除手机业务外，鸿蒙生态的扩张同样值得关注。截至6月底，搭载开源鸿蒙操作系统的产品种类超过 1200款，总装机量突破11.9亿台；开发者规模超过720万，应用与元服务数量超过2.5万个，生态合作伙 伴超过450家。尤其是原生鸿蒙操作系统——鸿蒙5.0的装机量已突破1000万台。华为常务董事、终端 BG董事长余承东表示，鸿蒙5.0设备激活量突破1000万台，标志着鸿蒙生态已经度过最危险的"生死 线"。这不仅意味着华为在硬件终端领域取得突破，更在操作系统层面建立起了基础性的自主生态，为 未来的全场景智能战略提供了支撑。 智能汽车业务也在保持快速增长。8月25日，在智界及问界秋季新品发布会上，余承东宣布鸿蒙智行累 计交付量已突破90万辆，预计将在今年10月达到百万辆大关。鸿蒙智行自推出以来，用不到两年的时间 就接近百万辆的交付成绩，显示了其在新能源汽车市场的扩张速度和用户接受度。然而，汽车产业投资 周期长、成本高，短期内尚未跑通盈利模式，未来如何在扩大规模的同时实现可持续盈利，仍是华为面 临的重要考验。 外部环境的不确定性依旧存在。报告显示，公司在美国的部分诉讼案件仍在推进之中，其中涉及的刑事 诉讼已被法院延至202 ...

随着5月19日华为nova14系列首发即搭载鸿蒙5（原生鸿蒙）操作系统以及华为首款鸿蒙折叠电脑的正式 发布，作为国产操作系统代表的鸿蒙5，开始跑出生态拓展加速度。至此，鸿蒙操作系统已全面覆盖手 机、平板、电脑、耳机、手表、智能家居、汽车等领域，成为真正的全场景智能终端操作系统。 价格方面，华为全球首款鸿蒙笔记本电脑HUAWEI MateBook Pro，售价7999元起；华为全球首款鸿蒙 折叠电脑HUAWEI MateBook Fold售价23999元起。 华为常务董事、终端BG董事长余承东表示，微软Windows和苹果macOS等国外操作系统长期掌控操作 系统市场数十年，华为坚持做难而正确的事情，将坚持推动鸿蒙操作系统的发展，"你们的每一行代 码，都在改写中国软件业的历史"。 首款鸿蒙5直板机发布 5月19日下午，华为举行nova14系列及鸿蒙电脑新品发布会，华为常务董事、终端BG董事长余承东出席 现场，并介绍了华为相关新品及鸿蒙生态最新进展。 据了解，nova14系列是华为首款鸿蒙5直板机，首发趣味AI魔法移图功能，可智能识别图片元素，支持 自由拖动、缩放和复制，且支持AI隔空传送等，背后由盘古大模型与D ...

Economic Data - China's April economic indicators show a "stable volume and weak price" state, with exports expected to remain resilient due to U.S. import competition, while consumption benefits from "old-for-new" policies [2] - The latest LPR will be announced on May 20, with April's rates at 3.1% for 1-year and 3.6% for 5-year loans. A policy rate cut is expected to lower LPR by approximately 0.1 percentage points [3][4] - The People's Bank of China has 4,860 billion yuan in reverse repos maturing this week, with specific amounts maturing each day [4] Industry Events - Huawei is set to launch the nova14 series and HarmonyOS computers on May 19 [8] - The 2025 Industrial Internet Conference will be held in Suzhou from May 21 to 23, alongside the 9th World Drone Conference in Shenzhen from May 23 to 25 [9] - NVIDIA is releasing the GeForce RTX 5060 graphics card, which features a 25% increase in core count and a 65% improvement in memory bandwidth compared to the previous generation [11] Corporate Developments - CATL will begin trading on the Hong Kong Stock Exchange on May 20, aiming to raise $4-5 billion, potentially making it the largest IPO in Hong Kong in four years [15] - Binhai Energy plans to acquire 100% of Cangzhou Xuyang Chemical through a share issuance, marking a significant asset restructuring [16] - Jianghan New Materials announced a share buyback plan of 200-400 million yuan, with a maximum price of 30 yuan per share [17] - Chengxing Co. will transfer 16.01% of its shares to Jiangyin Lianying for 511 million yuan [18] - Several companies, including ST Muyu and ST Zhongtai, will remove risk warnings and change their stock names starting May 20 [19][20][21][22] Market Trends - This week, 37 companies will have their restricted shares released, totaling 1.897 billion shares with a market value of 30.62 billion yuan [24] - The peak of share unlocks will occur on May 19, with 14 companies releasing shares worth a total of 14.736 billion yuan [24] New Stock Calendar - Two new stocks are set to be issued this week, raising approximately 5.564 billion yuan, with listings for Tai Li Technology and Weigao Blood Purification on May 19 [28] Institutional Insights - Dongwu Securities notes that the revised major asset restructuring management measures will enhance market vitality and increase M&A projects [30] - Wanlian Securities highlights that NVIDIA's export adjustments may allow domestic AI chip manufacturers to capture more market share [31] - Bohai Securities suggests a structural layout approach as the market stabilizes, focusing on high-quality development [32]

