Group 1 - Huawei HiSilicon has undergone significant management changes, with Xu Zhijun stepping down as chairman and being replaced by Gao Ji [1][3] - The company has a history of personnel adjustments, indicating a possible normal management rotation or a shift in semiconductor strategic direction [1][3] - Huawei HiSilicon, established in October 2004 with a registered capital of 2 billion RMB, is a leading global semiconductor design company focused on smart terminal solutions [1][3] Group 2 - The company's self-developed Kirin chips are industry-leading smartphone chips, with the Kirin 9000 utilizing a 5nm process and integrating 15.3 billion transistors [4][6] - The Kirin 9020 chip, featured in the Huawei Mate XTs, is expected to enhance overall performance by 36% [6] - The company covers various fields including connectivity, smart vision, and media, with a focus on providing reliable and high-performance chips [4][5] Group 3 - The HiSilicon concept stocks have seen significant growth, with the HiSilicon concept index rising nearly 38% this year, and several stocks increasing over 100% [7][10] - Companies like Huibo Yuntong and Zhuoyi Information have reported substantial stock price increases, indicating strong market performance and stable partnerships with Huawei HiSilicon [7][10] - The overall net profit of HiSilicon concept stocks exceeded 9 billion RMB in the first half of the year, with a year-on-year growth of over 15% [10][11] Group 4 - Financing interest in HiSilicon concept stocks has increased, with a near 20% rise in overall financing, and many stocks seeing over 30% increases in financing [10][11] - Specific stocks like Meige Intelligent and Qiangrui Technology have received significant financing increases, indicating strong investor confidence [11][12] - Predictions for net profit growth in 2025 and 2026 for several HiSilicon concept stocks suggest continued positive performance, with some expected to see over 100% growth [12][13]

Core Insights - Huawei officially announced the launch of the Pura 80 series, with a press conference scheduled for June 11, 2025, at 14:30, generating significant interest in the high-end smartphone market [1] - According to Counterpoint Research, Huawei regained the top position among domestic brands in Q1 2025 with a market share of 19.4%, largely due to the strong performance of the Pura 70 series, which surpassed 10 million units in sales within a year [1][4] Group 1 - The Pura 80 series is expected to feature innovative imaging capabilities, including a new one-inch CMOS sensor and enhanced telephoto capabilities, marking a significant advancement in mobile imaging technology [4] - Huawei's continuous innovation in imaging has established it as a core competitive advantage, with past milestones including the introduction of dual-camera systems and the launch of its own imaging brand, XMAGE, in 2022 [4] - The upcoming Pura 80 series will be the first high-end flagship in the Pura line to run on HarmonyOS 5, offering consumers a comprehensive experience of the new operating system [5] Group 2 - The market is eagerly anticipating the June 11 launch event, with expectations that the Pura 80 series will reaffirm Huawei's position as a leader in mobile imaging technology [5]

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Viewpoints - The official release of the HarmonyOS 5-based Hongmeng PC marks Huawei's entry into the domestic operating system market, which is expected to gradually increase its market share amid accelerated domestic substitution [2][11] - The Hongmeng PC is anticipated to fill the existing gap in the PC ecosystem, enhancing Huawei's "1+8+N" all-scenario strategy, which aims for seamless connectivity across devices [11] - Over 1,000 applications have been adapted for the Hongmeng PC since May 8, with expectations to support over 2,000 applications by the end of the year, covering various user needs [11] - The Hongmeng operating system meets the technical requirements for safety and reliability, which may allow it to enter the domestic trusted operating system market [11] - The report suggests focusing on the Huawei Hongmeng PC supply chain and open-source Hongmeng operating system developers as potential investment opportunities [2][11]

Core Viewpoint - The release of the HarmonyOS computer marks a significant breakthrough for domestic computer operating systems, potentially reshaping future computing paradigms and the underlying logic of the Internet of Things [1][2]. Group 1: Technological Breakthroughs - The HarmonyOS computer represents a self-controlled operating system from the kernel level, filling a technological gap in China's computer industry [2][3]. - The global personal computer operating system market is highly concentrated, with Windows holding a 71.06% market share, while HarmonyOS aims to establish itself as a third-tier global operating system [3]. - The HarmonyOS 5 operating system is a result of independent research and development, marking a key technological advancement for China's computer industry [3][4]. Group 2: Market Confidence and Policy Support - Market confidence in HarmonyOS computers is driven by technological breakthroughs, policy support, ecosystem collaboration, and financial resonance [2][4]. - Shenzhen's 2024 policy explicitly supports the development of HarmonyOS, enhancing market demand through various initiatives [3][4]. Group 3: Ecosystem Development - The Harmony ecosystem has surpassed 1 billion devices, with the addition of HarmonyOS computers completing a crucial part of the ecosystem [4]. - Huawei's computer shipments reached 4.3 million units in 2024, capturing an 11% market share, indicating strong market performance [4]. - The development of a domestic computer operating system is essential for information security and industry autonomy, contributing to a reliable digital ecosystem [4]. Group 4: Features and User Experience - HarmonyOS computers offer system-level AI capabilities, seamless cross-device collaboration, and robust security features, enhancing user experience [5][6]. - The AI capabilities allow users to control the computer using voice commands and automate tasks, such as online meeting reminders [5][6]. - The new security architecture of HarmonyOS computers has achieved international CC EAL6+ certification, ensuring data protection and application reliability [6][7]. Group 5: Challenges and Opportunities - Expanding the computer operating system ecosystem is more challenging than mobile ecosystems due to the need for specialized productivity software and peripheral support [8][9]. - HarmonyOS's "one development, multi-end deployment" capability simplifies the development process for ecosystem partners, facilitating the growth of applications across various fields [9][10]. - The integration of mobile applications into the desktop environment creates new market opportunities and enhances user interaction experiences [9][10]. Group 6: Future Prospects - The HarmonyOS computer is expected to change the current landscape of computer operating systems and provide a new foundation for the development of domestic software [9][11]. - Experts emphasize the importance of a rich software ecosystem for the success of an operating system, advocating for support in developing key industrial software [11].