他指出，要不了多久，可能会看到阿里、腾讯、美团这些大厂抱团推出联合防御协议，一起限制AI跨 APP调用。手机厂商更不会让出桌面控制权，小米MIUI华为Harmony OS这些厂商手握系统权限，可以 随时限制豆包运行，降低调用速度，甚至推出自家助手正面抗衡。明年新手机可能直接预装厂商系助 手，把豆包挤到硬商店角落。 【#周鸿祎称豆包手机冲垮大厂护城河#，美团淘宝高管可能要连夜开会了】12月4日消息，360创始人、 董事长@红衣大叔周鸿祎 发视频谈豆包手机。视频中，周鸿祎表示，手机操作要变天了，字节不造手 机，却要抢走所有手机的灵魂。最近豆包手机助手一出来，美团淘宝的高管们可能要连夜开会了。因为 这个AI不用点他们的APP，就能帮用户完成所有操作。这款处于技术预览阶段的手机助手，核心亮点不 是手机，是这个助手。它不是单独的APP，是直接嵌入手机系统的，也就是说它能接管你的手机。 他表示，最狠的是，这会直接冲垮互联网大厂的护城河，他们原本靠用户必须打开APP才能享受服务， 建立的优势可能要重新定义了。比如淘宝、美团靠用户停留和广告赚钱，现在AI帮用户直接完成任 务，不用看广告，不用刷首页，APP核心KPI彻底作废， ...

刘森君 在万物智联浪潮下，鸿蒙作为一套统一的分布式操作系统，一经推出，便在智能终端领域引起了广泛关 注，开源鸿蒙生态也迎来了蓬勃发展。 为帮助更多企业适配Harmony OS，助力鸿蒙生态加速壮大，提供金融"活水"支撑，浦发银行深圳分行 快速响应、精准发力，行业首发"5+7+X"浦科贷产品体系的X定制化产品"智研贷"，支持鸿蒙生态企业 研发。 精准"把脉"，创设专属服务方案 "'智研贷'来得太及时了，它就是我们加速驶向鸿蒙生态新赛道的最佳'配速员'。"悦跑圈实控人表示， 这笔资金已有效保障了其220万日活用户平台的鸿蒙适配工作快速推进。 圈链"沃土"，做透行业生态经营 将资金链、供应链延伸至技术链，是此次浦发银行深圳分行做深鸿蒙生态企业经营的突破口。 面对鸿蒙生态企业高速发展中的资金"断点"，浦发银行深圳分行迅速行动，针对鸿蒙系统适配研发周 期、盈利模式和资产特点进行'量体裁衣'，仅耗时两个月便完成了市场调研、方案设计到产品定型，最 终推出了"智研贷"。 该产品金额不设上限，利率可灵活设置，期限最长15年，为鸿蒙生态800万开发者提供了从研发攻坚到 产业化落地的全周期资金保障。 秒级"响应"，跑出深圳标杆速度 ...

Core Viewpoint - The 27th China International High-Tech Achievements Fair (CIHTAF) will be held from November 14 to 16, 2025, in Shenzhen, showcasing China's advancements in high technology and innovation [1][2]. Group 1: Event Overview - The CIHTAF has been held annually since 1999, marking its 27th edition this year, and has become a significant platform for showcasing China's high-tech achievements [2]. - The event will feature an exhibition area of 400,000 square meters, with 22 specialized exhibition zones focusing on key sectors such as artificial intelligence, semiconductors, and commercial aerospace [4]. - It is expected to attract over 450,000 professional visitors [4]. Group 2: Key Themes and Focus Areas - The fair will highlight major technological achievements from state-owned enterprises, including the global launch of China's space tourism project by the China Aerospace Science and Technology Corporation [4]. - The event will emphasize the integration of technology and industry, particularly in strategic emerging industries like AI and renewable energy [4][6]. - A "136" plan will be implemented to enhance trade, aiming for 10% international buyers, 30% provincial buyers, and 60% out-of-province buyers [5]. Group 3: International Participation and Activities - The fair will host over 30 domestic and international delegations, including regions like Hong Kong and countries such as Germany and Singapore [4]. - More than 200 activities will take place during the event, including professional forums and product launches, aimed at fostering international cooperation in technology [5]. Group 4: Economic and Innovation Impact - Shenzhen's R&D investment reached 223.66 billion yuan in 2023, accounting for 6.46% of its GDP, positioning it as a leader in national innovation efforts [6]. - The fair serves as a critical link between technology and capital, facilitating the growth of high-tech enterprises and contributing to Shenzhen's development as a global innovation hub [7].

