Core Insights - The 2025 China Mobile Global Partner Conference highlights Huawei's focus on creating a smart ecosystem through its HarmonyOS, emphasizing the integration of various devices for a seamless user experience [1][14] - Huawei's exhibition showcases significant advancements in smart office solutions, health management, and vehicle connectivity, demonstrating the capabilities of its HarmonyOS in enhancing productivity and user interaction [3][14] Smart Office Solutions - The collaboration between HUAWEI Mate XTs and MateBook Fold showcases the seamless connectivity enabled by HarmonyOS, allowing users to transition between devices effortlessly for tasks like document editing and email management [2][5] - The demonstration of multi-device collaboration illustrates a new paradigm in office efficiency, significantly reducing the cost of switching between devices [5] Health Management - The HUAWEI Watch GT 6 series exemplifies the integration of wearable technology with mobile devices, providing real-time health data synchronization and personalized reports through HarmonyOS [6][8] - The health management system creates a closed-loop experience, where data flows securely between devices, enhancing user safety and health monitoring [8] Vehicle Connectivity - The HarmonyOS-powered vehicle systems, such as those in the HUAWEI Enjoy S9T and Zhijie R7, facilitate a comprehensive connection between users, vehicles, and home devices, enhancing the overall user experience [9] - Features like automatic navigation transfer and real-time health monitoring during driving highlight the advanced capabilities of Huawei's ecosystem in ensuring user safety and convenience [9] Ecosystem Development - Huawei's HarmonyOS has achieved compatibility with over 7,700 products, showcasing its rapid growth and integration across various industries, including finance, education, and consumer electronics [11] - The open-source nature of HarmonyOS has led to the development of over 1,300 hardware and software products, indicating a robust and expanding ecosystem [11]

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Viewpoints - The hollow-core fiber (HCF) technology is expected to significantly enhance data transmission capabilities, with Microsoft planning to deploy 15,000 kilometers of HCF over the next 24 months [5][6] - The global hollow-core fiber market is on an upward trend, with the market size projected to reach $8.22 billion in 2024, and the Chinese market for hollow-core fiber at $0.07 billion, indicating substantial growth potential [12][13] - Long Fiber Optic Co. is highlighted as a key supplier in the hollow-core fiber sector, with significant advancements in manufacturing and technology [20][23] Summary by Sections 1. Hollow-Core Fiber Overview - Hollow-core fiber uses air as the transmission medium, offering advantages such as reduced latency (31.8% lower than traditional fibers), high input power, low attenuation, and large bandwidth [9][10][11] - The structure includes a hollow glass capillary and reflective layers, allowing for efficient transmission of long-wave infrared laser beams [6][9] 2. Application in Data Centers - Hollow-core fiber is poised to revolutionize data center connectivity, with applications in metropolitan, wide-area, and edge data centers, enhancing transmission speeds and efficiency [18][19] - The technology is expected to improve AI training efficiency by over 10% due to its low-latency characteristics [18] 3. Long Fiber Optic Co. Profile - Long Fiber Optic Co., established in 1988, is a leading player in the fiber optic market, with projected revenues of 12.197 billion yuan in 2024 and a compound annual growth rate of approximately 10.36% from 2020 to 2024 [20][23] - The company invests significantly in R&D, with a consistent increase in the proportion of R&D expenses relative to revenue [20][21] 4. Market Performance - The electronic industry index experienced a decline of 4.57% recently, ranking 28th out of 31 sectors, while the broader market index (CSI 300) fell by 0.81% [38] - Specific sectors within the electronic industry, such as digital chip design and integrated circuit packaging, faced significant declines, indicating market volatility [42][45]

Core Insights - Huawei has launched its new flagship foldable smartphone, the HUAWEI Mate XTs, which aims to redefine the foldable screen market with significant upgrades in design, experience, and performance [1][2] Group 1: Product Features - The Mate XTs is the only commercially available triple-foldable smartphone, continuing the innovative design introduced with the original Mate XT [1] - The device integrates PC-level applications and interactions, powered by HarmonyOS 5.1 and the new HUAWEI M-Pen 3, enhancing the user experience beyond mere hardware innovation [1] - The smartphone is available in four colors: Mallow Purple, Bright White, Deep Black, and Reddish, featuring a new sand-gold rock texture and exquisite craftsmanship [1] Group 2: Performance and Usability - The Mate XTs can smoothly run PC versions of office software, allowing for consistent document editing and data analysis, making it suitable for professionals in finance and creative fields [2] - The camera system has been upgraded with a Red Maple color camera, featuring a ten-level variable aperture, enhancing color accuracy and detail capture, even in low-light conditions [2] - The device is equipped with a 5600mAh battery and 50W wireless fast charging, ensuring all-day battery life, while the second-generation Lingxi communication technology provides stable connectivity [2] - Overall performance has improved by 36% compared to the previous generation, maintaining smooth multitasking capabilities [2]

Core Insights - Huawei officially launched the new generation of its foldable flagship, HUAWEI Mate XTs, which integrates PC-level applications and interactions into a mobile device, powered by HarmonyOS 5.1 and the new HUAWEI M-Pen 3, enhancing productivity across various scenarios [1][3] Group 1: Product Features - The HUAWEI Mate XTs is the world's first commercial three-fold smartphone, featuring a unique hinge system and a large screen that redefines high-end foldable standards [1][5] - The device supports PC-level applications, allowing for multi-document editing with WPS, financial analysis with Wind terminal, and professional drawing tools [3] - It includes a 5600 mAh battery, 50W wireless fast charging, and an upgraded camera system with a ten-stop variable aperture [4] Group 2: Market Position and Strategy - Since the launch of the first Mate X in 2019, Huawei has led foldable screen innovation, with projections indicating that Huawei will capture 75% of the Chinese foldable screen market by mid-2025 [5][6] - The Mate XTs is set to be available for pre-sale on September 4, with a retail price starting at 17,999 yuan, and offers various customer service benefits [6]