catalyze further growth and adoption across various industries, with the company focusing on enhancing its product offerings in key sectors.

Summary of the Conference Call on Hongmeng PC Company and Industry - The conference call focused on **Huawei** and its new product, the **Hongmeng PC**. The discussion also touched on the broader **PC industry** and its competitive landscape. Core Points and Arguments 1. **Product Introduction**: The Hongmeng PC is positioned as the **largest commercial foldable screen computer globally**, with a focus on business applications. This product aims to differentiate itself from previous attempts by competitors like HP and Lenovo, which struggled with commercialization [3][4][5]. 2. **Market Launch**: The Hongmeng PC is set for global commercialization starting **June 6**. This timing is crucial as it aims to capture market share from existing Huawei desktop and laptop sales, which account for approximately **10%** of the national market with **4 million units sold** [4][19]. 3. **Product Specifications**: The Hongmeng PC features a weight of **970 grams**, a thickness of **7.3 mm**, and a battery life of **10.2 hours**. The foldable design allows for multiple usage modes, including a virtual keyboard and a fully expanded screen [5][6][7]. 4. **Pricing Strategy**: The pricing for the Hongmeng PC starts at **19,999 yuan** for high-end models, which is considered premium compared to traditional Windows-based devices. The MateBook Pro is priced at **7,999 yuan**, which is also viewed as relatively high [8][9][22]. 5. **Software Ecosystem**: Huawei's software ecosystem is designed to ensure compatibility and security, with all applications needing approval through the Huawei App Store. This approach is likened to Apple's ecosystem, emphasizing the importance of software-hardware integration [10][11][13]. 6. **Competitive Landscape**: The Hongmeng PC aims to compete with established players like Apple and Microsoft by leveraging Huawei's unique capabilities in hardware and communication technology. The goal is to create a **three-way competitive landscape** in the global PC market [24][25]. 7. **Investment Outlook**: The Hongmeng PC is seen as a potential turning point for Huawei and the Chinese PC market, with expectations of strong sales and market penetration. The strategy involves targeting high-end markets first before moving to more affordable options [23][24]. Other Important but Possibly Overlooked Content 1. **Challenges in Software Adaptation**: The adaptation of popular applications like WeChat and Tencent Meeting to the Hongmeng ecosystem is ongoing, with a recognition that this process may take time [16][17]. 2. **Future Plans**: Huawei plans to expand its product line to include desktop computers, further solidifying its presence in the PC market [19]. 3. **Consumer Sentiment**: Initial market reactions to the Hongmeng PC have been mixed, with some concerns about pricing. However, the product's innovative features and technology are expected to attract interest [22][24]. This summary encapsulates the key points discussed during the conference call regarding Huawei's Hongmeng PC, its market strategy, product specifications, and the competitive landscape within the PC industry.

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.

Core Insights - The OpenHarmony community held its mid-year technology conference on June 21, 2025, in Dongguan, focusing on technological breakthroughs and ecosystem development [1] - The conference featured keynotes from industry leaders and experts, emphasizing the importance of collaboration and shared goals within the open-source community [2][3] Group 1: Achievements and Developments - The OpenHarmony project has achieved significant milestones over the past four years, with over 130 million lines of code and more than 8,700 developers contributing [5] - The community governance has been upgraded with the addition of 8 key Special Interest Groups (SIGs), enhancing critical technology areas such as routing and Web [5] - Over 400 ecosystem partners have certified more than 1,200 products across various industries, including finance, transportation, education, and healthcare [5] Group 2: Publications and Knowledge Sharing - Two significant publications were launched during the conference: "HarmonyOS Architecture Design - From Principles to Implementation," which provides an in-depth analysis of the HarmonyOS design principles, and "HarmonyOS Application Development," a practical guide for developers [11][14] Group 3: Strategic Planning and Future Directions - The community outlined strategic plans for the second half of 2025, focusing on enhancing system capabilities, optimizing developer experiences, and empowering key industries [16] - Various SIGs presented their progress and future plans, including advancements in robotics, AI technology, and smart building applications [17][25][29] Group 4: Community Engagement and Collaboration - A significant part of the conference was dedicated to recognizing the contributions of active SIGs, encouraging them to continue their efforts in driving the open-source ecosystem forward [6][21] - The conference served as a platform for fostering consensus and energizing the community towards a shared vision of a connected digital world [31]