Group 1 - The 27th China International High-Tech Achievements Fair (High-Tech Fair) will be held from November 14 to 16, 2023, at the Shenzhen International Convention and Exhibition Center, with an exhibition area of 400,000 square meters and over 200 professional activities planned [1][2] - The fair will focus on four dimensions: national key equipment, specialized topics, industrial chain integration, and regional and national participation, featuring over 40 central and state-owned enterprises and more than 30 countries and regions [2][3] - The fair aims to promote transactions with a "136" plan, targeting 10% international buyers, 30% provincial buyers, and 60% out-of-province buyers, and will include an international investment negotiation area [3][4] Group 2 - Nearly 5,000 enterprises are expected to showcase their latest technologies and products, with over 90% of exhibits being physical products, and more than 60 launch and roadshow events planned [4][5] - The fair will facilitate regional cooperation with a dedicated area for regional economic and technological innovation achievements, attracting over 10 cities and counties, and will feature a "Belt and Road" international cooperation exhibition area [5]

Core Points - The 27th High-Tech Fair will be held from November 14 to 16 in Shenzhen, showcasing the latest achievements and trends in high-tech from both domestic and international sources, aiming to facilitate global high-tech transactions and the application of new technologies [1][4] - The exhibition will cover a total area of 400,000 square meters with 22 specialized exhibition areas and is expected to attract over 450,000 professional visitors [4][5] - A notable highlight will be the global launch of China's space tourism project by the China Aerospace Science and Technology Corporation [5] Group 1: Exhibition Details - The fair will feature 22 specialized exhibition areas, including major equipment, artificial intelligence, semiconductors, consumer electronics, and low-altitude economy [4][5] - Over 200 professional activities will be held concurrently, including forums, product launches, and procurement matchmaking events [7][10] - The fair aims to achieve a high level of marketization, with over 90% of exhibits being physical products and more than 20% of exhibits being launched for the first time [10][11] Group 2: Focus Areas - The fair will focus on four dimensions: national key equipment, specialized topics, industrial chain integration, and regional and national participation [5][6] - Key exhibitors will include over 40 central and state-owned enterprises, showcasing significant technologies and products [5] - The event will also feature international participation from over 30 countries and regions, including Russia, Germany, and Singapore [5][12] Group 3: Transaction Promotion - The fair will implement a "136" plan, targeting 10% international buyers, 30% provincial buyers, and 60% out-of-province buyers [6] - An international investment negotiation area and an international buyer matching area will be established to facilitate transactions [6][7] - The expected transaction volume is anticipated to reach new heights, with participation from renowned investment institutions and companies [7][10] Group 4: Support for High-Tech Development - The fair aims to support the transformation of high-tech achievements into new productive forces, with a focus on high-quality projects [11][15] - Various procurement matchmaking areas will be set up to enhance international cooperation and facilitate supply-demand transactions [12][15] - The event will also promote regional cooperation, featuring a special area for economic and technological innovation achievements [12][15]

