Core Viewpoint - Huawei's Pura 80 series has generated significant consumer interest, with over 67,000 reservations within hours of its announcement, indicating strong market demand for its new flagship smartphones [1][4][11]. Group 1: Product Launch and Features - The Huawei Pura 80 series, including the Pro and Pro+ models, officially opened for reservations on June 5, with a total of over 67,000 reservations by 3:14 PM the same day [2][4]. - The series is set to be officially launched on June 11, with a total of 250,000 reservations for the launch event, showcasing its popularity [10][11]. - The Pura 80 series will feature significant advancements in imaging technology, including a 50-megapixel periscope lens and a dual-focus imaging module, which is expected to set a new standard in smartphone photography [9]. Group 2: Operating System and Ecosystem - The Pura 80 series will come pre-installed with HarmonyOS 5, which integrates advanced AI capabilities and enhances user interaction [9]. - Huawei's ecosystem is expanding, with the Pura 80 series contributing to a broader strategy that includes various devices such as tablets and smartwatches, aiming to create a comprehensive "people-car-home" smart ecosystem [13]. Group 3: Market Impact and Sales Expectations - Analysts predict that the Pura 80 series could achieve sales of over 10 million units, potentially igniting a replacement cycle in the smartphone market and intensifying competition in the high-end segment [11]. - The previous Pura 70 series reportedly surpassed 13 million units in shipments within three months, indicating strong sales momentum for Huawei's flagship lines [11].

Investment Strategy - The report highlights the impact of the US chip sanctions on China's computing power supply, indicating that China's computing system is now capable of competing with the US. The Ministry of Commerce's strong response to these sanctions suggests a potential for growth in China's computing ecosystem [10][14] - The global supply chain is facing a rebound against US restrictions, with Malaysia adopting Chinese technology to build an AI platform, marking a significant step in the region's AI infrastructure development [11] - The "Jiutian" drone is set to launch, with significant capabilities including a wingspan of 25 meters, a maximum takeoff weight of 16 tons, and the ability to carry diverse weaponry, indicating a promising future for low-altitude economic applications [12][18] Industry News - China's Ministry of Commerce has stated that any organization or individual executing US measures will face legal consequences, emphasizing the competitive landscape in computing power between China and the US. Companies to watch include Cambricon, Haiguang Information, and ZTE [14] - The construction of a computing power internet trial network has been initiated in China, with 499 computing resource pools identified, aiming to enhance the accessibility of computing resources across the country [15] - The civil aviation sector reported a total of 26.67 million hours of drone flight in 2024, reflecting a 15.4% year-on-year increase, with expectations for the low-altitude economy to reach a market size of 1.5 trillion yuan by 2025 [16][17] - The "Jiutian" drone, known as China's first "swarm mother ship," is expected to enhance the country's large drone product line, with advanced capabilities for both military and civilian applications [18] Weekly Review and Focus - The communication sector saw a slight increase of 0.02% this week, outperforming major indices, with a recommendation to focus on domestic computing power and low-altitude economic investment opportunities [19] - Key stocks to monitor include Cambricon, Haiguang Information, ZTE, and others related to the low-altitude economy [21]

Economic Performance - In April, China's industrial added value increased by 6.1% year-on-year, while the service production index grew by 6% and retail sales of consumer goods rose by 5.1% [2] - Fixed asset investment in China grew by 4% year-on-year from January to April, with an 8% increase when excluding real estate development investment [2] - The urban surveyed unemployment rate in April was 5.1%, a decrease of 0.1 percentage points from the previous month [2] Real Estate Market - In April, new home prices in first and second-tier cities remained stable month-on-month, while third-tier cities saw slight declines [2] - The year-on-year decline in new home prices across all city tiers continued to narrow [2] - Real estate development investment fell by 10.3% year-on-year from January to April, with new commodity housing sales area down by 2.8% [2] Technology and Innovation - Xiaomi's CEO announced the launch of the self-developed 3nm SoC chip "Xuanjie O1" on May 22, marking a significant breakthrough in advanced chip design in mainland China [3] - Xiaomi becomes the fourth global company to design a 3nm mobile SoC chip, following Apple, Qualcomm, and MediaTek [3] Financial Market Insights - The Vice Chairman of the China Securities Regulatory Commission stated that investing in China offers higher certainty, with A-share valuations still at relatively low levels [6] - The Shanghai Composite Index closed at 3367.58 points, with a slight adjustment in the A-share market [7] - The Hong Kong stock market saw a slight decline, with the Hang Seng Index closing at 23332.72 points [7] Corporate Developments - Guizhou Moutai's annual shareholder meeting approved a profit distribution plan, proposing a cash dividend of 276.24 yuan per share [10] - NIO reported a significant revenue increase of 187.1% year-on-year to 10.02 billion yuan in Q1, with a gross margin of 14.9% [8] - CATL announced a global issuance of approximately 135.6 million H-shares, raising net proceeds of 35.33 billion HKD [8] Regulatory and Policy Updates - The Ministry of Industry and Information Technology, along with nine other departments, issued guidelines to accelerate the high-quality development of the technology service industry [4] - The Supreme People's Court and other departments are working to establish a system for sharing information and promoting labor rights [5]

