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]

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]

// 热点聚焦 // 1、国家主席习近平出席中拉论坛第四届部长级会议开幕式并发表主旨讲话。习近平强调，当前，世界百年变局加速演进，多重风险交织叠加，各国唯有 团结协作，才能维护世界和平稳定，促进全球发展繁荣。 关税战、贸易战没有赢家，霸凌霸道只会孤立自身。中方愿同拉方携手启动团结工程、发展工 程、文明工程、和平工程、民心工程，共谋发展振兴，共建中拉命运共同体。 // 国内宏观 // 1、就中美是否计划讨论美方以芬太尼为由对华征收的特别关税，外交部回应称， 芬太尼是美国的问题，不是中国的问题，责任在美国自身。美方无视中 方的善意，对中国无理加征芬太尼关税，这严重冲击中美在禁毒领域的对话与合作，也严重损害中方利益。 美方如果真心想同中方合作，就应该停止对 华抹黑推责，以平等、尊重、互惠的方式同中方对话。 2、全球大型银行在中美贸易关系缓和后，开始重新评估对中国经济的判断。 包括瑞银、摩根士丹利、澳新银行、法国外贸银行等在内的国际投行宣布上 调对中国的经济增长预测。 同时，还有多家投行上调对中国股市的展望，野村将中国股票评级上调至"战术性增持"，花旗银行将恒生指数年底目标上调 2%。 3、 中国央行与巴西央行续签双 ...