Core Points - The 27th China International High-tech Achievements Fair (High-Tech Fair) will be held in Shenzhen from November 14 to 16, with an exhibition area of 400,000 square meters and over 45,000 expected professional visitors [1][3] - Nearly 5,000 enterprises will showcase their latest technologies and products, with over 90% of the exhibits being physical items, and more than 20% of the exhibits will be debut or first-time showcases [1][6] Group 1: Key Highlights of the Fair - The fair will feature 22 specialized exhibition areas, including major equipment, artificial intelligence, semiconductors, consumer electronics, and commercial aerospace [3][4] - Notable participants include the China Aerospace Science and Technology Corporation, which will globally launch the Chinese space tourism project, along with over 40 central state-owned enterprises [4][5] - The fair will implement a "136" plan to enhance transactions, targeting 10% international buyers, 30% provincial buyers, and 60% from other provinces [5] Group 2: Focus Areas and Innovations - The fair will emphasize high-tech innovations, particularly in the ICT and software sectors, showcasing advancements in Harmony OS and Kunlun chip systems [4][6] - A focus on strategic emerging industries such as artificial intelligence, semiconductors, and new energy will be highlighted by companies like Honor and Kobot [4][6] - The event will also promote regional cooperation with a dedicated area for regional economic and technological innovation achievements, attracting participation from over 30 provinces and countries [7] Group 3: Economic Impact and Trade - Shenzhen's high-tech product import and export value reached 1.88924 trillion yuan in the first three quarters, accounting for 56.2% of the city's total trade, with a year-on-year growth of 11.2% [9] - The city aims to support high-tech enterprises in opening flagship stores and launching new products, with an expected addition of 1,200 new concept stores this year [8] - The technology import and export contract amount reached $3.57 billion, with a year-on-year increase of over 100%, indicating strong growth in the technology service outsourcing sector [10]

Core Insights - The automotive industry is evolving into a major platform for smart operating systems, alongside smartphones, with Huawei's Harmony OS gaining traction in this space [2][5] - Huawei and BAIC Group are intensifying their collaboration, with plans to invest 20 billion yuan over three years to develop the "Xiangjie" brand [2][4] Group 1: Product Launch and Features - The Xiangjie S9T, Huawei's first travel car, was officially launched on September 16, featuring advanced technologies such as Huawei's QianKun Intelligent Driving ADS 4 and the new Tuling platform [3][4] - The starting price for the Xiangjie S9T is set at 309,800 yuan, with over 40,000 pre-orders already received [3][6] Group 2: Production and Delivery - The Xiangjie factory in Beijing is currently ramping up production, with a goal of doubling its output, currently producing a new car every two minutes [3][4] - As of September 16, the total delivery of Harmony OS vehicles has surpassed 930,000 units, with expectations to exceed one million by late October to early November [6][8] Group 3: Ecosystem Expansion - The Harmony OS ecosystem is expanding rapidly, with over 90,000 vehicles delivered in August alone, and an average transaction price of 380,000 yuan [5][6] - Huawei's collaboration with multiple automakers, including Chery and Geely, has resulted in the establishment of five brands under the Harmony OS ecosystem [5][6] Group 4: Market Position and Strategy - Huawei's smartphone market share has rebounded, with Q2 2023 shipments reaching 12.5 million units, capturing an 18.1% share of the Chinese market [7][8] - The company aims to enhance the richness of its application ecosystem, targeting 100,000 applications by 2025 as a sign of maturity [8]

