Core Viewpoint - Huawei's HarmonyOS ecosystem is expected to reach parity with Android and iOS ecosystems by the end of this year [1] Group 1 - HarmonyOS is designed for multi-device deployment, allowing for high efficiency once migration is successfully completed [1] - The WeChat version on HarmonyOS has been completely rewritten with a new architecture, promising higher efficiency in future developments [1]

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the **A-share market** and **technology sector**, with a specific focus on **Apple Inc.** and the **innovation drug industry**. Core Points and Arguments 1. The A-share market has shown a recovery trend since late May, with the index rising from approximately 3,332 points to over 3,400 points, indicating a gain of over 70 points during this period [1] 2. New consumption sectors, particularly in Hong Kong-listed companies, have experienced significant stock price increases, reflecting the vast opportunities in the domestic consumer market [2] 3. The upcoming **Apple Worldwide Developers Conference (WWDC)** is expected to showcase important advancements in technology, particularly in AR and AI, which could impact Apple's stock and its supply chain [3][4] 4. The overall market sentiment has improved, influenced by international economic factors and expectations regarding the Federal Reserve's interest rate decisions, which could lead to a bullish trend in the A-share market [11][12] 5. The white liquor sector has shown weakness, with a decline of nearly 1%, indicating potential challenges from policy changes and market dynamics [8][9] 6. The technology sector, while experiencing some positive movements, has not matched the strength seen earlier in the year, particularly in sub-sectors like gaming [2] 7. The innovation drug sector is gaining traction, with significant developments presented at the **ESC (European Society of Cardiology) conference**, highlighting the potential for domestic innovative drugs [34] Other Important but Possibly Overlooked Content 1. The market is currently facing a critical resistance level at 3,400 points, and the ability to break through this level will be crucial for future trends [7][25] 2. The performance of the banking sector, particularly state-owned banks, has a substantial impact on the overall market, as their weakness can hinder market gains [17] 3. The discussion emphasizes the importance of identifying investment opportunities in sectors that may perform independently of the broader market trends, particularly during periods of volatility [13][22] 4. The potential for a "super pig cycle" in the pig farming industry is noted, with signs of recovery in the sector after a significant downturn [20] 5. The conference highlights the need for investors to remain vigilant about market dynamics and to seek out sectors that may offer better risk-reward profiles during market fluctuations [26][28]

Core Viewpoint - Apple is facing unprecedented pressure in 2025 due to potential changes in its App Store commission structure, with a proposed reduction from 30% to 20%, which may extend beyond the EU borders [1] Group 1: Changes in Commission Structure - A new draft for App Store terms in the EU suggests a significant reduction in standard commission rates, which could impact Apple's revenue model [1][11] - Apple has introduced a complex commission system for developers, categorizing them into two main tiers with different fee structures [3][7] - Developers can choose to distribute apps through the App Store while using either Apple's in-app purchase (IAP) system or third-party payment methods, with varying fees applied [3][5][6] Group 2: Developer and Consumer Impact - The new commission structure creates a disparity between first-tier and second-tier developers, with an 8% difference in store service fees, raising concerns about the fairness of the system [8][9] - Many developers view Apple's new policies as detrimental, leading to increased costs for consumers and limiting developers' ability to use alternative payment methods [9][15] - Apple's high commission rates have historically forced developers to pass costs onto consumers, resulting in higher prices for iOS users compared to Android users [13][15] Group 3: Regulatory Challenges - Apple has faced multiple regulatory actions in the EU, including fines for not complying with the Digital Markets Act, which mandates lower commission rates and allows external payment options [11][12] - The company has been involved in ongoing legal battles regarding its commission practices, with significant fines imposed for perceived anti-competitive behavior [12][19] - The future of Apple's commission structure remains uncertain as it navigates regulatory pressures and developer demands for more equitable practices [19][20]

Core Viewpoint - Huawei's HarmonyOS PC restricts sideloading, allowing only app installations from its official app store, aiming to create a secure and monitored software environment [1][5][14] Group 1: Security and Software Quality - The restriction on sideloading is intended to prevent malware and unwanted software, providing a safer experience for users who may not be tech-savvy [5][7] - Applications available on Huawei's app store undergo official review, theoretically ensuring quality and compliance with standards [5][7] - The unified software experience is optimized for HarmonyOS, potentially reducing crashes and improving performance [7] Group 2: Developer and User Considerations - While the strict management of the app ecosystem can enhance security, it may limit user choices and lead to higher costs for software, raising concerns about affordability [7][9] - There is a potential risk of introducing a "tax" similar to Apple's model, which could deter users if software becomes expensive and limited [9][14] - To attract developers, Huawei should consider a transparent and friendly approach regarding fees, especially in the initial stages of the platform [11][14] Group 3: Market Positioning - Huawei's strategy mirrors Apple's closed ecosystem, but to effectively compete with Windows, it must balance security with affordability and openness [14] - The success of HarmonyOS PC will depend on its ability to offer a rich, user-friendly experience without becoming an expensive "premium cage" [14]