Group 1 - The National Bureau of Statistics of China will release April economic data, including social retail sales, industrial value-added, and urban unemployment rate on May 19 [1] - Huawei will hold a launch event for the nova14 series and HarmonyOS computers on May 19 [1] - Nvidia CEO Jensen Huang will attend the Computex 2025 in Taipei and deliver a keynote speech on May 19 [1] Group 2 - Google will hold its annual I/O developer conference on May 20 [1] - CATL will be listed and start trading on the Hong Kong Stock Exchange on May 20 [1] - The People's Bank of China will announce the May LPR quote on May 20 [1] Group 3 - The U.S. will release the preliminary May Markit Composite PMI on May 22 [1] - The Federal Reserve officials will deliver speeches on May 21 [1] - Japan will announce April CPI on May 23 [1]

Macro and Policy Level - On May 19, the National Bureau of Statistics of China released data on April's retail sales, industrial value added, and urban unemployment rate, indicating a "stable quantity and weak price" state for the economy. Exports are expected to show resilience due to U.S. import factors, while consumption benefits from "old-for-new" policies. Manufacturing and infrastructure investments are also expected to benefit from "dual" policies and equipment upgrades [1][7] - On May 20, the People's Bank of China announced a 10 basis point reduction in the 7-day reverse repo rate to 1.4%, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [2] - The G7 finance ministers and central bank governors meeting in Canada is expected to assess trade impacts collectively, contingent on reaching a consensus on the communiqué [3] Financial Data - China's retail sales and industrial value added data for April were released on May 19, indicating economic performance metrics [7] - The U.S. reported April new home sales on May 19, providing insights into the housing market [9] Industry Level - On May 19, NVIDIA's CEO Jensen Huang spoke at the Computex 2025, focusing on advancements in AI and accelerated computing technologies, with the event themed "AI Next" [11] - On May 20, Google held its annual I/O developer conference, expected to announce significant updates regarding Android, Chrome, Google Search, YouTube, and the AI chatbot Gemini [15] - On May 19, Huawei launched its nova14 series and HarmonyOS computer products, showcasing its latest innovations [13] Individual Company Level - On May 20, CATL debuted on the Hong Kong Stock Exchange with a share price set at HKD 263.00 [16] - On May 21, Baidu reported its Q1 2025 financial results, with expected revenue of RMB 31.43 billion, a 10% year-on-year increase, and a net profit of RMB 5.57 billion, a 3% decline [17] - On May 20, Bilibili announced its Q1 2025 financial results, with advertising revenue projected to grow 28% year-on-year to RMB 1.63 billion, accounting for 28.9% of total revenue [17]

Market Overview - The total trading volume of the A-share market was 1.27 trillion, a decrease of approximately 87 billion compared to the previous trading week[8] - The A-share market showed a barbell structure, with the North Securities 50 index rising by 3.13% and the ChiNext index increasing by 1.38%[11] Market Style Performance - Small-cap stocks showed relative strength, with their performance oscillating near zero in the rolling 30-day relative return[14] - Growth stocks demonstrated a rebound in relative performance against value stocks, also within a negative range[17] Participant Performance - The market sentiment index rose by 4.65%, indicating strong performance from active funds, while the private equity heavy index increased by 1.10%[21] Emotional Market Indicators - The number of stocks hitting the daily limit rose to between 70 and 90 during the trading week, with a total of 4,109 stocks increasing on May 12[31] Industry Trends - Strong sectors included shipping and aviation, driven by unexpected outcomes from Sino-U.S. negotiations, and new consumption trends related to the upcoming 618 shopping festival[44] Regulatory Changes - The revised "Major Asset Restructuring Management Measures" implemented on May 16 introduced a phased payment mechanism for share issuance, extending the registration decision validity to 48 months[51] - The new rules also established a simplified review process for certain restructuring transactions, allowing for quicker registration decisions within five working days[51]

