Core Viewpoint - The financial technology sector is experiencing a downturn, with the China Securities Financial Technology Theme Index down by 3.60% as of September 23, 2025, indicating a challenging market environment for related stocks and ETFs [3]. Market Performance - The China Securities Financial Technology Theme Index has seen significant declines in key stocks, with Zhongke Jincai down 6.64%, Xinan Century down 6.51%, and Hengbao Co. down 5.87% [3]. - The Financial Technology ETF (516860) has decreased by 3.75%, with a latest price of 1.54 yuan, although it has shown a slight increase of 0.57% over the past week [3]. - The trading volume for the Financial Technology ETF was 2.05 billion yuan, with a turnover rate of 8.01% [3]. Investment Trends - Huawei announced at the 2025 All-Connect Conference that the number of HarmonyOS5 terminal devices has surpassed 17 million, launching the "Tiangong Plan" with an investment of 1 billion yuan to support the Harmony AI ecosystem [3]. - The State Council has issued guidelines to promote high-quality development in digital finance, emphasizing the importance of electronic signature technology in the financial sector [3]. AI and Financial Technology - Institutions note that the AI application ecosystem is becoming more robust, with rapid penetration of large model technologies in finance, healthcare, and education, exceeding market expectations for commercialization [4]. - Dongwu Securities highlights that the current fundamentals and valuations in the sector are low, presenting significant investment value, especially with ongoing policy support and economic stabilization [4]. ETF Growth and Performance - The Financial Technology ETF has seen a growth of 509 million yuan in scale over the past two weeks, ranking second among comparable funds [4]. - The latest share count for the Financial Technology ETF reached 1.652 billion shares, marking a one-year high and also ranking second among comparable funds [4]. - Recent net inflows into the Financial Technology ETF totaled 11.1 million yuan, with a consistent trend of net inflows over the past five trading days, averaging 53.9 million yuan per day [4]. Index Composition - The China Securities Financial Technology Theme Index includes major stocks such as Tonghuashun, Dongfang Caifu, and Hengsheng Electronics, with the top ten stocks accounting for 54.08% of the index [5].

Core Insights - Huawei announced that the number of devices running HarmonyOS 5 has surpassed 17 million, marking a significant milestone in its AI ecosystem development [1][2] - The company launched the "Tiangong Plan," committing 1 billion yuan to support innovation in the HarmonyOS AI ecosystem, which is seen as a strategic move to build a self-sustaining ecosystem in the AI era [1][4] HarmonyOS Ecosystem Development - Since its release, HarmonyOS 5 has been rapidly expanding, adding approximately 1 million devices each month, which includes products from Huawei and its ecosystem partners [2] - The operating system is now integrated across various product categories, including smartphones, computers, tablets, smartwatches, and smart screens, showcasing a comprehensive smart experience [2][3] - The growth of HarmonyOS is viewed as a significant achievement for Chinese technology companies in overcoming technological barriers in a market dominated by Android and iOS [2][3] Open Source and Community Contributions - Huawei has donated the foundational capabilities of HarmonyOS to the OpenAtom Open Source Foundation, leading to the emergence of an open-source version of HarmonyOS [3] - Over the past five years, the open-source HarmonyOS has seen over 130 million lines of code contributed by more than 9,200 community contributors, resulting in over 1,300 hardware and software products across various industries [3] AI Integration and Future Plans - The upgrade to HarmonyOS 5 not only increases the number of devices but also enhances AI capabilities, allowing for seamless AI functionality across different devices [3][4] - The "Tiangong Plan" aims to support the development of over 10,000 AI-native services, 1,000 intent frameworks, and 5,000 intelligent agents, indicating a strong focus on AI integration within the ecosystem [4][5] Competitive Landscape - The competition in operating systems is fundamentally about ecosystem development, and Huawei's significant investment in the "Tiangong Plan" reflects its commitment to building a robust ecosystem [5] - Despite the ambitious plans, challenges remain in terms of application richness, developer profitability, and global market acceptance [5]

Group 1 - Huawei announced the launch of new models including the AITO M8 electric version and the HarmonyOS 5 device, which has surpassed 12 million units, contributing to a comprehensive smart living experience [1] - The cumulative delivery of HarmonyOS vehicles has exceeded 900,000, maintaining the highest average transaction price among Chinese automotive brands for 14 consecutive months [1] - The AITO M9 has achieved cumulative deliveries of 226,000 units, while the AITO M8 has delivered 70,000 units in just four months [1] Group 2 - Chery Automobile's chairman stated that the arrival of new models marks the transition to the 2.0 phase of the Zhijie brand, with over 10 billion yuan in special investments and a research team of over 5,000 people [2] - The new Zhijie models feature a refreshed design, including a new graphic logo and unique color options, with the Zhijie R7 equipped with a 16.1-inch central control screen and advanced audio system [2] - The AITO M8 electric version utilizes a new high-voltage electric power architecture, achieving a maximum range of 705 km [2] Group 3 - The Shangjie H5 model is positioned with a price starting at 169,800 yuan and is equipped with the HUAWEI ADS 4 advanced driver assistance system, making it accessible under 200,000 yuan [3] - The Shangjie H5 features high-performance 192-line lidar and 4D millimeter-wave radar for enhanced driving assistance accuracy [3] - The vehicle includes a native vehicle machine and a voice assistant for improved user interaction [3]