Summary of Chinasoft International (0354.HK) Conference Call Company Overview - **Company**: Chinasoft International (0354.HK) - **Industry**: IT Services and Solutions Key Points Business Performance - **1H25 Performance**: The company's gross margin (GM) was 22%, aligning closely with estimates of 22.1%, indicating a recovery in profitability compared to 2H24 [4][9] - **Revenue Trends**: Revenue for 1H25 was reported at RMB 8,507 million, a decrease of 6% from 1H24 but a 7% increase year-over-year [8][16] - **Net Income**: Net income for 1H25 was RMB 316 million, reflecting a 40% increase from 2H24 and a 10% increase year-over-year [8][16] Strategic Initiatives - **AI Transformation**: The company is focusing on AI transformation for its ERP business, aiming to enhance efficiency and margins through AI Agent outsourcing services [3][9] - **AI Projects**: Over 300 AI assistant projects have been implemented across various sectors including manufacturing, finance, healthcare, and energy in 1H25 [3][9] Market Position and Technology - **Harmony OS**: The management highlighted the expected rapid revenue growth from Harmony OS over the next three years, supported by favorable policies and technology advantages [2][9] - **Technology Edge**: Harmony OS is noted for its low latency of less than 3μs and the ability to connect over 200 devices, making it suitable for industries with high data security requirements [2][9] Financial Outlook - **Earnings Revisions**: The company has revised its net income estimates downward for 2025E, 2026E, and 2027E by 17%, 31%, and 30% respectively, due to lower revenue expectations and gross margins [9][10] - **Future Projections**: Despite the revisions, double-digit revenue growth is still anticipated for 2026 and 2027, driven by the expansion into intelligent cloud services and solutions [9][10] Valuation and Rating - **Current Valuation**: The stock is trading at 18x 2026E PE, close to the target PE multiple of 17x, indicating that positive factors are largely priced in [1][17] - **Target Price**: The target price is set at HK$6.3, reflecting a downside potential of 5.8% from the current price of HK$6.69 [19][17] - **Rating**: The company maintains a Neutral rating due to concerns over growth visibility amid soft IT services budgets [17][18] Risks - **Key Risks**: Include variability in customer diversification, recovery of IT services budgets, R&D investment levels, and product mix upgrades [18][9] Additional Insights - **Operational Efficiency**: The company has improved its operating efficiency, leading to a lower operating expense ratio than expected [4][9] - **Market Context**: The overall China Software sector is experiencing a re-rating driven by generative AI, which may influence future valuations [10][17]

Investment Rating - The investment rating for Chinasoft International is Neutral, with a target price of HK$5.50, reflecting a potential upside of 11.8% from the current price of HK$4.92 [10][13]. Core Insights - The company is optimistic about growth driven by the HarmonyOS ecosystem and generative AI opportunities, while traditional IT services remain modest [1][8]. - Management emphasizes the transition from traditional IT services to intelligent cloud services, which is expected to enhance profitability through higher gross margins and efficiency improvements [7][8]. Summary by Sections HarmonyOS Ecosystem - Chinasoft International is collaborating closely with Huawei on HarmonyOS initiatives, focusing on application migration and developing Harmony-version virtual machines. Increased adoption of Harmony PCs is anticipated to create more business opportunities [2][3]. Generative AI Opportunities - As a full-stack AI service solutions provider, the company is capitalizing on the growing demand for generative AI in China. Their services span AI infrastructure, foundation models, and application software development. The establishment of AI computing centers with local governments is also highlighted [3][7]. 2025 Outlook - Management expects traditional IT services to see better growth from sectors such as financial institutions, internet companies, automotive, and state-owned enterprises. The company anticipates a higher profit level due to the expansion of intelligent cloud services and AI deployment [7][8].

Investment Rating - Rating: Overweight [1] Core Viewpoints - The launch of Harmony PC enhances Huawei's '1+8+N' strategy, positioning it to lead in the AI era and the Internet of Everything [4][6] - Harmony PC reconstructs the OS from the kernel, with a focus on performance, security, and distributed features [7] - Harmony OS ecosystem has surpassed 1 billion devices, with over 7.2 million developers and more than 20,000 native applications [9] Summary by Sections Investment Recommendations - Recommended targets include Chinasoft International, Isoftstone Information Technology, Newland Digital Technology, Jiangsu Hoperun Software, and Talkweb Information System; related targets include Beijing Oriental Jicheng, Jwipc Technology Co., Ltd., and Shijiazhuang ChangShan BeiMing Technology [4][6] Harmony OS Development - Harmony OS is built on a robust foundation with the Harmony kernel, Ark Engine for performance enhancement, and a distributed architecture for resource sharing [7] - The ecosystem includes over 2000 integrated applications, with 150+ dedicated PC applications already adapted [4][9] AI and IoT Integration - Harmony AI sets a new standard for smart computing, enabling system-level assistants and efficient collaboration across devices [8] - Harmony PC supports over 1000 peripheral devices, breaking hardware barriers and enhancing user experience [8] Ecosystem Growth - Huawei's ecosystem has reached over 1 billion devices, supported by a significant investment in the Harmony Ecosystem Partner Program [9] - The dual-track strategy allows compatibility with mainstream Windows applications, reducing user migration costs [9]