Group 1 - Huawei launched its first HarmonyOS-based foldable laptop, the MateBook Fold, starting at a price of 23,999 yuan, featuring a dual-layer OLED display and a new hinge design [1][3] - The MateBook Fold has an 18-inch screen when unfolded and a 13-inch screen when folded, with a thickness of 7.3mm and a weight of 1.16kg [1] - The launch of the MateBook Fold and the new MateBook Pro fills the gap in the office ecosystem, marking the completion of HarmonyOS's full-scenario layout [3] Group 2 - The HarmonyOS 5 system is being introduced to a larger consumer base, particularly targeting younger users with the nova 14 series smartphones [3] - Huawei's strategy aims to transition HarmonyOS from a technical breakthrough to widespread adoption, creating a collaborative network of "smartphones + PCs + IoT devices" [3][4] - Counterpoint data indicates that HarmonyOS's market share in China surpassed Apple's iOS for four consecutive quarters, reaching 19% in Q4 2024, while iOS held 17% [4] Group 3 - The PC market is still dominated by Windows, which holds approximately 75%-80% market share, while macOS has around 15% and Chrome OS about 5% [7] - The complexity of establishing a robust PC operating system ecosystem is highlighted, as it requires significant investment and collaboration among various stakeholders [9][10] - Huawei's advantage lies in the vast domestic demand and policy support, particularly in government and education sectors, which can facilitate the promotion of HarmonyOS and Huawei PCs [10][11] Group 4 - The success of HarmonyOS will depend on cultivating a developer ecosystem, which is a challenging task given the established ecosystems of Microsoft and Android [11] - Huawei aims to reduce developer costs through features like "one-time development, multi-end deployment," accelerating the adaptation of its multi-terminal ecosystem [11] - Historical experiences suggest that technological blockades can lead to the emergence of alternative solutions, positioning Huawei's innovations as a pivotal moment for China's operating system landscape [11]

每经记者｜王晶 每经编辑｜董兴生 5月19日，华为正式发布nova 14系列手机及首款鸿蒙电脑华为MateBook Pro。其中，面向年轻用户的nova 14系列成为首款全系搭载HarmonyOS 5的直板机 型，而鸿蒙电脑的推出则填补了鸿蒙生态在PC（个人电脑）端的空白。从手机、平板、穿戴设备到如今的PC，鸿蒙完成了全场景生态下的一块重要拼图。 这场发布会不仅是华为终端产品的拓展和迭代，也标志着鸿蒙生态正以多终端、多机型布局，驶入规模化落地的快车道。 2024年10月，华为正式发布HarmonyOS 5（鸿蒙操作系统5）。这款诞生于2019年的操作系统，正式迎来脱胎换骨的时刻——它不再依赖Linux内核、AOSP 源代码，且不再支持打开APK文件（安卓系统应用程序包）。不过，对打造一个全新的操作系统来说，解决系统内核问题仅仅只是个开始，"生态建设"才是 操作系统能否生存下来的关键因素。 面对困境，鸿蒙电脑历经5年布局，集结上万名工程师，已积累超2700项核心专利。其不仅搭载了HarmonyOS 5并采用鸿蒙内核，同时依托鸿蒙分布式软总 线技术，带来了跨设备互联体验，支持与华为手机、平板三设备"键鼠共享"。 ...

