Core Viewpoint - The article emphasizes that the core trends in the computer industry are driven by AI, localization, and the implementation of robotics, with significant developments from Huawei, Hong Kong's digital asset policies, and Xiaomi's product launches [1][3][4] Group 1: Huawei Developer Conference - The Huawei Developer Conference showcased the HarmonyOS 6 operating system and the launch of Huawei Cloud's Pangu Model 5.5, marking a new phase in the Harmony ecosystem [2] - Over 40 Huawei terminal products are now equipped with HarmonyOS 5, featuring more than 260 new functions and over 9,000 applications involved in system-level innovations [2] - Huawei Cloud aims to integrate embodied intelligence into all connected devices, with the introduction of the CloudRobo platform to enhance innovation in this area [2] Group 2: Hong Kong Digital Asset Policy - Hong Kong's government released the "Digital Asset Development Policy Declaration 2.0," aiming to position the region as a global innovation hub for digital assets [3] - The policy highlights the potential of digital assets in financial technology, promoting efficient and low-cost financial transactions through blockchain technology [3] - The government plans to create a diverse digital asset ecosystem that integrates with the real economy and society, reinforcing Hong Kong's status as an international financial center [3] Group 3: Xiaomi Product Launch - Xiaomi's recent launch event introduced several new products, including the YU7 model, which achieved over 200,000 pre-orders in just three minutes and surpassed 240,000 orders within 18 hours [4] - The company plans to continue investing in advanced driver-assistance systems and aims to upgrade its AI model in the second half of the year [4] - Xiaomi's projected R&D investment of 200 billion over the next five years is expected to enhance its market competitiveness across various technological advancements [4]

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [5]. Core Insights - The computer (Shenwan) index decreased by 1.83% during the week of June 16-20, 2025, reflecting a market pullback, with the Shanghai Composite Index down 0.51%, the Shenzhen Component Index down 1.16%, and the ChiNext Index down 1.66% [10][21]. - The Huawei Developer Conference (HDC 2025) was held in Dongguan, where HarmonyOS 6 was officially launched, showcasing a new all-scenario architecture and over 30,000 applications and meta-services in development across nearly 20 industries [3][22]. - The report highlights the significant growth of companies like Dameng Data, which expects a revenue of approximately 495-513 million yuan for the first half of 2025, representing a year-on-year increase of 40.63%-45.74% [2][18]. Summary by Sections 1. Index Performance - The Shenwan computer index fell by 1.83%, with sub-sectors such as computer equipment, IT services II, and software development showing declines of -1.18%, -1.73%, and -2.30% respectively [10][13]. 2. Major Events - The report discusses the launch of various AI models and platforms, including Midjourney's video model and Microsoft's innovative algorithms, indicating a competitive landscape in AI technology [16][19]. 3. Key Announcements - Dameng Data reported a positive business outlook with expected revenue growth, while Shengshi Technology secured a significant contract for the Shanghai Oriental Hub project valued at approximately 221.49 million yuan [2][18]. 4. Investment Perspective - The report emphasizes the ongoing bottom oscillation of the computer index and the potential benefits for companies deeply involved in Huawei's ecosystem, particularly in the context of the advancements in HarmonyOS and AI technologies [3][21].