Group 1 - The upcoming earnings reports for Q1 will include several popular stocks such as Bilibili (BILI.O), Baidu (BIDU.O), Xpeng Motors (XPEV.N), and Lenovo Group (00992.HK) [1] - Economic data to be released next week includes China's April industrial added value year-on-year, the one-year loan market quotation rate as of May 20, and the preliminary May S&P Global Manufacturing PMI for the U.S. [1][3] - The State Council Information Office will hold a press conference next week regarding the national economic operation [1] Group 2 - The earnings calendar for individual stocks can be accessed through the Meigang News APP [1] - Key economic indicators from China include April's retail sales, fixed asset investment, and unemployment rate [3] - The U.S. will report on new home sales and the weekly initial jobless claims [3]

Core Point - Huawei is set to launch a HarmonyOS foldable laptop during the upcoming product release event on May 19, which will also feature the nova 14 series [1] Group 1 - The launch event will showcase new products including the HarmonyOS foldable laptop [1] - The event is scheduled for May 19, indicating a strategic move by Huawei to expand its product lineup [1]

Technology Sector - Xiaomi won a lawsuit against Juhaokang Technology, receiving compensation of 550,000 yuan for commercial defamation [2] - Apple is considering raising iPhone prices later this year, with a strategy to bundle price increases with new features and designs [3] - Honor has established a new AI division and completed a personnel restructuring plan called "Eagle Plan," with 45% of key positions being adjusted [4] - Huawei is set to hold a product launch event on May 19 for the nova 14 series and new HarmonyOS computers [5] - Giant Network is collaborating with ByteDance's Volcano Engine to enhance AI capabilities in its games [6] Financial Performance - JD Group reported Q1 revenue of 301.1 billion yuan, a year-on-year increase of 15.8%, with net profit of 10.9 billion yuan [11] - Tencent Music's Q1 total revenue was 7.36 billion yuan, with online music service revenue growing by 15.9% to 5.8 billion yuan [12] - Huya's Q1 total revenue reached 1.51 billion yuan, with a net profit of 24 million yuan [14] Automotive Industry - Nissan announced a restructuring plan aiming to cut 20,000 jobs and reduce its production facilities from 17 to 10 by the 2027 fiscal year [16][17] - NIO has filed a lawsuit against a media outlet for defamation, seeking 10 million yuan in damages [18] - CATL signed a cooperation memorandum with Changan Mazda to develop smarter and more efficient electric vehicles [19] - Geely established a new consulting company in Ningbo with a registered capital of 10 million yuan [20] Real Estate Sector - Vanke has successfully repaid a USD 423 million bond that matured on May 12 [21] - Sunac China announced a hearing for its offshore debt restructuring plan scheduled for September 15, 2025 [22] Consumer Sector - Subway plans to accelerate its expansion in China, aiming to reach 1,000 stores by August, with a sales increase of over 30% year-on-year [26] - Come on, a snack brand, responded to consumer complaints about product quality, stating they would take responsibility if issues were confirmed [27] Media and Entertainment - Light Media reported that its IP operation business contributed several hundred million yuan in revenue in Q1, with ongoing sales from various merchandise [28]

Core Viewpoint - Huawei is set to officially launch its first HarmonyOS computer on May 19, marking a significant step for domestic operating systems in the PC sector, transitioning from Microsoft Windows to HarmonyOS for all future computer products [3][4]. Group 1: Huawei's Product Transition - Huawei's transition to HarmonyOS for its computers signifies a major shift in its product strategy, with all new computers to be pre-installed with HarmonyOS [3]. - Existing Huawei computer users will not be affected by this transition, as Microsoft will continue to provide updates for Windows operating systems installed on their devices [3]. Group 2: Market Implications - The introduction of HarmonyOS PCs is expected to fill a 30-year gap in mainstream domestic computer operating systems, representing a crucial advancement for China's electronic information industry [4]. - The security and autonomy features of HarmonyOS PCs are anticipated to attract significant interest from government, finance, and education sectors, potentially opening up new market opportunities [4]. Group 3: Market Position - According to IDC, Huawei held a 34.5% market share in the Chinese tablet market in Q1 2025, maintaining its position as the market leader [4].