华为于近日推出新款鸿蒙电脑——擎云HM740，提供标准版与高能版两种配置，面向政企市场正式发 布。 华为于近日推出新款鸿蒙电脑——擎云HM740，提供标 准版与高能版两种配置，面向政企市场正式发布。 根据官方信息，擎云HM740全系配备麒麟X90处理器，其中标准版采用8核心设计，高能版则升级为10 核心架构。此前相关技术博主披露的数据显示，8核型号对应型号为麒麟X90A。值得注意的是，今年11 月发布的某款二合一平板设备亦搭载了同系列芯片，其中液冷版本使用麒麟X90，而柔光版及标准版则 搭载麒麟X90A。 2025年3月，国家权威机构发布的安全可靠测评结果显示，麒麟X90成功通过核心技术评估，获得安全 可靠等级II级认证。该认证表明，该处理器在核心技术自主性、供应链安全以及知识产权合规等方面均 满足国家标准要求，具备较高的信息安全保障能力。 作为专为政企用户打造的产品，擎云HM740实现了从核心处理器到操作系统的全链路自主可控，设备 出厂时预装鸿蒙电脑专业版操作系统。对于有更高管理需求的组织，可申请升级至鸿蒙电脑企业版Beta 系统，以启用包括企业数字双空间在内的完整功能体系。 根据官方信息，擎云HM740全 ...

Core Viewpoint - The article discusses the trend of Chinese manufacturers, particularly Lenovo, moving towards self-developed chips, highlighting the upcoming Yoga Pad Pro with a custom SoC [4][6]. Group 1: Chip Development - The new SoC features a 10-core layout manufactured using TSMC's 5nm process [2][6]. - The SoC architecture is based on Arm64-v8a ISA, with a configuration of 2+2+3+3 cores, and the highest core frequency reaching 3.29 GHz [5][6]. - The GPU used in the SoC is the Arm Immortalis G720, which is also utilized in MediaTek's Dimensity 9300 and 8400 SoCs [6]. Group 2: Market Strategy - Lenovo's Yoga Pad Pro is expected to be targeted primarily at the Chinese market as a 2-in-1 hybrid device [4][6]. - The decision to invest in custom chips for a relatively small market is seen as noteworthy, given Lenovo's primary focus on PCs and laptops [4][6]. - Despite U.S. sanctions, Lenovo and Xiaomi have not faced significant setbacks, allowing them to continue sourcing advanced chips from TSMC [6]. Group 3: Industry Context - The push for self-developed chips aligns with China's goal to reduce reliance on Western technology [6]. - A significant barrier for China's semiconductor industry has been the limitations of SMIC, which has been confined to 7nm technology for years [6].

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Viewpoints - The recent release of the security reliability assessment results is expected to catalyze local procurement in the Xinchuang industry, accelerating procurement processes across various regions [2][4] - Key upcoming policy assessment years, such as 2025 and 2027, are anticipated to drive industry momentum, with a focus on domestic chip supply chains, domestic operating systems, and the Huawei supply chain [2][4] - The report highlights the leading domestic database company, Dameng Data, as a key investment opportunity within the Xinchuang sector [2] Summary by Sections Event Description - On March 14, 2025, the China Information Security Evaluation Center and the National Confidentiality Technology Evaluation Center released the first security reliability assessment results for 2025 [4] Event Commentary - The assessment results included 8 CPU products, 1 desktop operating system, and 1 server operating system, with a total of 42 CPU products, 7 desktop operating systems, 11 server operating systems, 17 centralized databases, and 11 distributed databases having passed the assessments [8] - The accelerated pace of security reliability assessments is expected to influence local procurement parameters and timelines positively [8] - The report notes that 2025 is a critical year for the Xinchuang industry, with the potential for a new round of procurement tenders to commence soon [8] Investment Opportunities - The report suggests focusing on investment opportunities in the domestic chip supply chain, domestic operating systems, and the Huawei supply chain, particularly highlighting Dameng Data as a leading player in the domestic database market [2][8]