Core Viewpoint - Huawei's HarmonyOS PC restricts sideloading, allowing only app installations from its official app store, aiming to create a secure and monitored software environment [1][5][14] Group 1: Security and Software Quality - The restriction on sideloading is intended to prevent malware and unwanted software, providing a safer experience for users who may not be tech-savvy [5][7] - Applications available on Huawei's app store undergo official review, theoretically ensuring quality and compliance with standards [5][7] - The unified software experience is optimized for HarmonyOS, potentially reducing crashes and improving performance [7] Group 2: Developer and User Considerations - While the strict management of the app ecosystem can enhance security, it may limit user choices and lead to higher costs for software, raising concerns about affordability [7][9] - There is a potential risk of introducing a "tax" similar to Apple's model, which could deter users if software becomes expensive and limited [9][14] - To attract developers, Huawei should consider a transparent and friendly approach regarding fees, especially in the initial stages of the platform [11][14] Group 3: Market Positioning - Huawei's strategy mirrors Apple's closed ecosystem, but to effectively compete with Windows, it must balance security with affordability and openness [14] - The success of HarmonyOS PC will depend on its ability to offer a rich, user-friendly experience without becoming an expensive "premium cage" [14]

Group 1 - The 2025 Global Artificial Intelligence Terminal Exhibition opened in Shenzhen, showcasing the latest technological breakthroughs in the AI terminal field and promoting the integration of technology, capital, talent, and scenarios [1][15] - Shenzhen launched two industry funds focused on artificial intelligence and embodied robotics, with the Shenzhen AI and Embodied Robotics Industry Fund having an initial scale of 2 billion and the Shenzhen AI Terminal Industry Investment Fund at 5 billion [18] - The exhibition featured various immersive experience zones, including industrial collaborative robots and medical rehabilitation robots, allowing attendees to explore the potential applications of AI across multiple sectors [4][10] Group 2 - The AI glasses section was a highlight, with significant advancements in voice interaction and dynamic visual perception, moving towards the consumer market [4] - TCL showcased the Thunder X3 Pro smart glasses, which are lightweight and capable of real-time translation, with a market share exceeding 50% in the AI/AR glasses segment in Q1 [7] - The exhibition included five major zones, focusing on smart terminals, large model applications, innovative products, core technologies, and human-robot interaction, aiming to drive the evolution of "cloud collaboration" to "edge intelligence" [15][10] Group 3 - Shenzhen has over 2,600 AI-related companies, with the smart terminal industry cluster's added value reaching 204.55 billion, a year-on-year growth of 9.9% [21] - The exhibition serves as an important window to observe the high-quality development of Shenzhen's AI industry, with a full-chain support system from basic research to scenario implementation [21] - The event is guided by the Shenzhen Municipal Bureau of Industry and Information Technology and aims to position Shenzhen as a global AI pioneer city [17][18]

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 鸿蒙 PC 正式发布，关注鸿蒙投资机遇 报告要点 [Table_Summary] 5 月 19 日，华为 nova 14 系列及鸿蒙电脑新品发布会如期举行，搭载 HarmonyOS 5 操作系 统的鸿蒙 PC 正式发布。此次搭载完全自研的 HarmonyOS 5 操作系统的鸿蒙电脑正式发布， 或将代表着鸿蒙正式进入国产操作系统市场，在国产化替代加速的背景下，有望凭借其加速建 设的鸿蒙生态，逐步提升其市场份额，从而惠及相关产业链。建议关注 1）华为鸿蒙 PC 产业 链，2）开源鸿蒙操作系统开发厂商。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 事件评论 丨证券研究报告丨 2025-05-22 行业研究丨点评报告 [Table_Rank]投资评级 看好丨维持 软件与服务 cjzqdt11111 [Table_Title2] 鸿蒙 PC 正式发布，关注鸿蒙投资机遇 [Tabl ...