Regulatory Actions - The State Administration for Market Regulation, along with four other departments, has interviewed major food delivery platforms like JD, Meituan, and Ele.me regarding competition issues in the industry, emphasizing compliance with laws such as the E-commerce Law and Food Safety Law to ensure fair competition and protect consumer rights [1] Digital Rural Development - The Central Cyberspace Administration of China and other ministries have issued the "2025 Digital Rural Development Work Points," aiming for over 90% 5G coverage in rural administrative villages by the end of 2025, enhancing internet access and agricultural informationization [2] Company News - Huafeng Chemical announced the termination of its restructuring plan to acquire 100% stakes in Zhejiang Huafeng Synthetic Resin Co., Ltd. and Zhejiang Huafeng Thermoplastic Polyurethane Co., Ltd. due to insufficient shareholder approval, with a total transaction value of 6 billion yuan [3] - JD Group reported a revenue of 301.1 billion yuan for Q1 2025, a 15.8% year-on-year increase, with net profit reaching 10.9 billion yuan, up from 7.1 billion yuan in Q1 2024, indicating an improved net profit margin [3] - Hainan Huatie plans to repurchase its shares with a total fund of no less than 200 million yuan and no more than 300 million yuan, with a maximum repurchase price of 15.95 yuan per share [4] - Zongyi Co. signed an investment cooperation agreement to gain control of Jilai Microelectronics, which specializes in power semiconductor chips, aiming to enhance its core technology sector and revenue [5] - Shanghai Electric announced the transfer of 77.8832% of its stake in Shanghai Minghua Electric Technology Co., Ltd. for 202 million yuan, which is part of a strategy to optimize its business structure [5] - Donghu Gaoxin decided to terminate its acquisition of a controlling stake in Hubei Progre Technology Group due to unmet preconditions in the agreement [6] - Huafa Co. plans to initiate a supply chain asset special plan with a total limit of up to 20 billion yuan, which constitutes a related party transaction [7] - Haon Automotive received confirmation for its intelligent driving camera systems from two automotive brands, with an estimated total revenue of 430 million yuan over the project lifecycle [7] - Huawei announced the launch event for its nova 14 series and HarmonyOS computers, scheduled for May 19 [8] Research Insights - Open Source Securities highlighted the emerging low-altitude economy, suggesting investors pay attention to its development across various levels from national planning to local subsidies [8] - CITIC Securities noted the rising demand for gas turbines in various sectors, predicting an upward cycle in the market and recommending investment in upstream core components [8]

Key Points - President Xi Jinping emphasized the need for unity and cooperation among countries to maintain world peace and promote global development during the opening of the fourth ministerial meeting of the China-Latin America Forum [3] - The State Council Tariff Commission announced a reduction in tariffs on imports from the U.S., adjusting the tariff rate from 34% to 10% and suspending the implementation of a 24% tariff for 90 days [3] - U.S. April CPI rose 2.3% year-on-year, marking the lowest level since February 2021, while core CPI remained at 2.8%, aligning with market expectations [3] Domestic Macro - The Chinese Foreign Ministry stated that the fentanyl issue is a U.S. problem, not a Chinese one, criticizing the U.S. for imposing tariffs on China related to fentanyl [5] - Major global banks have revised their economic growth forecasts for China upward following a thaw in U.S.-China trade relations, with firms like UBS and Morgan Stanley increasing their outlooks [5] - The People's Bank of China and the Central Bank of Brazil renewed a bilateral currency swap agreement worth 190 billion RMB / 157 billion Brazilian Reais, valid for five years [5] Domestic Stock Market - A-shares opened high but closed lower, with military stocks adjusting while solar and port shipping stocks surged; the Shanghai Composite Index rose 0.17% to 3374.87 points [7] - The Hong Kong stock market saw a significant pullback, with the Hang Seng Index closing down 1.87% at 23108.27 points, ending an eight-day winning streak [7] - Over 1000 listed companies have received institutional research in May, with machinery, electronics, and pharmaceutical sectors being the most actively researched [8] Company News - JD Group reported Q1 net revenue of 301.1 billion RMB, a year-on-year increase of 15.8%, marking the highest growth rate in nearly three years [8] - Nuo Cheng Jian Hua reported a quarterly net profit of 17.97 million RMB, turning profitable year-on-year [10] - Baidu announced a strategic cooperation agreement with West Lake University [10] Overseas Macro - The U.S. and Saudi Arabia reached a historic commercial agreement, with Saudi Arabia committing to invest $600 billion in the U.S., including $800 billion in advanced technology investments [19] - The U.S. Commerce Department announced the withdrawal of the AI technology diffusion control rules originally set to take effect on May 15 [19] - India's notification to the WTO indicates plans to impose retaliatory tariffs on the U.S. in response to steel and aluminum tariffs [20] Overseas Stock Market - U.S. major stock indices closed mixed, with the Dow Jones down 0.64% while the S&P 500 and Nasdaq rose 0.72% and 1.61%, respectively [22] - European stock indices remained stable, with the DAX and CAC40 both up 0.3% [22] - The Nikkei 225 index in Japan rose 1.43%, marking a two-and-a-half-month closing high [22] Bonds - Domestic bond futures mostly rose, with the 30-year main contract up 0.13% [25] - U.S. Treasury yields generally fell, with the 2-year yield down 1.23 basis points to 3.996% [26] - European bond yields rose, with the UK 10-year yield up 2.7 basis points to 4.667% [26] Commodities - International oil prices surged, with WTI crude oil up 2.71% to $63.63 per barrel [28] - Domestic commodity futures closed mostly higher, with energy and chemical products showing strong performance [28] - International precious metals futures generally rose, with COMEX gold futures up 0.82% to $3254.50 per ounce [28] Foreign Exchange - The onshore RMB against the USD closed at 7.2012, appreciating by 120 basis points [31] - The U.S. dollar index fell 0.82% to 100.9827, with non-U.S. currencies generally rising [31] - A survey indicated that investor allocation to the dollar has dropped to the lowest level since May 2006 [31]