Group 1 - The 2025 Global Artificial Intelligence Terminal Exhibition and the 6th Shenzhen International Artificial Intelligence Exhibition will take place from May 22 to 24, featuring over 25,000 square meters of exhibition space, 20+ professional forums, 100+ experts, and 50,000+ professional visitors, showcasing the latest achievements and future trends in AI technology and smart terminal products [1] - The exhibition will focus on nine categories of AI terminals, including AI smartphones, AI PCs, AI tablets, large model integrated machines, AI wearable devices, AI imaging devices, whole-home smart products, industrial-grade AI terminals, and other new AI terminals, creating a comprehensive display matrix of "core technology - terminal products - large model applications" [1] - The event aims to provide a platform for small and medium-sized enterprises to showcase innovative products, allowing attendees to experience cutting-edge technology and explore investment opportunities in the AI sector [2] Group 2 - The exhibition will feature a "Financial + Technology + Industry" matrix, with several investment institutions participating alongside their AI portfolio companies, facilitating efficient communication and collaboration between financial institutions and tech companies [2] - The 2025 Global Artificial Intelligence Terminal Exhibition will be held concurrently with the Cultural Expo, enhancing the synergy between the two events and showcasing key innovations in AI terminals, such as Hongmeng PCs and Thunder AI glasses [3] - A dedicated area for robots and human-machine interaction will be established, allowing attendees to experience the intersection of technology and culture, highlighting the potential of human-robot collaboration [3]

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the Chinese financial market, including sectors such as technology, finance, shipping, new consumption, and the robotics industry. Core Points and Arguments 1. **Market Reaction to US-China Geneva Talks**: The results exceeded expectations, but the market exhibited a "sell news" trend, indicating profit-taking behavior after positive news, leading to significant external influence on short-term market sentiment [1][2] 2. **Financial Sector Performance**: The financial sector saw a significant volume increase, interpreted as a reallocation by public funds. However, this did not substantially enhance market risk appetite or profit-making effects [3] 3. **Market Structure**: The market displayed a "barbell" structure with strong performance in micro-cap and large-cap stocks, while the technology sector, particularly the Sci-Tech 50 index, underperformed due to new public fund regulations and disappointing earnings from major tech companies [4] 4. **Market Sentiment and Profitability**: Despite a rebound in market sentiment, the actual profit-making experience for investors was average, with rapid rotation among various sectors indicating a lack of a clear market leader [5] 5. **Emerging Investment Directions**: Key areas of interest include export order acquisition, new consumption trends (e.g., pet economy), and biopharmaceuticals, particularly related to ergotamine [6][10] 6. **Robotics Industry Dynamics**: The robotics sector is experiencing various catalysts, but it is not expected to see a broad-based rally. Focus is on lightweight materials and upcoming events like the robotics combat competition [8] 7. **Automotive Industry Policy Changes**: New regulations mandating the installation of emergency braking systems in light vehicles were introduced, positively impacting related sectors [9] 8. **Reorganization Policy Highlights**: The new reorganization policy increases regulatory tolerance for financial changes and introduces mechanisms to encourage private equity participation in mergers and acquisitions, which is expected to enhance the success rate of such activities [15][17] 9. **Short-term and Long-term Market Impact**: In the short term, the new policy may benefit companies with pending merger plans, while in the long term, it is expected to accelerate the pace of asset securitization and integration in strategic sectors like semiconductors and rare earths [18] Other Important but Possibly Overlooked Content 1. **Market Volume Trends**: The average daily trading volume decreased by 870 billion, indicating a contraction in market activity [2] 2. **Sector-Specific Performance**: The North Stock 50 index saw a rise of over 3%, while the technology sector faced significant declines due to regulatory impacts and underwhelming capital expenditures from major firms [4] 3. **Investor Sentiment**: The market sentiment index rebounded by over 4.6%, but the actual experience of profit-making remained limited, suggesting a cautious approach among investors [5] 4. **Potential in Rare Earths and Strategic Metals**: Recent government actions against rare earth smuggling have led to price volatility, benefiting compliant listed companies in this sector [7] 5. **Focus on Emerging Technologies**: There is a growing interest in sectors like solid-state batteries and controlled nuclear fusion, which, despite unclear market leadership, are deemed worthy of early attention [14]